Triumph Gold : Quarterly Report

TRIUMPH GOLD CORP.

(An Exploration Stage Corporation)

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2021

(Unaudited - Prepared by Management)

(Expressed in Canadian dollars)

NOTICE OF NO AUDITOR REVIEW OF INTERIM CONSOLIDATED FINANCIAL STATEMENTS

In accordance with National Instrument 51-102, Part 4, subsection 4.3 (3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements. The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements by an entity's auditor.

VANCOUVER, BC

November 29, 2021

TRIUMPH GOLD CORP.

(An Exploration Stage Corporation)

Condensed Consolidated Statements of Financial Position (Unaudited - Prepared by Management)

(Expressed in Canadian dollars)

As at	September 30, 2021	December 31, 2020
	(Unaudited)	(Audited)
ASSETS	$	$
Current assets

Cash and cash equivalents

Trade and other receivables

Prepayments and deposits

Non-current assets Right-of-useassets (note 6) Property and equipment (note 3) Investment in equities

Exploration and evaluation assets (note 4)

Total assets

LIABILITIES

Current liabilities

Trade and other payables (note 7)

Lease liabilities (note 6)

Non-current liabilities

Lease liabilities (note 6)

Reclamation provision (note 4)

Total liabilities

SHAREHOLDERS' EQUITY

Share capital (note 5)

Reserve (note 5)

Deficit

Total shareholders' equity and liabilities

Nature and continuance of operations (note 1) Commitments and contingency (note 6)

144,675	4,268,216
80,591	14,828
244,653	175,501
469,919	4,458,545
127,157	199,450
39,370	19,711
1	1
3,576,690	3,289,816
3,743,218	3,508,978
4,213,137	7,967,523
630,420	204,600
92,726	92,250
723,146	296,850
37,250	106,219
50,000	50,000
810,396	453,069
72,870,002	72,645,002
8,684,033	8,619,380
( 78,151,294)	( 73,749,928)
3,402,741	7,514,454
4,213,137	7,967,523

Approved on behalf of the board:
"John Anderson"		"Gregory Sparks"
John Anderson		Gregory Sparks
Director		Director

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

TRIUMPH GOLD CORP.

(An Exploration Stage Corporation)

Condensed Consolidated Statements of Loss and Comprehensive Loss (Unaudited - Prepared by Management)

(Expressed in Canadian dollars)

3 months ended	9 months ended
September 30,	September 30,	September 30,	September 30,
2021	2020	2021	2020
$	$	$	$

Expenses

Administrative expenses Corporate communications Depreciation (notes 3 and 6) Exploration expenditures (notes 4 and 7) Interest (note 6)

Listing and filing fees Professional fees (note 7) Property investigation Share-based payments (notes 5 and 7) Wages and salaries (note 7)

Other items

Interest and other income Other income (note 4)

Write-off of trade payable (note 7) Flow-through share premium reversal (note 5)

Total other items

Net and comprehensive loss for the period

Loss per share - basic and diluted

Weighted average number of shares outstanding - basic and diluted

38,994	45,491	152,960	143,932
244,082	120,970	897,778	710,207
28,473	5,659	83,427	39,333
1,860,793	843,728	2,733,960	1,112,060
2,738	733	9,582	1,243
4,946	4,333	27,773	25,044
44,611	294,561	154,117	412,752
10,361	-	10,361	-
2,723	1,326,040	101,115	1,560,442
101,878	238,334	310,960	470,059
( 2,339,599)	( 2,879,849)	( 4,482,033)	( 4,475,072)
4,195	2,407	4,205	7,155
-	50,000	-	50,000
-	-	40,000	-
-	135,679	-	203,874
4,195	188,086	44,205	261,029
( 2,335,404)	( 2,691,763)	( 4,437,828)	( 4,214,043)
($0.02)	($0.02)	($0.03)	($0.04)
138,844,229	130,272,533	138,574,082	113,197,821

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

TRIUMPH GOLD CORP.

(An Exploration Stage Corporation)

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited - Prepared by Management)

(Expressed in Canadian dollars)

						Total
	Number of	Share	Obligation to			Shareholders'
	Shares	Capital	issue shares	Reserve	Deficit	Equity
		$	$	$	$	$
Balance, December 31, 2019	98,445,253	66,077,019	-	6,807,217	( 68,719,370)	4,164,866
Share issuance (note 5)	31,598,500	6,319,700	-	-	-	6,319,700
Share issuance costs (note 5)	-	( 463,250)		150,024	-	( 313,226)
Warrants exercised (note 5)	6,865,476	617,893	-	-	-	617,893
Obligation to issue shares (note 5)	-	-	137,000	-	-	137,000
Share-based payments (note 5)	-	-	-	1,560,442	-	1,560,442
Loss for the period	-	-	-	-	( 4,214,043)	( 4,214,043)
Balance, September 30, 2020	136,909,229	72,551,362	137,000	8,517,683	( 72,933,413)	8,272,632
Share issuance (note 5)	685,000	137,000	( 137,000)	-	-	-
Share issuance costs (note 5)	-	( 43,360)	-	-	-	( 43,360)
Share-based payments (note 5)	-	-	-	101,697	-	101,697
Loss for the period	-	-	-	-	( 816,515)	( 816,515)
Balance, December 31, 2020	137,594,229	72,645,002	-	8,619,380	( 73,749,928)	7,514,454
Share issuance (notes 4, 5)	1,250,000	225,000	-	-	-	225,000
Warrants expired (note 5)	-	-	-	( 36,462)	36,462	-
Share-based payments (note 5)	-	-	-	101,115	-	101,115
Loss for the period	-	-	-	-	( 4,437,828)	( 4,437,828)
Balance, September 30, 2021	138,844,229	72,870,002	-	8,684,033	( 78,151,294)	3,402,741

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