Precipitate Gold : PRG Condensed Interim Financial Statements for the Period Ending February 28, 2022

Precipitate Gold Corp.

Condensed Interim Financial Statements

Three months ended February 28, 2022 and 2021

Unaudited - Expressed in Canadian Dollars

NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS

In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed interim financial statements they must be accompanied by a notice indicating that these condensed interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

Precipitate Gold Corp.

Consolidated Statements of Financial Position

Unaudited - Prepared by Management

In Canadian Dollars

ASSETSCurrent

Cash

Amounts receivable Prepaid expenses Investments (Note 5)

Equipment (Note 6)

Mineral Property Interests (Note 4)LIABILITIES

Current

Accounts payable and accrued liabilities (Note 9)

Flow-through liability (Note 7)

SHAREHOLDERS' EQUITY

Share Capital (Note 7) Reserves (Note 7) Deficit

Nature of Operations and Going Concern (Note 1)

Approved by the Board of Directors:

"Jeffrey Wilson"

Jeffrey Wilson, Director

February 28, 2022

$

$

$

(17,268,691)

$

"Lon Shaver"

2,257,511 $ 446,345

44,923 40,465

53,787 43,000

6,000 6,000

2,362,221 535,810

51,597 56,913

1,912,948 1,912,948

4,326,766

• 97,064 $ 152,521 249,585

16,922,927 15,325,317

4,422,945 4,070,611

(17,025,188)

4,077,181 2,370,740

4,326,766

Lon Shaver, Director

November 30, 2021

$ 2,505,671

134,931 - 134,931

$ 2,505,671

Consolidated Interim Statements of Loss and Comprehensive Loss For the Three Months Ended February 28, 2022 and 2021

Unaudited - Prepared by Management

In Canadian Dollars

2022 2021

Expenses

Audit and accounting (Note 9) Depreciation (Note 6)

$

16,582 $ 10,500

5,316 1,774

Exploration and evaluation (Note 4 and 9) Foreign exchange loss (gain)

101,074 203,449

(2,605) 7,521

Insurance

5,573 2,713

Investor relations Legal

1,930 2,629

10,446 4,356

Marketing, conferences and shareholder relations Office and administrative

26,191 4,277

20,435 10.417

Property investigation costs (Note 9) Rent

460

-9,653 5,684

Salaries and wages (Note 9)

41,038 41,064

Share-based compensation (Note 7 and 9) Transfer agent and filing fees

- 461,000

14,039 8,459

Total Expenses

(250,132)

(763,843)

Other Income:

Interest income

Other income (Note 7)

650 5,979

2,522 -

Unrealized gain (loss) on investments (Note 5)

- (6,000)Loss and comprehensive loss for the period

Loss per share, basic and diluted

$ $

(243,503)

$ (767,321)

(0.00)

$

(0.01)

Weighted average shares outstanding

106,612,704

106,373,031

-

See Accompanying Notes -

Consolidated Interim Statements of Cash Flows

For the Three Months Ended February 28, 2022 and 2021

Unaudited - Prepared by Management

In Canadian Dollars

Cash Provided By (Used In):Operating activities:

Loss for the period

Items not affecting cash:

2022

2021

$

(243,503)

$

(767,321)Unrealized gain (loss) on investments - 6,000

Share-based compensation - 461,000

Depreciation Other income

Change in non-cash working capital:

Accounts receivable

Prepaid expenses

Accounts payable and accrued liabilities

Financing activities:

Proceeds from issuance of shares Share issuance costs

5,316 1,774

(5,979)

-(4,458) 13,320

(10,787) (765)

(37,867) 60,376

(297,278)

(225,616)

2,179,390

(70,946) 2,108,444

- - -

Change in cash

Cash - beginning of period Cash - end of period

Supplemental non-cash financing information:

Fair value of warrants

Flow-through share liability

Fair value of finders' fee warrants Fair value of options exercised

- See Accompanying Notes -1,811,166 446,345

$

2,257,511

$ $ $ $

317,334 158,500 35,000 -

(225,616) 1,515,722

$

1,290,106

$ $ $ $

- - - 15,519