Noble Mineral Exploration : November 30, 2021 Condensed Interim Financial Statements

NOBLE MINERAL EXPLORATION INC.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THE THREE MONTHS ENDED

NOVEMBER 30, 2021 AND 2020

(EXPRESSED IN CANADIAN DOLLARS)

(UNAUDITED)

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying unaudited condensed interim consolidated financial statements of Noble Mineral Exploration Inc. the "Company" are the responsibility of the management and Board of Directors of the Company.

The unaudited condensed interim consolidated financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the unaudited condensed interim consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the unaudited condensed interim consolidated financial statements have been prepared within acceptable limits of materiality and are in accordance with International Accounting Standard 34 Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.

Management has established processes, which are in place to provide them with sufficient knowledge to support management representations that they have exercised reasonable diligence to ensure that (i) the unaudited condensed interim consolidated financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of and for the periods presented by the unaudited condensed consolidated interim financial statements and (ii) the unaudited condensed interim consolidated financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented by the unaudited condensed interim consolidated financial statements.

The Board of Directors is responsible for ensuring that management fulfills its financial reporting responsibilities and for reviewing and approving the unaudited interim condensed consolidated financial statements together with other financial information. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the internal controls over the financial reporting process and the unaudited condensed interim consolidated financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the unaudited condensed interim consolidated financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

NOTICE TO READER

The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of management. The unaudited condensed interim financial statements have not been reviewed by the Company's auditors.

Noble Mineral Exploration Inc.

Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)

(Unaudited)

	November 30,		August 31,
As at		2021		2021
Assets
Current assets	$	1,963,655
Cash and cash equivalents	$	2,114,742
Prepaid expenses		47,726		20,395
Sundry receivables		59,269		36,358
Marketable securities (Note 3)		10,267,806		8,384,716
Total current assets		12,338,456		10,556,211
Non-current assets		4,402,596
Exploration and evaluation assets (Note 4)			4,061,645
Total assets	$	16,741,052	$	14,617,856
Liabilities
Current liabilities	$	238,182
Bank indebtedness (Note 15)	$	251,657
Accounts payable and accrued liabilities (Notes 10 and 13)		518,864		632,233
Total liabilities		757,046		883,890
Shareholders' Equity
Share capital
Authorized
Unlimited number of common shares at no par value		21,203,844
Issued (Note 5)			20,429,170
Share-based payments and expired warrants reserve (Note 6)		11,615,537		11,599,801
Warrants (Note 7)		2,096,200		2,332,210
Accumulated deficit		(18,931,575)		(20,627,215)
Total shareholders' equity		15,984,006		13,733,966
Total liabilities and shareholders' equity	$	16,741,052	$	14,617,856
Nature of Operations and Going Concern (Note 1)
Subsequent Events (Note 16)

See accompanying notes to these unaudited condensed interim consolidated financial statements.

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Noble Mineral Exploration Inc.

Condensed Interim Consolidated Statements of Comprehensive Earnings(Loss) (Expressed in Canadian Dollars Except Number of Shares)

(Unaudited)

For the three months ended November 30,		2021		2020
Expenses	$	204,430
General and administrative (Note 11)	$	110,435
Fair value adjustment on marketable securities (gain)		(1,900,070)		(53,825)
Net earnings and comprehensive earnings(loss)	$	1,695,640	$	(56,610)
Basic earnings(loss) per share (Note 8)	$	0.01	$	(0.00)
diluted earnings(loss) per share (Note 8)	$	0.01	$	(0.00)
Weighted average number of shares outstanding- basic	190,525,781	154,322,739
Weighted average number of shares outstanding- diluted	193,096,345	155,064,823

See accompanying notes to these unaudited condensed interim consolidated financial statements.

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Noble Mineral Exploration Inc.

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian Dollars)

(Unaudited)

		Share-Based
		Payments
		and Expired
		Warrants			Accumulated
	Share Capital	Reserve	Warrants	Deficit		Total
Balance, August 31, 2021	$ 20,429,170	$ 11,599,801	$	2,332,210	$(20,627,215)	$	13,733,966
Shares issued for exploration and evaluation assets (Note 4)	220,000	-		-	-		220,000
Exercise of warrants - cash	328,400	-		-	-		328,400
Exercise of warrants - valuation	220,274	-		(220,274)	-		-
Expiry of warrants	-	15,736		(15,736)	-		-
Vesting and settlement of restricted share units	6,000	-		-	-		6,000
Net earnings and comprehensive earnings	-	-		-	1,695,640		1,695,640
Balance, November 30, 2021	$ 21,203,844	$ 11,615,537	$	2,096,200	$(18,931,575)	$	15,984,006
Balance, August 31, 2020	$ 15,626,334	$ 11,332,732	$	4,047,783	$(22,264,743)	$	8,742,106
Net loss and comprehensive loss	-	-		-	(56,610)		(56,610)
Balance, November 30, 2020	$ 15,626,334	$ 11,332,732	$	4,047,783	$(22,321,353)	$	8,685,496

See accompanying notes to these unaudited condensed interim consolidated financial statements.

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