Galore Resources : Q2 Financial Statements - September 30, 2021

Condensed Consolidated Interim Financial Statements

Second Quarter Ended September 30, 2021

(Expressed in Canadian Dollars)

(Unaudited)

NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

These condensed consolidated interim financial statements of the Company for the period ended September 30, 2021 have been

prepared by management and have not been subject to review by the Company's auditors.

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GALORE RESOURCES INC.

Condensed Consolidated Interim Statements of Financial Position

(Unaudited - Expressed in Canadian Dollars)
		September 30,		March 31,
		2021	2021
	$	$
Assets
Current assets
Cash	641,392	344
Amounts receivable		7,229	5,785
	648,621	6,129
Exploration and evaluation assets (note 3)		7,677,523	7,645,151
	8,326,144	7,651,280
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities	3,370,532	3,157,681
Due to related party (note 5)	573,955	570,848
Loan payable (note 6)		91,715	86,844
	4,036,202	3,815,373
Shareholders' equity
Share capital (note 7(a))	17,540,274	17,485,274
Obligation to issue shares (note 13)	758,220	-
Reserves (note 7(c))	3,062,887	2,902,152
Deficit		(17,071,439)	(16,551,519)
		4,289,942	3,835,907
	8,326,144	7,651,280
See accompanying notes to the condensed consolidated interim financial statements

Nature and continuance of operations (note 1)

Commitments (note 12)

Subsequent events (note 13)

Approved by the Board of Directors and authorized for issue on November 29, 2021

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GALORE RESOURCES INC.

Condensed Consolidated Interim Statements of Comprehensive Loss

(Unaudited - Expressed in Canadian Dollars)

		Three Months Ended		Six Months Ended
		September 30,		September 30,
		2021		2020		2021		2020
		$		$		$		$
Operating costs and expenses
Amortization		-		52		-		104
Consulting (note 4)		-		2,190		2,655		2,190
Corporate development and investor relations		1,445		726		4,346		1,705
Interest expense (notes 5 & 6)		58,972		53,184		112,958		103,407
Management fees (note 4)		71,826		41,902		141,824		120,900
Office and miscellaneous		4,786		2,552		8,740		4,040
Professional fees		48,555		5,076		48,555		5,076
Share-based compensation (notes 4 & 7)		-		-		160,735		25,448
Shareholder communications		1,189		-		1,189		-
Trust and filing fees		2,352		10,368		7,017		13,306
Loss before other items		(189,125)		(116,050)		(488,019)		(276,176)
Foreign exchange gain (loss)		(28,087)		21,115		(31,901)		82,133
Net loss and comprehensive loss for the period		(217,212)		(94,935)		(519,920)		(194,043)
Weighted average number of common shares
outstanding		139,562,911)	132,196,001)	139,551,020)	131,241,930)
Basic and diluted loss per share	$	(0.00)	$	(0.00)	$	(0.00)	$	(0.00)

See accompanying notes to the condensed consolidated interim financial statements

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GALORE RESOURCES INC.

Condensed Consolidated Interim Statements of Cash Flows (Unaudited - Expressed in Canadian dollars)

				Six Months Ended September 30,
				2021	2020
			$	$
Cash provided by (used for):
Operating activities
Net loss for the period	(519,920)	(194,043)
Items not involving the use of cash:
Amortization	-	104
Interest accrual	112,958	103,407
Foreign exchange on loans	9,343	(31,395)
Foreign exchange gain	22,558	(53,477)
Share-based compensation		160,735	25,448
			(214,326)	(149,956)
Change in non-cash working capital:
Amounts receivable	(1,444)	(1,417)
Prepaid expenses	-	(20,315)
Accounts payable and accrued liabilities	141,258	104,376
				(74,512)	(67,312)
Investing activity
Exploration and evaluation assets	(19,334)	(26,552)
				(19,334)	(26,552)
Financing activities
Loan repaid	(75,822)	(20,646)
Advances from related party	52,496	44,946
Proceeds from private placement	-	75,649
Subscription receipts	758,220	-
				734,894	(99,949)
Increase in cash	641,048	6,085
Cash, beginning of the period		344	1,035
Cash, end of the period	641,392	7,120
See accompanying notes to condensed consolidated interim financial		statements

Supplementary disclosure: Refer to note 8.

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