Unigold : Financial Statements 2023

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2023, and 2022

(Expressed in Canadian Dollars)

NOTICE TO READER

The accompanying unaudited condensed consolidated interim financial statements of Unigold Inc. have been prepared and are the responsibility of the Corporation's management ("Management"). The Corporation's independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

Unigold Inc. - Interim Financial Statements March 31, 2023- Page 1

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited)

(Expressed in Canadian Dollars)

		March 31,	December 31,
As at	Note	2023	2022
Assets
Current assets
Cash		$194,708	$252,646
Other receivables		35,455	87,562
Other financial assets and prepaid expenses		48,057	61,383
Total current assets		278,220	401,591
Non-current assets
Property, plant and equipment	6	713,825	754,064
Total assets		$992,045	$1,155,655
Liabilities
Current liabilities
Accounts payable and accrued liabilities	9	$1,173,651	$712,832
Total liabilities		1,173,651	712,832
Equity (deficiency)
Share capital	7(a)	75,247,017	75,247,017
Reserve for warrants	7(b)	1,623,324	1,623,324
Reserve for share-based payments	7(c)	698,956	715,311
Accumulated deficit		(77,750,903)	(77,142,829)
Total equity (deficiency)		(181,606)	442,823
Total liabilities and equity		$992,045	$1,155,655
Nature of operations (note 1)
Going concern (note 2)
Commitments and contingencies (note 12)
Subsequent events (note 13)
Approved on Behalf of the Board of Directors:
s/ Joseph Del Campo		s/ Joseph Hamilton
Director		Director

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

Unigold Inc. - Interim Financial Statements March 31, 2023- Page 2

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)

(Expressed in Canadian Dollars)

	Share capital	Other reserves	Equity
	Number			Share-based	Accumulated	Attributable to
	of shares	Amount	Warrants	payments	Deficit	shareholders
Balance, December 31, 2021	173,912,643	$72,547,390	$1,883,971	$864,421	$(71,314,352)	$3,981,430
Share-based compensation	-	-	-	53,065	-	53,065
Expiry of warrants	-	-	(94,015)	-	94,015	-
Net loss for the period	-	-	-	-	(1,581,299)	(1,581,299)
Balance, March 31, 2022	173,912,643	$72,547,390	$1,789,956	$917,486	$(72,801,636)	$2,453,196
Private placements	33,550,000	2,684,000	-	-	-	2,684,000
Share issue costs recovery	-	35,799	-	-	-	35,799
Warrants issued	-	(20,172)	20,172	-	-	-
Share-based compensation	-	-	-	63,842	-	63,842
Expiry of warrants and options	-	-	(186,804)	(266,017)	452,821	-
Non-controlling interest	-	-	-	-	2,831	2,831
Net loss for the period	-	-	-	-	(4,796,845)	(4,796,845)
Balance, December 31, 2022	207,462,643	$75,247,017	$1,623,324	$715,311	$(77,142,829)	$442,823
Share-based compensation	-	-	-	10,013	-	10,013
Cancellation of options	-	-	-	(26,368)	26,368	-
Net loss for the period	-	-	-	-	(634,442)	(634,442)
Balance, March 31, 2023	207,462,643	$75,247,017	$1,623,324	$698,956	$(77,750,903)	$(181,606)

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

Unigold Inc. - Interim Financial Statements March 31, 2023- Page 3

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited)

(Expressed in Canadian Dollars)

For the three months ended March 31,	Note		2023		2022
Operating expenses
Exploration expenditures	6		$409,884		$1,219,976
Management and directors' compensation	9		71,806		75,317
Professional and consulting fees			50,724		32,250
Amortization	5		40,239	62,578
General and administrative expenses			29,246		32,526
Listing and shareholder information			18,908		17,677
Share-based compensation	7,9		10,013		53,065
Business development and travel			265		28,727
Loss before the under noted items:			631,085		1,522,116
Interest income			(285)		(1,504)
Foreign exchange loss			3,642	60,687
Net loss and comprehensive loss for the year			$634,442		$1,581,299
Net loss per share - basic and diluted	8		$0.00		$0.00
Weighted average number of shares
outstanding during the year - basic and	8		207,462,643		173,912,643
diluted

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

Unigold Inc. - Interim Financial Statements March 31, 2023- Page 4

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 2023 and 2022 (Expressed in Canadian dollars unless otherwise stated)

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited)

(Expressed in Canadian Dollars)

For the three months ended March 31,	Note	2023	2022
Cash flows used in operating activities
Net loss for the period		$(634,442)	$(1,581,299)
Adjustments to non-cash items:
Share-based compensation expense	7(c)	10,013	53,065
Amortization	5	40,239	62,578
		(584,190)	(1,465,656)
Working capital adjustments:
Other receivables		52,107	(188,239)
Other financial assets and prepaid expenses		13,326	(51,948)
Accounts payable and accrued liabilities		460,819	121,295
Net cash flows used in operating activities		$(57,938)	$(1,584,548)
Cash flows used in investing activities
Property, plant, and equipment purchases	6	-	(74,037)
Net cash flows used in investing activities		$-	$(74,037)
Net (decrease) in cash		$(57,938)	$(1,658,585)
Cash, beginning of the period		252,646	3,003,939
Cash, end of the period		$194,708	$1,345,354

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

Unigold Inc. - Interim Financial Statements March 31, 2023- Page 5