Tower Resources : Financial Statements

CONDENSED INTERIM FINANCIAL STATEMENTS

For the Three Months Ended January 31, 2023

(Expressed in Canadian Dollars - Unaudited)

TOWER RESOURCES LTD.

INDEX TO CONDENSED INTERIM FINANCIAL STATEMENTS (Expressed in Canadian Dollars)

	PAGE(S)
CONTENTS
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS	3
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION	4
CONDENSED INTERIM STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)	5
CONDENSED INTERIM STATEMENTS OF CASH FLOWS	6
CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY	7
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS	8 - 19

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NOTICE OF NO AUDITOR REVIEW OF

CONDENSED 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 interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.

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

The accompanying condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

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TOWER RESOURCES LTD.

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

	January 31,		October 31,
	2023		2022
	$	$
ASSETS
Current
Cash	1,542,223	1,369,904
Receivables (Note 4)	16,930	24,470
Marketable securities (Note 5)	39,157	5,938
Prepaid expenses and deposits	12,669		19,340
	1,610,979	1,419,652
Equipment (Note 6)	1,148	1,208
Exploration and evaluation assets (Note 7)	6,694,137	6,614,323
Reclamation bonds (Note 8)	80,000		80,000
	8,386,264	8,115,183
LIABILITIES
Current
Accounts payable and accrued liabilities (Notes 9 and 11)	92,274	434,625
Flow-through share premium (Note 10)	233,118		-
	325,392	434,625
SHAREHOLDERS' EQUITY
Share capital (Note 10)	21,781,087	21,339,369
Reserves (Note 10)	997,033	926,166
Deficit	(14,717,248)		(14,584,977)
	8,060,872		7,680,558
	8,386,264	8,115,183

NATURE OF OPERATIONS AND GOING CONCERN (Note 1)

SUBSEQUENT EVENT (Note 16)

Approved and authorized on behalf of the Board:

/s/ "Joe Dhami"	/s/ "Gerald Shields"
Joe Dhami, Director	Gerald Shields, Director

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

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TOWER RESOURCES LTD.

CONDENSED INTERIM STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (Expressed in Canadian Dollars - Unaudited)

	For the three months ended
	January 31,
	2023			2022
	$			$
Expenses
Accounting and audit fees (Note 11)	7,500			7,100
Depreciation (Note 6)	60			76
Investor relations	13,000			-
Management fees (Note 11)	27,500			22,500
Office and miscellaneous	24,003			21,880
Share-based compensation (Notes 10 and 11)	90,368			22,257
Transfer agent and filing fees	3,889			3,716
	(166,320)			(77,529)
Interest income	615			62
Recognition of flow-through premium (Note 10)	215			100,771
Recovery on exploration and evaluation assets
previously written off (Note 7)	35,000			-
Unrealized loss on marketable securities (Note 5)	(1,781)			(10,500)
Income (loss) and comprehensive income (loss)
for the period	(132,271)			12,804
Basic and diluted income (loss) per share	(0.00)			0.00
Weighted average number of common
shares outstanding - basic and diluted	139,892,850			130,062,733

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

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