Quartz Mountain Resources Ltd. Files 2024 Annual 20-F Report

Ticker: QZMRF · Form: 20-F · Filed: Nov 29, 2024 · CIK: 811522

Quartz Mountain Resources Ltd 20-F Filing Summary
FieldDetail
CompanyQuartz Mountain Resources Ltd (QZMRF)
Form Type20-F
Filed DateNov 29, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$1, $1.398
Sentimentneutral

Sentiment: neutral

Topics: 20-F, mining, annual-report

TL;DR

QZM filed its 20-F for FY24, check financials for gold/silver ops.

AI Summary

Quartz Mountain Resources Ltd. filed its annual 20-F report for the fiscal year ending July 31, 2024. The company, primarily involved in gold and silver ores, is incorporated in Canada and headquartered in Vancouver. The filing details financial information and operational aspects for the reporting period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Quartz Mountain Resources Ltd.'s financial health and operational status for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a mining company, Quartz Mountain Resources Ltd. is subject to commodity price volatility and operational risks inherent in the extraction industry.

Key Numbers

  • 20240731 — Fiscal Year End (Reporting period for the 20-F filing.)
  • 000-15490 — SEC File Number (Unique identifier for the company's SEC filings.)
  • 1040 WEST GEORGIA STREET — Business Address (Company's primary operational location.)

Key Players & Entities

  • QUARTZ MOUNTAIN RESOURCES LTD (company) — Filer
  • 0000811522 (company) — Central Index Key
  • GOLD & SILVER ORES (industry) — Standard Industrial Classification
  • VANCOUVER (location) — Business Address City
  • 604-684-6365 (phone) — Business Phone
  • QUARTZ MOUNTAIN GOLD CORP (company) — Former Company Name

FAQ

What is the primary business of Quartz Mountain Resources Ltd.?

Quartz Mountain Resources Ltd. is primarily involved in gold and silver ores, as indicated by its Standard Industrial Classification code [1040].

What is the fiscal year end for Quartz Mountain Resources Ltd.?

The fiscal year end for Quartz Mountain Resources Ltd. is July 31, as stated in the filing.

Where is Quartz Mountain Resources Ltd. headquartered?

Quartz Mountain Resources Ltd. is headquartered in Vancouver, with its business address listed as 1040 West Georgia Street.

Has the company name changed previously?

Yes, the company was formerly known as QUARTZ MOUNTAIN GOLD CORP, with a name change date of April 26, 1994.

What is the SEC file number for Quartz Mountain Resources Ltd.?

The SEC file number for Quartz Mountain Resources Ltd. is 000-15490.

Filing Stats: 4,445 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2024-11-29 09:55:25

Key Financial Figures

  • $1 — published by the Bank of Canada, was US$1 = Canadian $1.398. 6 Table of Conten
  • $1.398 — the Bank of Canada, was US$1 = Canadian $1.398. 6 Table of Contents The following

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes No GENERAL 4 CURRENCY AND MEASUREMENT 5 NOTE ON FORWARD LOOKING STATEMENTS 5 ITEM 1 IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 5 ITEM 2 OFFER STATISTICS AND EXPECTED TIMETABLE 6 ITEM 3 KEY INFORMATION 6 A

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 6 B CAPITALIZATION AND INDEBTEDNESS 7 C REASONS FOR THE OFFER AND USE OF PROCEEDS 7 D

RISK FACTORS

RISK FACTORS 7 ITEM 4 INFORMATION ON THE COMPANY 13 A HISTORY AND DEVELOPMENT OF THE COMPANY 13 B BUSINESS OVERVIEW 13 C MINERAL PROPERTIES AND EXPLORATION ACTIVITIES AND PLANS 15 D ORGANIZATIONAL STRUCTURE 27 E PROPERTY, PLANT AND EQUIPMENT 27 F CURRENCY 27 ITEM 4A UNRESOLVED STAFF COMMENTS 27 ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS OVERVIEW 27 A OPERATING RESULTS 28 B LIQUIDITY AND CAPITAL RESOURCES 29 C RESEARCH EXPENDITURES 30 D TREND INFORMATION 30 E OFF – BALANCE SHEET ARRANGEMENTS 30 F TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS 30 G SAFE HARBOR 30 ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 31 A DIRECTORS AND SENIOR MANAGEMENT 31 B COMPENSATION 33 C BOARD PRACTICES 34 D EMPLOYEES 37 E SHARE OWNERSHIP 37 ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 37 A MAJOR SHAREHOLDERS 37 B RELATED PARTY TRANSACTIONS 38 C INTERESTS OF EXPERTS AND COUNSEL 39 ITEM 8 FINANCIAL INFORMATION 40 A CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION 40 B SIGNIFICANT CHANGES 40 ITEM 9 THE OFFER AND LISTING 40 A OFFER AND LISTING DETAILS 40 B PLAN OF DISTRIBUTION 41 C MARKETS 41 D SELLING SHAREHOLDERS 41 E

