FOR THE THREE MONTH PERIOD ENDED FEBRUARY 28, 2022
(Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
Notice of No Auditor Review of Interim Financial Statements
The accompanying unaudited financial statements have been prepared by management and approved by the Audit Committee.
The Company's independent auditors have not performed a review of these financial statements in accordance with the standards established by the Canadian Institute to Chartered Accountants for a review of interim financial statements by an entity's auditors.
GOLDEN LAKE EXPLORATION INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
February 28, 2022
November 30, 2021
ASSETS
CURRENT
Cash
$
4,830,544 $ 5,541,732
Amounts receivable Prepaids
20,413 25,474
62,464 80,076
4,913,421
5,647,282
Reclamation (Note 4)
Exploration and evaluation assets (Note 4)
16,821 7,245,551
16,883 6,584,029
$
12,175,793
$
12,248,194
LIABILITIES CURRENT
Accounts payable and accrued liabilities (Note 6)
$
172,388
$
105,703
EQUITY
Share capital (Note 5) 14,323,434 14,296,434
Contributed surplus (Note 5) 1,478,645 1,345,545
Deficit
(3,798,674) 12,003,405
(3,499,488) 12,142,491
$
12,175,793 $
12,248,194
NATURE OF BUSINESS AND CONTINUING OPERATIONS (Note 1)
SUBSEQUENT EVENT (Note 10)
Approved and authorized for issue on behalf of the Board on April 26, 2022.
"Michael England"
Director
"John Masters"
CFOThe accompanying notes are an integral part of these condensed interim consolidated financial statements
GOLDEN LAKE EXPLORATION INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
Three months ended February 28, February 28, 2022 2021
EXPENSES
Advertising and promotion Consulting fees Management fees (Note 6) Office and miscellaneous Professional fees
$
19,750 $ 43,221
65,683 29,515
45,000 45,000
10,170 2,632
18,562 11,846
Share-based payments (Notes 5 and 6) Transfer agent and filing fees
133,100
-11,213 7,953
Travel
674 4,320
LOSS BEFORE OTHER ITEM
(304,152)
(144,487)OTHER ITEM
Other income
4,966
-NET LOSS AND COMPREHENSIVE LOSSLOSS PER SHARE (basic and diluted)
$ $
(299,186)
(0.00)
$ $
(144,487)
(0.00)WEIGHTED AVERAGE NUMBER OF COMMON SHARE OUTSTANDING
63,290,405
34,757,294
The accompanying notes are an integral part of these condensed interim consolidated financial statements
- 6 -
GOLDEN LAKE EXPLORATION INC.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Expressed in Canadian Dollars)
(Unaudited - Prepared by Management)
Common SharesNumber of Shares
AmountSubscription received in advanceContributed Surplus
Deficit
Total
Balance, November 30, 2020
Exercise of options
Exercise of warrants Subscriptions received in advance Net loss for the period
Balance, February 28, 2021
Exercise of options Exercise of warrants Private placement
Share issuance costs - cash Share issuance costs - warrants Shares issued for mineral properties Share-based payments
34,697,668
700,000 837,000 - -
36,234,668
Net loss for the period Balance, November 30, 2021
Shares issued for mineral properties Share-based payments
Net loss for the period Balance, February 28, 2022
200,000 - - 63,397,072
27,000 - -
$
14,323,434
- - -
$
-- - 27,000
133,100 - 133,100
-$
1,478,645
The accompanying notes are an integral part of these condensed interim consolidated financial statements
(299,186)
(299,186)
$
(3,798,674)
$
12,003,405
- 7 -
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Golden Lake Exploration Inc. published this content on 26 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2022 23:44:04 UTC.
Golden Lake Exploration Inc. is a Canada-based public mining exploration company. The Company acquires, explores, and develops precious and base metal properties of merit and to aggressively advance its exploration program on the Jewel Ridge property. The Companyâs Jewel Ridge property is located on the south end of Nevadaâs prolific Battle Mountain-Eureka trend, along strike and contiguous with i-80 Goldâs Archimedes, Ruby Hill and FAD shaft gold deposits to the north, Timberline Resources advanced-stage Lookout Mountain project to the south and North Peak Resources Prospect Mountain Mine Complex to the west. It also holds the Cardinalli Portfolio, consisting of three patented mineral claims called the Sentinel, the Clipper and the Golden Rule, comprising approximately 23 acres. It also owns an early-stage property, the Copperview project, which is situated in south-central British Columbia. It holds the option to acquire a 100% undivided interest in the Conglin Creek Copper Property.
GOLDEN LAKE EXPLORATION INC. 