Rogue Resources : Q2 FS October 2021

Rogue Resources Inc.

Consolidated Interim Financial Statements

Six Months Ended October 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 six months ended October 31, 2021, have been prepared by management and have not been reviewed by the Company's external independent auditors.

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Rogue Resources Inc.

Consolidated Financial Statements

Six months ended October 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 - 30

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Rogue Resources Inc.

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

		As at	As at
		October 31, 2021	April 30, 2021
ASSETS
Current assets
Cash		$58,710	$128,401
Marketable securities	7	67,542	5,222
Accounts receivable		176,956	167,291
Prepaid expenses		599	4,845
Tax recoverable		-	25,557
Inventory	11	168,099	101,581
Total Current Assets		471,906	432,897
Non-current assets
Investment in associates	8, 12	1,754,542	1,882,386
Exploration and evaluation assets	8	10,820,986	10,796,408
Right-of-use assets	9	1,100,712	1,202,614
Property, plant and equipment	10	146,701	37,795
Producing assets	6, 10	2,924,600	2,756,214
Total Assets		$17,219,448	17,108,314
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities		$423,377	$284,604
Tax payable		37,527	-
Current portion of lease liability	9	295,706	323,706
Due to related parties	19	606,040	647,956
Loan payable	15	1,789,042	1,773,522
Total Current Liabilities		3,151,692	3,029,788
Non-current liabilities
Vendor mortgages	14	700,000	700,000
Lease liability	9	607,564	748,319
Government assistance	16	60,000	60,000
Total Liabilities		4,519,256	2,764,585
EQUITY
Share capital	17	50,372,364	50,372,364
Reserves	17	10,684,493	10,666,052
Accumulated other comprehensive income	7	6,618	4,298
Non-controlling interest	18	206,484	202,188
Deficit		(48,569,767)	(48,674,694)
Total Equity		12,700,192	12,570,207
Total Liabilities & Equity		$17,219,448	$17,108,314
These consolidated financial statements were approved and authorized for issue by the Board of
Directors on December 15, 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.

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Rogue Resources Inc.

Consolidated Statements of Operations and Comprehensive Loss Six Months Ended October 31, 2021 and 2020

(Unaudited - expressed in Canadian dollars)

	Three months ended October 31,		Six months ended October 31,
	Note		2021		2020		2021		2020
Revenue	1		$441,537	$	435,744	$	1,014,058	$	435,744
Less:
Cost of goods sold			(225,471)		(229,453)		(491,361)		(229,453)
Depreciation and depletion	9,10		(52,118)		(60,021)		(109,831)		(120,042)
Gross Profit			163,948		146,270		412,866		86,249
Expenses:
Compensation and benefits	19		90,986		84,675		169,534		61,450
Consulting fees - related parties	19		5,188		-		8,313		-
Financing fees	15		-		9,201		3,067		18,402
Interest and accretion expense	9,15		64,456		67,143		139,716		136,422
Investor relations, promotion and product marketing			1,638		2,059		3,175		3,933
Office expense and miscellaneous			23,423		9,672		30,539		21,860
Professional fees	19		30,000		41,441		69,493		35,441
Regulatory and stock transfer fees			5,357		8,145		7,004		9,234
Stock based compensation	17,19		4,421		64,118		18,127		64,118
Total Expenses Before Items Below			225,469		286,454		448,968		350,860
Profit Before Other Income and Income Taxes			(61,521)		(140,184)		(36,102)		(264,611)
Gain/(Loss) on Property	8		(2,271)		-		273,329
Loss from Investment in Associates	8,12		(107,072)		-		(127,844)
Deferred Income Tax Recovery	24		-		7,239		-		7,239
Net Income/(Loss) For The Period			(170,864)		(132,945)		109,383		(257,372)
Other Comprehensive Income/(Loss)
Unrealized gain/(loss) on marketable securities	7		(1,572)		316		2,321		1,536
Comprehensive Income/(Loss) For The Period		$	(172,436)	$	(132,629)	$	111,704	$	(255,836)
Attributable to:
Non-controlling interest	18		5,894		-		4,297		-
Equity shareholders of the Company			(178,330)		(132,629)		$107,407		(255,836)
			(172,436)		(132,629)		111,704		(255,836)
Basic and Diluted Earnings/(Loss) Per Share	17	$	(0.00)	$	(0.00)	$	0.00	$	(0.01)
Weighted Average Number of Shares Outstanding
Basic	17		35,148,299		34,948,298		35,148,299		34,948,298
Diluted	17		36,606,373		35,251,605		38,064,447		35,554,912

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

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