Coast Copper Corp. — Interim / Quarterly Report 2021

May 21, 2021

==> picture [380 x 124] intentionally omitted <==

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2021

(Expressed in Canadian Dollars)

NOTICE OF NO AUDITOR REVIEW

The accompanying unaudited condensed interim financial statements have been prepared by management and approved by the Audit Committee and Board of Directors.

The Company’s independent auditors have 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 auditors.

ROUGHRIDER EXPLORATION LIMITED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION AS AT DECEMBER 31

(Unaudited - Expressed in Canadian dollars)

Note ASSETS Current Cash Receivables Prepaid expenses Marketable securities 3 Non-Current Exploration and evaluation assets 4 LIABILITIES Current Accounts payable and accrued liabilities 9(b) SHAREHOLDERS' EQUITY (DEFICIENCY) Share capital 5 Other equity reserves Deficit	March 31, December 31, 2021 2020
	$ $ 1,213,148 1,463,598 50,544 43,635 2,125 6,250 25,000 25,000
	1,290,817 1,538,483 776,669 763,986
	2,067,486 2,302,469
	73,657 166,307
	8,220,247 8,220,247 322,317 298,682 (6,548,735) (6,382,767)
	1,993,829 2,136,162
	2,067,486 2,302,469

Approved on behalf of the Board:

" _Dale Wallster" , Director

"Adam Travis"_ , Director

See accompanying notes to the condensed interim financial statements

Page 3 of 16

ROUGHRIDER EXPLORATION LIMITED CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED MARCH 31

(Unaudited - Expressed in Canadian dollars)

Note Expenses Consulting 9(a) Exploration expenditures 4, 9(a) Investor relations Office and administration Professional fees Salaries and personnel costs Share-based payments expense 5(e), 9(a) Transfer agent, regulatory and filing fees Other items Interest income Miscellaneous income 4(a)(iii) Loss and comprehensive loss for the period Basic and diluted loss per share Basic and diluted weighted average number of shares outstanding	2021 2020
	$ $ 45,825 10,000 83,266 15,723 8,393 1,984 5,585 3,520 4,500 39,697 10,166 12,244 23,635 - 970 5,246
	182,340 88,414
	(981) - (15,391) -
	(16,372) -
	(165,968) (88,414)
	(0.00) $ (0.01) $ 40,935,151 14,185,397

See accompanying notes to the condensed interim financial statements

Page 4 of 16

ROUGHRIDER EXPLORATION LIMITED CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIENCY) (Unaudited - Expressed in Canadian dollars)

Note Balance, December 31, 2019 Loss for the period Private placements, net of share issue costs 5(b) Subscriptions received in advance 5(b) Balance, March 31, 2020 Loss for the period Private placements, net of share issue costs Forfeited stock options Exercise of warrants Shares issued pursuant to acquisition of mineral properties Subscriptions received in advance Share-based payments expense Balance, December 31, 2020 Loss for the period 5(e) Share-based payments expense Balance, March 31, 2021	Subscriptions Number of Share received Other equity shares capital inadvance reserves Deficit Total
	$ $ $ $ $ 13,806,551 5,209,518 - 21,000 (5,477,847) (247,329) - - - (88,414) (88,414) 4,925,000 467,230 - 2,192 - 469,422 - - 200,000 - - 200,000
	18,731,551 5,676,748 200,000 23,192 (5,566,261) 333,679 - - - - (837,506) (837,506) 11,000,000 1,845,066 - 46,845 - 1,891,911 - - - (21,000) 21,000 - 3,600 433 - (73) - 360 11,200,000 698,000 - - - 698,000 - - (200,000) - - (200,000) - - - 249,718 - 249,718
	40,935,151 8,220,247 - 298,682 (6,382,767) 2,136,162 - - - - (165,968) (165,968) - - - 23,635 - 23,635
	40,935,151 8,220,247 - 322,317 (6,548,735) 1,993,829

