Auric Resources Corp. — Interim / Quarterly Report 2021

May 20, 2021

RED ROCK CAPITAL CORP. Condensed Interim Financial Statements (Unaudited – Prepared by Management) (Expressed in Canadian Dollars)

For the three months ended March 31, 2021 and 2020

RED ROCK CAPITAL CORP.

(the “Company” or “Red Rock”)

CONDENSED INTERIM FINANCIAL STATEMENTS As at and for the three months ended March 31, 2021

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Management of Red Rock Capital Corp. is responsible for the preparation of the accompanying unaudited condensed interim financial statements. The unaudited condensed interim financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards for the preparation of condensed interim financial statements and are in accordance with IAS 34 – Interim Financial Reporting.

The Company’s auditor has not performed a review of these condensed interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity’s auditor.

Red Rock Capital Corp. Condensed Interim Statements of Financial Position (Unaudited – Prepared by Management) (Expressed in Canadian Dollars) As at

		March 31,		December 31,
		2021		2020
Assets
Current Assets
Cash and cash equivalents	$	661,421	$	686,007
Amounts receivable(Note 6)		7,087		7,087
Total Assets	$	668,508	$	693,094
Liabilities and Shareholders’ Equity
Current Liabilities
Accountspayable and accrued liabilities	$	8,181	$	14,148
Total liabilities		8,181		14,148
Shareholders’ Equity
Share capital (Note 5)		1,388,720		1,388,720
Share-based payment reserve (Note 5)		45,848		45,848
Contributed surplus		73,127		73,127
Deficit		(847,368)		(828,749)
		660,327		678,946
Total Liabilities and Shareholders’ Equity	$	668,508	$	693,094

Approved on May 20, 2021 on behalf of the Board:

“Aleem Nathwani” “Robert Chisholm” Aleem Nathwani – Director Robert Chisholm – Director

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

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Red Rock Capital Corp. Condensed Interim Statements of Loss and Comprehensive Loss (Unaudited – Prepared by Management) (Expressed in Canadian dollars)

	Three months	Three months	ended March 31	ended March 31
		2021		2020
Operating expenses
Consulting fees (note 6)	$	-	$	4,590
Office		15,775		4,743
Professional fees		534		3,119
Transfer agent and filingfees		2,310		2,678
Loss before other item		(18,619)		(15,130)
Other item
Interest income		-		691
Net and comprehensive loss	$	(18,619)	$	(14,439)
Weighted average number of shares outstanding		29,185,007		29,185,007
Basic and diluted net lossper share	$	**(0.00) **	$	(0.00)

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

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Red Rock Capital Corp.

Condensed Interim Statements of Changes in Equity (Unaudited – Prepared by Management)

(Expressed in Canadian dollars)

	Number of	Share Capital	Share-based	Contributed
	Shares	Amount	Payment Reserve	Surplus	Deficit	Total
Balance, January 1, 2020	31,931,007	$1,388,720	$45,848	$73,127	$ (697,428)	$810,267
Net loss	-	-	-	-	(14,439)	(14,439)
Balance, March 31, 2020	31,931,007	$ 1,388,720	$ 45,848	$ 73,127	$ (711,867)	$ 795,828
Balance, January 1, 2021	31,931,007	$ 1,388,720	$ 45,848	$ 73,127	$ (828,749)	$ 678,946
Net loss	-	-	-	-	(18,619)	(18,619)
Balance, March 31, 2021	31,931,007	$ 1,388,720	$ 45,848	$ 73,127	$(847,368)	$ 660,327

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

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Red Rock Capital Corp. Condensed Interim Statements of Cash Flows (Unaudited – Prepared by Management) (Expressed in Canadian dollars)

		Three months ended	Three months ended	Three months ended
		March		31
		2021		2020
Cash provided by (used in):
Operating Activities:
Net loss	$	(18,619)	$	(14,439)
Net change in non-cash working capital items:
Amounts receivable		-		(547)
Accountspayable and accrued liabilities		(5,967)		(470)
Cash used in operating activities		(24,586)		(15,456)
Change in cash and cash equivalents for the period		(24,586)		(15,456)
Cash and cash equivalents, beginning of theperiod		686,007		817,080
Cash and cash equivalents, end of theperiod	$	661,421	$	801,624
Supplemental information:
Interest paid	$	-	$	-
Taxespaid	$	-	$	-

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

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Red Rock Capital Corp. Notes to the Financial Statements As at and for the three months ended March 31, 2021 and 2020 (Unaudited – Prepared by Management) (Expressed in Canadian dollars)

1. NATURE AND CONTINUANCE OF OPERATIONS

Red Rock Capital Corp. (the "Company") was classified as a Capital Pool Company as defined in the TSX Venture Exchange (“TSX-V”) Policy 2.4. The Company did not complete a qualifying transaction within the 24 months from listing on the TSX-V, and was therefore subject to halt of trading and delisting from the TSX-V. On January 6, 2016, the Company’s listing transferred to the NEX, and resumed trading under the symbol “RCC.H”. The Company was incorporated as a private company by Certificate of Incorporation issued pursuant to the provisions of the British Columbia Business Corporations Act on February 9, 2012.

The address of the Company’s registered office is 2200 – 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8.

These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) with the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business rather than through a process of forced liquidation. The condensed interim financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations.

The Company’s continuing operations are dependent upon its ability to identify, evaluate and negotiate an agreement to acquire an interest in a material asset or business. Management believes the Company has sufficient working capital to meet its liabilities for the next twelve months.

In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. The impact on the Company is not currently determinable but management continues to monitor the situation.

These condensed interim financial statements were authorized for issue on May 20, 2021 by the directors of the Company.

