NEWRANGE GOLD CORP.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian Dollars)

(Unaudited - Prepared by Management)

October 31, 2021

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

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

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

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

2

NEWRANGE GOLD CORP.

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

(Unaudited - Prepared by Management)

October 31,

April 30,

2021

2021

ASSETS

Current

Cash

$

704,512

$

2,865,416

Receivables

18,387

39,646

Marketable securities (Note 8)

46,885

524,069

Prepaid expenses (Note 11)

230,033

153,849

999,817

3,582,980

Right-of-use asset (Note 3)

-

5,139

Land and equipment (Note 4)

78,609

51,392

Mineral properties (Note 5)

2,396,054

1,890,509

TOTAL ASSETS

$

3,474,480

$

5,530,020

LIABILITIES AND EQUITY

Current

Accounts payable and accrued liabilities

$

325,990

$

100,543

Related party payables (Note 11)

60,937

108,240

Flow-through premium (Note 9)

131,982

250,000

Lease liability (Note 3)

-

5,925

518,909

464,708

Loan payable (Note 7)

40,000

40,000

TOTAL LIABILITIES

558,909

504,708

EQUITY

Share capital (Note 9)

31,607,935

31,607,935

Reserves (Note 9)

9,806,802

9,806,802

Deficit

(38,499,166)

(36,389,425)

TOTAL EQUITY

2,915,571

5,025,312

TOTAL LIABILITIES AND EQUITY

$

3,474,480

$

5,530,020

Nature and continuance of operations (Note 1)

Subsequent event (Note 16)

Approved on behalf of the Board of Directors on December 22, 2021:

Signed: "Robert Archer"

Director

Signed: "Ron Schmitz"

Director

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

3

NEWRANGE GOLD CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars)

(Unaudited Prepared by Management)

Three months ended

Six months ended

October 31,

October 31,

2021

2020

2021

2020

EXPENSES

Administration and office costs (Notes 11 and 14)

$

96,198

$

107,415

$

214,408

$

206,623

Depreciation of right-of-use asset (Note 3)

2,113

3,315

5,195

6,746

Exploration expenditures, net (Note 6)

489,659

376,840

1,729,486

960,758

Recovery of flow through premium liability

(50,059)

-

(118,018)

-

Foreign exchange loss (gain)

(4,008)

2,356

(7,429)

2,903

Gain on recovery of exploration expenditures

-

-

-

(35,055)

Marketing services and shareholder information

78,655

68,053

171,224

189,635

Other income

(41,413)

(88,994)

(41,413)

(149,180)

Professional fees

39,289

24,793

50,174

34,634

Realized loss (gain) on marketable securities (Note 8)

205,807

-

205,807

(276,616)

Transfer agent and filing fees

5,043

8,843

6,223

10,940

Unrealized loss (gain) on marketable securities (Note 8)

(165,013)

(2,250)

(105,916)

199,169

Net loss and comprehensive loss for the period

$

(656,271)

$

(500,371)

$

(2,109,741)

$

(1,150,557)

Basic and diluted loss per common share

$

(0.00)

$

(0.00)

$

(0.01)

$

(0.01)

Weighted average number of common shares outstanding

Basic

150,450,072

121,939,252

150,450,072

118,960,488

Diluted

150,450,072

121,939,252

150,450,072

118,960,488

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

4

NEWRANGE GOLD CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in Canadian Dollars)

(Unaudited - Prepared by Management)

SIX MONTHS ENDED OCTOBER 31,

2021

2020

CASH FLOWS FROM (TO)

OPERATIONS

Net loss for the period from continuing operations

$

(2,109,741)

$

(1,150,557)

Adjustments for:

Depreciation included in exploration expenditures

13,888

24,125

Depreciation of right-of-use asset

5,195

6,746

Foreign exchange

8

(62)

Realized loss (gain) on marketable securities

205,807

(276,616)

Recovery of flow through premium liability

(118,018)

-

Unrealized loss (gain) on marketable securities

(105,916)

199,169

Changes in non-cash working capital items:

Receivables

21,259

(6,325)

Prepaid expenses

(76,184)

(171,437)

Accounts payable, accrued liabilities and related party

178,144

(112,903)

(1,985,558)

(1,487,860)

INVESTING

Acquisition of mineral properties

(505,545)

(339,190)

Purchase of equipment

(41,105)

-

Sale of marketable securities

377,293

713,441

(169,357)

374,251

FINANCING

Lease payments

(5,989)

(6,747)

Loans received

-

40,000

Shares issued for stock options exercised

-

116,968

Shares issued for warrants exercised

-

1,271,600

(5,989)

1,421,821

Change in cash

(2,160,904)

308,212

Cash at beginning of period

2,865,416

519,268

Cash at end of period

$

704,512

$

827,480

Supplementary cash flow information

Cash paid for interest and income taxes

$

-

$

-

Non-cash financing and investing activities:

Fair value of stock options exercised

$

-

$

71,161

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

5

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Newrange Gold Corporation published this content on 29 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2021 00:36:05 UTC.