Rogue Resources : Q1 FS July 2021

Rogue Resources Inc.

Consolidated Interim Financial Statements

Three Months Ended July 31, 2021 and 2020

(Expressed in Canadian Dollars)

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

The accompanying unaudited consolidated interim financial statements of Rogue Resources Inc. ("the Company") for the three months ended July 31, 2021, have been prepared by management and have not been reviewed by the Company's external independent auditors.

2

Rogue Resources Inc.

Consolidated Financial Statements

Three months ended July 31, 2021 and 2020 (Unaudited - expressed in Canadian Dollars)

Table of Contents	Page
Consolidated Statements of Financial Position	4
Consolidated Statements of Operations and Comprehensive Income (Loss)	5
Consolidated Statements of Changes in Equity	6
Consolidated Statements of Cash Flows	7
Notes to the Consolidated Financial Statements	8 - 45

3

Rogue Resources Inc.

Consolidated Statements of Financial Position Three Months Ended July 31, 2021 and 2020 (Unaudited - expressed in Canadian dollars)

		As at July 31,	As at April 30,
		2021	2021
ASSETS
Current assets
Cash		$100,951	$128,401
Marketable securities	7	241,614	5,222
Accounts receivable		268,780	167,291
Prepaid expenses		3,079	4,845
Tax recoverable	19	-	25,557
Inventory	11	117,756	101,581
Total Current Assets		732,180	432,897
Non-current assets
Investment in associates	8, 12	1,861,614	1,882,386
Exploration and evaluation assets	6,8,14,15	10,807,651	10,796,408
Right-of-use assets	9	1,169,986	1,202,614
Property, plant and equipment	10	91,578	37,795
Producing assets	6, 10	2,797,142	2,756,214
Total Assets		$17,460,151	17,108,314
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities		$367,206	$284,604
Tax payable		33,033	-
Current portion of lease liability	9	314,206	323,706
Due to related parties	19	648,736	647,956
Loan payable	15	1,788,218	1,773,522
Total Current Liabilities		3,151,399	3,029,788
Non-current liabilities
Vendor mortgages	14	700,000	700,000
Lease liability	9	678,569	748,319
Government assistance	16	60,000	60,000
Total Liabilities		4,589,968	2,764,585
EQUITY
Share capital	17	50,372,364	50,372,364
Reserves	17	10,679,758	10,666,052
Accumulated other comprehensive income	7	8,190	4,298
Non-controlling interest	18	200,590	202,188
Deficit		(48,390,718)	(48,674,694)
Total Equity		12,870,184	12,570,207
Total Liabilities & Equity		$17,460,151	$17,108,314
These consolidated financial statements were approved and authorized for issue by the Board of
Directors on August 26, 2021. They are signed on the Company's behalf by:
(Signed) "Sean Samson"		(Signed) "Christopher Berlet"
Director		Director
The accompanying notes are an integral part of these consolidated financial statements.

4

Rogue Resources Inc.

Consolidated Statements of Operations and Comprehensive Loss Three Months Ended July 31, 2021 and 2020

(Unaudited - expressed in Canadian dollars)

			Three months ended July 31,
	Note		2021		2020
Revenue	1		$573,421	$	-
Less:
Cost of goods sold			(264,650)		-
Depreciation and depletion	9,10		(57,713)		-
Gross Profit			251,058		-
Expenses:
Compensation and benefits	19		78,548		(23,225)
Consulting fees - related parties	19		3,125		-
Depreciation			-		60,021
Financing fees	15		3,067		9,201
Interest and accretion expense	9,15		75,261		69,279
Investor relations, promotion and product marketing			1,536		1,874
Office expense and miscellaneous			7,116		12,188
Professional fees	19		39,493		(6,000)
Regulatory and stock transfer fees			1,646		1,089
Stock based compensation	17,19		13,706		-
Total Expenses Before Items Below			223,498		124,427
Profit Before Other Income and Income Taxes			27,560		(124,427)
Gain on Property	8		275,600		-
Loss from Investment in Associates	8,12		(20,772)		-
Deferred Income Tax Recovery	24		-		-
Net Income/(Loss) For The Year			282,388		(124,427)
Other Comprehensive Income (Loss)
Unrealized gain on marketable securities	7		3,892		1,220
Comprehensive Income For The Year		$	286,280	$	(123,207)
Attributable to:
Non-controlling interest	18		(1,597)		-
Equity shareholders of the Company			287,877		(123,207)
			286,280		(123,207)
Basic and Diluted Earnings/(Loss) Per Share	17	$	0.01	$	(0.00)
Weighted Average Number of Shares Outstanding
Basic	17		35,148,299		34,948,299
Diluted	17		36,099,847		34,948,299

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

5