2. BASIS OF PRESENTATION AND STATEMENT OF COMPLIANCE

The condensed interim financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”) and in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting. The condensed interim financial statements do not include all the information required for the full annual financial statements and should be read in conjunction with the most recent audited December 31, 2020 annual financial statements of the Company which are available on www.sedar.com. The condensed interim financial statements of the Company are presented in Canadian dollars, which is the functional currency of the Company.

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Red Rock Capital Corp. Notes to the Financial Statements As at and for the three months ended March 31, 2021 and 2020 (Unaudited – Prepared by Management) (Expressed in Canadian dollars)

3. SIGNIFICANT ACCOUNTING POLICIES

These condensed interim financial statements of the Company have been prepared on the historical cost basis, except for financial instruments classified as financial instruments at fair value through profit and loss, which are stated at their fair value. In addition, the condensed interim financial statements have been prepared using the accrual basis of accounting, except for the statements of cash flows.

The accounting policies applied in these condensed interim financial statements are the same as those applied in the Company’s most recent audited annual financial statements as at and for the year ended December 31, 2020. There has been no material impact on these condensed interim financial statements from changes in accounting standards during the period.

4. CASH AND CASH EQUIVALENTS

	March 31,	December 31,
	2021	2020
Cash and cash held in trust	$661,421	$686,007

5. SHARE CAPITAL AND RESERVES

• a. Authorized Unlimited number of common shares without par value

b. Issued and outstanding

As at December 31, 2020, and March 31, 2021, there were 31,931,007 issued and fully paid common shares.

As at December 31, 2020, and March 31, 2021, there were 2,746,000 common shares held in escrow.

c. Stock Options

The Company has an employee stock option plan under which employees, directors, and key consultants are eligible to receive grants. Under the stock option plan, the granted stock options are exercisable over periods of up to ten years as determined by the Company’s Board of Directors. The maximum number of outstanding stock options under the plan is limited to 10% of the number of common shares outstanding. The number of stock options, the vesting periods, and the exercise price is set by the Company’s Board of Directors based on the market value at the time of granting. There are no options issued and outstanding.

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Red Rock Capital Corp. Notes to the Financial Statements As at and for the three months ended March 31, 2021 and 2020 (Unaudited – Prepared by Management) (Expressed in Canadian dollars)

6. RELATED PARTY TRANSACTIONS

The Company entered into the following related party transactions during the three months ended March 31, 2021 and 2020:

Incurred consulting fees of $Nil (2020 – $3,390) to directors of the Company and to a company with a common director in the amount of $Nil (2020 - $1,200).

As at March 31, 2021, the Company is owed $7,087 (2019 - $Nil) from a company with a common director. The amount is non-interest bearing, unsecured and due on demand.

Key management personnel comprise the Company’s Board of Directors and executive officers. No remuneration was paid to key management personnel during the period ended March 31, 2021 and 2020 other than as indicated above.

7. CAPITAL MANAGEMENT

The Company’s objectives for the management of capital are to safeguard the Company’s ability to continue as a going concern, including the preservation of capital, and to achieve reasonable returns on invested cash after satisfying the objective of preserving capital.

The Company considers its cash and cash equivalents to be its manageable capital. The Company’s policy is to maintain sufficient cash and deposit balances to cover operating costs over a reasonable future period. The Company accesses capital markets as necessary and may also raise additional funds where advantageous circumstances arise.

The Company currently has no externally imposed capital requirements. There was no change to the Company’s approach to capital management during the three months ended March 31, 2021.

8. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

a. Fair value of financial instruments

As at March 31, 2021, the Company’s financial instruments consist of cash and cash equivalents, amounts receivable, and accounts payable.

In management’s opinion, the Company’s carrying values of cash and cash equivalents, amounts receivable and accounts payable approximate their fair values due to the immediate or shortterm maturity of these instruments.

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Red Rock Capital Corp. Notes to the Financial Statements As at and for the three months ended March 31, 2021 and 2020 (Unaudited – Prepared by Management) (Expressed in Canadian dollars)

9. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

• a. Fair value of financial instruments (continued)

Classification

The following table summarizes information regarding the carrying values and classification of the Company’s financial instruments:

				2021		2020
Fair value throughprofit or loss – Level	1	(i)	$	661,421	$	686,007

(i) Cash and cash equivalents

The Company’s financial instruments are exposed to the following risks:

b. Financial Instrument risk

i. Credit risk

Financial instruments that potentially subject the Company to concentrations of credit risks consist principally of cash and cash equivalents. To minimize the credit risk, the Company places these instruments with a high credit quality financial institution. Credit risk is assessed as low.

ii. Liquidity risk

Liquidity risk is the risk that the Company will not meet its obligations associated with its financial liabilities as they fall due. The Company performs cash flow forecasting for each fiscal year to ensure sufficient cash is available to fund its projects and operations. As at March 31, 2021, the Company had a balance in cash and cash equivalents balance of $661,421 to settle current liabilities of $8,181. The Company’s financial liabilities include accounts payable which have contractual maturities of 30 days or are due on demand.

At present, the Company’s operations do not generate positive cash flows. The Company’s primary source of funding has been the issuance of equity securities through private placements. Despite previous success in acquiring these financings, there is no guarantee of obtaining future financings.

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Red Rock Capital Corp. Notes to the Financial Statements As at and for the three months ended March 31, 2021 and 2020 (Unaudited – Prepared by Management) (Expressed in Canadian dollars)

8. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

iii. Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices. The Company does not believe it is exposed to significant market risk.

• a. Interest rate risk

As of March 31, 2021, the Company is exposed to interest rate risk arising from the cash maintained at Canadian financial institutions. The interest rate risk on cash is not considered significant due to its short-term nature and maturity.

• b. Foreign currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rate. The Company holds no financial instruments that are denominated in currency other than Canadian dollars.

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