WESTWARD GOLD INC.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

JUNE 30, 2022 and 2021

(EXPRESSED IN CANADIAN DOLLARS)

(UNAUDITED - PREPARED BY MANAGEMENT)

NOTICE TO READER

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

Westward Gold Inc.

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

(Unaudited - Prepared by Management)

As at

As at

June 30,

March 31,

2022

2022

ASSETS

Current assets

Cash

$

1,587,548

$

2,525,682

Receivables

50,731

46,370

Prepaid expenses (note 8)

113,510

134,559

Total current assets

1,751,789

2,706,611

Non-current assets

Exploration and evaluation assets (notes 9 and 12)

5,971,175

4,852,596

Reclamation deposit (note 9)

169,222

164,021

Total assets

$

7,892,186

$

7,723,228

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable and accrued liabilities (notes 10)

$

522,674

$

143,002

Total liabilities

522,674

143,002

Shareholders' equity

Share capital (note 11)

9,248,277

9,085,261

Reserves (note 11)

751,629

729,741

Deficit

(2,630,394)

(2,234,776)

Total shareholders' equity

7,369,512

7,580,226

Total liabilities and shareholders' equity

$

7,892,186

$

7,723,228

Nature of operations and going concern (note 1)

Subsequent notes (note 13)

Approved on behalf of the Board:

(Signed) " Mark Monaghan "

Director

(Signed) " John Dewdney "

Director

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

- 1 -

Westward Gold Inc.

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

(Unaudited - Prepared by Management)

Three months ended June 30,

2022

2021

Operating expenses

Consulting fees

$

45,336

$

16,979

Corporate communications

168,330

14,314

Filing fees

8,742

5,055

Foreign exchange gain

(3,388)

(2,960)

Gain on acquisition of Golden Oasis Exploration

-

(38,566)

General and administrative

12,124

3,602

Management fees (note 12)

106,510

13,185

Professional fees

29,750

55,148

Share-based payments (notes 11 and 12)

21,888

141,900

Travel (note 12)

6,326

-

Net loss and comprehensive loss for the period

$

(395,618)

$

(208,657)

Basic and diluted net loss per share

$

(0.01)

$

(0.01)

Weighted average number of common shares outstanding

67,737,720

25,112,025

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

- 2 -

4

Westward Gold Inc.

Condensed interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian Dollars)

(Unaudited - Prepared by Management)

Number of

Share

Reserves

Shares

Capital

Options

Warrants

Deficit

Total

Balance, March 31, 2021

21,771,333

$

1,593,555

$

64,002

$

20,318

$

(406,633)

$

1,271,242

Shares issued for cash

4,100,000

984,000

-

-

-

984,000

Exercise of warrants

347,000

52,918

-

(18,218)

-

34,700

Share-based payments

-

-

141,900

-

-

141,900

Net loss for the period

-

-

-

-

(208,657)

(208,657)

Balance, June 30, 2021

26,218,333

2,630,473

205,902

2,100

(615,290)

2,223,185

Units issued for cash

16,584,636

1,498,156

-

-

-

1,498,156

Units issuance costs - cash

-

(79,823)

-

-

-

(79,823)

Units issuance costs - warrant

-

(58,300)

-

58,300

-

-

Shares issued for mineral properties

4,410,889

1,032,188

-

-

-

1,032,188

Acquisition of Momentum Minerals Ltd.

19,817,400

4,062,567

-

-

-

4,062,567

Share-based payments

-

-

463,439

-

-

463,439

Net loss for the period

-

-

-

-

(1,619,486)

(1,619,486)

Balance, March 31, 2022

67,031,258

9,085,261

669,341

60,400

(2,234,776)

7,580,226

Restricted share units

-

-

21,888

-

-

21,888

Shares issued for mineral properties

1,148,000

163,016

-

-

-

163,016

Net loss for the period

-

-

-

-

(395,618)

(395,618)

Balance, June 30, 2022

68,179,258

$

9,248,277

$

691,229

$

60,400

$

(2,630,394)

$

7,369,512

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

- 3 -

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Westward Gold Inc. published this content on 29 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 02:57:44 UTC.