Arena Minerals : Q1 Financial Statements

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 2021 and 2020

(Expressed in Canadian dollars)

Arena Minerals Inc.
Table of Contents
Notice of No Auditors Review of 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..............................................................................................................	8-17

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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

(Unaudited - Expressed in Canadian dollars)

			March 31,		December 31,
	Notes		2021		2020
Assets
Current assets
Cash		$	3,725,787	$	57,840
Receivables	3		15,569		15,627
Prepaid expenses			28,596		10,440
Investments, at fair value through profit and loss	4		573,958		891,872
Total current assets			4,343,910		975,779
Total assets			4,343,910		975,779
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities	11	$	665,320	$	563,299
Total current liabilities			665,320		563,299
Equity
Share capital	5		21,403,439		17,529,757
Reserves			1,046,507		920,712
Accumluted other comprehensive loss					-
Deficit			(18,771,356)		(18,037,989)
Total equity			3,678,590		412,480
Total liabilities and equity		$	4,343,910	$	975,779
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 INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

For the three months ended March 31 (Unaudited - Expressed in Canadian dollars)

		Note	2021		2020
Expenses
	Management and consulting fees	11		38,726		151,887
	Accounting and legal			52,461		229,513
	Travel and promotion			1,103		2,892
	Office and rent			10,032		73,740
	Exploration and evaluation expenses	5		335,981		148,889
	Regulatory and transfer agent			14,991		9,190
	Foreign exchange (gain)			(8,096)		(44,585)
Loss before other items			(445,198)		(571,526)
	Realized (loss) on investment	4		(94,320)		(338,867)
	Unrealized (loss)gain on investments	4		(193,849)		856,689
Income (loss) before taxes			(733,367)		(53,704)
Income (loss) and comprehensive income (loss) for the period			(733,367)		(53,704)
(Loss) income per share:
	Basic and diluted		$	(0.01)	$	(0.00)
Weighted average number of shares outstanding:
	Basic and diluted			142,621,090		142,621,090

See accompanying notes to these consolidated financial statements

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