EX-99.1 7 doc6.txt Exhibit 99.1 Quarterly Report for the third quarter ended September 30, 2003 AURORA METALS (BVI) LIMITED This quarterly report contains statements that plan for or anticipate the future and are not historical facts. In this Report these forward looking statements are generally identified by words such as "anticipate", "plan", "believe", "expect", "estimate", and the like. Because forward looking statements involve future risks and uncertainties, these are factors that could cause actual results to differ materially from the estimated results. Additional factors are discussed in Aurora Metals (BVI) Limited's materials filed with the securities regulatory authorities in the United States from time to time. Aurora Metals (BVI) Limited disclaims any intention or obligation to update or revise any forward-looking statements. The Private Securities Litigation Reform Act of 1995, which provides a "safe harbor" for such statements, may not apply to this Report.

The accompanying notes are an integral part of these financial statements 2

The accompanying notes are an integral part of these financial statements 3

The accompanying notes are an integral part of these financial statements Notes to the September 30, 2003 Consolidated Financial Statements ----------------------------------------------------------------- Common Shares Outstanding As at September 30, 2003, the Corporation's authorized capital stock consists of 50,000,000 common shares with a par value of $0.01 per share. There were 16,463,076 common shares issued and outstanding at September 30, 2003. Stock Options Outstanding At September 30, 2003 and December 31, 2002 the Company had the following options outstanding (a) 50,000 options with an exercise price of $0.35 per common share and (b) 1,100,000 options with an exercise price of $0.15 per common share. Application of Critical Accounting Policies The preparation of its consolidated financial statements requires the Company to use estimates and assumptions that affect the reported amounts of assets and liabilities as well as revenues and expenses. The Company's accounting policies are described in note 2 to its December 31, 2002 consolidated financial 4 statements. The Company's accounting policies relating to depreciation and amortization of property, plant and equipment are critical accounting policies that are subject to estimates and assumptions regarding future activities. See note 2 (d) Significant Accounting Policies - Mineral Properties Costs described in its December 31, 2002 consolidated financial statements for the Company's policy on exploration costs and expenses. Generally accepted accounting principles require the Company to consider at the end of each accounting period whether or not there has been an impairment of the capitalized property, plant and equipment. This assessment is based on whether factors that may indicate the need for a write-down are present. If the Company determines there has been an impairment, then the Company would be required to write-down the recorded value of its property, plant and equipment costs which would reduce the Company's earnings and net assets. Off-balance Sheet Arrangements and Contractual Obligations The Company does not have any off-balance sheet arrangements or contractual obligations that are likely to have or are reasonably likely to have a material current or future effect on the Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that have not been disclosed in the Company's financial statements. Market Risk Disclosures The Company has not entered into derivative contracts either to hedge existing risks or for speculative purposes. Controls and Procedures (a) Within 90 days prior to the date of this report, the Company completed an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures. Disclosure controls and procedures are designed to ensure that the material financial, and non-financial information, required to be disclosed on Form 20-F and in this Form 6-K, and filed with the Securities and Exchange Commission is recorded, processed, summarized and reported in a timely manner. Based on the foregoing, the Company's management, including the President and Chief Financial Officer, have concluded that the Company's disclosure controls and procedures (as defined in Rules 240.13a-14(c) and 240.15d-14(c) of the Securities Exchange Act of 1934, as amended) are effective. (b) There have been no significant changes in our internal controls, or in other factors, that could significantly affect these controls subsequent to the date of the evaluation hereof. No corrective actions were taken, therefore, with regard to significant deficiencies and material weaknesses. 5

AURORA METALS BVI LTD 6-K