Golden Lake Exploration : Q2 Financials May 31, 2022

GOLDEN LAKE EXPLORATION INC.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTH PERIOD ENDED MAY 31, 2022

(Expressed in Canadian Dollars)

(Unaudited - Prepared by Management)

Notice of No Auditor Review of Interim Financial Statements

The accompanying unaudited financial statements have been prepared by management and approved by the Audit Committee.

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

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GOLDEN LAKE EXPLORATION INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian Dollars)

(Unaudited - Prepared by Management)

		May 31,		November 30,
		2022		2021
ASSETS
CURRENT
Cash	$	3,049,080	$	5,541,732
Amounts receivable		16,474		25,474
Prepaids		136,510		80,076
		3,202,064		5,647,282
Reclamation (Note 4)		25,358		16,883
Exploration and evaluation assets (Note 4)		9,012,352		6,584,029
	$	12,239,774	$	12,248,194
LIABILITIES
CURRENT
Accounts payable and accrued liabilities (Note 6)	$	478,261	$	105,703
EQUITY
Share capital (Note 5)		14,338,434		14,296,434
Contributed surplus (Note 5)		1,486,045		1,345,545
Deficit		(4,062,966)		(3,499,488)
		11,761,513		12,142,491
	$	12,239,774	$	12,248,194

NATURE OF BUSINESS AND CONTINUING OPERATIONS (Note 1)

Approved and authorized for issue on behalf of the Board on July 27, 2022.

"Michael England"	Director
"John Masters"	CFO

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

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GOLDEN LAKE EXPLORATION INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars)

(Unaudited - Prepared by Management)

		Three months ended		Six months ended
		May 31,		May 31,		May 31,		May 31,
		2022		2021		2022		2021
EXPENSES
Advertising and promotion	$	41,907	$	110,618	$	61,657	$	153,839
Consulting fees		50,000		166,825		115,683		196,340
Management fees (Note 6)		45,000		55,000		90,000		100,000
Office and miscellaneous		52,049		8,033		62,219		10,665
Professional fees		46,934		65,010		65,496		76,856
Share-based payments (Notes 5 and 6)		7,400		914,000		140,500		914,000
Transfer agent and filing fees		10,540		18,291		21,753		26,244
Travel		13,776		3,668		14,450		7,988
LOSS BEFORE OTHER ITEM		(267,606)		(1,341,445)		(571,758)		(1,485,932)
OTHER ITEM
Other income		3,314		6,575		8,280		6,575
NET LOSS AND COMPREHENSIVE
LOSS	$	(264,292)	$	(1,334,870)	$	(563,478)	$	(1,479,357)
LOSS PER SHARE (basic and diluted)	$	(0.00)	$	(0.02)	$	(0.01)	$	(0.03)
WEIGHTED AVERAGE NUMBER OF
COMMON SHARE OUTSTANDING		63,537,731		58,469,538		63,367,402		46,621,861

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

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GOLDEN LAKE EXPLORATION INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Expressed in Canadian Dollars)

(Unaudited - Prepared by Management)

	Common Shares
	Number of Shares		Amount	Contributed Surplus		Deficit		Total
Balance, November 30, 2020	34,697,668	$	3,653,743	$	299,451	$	(1,646,034)	$	2,307,160
Exercise of options	825,000		267,751		(100,501)		-		167,250
Exercise of warrants	1,739,000		288,555		(5,155)		-		283,400
Private placement	22,345,404		10,055,432		-		-		10,055,432
Share issuance costs - cash	-		(407,297)		-		-		(407,297)
Share issuance costs - warrants	-		(246,200)		246,200		-		-
Share-based payments	-		-		914,000		-		914,000
Net loss for the period	-		-		-		(1,479,357)		(1,479,357)
Balance, May 31, 2021	59,607,072		13,611,984		1,353,995		(3,125,391)		11,840,588
Exercise of options	250,000		29,450		(8,450)		-		21,000
Exercise of warrants	240,000		92,500		-		-		92,500
Shares issued for mineral properties	3,100,000		562,500		-		-		562,500
Net loss for the period	-		-		-		(374,097)		(374,097)
Balance, November 30, 2021	63,197,072		14,296,434		1,345,545		(3,499,488)		12,142,491
Shares issued for mineral properties	300,000		42,000		-		-		42,000
Share-based payments	-		-		140,500		-		140,500
Net loss for the period	-		-		-		(563,478)		(563,478)
Balance, May 31, 2022	63,497,072	$	14,338,434	$	1,486,045	$	(4,062,966)	$	11,761,513

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

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