Kenorland Minerals : 09/30/2021 Interim Financial Report

KENORLAND MINERALS LTD.

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPEMBER 30, 2021

(EXPRESSED IN CANADIAN DOLLARS - UNAUDITED)

TABLE OF CONTENTS

Notice of No Auditor Review	2
Condensed Interim Consolidated Financial Statements
Condensed Interim Consolidated Statements of Financial Position	3
Condensed Interim Consolidated Statements of Income and
Comprehensive Income	4
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity	6
Condensed Interim Consolidated Statements Cash Flows	7
Notes to Condensed Interim Consolidated Financial Statements	8

NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

In accordance with National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.

The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management.

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

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KENORLAND MINERALS LTD.

Condensed Interim Consolidated Statements of Financial Position

(Expressed in Canadian Dollars - Unaudited)

		September 30,	December 31,
	Note	2021	2020
		$	$
ASSETS
Current assets
Cash		8,667,941	12,544,941
Receivables	3	1,821,074	1,023,831
Prepaid expenses		322,717	187,745
		10,811,732	13,756,517
Exploration advances		1,473	1,473
Investment in equity instruments	5	1,641,380	631,317
Investment in associate	6	1,351,258	-
Exploration and evaluation assets	7	9,931,019	3,276,503
Equipment		11,044	15,383
Right-of-use assets		18,373	39,042
		23,766,279	17,720,235
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	8	4,861,452	2,362,580
Advances received	7	2,194,859	1,448,588
Current portion of lease liabilities		19,788	28,499
		7,076,099	3,839,667
RSU liability	10	455,401	420,620
Government loans payable	9	100,000	80,000
Lease liabilities		-	12,475
		7,631,500	4,352,762
SHAREHOLDERS' EQUITY
Share capital	10	17,929,750	17,571,630
Reserves	10	2,537,643	2,164,534
Deficit		(4,332,614)	(6,368,691)
		16,134,779	13,367,473
		23,766,279	17,720,235

Nature and continuance of operations (Note 1) and subsequent event (Note 18)

Approved and authorized for issuance by the Board of Directors on November 26, 2021.

"Jessica Van Den Akker"		"Jay Sujir"
Director		Director

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

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KENORLAND MINERALS LTD.

Condensed Interim Consolidated Statements of Income and Comprehensive Income (Expressed in Canadian Dollars - Unaudited)

		For the three months	For the nine months
		ended September 30,	ended September 30,
	Note	2021	2020	2021	2020
		$	$	$	$
Revenue		1,078,119	135,688	1,606,199	481,125
Operating expenses
Bank charges		1,276	2,034	7,335	5,489
Conference and marketing		135,423	4,136	437,029	5,126
Consulting		9,582	35,653	65,056	61,467
Depreciation		8,336	8,151	25,008	23,351
Foreign exchange loss (gain)		(14,928)	655	52,351	404
Geologists		150,750	82,945	494,255	220,297
Insurance		16,586	2,757	45,112	11,607
Interest on lease liability		431	915	1,662	3,090
Management fees		57,000	-	96,000	-
Office expenses		59,818	11,222	102,291	34,037
Professional fees		97,421	150,673	302,708	260,796
Project generation		7,847	-	82,485	17,344
Rent		4,807	696	11,525	1,431
Salaries and benefits		50,246	35,346	153,858	94,146
Share-based compensation	10	243,880	136,356	829,751	354,662
Transfer agent and filing fees		12,044	-	41,725	-
Travel and related		9,221	-	11,243	15,515
		849,740	471,539	2,759,394	1,108,762
Income (loss) from operations		228,379	(335,851)	(1,153,195)	(627,637)
Other income (expenses)
Gain on sale of mineral properties	5, 7	819,874	-	1,186,374	77,716
Interest income		33	-	326	-
Gain on deconsolidation	6	830,828	-	804,502	-
Dilution gain from investment in associate	6	432,318	-	432,318	-
Net change in fair value of investments	5	(28,579)	692,208	412,815	856,785
Gain on sale of equity investment	5	-	-	71,440	-
Net change in fair value of RSU liability	10	214,307	-	214,307	-
Equity loss in associated company	6	(23,880)	-	(26,060)	-
		2,244,901	692,208	3,096,022	934,501
Income for the period		2,473,280	356,357	1,942,827	306,864
Income (loss) attributable to:
Shareholders of the Company		2,515,555	356,357	2,016,663	306,864
Non-controlling interest	15	(42,275)	-	(73,836)	-
Income for the period		2,473,280	356,357	1,942,827	306,864

Earnings per share (Note 11)

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

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