West Red Lake Gold Mines : Annual Report

West Red Lake Gold Mines Inc.

Financial Statements

(Expressed in Canadian Dollars)

Years Ended September 30, 2021 and 2020

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying financial statements of West Red Lake Gold Mines Inc. (the "Company" or "West Red Lake") are the responsibility of the management and Board of Directors of the Company.

The financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the financial statements have been prepared within acceptable limits of materiality and are in accordance with all applicable International Financial Reporting Standards.

Management has established processes, which are in place to provide them sufficient knowledge to support management representations that they have exercised reasonable diligence that (i) the financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of and for the periods presented by the financial statements and (ii) the financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the years presented by the financial statements.

The Board of Directors is responsible for ensuring that management fulfills its financial reporting responsibilities and for reviewing and approving the financial statements together with other financial information. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the internal controls over the financial reporting process and the financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

(signed)	(signed)
Thomas W. Meredith	John Kontak
Executive Chairman, acting as Chief Executive Officer	President, acting as Chief Financial Officer
January 25, 2022
Toronto, Canada

West Red Lake Gold Mines Inc.

Statements of Financial Position

(Expressed in Canadian Dollars)

		September 30, September 30,
As at			2021		2020
Assets
Current assets		$	50,861
Cash and cash equivalents		$	1,948,177
Amounts receivable			27,008		60,243
Prepaid expenses and deposits			17,427		44,824
			95,296		2,053,244
Property and equipment (Note 6)			13,045		17,131
Right-of-use-asset (Note 7)			35,607		45,102
Exploration and evaluation costs (Note 8)		15,263,007		13,543,978
		$	15,406,955	$	15,659,455
Liabilities
Current liabilities		$	159,383
Accounts payable and accrued liabilities (Note 13)	$	121,336
Current portion of lease liability (Note 9)		37,251		7,583
Deferred premium on flow-through shares (Note 10(b))		-		97,814
			196,634		226,733
Lease liability (Note 9)			-		37,251
Deferred income tax liabilities (Note 15)		666,576		474,700
			863,210		738,684
Shareholders' Equity			28,625,700
Share capital (Note 10)				28,083,098
Reserves			10,053,715		9,389,061
Deficit			(24,135,670)		(22,551,388)
			14,543,745		14,920,771
		$	15,406,955	$	15,659,455
Nature of operations and going concern (Note 1)
Commitment and contingencies (Note 14)
Subsequent events (Note 16)
Approved by the Board:
signed "Michael Dehn"	, Director
signed "Daniel Crandall"	, Director

The accompanying notes are an integral part of these financial statements

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