Nubian Resources : Q2 2022 Financial Statements

Consolidated Financial Statements

For the six months ended January 31, 2022 and 2021

(Expressed in Canadian Dollars)

Consolidated Statements of Financial Position

(Expressed in Canadian dollars)

As at

January 31, 2022

July 31, 2021

ASSETS Current Cash

$ 1,947,094

Marketable Securities (Note 4) 7,500,000

Taxes receivable

Assets held for sale (Note 8) Other current assets

Total Current Assets

78,094

$

3,055,833

43,683

- 243,859

60,446 11,907

9,585,634 3,355,282

Non Current Assets Reclamation deposits Equipment (Note 5)

Exploration and evaluation assets (Notes 6 and 7)

Total Assets

LIABILITIES Current

Accounts payable and accrued liabilities Deposits on assets held for sale (Note 8) Promissory note (Note 10)

Total Liabilities

EQUITY

Share capital (Note 11) Share-based compensation reserve Deficit

Accumulated other comprehensive income Total Equity

Total Liabilities and Equity

Going Concern (Note 1)

75,366 75,366

2,923 3,703

8,748,079

$

18,412,002

$

258,608

- 12,800

717,856 683,524

976,464

26,753,074 26,717,174

3,869,339 3,869,339

(15,936,875)

2,750,000 17,453,538

$

18,412,002

Approved and authorized for issue on behalf of the Board of Directors on March 30, 2022 by:

"Martin Walter"

$

$ 438,909

$

"Markus Janser"

11,656,096

(20,065,650)

- 10,520,863

11,656,096

Director

DirectorThe accompanying notes are an integral part of these consolidated financial statements.

8,221,745

1,135,233

Consolidated Statements of Operations and Comprehensive Loss

(Expressed in Canadian dollars)

Expenses Amortization Accretion Bank charges Employee Benefits Filing fees Foreign exchange Interest on long term debt Insurance

Investor relations and promotion

Management and director fees Office

Professional fees

Property investigation costs Rent and utilities Share-based compensation (Note 8d) Telecommunications Travel and accommodation Write-off of exploration and evaluation assets

Total Expenses Other Income

Gain on disposition of assets held for sale

Net Income (loss)

Comprehensive Income Unrealized gain on available for sale securities

Net Income (Loss) And Comprehensive Income (Loss) For The Period

Net Income (Loss) Per Share, Basic and Diluted

Comprehensive Income (Loss), Per Share, Basic and Diluted

Net Income (Loss) and Comprehensive Income (Loss), Per Common Share, Basic and Diluted

Weighted Average Number of Shares Outstanding

Three Months Ended January 31 2022 2021

Six months ended January 31 2022 2021

$

17,166

• 390 $

447

1,586

18,438

17,729 -

3,312

8,000

81,500

15,000

45,133 -

9,787

-

90

-722 -

731 -

31,851

(57,047)

-

3,155

33,325

100,000

24,491

45,213

8,122

4,693 929,850 107 10

$

780 $ 34,332

632 1,828

1,983 1,195

37,556 70,142

17,845

- 318

6,624 7,910

26,725 75,213

175,000 185,500

18,248 30,552

45,133 49,369

- 8,122

16,172 13,270

- 929,850

587 1,531

- 2,752

- (218,578)

4,518,941

- (1,126,023)

-

8,549 6,943

• 4,300,363 (1,126,023)

2,750,000

(390,166)

4,518,941

(1,328,629)

• 4,128,775 (1,328,629)

-2,750,000

$

7,050,363

$ (1,126,023)

$

6,878,775

$ (1,328,629)

$

0.07

$

$

(0.02)

0.04

$

0.07

$

• $ (0.02)

  (0.00)

  $

  0.04

• $ (0.00)

$

0.11

$

(0.02)

$

0.11

$

64,571,105

59,366,163

64,470,146

55,201,048

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

1,499 -

(57,047)

--

(0.02)

NUBIAN RESOURCES LTD.

Consolidated Statements of Changes in Equity

(Expressed in Canadian dollars)

Number of common shares

Share capitalShare-based compen-sation reserveAccumulated deficitAccumulated other comprehen-sive income

Total equity

Balance, July 31, 2020 Share-based compensation Private placement (Note 11)

Shares issued on exercise of warrants Shares issued on exercise of options Issued on acquisition of 60% of BIPM Issued on acquisition of Stavely Projects Finders' fees on acquisitions

Share issuance costs related to private placement Net loss for the period

42,918,466 -

10,000,000

722,366

235,000

4,361,760

5,050,000

460,165 - -

$

17,956,538 - 4,200,000

$

2,678,829 929,850 -

$

(18,364,318)

- -

• - $

-

-2,271,049 929,850 4,200,000

150,938 - - - 150,938

50,840

(22,340) - - 28,500

671,440 - - - 671,440

2,314,800 121,026 (274,822)

-- - - -- - -

(1,328,629)

- - -

2,314,800 121,026 (274,822)

$

- (1,328,629)

Balance, January 31, 2021

Balance, July 31, 2021

Shares issued on exercise of warrants Shares issued on exercise of options Net income (loss) for the period Comprehensive income for the period

63,747,757 64,291,605

54,500

225,000

-

-

$ 25,190,760

3,586,339 3,869,339

(19,692,947)

$

-9,084,152

26,717,174

(20,065,650)

- 10,520,863

10,900 - - - 10,900

25,000 - - - 25,000

- -- -4,128,775 - 4,128,775

-2,750,000 2,750,000

Balance, January 31, 2022

64,571,105

$ 26,753,074

3,869,339

(15,936,875) $ 2,750,000

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

17,435,538

4

NUBIAN RESOURCES LTD.

Consolidated Statements of Cash Flows

(Expressed in Canadian dollars)

Cash Provided By (Used In) Operating Activities

Net income (loss)

Items not affecting cash:

Amortization

Accretion on promissory note

Gain on disposition of assets held for sale

Share-based compensation

Changes in non-cash operating assets and liabilities:

Taxes receivable

Other current assets

Accounts payable and accrued liabilities Cash Used In Operating Activities

Investing Activities

Additions to equipment

Exploration and evaluation assets costs incurred

Exploration asset advances

Cash Used In Investing Activities

Financing Activities

Proceeds from assets held for sale

Expenses incurred on assets held for sale

Proceeds from options exercised

Proceeds from warrants exercised

Proceeds from private placements, gross

Share issuance costs related to private placements Cash Provided By Financing Activities

Six Months Ended

January 31, 2022 2021

$

4,128,775

780 34,332 (4,518,941)

-

(34,411) (48,539)

$

(1,328,629)

1,499 - - 929,850

(180,301) (618,305)

(16,150) 11,579 (16,953) (475,851)

- (5,932)

(526,334) (222,650)

- (526,334)

139,357 (1,220,053)

- - 25,000 10,900 - - 35,900

28,800

(1,210)

28,500

150,938

4,200,000

(274,822)

4,132,206

Increase (Decrease) In Cash Cash, Beginning Of Year

(1,108,739) 2,493,349

3,055,833 1,275,232

Cash, End Of PeriodDisclosure Of Supplementary Cash Flow And Non-Cash Investing and Financing Information

Consideration for disposition of assets for sale received as marketable securities (Notes 4 and 8)

Advances applied to exploration and evaluation costs Shares issued for asset acquisitions

Shares issued as finders' fees

Finders' warrants on private placement

$

1,947,094

$

• $ 4,650,000

$

$ $ $ $

- - - -

• $ 139,357

• $ 4,611,762

• $ 198,136

• $ 283,000

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

3,768,581

-5