GGX GOLD CORP.

(formerly Revolver Resources Inc.)

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021

Condensed Interim Financial Statements

(Expressed in Canadian Dollars)

  • Notice of No Auditor Review of Interim Financial Statements
  • Condensed Interim Statements of Financial Position
  • Condensed Interim Statements of Changes in
    Shareholders' Equity
  • Condensed Interim Statements of Comprehensive Loss
  • Condensed Interim Statements of Cash Flows
  • Notes to the Condensed Interim Financial Statements

1

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3), if an auditor has not performed a review of the 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 interim condensed financial statements of GGX Gold Corp (formerly Revolver Resources Inc.) for the period ended December 31, 2021 have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company and are the responsibility of the Company's management.

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

2

GGX GOLD CORP.

(formerly Revolver Resources Inc.)

Condensed Interim Statements of Financial Position

(Expressed in Canadian Dollars) (Unaudited)

December 31,

June 30,

Note

2021

2021

$

$

ASSETS

CURRENT

Cash

4,517

8,426

GST Recoverable

9,214

16,492

Marketable Securities

4

4,370

36,320

NON-CURRENT

18,101

61,238

Investments

5

48,246

604,480

Property and Equipment

6

17,377

20,151

Reclamation Bond

8

21,500

21,500

105,224

707,369

LIABILITIES

CURRENT

Accounts Payable and Accrued Liabilities

988,856

773,464

Loan Payable

330,724

-

Due to Related Party

10

89,082

89,082

1,408,662

862,546

SHAREHOLDERS' EQUITY (DEFICIENCY)

Share Capital

9

10,690,019

10,690,019

Share Subscription Received

10,000

10,000

Stock Options Reserve

518,573

673,083

Share Purchase Warrants Reserve

41,724

41,724

Deficit

(12,563,754)

(11,570,003)

(1,303,438)

(155,177)

105,224

707,369

Nature of Business and Ability to Continue as a Going Concern (Note 1)

The accompanying notes form an integral party of these financial statements

Approved on Behalf of the Board:

"Barry Brown"

"Scott Kent"

Barry Brown, Director

Scott Kent, Director

3

GGX GOLD CORP.

(formerly Revolver Resources Inc.)

Condensed Interim Statements of Changes in Shareholders' Equity

(Expressed in Canadian Dollars) (Unaudited)

Share

Total

Number of

Share

Stock

Purchase

Shareholders'

Common

Share

Subscription

Options

Warrants

Equity

Shares

Capital

Received

Reserve

Reserve

Deficit

(Deficiency)

$

$

$

$

$

$

Balance, June 30, 2020

25,451,768

9,764,346

-

618,612

83,815

(11,090,004)

(623,231)

Shares Issued for Cash

9(b)

5,052,500

638,400

-

-

-

-

638,400

Shares Issued on Exercise of Warrants

9(b)

62,500

28,125

-

-

-

-

28,125

Share Issuance Costs

-

(31,224)

-

-

-

-

(31,224)

Fair Value of Agents' Warrants Issued

-

(7,378)

-

-

7,378

-

-

Fair Value of Agents' Warrants Expired

-

-

-

-

(23,455)

23,455

-

Share-Based Compensation

-

-

-

63,870

-

-

63,870

Net Comprehensive Loss

-

-

-

-

-

(907,534)

(907,534)

Balance, December 31, 2020

30,566,768

10,392,269

-

682,482

67,738

(11,974,083)

(831,594)

Balance, June 30, 2021

32,617,348

10,690,019

10,000

673,083

41,724

(11,570,003)

(155,177)

Fair Value of Options Expired

9(e)

-

-

-

(154,510)

-

154,510

-

Net Comprehensive Loss

-

-

-

-

-

(1,148,261)

(1,148,261)

Balance, December 31, 2021

32,617,348

10,690,019

10,000

518,573

41,724

(12,563,754)

(1,303,438)

The accompanying notes form an integral party of these financial statements

4

GGX GOLD CORP.

(formerly Revolver Resources Inc.)

Condensed Interim Statements of Comprehensive Loss

(Expressed in Canadian Dollars) (Unaudited)

Three Months Ended

Six Months Ended

December 31,

December 31,

Note

2021

2020

2021

2020

$

$

$

$

EXPENSES

Advertising and Promotion

50,500

4,912

99,721

9,239

Consulting

4,400

25,200

4,400

50,200

Depreciation

6

1,387

619

2,774

1,238

Exploration and Acquisition Costs

7

25,893

735,897

282,819

1,165,560

Insurance

-

4,500

-

4,500

Interest

13,924

-

13,924

-

Management and Administration

64,500

10,500

129,000

21,000

Office and Miscellaneous

1,650

1,108

4,766

3,106

Professional Fees

1,000

16,000

10,000

25,000

Rent

10,500

10,500

21,000

21,000

Share-Based Compensation

8(f)

-

63,870

-

63,870

Transfer Agent and Regulatory Fees

19,200

6,779

23,123

9,826

LOSS BEFORE OTHER ITEMS

(192,954)

(879,885)

(591,527)

(1,374,539)

BC Mining Tax Credit

-

-

-

439,672

Gain (Loss) on the Sale of Marketable Securities

-

1,105

1,110

(6,800)

Loss on Derecognition of Investments

-

-

(519,882)

-

Investment Income

-

48,960

-

48,960

Unrealized Loss on Investments

(2,792)

-

(36,352)

-

Write-Down of Marketable Securities to Market

(1,380)

(14,070)

(1,610)

(14,827)

NET LOSS AND COMPREHENSIVE LOSS

(197,126)

(843,890)

(1,148,261)

(907,534)

Basic and Diluted Loss per share

(0.01)

(0.03)

(0.04)

(0.03)

Weighted Average Number of Common Shares Outstanding

32,617,348

28,045,137

32,617,348

27,672,025

The accompanying notes form an integral party of these financial statements

5

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GGX Gold Corp. published this content on 22 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2022 18:53:05 UTC.