Freeman Gold : FY2022 Q1 Interim Financial Statements

FREEMAN GOLD CORP.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the Three Months ended February 28, 2022 and 2021

(Expressed in Canadian dollars - Unaudited)

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars - Unaudited)

February 28,	November 30,
Note	2022	2021
$	$
ASSETS
Current assets
Cas h	17,440,111	20,054,776
GST receivable	57,421	39,515
Prepaid expenses and deposits	3	120,898	69,442
Total current assets	17,618,430	20,163,733
Non-current assets
Advances for exploration and evaluation activities	396,949	77,005
Property, plant and equipment	4	138,378	160,325
Exploration and evaluation assets	5	12,384,857	10,928,002
12,920,184	11,165,332
TOTAL ASSETS	30,538,614	31,329,065
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	6,7	517,896	405,072
Warrant liabilities	8	4,848,315	4,848,315
Total current liabilities	5,366,211	5,253,387
SHAREHOLDERS' EQUITY
Share capital	8	35,612,684	35,612,684
Res erves	8	5,519,639	4,369,480
Deficit	(15,959,920)	(13,906,486)
Total Shareholders' Equity	25,172,403	26,075,678
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	30,538,614	31,329,065
Approved by the Board of Directors on April 20, 2022:

"Simon Marcotte" Simon Marcotte, Director

"Victor Cantore" Victor Cantore, Director

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

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(Expressed in Canadian dollars, except number of shares - Unaudited)

Three months ended February 28,

2022	2021
$	$
EXPENS ES
Bank charges	1,265	1,491
Consulting	7	545,136	216,455
General and administrative	55,392	17,441
Marketing fees	76,716	687,608
Professional fees	51,798	45,023
Regulatory and filing fees	61,204	19,676
Share-based compensation	7,8	1,150,159	157,030
Net loss before other items	(1,941,670)	(1,144,724)
Other items
Foreign exchange	(111,764)	-
(111,764)	-
Net loss and comprehensive loss	(2,053,434)	(1,144,724)
Basic and diluted loss per common share	(0.02)	(0.01)
Weighted average number of common shares outstanding	131,333,359	81,423,272

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

FREEMAN GOLD CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Expressed in Canadian dollars, except number of shares - Unaudited)

Share Capital

Total
Number of shares	shareholders'
outs tanding	Amount	Res erves	Deficit	equity
$	$	$	$
Balance at November 30, 2020	81,400,454	21,384,559	3,168,691	(11,284,752)	13,268,498
Exercise of warrants	52,716	36,672	(12,314)	-	24,358
Share issuance costs	-	(2,145)	-	-	(2,145)
Share-based compensation	-	-	157,030	-	157,030
Net loss for the period	-	-	-	(1,144,724)	(1,144,724)
Balance at February 28, 2021	81,453,170	21,419,086	3,313,407	(12,429,476)	12,303,017
Issuance of common shares and warrants pursuant to private
-	15,179,516
placements	49,799,309	13,902,072	1,277,444
Share issuance costs	-	(197,837)	-	-	(197,837)
Exercise of warrants	80,880	36,081	(27,993)	-	8,088
Share-based compensation	-	-	1,128,000	-	1,128,000
Cancellation of options	-	-	(868,096)	868,096	-
Expiry of warrants	-	453,282	(453,282)	-	-
Net loss for the period	-	-	-	(2,345,106)	(2,345,106)
Balance at November 30, 2021	131,333,359	35,612,684	4,369,480	(13,906,486)	26,075,678
Share-based compensation	-	-	1,150,159	-	1,150,159
Net loss for the period	-	-	-	(2,053,434)	(2,053,434)
Balance at February 28, 2022	131,333,359	35,612,684	5,519,639	(15,959,920)	25,172,403
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FREEMAN GOLD CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian dollars, unless otherwise noted - Unaudited)

Three months ended February 28,

2022	2021
$	$
CAS H FLOWS FROM OPERATING ACTIVITIES
Income (loss) for the period	(2,053,434)	(1,144,724)
Items not affecting cash:
Share-based compensation	1,150,159	157,030
Unrealized foreign exchange	113,325	-
Changes in non-cash working capital items:
Receivables	(17,906)	(33,074)
Prepaid expenses	(51,456)	42,540
Accounts payable and accrued liabilities	(17,697)	(624,595)
Cash used in operating activities	(877,009)	(1,602,823)
CASH FLOWS FROM INVESTING ACTIVITIES
Advances for exploration and evaluation activities	(319,944)	(12,752)
Expenditures for exploration and evaluation assets	(1,304,387)	(519,466)
Cash used in investing activities	(1,624,331)	(532,218)
CASH FLOWS FROM FINANCING ACTIVITIES
Share issuance costs	-	(2,145)
Proceeds from exercise of warrants	-	24,358
Cash provided by financing activities	-	22,213
Change in cash during the period	(2,501,340)	(2,112,828)
Effect of exchange rate changes on cash	(113,325)	-
Cash, beginning of period	20,054,776	5,066,930
Cash, end of period	17,440,111	2,954,102
Supplemental Cash Flow Information:
Evaluation and exploration expenditures included in accounts payable	363,923	121,487
Depreciation of property, plant and equipment included in
exploration and evaluation expenditures	21,947	-

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

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