VR Resources : Q2 fs 2023

VR RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended September 30, 2022

(Unaudited - Prepared by Management)

(Expressed in Canadian Dollars)

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NOTICE TO READER

Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of the interim condensed financial statements, they must be accompanied by a notice indicating that the condensed consolidated financial statements have not been reviewed by an auditor.

The condensed consolidated interim financial statements of the Company for the first quarter ended September 30, 2022 have been prepared by and are the responsibility of the Company's management.

The Company's independent auditors have not performed a review of these unaudited condensed consolidated interim financial statements in accordance with the standards established by the CPA Canada for a review of interim condensed consolidated financial statements by an entity's auditor.

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VR RESOURCES LTD.

CONDENSED CONSOLIDATED INTERM STATEMENTS OF FINANCIAL POSITION (Unaudited - Prepared by management)

(Expressed in Canadian Dollars)

				September 30,		March 31,
					2022		2022
ASSETS
Current
	Cash and cash equivalents (Note 3)		$	1,767,131	$	1,968,469
	Receivables (Note 4)				22,369		8,730
	Prepaid expenses				26,916		65,364
					1,816,416		2,042,563
Equipment (Note 5)				1,925		2,264
Exploration and evaluation assets (Note 6)				11,425,955		9,146,463
Reclamation bond (Note 7)				60,691		55,357
			$	13,304,987	$	11,246,647
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
	Accounts payable and accrued liabilities (Note 8)	$	42,057	$	109,552
	Flow-through premium liability (Note 9)				101,450		208,758
					143,507		318,310
Shareholders' equity
	Share capital (Note 9)				21,953,412		20,161,916
	Reserves (Note 9)				2,544,205		2,407,994
	Deficit				(12,066,133)		(11,781,303)
	Accumulated other comprehensive income				729,996		139,730
					13,161,480		10,928,337
			$	13,304,987	$	11,246,647
Nature of operations and going concern (Note 1)
Subsequent events (Note 15)
	On behalf of the Board
	on November 3, 2022
	"Michael Gunning"	Director	"Craig Lindsay"		Director

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

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VR RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS FOR THE SIX-MONTH PERIODS ENDED SEPTEMBER 30

(Unaudited - Prepared by management) (Expressed in Canadian Dollars)

	Three Months	Three Months		Six Months		Six Months
		Ended Sept.		Ended Sept.		Ended Sept.		Ended Sept.
		30, 2022		30, 2021		30, 2022		30, 2021
EXPENSES
Consulting fees (Note 10)	$	6,000	$	6,000	$	17,350	$	12,000
Depreciation (Note 5)		170		242		340		485
Foreign exchange (gain) loss		(6,683)		3,268		(2,810)		5,220
Investor relations and promotion		43,804		40,650		80,881		68,775
Impairment of exploration and evaluation assets		(18,083)		10,478		5,353		10,478
Office		20,508		16,879		34,550		29,866
Professional fees		39,925		12,953		51,307		20,438
Rent		6,000		6,000		12,000		12,000
Salaries (Note 10)		50,144		82,565		140,149		162,698
Share-based payments (Note 8,10)		136,211		426,574		136,211		426,574
Regulatory and transfer agent		15,331		13,239		21,225		25,102
		(293,327)		(618,848)		(496,556)		(773,636)
Other income - flow-through (Note 9)		-		-		208,758		-
Interest income		536		1,903		2,968		4,804
Net Loss for the period		(292,791)		(616,945)		(284,830)		(768,832)
Other comprehensive income (loss) to be reclassified
to profit or loss in subsequent years:
Translation adjustment		537,327		146,530		590,266		83,861
Gain (Loss) and comprehensive Gain (loss) for the	$	244,536	$	(470,415)	$	305,436)	$	(648,971)
period
Loss per common share
-Basic and diluted	$	(0.00)	$	(0.01)	$	(0.00)	$	(0.01)
Weighted average number of common shares
outstanding
-Basic and diluted		86,408,913		80,840,138		84,914,991		79,623,519

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

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VR RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIODS ENDED SEPTEMBER 30

(Unaudited - Prepared by management) (Expressed in Canadian Dollars)

		2022		2021
OPERATING ACTIVITIES
Loss for the period	$	(284,830)	$	(768,832)
Items not affecting cash:
Share-based payments		136,211		426,574
Depreciation		340		485
Flow-through premium liability		(208,758)		-
Changes in non-cash working capital items:
Receivables		(13,639)		(36,287)
Prepaid expenses		38,448		(1,684)
Accounts payable and accrued liabilities		9,643		(89,150)
Net cash used in operating activities		(322,585)		(468,894)
FINANCING ACTIVITIES
Proceeds from the issuance of shares, net of share issue cost		1,892,946		1,120,006
Net cash provided by financing activities		1,892,946		1,120,006
INVESTING ACTIVITIES
Exploration and evaluation assets		(1,766,365)		(1,086,764)
Reclamation bond		(5,334)		-
Net cash used in investing activities		(1,771,699)		(1,086,764)
Change in cash during the period		(201,338)		(435,652)
Cash, beginning of period		1,968,469		2,931,748
Cash, end of period	$	1,767,131	$	2,496,096
Cash paid during the period for:
Income taxes	$	-	$	-
Interest	$	-	$	-

Supplemental disclosure with respect to cash flows (Note 10)

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