Whitehorse Gold : WHGDF 2022 Q1 Financial Statements

TSXV: WHG

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three months ended March 31, 2022 and 2021

(Expressed in Canadian Dollars)

Whitehorse Gold Corp.

Unaudited Condensed Consolidated Interim Statements of Financial Position

(Expressed in Canadian dollars)

			As at
	Notes		March 31, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivelents		$	3,651,305	$	5,149,913
GST receivables			87,759		72,602
Deposits and prepayments	3		100,278		68,793
			3,839,342		5,291,308
Non-current Assets
Reclamation deposit			15,075		15,075
Deposits and prepayments	3		57,182		57,182
Loan receivable	4		312,400		-
Property and equipment	5		752,593		777,564
Mineral property interests	6		22,923,663		22,186,694
TOTAL ASSETS		$	27,900,255	$	28,327,823
LIABILITIES AND EQUITY
Current Liabilities
Trade and other payables		$	778,524	$	799,724
Accrued liabilities			34,673		86,052
Current portion of lease obligatons	7		26,659		26,468
			839,856		912,244
Non-current Liabilities
Lease obligations	7		6,665		13,234
Total Liabilities			846,521		925,478
EQUITY
Share capital	8		21,016,969		20,879,163
Reserves	8		622,451		700,190
Retained earnings			5,414,314		5,822,992
Total Equity			27,053,734		27,402,345
TOTAL LIABILITIES AND EQUITY		$	27,900,255	$	28,327,823
Approved on behalf of the Board:

(Signed) Gordon Neal

Director

(Signed) Lorne Waldman

Director

See accompanying notes to the unaudited condensed consolidated interim financial statements

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Whitehorse Gold Corp.

Unaudited Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

(Expressed in Canadian dollars)

			Three months ended March 31,
	Notes		2022		2021
Operating expenses
Salaries and benefits		$	135,703	$	264,507
Project investigation and eveluation	4		83,609		-
Investor relations			50,184		68,077
Filing and continuous listing			48,864		40,087
Professional fees			11,849		31,379
Office and administration			61,922		25,807
Depreciation			5,439		896
Share-based compensation	8		286		89,536
			397,856		520,289
Other expenses
Interest expense			1,971		-
Foreign exchange loss			8,851		2,163
			10,822		2,163
Net loss and comprehensive loss for the period		$	408,678	$	522,452
Loss per common share attributable to equity holders of the Company
Basic and diluted loss per share		$	0.01	$	0.01
Weighted average number of common shares - basic and diluted			52,717,145		42,656,597

See accompanying notes to the unaudited condensed consolidated interim financial statements

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Whitehorse Gold Corp.

Unaudited Condensed Consolidated Interim Statements of Cash Flows

(Expressed in Canadian dollars)

			Three Months Ended March 31,
	Notes		2022		2021
Cash used in
Operating activities
Net loss for the period		$	(408,678)	$	(522,452)
Interest expense	7		1,971		-
Depreciation	5		5,439		896
Share based compensation	8		286		89,536
Unrealized foreign exchange loss			8,851		2,163
Changes in non-cash operating working capital
GST Receivables			(15,157)		(29,873)
Deposits and prepayments			(31,796)		(13,750)
Accounts payable and accrued liabilities			7,842		15,244
Net cash used in operating activities			(431,242)		(458,236)
Investing activities
Mineral property interests
Capital expenditures			(706,822)		(373,240)
Property and equipment
Additions			(120,506)		-
Advancement of loan receivable	4		(314,700)		-
Net cash used in investing activities			(1,142,028)		(373,240)
Financing activities
Exercise of options			89,250		-
Lease obligations
Repayments of principal	7		(6,378)		-
Payment of interest	7		(1,971)		-
Net cash provided by financing activities			80,901		-
Effect of exchange rate changes on cash			(6,239)		(2,163)
Decrease in cash			(1,498,608)		(833,639)
Cash, beginning of the period			5,149,913		1,592,505
Cash, end of the period		$	3,651,305	$	758,866

See accompanying notes to the unaudited condensed consolidated interim financial statements

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Whitehorse Gold Corp.

Unaudited Condensed Consolidated Interim Statements of Changes in Equity

(Expressed in Canadian dollars, except for share figures)

		Share capital		Reserves
						Share-based
Notes		Number of shares		Amount	compensation		Warrant	Retained earning	Total equity
Balance, January 1, 2021		42,656,597	$	6,797,010	$	56,988	$	-	7,997,307	14,851,305
Share-based compensation		-		-		496,623		-	-	496,623
Options exercised		91,667		47,320		(18,444)		-	-	28,876
Share issuance in 2021 Private Placement, net of share
issue costs and flow-through share premium liability		9,933,325		14,034,833		-		165,023	-	14,199,856
Net loss and comprehensive loss		-		-		-			(2,174,315)	(2,174,315)
Balance, December 31, 2021		52,681,589	$	20,879,163	$	535,167	$	165,023	5,822,992	27,402,345
Share-based compensation	8	-		-		(29,183)		-	-	(29,183)
Options exercised	8	283,334		137,806		(48,556)		-	-	89,250
Net loss and comprehensive loss		-		-		-		-	(408,678)	(408,678)
Balance, March 31, 2022		52,964,923	$	21,016,969	$	457,428	$	165,023	5,414,314	27,053,734

See accompanying notes to the unaudited condensed consolidated interim financial statements

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