See accompanying notes to the condensed interim financial statements

Page 5 of 16

ROUGHRIDER EXPLORATION LIMITED CONDENSED INTERIM STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH, 31 (Unaudited - Expressed in Canadian dollars)

Note Operating Activities Loss for the period Items not involving cash: Share-based payments expense 5(e) Net change in non-cash working capital 6 Cash used in operating activities Investing Activity Acquisition of exploration and evaluation assets 4 Cash used in investing activity Financing Activities Proceeds received pursuant to private placements 5(b) Share issue costs 5(b) Subscriptions received in advance 5(b) Cash provided by financing activities Net increase (decrease) in cash Cash, beginning of period Cash, end of period Supplemental cash flow information 6	2021 2020
	$ $ (165,968) (88,414) 23,635 - (95,434) 21,093
	(237,767) (67,321)
	(12,683) -
	(12,683) -
	- 492,500 - (23,078) - 200,000
	- 669,422
	(250,450) 602,101 1,463,598 159,010
	1,213,148 761,111

See accompanying notes to the condensed interim financial statements

Page 6 of 16

ROUGHRIDER EXPLORATION LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (Unaudited - Expressed in Canadian dollars)

1. NATURE OF OPERATIONS AND GOING CONCERN

Roughrider Exploration Limited (“ Roughrider ” or the " Company ") was incorporated on December 7, 2011 under the British Columbia Business Corporations Act. The Company is listed on the TSX Venture Exchange (“ TSX-V ”) as a Tier 2 Mining Issuer. The principal business of the Company is the exploration and evaluation of mineral properties. The principal focus of the Company is exploring its portfolio of mineral properties, including the Empire Mine property located on northern Vancouver Island, British Columbia (“ BC ”) and the Golden Triangle properties in central BC, its sole operating and geographical segment.

The address of the Company’s head office is Suite 904 - 409 Granville Street, Vancouver, BC, Canada, V6C 1T2. The address of the Company’s registered office is 2500 - 700 West Georgia Street, Vancouver, BC, Canada, V7Y 1B3.

These condensed interim financial statements have been prepared on the going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company realized a loss of $165,968 for the three months ended March 31, 2021 (2020: $88,414). As at March 31, 2021, the Company had an accumulated deficit of $6,548,735. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period.

The Company has incurred operating losses in its exploration operations and its ability to continue as a going concern is dependent upon the discovery of economically recoverable mineral reserves, the ability of the Company to obtain necessary financing to complete their development and fund their operations until commercially successful and future production or proceeds from the disposition thereof. While the Company has been successful in securing financing to date, there can be no assurances that it will be able to do so in the future, therefore, a material uncertainty exists that may cast significant doubt about the Company’s ability to continue as a going concern.

These condensed interim financial statements do not reflect the adjustments to the carrying values of assets and liabilities, the reported expenses and the statement of financial position classifications that would be necessary if the going concern assumption was inappropriate. These adjustments could be material.

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. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or ability to raise funds.

2. BASIS OF PREPARATION

These condensed interim financial statements have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting (“ IAS 34 ”) as issued by the International Accounting Standards Board (“ IASB ”) using accounting principles consistent with International Financial Reporting Standards (“ IFRS ”) as issued by the IASB.

These condensed interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2019 which include the accounting policies used in the preparation of these condensed interim financial statements.

These condensed interim financial statements were prepared on a historical cost basis using the accrual basis of accounting, except for cash flow information.

Page 7 of 1 6

ROUGHRIDER EXPLORATION LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (Unaudited - Expressed in Canadian dollars)

2. BASIS OF PREPARATION (continued)

The Board of Directors (the “ Board ”) approved these financial statements on May 20, 2021.

3. MARKETABLE SECURITIES

Marketable securities are financial assets measured at fair value through profit or loss (“ FVTPL ”) and consist of an investment of 500,000 common shares of Goldplay Mining Inc. (“ Goldplay ”) (see Note 4(a)(iii)), a private company as at March 31, 2021. The Company received the 500,000 common shares on November 26, 2020. There was no unrealized gain or loss recognized for the three months ended March 31, 2021. The fair value of marketable securities has been determined by the price of concurrent financings completed by Goldplay.

