1100 - 1199 West Hastings Street,

Vancouver, BC, V6E 3T5

Tel: 604-684-9384

Condensed Consolidated Interim Financial Statements

Three Months Ended March 31, 2022 and 2021

(Expressed in Canadian Dollars)

(Unaudited)

Index

Page

Notice of No Auditor Review

2

Condensed Consolidated Interim Financial Statements

Condensed Consolidated Interim Statements of Comprehensive Loss

3

Condensed Consolidated Interim Statements of Financial Position

4

Condensed Consolidated Interim Statements of Changes in Equity (Deficit)

5

Condensed Consolidated Interim Statements of Cash Flows

6

Notes to the Condensed Consolidated Interim Financial Statements

7-13

NOTICE OF NO AUDITOR REVIEW

The accompanying unaudited condensed consolidated interim financial statements of the Company for the three months ended March 31, 2022, and comparatives for the three months ended March 31, 2021, were prepared by management and have not been reviewed or audited by the Company's auditors.

Page 2 of 13

Valterra Resource Corporation

(An Exploration Stage Company)

Condensed Consolidated Interim Statements of Comprehensive Loss

Three Months Ended March 31, 2022 and 2021

(Expressed in Canadian Dollars, Unaudited)

Note

2022

2021

Operating Expenses

Administration

8

$

15,000

$

15,000

Consulting

8

5,903

13,463

Exploration and evaluation

6 & 8

2,557

820

Investor relations

8

1,973

24,591

Office and general

8

10,815

5,490

Professional fees

8

9,984

20,336

Regulatory fees and taxes

6,995

7,863

Share-based payments

-

1,938

Shareholders' communications

590

1,250

Transfer agent

4,477

5,020

58,294

95,771

Foreign exchange (gain) loss

(2,604)

(3,185)

Unrealized (gain) loss on marketable securities

5

(50)

(450)

(2,654)

(3,635)

Net Loss and Comprehensive Loss for the Peiod

$

55,640

$

92,136

Loss per share - basic and diluted

$

0.00

$

0.00

Weighted average number of common shares

outstanding

82,405,144

61,635,144

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

Page 3 of 13

Valterra Resource Corporation

(An Exploration Stage Company)

Condensed Consolidated Interim Statements of Financial Position

(Expressed in Canadian Dollars, Unaudited)

March 31

December 31

As at

Note

2022

2021

Assets

Current

Cash

$

253,395

$

284,586

Receivables

2,358

3,303

Marketable securities

5

11,032

3,450

Prepaids

3,500

10,061

270,285

301,400

Non-current

Mineral properties

6

-

-

Reclamation bonds

12,000

12,000

Other investment

7

2,400,000

2,400,000

2,412,000

2,412,000

$

2,682,285

$

2,713,400

Liabilities

Current

Accounts payable and accrued liabilities

6

$

754,912

$

715,440

Due to related parties

8

638,561

653,508

1,393,473

1,368,948

Equity

Share capital

10

18,109,271

18,109,271

Share-based payments reserve

678,373

865,762

Warrant reserve

20,675

20,675

Deficit

(17,519,507)

(17,651,256)

1,288,812

1,344,452

$

2,682,285

$

2,713,400

Approved on behalf of the Board

"Lawrence Page"

"Brian McGrath"

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

Page 4 of 13

Valterra Resource Corporation

(An Exploration Stage Company)

Condensed Consolidated Interim Statements of Changes in Equity (Deficit) Three Months Ended March 31, 2022 and 2021

(Expressed in Canadian Dollars, Unaudited)

Share Capital

Share-based

Total

Number

Payments

Warrant

Equity

of Shares

Amount

Reserve

Reserve

Deficit

(Deficit)

Balance as at December 31, 2020

61,635,144

$ 17,247,842

$

609,461

$

257,308

$ (16,789,002)

$

1,325,609

Share-based payments

-

-

1,938

-

-

1,938

Fair value of warrants expired

-

-

(758)

(38,768)

39,526

-

Net loss

-

-

-

-

(92,136)

(92,136)

Balance as at March 31, 2021

61,635,144

$ 17,247,842

$

610,641

$

218,540

$ (16,841,612)

$

1,235,411

Balance as at December 31, 2021

82,405,111

$ 18,109,271

$

865,762

$

20,675

$ (17,651,256)

$

1,344,452

Fair value of options expired

-

-

(187,389)

-

187,389

-

Net loss

-

-

-

-

(55,640)

(55,640)

Balance as at March 31, 2022

82,405,111

$ 18,109,271

$

678,373

$

20,675

$ (17,519,507)

$

1,288,812

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

Page 5 of 13

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Valterra Resource Corporation published this content on 27 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 08:41:30 UTC.