Group Eleven Resources : 2022 Third Quarter Financial Statements

Group Eleven Resources Corp.

Condensed Consolidated Interim Financial Statements For the Three and Nine Months Ended September 30, 2022 Expressed in Canadian Dollars

(Unaudited)

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORTING

The accompanying condensed consolidated interim financial statements of Group Eleven Resources Corp. ("the Company") have been prepared by and are the responsibility of management of the Company. Management acknowledges responsibility for the preparation and presentation of the condensed consolidated interim financial statements, including responsibility for significant accounting estimates and the choice of accounting principles and methods that are appropriate to the Company's circumstances.

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

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

GROUP ELEVEN RESOURCES CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian Dollars)

	Note	September 30, 2022	December 31, 2021
ASSETS
Current Assets
Cash		1,703,761	943,686
Prepaid expenses		2,141	56,439
Other receivables		112,948	23,882
Total Current Assets		1,818,850	1,024,007
Non-current assets
Equipment	3	2,209	6,003
Exploration and evaluation assets	4	8,897,821	8,897,821
Total Assets		10,718,880	9,927,831
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities	5, 10	329,083	351,598
Exploration partner advances	4	335,630	219,568
Total Current Liabilities		664,713	571,166
Non-Current Liabilities
Government loan payable		40,000	40,000
Total liabilities		704,713	611,166
Equity
Share capital	6	20,520,423	18,088,060
Reserves	6	1,020,091	869,763
Deficit		(14,489,141)	(12,690,402)
Total Shareholders' Equity		7,051,373	6,267,421
Non-controlling interest	7	2,962,794	3,049,244
Total Equity		10,014,167	9,316,665
Total Liabilities and Equity		10,718,880	9,927,831

Nature and continuance of operations (Note 1)

Subsequent events (Note 12)

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

GROUP ELEVEN RESOURCES CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

			Three Months Ended September 30,		Nine Months Ended September 30,
	Note	2022	2021	2022	2021
Operating expenses
Exploration expenditures	4	414,148	177,297	1,083,498	668,996
Salaries and benefits	10	78,684	147,173	331,591	422,265
Marketing and investor relations		10,906	31,959	63,557	108,125
General and administrative		33,026	27,668	109,435	34,080
Professional Fees	10	57,823	27,272	88,832	72,050
Depreciation	3	1,265	1,265	3,794	3,793
Foreign exchange loss		42,587	232,659	144,581	291,144
Interest income		(777)	271	(1,210)	(1,850)
Share based payments	6, 10	54,091	12,867	61,111	38,602
Loss and comprehensive loss for the
period		(691,753)	(658,431)	(1,885,189)	(1,637,205)
Loss attributable to:
Shareholders		(685,321)	(649,314)	(1,798,739)	(1,607,011)
Non-controlling interest	7	(6,432)	(9,117)	(86,450)	(30,194)
		(691,753)	(658,431)	(1,885,189)	(1,637,205)
Basic and diluted loss per common
shares attributable to shareholders ($)		0.00	0.00	(0.01)	(0.01)
Weighted average number of shares
outstanding (#)		158,301,502	137,469,836	152,777,082	136,961,885

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

statements.

GROUP ELEVEN RESOURCES CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY (Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

					Total	Non-
	Share Capital			Shareholders'	controlling	Total
	Shares	Amount	Reserves	Deficit	Equity	Interest	Equity
	(#)	($)	($)	($)	($)	($)	($)
Balance - December 31, 2020	125,977,452	17,367,286	801,420	(10,704,910)	7,463,796	3,109,412	10,573,208
Shares issued for private placement	11,492,384	747,005	-	-	747,005	-	747,005
Warrants issued for private placement	-	(26,231)	26,230	-	(1)	-	(1)
Share-base payments	-	-	38,602	-	38,602	-	38,602
Loss for the period	-	-	-	(1,607,011)	(1,607,011)	(30,194)	(1,637,205)
Balance - September 30, 2021	137,469,836	18,088,060	866,252	(12,311,921)	6,642,391	3,079,218	9,721,609
Share-base payments	-	-	3,511	-	3,511	-	3,511
Loss for the period	-	-	-	(378,481)	(378,481)	(29,974)	(408,455)
Balance - December 31, 2021	137,469,836	18,088,060	869,763	(12,690,402)	6,267,421	3,049,244	9,316,665
Shares issued for private placement	20,831,666	2,499,800	-	-	2,499,800	-	2,499,800
Share issuance costs	-	(38,220)	-	-	(38,220)	-	(38,220)
Warrants issued for private placement	-	(29,217)	29,217	-	-	-	-
DSUs issued for debt	-	-	60,000	-	60,000	-	60,000
Share-base payments	-	-	61,111	-	61,111	-	61,111
Loss for the period	-	-	-	(1,798,739)	(1,798,739)	(86,450)	(1,885,189)
Balance - September 30, 2022	158,301,502	20,520,423	1,020,091	(14,489,141)	7,051,373	2,962,794	10,014,167

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