Robex Resources : Financial StatementsCondensed Interim Consolidated Financial Statements (non unaudited) Q1 2022

Condensed Interim Consolidated Financial Statements (unaudited) First quarter ended March 31, 2022

The accompanying condensed interim consolidated financial statements have been prepared by the management of Robex Resources Inc. and have not been reviewed by the external auditors.

TABLE OF CONTENTS

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS	Page
Interim Consolidated Statements of Income	2
Interim Consolidated Statements of Comprehensive Income	3
Interim Consolidated Statements of Changes in Equity	4
Interim Consolidated Statements of Financial Position	5
Interim Consolidated Statements of Cash Flows	6
Notes to Condensed Interim Consolidated Financial Statements
1 ‐ Nature of Operations	7
2 ‐ Basis of Presentation	7
3 ‐ Significant Accounting Policies	7
4 ‐ Critical Accounting Estimates and Judgements	7
5 ‐	Segmented Information	8
6 ‐ Mining Operation Expenses	9
7 ‐	Administrative Expenses	9
8 ‐	Inventories	9
9 ‐	Accounts Receivable	10
10	‐ Mining Properties	10
11	‐ Property, Plant and Equipment	11
12	‐ Accounts Payable	11
13	‐ Long‐Term Debt, Lines of Credit and Overdraft	12
14	‐ Share capital	13
15	‐ Additional Information on the Interim Consolidated Statements of Cash Flows	13
16	‐ Earnings per Share	14
17	‐ Financial Instruments	14
18	‐ Subsequent Events	15

INTERIM CONSOLIDATED STATEMENTS OF INCOME		First quarters
(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)		ended March 31,
	2022	2021
	$	$
REVENUE ‐ GOLD SALES	32,333,068	26,240,707
COSTS OF OPERATIONS
Mining operation expenses ‐ note 6	9,936,111	9,843,747
Administrative expenses ‐ note 7	4,574,045	3,714,406
Depreciation of property, plant and equipment and amortization of intangible assets	2,459,991	2,647,637
OPERATING INCOME	15,362,921	10,034,917
OTHER EXPENSES (INCOME)
Financial expenses	236,658	189,030
Foreign exchange gain	(111,386)	(105,728)
Other income	(25,352)	(18,331)
INCOME BEFORE INCOME TAX EXPENSE	15,263,001	9,969,946
Income tax expense (recovery)
Current	2,613,242	540,614
Deferred	(717,009)	(393,671)
	1,896,233	146,943
NET INCOME FOR THE PERIOD	13,366,768	9,823,003
ATTRIBUTABLE TO
Common shareholders	12,505,081	9,709,587
Non‐controlling interest	861,687	113,416
	13,366,768	9,823,003
EARNINGS PER SHARE ‐ note 16
Basic	0.021	0.016
Diluted	0.021	0.016

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

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INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME		First quarters
(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)		ended March 31,
	2022	2021
	$	$
NET INCOME FOR THE PERIOD	13,366,768	9,823,003
Other comprehensive loss
Item that may be reclassified subsequently to net income
Exchange difference	(4,250,561)	(5,892,419)
COMPREHENSIVE INCOME	9,116,207	3,930,584
COMPREHENSIVE INCOME ATTRIBUTABLE TO
Common shareholders	8,258,031	3,850,206
Non‐controlling interest	858,176	80,378
	9,116,207	3,930,584

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

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INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

		Common shareholders
							Total
	Share capital	Reserve ‐	Retained	Accumulated other	Total	Non‐controlling
		stock options	earnings	comprehensive		interest	equity
				income
Balance as at December 31, 2020	71,269,402	3,081,586	8,211,833	7,576,935	90,139,756	1,099,763	91,239,519
Net income for the period	‐‐‐	‐‐‐	9,709,587	‐‐‐	9,709,587	113,416	9,823,003
Other comprehensive loss	‐‐‐	‐‐‐	‐‐‐	(5,859,381)	(5,859,381)	(33,038)	(5,892,419)
Comprehensive income (loss) for the period	‐‐‐	‐‐‐	9,709,587	(5,859,381)	3,850,206	80,378	3,930,584
Stock options exercised during the period	84,452	(34,452)	‐‐‐	‐‐‐	50,000	‐‐‐	50,000
Balance as at March 31, 2021	71,353,854	3,047,134	17,921,420	1,717,554	94,039,962	1,180,141	95,220,103
Balance as at December 31, 2021	71,407,047	3,027,611	24,104,509	(1,120, 724)	97,418,443	1,228,822	98,647,265
Net income for the period	‐‐‐	‐‐‐	12,505,081	‐‐‐	12,505,081	861,687	13,366,768
Other comprehensive loss	‐‐‐	‐‐‐	‐‐‐	(4,247,050)	(4,247,050)	(3,511)	(4,250,561)
Comprehensive income (loss) for the period	‐‐‐	‐‐‐	12,505,081	(4,247,050)	8,258,031	858,176	9,116,207
Balance as at March 31, 2022	71,407,047	3,027,611	36,609,590	(5,367,774)	105,676,474	2,086,998	107,763,472

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

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