FenixOro Gold Corp.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended May 31, 2022 and 2021

(Expressed in Canadian Dollars)

(UNAUDITED)

Notice to Reader

The accompanying unaudited condensed interim consolidated financial statements of FenixOro Gold Corp. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements as at and for the three months ended May 31, 2022 have not been reviewed by the Company's auditors.

FenixOro Gold Corp.

Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)

(Unaudited)

May 31,

February 28,

As at

2022

2022

Assets

Current assets

$

68,268

Cash

$

76,948

HST receivable

11,570

24,531

Prepaid expenses

156,159

157,399

Warrant exercise receivable

205,000

205,000

Total current assets

440,997

463,878

Property and equipment (note 4)

125,122

118,647

Exploration and evaluation assets (note 5)

8,093,594

8,093,594

Total Assets

$

8,659,713

$

8,676,119

Liabilities and Shareholders' Equity

Current liabilities

$

1,309,166

Accounts payable

$

890,126

Accrued liabilities

26,710

56,960

Loan payable

546,200

-

Total current liabilities

1,882,076

947,086

Total Liabilities

1,882,076

947,086

Shareholders' Equity

16,682,272

Share capital (note 6(b))

16,682,272

Reserves (notes 6(d)(e)(f))

2,318,596

2,318,596

Shares to be issued (note 6(c))

-

20,000

Accumulated other comprehensive (loss) income

356,989

188,785

Accumulated deficit

(12,580,220)

(11,480,620)

Total shareholders' equity

6,777,637

7,729,033

Total Liabilities and Equity

$

8,659,713

$

8,676,119

Nature of operations and going concern (note 1)

Contingency (note )

Subsequent event (note 10)

Approved by the Board of Directors:

Director: John Carlesso

Director: Stuart Moller

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

- 1 -

FenixOro Gold Corp.

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the Three Months Ended May 31, 2022 and 2021

(Expressed in Canadian Dollars) (Unaudited)

Three months ended

May 31,

2022

2021

Expenses

$

69,808

Administration expenses

$

19,354

Exploration expenditures

973,375

198,236

Filing and transfer agent fees

3,825

9,336

Professional fees

46,303

24,275

Stock-based compensation (note 6(f))

-

308,642

Depreciation (note 4)

1,275

1,515

Loss before other items

(1,094,586)

(561,358)

Foreign exchange loss

(5,014)

(28,533)

Net loss for the period

$

(1,099,600)

$

(589,891)

Other comprehensive income

Items that will be recycled to profit or loss:

168,204

Foreign currency translation adjustment

(38,779)

Comprehensive loss for the period

$

(931,396)

$

(628,670)

Loss per share - basic and diluted

$

(0.01)

$

(0.01)

Weighted average number of

shares outstanding

94,479,974

79,660,676

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

- 2 -

FenixOro Gold Corp.

Condensed Interim Consolidated Statements of Changes in Equity (Expressed in Canadian Dollars)

(Unaudited)

Accumulated

Shares

Other

Share Capital

to be

Comprehensive

Accumulated

Number

Amount

Issued

Reserves

Loss

Deficit

Total

Balance, February 28, 2021

79,652,443

$

13,308,393

$

390,000

$

1,612,331

$

106,951

$

(7,222,303)

$

8,195,372

Shares issued on warrants exercised

700,000

70,000

-

-

-

-

70,000

Stock-based compensation

-

-

-

308,642

-

-

308,642

Net loss and comprehensive loss for the period

-

-

-

-

(38,779)

(589,891)

(628,670)

Balance, May 31, 2021

80,352,443

$

13,378,393

$

390,000

$

1,920,973

$

68,172

$

(7,812,194)

$

7,945,344

Balance, February 28, 2022

94,479,974

$

16,682,272

$

20,000

$

2,318,596

$

188,785

$

(11,480,620)

$

7,729,033

Adjustment on shares to be issued

-

-

(20,000)

-

-

-

(20,000)

Net loss and comprehensive loss for the period

-

-

-

-

168,204

(1,099,600)

(931,396)

Balance, May 31, 2022

94,479,974

$

16,682,272

$

-

$

2,318,596

$

356,989

$

(12,580,220)

$

6,777,637

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. - 3 -

FenixOro Gold Corp.

Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars)

(Unaudited)

Three Months Ended May 31,

2022

2021

Operating Activities

$

(1,099,600)

Net loss for the period

$

(589,891)

Items not affecting cash:

-

Stock-based compensation

308,642

Depreciation

1,275

1,515

Changes in non-cash working capital:

12,961

HST receivable

(3,617)

Accounts payable and accrued liabilities

388,790

357,494

Prepaid expenses

1,240

(11,966)

Cash used in operating activities

(695,334)

62,177

Investing Activities

(4,512)

Purchase of property and equipment

(19,773)

Cash used in investing activities

(4,512)

(19,773)

Financing Activities

-

Proceeds from the exercise of warrants

70,000

Return of funds for shares to be issued for exercise of warrants

(20,000)

-

Proceeds from loan

546,200

-

Cash provided by financing activities

526,200

70,000

Change in cash during the period

(173,646)

112,404

Impact of foreign exchange on cash

164,966

(24,548)

Cash, beginning of the period

76,948

706,328

Cash, end of the period

$

68,268

$

794,184

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

- 4 -

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FenixOro Gold Corp. published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 20:01:07 UTC.