Kingman Minerals : Interim Financial Report - Kingman Minerals Ltd. - Interim Financial Statement

KINGMAN MINERALS LTD.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED MARCH 31, 2022 AND 2021

(Unaudited - Expressed in Canadian Dollars)

Notice of No Auditor Review

These unaudited consolidated interim financial statements of Kingman Minerals Ltd. (the "Company") have not been reviewed by the auditors of the Company. This notice is being provided in accordance with Section 4.3 (3) (a) of National Instrument 51-102 - Continuous Disclosure Obligations.

KINGMAN MINERALS LTD.

Consolidated Interim Statements of Financial Position

(Unaudited - Expressed in Canadian Dollars)

		March 31	September 30
		2022		2021
ASSETS
Current assets
Cash	$	101,666	$	166,214
GST recoverable		12,783		7,896
Prepaid expenses		1,498		12,489
		115,947		186,599
Mineral properties (note 3)		1,684,392		1,227,306
	$	1,800,339	$	1,413,905
LIABILITIES
Current liabilities
Accounts payable (note 5)	$	127,450	$	141,321
Accrued liabilities (note 5)		210,290		15,000
		337,740		156,321
SHAREHOLDERS' EQUITY
Share capital (note 4)		8,051,902		7,467,840
Reserves (note 4)		1,387,747		1,313,114
Deficit		(7,977,050)		(7,523,370)
		1,462,599		1,257,584
	$	1,800,339	$	1,413,905
Nature and continuance of operations (note 1)
Going concern (note 2(b))

Approved on behalf of the Board:

Director	"Arthur Brown"
	Arthur Brown, Director
Director	"Peter Born"
	Peter Born, Director

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

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KINGMAN MINERALS LTD.

Consolidated Interim Statements of Comprehensive Loss

(Unaudited - Expressed in Canadian Dollars)

		Three months ended		Six months ended
		March 31		March 31
		2022		2021		2022		2021
EXPENSES
Claims maintenance and property costs	$	-	$	15,353	$	-	$	15,353
Corporate communications		475		319,748		198,535		319,034
Filing and transfer agent fees		14,684		42,610		25,143		43,480
Management and consulting fees (note 5)		112,500		343,892		225,000		468,752
Office and general		7,878		19,452		15,605		26,831
Professional fees (recovery)		6,182		3,589		(10,603)		4,539
Rent		-		17,032		-		17,032
Share-based compensation (note 4)		-		755,342		-		755,342
Travel		-		1,834		-		1,834
Loss before other item		(141,719)		(1,518,852)		(453,680)		(1,652,197)
Other item
Gain on debt settlement (note 5)		-		28,595		-		28,595
		-		28,595		-		28,595
Net loss and comprehensive loss	$	(141,719)	$	(1,490,257)	$	(453,680)	$	(1,623,602)
Basic and diluted loss per share	$	(0.00)	$	(0.03)	$	(0.01)	$	(0.05)
Weighted average number of common shares outstanding	69,353,013		45,361,656	63,115,156		34,215,228

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

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KINGMAN MINERALS LTD.

Consolidated Interim Statements of Cash Flow

(Unaudited - Expressed in Canadian Dollars)

		Six months ended
		March 31
		2022		2021
Cash provided by (used in):
Operating activities
Net loss for the period	$	(453,680)	$	(1,623,602)
Add items not involving cash:
Share-based compensation		-		755,342
Gain on debt settlement		-		(28,595)
Non-cash working capital items
GST recoverable		(4,887)		(11,727)
Prepaid expenses		10,991		-
Accounts payable and accrued liabilities		181,419		(235,172)
Net cash used in operating activities		(266,157)		(1,143,754)
Investing activities
Exploration and acquisition expenditures		(457,086)		(641,658)
Net cash used in investing activities		(457,086)		(641,658)
Financing activities
Proceeds from issuance of common shares		692,250		2,022,875
Proceeds from share purchase warrants exercised		-		412,683
Share subscriptions advanced		-		36,000
Share issue costs		(33,555)		(104,960)
Net cash provided by financing activities		658,695		2,366,598
Change in cash during the period		(64,548)		581,186
Cash, beginning of the period		166,214		93,229
Cash, end of the period	$	101,666	$	674,415

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

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KINGMAN MINERALS LTD.

Consolidated Interim Statements of Changes in Equity

(Unaudited - Expressed in Canadian Dollars)

				Share-based
	Number of				Payment
	Shares	Share Capital		Reserve		Deficit		Total
Balance at October 1, 2020	23,311,118	$	4,977,875	$	574,535	$	(5,333,270)	$	219,140
Private placement of shares (note 4)	25,840,784		2,022,875		-		-		2,022,875
Share issuance costs (note 4)	-		(104,960)		-		-		(104,960)
Exercise of warrants @ $0.09 (note 4)	4,585,370		412,683		-		-		412,683
Share based compensation	-		-		755,342		-		755,342
Net and comprehensive loss	-		-		-		(1,623,602)		(1,623,602)
Balance at March 31, 2021	53,737,272		7,308,473		1,329,877		(6,956,872)		1,681,478
Balance at October 1, 2021	55,508,013		7,467,840		1,313,114		(7,523,370)		1,257,584
Private placement of shares (note 4)	13,845,000		623,025		69,225		-		692,250
Share issuance costs (note 4)	-		(38,963)		5,408		-		(33,555)
Net and comprehensive loss	-		-		-		(453,680)		(453,680)
Balance at March 31, 2022	69,353,013	$	8,051,902	$	1,387,747	$	(7,977,050)	$	1,462,599

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

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