International Frontier Resources Corporation

Climate Impact & Sustainability Data (2005, 2010, 2022)

Declining margins due to rising costs and potentially declining production.
Significant unknowns regarding the cost and extent of decommissioning in the UK.
Lack of rig availability, especially for smaller exploration companies.
Falling discovery sizes, leading to higher finding costs.
Falling exploration success rates.

Government initiatives like Promote Licenses, Fallow Initiative, and Frontier Licenses to reduce upfront financial burden and encourage new entrants.
KonKraft initiative in Norway to enable smaller companies to explore on an equal fiscal footing.
Small fields policy in the Netherlands to encourage a new generation of companies to search for gas.
Rising commodity prices temporarily mitigating concerns over falling discovery sizes.

Implementation of environmental mitigation measures ranging from permafrost and terrain monitoring, inspection and enforcement strategy for fish and fish habitat protection, plans for dredging and barge landings, recovery strategies and action plans for species at risk, habitat offsets in response to future development in the Kendall Island Bird Sanctuary, implementation of the Northwest Territories Protected Areas Strategy, to emergency response and spill prevention.

Implementation of the Mackenzie Gas Project Impacts Act (MGPIA) along with the Mackenzie Gas Project Socio-Economic Agreement (SEA) to mitigate socio-economic impacts.
Establishment of a socio-economic monitoring program, including reporting mechanisms and an NWT Oil and Gas Socio-Economic Advisory Board.

The Governments’ Response to the Joint Review Panel’s Report is unique as it is the first time that a Response to an Environmental Impact Review has had to meet the combined statutory requirements of: The Mackenzie Valley Resource Management Act (MVRMA), the Canadian Environmental Assessment Act (CEAA) and the Western Arctic (Inuvialuit) Claims Settlement Act.

Cumulative impacts monitoring, followup and adaptive management practices.
Conservation and the need for a network of protected areas and regional land use plans.
Socio-economic issues.

Agreement with many of the Joint Review Panel’s objectives in these areas as these are essential tools for ensuring the Project is implemented as planned and mitigation measures adjusted as appropriate over the life of the Project.
Implementation of the Mackenzie Gas Project Impacts Act (MGPIA) along with the Mackenzie Gas Project Socio-Economic Agreement (SEA).
Integrated resource management regime set out in the MVRMA.
NWT Cumulative Impact Monitoring Program.

The Company had a net loss of $3,058,575 and cash flows used in operations of $401,615 for the year ended December 31, 2022 and a working capital deficit of $791,605 as at December 31, 2022.
The Company’s only revenue generating activities are related to its investment in Tonalli which has been incurring losses and using cash in its operating activities since inception.
The Company’s ability to continue as a going concern is dependent on its ability to raise capital in the near term. Capital is required to fund ongoing general and administrative costs, the working capital deficit and for further development and operations of the Company, specifically Tonalli.

Management believes that the going concern assumption is appropriate for these financial statements and that the Company will meet its operating and capital requirements.

Frameworks Used: IFRS