DILUTION

DILUTION 41 F EXPENSES OF THE ISSUE 42 2 Table of Contents ITEM 10 ADDITIONAL INFORMATION 42 A SHARE CAPITAL 42 B MEMORANDUM AND ARTICLES OF ASSOCIATION 42 C MATERIAL CONTRACTS 44 D EXCHANGE CONTROLS 44 E TAXATION 44 F DIVIDENDS AND PAYING AGENTS 52 G 53 H DOCUMENTS ON DISPLAY 53 I SUBSIDIARY INFORMATION 53 ITEM 11

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 53 A TRANSACTION RISK AND CURRENCY RISK MANAGEMENT 53 B EXCHANGE RATE SENSITIVITY 53 C INTEREST RATE RISK AND EQUITY PRICE RISK 53 D COMMODITY PRICE RISK 53 ITEM 12

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 53 ITEM 13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 53 ITEM 14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 54 ITEM 15

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 54 A DISCLOSURE CONTROLS AND PROCEDURES 54 B MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING 54 CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING 54 LIMITATIONS OF CONTROLS AND PROCEDURES 55 ITEM 16 [RESERVED] 55 ITEM 16A AUDIT COMMITTEE FINANCIAL EXPERT 55 ITEM 16B CODE OF ETHICS 55 ITEM 16C PRINCIPAL ACCOUNTANT FEES AND SERVICES 56 ITEM 16D EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT COMMITTEES 56 ITEM 16E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 56 ITEM 16F CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 56 ITEM 16G CORPORATE GOVERNANCE 56 ITEM 16H MINE SAFETY DISCLOSURE 57 ITEM 17

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 57 ITEM 18

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 57 ITEM 19 EXHIBITS 57 3 Table of Contents GENERAL In this Annual Report on Form 20-F, all references to "we", the "Company", or "Quartz Mountain" refer to Quartz Mountain Resources Ltd. and its consolidated subsidiaries. The Company uses the Canadian dollar as its reporting currency. All references in this document to "dollars" or "

quot; are expressed in Canadian dollars, unless otherwise indicated. See also Item 3 – "Key Information" for more detailed currency and conversion information. Except as noted, the information set forth in this Annual Report is as of November 28, 2024 and all information included in this document should only be considered correct as of such date. This annual report includes certain statements that may be deemed "forward-looking-statements". All statements in this release, other than statements of historical facts are forward-looking-statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by the Company to develop forward-looking statements include the following: the Company's projects will obtain all required environmental and other permits, and all land use and other licenses, studies and exploration of the Company's projects will continue to be positive, and no geological or technical problems will occur. Though the Company believes the expectations expressed in its forward-looking-statements are based on reasonable assumptions, such statements are subject to future events and third party discretion such as regulatory personnel. Factors that could cause actual results to differ materially from those in forward-looking statements include variations in market prices, continuity of mineralization and exploration success, and potential environmenta

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1 IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable for an annual report. 5 Table of Contents

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2 OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable for an annual report.

KEY INFORMATION

ITEM 3 KEY INFORMATION A. SELECTED FINANCIAL DATA The following tables summarize selected financial data for the Company (stated in Canadian dollars) prepared, in respect of the years ended July 31, 2024 and July 31, 2023, in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") ("IFRS-IASB"). As permitted by SEC Release No. 33-8879 "Acceptance from Foreign Private Issuers of Financial Statements Prepared in Accordance with International Reporting Standards without Reconciliation to U.S. GAAP", the Company includes selected financial data prepared in compliance with IFRS-IASB without reconciliation to U.S. GAAP. The selected financial data of the Company for the fiscal years presented was derived from the consolidated financial statements of the Company that have been audited by DeVisser Gray LLP, independent Registered Public Accountants, as indicated in their audit report which is included at Exhibit 99.1 in this Annual Report. The auditors conducted their audits in accordance with United States and Canadian generally accepted auditing standards, and the standards of the Public Company Accounting Oversight Board (United States). Year ended July 31, 2024 Year ended July 31, 2023 Year ended July 31, 2022 Year ended July 31, 2021 Year ended July 31, 2020 Sales revenue $ – $ – $ – $ – $ – Loss from operating expenses $ 2,542,646 $ 927,916 $ 1,132,515 $ 254,168 $ 249,442 Loss (income) and comprehensive loss (income) $ 2,436,802 $ 910,427 $ 995,066 $ 116,419 $ (2,524,763 ) Basic loss (earnings) per common share $ 0.05 $ 0.02 $ 0.03 $ 0.00 $ (0.16 ) Diluted loss (earnings) per common share $ 0.05 $ 0.02 $ 0.02 $ 0.00 $ (0.13 ) Dividends per share $ - $ – $ – $ – $ – Working capital $ 1,702,797 $ 71,389 $ 40,912 $ 117,847 $ 138,550 Total assets $ 3,014,035 $ 863,601 $ 842,553 $ 598,556 $

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