Generic Gold : December 31, 2021 Financial Statements

Consolidated Financial Statements Years Ended December 31, 2021 and 2020

(Expressed in Canadian Dollars)

Independent Auditor's Report

To the Shareholders of Generic Gold Corp.

Opinion

We have audited the consolidated financial statements of Generic Gold Corp. ("the Company"), which comprise the consolidated statements of financial position as at December 31, 2021 and December 31, 2020 and the consolidated statements of operations and comprehensive loss, consolidated statements of changes in shareholders' equity (deficiency) and consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Generic Gold Corp. as at December 31, 2021 and December 31, 2020 and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards.

Basis for Opinion

We conducted our audits in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter - Material Uncertainty Related to Going Concern

We draw attention to Note 1 in the financial statements, which indicates that the company had a net loss of $2,717,564 for the year (2020 - $4,868,666), has not yet achieved profitable operations, has accumulated losses of $15,799,794 (2020 - $13,187,846) and expects to incur future losses in the development of its business, As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements and Auditor's Report Thereon

Management is responsible for other information. Other information comprises the information included in Management's Discussion and Analysis filed with the relevant Canadian Securities Commissions. Our opinion on the consolidated financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in the auditors' report. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Independent Auditor's Report

To the Shareholders of Generic Gold Corp. (Continued)

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As a part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

·

Identity and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as a fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

·

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

·

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

·

Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

·

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

·

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities with the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

The engagement partner on the audit resulting in this independent auditor's report is Wayne O'Connell.

Jones & O'Connell LLP

Chartered Professional Accountants Licensed Public Accountants

St. Catharines, Ontario

April 22, 2022

Consolidated Statements of Financial Position (Expressed In Canadian Dollars)

December 31,	December 31,
2021	2020
$	$
Assets
Current
Cash and cash equivalents	3,577,976	5,356,826
Amounts receivable and other assets (Note 4)	213,969	158,973
Total current assets	3,791,945	5,515,799
Right of use assets (Note 5)	86,742	141,528
Total Assets	3,878,687	5,657,327
Liabilities and Shareholders' Equity (Deficiency)
Current Liabilities
Accounts payable and other liabilities (Notes 7 & 20)	428,658	472,767
Current portion of lease liability (Note 8)	55,976	52,635
Deferred gain on sale of flow-through rights (Note 9)	-	224,480
Total Current Liabilities	484,634	749,882
Lease liability (Note 8)	34,752	90,727
Total Liabilities	519,386	840,609
Shareholders' Equity (Deficiency)
Capital stock (Note 9)	13,877,295	13,448,228
Reserves (Notes 10 & 11)	5,281,800	4,556,336
Deficit	(15,799,794)	(13,187,846)
Total Shareholders' Equity (Deficiency)	3,359,301	4,816,718
Total Liabilities and Shareholders' Equity (Deficiency)	3,878,687	5,657,327
NATURE OF OPERATIONS (Note 1)
CONTINGENCIES (Note 19)
APPROVED ON BEHALF OF THE BOARD:
(Signed) "Kelly Malcolm" , Director
(Signed) "Victor Cantore" , Director

See accompanying notes to the audited consolidated financial statements.

Consolidated Statements of Operations and Comprehensive loss (Expressed In Canadian Dollars)

For the years ended December 31,	2021	2020
$	$
Operating expenses:
Exploration and evaluation expenses (Notes 6 & 13)	1,268,736	3,952,060
General and administrative expenses (Note 14)	1,673,308	1,163,476
Loss before the following item	(2,942,044)	(5,115,536)
Other income (Note 15)	-	100,000
224,480	146,870
Gain on sale of flow-through rights (Note 9)
Net loss and comprehensive loss for the year	(2,717,564)	(4,868,666)
Loss per share - basic and diluted (Note 12)	(0.04)	(0.10)
Weighted average number of common shares
outstanding - basic and diluted	65,329,547	47,792,221

See accompanying notes to the audited consolidated financial statements.