Rupert Resources : Financial Statements for 3 months end May 31st 2021

RUPERT RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

MAY 31, 2021

(EXPRESSED IN CANADIAN DOLLARS)

(UNAUDITED)

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying unaudited condensed interim consolidated financial statements of Rupert Resources Ltd. (the "Company") are the responsibility of management and the Board of Directors.

The unaudited condensed interim consolidated financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the unaudited condensed interim consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the unaudited condensed interim consolidated financial statements have been prepared within acceptable limits of materiality and are in accordance with International Accounting Standard 34 - Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.

Management has established processes, which are in place to provide it sufficient knowledge to support management representations that it has exercised reasonable diligence that (i) the unaudited condensed interim consolidated financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of, and for the periods presented by, the unaudited condensed interim consolidated financial statements; and (ii) the unaudited condensed interim consolidated financial statements fairly present in all material respects the financial condition, financial performance and cash flows of the Company, as of the date of and for the years presented by the unaudited condensed interim consolidated financial statements.

The Board of Directors is responsible for reviewing and approving the unaudited condensed interim consolidated financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the unaudited condensed interim consolidated financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the unaudited condensed interim consolidated financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

NOTICE TO READER

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

Rupert Resources Ltd.

Condensed Consolidated Interim Statements of Financial Position (Expressed in Canadian Dollars)

(Unaudited)

				May 31,		February 28,
As at			2021		2021
ASSETS
Current assets		$	14,229,126
Cash and cash equivalents (note 3)	$	21,724,305
Marketable securities (notes 4 and 8)		560,000		665,000
Prepaids and sundry receivables (note 5)		303,892		585,971
				15,093,018		22,975,276
Non-current assets			1,324,598
Restricted cash (note 6)				1,378,394
Buildings and equipment (note 7)			3,152,210		3,144,317
Exploration and evaluation assets (note 8)		51,693,176		47,460,493
			$	71,263,002	$	74,958,480
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities		$	2,837,765
Amounts payable and accrued liabilities (notes 9 and 14)	$	3,499,898
				2,837,765		3,499,898
Non-current liabilities			3,397,023
Asset retirement obligation (note 10)			3,534,987
				6,234,788		7,034,885
Shareholders' Equity			106,607,122
Share capital (note 11)				106,607,122
Contributed surplus (note 11)			7,888,116		7,304,431
Warrants (note 11)			3,086,786		3,086,786
Cumulative translation adjustment			(1,072,564)		728,958
Equity portion of convertible debentures		75,700		75,700
Deficit			(51,556,946)		(49,879,402)
				65,028,214		67,923,595
Total liabilities and shareholders' equity	$	71,263,002	$	74,958,480
Nature of Operations (note 1)
Commitments and Contingencies (note 16)
Subsequent Event (note 17)
Approved on behalf of the Board:
(Signed) "Gunnar Nilsson"		Director
(Signed) "James Withall"		Director

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

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Rupert Resources Ltd.

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

(Unaudited)

		Three Months Ended
		May 31,
		2021		2020
Operating expenses	$	992,023
General and administrative expenses (note 12)	$	641,910
Share-based payments (note 11)		583,685		418,400
Loss before other items		(1,575,708)		(1,060,310)
Depreciation (note 7)		-		(7)
Realized and unrealized gain (loss) on marketable		(105,000)
securities			-
Other income		3,164		773
Net (loss) for the period		(1,677,544)		(1,059,544)
Other comprehensive (loss) gain
Item that will be reclassified subsequently to income
Exchange differences on translating foreign		(1,801,522)
operations			1,043,684
Net (loss) and comprehensive (loss) for the period	$	(3,479,066)	$	(15,860)
Basic and diluted net (loss) per share (note 13)	$	(0.01)	$	(0.01)
Weighted average number of common shares outstanding - basic and
diluted (note 13)		165,285,761		132,270,587

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

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Rupert Resources Ltd.

Condensed Consolidated Interim Statements of Cash Flows (Expressed in Canadian Dollars)

(Unaudited)

Three Months Ended May 31,		2021		2020
Operating activities	$	(1,677,544)
Net loss for the period	$	(1,059,544)
Adjustments for:		583,685
Share-based payments - vesting of Black-Scholes value of options granted			418,400
Unrealized loss on marketable securities		105,000		-
Depreciation		-		7
Exchange differences on translating foreign operations		(48,297)		(59,735)
Changes in non-cash working capital items:		282,079
Prepaids and sundry receivables			143,572
Amounts payable and accrued liabilities		(662,133)		(910,520)
		(1,417,210)		(1,467,820)
Investing activities		(5,947,360)
Expenditure on exploration and evaluation assets			(3,302,462)
Purchase of buildings and equipment		(130,609)		(19,158)
		(6,077,969)		(3,321,620)
Net change in cash		(7,495,179)		(4,789,440)
Cash, beginning of period		21,724,305		14,313,403
Cash, end of period	$	14,229,126	$	9,523,963

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

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