A summary of the changes in FVTPL investments is presented below:

Balance December 31, 2020 and March 31, 2021 $ 25,000

4. EXPLORATION AND EVALUATION ASSETS

a) BRITISH COLUMBIA

i) EMPIRE MINE PROPERTY

On September 22, 2020, the Company entered into an option agreement to acquire a 100% interest in the Empire Mine property (the “ Empire Option Agreement ”) from Mirva Properties Ltd. (“ Mirva ”). The Empire Mine property consists of mineral claims (the “ Greater Empire Claims ”) and crown grants (the “ Quatsino Crown Grants ”) all located in the Rupert District on northern Vancouver Island, BC, near Port McNeill.

In order to earn a 100% interest in the Greater Empire Claims, the Company must make aggregate cash payments of $750,000, issue 3,000,000 common shares of the Company to Mirva and complete work commitments totaling $2,000,000 over a four year period, as follows:

follows:
			Work
	Cash payment	Share issuance	commitment
	$		$
Upon regulatory approval	50,000 (paid)	200,000 (issued)	N/A
By first anniversary	100,000	400,000	200,000 (completed)
By second anniversary	150,000	600,000	400,000
By third anniversary	200,000	800,000	600,000
By fourth anniversary	250,000	1,000,000	800,000

In order to earn a 100% interest in the Quatsino Crown Grants, the Company must pay Mirva the equivalent of $500,000 with either a cash payment or equivalent value in common shares of the Company, at the Company’s election, on or before the fifth anniversary date of the Empire Option Agreement.

Mirva has retained a 2% net smelter return (“ NSR ”) royalty on the Empire Mine property, of which 1% may be purchased for $1,000,000 at any time up to 120 days after commencement of commercial production. The Empire Option Agreement has been structured such that this NSR royalty plus all other NSR royalties which may currently exist and be payable on the Empire Mine property will not exceed in aggregate 2.5% before buydowns.

Page 8 of 1 6

ROUGHRIDER EXPLORATION LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (Unaudited - Expressed in Canadian dollars)

4. EXPLORATION AND EVALUATION ASSETS (continued)

a) BRITISH COLUMBIA (continued)

ii) GIN, ELDORADO AND BONANZA PROPERTIES

On April 13, 2020, the Company purchased a 100% interest in the Gin, Eldorado and Bonanza properties from Cazador (see Note 12), Rene Bernard, an individual, and Elemental (see Note 12), in consideration for 11,000,000 common shares of the Company (the “ Golden Triangle Acquisition ”), which were valued at $660,000. The properties are located in the Golden Triangle area of northern BC.

Certain claims on the Eldorado property are subject to a 2% NSR royalty, of which Cazador owns 50%.

iii) SCOTTIE WEST PROPERTY

In 2020, the Company staked the Scottie West property located in the Golden Triangle area of northern BC, near the District of Stewart.

On November 20, 2020, the Company entered into an farm-out agreement with Goldplay whereby Goldplay can earn a 70% interest in the Company’s Scottie West property by making aggregate cash payments of $500,000, issuing common shares of Goldplay to the Company with a total value of $500,000 and incurring a minimum of $1,000,000 of exploration expenditures on the property over a four year period.

Upon Goldplay’s successful completion of the farm-out, the Company and Goldplay will form a joint venture on the property. The Company will retain a 2% NSR royalty of which Goldplay can repurchase 1% of the NSR royalty for $2,000,000 at any time after a production decision has been made.

Pursuant to the farm-out agreement, the Company received an initial cash payment of $25,000 from Goldplay. In addition, the Company received 500,000 common shares of Goldplay, valued at $25,000. The Company recorded the common shares as marketable securities.

