Allied Copper : Interim Financial Report - March 31, 2021 Financial Statements

(Formerly Gold Rush Cariboo Corp.)

Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended March 31, 2021 and 2020

(Expressed in Canadian Dollars)

REVIEW ENGAGEMENT REPORT

To the Audit Committee of

Allied Copper Corp. (Formerly Gold Rush Cariboo Corp.)

In accordance with our engagement letter dated July 22, 2021, we have performed interim reviews of the condensed interim consolidated statements of financial position of Allied Copper Corp. (Formerly Gold Rush Cariboo Corp.) (the Company), as at March 31, 2021, the condensed interim consolidated statements of (loss) and comprehensive (loss) for the three and nine-month period ended March 31, 2021 and March 31, 2020, and the condensed interim consolidated statements of changes in shareholders' equity and cash flows for the three and nine-month period then ended. These condensed consolidated interim financial statements are the responsibility of the Company's management.

We performed our interim reviews in accordance with Canadian generally accepted standards for a review of interim financial statements by an entity's auditor.

An interim review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements. Accordingly, we do not express such an opinion. An interim review does not provide assurance that we would become aware of any or all significant matters that might be identified in an audit.

Based on our interim reviews, we are not aware of any material modification that needs to be made for these condensed consolidated interim financial statements to be in accordance with the International Financial Reporting Standards (IFRS).

We have previously audited, in accordance with Canadian generally accepted auditing standards, the consolidated statements of financial position as at June 30, 2020, and the related consolidated statements of (loss) and comprehensive (loss), consolidated statements of changes in shareholders' equity and consolidated statements of cash flows for the year then ended (not presented herein). In our report dated October 28, 2020, we expressed an unmodified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed interim consolidated financial statements as at March 31, 2021, is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.

This report is solely for the use of the Audit Committee of Allied Copper Corp. (Formerly Gold Rush Cariboo Corp.) to assist it in discharging its regulatory obligation to review these condensed interim consolidated interim financial statements, and should not be used for any other purpose.

August 9, 2021	S & W LLP
Toronto, Canada	Chartered Professional Accountants, Licensed Public Accountants

ALLIED COPPER CORP.

(Formerly Gold Rush Cariboo Corp.)

Condensed Interim Consolidated Statements of Financial Position

As at March 31, 2021 and June 30, 2020

(Unaudited and expressed in Canadian Dollars)

	Note	March 31, 2021	June 30, 2020
ASSETS
Cash	4	$1,146,079	$7,547
GST/HST receivable	5	52,625	26,637
Prepaid expenses and deposits	6	54,086	6,300
		1,252,790	40,484
Property, plant and equipment	9	1	1
Mining equipment	9	1	1
Mining property & rights acquisition costs	10	2	2
Right-of-use Asset	7	42,852	70,400
Total assets		1,295,646	110,889

LIABILITIES
Accounts payable & accrued liabilities
Due to consultants	11, 12
Due to other companies	11, 12
Interest payable	13
Current portion of lease liability	8, 17
Current portion of convertible promissory note payable	13

177,379	83,361
269,683	269,683
31,425	350,190
160,936	126,986
39,046	36,780
2,250,000	2,250,000

				2,928,469	3,117,001
	Lease Liability	8	6,816	36,390
	Total liabilities		2,935,285	3,153,391
	SHAREHOLDERS' EQUITY
	Share capital	14	7,342,715	7,342,715
	Equity component of convertible promissory note payable	13	984,700	984,700
	Special Warrants	14	1,650,000
	Warrant reserve	14(b, d)	-	1,170,761
	Share-based payments reserve	14(c, e)	-	453,754
	Contributed surplus	14(f)	4,321,558	2,697,043
	Deficit		(15,938,611)	(15,691,475)
				(1,639,639)	(3,042,502)
	Total Liabilities and Shareholders' Equity		$1,295,646	$110,889
	Nature of Operations and Going Concern	1
	Commitments	17
	Subsequent Events	20
	Approved by the Board
	"David Hergenhein" , Director		"Aleem Nathwani"	, Director
	David Hergenhein			Aleem Nathwani

ALLIED COPPER CORP.

(Formerly Gold Rush Cariboo Corp.)

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity

For the Three and Nine Months ended March 31, 2021 and 2020

(Unaudited and expressed in Canadian Dollars)

		Share Capital	Special Warrants
							Equity
						Component				Share-
							of				based			Total
		Number of		Number		Convertible		Warrants	Payments	Contributed		Shareholders'
		Common Shares	Amount	(In Units)	Amount	Debenture		Reserve	Reserve	Surplus	Deficit	Equity
	Note		$		$		$		$		$	$	$	$
Balance June 30, 2019		39,632,411	7,342,715	-	-	$	984,700	$	1,183,961	$ 453,754	$ 2,683,843	($14,447,813)	($1,798,840)
Net loss for the period		-	-				-		-		-	-	(528,715)	($528,715)
Balance March 31, 2020		39,632,411	7,342,715	-	-	$	984,700	$	1,183,961	$ 453,754	$ 2,683,843	($14,976,528)	($2,327,555)
Balance June 30, 2020		39,632,411	$7,342,715	-	-	$	984,700	$	1,170,761	$ 453,754	$ 2,697,043	($15,691,475)	($3,042,502)
Issuance of special warrants	14(b,d)	-	-	109,999,999	1,650,000		-		-		-	-	-	1,650,000
Expiry of warrants	14(b,d)	-	-		-		-		-		(453,754)	453,754	-	-
Cancellation of options	14(c,e)	-	-		-		-		(1,170,761)		-	1,170,761	-	-
Net loss for the period		-	-		-		-		-		-	-	(247,136)	($247,136)
Balance March 31, 2021		39,632,411	$7,342,715	109,999,999	$1,650,000		$984,700	$	-	$	-	$4,321,558	($15,938,611)	($1,639,639)

ALLIED COPPER CORP.

(Formerly Gold Rush Cariboo Corp.)

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

For the Three and Nine Months ended March 31, 2021 and 2020

(Unaudited and expressed in Canadian Dollars)

		For the Three		For the Three		For the Nine	For the Nine
		Months ended	Months ended	Months ended	Months ended
	Note	March 31, 2021	March 31, 2020	March 31, 2021	March 31, 2020
Expenses
Amortization expense on PPE,
mining properties and rights	9	$	-	$	2,904	$	-	$	6,367
Amortization expense on right-of-			9,183				27,548
use asset	7			-			-
Consulting fees	11		45,000		114,612		105,000		152,011
Exploration and evaluation
		-		2,395		-		112,664
expenditures	18
Filing and transfer fees			20,243		2,406		34,314		23,950
General and administrative			9,023		3,909		13,777		38,802
Interest on convertible promissory
		11,152		47,425		33,950		142,275
note	13
Interest on leased liability	8		1,041		-		3,670		-
Investor relations			(9,371)		2,325		(2,623)		8,478
Professional fees			3,069		5,361		31,501		44,168
Loss before Other Items			89,340		181,337		247,137		528,715
Net Loss and Comprehensive			($89,340)		($181,337)		($247,137)		($528,715)
Loss for the period
Basic and diluted loss per			(0.00)		(0.00)		(0.00)		(0.01)
common share
Weighted average number of
common shares outstanding			39,632,411		39,632,411		39,632,411		39,632,411