Xtra Gold Resources : Q1 2023 Unaudited Financial Statements (three months ended March 31, 2023)

XTRA-GOLD RESOURCES CORP.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

for the Three Months Ended

March 31, 2023

(expressed in U.S. Dollars, except where noted)

NOTICE TO READER

The accompanying unaudited interim consolidated financial statements of Xtra-Gold Resources Corp. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditors.

INDEX TO FINANCIAL STATEMENTS
	Page
Condensed Interim Consolidated Balance Sheets as of March 31, 2023 (unaudited) and December 31, 2022	1
Condensed Interim Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 (unaudited)	2
Condensed Interim Consolidated Statements of Equity (unaudited)	3
Condensed Interim Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022 (unaudited)	4
Notes to the Interim Condensed Consolidated Financial Statements (unaudited)	5

XTRA-GOLD RESOURCES CORP.

INTERIM CONSOLIDATED BALANCE SHEETS (Expressed in U.S. Dollars - Unaudited)

AS AT	March 31 31, 2023		December 31, 2022
		(unaudited)
ASSETS
Current
Cash and cash equivalents	$	7,254,582	$	5,781,000
Investment in trading securities, at cost of $3,253,472 (December 31, 2022
- $3,239,782) (Note 4)		3,274,777		3,497,166
Receivables and other assets		75,591		104,791
Inventory (Note 8)		495,715		795,939
Total current assets		11,100,665		10,178,896
Restricted cash (Note 7)		296,322		296,322
Equipment, net (Note 5)		635,592		671,373
Mineral properties (Note 6)		734,422		734,422
TOTAL ASSETS	$	12,767,001	$	11,881,013
LIABILITIES AND EQUITY
Current
Accounts payable and accrued liabilities	$	1,555,010	$	1,307,165
Asset retirement obligation (Note 7)		99,514		99,514
Total current liabilities		1,654,524		1,406,679
Total liabilities		1,654,524		1,406,679
Equity
Capital stock (Note 9)
Authorized - 250,000,000 common shares with a par value of $0.001
Issued and outstanding
46,435,417 common shares (December 31, 2022 - 46,446,917 common
shares)		46,435		46,447
Additional paid in capital		31,831,411		31,838,291
Shares in treasury		-		(6,892)
Accumulated deficit		(20,792,201)		(21,345,398)
Total Xtra-Gold Resources Corp. stockholders' equity		11,085,645		10,532,448
Non-controlling interest		26,832		(58,114)
Total equity		11,112,477		10,474,334
TOTAL LIABILITIES AND EQUITY	$	12,767,001	$	11,881,013

History and organization of the Company (Note 1)	APPROVED ON BEHALF OF THE BOARD
Continuance of operations (Note 2)
Contingency and commitments (Note 13)
	"James Longshore"		"James Schweitzer"
	Director		Director

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

1

XTRA-GOLD RESOURCES CORP.

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in U.S. Dollars - Unaudited)

		Three Month		Three Month
		Period Ended		Period Ended
		Mar. 31, 2023		Mar. 31, 2022
EXPENSES
Amortization	$		35,781	$	35,642
Exploration		268,761		261,411
General and administrative			103,228		119,120
LOSS BEFORE OTHER ITEMS			(407,770)		(415,993)
OTHER ITEMS
Recovery of gold, net			1,338,420		1,230,149
Foreign exchange gain (loss)		(151,108)		(122,745)
Net gain (loss) on trading securities			(20,437)		489,611
Other income			79,038		13,285
INCOME FROM OTHER ITEMS			1,245,913		1,610,300
Income before tax for the period			838,143		1,194,307
Income tax expense			(200,000)		(200,000)
Net income		638,143		994,307
Net gain attributable to non-controlling interest			(84,946)		(72,269)
Net income attributable to Xtra-Gold Resources Corp.	$	553,197	$	922,038
Basic income attributable to common shareholders
per common share	$	0.01	$	0.02
Diluted income attributable to common shareholders
per common share	$		0.01	$	0.02
Basic weighted average number of common shares outstanding		46,435,928		46,625,588
Diluted weighted average number of common shares outstanding			49,021,928		48,646,588

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

2

XTRA-GOLD RESOURCES CORP.

INTERIM CONSOLIDATED STATEMENTS OF EQUITY (Expressed in U.S. Dollars - Unaudited)

	Common Stock
			Additional	Shares		Non-
	Number		Paid in		in	Accumulated	Controlling
	of Shares	Amount	Capital	Treasury	Deficit	Interest	Total
Balance, December 31, 2021	46,687,517	$46,688	$31,770,515	$(13,294)	$ (21,977,165)	$ (191,196)	$ 9,635,548
Stock-based compensation	-	-	6,244		-	-	-	6,244
Repurchase of shares	(101,600)	(102)	(75,112)		13,294	-	-	(61,920)
Income for the period	-	-	-		-	922,038	72,269	994,307
Balance, March 31, 2022	46,585,917	46,586	31,701,647		-	(21,055,127)	(118,927)	10,574,179
Stock-based compensation	-	-	230,834		-	-	-	230,834
Repurchase of shares	(139,000)	(139)	(94,190)		-	-	-	(94,329)
Shares in treasury	-	-	-		(6,892)	-	-	(6,892)
Net income	-	-	-		-	(290,271)	60,813	(229,458)
Balance, December 31, 2022	46,446,917	46,447	31,838,291		(6,892)	(21,345,398)	(58,114)	10,474,334
Stock-based compensation	-	-	-		-	-	-	-
Repurchase of shares	(11,500)	(12)	(6,880)		6,892	-	-	-
Shares in treasury	-	-	-		-	-	-	-
Net income	-	-	-		-	553,197	84,946	638,143
Balance, March 31, 2023	46,435,417	$ 46,435	$ 31,831,411	$	- $ (20,792,201)	$ 26,832	$ 11,112,477

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

3