During the three months ended March 31, 2021, the Company received an amount of $15,391 from Goldplay as reimbursement for certain exploration expenditures the Company incurred in 2020. The Company recorded this amount as miscellaneous income.

iv) STERLING PROPERTY

The Company owns a 100% interest in certain claims in the Sterling property, with a carrying value of $Nil, located near Houston, BC.

v) KNOB HILL PROPERTY

In February 2021, the Company staked the Knob Hill property located approximately 60 kilometres from the Empire Mine property on northern Vancouver Island. Total cost of the staking was $6,974.

vi) SANDY PROPERTY

In March 2021, the Company staked the Sandy property located in southeastern BC, close to the town of Nelson. Total cost of the staking was $1,065.

Page 9 of 1 6

ROUGHRIDER EXPLORATION LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (Unaudited - Expressed in Canadian dollars)

4. EXPLORATION AND EVALUATION ASSETS (continued)

b) SASKATCHEWAN

GENESIS PROPERTY

The Company owns a 50% interest in the Genesis property, with a carrying value of $Nil, located in the Athabasca Basin region of Canada.

A summary of the changes in exploration and evaluation assets is presented below:

Balance, December 31, 2020 Staking Balance, March 31, 2021	Empire Scottie Knob Gin Eldorado Bonanza Mine West Hill Sandy Total
	$ $ $ $ $ $ $ $ 198,000 398,238 66,000 101,748 - - - 763,986
	- - - 1,082 3,562 6,974 1,065 12,683
	198,000 398,238 66,000 102,830 3,562 6,974 1,065 776,669

The Company’s exploration expenditures related to exploration and evaluation interests for the three months ended March 31, 2021 were as follows:

Communications Community engagement Field equipment Geological consulting Overhead Permitting	Scottie Home Empire Gin Bonanza Eldorado Sterling West Brew Total
	$ $ $ $ $ $ $ $ 1,125 - - - - - - 1,125 972 215 215 215 - - - 1,617 36 - - - - - - 36 68,870 191 - 2,480 319 191 2,465 74,516 3,377 372 - 372 - - - 4,121 1,851 - - - - - - 1,851
	76,231 778 215 3,067 319 191 2,465 83,266

5. SHARE CAPITAL

a) Authorized

An unlimited number of common shares without par value An unlimited number of preference shares without par value

b) Share issuance details

Three months ended March 31, 2021

There were no share issuances during the three months ended March 31, 2021.

Page 10 of 1 6

ROUGHRIDER EXPLORATION LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (Unaudited - Expressed in Canadian dollars)

5. SHARE CAPITAL (continued)

b) Share issuance details (continued)

Three months ended March 31, 2020

On March 25, 2020, the Company completed the first tranche of a non-brokered private placement, issuing 4,925,000 common shares at a price of $0.10 per share for gross proceeds of $492,500.

Share issue costs totaled $23,078 including $10,860 as finders’ fees. In addition, the Company issued 108,600 share purchase warrants as finders’ fees with each warrant exercisable into one common share of the Company at a price of $0.10 per share with an expiry of March 25, 2022.

Prior to March 31, 2020, the Company received $200,000 in relation to the second and final tranche of the private placement, which was completed in April 2020. As at March 31, 2020, the amount was recorded as share subscriptions received in advance on the condensed interim statement of financial position. Scott Gibson, former CEO and former director of the Company, was the subscriber of all 2,000,000 shares of the second tranche.

c) Stock options

The Company has a Rolling Stock Option Plan whereby the Company may grant options to directors, officers, employees and consultants of up to an aggregate maximum of 10% of the common shares outstanding at the time of the grant. The exercise price, term and vesting period of each option are determined by the Board within regulatory guidelines.

