TriStar Gold : CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

TRISTAR GOLD, INC.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited)

(Expressed in United States Dollars)

For the three and nine month periods ended September 30, 2022 and 2021

Reader's Note: These condensed consolidated interim financial statements for the three and nine month periods ended September 30, 2022 and 2021 of TriStar Gold, Inc. have been prepared by management and have not been reviewed by the Company's auditor.

TriStar Gold, Inc.

Condensed Consolidated Interim Statements of Financial Position

(Unaudited)

(Expressed in United States Dollars)

	September 30, 2022	December 31, 2021
Assets
Current assets:
Cash and cash equivalents (Note 6)	$	6,064,155	$	5,374,505
Accounts receivable		25,418		93,191
Prepaid expenses		131,476		130,372
Total current assets		6,221,049		5,598,068
Non-current assets:
Mineral properties and deferred expenditures (Note 7)		23,552,141		21,936,623
Plant and equipment, net (Note 8)		6,923		15,456
Total non-current assets		23,559,064		21,952,079
Total assets	$	29,780,113	$	27,550,147

Liabilities and Shareholders' equity

Current liabilities:

Accounts payable and accrued liabilities Total current liabilities

Non-current liabilities: Provisions (Note 9) Warrants liability (Note 10)

Total non-current liabilities Total liabilities

$ 254,922 $ 342,430

254,922342,430

221,288221,945

589,7541,352,144

811,0421,574,089

1,065,9641,916,519

Shareholders' equity:
Share capital (Note 11)	55,922,758		52,458,802
Capital reserve (Note 11, Note 13, Note 14 and Note 17)	3,927,389		3,927,389
Accumulated deficit	(31,135,998)		(30,752,563)
Total shareholders' equity	28,714,149		25,633,628
Total liabilities and shareholders' equity	$ 29,780,113	$	27,550,147
Nature of Operations and Going Concern (Note 2)
Commitments and Contingencies (Note 18)
Approved on behalf of the Board of Directors.	Director: "Mark E. Jones, III"
	Director: "Nicholas Appleyard"

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

TriStar Gold, Inc.

Condensed Consolidated Interim Statements of Comprehensive Income (Loss)

(Unaudited)

(Expressed in United States Dollars)
		Three months ended		Nine months ended
	September 30,	September 30,	September 30,	September 30,
		2022		2021		2022		2021
Expenses:
General and administrative (Note 8, Note 9, Note 14,	$	322,349	$	296,208	$	1,150,614	$	1,273,991
Note 15 and Note 17)
Foreign exchange (gain) losses		372,050		78,641		524,402		(35,861)
		694,399		374,849		1,675,016		1,238,130
Other income (expenses):
Warrants liability fair value change (Note 10)		207,106		(385,631)		1,252,608		73,392
Bank charges		(1,471)		(1,393)		(4,528)		(4,700)
Interest income		26,600		1,893		43,501		9,358
		232,235		(385,131)		1,291,581		78,050
Net loss and comprehensive loss for the period	$	(462,164)	$	(759,980)	$	(383,435)	$	(1,160,080)
Basic and diluted loss per share (Note 16)
$	(0.00)	$	(0.00)	$	(0.00)	$	(0.00)
Basic and diluted weighted-average number of
shares outstanding (Note 16)	255,128,672	229,960,372	245,604,862	229,932,625

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

TriStar Gold, Inc.

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity

(Unaudited)

(Expressed in United States Dollars)

				Deficit and
				Accumulated
	Common Shares		Other	Total
	Capital	Comprehensive	Shareholders'
	Number	Amount	Reserve	Loss	Equity
Balance at December 31, 2021	230,128,672	$ 52,458,802	$ 3,927,389	$ (30,752,563)	$ 25,633,628
Shares issued on financing, net of share issue cost (Note 11)	25,000,000	3,463,956	-	-	3,463,956
Net loss and comprehensive loss for the period	-	-	-	(383,435)	(383,435)
Balance at September 30, 2022	255,128,672	$ 55,922,758	$ 3,927,389	$ (31,135,998)	$ 28,714,149

				Deficit and
				Accumulated
	Common Shares			Other		Total
	Capital	Comprehensive	Shareholders'
	Number	Amount	Reserve		Loss		Equity
Balance at December 31, 2020	229,685,372	$ 52,356,302	$ 3,864,330	$	(30,960,470)	$	25,260,162
Shares issued on exercise of warrants (Note 10)	275,000	56,669	-		-		56,669
Stock-based compensation (Note 13, Note 14 and Note 17)	-	-	81,783		-		81,783
Net loss and comprehensive loss for the period	-	-	-		(1,160,080)		(1,160,080)
Balance at September 30, 2021	229,960,372	$ 52,412,971	$ 3,946,113	$	(32,120,550)	$	24,238,534

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

TriStar Gold, Inc.

Condensed Consolidated Interim Statements of Cash Flows

(Unaudited)

(Expressed in United States Dollars)
	For the three months ended	For the nine months ended
	September 30,	September 30,	September 30,	September 30,
		2022	2021	2022	2021
Operating activities
Net loss for the period	$	(462,164)	$ (759,980)	$ (383,435)	$ (1,160,080)
Adjustments to reconcile net loss to net cash provided by (used
in) operating activities:
Depreciation (Note 8 and Note 15)		500	345	1,500	1,135
Stock-based compensation (Note 13, Note 14 and Note 17)		-	-	-	81,783
Warrants liability fair value change (Note 10)		(207,106)	385,631	(1,252,608)	(73,392)
Changes in non-cash operating working capital:
Accounts receivable		3,421	4,988	67,773	15,861
Prepaid expenses		(24,396)	(8,497)	(1,103)	16,694
Accounts payable and accrued liabilities		130,994	(19,281)	(87,510)	(295,103)
Provisions (Note 9)		(10,498)	(22,942)	(657)	(1,322)
Net cash used in operating activities		(569,249)	(419,736)	(1,656,040)	(1,414,424)
Investing activities

Mineral properties acquisition and exploration (Note 7) Purchase of equipment (Note 8)

Net cash used in investing activities

Financing activities

Net proceeds from financing (Note 11)

Net proceeds from exercise of warrants (Note 10) Net cash provided by financing activities

Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period

(861,466)		(798,127)	(1,606,058)		(2,410,895)
-		(2,971)	(2,428)		(13,922)
(861,466)		(801,098)	(1,608,486)		(2,424,817)
-		-	3,954,176		-
-		-	-		53,752
-		-	3,954,176		53,752
(1,430,715)		(1,220,834)	689,650		(3,785,489)
7,494,870		7,457,935	5,374,505		10,022,590
$ 6,064,155	$	6,237,101	$ 6,064,155	$	6,237,101

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