Nickel Rock Resources : 3rd quarter interim financials

Nickel Rock Resources Inc.

(Formerly Nevada Energy Metals Inc.)

Nickel Rock Resources Inc.

Condensed Consolidated Interim Financial Statements

Quarter 3 - Three and Nine Months Ended 31 March 2022 and 2021

(Unaudited)

(Expressed in Canadian dollars)

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 accompanying unaudited condensed consolidated interim 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 standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

Nickel Rock Resources Inc. (Formerly Nevada Energy Metals Inc.)

Condensed Consolidated Interim Statements of Financial Position

As at 31 March 2022 and 30 June 2021

(Expressed in Canadian dollars)

As at	Notes		31 March 2022	30 June 2021
	(audited)
ASSETS			$		$
Current assets			607,051		1,301,655
Cash
Amounts receivable	4		42,090		45,694
Prepaid expenses			40,898		38,401
Short-term investment	5,6,12,14		650,000		-
Total current assets			1,340,039		1,385,750
Exploration and evaluation properties	6		999,639		3,116,945
ROU Asset	7		4,301		21,017
Total assets			2,343,979		4,523,712
EQUITY (DEFICIENCY) AND LIABILITIES
Current liabilities			37,450		34,020
Trade and other payables	8
Current portion of lease liability	9		10,109		21,859
Total liabilities			47,559		55,879
Equity			9,111,572		8,888,572
Common shares	10
Reserves	10		4,566,124		4,566,124
Deficit			(11,381,276)		(8,986,863)
Total equity			2,296,420		4,467,833
Total equity and liabilities			2,343,979		4,523,712

Nature of operations and going concern (Note 1), Commitments and Contingencies (Note 16)

APPROVED BY THE BOARD:

"Robert Setter"		"John Oness"
Robert Setter	John Oness

The accompanying notes are an integral part of these condensed consolidated interim financial statements. Page | 1

Nickel Rock Resources Inc. (Formerly Nevada Energy Metals Inc.)

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss For the three and nine months ended 31 March 2022 and 2021

(Expressed in Canadian dollars)

			Three months	Three months		Nine months	Nine months
			ended	ended		ended	ended
			31 March	31 March		31 March	31 March
	Notes	2022	2021	2022	2021
		$	$	$		$
Administration expenses		245		794
Bank charges and interest		815		1,514
Consulting	14,15		53,340		220,544		193,223		467,402
Corporate development		5,572	4,708	16,716	41,284
Depreciation	7	5,571	16,715
Finance charge	9				309	388		1,119
Marketing and			1,144				24,045
communications				597,148			743,443
Office and miscellaneous			5,869		9,394		16,146		25,614
Professional fees			(1,061)		8,933		15,536		16,647
Rent			15,499		5,719		33,977		24,392
Share-based payments		3,093		19,433	252,080
Transfer agent fees		54,821	75,822
Travel, lodging and food		-		-	-		1,610
Loss before other items			(83,701)		(907,962)		(320,258)		(1,667,642)
Other items						(3,102)
Foreign exchange loss					27,137	39,699
Loss on disposals of
exploration and evaluation			(60,607)				(1,071,053)
properties	5,6			-			-
Loss on change of fair
value of short term			(1,000,000)				(1,000,000)
investment	5,6,14			-			-
Net loss for the period			(1,144,308)		(880,825)		(2,394,413)		(1,627,943)
Comprehensive loss for
the period			(1,144,308)		(880,825)		(2,394,413)		(1,627,943)
Loss per share
Basic and diluted	11	(0.016)	(0.018)	(0.034)	(0.114)

The accompanying notes are an integral part of these condensed consolidated interim financial statements. Page | 2

Nickel Rock Resources Inc. (Formerly Nevada Energy Metals Inc.)

Condensed Consolidated Interim Statements of Cash Flows For the nine months ended 31 March 2022 and 2021 (Expressed in Canadian dollars)

			31 March	31 March
Nine months ended	Notes	2022		2021
		$		$
OPERATING ACTIVITIES
Loss for the period		(2,394,413)	(1,627,943)
Adjustment for:			16,716
Depreciation	7			16,715
Finance charge	9		388		1,119
Share-based payments		-		252,080
Disposal of exploration and evaluation property	6	2,721,053	-
Acquisition of short-term investment	5,6,12,14	(650,000)	-
Issuance of shares for mineral property	6	69,750	-
Changes in operating working capital:			3,604
Decrease (increase) in amounts receivable	4			(14,442)
Decrease (increase) in prepaid expenses		(2,497)	(57,109)
Increase (decrease) in trade and other payables	8	3,430	(62,522)
Cash used in operating activities			(231,969)		(1,492,102)
INVESTING ACTIVITIES
Exploration and evaluation properties expenditures	6		(603,747)		(200,849)
Cash used in investing activities		(603,747)	(200,849)
FINANCING ACTIVITIES
Proceeds from issuance of common shares		-		1,512,575
Exercise of warrants	10	73,500	130,000
Exercise of options	10	79,750	1,361,000
Lease payments	9		(12,138)		(17,557)
Cash from financing activities			141,112		2,986,018
Decrease in cash		(694,604)	1,293,067
Cash, beginning of period			1,301,655		409,303
Cash, end of period		607,051	1,702,370

The accompanying notes are an integral part of these condensed consolidated interim financial statements. Page | 3