September 30,

December 31,

2022

2021

ASSETS

Current Assets

Cash and cash equivalents

$

12,232,586

$

22,804,851

Amounts receivable

44,701

207,917

Prepaid expenses and deposits

392,754

422,849

Marketable securities (Note 4)

172,800

347,400

12,842,841

23,783,017

Equipment and right-of-use asset (Note 5)

339,449

114,810

Exploration and evaluation assets (Note 6)

49,645,968

37,828,862

$

62,828,258

$

61,726,689

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities

Accounts payable and accrued liabilities (Note 9)

$

1,632,769

$

363,068

Lease liability (Note 7)

56,841

-

1,689,610

363,068

Lease liability (Note 7)

87,156

-

1,776,766

363,068

SHAREHOLDERS' EQUITY

Share capital (Note 8)

63,365,604

63,139,804

Contributed surplus (Note 8)

3,209,769

2,311,974

Deficit

(5,523,881)

(4,088,157)

61,051,492

61,363,621

$

62,828,258

$

61,726,689

'Michael Cinnamond'

'Darwin Green'

Director

Director

Three months

Three months

Nine months

Nine months

September 30,

September 30,

September 30,

September 30,

2022

2021

2022

2021

EXPENSES

Accretion (Note 7)

$

2,895

$

-

$

2,895

$

-

Advertising and promotion

82,934

86,633

260,245

166,995

Consulting fees (Note 9)

2,000

3,000

42,333

26,763

Depreciation (Note 5)

10,188

-

10,188

-

Filing and transfer agent

13,744

20,136

69,760

77,667

Foreign exchange loss (gain)

(67,467)

7,051

(198,794)

104,891

Insurance

26,916

20,276

78,999

53,657

Office and miscellaneous

47,449

16,489

83,255

41,753

Professional fees

87,593

74,801

142,865

163,086

Rent

25,611

16,836

45,874

30,304

Salaries, wages and benefits (Note 9)

153,852

122,187

458,644

363,752

Share-based compensation (Notes 8 and 9)

45,348

145,457

521,083

617,385

Travel

25,103

22,994

50,436

25,561

Net loss before other items

(456,166)

(535,860)

(1,567,783)

(1,671,814)

OTHER ITEMS

Gain on sale of exploration and evaluation

assets (Note 5)

-

145,489

-

145,489

General exploration expenses

-

-

-

(14,540)

Interest income

53,994

5,489

99,055

33,341

Flow-through recovery (Note 8)

-

-

-

129,500

Gain (loss) on marketable securities (Note 4)

13,500

39,550

33,004

(82,950)

Net loss and comprehensive loss

$

(388,672)

$

(345,332)

$

(1,435,724)

$

(1,460,974)

Basic and diluted loss per share

$

(0.01)

$

(0.01)

$

(0.02)

$

(0.03)

Weighted average number of common shares outstanding

Basic and diluted

73,050,645

59,335,613

73,030,466

57,059,462

Share Capital

Number of

Contributed

shares

Amount

surplus

Deficit

Total

As at December 31, 2020

54,601,128

$

40,421,489

$

1,066,392

$

(2,063,377)

$

39,424,504

Exercise of stock options

412,498

296,543

(54,462)

-

242,081

Exercise of share purchase warrants

5,809,352

4,045,608

-

-

4,045,608

Shares issued for exploration and evaluation assets

288,472

380,463

-

-

380,463

Share-based compensation

-

-

1,065,771

-

1,065,771

Net loss for the period

-

-

-

(1,460,974)

(1,460,974)

As at September 30, 2021

61,111,450

$

45,144,103

$

2,077,701

$

(3,524,351)

$

43,697,453

Private placement

11,750,000

18,800,000

-

-

18,800,000

Shares issued for exploration and evaluation assets

158,760

233,976

-

-

233,976

Share issue costs

-

(1,038,275)

-

-

(1,038,275)

Share-based compensation

-

-

234,273

-

234,273

Net loss for the period

-

-

-

(563,806)

(563,806)

As at December 31, 2021

73,020,210

$

63,139,804

$

2,311,974

$

(4,088,157)

$

61,363,621

Shares issued for exploration and evaluation assets

300,000

225,800

-

-

225,800

Share-based compensation

-

-

897,795

-

897,795

Net loss for the period

-

-

-

(1,435,724)

(1,435,724)

As at September 30, 2022

73,320,210

$

63,365,604

$

3,209,769

$

(5,523,881)

$

61,051,492