Eastern Goldfields : Annual Report December 31, 2021

Disclosure Statement Pursuant to the Pink Basic Disclosure Guidelines

EASTERN GOLDFIELDS, INC.

6480 Weathers Place, Suite 350

San Diego, CA 92121

1-800-811-3181

[e-mail]

8742

Annual Report

For the Period Ending: December 31, 2021

(the "Reporting Period")

As of December 31, 2021, the number of shares outstanding of our Common Stock was: 21,807,548

As of September 30, 2021, the number of shares outstanding of our Common Stock was: 21,807,548

As of December 31, 2020, the number of shares outstanding of our Common Stock was: 10,307,548

Indicate by check mark whether the company is a shell company (as defined in Rule 405 of the Securities Act of 1933 and Rule 12b-2 of the Exchange Act of 1934):

Yes: ☒

No: ☐

Indicate by check mark whether the company's shell status has changed since the previous reporting period:Yes: ☐

No: ☒

Indicate by check mark whether a Change in Control1 of the company has occurred over this reporting period:Yes: ☐

No: ☒

1 "Change in Control" shall mean any events resulting in:

(i) Any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becoming the "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company's then outstanding voting securities;

• (ii) The consummation of the sale or disposition by the Company of all or substantially all of the Company's assets;

• (iii) A change in the composition of the Board occurring within a two (2)-year period, as a result of which fewer than a majority of the directors are directors immediately prior to such change; or

(iv) The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

1)Name and address(es) of the issuer and its predecessors (if any)

In answering this item, provide the current name of the issuer any names used by predecessor entities, along with the dates of the name changes.

From July 15, 1998 (date of incorporation) to October 26, 2005, the Company was Fairbanks Financial, Inc.

On October 26, 2005, the Company changed its corporate name to Eastern Goldfields, Inc.

The state of incorporation or registration of the issuer and of each of its predecessors (if any) during the past five years; Please also include the issuer's current standing in its state of incorporation (e.g. active, default, inactive):

The issuer is active in Nevada.

Describe any trading suspension orders issued by the SEC concerning the issuer or its predecessors since inception:

Not applicable.

List any stock split, stock dividend, recapitalization, merger, acquisition, spin-off, or reorganization either currently anticipated or that occurred within the past 12 months:

No

The address(es) of the issuer's principal executive office:

6480 Weathers Place, STE 350, San Diego, CA 92121.

The address(es) of the issuer's principal place of business:

Check box if principal executive office and principal place of business are the same address: ☒

Has the issuer or any of its predecessors been in bankruptcy, receivership, or any similar proceeding in the past five years?

Yes: ☐

No: ☒

If this issuer or any of its predecessors have been the subject of such proceedings, please provide additional details in the space below:

No.

2)Security Information

Trading symbol:	EGDD
Exact title and class of securities outstanding:	Common Stock
CUSIP:	276486107
Par or stated value:	$0.001
Total shares authorized:	160,000,000	as of date: December 31, 2021
Total shares outstanding:	21,807,548	as of date: December 31, 2021

Number of shares in the Public Float2: Total number of shareholders of record:

Trading symbol:

Exact title and class of securities outstanding: CUSIP:

Par or stated value:

Total shares authorized: Total shares outstanding:

Number of shares in the Public Float3: Total number of shareholders of record:

6,773,548 86

Preferred stock N/A $0.001 20,000,000 0 0 0

All additional class(es) of publicly traded securities (if any):

Not applicable.

Transfer Agent

as of date: December 31, 2021 as of date: December 31, 2021

as of date: December 31, 2021

as of date: December 31, 2021

as of date: December 31, 2021

as of date: December 31, 2021

Name:	Progressive Transfer Corp
Phone:	[phone]
Email:	[e-mail]
Address:	1981 Murray Holiday Road, STE 100, Salt Lake City, Utah 84117

Is the Transfer Agent registered under the Exchange Act?4 Yes: ☒

3) Issuance History

A. Changes to the Number of Outstanding Shares

No: ☐

Check this box to indicate there were no changes to the number of outstanding shares within the past two completed fiscal years and any subsequent periods: ☒

Shares Outstanding as of Second Most Recent Fiscal Year End:

Opening Balance

Date December 31, 2020

Common: 10,307,548

Date of Transaction

Preferred: 0

Transaction type (e.g. new issuance, cancellation, shares returned to treasury)Number of Shares Issued (or cancelled)

Class of Securities

Value of shares issued ($/per share) at IssuanceWere the shares issued at a discount to market price at the time ofIndividual/ Entity Shares were issued to (entities must have individual with voting / investmentReason for share issuance (e.g. for cash or debt conversion) -OR-Nature ofRestricted or Unrestricted as of this filing.

