Galore Resources : Q3 Financial Statements - December 31, 2019

Condensed Consolidated Interim Financial Statements

Third Quarter ended December 31, 2019

(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 December 31, 2019 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)

	December 31,	March 31,
	2019	2019
		(audited)
	$	$
Assets
Current assets
Cash	1,138	1,155
Amounts receivable	39,025	15,840
Prepaid expenses	82,131	72,933
	122,294	89,928
Equipment (note 3)	13,034	13,241
Exploration and evaluation assets (note 4)	6,311,940	5,839,385
	6,447,268	5,942,554
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities	1,737,808	1,404,325
Due to related party (note 6)	436,732	238,567
Loan payable (note 7)	45,372	43,324
	2,219,912	1,686,216
Shareholders' equity
Share capital (note 8 (a))	17,241,825	16,909,888
Reserves (note 8 (c))	2,876,704	2,798,314
Deficit	(15,891,173)	(15,451,864)
	4,227,356	4,256,338
	6,447,268	5,942,554

See accompanying notes to the condensed consolidated interim financial statements

Nature and continuance of operations (note 1)

Commitments (note 13)

Approved by the Board of Directors and authorized for issue on March 2, 2020.

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GALORE RESOURCES INC.

Condensed Consolidated Interim Statements of Comprehensive Loss

(Unaudited - Expressed in Canadian Dollars)

		Three Months Ended		Nine Months Ended
		December 31,		December 31,
		2019		2018		2019		2018
		$		$		$		$
Operating costs and expenses
Amortization		69		92		207		277
Consulting (note 5)		-		-		9,135		8,540
Corporate development and investor relations		790		6,182		2,925		16,210
Interest expense (notes 6 & 7)		38,500		19,131		101,084		54,092
Management fees (note 5)		75,242		75,319		226,754		223,501
Office and miscellaneous		4,366		1,676		8,402		4,338
Professional fees		-		1,281		11,009		5,194
Share-based compensation (notes 5 & 8)		-		94,620		14,790		225,872
Shareholder communications		-		909		-		4,430
Trust and filing fees		-		10,393		13,658		18,313
Loss before other items		(118,967)		(209,603)		(387,964)		(560,767)
Bonus shares (note 8 (a))		-		-		(15,720)		-
Bonus warrants (note 6)		-		-		(63,600)		-
Loan bonus (note 8 (a))		-		-		-		(2,394)
Foreign exchange gain (loss)		19,517		(14,471)		27,975		(16,162)
Net loss and comprehensive loss for the period		(99,450)		(224,074)		(439,309)		(579,323)
Weighted average number of common shares					124,814,094	116,061,528
outstanding		128,706,904		122,168,710
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)

	Nine Months Ended December 31,
	2019	2018
	$	$
Cash provided by (used for):
Operating activities
Net loss for the period	(439,309)	(579,323)
Items not involving the use of cash:
Amortization	207	277
Share-based compensation	14,790	225,872
Bonus shares issued	15,720	-
Bonus warrants	63,600	-
Loan bonus	-	2,394
Foreign exchange on loans	(12,749)	13,883
Interest accrual on loans	27,033	15,398
	(330,708)	(321,499)
Change in non-cash working capital:
Amounts receivable	(23,185)	1,359
Prepaid expenses	(9,198)	(9,029)
Accounts payable and accrued liabilities	270,044	131,349
	(93,047)	(197,820)
Investing activities
Exploration and evaluation assets	(372,715)	(198,717)
Purchase of equipment	-	(5,190)
	(372,715)	(203,907)
Financing activities
Proceeds from private placement	279,816	419,577
Advances from related party	185,929	-
Loan proceeds	-	39,884
	465,745	459,461
Increase (decrease) in cash	(17)	57,734
Cash, beginning of the period	1,155	1,966
Cash, end of the period	1,138	59,700

See accompanying notes to the condensed consolidated interim financial statements

Supplementary disclosure: Refer to note 9.

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