A summary of the changes in stock options is presented below:

	Number of	Weighted average	Weighted average
	options	exercise price
		$
Balance, December 31, 2020	2,000,000		0.18
Granted	200,000		0.18
Balance, March 31, 2021	2,200,000		0.18

The following stock options were outstanding as at March 31, 2021:

Outstanding	Exercisable	Weighted average Weighted average remaining life ExercisePrice ExpiryDate (inyears)
2,000,000 200,000 2,200,000	2,000,000 200,000 2,200,000	$ 0.18 June 1, 2025 4.17 0.18 January 11, 2026 4.79 0.18 4.23

Page 11 of 1 6

ROUGHRIDER EXPLORATION LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (Unaudited - Expressed in Canadian dollars)

5. SHARE CAPITAL (continued)

d) Share purchase warrants

A summary of the changes in warrants is presented below:

Balance, December 31, 2020 and March 31, 2021	Number of Weighted average warrants exercise price
	$ 5,002,250 0.30

The following warrants were outstanding as at March 31, 2021:

Outstanding	Exercisable	Exercise Price	Expiry Date
		$
105,000	105,000	0.10	March 25, 2022
4,897,250	4,897,250	0.30	July 31, 2022
5,002,250	5,002,250

e) Share-based payments expense

The share-based payments expense for the stock options that vested during the three months ended March 31, 2021 was $23,635 (2020: $Nil).

The weighted average fair value at grant date of options granted during the three months ended March 31, 2021 was $0.12 (2020: $Nil).

The fair value of the stock options that were granted during the three months ended March 31, 2021 was calculated using the Black-Scholes option pricing model with the following weighted average assumptions:

average assumptions:
Risk-free interest rate	0.33%
Expected stock price volatility	93%
Expected dividend yield	0.0%
Expected option life in years	5.0

Expected volatility is based on historical price volatility to the extent of the expected life of the option.

6. SUPPLEMENTAL CASH FLOW INFORMATION

The net change in non-cash operating working capital balances for the three months ended March 31 consisted of the following:

Receivables Prepaid expenses Accounts payable and accrued liabilities	2021 2020
	$ $ (6,909) (5,150) 4,125 - (92,650) 26,243
	(95,434) 21,093

Page 12 of 1 6

ROUGHRIDER EXPLORATION LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (Unaudited - Expressed in Canadian dollars)

6. SUPPLEMENTAL CASH FLOW INFORMATION (continued)

There were no non-cash investing and financing transactions for the three months ended March 31, 2021.

The non-cash financing transaction for the three months ended March 31, 2020 consisted of the Company issuing 108,600 warrants as finders’ warrants valued at $2,192 pursuant to the private placement completed on March 25, 2020.

7. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

The Company examines the various financial instruments to which it is exposed and assesses the impact and likelihood of those risks. These risks include credit risk, liquidity risk and market risk (including interest rate, currency and other price risk). The risk related to financial instruments is managed by senior management of the Company under directions approved by the Board. The Company’s Board has not approved the use of derivative financial products.

Financial instruments

Cash, receivables and accounts payable and accrued liabilities are carried at amortized cost. The Company considers that the carrying amount of these financial assets and liabilities measured at amortized cost to approximate their fair value due to the short-term nature of the financial instruments. Marketable securities are measured using level 2 of the fair value hierarchy.

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values.

Financial risk factors

The Company’s risk exposures and the impact on the Company’s financial statements is summarized below:

a) Credit risk

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and receivables. The Company limits its exposure to credit loss by placing its cash with a major Canadian bank. The Company’s only significant receivable at March 31, 2021 relates to a goods and services tax refund from the Government of Canada, who is not considered a default risk.

b) Liquidity risk

Liquidity risk is the risk that the Company cannot meet its financial obligations associated with financial liabilities in full. The Company is exposed to liquidity risk and manages it through the management of its capital structure, as outlined below. All of the Company’s current financial liabilities are anticipated to mature within the next fiscal period. The Company intends to settle these with funds from its positive working capital position. The Company remains exposed to liquidity risk.

c) Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, commodity prices, equity prices, and foreign currency fluctuations.

Page 13 of 1 6

ROUGHRIDER EXPLORATION LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (Unaudited - Expressed in Canadian dollars)

7. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

c) Market risk (continued)

(i) Interest rate risk

Interest rate risk on cash is minimal because these investments generally have a fixed yield rate. As at March 31, 2021, the Company did not have any interest-bearing debt.