2 "Public Float" shall mean the total number of unrestricted shares not held directly or indirectly by an officer, director, any person who is the beneficial owner of more than 10 percent of the total shares outstanding (a "control person"), or any affiliates thereof, or any immediate family members of officers, directors and control persons.

3 "Public Float" shall mean the total number of unrestricted shares not held directly or indirectly by an officer, director, any person who is the beneficial owner of more than 10 percent of the total shares outstanding (a "control person"), or any affiliates thereof, or any immediate family members of officers, directors and control persons.

4 To be included in the Pink Current Information tier, the transfer agent must be registered under the Exchange Act.

Exemption or Registratio Type.

issuance?	control	Services
(Yes/No)	disclosed).	Provided

Shares Outstanding on Date of This Report:Ending Balance:

Ending

Date December 31, 2021 Common: 21,807.548

Balance

Preferred: 0

Use the space below to provide any additional details, including footnotes to the table above:

B. Debt Securities, Including Promissory and Convertible Notes

Use the chart and additional space below to list and describe all outstanding promissory notes, convertible notes, convertible debentures, or any other debt instruments that may be converted into a class of the issuer's equity securities.

Check this box if there are no outstanding promissory, convertible notes or debt arrangements: ☐

Outstanding Balance ($)

Principal Amount at Issuance ($)

Maturity Date

Name of Noteholder (entities must have individual with voting / investment control disclosed).

01/01/2008

23,351

23,251

$0

nonenone

(1) EGH Ltd. (controlled by Michael McChensy - former CEO of the Company)Advances for operating expenses.

01/01/2008

44,967

44,967

0

none

none

Use the space below to provide any additional details, including footnotes to the table above:

(1) Mr. Michael McChensy was the CEO and Director on the Company until his resignation in June 2021.

4)Financial Statements

A. The following financial statements were prepared in accordance with:

☒ U.S. GAAP

☐ IFRS

Stirling Nominees Limited (controlled by Michael McChesney)Advances by for operating expenses.

B. The financial statements for this reporting period were prepared by (name of individual)5:

Name:	John Michael Johnson
Title:	CFO
Relationship to Issuer:	Officer and Director

The unaudited financial statements as year ended December 31, 2021 are include at the end of this Annual Report.

5)Issuer's Business, Products and Services

The purpose of this section is to provide a clear description of the issuer's current operations. In answering this item, please include the following:

A.	Summarize the issuer's business operations (If the issuer does not have current operations, state "no
operations")
No operations.
B.	Please list any subsidiaries, parents, or affiliated companies.
None.
C.	Describe the issuers' principal products or services.
None
6)	Issuer's Facilities

If the issuer leases any assets, properties or facilities, clearly describe them as above and the terms of their leases.

None

7)Company Insiders (Officers, Directors, and Control Persons)

The goal of this section is to provide an investor with a clear understanding of the identity of all the persons or entities that are involved in managing, controlling or advising the operations, business development and disclosure of the issuer, as well as the identity of any significant or beneficial shareholders.

Using the tabular format below, please provide information, as of the period end date of this report, regarding any person or entity owning 5% of more of any class of the issuer's securities, as well as any officer, and any director of the company, or any person that performs a similar function, regardless of the

number of shares they own. If any insiders listed are corporate shareholders or entities, provide the name and address of the person(s) beneficially owning or controlling such corporate shareholders, or the name and contact information (City, State) of an individual representing the corporation or entity in the note section.

5 The financial statements requested pursuant to this item must be prepared in accordance with US GAAP or IFRS by persons with sufficient financial skills.