Northern Superior Resources : Financial Statements Q3 2021

Northern Superior Resources Inc.

Condensed Interim Financial Statements

(Unaudited - Expressed in Canadian dollars)

For the Nine Months Ended September 30, 2021 and 2020

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Northern Superior Resources Inc.

Notice to Reader:

The accompanying unaudited condensed interim financial statements of Northern Superior Resources Inc. (the "Company") have been prepared by and are the responsibility of the management of the Company. The Company's independent auditor has not performed a review of these unaudited condensed interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

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Northern Superior Resources Inc.

Condensed Interim Financial Statements

(Unaudited - Expressed in Canadian dollars)

Statements of Financial Position

As at	Notes	September 30, 2021	December 31, 2020
		($)	($)
Assets
Current assets
Cash and cash equivalents	3	6,126,506	9,730,459
Prepaids and receivables		188,761	146,447
Marketable securities	4	3,600	5,400
		6,318,867	9,882,306
Non-current assets
Exploration and evaluation assets	5	12,271,433	9,255,254
		18,590,300	19,137,560
Liabilities
Current liabilities
Accounts payable and accrued liabilities	6	397,519	394,845
Deferred flow-through share premium liability	7	1,290,240	1,716,479
		1,687,759	2,111,324
Shareholders' Equity
Share Capital	7	73,186,667	73,088,625
Reserve - Stock options	7	6,064,021	6,112,663
Reserve - Warrants	7	5,671,856	5,671,856
Accumulated other comprehensive loss		(6,650)	(4,850)
Deficit		(68,013,353)	(67,842,058)
		16,902,541	17,026,236
		18,590,300	19,137,560

Commitments and contingencies - Note 11

Subsequent event - Note 12

APPROVED AND AUTHORIZED FOR ISSUE BY THE BOARD OF DIRECTORS ON NOVEMBER 22, 2021

"François Perron"	"Andrew Farncomb"
Director	Director

See accompanying notes to financial statements

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Northern Superior Resources Inc.

Condensed Interim Financial Statements

(Unaudited - Expressed in Canadian dollars)

Statements of Loss and Comprehensive Loss

		Three months ended September 30,		Nine months ended September 30,
	Notes	2021	2020	2021	2020
		($)	($)	($)	($)
Expenses
Consulting fees	8	21,473	21,574	65,175	64,721
Legal and accounting		15,000	3,000	31,512	105,409
Office expenses and salaries	8	152,847	124,688	423,781	391,111
Share-based payments	8	-	-	-	484,024
Shareholder information		24,713	6,304	94,793	133,587
Travel		1,717	-	1,717	-
Foreign exchange		410	67	951	431
Taxes		(5,579)	3,506	(2,186)	15,532
Loss before the undernoted		(210,581)	(159,139)	(615,743)	(1,194,815)
Interest income		4,489	10,364	18,208	14,337
Flow-through share premium recovery	7	18,317	-	426,240	-
Net income (loss) for the period		(187,775)	(148,775)	(171,295)	(1,180,478)
Other comprehensive loss
Items that will not be reclassified subsequently to loss
Change in value of marketable securities		(800)	-	1,800	-
Total comprehensive loss		(188,575)	(148,775)	(169,495)	(1,180,478)
Basic and diluted loss per share		(0.00)	(0.00)	(0.00)	(0.02)
		(#)	(#)	(#)	(#)
Weighted-average number of common shares
outstanding		63,472,270	58,541,933	63,362,020	51,129,666

See accompanying notes to financial statements

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Northern Superior Resources Inc.

Condensed Interim Financial Statements

(Unaudited - Expressed in Canadian dollars)

Statements of Changes in Equity

	Share Capital			Reserves
						Accumulated
						other
	Number of			Stock		comprehensive
	Shares	Amount		options	Warrants	loss	Deficit	Equity
	(#)	($)	($)	($)	($)	($)	($)
Balance, December 31, 2019	35,126,689	64,525,038	5,797,049	5,005,493	(8,250)	(66,842,062)	8,477,268
Shares issued for cash	22,795,988	6,861,000	-	-	-	-	6,861,000
Share based payments	-	-	484,024	-	-	-	484,024
Shares issued for debt	389,365	81,766	-	-	-	-	81,766
Flow-through share premium liability	-	(2,123,599)	-	-	-	-	(2,123,599)
Shares issued on exercise of stock options	285,000	129,503	(52,803)	-	-	-	76,700
Net loss	-	-	-	-	-	(1,180,478)	(1,180,478)
Balance, September 30, 2020	58,597,042	69,473,708	6,228,270	5,005,493	(8,250)	(68,022,540)	12,676,681
Shares issued for cash	4,460,228	3,637,611	-	612,389	-	-	4,250,000
Share issuance costs - shares	-	(157,271)	-	-	-	-	(157,271)
Share issuance costs - warrants	-	(53,974)	-	53,974	-	-	-
Flow-through share premium liability	-	(45,455)	-	-	-	-	(45,455)
Shares issued on exercise of stock options	245,000	234,006	(115,607)	-	-	-	118,399
Unrealized loss on marketable securities	-	-	-	-	3,400	-	3,400
Net income	-	-	-	-	-	180,482	180,482
Balance, December 31, 2020	63,302,270	73,088,625	6,112,663	5,671,856	(4,850)	(67,842,058)	17,026,236
Shares issued on exercise of stock options	170,000	98,042	(48,642)	-	-	-	49,400
Unrealized loss on marketable securities	-	-	-	-	(1,800)	-	(1,800)
Net income	-	-	-	-	-	(171,295)	(171,295)
Balance, September 30, 2021	63,472,270	73,186,667	6,064,021	5,671,856	(6,650)	(68,013,353)	16,902,541

See accompanying notes to financial statements

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