Arena Minerals : 2022 Q2 Financial Statements

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended June 30, 2022 and 2021

(Expressed in Canadian dollars)

Arena Minerals Inc.
Table of Contents
Notice of No Auditors Review of Condensed Interim Financial Statements	................................................................................ 3
Consolidated statements of financial position .......................................................................................................................	4
Consolidated statements of operations and comprehensive income (loss) ...........................................................................	5
Consolidated statements of cash flows.................................................................................................................................	6
Consolidated statements of changes in equity......................................................................................................................	7
Notes to the consolidated financial statements................................................................................................................	8-20

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Notice of No Auditors Review of Interim Financial Statements

Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the unaudited condensed consolidated interim financial statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company.

The Company's independent auditors have not performed a review of these unaudited interim condensed consolidated financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditors.

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Arena Minerals Inc.

CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION AS AT

(Expressed in Canadian dollars)

		June 30,		December 31,
	Notes	2022		2021
Assets
Current assets
Cash	$	5,706,219	$	6,610,397
Receivables	3	76,819		101,631
Prepaid expenses		45,555		32,517
Investments, at fair value through profit or loss	4	1,076,854		1,746,250
Total current assets		6,905,447		8,490,795
Non-current assets				-
Equipment		68,939		69,087
Investment in joint venture	13	19,610,697		20,642,630
Total assets		26,585,083		29,202,512
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities		486,908	$	995,149
Total current liabilities		486,908		995,149
Equity
Share capital	6	46,129,601		43,822,168
Reserves	7	6,697,681		7,744,841
Deficit		(26,729,107)		(23,359,646)
Total equity		26,098,175		28,207,363
Total liabilities and equity	$	26,585,083	$	29,202,512
Nature of operations and going concern	1
Commitments and contingencies	12

Approved on behalf of the Directors:

"Peter Damouni"			"William Randall"
Director			Director
	See accompanying notes to these consolidated financial statements

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ARENA MINERALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited - Expressed in Canadian dollars)

			Three months ended June 30		Six months ended June 30
	Note		2022		2021		2022		2021
Expenses
Management and consulting fees	11		69,819		140,205	$	431,307	$	178,931
Accounting and legal			36,248		82,693		160,237		135,154
Travel and promotion			-		43,757		13,419		44,860
Office and rent			232,067		45,793		273,948		55,825
Exploration and evaluation expenses	5		557,368		1,246,286		812,451		1,582,267
Regulatory and transfer agent			16,092		12,490		66,025		27,481
Foreign exchange loss/(gain)			69,598		146,402		(74,207)		138,306
(Loss) before other items			(981,192)		(1,717,626)		(1,683,180)		(2,162,824)
Realized (loss) on investment	4		-		1,600,000		-		1,600,000
Unrealized (loss) on investments in associate	13		(714,915)		-		(1,016,885)		(94,320)
Unrealized (loss) gain on investments	4		87,312		(21,747)		(669,396)		(215,596)
Loss before taxes			(1,608,795)		(139,373)		(3,369,461)		(872,740)
Loss and comprehensive loss for the year			(1,608,795)		(139,373)		(3,369,461)		(872,740)
Loss per share:
Basic and diluted		$	(0.00)	$	(0.00)	$	(0.01)	$	(0.00)
Weighted average number of shares outstanding:
Basic and diluted			384,201,908		211,483,065		386,328,539		210,898,065

See accompanying notes to these consolidated financial statements

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