St. Elias Mines Ltd.
(a development stage company)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As at May 31, 2012, May 31, 2011 and June 1, 2010
31-May-2012 31-May-2011 1-June-2010
ASSETS (note 19) (note 19)
Current
Cash and cash equivalents [note 5a] $ 3,564,150 $ 5,554,128 $ 3 ,822,400
Accounts receivable 10,032 30,254 7 5,550
HST recoverable 3 51,163 170,272 3 4,264
Interest receivable 17,163 28,968 -
Exploration advances 4 43,738 - 93,705
Prepaid expenses 5 95,554 417,659 1 55,537
Total current assets 4,981,800 6,201,281 4 ,181,456
Marketable securities [note 6] 3 79,000 132,000 7 2,000
Equipment and leaseholds [note 7] 1 06,586 63,399 4 0,512
Mineral properties [note 8] 9 16,327 926,054 7 95,619
Restricted cash [note 5b] 61,500 61,500 4 ,000
Security deposits 88,937 88,937 3 ,782
Total assets $ 6,534,150 $ 7,473,171 $ 5 ,097,369
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued liabilities $ 514,168 $ 317,654 $ 2 85,318
Total liabilities 514,168 317,654 2 85,318
Commitment [note 10]
Shareholders' equity
Share capital [note 9] 39,302,073 29,158,060 2 2,185,138
Reserves
Reserves 18,735,397 13,413,348 6 ,720,482
Accumulated other comprehensive income ( 74,562) 21,097 -
Deficit (51,942,926) (35,436,988) (24,093,569)
Total shareholders' equity 6,019,982 7,155,517 4 ,812,051
Total liabilities and shareholders' equity $ 6,534,150 $ 7,473,171 $ 5 ,097,369
Subsequent Event [note 17]
These financial statements were approved and authorized for issue by the Board of Directors on September 27, 2012.
They were signed on its behalf by:
Approved by the Directors:
"Lori McClenahan" (signed) "Tina Whyte" (signed)
Director - Lori McClenahan Director - Tina Whyte
(Expressed in Canadian dollars)
The accompanying notes are an integral part of the consolidated financial statements


St. Elias Mines Ltd.
(a development stage company)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Expressed in Canadian dollars)
2012 2011
Operating expenses (note 19)
Accounting, audit and legal [note 11] $ 532,605 $ 102,061
Amortization 24,986 18,098
Consulting [note 11] 448,931 433,932
Director fee 34,000 -
General and administrative 14,500 45,438
Exploration expenses [note 8 and 11] 5,215,934 918,153
Foreign exchange (gain)/loss 2,154 18,380
Insurance 14,097 681
Interest and bank charges 7,439 3,250
Management and administration fees [note 11] 267,500 182,000
Office expenses 137,032 47,617
Regulatory and transfer agent fees 67,732 84,935
Rent 80,511 53,335
Shareholders' communications and promotion 1,077,521 649,207
Stock-based compensation [note 9] 7,383,642 8,006,923
Travel [note 11] 1,353,948 798,566
Telephone 30,180 29,501
16,692,712 11,392,077
Loss before other items (16,692,712) (11,392,077)
Other items
Payments received in excess of cost on mineral properties [note 8] 254,545 19,657
Impairment loss on marketable securities (129,000) -
Interest income 61,229 29,001
Net loss before other comprehensive income (loss) (16,505,938) (11,343,419)
Other Comprehensive income (loss)
Unrealized gain on marketable securities - 42,000
Cumulative translation adjustment (53,659) (20,903)
Comprehensive loss for the year (16,559,597) (11,322,322)
Net loss before other comprehensive income (loss) (16,505,938) (11,343,419)
Deficit, beginning of the year (35,436,988) (24,093,569)
Deficit, end of the year $ (51,942,926) $ (35,436,988)
Loss per share - basic and diluted $ (0.15) $ (0.11)
Weighted average number of common shares
outstanding - basic and diluted 114,192,665 102,923,677
For the Years Ended May 31, 2012 and 2011
The accompanying notes are an integral part of the consolidated financial statements