NV GOLD CORPORATION

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited - Prepared by Management)

SIX MONTHS ENDED FEBRUARY 28, 2022 and 2021

(Expressed in Canadian Dollars)

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED CONSOLIDATED 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 condensed consolidated interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.

The accompanying unaudited condensed consolidated interim financial statements of 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 condensed consolidated interim financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of condensed consolidated interim financial statements by an entity's auditor.

NV GOLD CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited - Prepared by Management)

(Expressed in Canadian Dollars)

AS AT

February 28,

2022

August 31, 2021

ASSETS

Current

Cash

Accounts receivable Prepaid expenses

  • $ 2,129,224 7,309 163,140

  • $ 3,506,257 26,333 274,414

    2,299,673

    3,807,004

    Reclamation bonds (Note 5)

    171,646 184,390

    Exploration advances (Note 6)

    456,759 150,318

    • Exploration and evaluation assets (Note 6) 3,178,756 2,546,439

    $

    6,106,834

  • $ 6,688,151

LIABILITIES AND SHAREHOLDERS' EQUITY

Current

Accounts payable and accrued liabilities (Note 7)

$

23,231

  • $ 125,608

    Due to related parties (Note 9)

    6,184 55,418 29,415 181,026

    Shareholders' equity

    • Share capital (Note 8) 23,274,276 23,274,276

    • Share-based payments reserve (Note 8) 3,506,107 3,487,649

    Deficit

    (20,702,964)

    (20,254,800)

    • 6,077,419 6,507,125

    $

    6,106,834

  • $ 6,688,151

Nature of operations (Note 1)

Basis of presentation (Note 2)

Events subsequent to the reporting period (Note 14)

Approved on behalf of the Board

On April 5, 2022

"Alfred Stewart"

Director

"John Watson"

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

3

NV GOLD CORPORATION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (Unaudited - Prepared by Management)

(Expressed in Canadian Dollars)

Three MonthsThree MonthsSix MonthsSix Months

Ended February 28, 2022

Ended February 28, 2021

Ended February 28, 2022

Ended February 28, 2021

EXPENSES

Advertising and promotion Bank charges and interest Consulting

$

91,188

$

38,562

$

179,451 $ 163,793

1,418

1,458

3,145 2,683

10,000

52,481

20,000 115,147

Insurance

7,395

5,750

14,790 11,500

Office and general Professional fees Property investigation Registration and filing Shareholder costs

2,696

3,580

5,654 9,306

27,648

14,974

46,414 40,454

100,941

19,757

156,736 20,318

12,616

12,728

17,335 19,092

8,921

Share-based compensation (Note 8) Transfer agent

18,458

5,760 -

9,718 9,238

18,458 319,942

2,935

2,144

4,355 4,387

Travel and related

222

867

517 6,710

Loss before other items

(284,438)

(158,061)

  • (476,573) (722,570)

    OTHER ITEMS

    Foreign exchange gain (loss) Interest income Management fee income Write-down of exploration and evaluation assets (Note 6)

    (23,385)

    (12,260)

  • 14,325 (14,645)

594 12,773

3,166 -

1,311 12,773

3,286 --

(49,778)

- (667,460)

(10,018)

(58,872)

28,409 (678,819)

Loss and comprehensive loss for the periodBasic and diluted loss per common share

$ $

(294,456)

(0.01)

$ $

(216,933)

  • $ (448,164)

$ (1,401,389)

(0.01)

$

(0.01)

$

(0.02)

Weighted average number of shares outstanding

79,938,120

64,803,937

79,938,120

64,790,981

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

4

NV GOLD CORPORATION

CONDERNSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited - Prepared by Management)

(Expressed in Canadian Dollars)

Share Capital

Share-based

Total

Payments

Shareholders'

No. of Shares

Amount

Reserve

Deficit

EquityBalance, August 31, 2020

64,758,937

$

19,616,695

$

2,733,890

$

(14,709,692)

$

7,640,893

Warrants exercised Share-based compensation Loss for the period

45,000 - -9,000 - -

- - 9,000

319,942 - 319,942

-

(1,401,389)

(1,401,389)

Balance, February 28, 2021

  • 64,803,937 $

  • 19,625,695 $

3,053,832

$

(16,111,081)

$ 6,568,446

Private placement Warrants exercised Share issue costs Share-based compensation Loss for the period

12,000,000 3,134,183 - - -

3,000,000 679,529 (30,948)

- - 3,000,000

(47,692)

- -

- 481,509 -

- - -

(4,143,719)

631,837 (30,948) 481,509 (4,143,719)

Balance, August 31, 2021

79,938,120

$

23,274,276

$

3,487,649

$

(20,254,800)

$

6,507,125

Share-based compensation Loss for the period

- -

- -

18,458 -

- (448,164)

18,458 (448,164)

Balance, February 28, 2022

79,938,120

$

23,274,276

$

3,506,107

$

(20,702,964)

$

6,077,419

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

5

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NV Gold Corporation published this content on 05 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 April 2022 21:28:52 UTC.