(ii) Foreign currency risk

The Company could be exposed to foreign currency risk on fluctuations related to cash, and accounts payable and accrued liabilities that are denominated in a foreign currency. As at March 31, 2021, the Company did not have any significant exposure to foreign currencies and so considers foreign currency risk insignificant to the Company at present.

(iii) Price risk

The Company may at times have limited indirect exposure to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities.

8. CAPITAL MANAGEMENT

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders. The Company’s strategy remains unchanged from the year ended December 31, 2020.

The Company considers the items included in shareholders’ equity as capital. The Company manages the capital structure and makes adjustments to it in response to changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares, or acquire or dispose of assets.

In order to facilitate the management of its capital requirements, the Company prepares annual expenditure budgets that are updated as necessary. The annual budgets are approved by the Board.

In order to maximize ongoing exploration efforts, the Company does not pay dividends. The Company's treasury management policy is to invest its cash in highly rated liquid short-term interestbearing investments with an initial term to maturity of twelve months or less.

The Company is not subject to externally imposed capital requirements.

9. RELATED PARTY TRANSACTIONS

Key management compensation

Key management personnel at the Company are the Directors and Officers of the Company. Key management personnel, or their related parties, may hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities.

Page 14 of 1 6

ROUGHRIDER EXPLORATION LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (Unaudited - Expressed in Canadian dollars)

9. RELATED PARTY TRANSACTIONS (continued)

These transactions are in the normal course of operations and are measured at their exchange amount, which is the amount agreed upon by the transacting parties.

In addition to key management personnel, the Company transacted with the following related parties during the three months ended March 31, 2021 and/or 2020:

• Cazador Resources Ltd. (“ Cazador ”), a private company controlled by the Company’s CEO, Adam Travis;

• Farris LLP, a law firm for which Jay Sujir, a former director of the Company directors is a partner;

• Beneath the Surface Capital, a private company controlled by Scott Gibson, a former director (resigned April 16, 2021) and former CEO of the Company; and

• TSquared Accounting Inc. (“ TSquared ”), a private company controlled by the Company’s CFO, Tim Thiessen.

a) Related Party Transactions

The Company’s related party transactions for the three months ended March 31 were as follows:

Consulting fees 1 Geological fees 2 Legal fees 3 Office and administration 4 Salaries 4 Share-based payments expense 5 Share issue costs 3	2021 2020
	$ $ 45,175 10,000 20,175 - - 21,506 - 3,000 - 12,100 23,635 - - 11,468
	88,985 58,074

• 1 Consulting fees consisted of fees of $19,500 earned by the CEO, Mr. Travis through Cazador, fees of $19,500 earned by the CFO, Mr. Thiessen through TSquared and $6,175 earned by the Company’s Office Manager through Cazador, The consulting fees for the three months ended March 31, 2020 consisted exclusively of fees earned by the former CFO, Jasmine Lau, through Red Fern Consulting Ltd.

• 2 Geological fees consisted exclusively of fees earned by the CEO through Cazador, which were included in exploration expenditures.

• 3 Legal fees and share issue costs consisted of amounts charged by Farris LLP. The legal fees were included in professional fees on the condensed interim statement of loss and comprehensive loss and the share issue costs were netted against share capital (see Note 5(b)).

• 4 Office and administration costs and salaries consisted of amounts charged by Beneath the Surface Capital.

• 5 Share-based payments expense is a non-cash item that consisted of the fair value of stock options that have been granted to key management personnel.

Page 15 of 1 6

ROUGHRIDER EXPLORATION LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (Unaudited - Expressed in Canadian dollars)

9. RELATED PARTY TRANSACTIONS (continued)

b) Related Party Balances

The related party balances, which are included in accounts payable and accrued liabilities on the statements of financial position, consisted of the following:

Current liabilities Due to Cazador Due to Dave Tupper, VP of Exploration Due to Farris LLP Due to TSquared	March 31, December 31, 2021 2020
	$ $ 14,015 27,853 - 1,911 - 6,768 6,825 13,650
	20,840 50,182

Page 16 of 1 6