Desert Gold Ventures : Interim Financial Report

DESERT GOLD VENTURES INC.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Unaudited - Expressed in US Dollars)

NOTICE TO READERS

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the 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 interim consolidated 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 financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by the entity's auditor.

DESERT GOLD VENTURES INC.

Condensed consolidated interim statements of financial position (Unaudited - Expressed in US dollars)

		June 30,	December 31,
	Note	2022	2021
		$	$
ASSETS
Current assets
Cash		368,524	1,216,664
Marketable securities	6	59,484	96,941
Other receivables	4	90,163	192,701
Prepaid		17,919	-
		536,090	1,506,306
Non-current assets
Equipment		6,270	7,650
Total assets		542,360	1,513,956
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities	3	442,782	476,937
		442,782	476,937
EQUITY (DEFICIENCY)
Share capital	7	34,736,252	33,612,892
Accumulated other comprehensive income		318,011	329,936
Reserves		18,936,816	18,936,524
Deficit		(53,891,501)	(51,842,333)
		99,578	1,037,019
Total liabilities and shareholders' deficiency		542,360	1,513,956

NATURE OF OPERATIONS AND GOING CONCERN (Note 1)

Approved for issuance by the board of directors on August 29, 2022

"Sonny Janda"		"Jared Scarf"
Director - Sonny Janda		Director - Jared Scarf

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

DESERT GOLD VENTURES INC.

Condensed consolidated interim statements of loss and comprehensive loss

(Unaudited - Expressed in US dollars)
		Three months ended June 30,	Six months ended June 30,
	Note	2022	2021	2022	2021
		$	$	$	$
Amortization		690	688	1,380	3,479
Investors and shareholders relationship		50,722	12,869	124,067	44,835
Office, occupancy, and administration		52,182	10,803	69,020	24,137
Professional and consulting fees	8	176,822	106,541	316,931	203,753
Prospecting rights and exploration	5	1,017,927	1,049,120	1,465,597	2,121,354
Share-based compensation	7	-	7,857	292	154,839
Transfer agent and listing fees		2,986	1,826	34,897	29,844
Loss before the following:		(1,301,329)	(1,189,704)	(2,012,184)	(2,582,241)
Change in fair value of marketable securities	6	-	(7,961)	(37,457)	16,039
Foreign exchange		5,316	161	473	(1,890)
Others		-	19,825	-	19,825
Net loss		(1,296,013)	(1,177,679)	(2,049,168)	(2,548,267)
Other comprehensive loss:
Foreign exchange translation gain (loss)		(8,108)	14,027	(11,925)	76,818
Total comprehensive loss		(1,304,121)	(1,163,652)	(2,061,093)	(2,471,449)
Weighted average number of outstanding
shares, basic and diluted		158,999,850	138,019,902	154,615,218	137,772,250
Loss per share, basic and diluted		(0.01)	(0.01)	(0.01)	(0.02)

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

DESERT GOLD VENTURES INC.

Condensed consolidated interim statements of cash flows (Unaudited - Expressed in US dollars)

	Six months ended June 30,	2022	2021
		$	$
	Operating activities
	Loss for the period	(2,049,168)	(2,548,267)
	Adjustments for non-cash items:
	Amortization	1,380	3,479
	Foreign exchange gain	(473)	1,890
	Change in fair value of marketable securities	37,457	(16,039)
	Mineral expenditure paid by the Company's share	23,988	55,160
	Share-based compensation	292	154,839
	Changes in non-cash working capital items:
	Other receivables	102,538	(44,312)
	Prepaid	(17,919)	(6,373)
	Accounts payable and accrued liabilities	(34,155)	543,240
	Cash used in operating activities	(1,936,060)	(1,856,383)
	Financing activities
	Net proceeds from share issuance	1,099,372	74,315
	Cash provided by financing activities	1,099,372	74,315
	Effect of foreign exchange rate on cash	(11,452)	76,014
	Increase (decrease) in cash	(848,140)	(1,706,054)
	Cash, beginning of period	1,216,664	3,910,341
	Cash, end of period	368,524	2,204,287

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