NV GOLD CORPORATION

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited - Prepared by Management)

SIX MONTHS ENDED FEBRUARY 28, 2023 and 2022

(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, unless otherwise specified)

AS AT

February 28,

August 31,

2023

2022

ASSETS

Current

Cash

$

485,900

$

1,291,948

Accounts receivable

11,998

7,482

Prepaid expenses

102,455

65,470

600,353

1,364,900

Reclamation bonds (Note 5)

183,961

177,229

Exploration advances (Note 6)

126,179

118,183

Exploration and evaluation assets (Note 6)

4,231,402

3,829,279

$

5,141,895

$

5,489,591

LIABILITIES AND SHAREHOLDERS' EQUITY

Current

Accounts payable and accrued liabilities (Note 7)

$

32,407

$

43,190

Due to related parties (Note 9)

-

22,310

32,407

65,500

Shareholders' equity

Share capital (Note 8)

23,274,276

23,274,276

Share-based payments reserve (Note 8)

3,710,463

3,655,935

Deficit

(21,875,251)

(21,506,120)

5,109,488

5,424,091

$

5,141,895

$

5,489,591

Nature of operations (Note 1)

Basis of presentation (Note 2)

Subsequent event (Note 14)

Approved on behalf of the Board

On April 6, 2023

"John Seaberg"

Director

"John Watson"

Director

The 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, unless otherwise specified)

Three Months

Three Months

Six Months

Six Months

Ended

Ended

Ended

Ended

February 28,

February 28,

February 28,

February 28,

2023

2022

2023

2022

EXPENSES

Advertising and promotion

$

65,635

$

91,188

$

112,703

$

179,451

Bank charges and interest

1,354

1,418

2,976

3,145

Consulting

88,721

10,000

178,036

20,000

Insurance

7,753

7,395

15,507

14,790

Office and general

2,627

2,696

6,418

5,654

Professional fees

52,865

27,648

80,160

46,414

Property investigation (recovery)

(635)

100,941

455

156,736

Registration and filing

16,034

12,616

21,296

17,335

Shareholder costs

8,207

8,921

13,989

9,718

Share-based compensation (Note 8)

9,797

18,458

54,528

18,458

Transfer agent

4,040

2,935

5,271

4,355

Travel and related

253

222

7,559

517

Loss before other items

(256,651)

(284,438)

(498,898)

(476,573)

OTHER ITEMS

Foreign exchange gain (loss)

11,482

(23,385)

45,480

14,325

Gain on recovery of exploration and evaluation costs

-

-

12,082

-

Interest income

3,160

594

8,355

1,311

Management fee income

-

12,773

-

12,773

Other income

-

-

63,850

-

14,642

(10,018)

129,767

28,409

Loss and comprehensive loss for the period

$

(242,009)

$

(294,456)

$

(369,131)

$

(448,164)

Basic and diluted loss per common share

$

(0.01)

$

(0.01)

$

(0.01)

$

(0.01)

Weighted average number of share outstanding

basic and diluted

79,938,120

79,938,120

79,938,120

79,938,120

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

4

NV GOLD CORPORATION

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

(Expressed in Canadian Dollars, unless otherwise specified)

Share Capital

Share-based

Total

Payments

Shareholders'

No. of Shares

Amount

Reserve

Deficit

Equity

Balance, August 31, 2021

79,938,120

$

23,274,276

$

3,487,649

$

(20,254,800)

$

6,507,125

Share-based compensation

18,458

-

18,458

Loss for the period

-

-

-

(448,164)

(448,164)

Balance, February 28, 2022

79,938,120

$

23,274,276

$

3,506,107

$

(20,702,964)

$

6,077,419

Share-based compensation

-

-

149,828

-

149,828

Loss for the period

-

-

-

(803,156)

(803,156)

Balance, August 31, 2022

79,938,120

$

23,274,276

$

3,655,935

$

(21,506,120)

$

5,424,091

Share-based compensation

54,528

-

54,528

Loss for the period

-

-

-

(369,131)

(369,131)

Balance, February 28, 2023

79,938,120

$

23,274,276

$

3,710,463

$

(21,875,251)

$

5,109,488

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 07 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 April 2023 15:24:08 UTC.