1100 - 1199 West Hastings Street,

Vancouver, BC, V6E 3T5

Tel: 604-684-9384

Condensed Consolidated Interim Financial Statements

Nine Months Ended September 30, 2021 and 2020

(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

7-15

NOTICE OF NO AUDITOR REVIEW

The accompanying unaudited condensed consolidated interim financial statements of the Company for the nine months ended September 30, 2021, and comparatives for the nine months ended September 30, 2020, were prepared by management and have not been reviewed or audited by the Company's auditors.

.

Page 2 of 15

Valterra Resource Corporation

(An Exploration Stage Company)

Condensed Consolidated Interim Statements of Comprehensive Loss

Nine Months Ended September 30, 2021 and 2020

(Expressed in Canadian Dollars, Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

Note

2021

2020

2021

2020

Operating Expenses

Administration

8

$

15,000

$

-

$

45,000

$

-

Consulting

8

237,805

29,810

259,038

35,810

Exploration and evaluation

6 & 8

9,859

27,763

15,576

46,314

Investor relations

8

11,982

53,500

48,548

107,600

Office and general

8

4,834

4,174

17,540

15,886

Professional fees

8

9,982

22,930

92,574

88,274

Regulatory fees and taxes

20,194

15,947

34,050

25,658

Share-based payments

131

-

2,892

-

Shareholders' communications

3,731

1,150

6,555

3,250

Transfer agent

1,172

2,384

7,708

4,950

314,690

157,658

529,481

327,742

Foreign Exchange (Gain) Loss

5,530

(1,498)

748

4,476

Mineral property impairment

6

292,158

160,077

292,158

160,077

Unrealized (Gain) Loss on Marketable Securities

5

550

-

(1,050)

-

298,238

158,579

291,856

164,553

Net Loss and Comprehensive Loss for the Period

$

612,928

$

316,237

$

821,337

$

492,295

Loss per share - basic and diluted

$

0.01

$

0.01

$

0.01

$

0.03

Weighted average number of common shares

outstanding

67,388,187

36,205,155

63,573,899

18,901,067

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

Page 3 of 15

Valterra Resource Corporation

(An Exploration Stage Company)

Condensed Consolidated Interim Statements of Financial Position

(Expressed in Canadian Dollars, Unaudited)

September 30

December 31

As at

Note

2021

2020

Assets

Current

Cash

$

307,060

$

368,106

Receivables

2,663

7,306

Marketable securities

5

4,200

-

Prepaids

7,460

9,809

321,383

385,221

Non-current

Mineral properties

6

-

-

Reclamation bonds

5

12,000

29,667

Loan

7

2,103,500

2,028,500

2,115,500

2,058,167

$

2,436,883

$

2,443,388

Liabilities

Current

Accounts payable and accrued liabilities

6 & 7

$

919,026

$

651,893

Due to related parties

8

615,008

465,886

1,534,034

1,117,779

Equity

Share capital

9

17,628,788

17,247,842

Share-based payments reserve

623,373

609,461

Warrant reserve

201,290

257,308

Deficit

(17,550,602)

(16,789,002)

902,849

1,325,609

$

2,436,883

$

2,443,388

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 15

Valterra Resource Corporation

(An Exploration Stage Company)

Condensed Consolidated Interim Statements of Changes in Equity (Deficit) Nine Months Ended September 30, 2021 and 2020

(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, 2019

9,375,155

$

14,170,805

$

245,695

$

257,308

$

(15,590,708)

$

(916,900)

Issued

Private Placement

28,170,000

1,408,500

-

-

-

1,408,500

Mineral property

70,000

5,600

-

-

-

5,600

Share issue costs

-

(110,040)

54,990

-

-

(55,050)

Subscriptions received

-

22,500

-

-

-

22,500

Net loss

-

-

-

-

(492,295)

(492,295)

Balance as at September 30, 2020

37,615,155

$

15,497,365

$

300,685

$

257,308

$

(16,083,003)

$

(27,645)

Balance as at December 31, 2020

61,635,144

$

17,247,842

$

609,461

$

257,308

$

(16,789,002)

$

1,325,609

Issued

Private Placement

8,270,000

413,500

-

-

-

413,500

Share issue costs

-

(32,554)

14,739

-

-

(17,815)

Share-based payments

-

-

2,892

-

-

2,892

Fair value of warrants expired

-

-

(3,719)

(56,018)

59,737

-

Net loss

-

-

-

-

(821,337)

(821,337)

Balance as at September 30, 2021

69,905,144

$

17,628,788

$

623,373

$

201,290

$

(17,550,602)

$

902,849

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

Page 5 of 15

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Valterra Resource Corporation published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 22:30:11 UTC.