BARSELE MINERALS CORP.

CONDENSED INTERIM FINANCIAL STATEMENTS

(Expressed in Canadian Dollars - Unaudited)

SEPTEMBER 30, 2021

Notice to Reader

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

The accompanying unaudited condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

The Company's independent auditor has not performed a review of these condensed interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of financial statements by an entity's auditor.

BARSELE MINERALS CORP.

CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

(Expressed in Canadian Dollars - Unaudited)

As at

September 30,

December 31,

2021

2020

ASSETS

Current

Cash

$

858,949

$

168,238

Receivables

53,140

47,817

Prepaid expenses

92,378

22,707

1,004,467

238,762

Equity investment - exploration and evaluation assets (Note 4)

1

1

$

1,004,468

$

238,763

LIABILITIES

Current

Accounts payable and accrued liabilities (Note 8)

$

140,521

$

58,646

Shareholders' equity

Share capital (Note 5)

8,874,338

6,599,632

Reserves (Note 5)

6,442,381

5,394,047

Deficit

(14,452,772)

(11,813,562)

863,947

180,117

$

1,004,468

$

238,763

Nature and continuance of operations (Note 1)

Subsequent event (Note 4)

Approved and authorized by the board on November 22, 2021

/s/ Gary Cope

Director

/s/ Rick Sayers

Director

Gary Cope

Rick Sayers

The accompanying notes are an integral part of these condensed interim financial statements.

BARSELE MINERALS CORP.

CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars)

Three months ended September 30,

Nine months ended September 30,

2021

2020

2021

2020

EXPLORATION EXPENSES

General exploration (Notes 4, 8)

$

53,600

$

70,049

$

175,882

$

187,814

GENERAL EXPENSES

Consulting (Note 8)

2,000

13,750

21,250

71,750

Foreign exchange (gain) loss

(2,028)

357

3,314

418

Investor relations (Note 8)

113,500

6,446

311,736

96,215

Management fees (Note 8)

116,500

60,720

348,242

182,160

Office and administrative (Note 8)

84,733

69,913

245,511

199,449

Professional fees

235,854

6,250

259,868

27,885

Share-based payments (Note 5, 8)

-

-

1,203,969

-

Transfer agent and filing fees

15,004

9,238

69,438

34,926

565,563

166,674

2,463,328

612,803

Loss before interest income

(619,163)

(236,723)

(2,639,210)

(800,617)

Interest income

-

-

-

5,858

Loss and comprehensive loss for the period

$

(619,163)

$

(236,723)

$

(2,639,210)

$

(794,759)

Basic and diluted loss per common share

$

(0.00)

$

(0.00)

$

(0.02)

$

(0.01)

Weighted average number of common shares

outstanding

129,085,845

123,441,761

129,085,845

123,441,761

The accompanying notes are an integral part of these condensed interim financial statements.

BARSELE MINERALS CORP.

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Expressed in Canadian Dollars - Unaudited)

Total

Common

Shareholders'

Shares

Share Capital

Reserves

Deficit

Equity

Balance, December 31, 2019

122,920,699

$

6,130,527

$

5,655,652

$

(10,696,392)

$

1,089,787

Options exercised

1,400,000

342,677

(202,677)

-

140,000

Loss and comprehensive loss

-

-

-

(794,759)

(794,759)

Balance, September 30, 2020

124,320,699

6,473,204

5,452,975

(11,491,151)

435,028

Options exercised

675,000

126,428

(58,928)

-

67,500

Loss and comprehensive loss

-

-

-

(322,411)

(322,411)

Balance, December 31, 2020

124,995,699

6,599,632

5,394,047

(11,813,562)

180,117

Options exercised

1,425,000

341,135

(155,635)

-

185,500

Issuance of common shares

3,176,845

2,064,949

-

-

2,064,949

Share issuance costs

-

(131,378)

-

-

(131,378)

Share-based payments

-

-

1,203,969

-

1,203,969

Loss and comprehensive loss

-

-

-

(2,639,210)

(2,639,210)

Balance, September 30, 2021

129,597,544

$

8,874,338

$

6,442,381

$

(14,452,772)

$

863,947

The accompanying notes are an integral part of these condensed interim financial statements.

BARSELE MINERALS CORP.

CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian Dollars - Unaudited)

Nine months ended

Nine months ended

September 30, 2021

September 30, 2020

CASH FLOWS FROM OPERATING ACTIVITIES

Loss for the period

$

(2,639,210)

$

(794,759)

Items not affecting cash:

Share-based payments

1,203,969

-

Changes in non-cash working capital items:

Receivables

(5,323)

5,463

Prepaid expenses

(69,671)

28,618

Accounts payable and accrued liabilities

81,875

(14,672)

Cash used in operating activities

(1,428,360)

(775,350)

CASH FLOWS FROM FINANCING ACTIVITY

Private placement, gross proceeds

2,064,949

-

Share issuance costs

(131,378)

-

Proceeds from options exercised

185,500

140,000

Cash provided by financing activity

2,119,071

140,000

Change in cash during the period

690,711

(635,350)

Cash, beginning of period

168,238

1,046,462

Cash, end of period

$

858,949

$

411,112

Supplemental disclosure with respect to cash flows (Note 7)

The accompanying notes are an integral part of these condensed interim financial statements.

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Barsele Minerals Corp. published this content on 22 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2021 19:44:04 UTC.