White Gold : Financial Statements For The Six Months Ended June 30, 2023

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL

STATEMENTS

For the Three and Six Months Ended

June 30, 2023 and 2022

(Stated in Canadian Dollars)

NOTICE OF NO AUDITOR REVIEW OF

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

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

White Gold Corp.

Unaudited Condensed Consolidated Interim Statements of Financial Position As at June 30, 2023 and December 31, 2022

(Stated in Canadian Dollars)

		2023		2022
		June 30		December 31
Assets
Current assets
Cash & cash equivalents	$	3,715,577	$	6,128,051
Amounts receivable [Note 4]		150,503		111,778
Prepaid expenses		240,877		41,733
		4,106,957		6,281,562
Non-Current assets
Property, plant & equipment		8,896		10,466
Exploration and evaluation assets [Note 5]		126,196,462		124,850,517
		126,205,358		124,860,983
Total Assets	$	130,312,315	$	131,142,545
Liabilities
Current liabilities
Accounts payable	$	858,620	$	214,730
Accrued liabilities		35,625		15,335
Due to related parties [Note 6]		282,488		528,099
Flow-through share premium liability [Note 7]		265,279		406,160
		1,442,012		1,164,324
Non-Current liabilities
Contingent liability & advance royalty [Note 8]		6,989,986		6,275,799
Deferred income tax liability [Note 12]		6,455,000		6,455,000
		13,444,986		12,730,799
Total liabilities		14,886,998		13,895,123
Shareholders' equity
Share capital [Note 7]		138,143,590		138,143,590
Contributed surplus		6,828,282		6,511,643
Accumulated deficit		(29,546,555)		(27,407,811)
Total Shareholders' Equity		115,425,317		117,247,422
Total Liabilities and Shareholders' Equity	$	130,312,315	$	131,142,545

Nature of operations [Note 1]
Approved on behalf of the Board: (Signed) "Maruf Raza"		(Signed) "David D'Onofrio"
	Maruf Raza, Director		David D'Onofrio, Director

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

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White Gold Corp.

Unaudited Condensed Consolidated Interim Statements of Operations and Comprehensive Loss

For the three and six months ended June 30, 2023 and 2022

(Stated in Canadian Dollars)

		Three		Three		Six months	Six months
		months		months		ended		ended
	ended June		ended June		June 30,		June 30,
		30, 2023		30, 2022		2023		2022
Expenses
Interest and bank charges	$	1,549	$	4,620	$	37,315	$	6,273
Advance royalty accretion expense [Note 8]		34,570		18,793		67,085		37,450
Contingent liability fair value adjustment [Note 8]		352,583		454,683		682,521		880,164
Consulting fees		30,000		77,100		60,000		172,533
Depreciation		785		1,121		1,570		2,243
Salary and wages		265,573		246,891		489,410		613,091
Marketing, office and administration		174,182		200,076		368,609		349,293
Insurance		4,377		20,215		38,700		70,882
Travel expenses		38,330		23,424		77,706		34,986
Conferences and events		23,550		6,716		64,088		67,490
Professional fees		22,192		32,257		40,670		53,468
Stock based compensation [Note 7]		202,337		163,519		316,639		559,873
Transfer agent & regulatory		30,324		24,209		93,153		94,022
Loss before undernoted items		1,180,352		1,273,624		2,337,466		2,941,768
Interest expense (income)		(35,513)		(9,655)		(57,841)		(20,078)
Other income - Flow through premium		(132,904)		(115,440)		(140,881)		(197,470)
Net loss and comprehensive loss for the
year	$	1,011,935	$	1,148,529		2,138,744	$	2,724,220
Basic and diluted loss per share [Note 7]	$	(0.01)	$	(0.01)	$	(0.01)	$	(0.02)
Weighted average shares outstanding	160,500,700	149,589,920	160,500,700	149,589,920

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

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White Gold Corp.

Unaudited Condensed Consolidated Interim Statements of Changes in Shareholders' Equity

For the six months ended June 30, 2023 and 2022

(Stated in Canadian Dollars)

			Contributed
	Number of	Amount	surplus	Deficit	Total equity
	shares	$	$	$	$
January 1, 2023	160,500,700	138,143,590	6,511,643	(27,407,811)	117,247,422
Stock based compensation	-	-	316,639	-	316,639
Net loss for the year	-	-	-	(2,138,744)	(2,138,744)
Balance at June 30, 2023	160,500,700	138,143,590	6,828,282	(29,546,555)	115,425,317
Balance at January 1, 2022	149,589,920	134,161,945	5,781,939	(26,304,401)	113,639,483
Stock based compensation	-	-	559,873	-	559,873
Net loss for the year	-	-	-	(2,724,220)	(2,724,220)
Balance at June 30, 2022	149,589,920	134,161,945	6,341,812	(29,028,621)	111,475,136

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

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