Tombill Mines : Interim financial statements/report - English Q2 30.04.2022

TOMBILL MINES LIMITED

Condensed Consolidated Interim Financial Statements

For six months ended April 30, 2022 and 2021

(Unaudited, expressed in Canadian Dollars)

TOMBILL MINES LIMITED

Index	Page
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statements of Financial Position	4
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss	5
Condensed Consolidated Interim Statements of Changes in Equity (Deficit)	6-7
Condensed Consolidated Interim Statements of Cash Flows	8
Notes to the Condensed Consolidated Interim Financial Statements	9-26

- 2 -

TOMBILL MINES LIMITED

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 condensed consolidated interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management. They have been approved by the Audit Committee and Board of Directors of the Company.

The Company's independent auditor, McGovern Hurley has not performed a review of these unaudited condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of financial statements by an entity's auditors.

Tombill Mines Limited

June 15, 2022

3

Tombill Mine Limited

Condensed Consolidated Interim Statements of Loss and Comprehensive loss (Unaudited, expressed in Canadian dollars)

	Note		April 30, 2022		October 31, 2021
			(unaudited)		(Restated - see Note 4)
				(audited)
Assets
Current assets:
Cash and cash equivalents	5	$	1,879,146	$	2,280,688
Receivables	6		58,363		659,938
Prepaid expenses			75,367		104,368
			2,012,876		3,044,994
Other assets:
Equipment	9		43,879		56,057
		$	2,056,755	$	3,101,051
Liabilities and Shareholders' Equity
(Deficit)
Current liabilities:
Trade payables and accrued					1,481,589
liabilities	7	$	651,835	$
Flow-through premium liability	8		-		-
			651,835		1,481,589
Shareholders' Equity (Deficit):
Share capital	10		13,055,183		11,638,084
Reserve	10(f)		846,179		787,550
Deficit			-12,496,442		-10,806,172
			1,404,920		1,619,462
		$	2,056,755	$	3,101,051

Nature and continuance of operations (Note 1)

Subsequent event (Note 13)

The accompanying notes form an integral part of the condensed consolidated interim financial statements.

- 4 -

Tombill Mine Limited

Condensed Consolidated Interim Statements of Loss and Comprehensive loss (Unaudited, expressed in Canadian dollars)

			Three months ended April 30,		Six months ended April 30,
	Note		2022		2021		2022		2021
					(Restated -				(Restated -
					see Note 4)				see Note 4)
Expenses:
Exploration		$	448,918	$	1,184,641	$	896,631	$	1,446,504
Administrative fees			4,021		28,506		41,814		44,339
Consulting			206,583		212,556		383,408		277,928
Depreciation			6,090		149		12,178		149
Marketing			10,855		78,121		45,106		123,549
Office and miscellaneous			33,643		11,157		13,344		16,949
Professional fees			40,475		54,045		178,091		98,062
Property tax			29,906		14,382		20,775		14,649
Regulatory and transfer agent fees			17,547		21,352		39,891		25,423
Rent			-		13,559				13,559
Insurance			12,439		-		27,017		-
Share-based compensation	10(d)		(84,144)		111,432		27,800		268,838
Share-based payments			-		-		-		3,305,075
			(726,332)		(1,729,900)		(1,686,055)		(5,635,024)
LOSS BEFORE OTHER ITEMS			(726,332)		(1,729,900)		(1,686,055)		(5,635,024)
Other Items:
Interest income			2,274		2,622		3,308		4,021
Other income			-		-		-		750,000
Listing expense			(7,523)		(12,311)		(7,523)		(1,783,409)
			(5,249)		(9,689)		(4,215)		(1,029,388)
LOSS BEFORE INCOME TAXES			(731,581)		(1,739,589)		(1,690,270)		(6,664,412)
Deferred income tax recovery			-		111,966		-		135,863
NET AND COMPREHENSIVE			(731,581)		(1,627,623)
LOSS FOR THE PERIOD		$	$	$	(1,690,270)	$	(6,528,549)
Loss per common share
- basic and diluted		$	(0.005)	$	(0.011)	$	(0.011)	$	(0.049)
Weighted average number of
common shares outstanding			160,068,848				160,068,848
- basic and diluted				149,496,735			133,857,585

The accompanying notes form an integral part of the condensed consolidated interim financial statements.

- 5 -