Ridgeline Minerals : Financial Statements Q2 2023

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited - Expressed in United States dollars)

Three and six month periods ended June 30, 2023

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORTING

The accompanying condensed consolidated interim financial statements of Ridgeline Minerals Corp. (the "Company") have been prepared by management in accordance with International Financial Reporting Standards ("IFRS"). Management acknowledges responsibility for the preparation and presentation of the condensed consolidated interim financial statements, including responsibility for significant accounting estimates and the choice of accounting principles and methods that are appropriate to the Company's circumstances.

NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL

STATEMENTS

The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements by a company's auditor.

Ridgeline Minerals Corp.

Condensed Consolidated Interim Statements of Financial Position

As at June 30, 2023 and December 31, 2022 (Unaudited) (expressed in United States dollars, except where indicated)

	Note		June 30, 2023	December 31, 2022
Assets
Current assets
Cash		$	2,793,871	$	1,186,036
Restricted cash			63,215		62,727
Prepaids			57,300		50,661
Receivables			9,649		17,141
			2,924,035		1,316,565
Non-current assets
Property and equipment			233,092		180,699
Exploration and evaluation assets	3		8,953,734		8,248,139
			9,186,826		8,428,838
Total assets		$	12,110,861	$	9,745,403
Liabilities
Current liabilities
Accounts payable and accrued liabilities	7	$	109,773	$	681,494
Current portion of loan payable	5		19,482		19,482
Current portion of lease liability	4		20,298		5,625
			149,553		706,601
Non-current liabilities
Loan payable	5		50,566		59,774
Lease liability	4		44,213		-
			94,779		59,774
Total liabilities			244,332		766,375
Shareholders' equity
Share capital	6		14,972,464		11,874,458
Reserves			1,274,837		1,265,646
Accumulated other comprehensive income			(155,023)		(429,795)
Deficit			(4,225,749)		(3,731,281)
Total shareholders' equity			11,866,529		8,979,028
Total liabilities and shareholders' equity		$	12,110,861	$	9,745,403

Nature of operations (Note 1)

Subsequent events (Note 11)

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

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Ridgeline Minerals Corp.

Condensed Consolidated Interim Statements of Comprehensive Loss

For the three and six months ended June 30, 2023 and 2022 (Unaudited) (expressed in United States dollars, except where indicated)

		Three months ended		Six months ended
	Note			June 30				June 30
		2023		2022		2023		2022
General and administrative expenses
Administration and office	$	34,133	$	28,962	$	54,823	$	51,454
Investor relations		69,953		61,801		133,974		106,249
Personnel costs		82,771		67,736		167,866		137,724
Professional fees		42,085		33,758		47,751		49,008
Filing fees		12,524		10,355		21,407		22,013
Insurance		6,254		14,104		12,011		26,511
Depreciation		12,677		19,988		23,522		41,810
Other		3,020		4,962		4,702		12,194
Share-based compensation	6	4,666		7,071		9,191		16,238
Operating loss		268,083		248,737		475,247		463,201
Foreign exchange loss (gain)		37,083		(37,008)		35,886		(33,838)
Interest income		(14,350)		(386)		(16,665)		(783)
Loss for the period		290,816		211,343		494,468		428,580
Other comprehensive (income) loss
Foreign currency translation		(266,949)		251,214		(274,772)		130,911
Comprehensive loss for the period	$	23,867	$	462,557	$	219,696	$	559,491
Loss per common share
Basic and fully diluted	$	(0.00)	$	(0.00)	$	(0.01)	$	(0.01)
Weighted average number of common
shares outstanding
Basic and fully diluted		84,401,571		55,736,949		76,565,224		55,714,912
Total common shares issued and		91,087,780		55,736,949		91,087,780		55,736,949
outstanding

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

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Ridgeline Minerals Corp.

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity

For the six months ended June 30, 2023 and 2022 (Unaudited)

(expressed in United States dollars, except where indicated)

Balance at December 31, 2022

Issuance of share capital - private placement

Share issuance costs - private placement Net loss and comprehensive income Share-based compensation

Balance at June 30, 2022

Balance at December 31, 2021

Issuance of share capital - RSU redemption

Net loss and comprehensive loss Share-based compensation

Balance at June 30, 2022

			Share			Accumulated
	Number of			Reserves		other		Deficit	Total
	Shares		capital		comprehensive
Note						(loss) income
	68,552,780	$	11,874,458	$	1,265,646	$	(429,795)	$	(3,731,281)	$ 8,979,028
6	22,535,000		3,311,049		-		-		-	3,311,049
6	-		(213,043)		-		-		-	(213,043)
	-		-		-		274,772		(494,468)	(219,696)
	-		-		9,191		-		-	9,191
	91,087,780	$	14,972,464	$	1,274,837	$	(155,023)	$	(4,225,749)	$ 11,866,529
			Share			Accumulated
	Number of			Reserves		other		Deficit	Total
	Shares		capital		comprehensive
Note							income
	55,678,616	$	10,032,492	$	1,134,130	$	60,422	$	(2,761,031)	$ 8,466,013
	58,333		16,437		(16,437)		-		-	-
	-		-		-		(130,911)		(428,580)	(559,491)
	-		-		16,238		-		-	16,238
	55,736,949	$	10,048,929	$	1,133,931	$	(70,489)	$	(3,189,611)	$ 7,922,760

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

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