Noble Iron : Interim Consolidated Financial Statements For The Three And Six Months Ended June 30, 2022 And 2021

NOBLE IRON INC.

INTERIM CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Expressed in Canadian Dollars

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022

AND 2021

NOBLE IRON INC.

CONTENTS

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	Page
Management's comments on Unaudited Interim Condensed Consolidated Financial Statements	1
Interim Condensed Consolidated Statements of Financial Position	2
Interim Condensed Consolidated Statements of Comprehensive Income	3
Interim Condensed Consolidated Statements of Changes in Shareholders' Equity	4
Interim Condensed Consolidated Statements of Cash Flows	5
Notes to Interim Condensed Consolidated Financial Statements	6-13

MANAGEMENT'S COMMENTS ON

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 interim financial statements have not been reviewed by an auditor.

The accompanying unaudited interim condensed consolidated financial statements of Noble Iron Inc. (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 interim condensed consolidated financial statements in accordance with standards established by the CPA Canada for a review of interim financial statements by an entity's auditor.

1

NOBLE IRON INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited)

AS AT JUNE 30, 2022 AND DECEMBER 31, 2021

In Canadian Dollars

	Notes	2022	2021
Assets		$	$
Current assets
Cash and cash equivalents	3	38,261,902	5,497,578
Trade receivables		-	654,237
Prepayment and other assets	3	82,749	141,902
Total current assets		38,344,651	6,293,717
Non-current assets
Intangible assets		-	13,754
Property and equipment		-	17,949
Non current financial asset	3	4,200,000	-
Total non-current assets		4,200,000	31,703
Total assets		42,544,651	6,325,420
Liabilities and Equity
Current liabilities
Trade and other payables		2,023,229	762,744
Contract liabilities		-	197,026
Tax payable		3,221,500	-
Total current liabilities		5,244,729	959,770
Non-current liabilities
Long term note	4	-	230,125
Total non-current liabilities		-	230,125
Total liabilities		5,244,729	1,189,895
Equity attributable to owners of the parent
Share capital	6	36,471,467	36,471,467
Other reserves		4,519,461	4,519,461
Accumulated other comprehensive income		1,804,575	2,149,005
Accumulated deficit		(5,495,581)	(38,004,408)
Total equity		37,299,922	5,135,525
Total equity and liabilities		42,544,651	6,325,420

See Accompanying Notes to Interim Condensed Consolidated Financial Statements

2

NOBLE IRON INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

In Canadian Dollars

Continuing operations

Operating expenses

General and administrative

Loss from continuing operations

Finance loss / (income)

Interest income

Foreign exchange loss

Loss from continuing operations before taxation

Income tax

Net loss from continuing operations

Discontinued operations

Net income from discontinued operations, net of tax

Net income

Other comprehensive loss

Item that may be subsequently reclassified to profit or loss

Foreign currency translation adjustment Total comprehensive income / (loss)

Income / (loss) per share

Basic and diluted from continuing operations Basic from discontinued operations Diluted from discontinued operations

Three months ended

June 30,

2022	2021
$	$

1,566,894 87,768

(1,566,894) (87,768)

• (523)
  30,291-

(1,597,185) (87,245)

--

(1,597,185) (87,245)

34,115,519 114,248

32,518,334 27,003

(367,585) (53,834)

32,150,749 (26,831)

1. (0.00)

1. 0.00

1. 0.00

Six months ended

June 30,

2022	2021
$	$

1,750,160 182,846

(1,750,160) (182,846)

• (1,152)
  30,291-

(1,780,451) (181,694)

--

(1,780,451) (181,694)

34,289,278 189,473

32,508,827 7,779

(344,430) (100,514)

32,164,397 (92,735)

(0.01) (0.01)

1.26 0.00

1.25 0.00

See Accompanying Notes to Interim Condensed Consolidated Financial Statements

3