HighGold Mining : Earnings Release

HIGHGOLD MINING INC.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS AT MARCH 31, 2023

FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

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MANAGEMENT'S COMMENTS ON

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the consolidated interim financial statements, they must be accompanied by a notice indicating that the consolidated financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of HighGold Mining Inc. (the "Company") have been prepared by and are the responsibility of the Company's management. The unaudited condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards and reflect management's best estimates and judgments based on information currently available.

The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

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HIGHGOLD MINING INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

AS AT MARCH 31, 2023 AND DECEMBER 31, 2022

(Expressed in Canadian dollars) (Unaudited)

				March 31,	December 31,
				2023			2022
ASSETS
Current Assets
Cash and cash equivalents		$	6,143,923	$	7,637,197
Amounts receivable			104,209		57,751
Prepaid expenses and deposits			666,313		440,572
Marketable securities (Note 3)			407,000		447,000
				7,321,445		8,582,520
Equipment and right-of-use asset (Note 4)			291,042		315,744
Exploration and evaluation assets (Note 5)			53,793,419		52,649,435
			$	61,405,906	$	61,547,699
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities (Note 8)	$	504,919	$	234,466
Lease liability (Note 6)			60,337		63,766
				565,256		298,232
Lease liability (Note 6)			56,087		66,650
				621,343		364,882
SHAREHOLDERS' EQUITY
Share capital (Note 7)			63,403,104		63,403,104
Share subscriptions received in advance			20,000		-
Contributed surplus (Note 7)			3,533,354		3,368,859
Deficit			(6,171,895)		(5,589,146)
				60,784,563		61,182,817
			$	61,405,906	$	61,547,699
Events subsequent to the end of the period - Note 12
Approved on behalf of the Board of Directors of HighGold Mining Inc. on May 25, 2023
'Michael Cinnamond'		'Darwin Green'
Director	Director

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

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HIGHGOLD MINING INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

(Expressed in Canadian dollars) (Unaudited)

	Three months	Three months
		ended	ended
	March 31, 2023	March 31, 2022
EXPENSES
Advertising and promotion	$	73,880	24,342
Consulting fees (Note 8)		14,000	28,000
Depreciation (Note 4)		15,283	-
Filing and transfer agent		27,267	30,776
Foreign exchange loss		33,982	40,182
Insurance		27,107	26,041
Interest (Note 6)		3,598	-
Office and miscellaneous		42,128	32,046
Professional fees		81,502	32,868
Rent		22,911	10,090
Salaries, wages and benefits (Note 8)		154,412	139,111
Share-based compensation (Notes 7 and 8)		74,626	134,756
Travel		38,239	-

Net loss before other items		(608,935)		(498,212)
OTHER ITEMS
Interest income		58,686		16,209
Other income		7,500		-
Gain (loss) on marketable securities (Note 3)		(40,000)		24,305
Net loss and comprehensive loss	$	(582,749)	$	(457,698)
Basic and diluted loss per share	$	(0.01)	$	(0.01)
Weighted average number of common shares outstanding
Basic and diluted		73,370,210		73,020,210

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

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HIGHGOLD MINING INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

(Expressed in Canadian dollars) (Unaudited)

	Share Capital		Share
				subscriptions
	Number of				received in	Contributed
	shares		Amount		advance		surplus		Deficit		Total
As at December 31, 2021	73,020,210	$	63,139,804	$	-	$	2,311,974	$	(4,088,157)	$	61,363,621
Share-based compensation	-		-		-		232,911		-		232,911
Net loss for the period	-		-		-		-		(457,698)		(457,698)
As at March 31, 2022	73,020,210	$	63,139,804	$	-	$	2,544,885	$	(4,545,855)	$	61,138,834
Shares issued for exploration and evaluation assets	350,000		263,300		-		-		-		263,300
Share-based compensation	-		-		-		823,974		-		823,974
Net loss for the period	-		-		-		-		(1,043,291)		(1,043,291)
As at December 31, 2022	73,370,210	$	63,403,104	$	-	$	3,368,859	$	(5,589,146)	$	61,182,817
Share subscriptions received in advance	-		-		20,000		-		-		20,000
Share-based compensation	-		-		-		164,495		-		164,495
Net loss for the period	-		-		-		-		(582,749)		(582,749)
As at March 31, 2023	73,370,210	$	63,403,104	$	20,000	$	3,533,354	$	(6,171,895)	$	60,784,563

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

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