VR Resources : Annual fs 2022.pdf

VR RESOURCES LTD.

CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2022

(Expressed in Canadian Dollars)

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of

VR Resources Ltd.

Opinion

We have audited theaccompanying consolidated financial statements of VRResources Ltd. (the"Company"), which comprise the consolidated statements of financial position as at March 31, 2022 and 2021, and the consolidated statements of loss and comprehensive loss, cash flows, and changes in shareholders' equity for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at March 31, 2022 and 2021, and its financial performanceand its cash flows for theyears then ended in accordance with International Financial Reporting Standards ("IFRS").

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of theConsolidated Financial Statements section of our report. We are independent of the Company in accordancewith the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that theaudit evidence we haveobtained in our audit is sufficient and appropriateto providea basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 1 of the consolidated financial statements, which indicates that as at March 31, 2022, the Company had working capital of $1,724,253 and an accumulated deficit of $11,781,303 and expects to incur further losses in its business. As stated in Note 1, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continueas a going concern. Our opinion is not modified in respect of this matter.

Other Information

Management is responsible for the other information. The other information obtained at the dateof this auditor's report includes Management's Discussion and Analysis.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any formof assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read theother information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and ThoseCharged with Governance for the Consolidated Financial Statements

Management is responsible for thepreparation and fair presentation of theconsolidated financial statements in accordancewith IFRS, and for such internal control as management determines is necessary to enable thepreparation of consolidated financial statements that are free frommaterial misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate theCompany or to cease operations, or has no realistic alternativebut to do so.

Those charged with governanceare responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assuranceabout whether theconsolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of theseconsolidated financial statements.

As part of an audit in accordancewith Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticismthroughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and performaudit procedures responsiveto those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidenceobtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to thedate of our auditor's report. However, futureevents or conditions may causethe Company to ceaseto continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with themall relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

The engagement partner on the audit resulting in this independent auditor's report is Zachary Faure.

Vancouver, Canada

Chartered Professional Accountants

July 14, 2022

VR RESOURCES LTD.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at March 31,

(Expressed in Canadian Dollars)

					2022		2021
ASSETS
Current
	Cash and cash equivalents (Note3)		$	1,968,469	$	2,931,748
	Receivables (Note 4)				8,730		36,411
	Prepaid expenses				65,364		27,169
					2,042,563		2,995,328
Equipment (Note 5)				2,264		3,234
Exploration and evaluation assets (Note6)				9,146,463		8,398,242
Reclamation bond (Note 7)				55,357		-
			$	11,246,647	$	11,396,804
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
	Accounts payable and accrued liabilities (Note 8)	$	109,552	$	189,167
	Flow-through premiumliability (Note 9)				208,758		-
					318,310		189,167
Shareholders' equity
	Share capital (Note 9)				20,161,916		18,248,469
	Reserves (Note 9)				2,407,994		1,955,666
	Deficit				(11,781,303)		(9,168,743)
	Accumulated other comprehensiveincome			139,730		172,245
					10,928,337		11,207,637
			$	11,246,647	$	11,396,804
	Nature of operations and going concern (Note 1)
	On behalf of the Board
	on July 14, 2022
	"Michael Gunning"	Director	"Craig Lindsay"		Director

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