Revival Gold : Q1 2022 Interim Financial Statement

REVIVAL GOLD INC.

INTERIM CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS

THREE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(EXPRESSED IN CANADIAN DOLLARS)

(UNAUDITED)

NOTICE TO READER

The accompanying unaudited interim condensed consolidated financial statements of Revival Gold Inc. (the "Company") have been prepared by and are the responsibility of management. The unaudited interim condensed consolidated financial statements have not been reviewed by the Company's auditors.

REVIVAL GOLD INC.

Interim Condensed Consolidated Statements of Financial Position (Expressed in Canadian Dollars unless otherwise stated) (Unaudited)

			September 30,		June 30,
				2021		2021
ASSETS
Current assets		$	2,894,201
Cash and cash equivalents (note 3)	$	5,948,754
Amounts receivable (note 4)		48,821		28,459
Prepaid expenses and deposits		309,048		242,162
Total current assets			3,252,070		6,219,375
Non-current assets			7,267,855
Exploration and evaluation assets (note 5)			7,069,916
Equipment (note 6)			9,106		9,575
Total non-current assets		7,276,961		7,079,491
Total assets		$	10,529,031	$	13,298,866
LIABILITIES AND EQUITY
Current liabilities		$	1,198,595
Accounts payable and accrued liabilities (note 7)	$	810,735
Total current liabilities			1,198,595		810,735
Equity			40,646,776
Share capital (note 8)				40,646,776
Share-based payment reserve (note 10)		3,571,188		3,445,145
Warrant reserve (note 9)		2,810,316		2,810,316
Accumulated other comprehensive income		(203,820)		(352,002)
Deficit			(37,494,024)		(34,062,104)
Total equity			9,330,436		12,488,131
Total liabilities and equity	$	10,529,031	$	13,298,866
Nature of operations (note 1)
Commitments and contingencies (note 15)
Subsequent event (note 17)
Approved:
"Hugh Agro"		Director
"Robert Chausse"		Director

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

statements.

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REVIVAL GOLD INC.

Interim Condensed Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars unless otherwise stated)

(Unaudited)

	Three Months Three Months
		Ended		Ended
	September 30,September 30,
		2021		2020
Operating expenses	$	2,990,350
Exploration and evaluation expenditures (note 11)	$	2,265,330
General and administrative expenses (note 13)		319,414		573,684
Share based payment		126,043		129,369
Operating loss before the following items		(3,435,807)		(2,968,383)
Finance income		3,887		5,151
Net loss for the period		(3,431,920)		(2,963,232)
Comprehensive loss		148,182
Currency translation adjustment			(128,469)
Comprehensive loss for the period	$	(3,283,738)	$	(3,091,701)
Basic and diluted net loss per share (note 12)	$	(0.05)	$	(0.05)
Weighted average number of common
shares outstanding		71,184,267		65,001,220

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

statements.

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REVIVAL GOLD INC.

Interim Condensed Consolidated Statements of Cash Flows (Expressed in Canadian Dollars unless otherwise stated) (Unaudited)

	Three Months Three Months
		Ended	Ended
	September 30, September 30,
		2021	2020
Operating activities	$	(3,431,920)
Net loss for the period	$ (2,963,232)
Adjustments for:		730
Depreciation		1,575
Share-based payments		126,043	129,369
Changes in non-cash operating capital:		(3,305,147)	(2,832,288)
	(20,362)
Amounts receivable		33,329
Prepaid expenses and deposits		(66,886)	13,587
Accounts payables and accrued liabilities		387,860	298,746
Net cash used in operating activities		(3,004,535)	(2,486,626)
Financing activities		-
Proceeds from private placement		15,053,500
Cost of issue		-	(1,267,649)
Proceeds from warrants exercised		-	331,429
Net cash provided by financing activities		-	14,117,280
Net change in cash and cash equivalents		(3,004,535)	11,630,654
Effect of foreign currency translation		(50,018)	(4,445)
Cash and cash equivalents, beginning of period		5,948,754	1,046,527
Cash and cash equivalents, end of period	$	2,894,201	$12,672,736

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

statements.

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REVIVAL GOLD INC.

Interim Condensed Consolidated Statements of Changes in Equity (Expressed in Canadian Dollars unless otherwise stated) (Unaudited)

			Share-based	Accumulated Other
	Number	Share	Payment	Warrant	Comprehensive
	of Shares	Capital	Reserve	Reserve		Income	Deficit		Total
Balance, June 30, 2020	56,126,260	$ 27,290,758	$ 2,686,567	$ 1,012,447	$	215,465	$ (24,307,606)	$	6,897,631
Shares issued in public offering	13,685,000	13,123,915	-	1,929,585		-	-		15,053,500
Cost of issue	-	(1,105,159)	-	(162,490)		-	-		(1,267,649)
Shares issued for exploration and
evaluation assets	1,000,000	1,050,000	-	-		-	-		1,050,000
Warrants exercised	371,906	331,429	-	-		-	-		331,429
Fair value of warrants exercised	-	108,870	-	(108,870)		-	-		-
Share-based payment	-	-	129,369	-		-	-		129,369
Comprehensive loss adjustment	-	-	-	-		(128,469)	-		(128,469)
Loss for the period	-	-	-	-		-	(2,963,232)		(2,963,232)
Balance, September 30, 2020	71,183,166	$ 40,799,813	$ 2,815,936	$ 2,670,672	$	86,996	$ (27,270,838)	$	19,102,579
Balance, June 30, 2021	71,184,267	$ 40,646,776	$ 3,445,145	$ 2,810,316	$	(352,002)	$ (34,062,104)	$	12,488,131
Share-based payment	-	-	126,043	-		-	-		126,043
Comprehensive loss adjustment	-	-	-	-		148,182	-		148,182
Loss for the period	-	-	-	-		-	(3,431,920)		(3,431,920)
Balance, September 30, 2021	71,184,267	$ 40,646,776	$ 3,571,188	$ 2,810,316	$	(203,820)	$ (37,494,024)	$	9,330,436

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

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