UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS

Six months ended August 31, 2021

The attached unaudited condensed interim financial statements have been prepared by Management of

Sphinx Resources Ltd. and have not been reviewed by the auditors

SPHINX RESOURCES LTD.

Statements of Financial Position

As at August 31, 2021 and February 28, 2021

(Unaudited, in Canadian Dollars)

August 31,

February 28,

Notes

2021

2021

ASSETS

$

$

Current assets

2

Cash and cash equivalent

67,544

104,568

Accounts receivable

-

10,000

Sales tax receivables

4,958

7,248

Tax credits receivable

23,499

105,793

Listed shares

21,000

20,500

Prepaid expenses

15,622

6,382

TOTAL ASSETS

132,623

254,491

LIABILITIES AND EQUITY

Current liabilities

Trade and other payables

198,931

154,742

Deferred governmental grant

-

11,104

Loans - current portion

15,017

7,177

Total current liabilities

213,948

173,023

Non-current liabilities

3

Loans

57,953

60,647

Total liabilities

271,901

233,670

Equity

Capital stock

62,071,540

61,921,540

Warrants

306,114

306,114

Contributed surplus

12,161,867

12,144,338

Deficit

(74,678,799)

(74,351,171)

Total equity

(139,278)

20,821

TOTAL LIABILITIES AND EQUITY

132,623

254,491

Going concern

1

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

- 2 -

SPHINX RESOURCES LTD.

Statements of Loss and Comprehensive Loss

Six months ended August 31, 2021 and 2020

(Unaudited, in Canadian Dollars)

Three months

Six months

ended August 31,

ended August 31,

Notes

2021

2020

2021

2020

Revenues

$

$

$

$

Project management fees

-

8

9

95

Expenses

6

Exploration and evaluation expenditures

(10,352)

(156,331)

(171,300)

(161,243)

General and administrative

7

(83,724)

(66,815)

(152,496)

(145,189)

Operating loss

(94,076)

(223,138)

(323,787)

(306,337)

Other income (expenses)

3

Finance costs

(2,668)

(1,930)

(5,271)

(2,182)

Change in fair value - listed shares

-

(17,153)

500

4,184

Loss before income taxes

(96,744)

(242,221)

(328,558)

(304,335)

Current tax recovery

216

2,620

930

2,970

Flow-through share premium

-

5,568

-

5,568

Loss and comprehensive loss for the period

(96,528)

(234,033)

(327,628)

(295,797)

Weighted average number of common shares

outstanding - basic and diluted

166,459,261

128,288,382

165,154,913

127,224,886

Basic and diluted loss per common share

(0.001)

(0.002)

(0.002)

(0.002)

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

- 3 -

SPHINX RESOURCES LTD.

Statements of Changes in Equity

Six months ended August 31, 2021 and 2020

(Unaudited, in Canadian Dollars)

Common

Shares

Capital

Contributed

Total

Notes

Number

Stock

Warrant

Surplus

Deficit

Equity

$

$

$

$

$

Balance at February 29, 2020

126,184,261

61,507,812

104,894

12,118,599

(73,799,220)

(67,915)

Shares issued for:

4

Private placements

2,275,000

47,297

20,953

-

-

68,250

Private placements - flow-through

4

300,000

13,191

1,809

-

-

15,000

Flow-through premium

4

-

(6,000)

-

-

-

(8,500)

Issuance costs

-

(4,028)

(1,686)

-

-

(5,533)

Share-based payment

-

-

-

9,590

-

9,590

Loss and comprehensive loss

-

-

-

-

(295,797)

(295,797)

Balance at August 31, 2020

128,759,261

61,558,272

125,970

12,128,189

(74,095,017)

(282,586)

Balance at February 28, 2021

158,959,261

61,921,540

306,114

12,144,338

(74,351,171)

20,821

Share issued for:

Project acquisition

7,500,000

150,000

-

-

-

150,000

Share-based payment

-

-

-

17,529

-

17,529

Loss and comprehensive loss

-

-

-

-

(327,628)

(327,628)

Balance at August 31, 2021

166,459,261

62,071,540

306,114

12,161,867

(74,678,799)

(139,278)

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

- 4 -

SPHINX RESOURCES LTD.

Statements of Cash Flows

Six months ended August 31, 2021 and 2020

(Unaudited, in Canadian Dollars)

Six months

ended August 31,

Notes

2021

2020

$

$

Operating activities

Loss for the period

(327,628)

(295,797)

Adjustments for:

Share-based payments

17,529

9,590

Shares issued for project acquisition

150,000

-

Governmental grants

3

(11,104)

(30,861)

Finance cost loans

5,271

2,182

Change in fair value - listed shares

(500)

(16,857)

Flow-through shares premium

-

(5,568)

Changes in non-cash working capital items

(166,432)

(337,311)

Accounts receivable

10,000

1,888

Sales tax receivable

2,290

22,477

Tax credits receivable

82,294

(17,407)

Prepaid expenses

(9,240)

(5,232)

Trade and other payables

44,189

86,099

129,533

87,825

Cash flow used in operating activities

(36,899)

(249,486)

Financing activities

Common shares issued

-

68,250

Common shares issued - flow-through

-

15,000

Issue costs

-

(6,146)

Loans received

-

90,000

Finance cost paid on loans

(125)

-

Cash flow from financing activities

(125)

167,104

Investing activities

Proceeds from disposal of listed shares

-

94,505

Cash flow from investing activities

-

94,505

Change in cash during the period

(37,024)

12,123

Cash and cash equivalents, beginning of period

104,568

44,682

Cash and cash equivalents, end of period

67,544

56,805

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

- 5 -

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Sphinx Resources Ltd. published this content on 22 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2021 12:01:39 UTC.