New Target Mining Corp. — Interim / Quarterly Report 2021

Jul 1, 2021

NEW TARGET MINING CORP.

CONDENSED INTERIM FINANCIAL STATEMENTS

Expressed in Canadian Dollars

(Unaudited – Prepared by Management)

FOR THE SIX MONTHS ENDED APRIL 30, 2021

Head Office Address #510 - 580 Hornby Street Vancouver, BC, V6C 3B6 Canada

Registered and Records Office Address #510 - 580 Hornby Street Vancouver, BC, V6C 3B6 Canada

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), 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 financial statements of the Company have been prepared by and are the responsibility of the Company's management.

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

NEW TARGET MINING CORP. CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION Expressed in Canadian Dollars

(Unaudited – Prepared by Management)

	April 30, 2021	October 31, 2020
ASSETS
Current assets
Cash	\$ 479,500	\$ 250,210
Receivable Prepaid expense	10,106 10,000	5,102 -
Total current assets	499,606	255,312
Non-current assets
Exploration and evaluation assets (Note 3)	122,056	113,287
Total assets	\$ 621,662	\$ 368,599
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities (Note 5)	\$ 50,475	\$ 40,095
Equity
Capital stock (Note 4)	677,459	341,544
Share-based payment reserve (Note 4)	25,600	341,544
Deficit	(131,872)	(13,040)
Total equity	571,187	328,504
Total liabilities and equity	\$ 621,662	\$ 368,599
Nature and continuance of operations (Note 1)
On behalf of the Board:

"Todd Hanas"	Director	"Mike Petrina"	Director
--------------	----------	----------------	----------

NEW TARGET MINING CORP. CONDENSED INTERIM STATEMENT OF LOSS AND COMPREHENSIVE LOSS Expressed in Canadian Dollars (Unaudited – Prepared by Management)

	Three months ended April 30, 2021	Six months ended April 30, 2021
EXPENSES
Filing and regulatory fees	\$ 14,180	\$ 37,510
Management fees (Note 5) Office and miscellaneous Professional fees (Note 5)	5,500 873 40,938	8,500 1,922 70,900
Loss and comprehensive loss for the period	\$ (61,491)	\$ (118,832)
Basic and diluted loss per common share	\$ (0.01)	\$ (0.01)
Weighted average number of common shares outstanding	9,130,849	8,884,963

NEW TARGET MINING CORP.

CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Expressed in Canadian Dollars (Unaudited – Prepared by Management) FOR THE SIX MONTHS ENDED APRIL 30, 2021

	Number of		Share-based payment
	shares	Capital stock	reserve	Deficit	Total equity
July 28, 2020	-	\$ -	\$ -	\$ -	\$ -
Common shares	8,636,344	341,544		-	341,544
Loss for the period	-	-		(13,040)	(13,040)
October 31, 2020	8,636,344	341,544	-	(13,040)	328,504
Issuance of shares	3,000,000	450,000	-	-	450,000
Share issuance costs - cash	-	(88,485)		-	(88,485)
Share issuance costs - broker warrants	-	(25,600)	25,600	-	-
Loss for the period	-	-		(118,832)	(118,832)
April 30, 2021	11,636,344	\$ 677,459	\$ 25,600	\$ (131,872)	\$ 571,187

NEW TARGET MINING CORP.

CONDENSED INTERIM STATEMENT OF CASH FLOWS Expressed in Canadian Dollars (Unaudited – Prepared by Management)

	Six months ended
	April 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period	\$ (118,832)
Changes in non-cash working capital items:
Increase in accounts receivable	(5,004)
Increase in prepaids	(10,000)
Decrease in accounts payable and accrued liabilities	12,380
Net cash used in operating activities	(123,456)
CASH FLOWS FROM INVESTING ACTIVITIES
Exploration and evaluation costs	(8,769)
Net cash used in investing activities	(8,769)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from issuance of common shares	450,000
Share issuance costs	(88,485)
Net cash provided by financing activities	361,515
Change in cash for the period	229,290
Cash, beginning of period	250,210
Cash, end of period	\$ 479,500

There were no cash paid for interest or taxes for the six months ended April 30, 2021.

Supplementary cash flow information (Note 9)

1. NATURE AND CONTINUANCE OF OPERATIONS

New Target Mining Corp. (the "Company") was incorporated under the Business Corporations Act (British Columbia) on July 28, 2020. On March 2, 2021 the Company became a reporting issuer. On April 15, 2021, the Company completed its initial public offering and was listed on the TSX Venture Exchange under the symbol NEW. The Company is an exploration stage junior mining company currently engaged in the identification, acquisition and exploration of mineral properties in Canada.

These condensed interim financial statements have been prepared in accordance 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 continued operations of the Company are dependent on its ability to develop a sufficient financing plan, receive financial support from related parties, complete sufficient equity financings or generate profitable operations in the future. These material uncertainties may cast significant doubt on the entity's ability to continue as a going concern. The condensed interim financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue business.

In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. The impact of the COVID-19 pandemic has major implications for all economic activities, including that of the Company. At this time it is not possible to predict the duration or magnitude of the adverse results of the outbreak, however, management believes that the impact to the Company will be limited mainly to the curtailment of travel and access to mineral projects due to travel and social distancing restrictions as well as its ability to raise financing. There has been no material disruption to the Company's current operations to date. The Company's current focus is on its project located in British Columbia, Canada and as a result, access to the property is not prohibited. The Company may consider acquisitions of other properties in foreign or domestic jurisdictions in the future.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

These condensed interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting ("IAS34") using accounting policies consistent with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and Interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). They do not include all financial information required for full annual financial statements and should be read in conjunction with the Audited Financial Statements of the Company for the period ended October 31, 2020.

The policies applied in the condensed consolidated interim financial statements are presented below and are based on IFRS' issued and outstanding as of June 30, 2021, the date the Board of Directors approved the condensed interim consolidated financial statements. Any subsequent changes to IFRS that are given effect in our annual consolidated financial statements for the year ending October 31, 2021 could result in restatements of these condensed interim consolidated financial statements. None of these standards are expected to have a significant effect on the condensed interim consolidated financial statements.

Estimates, judgments and assumptions

The preparation of the Company's financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Estimates and assumptions are continually evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.

The areas which require management to make significant judgments, estimates and assumptions in determining carrying values include, but are not limited to:

Significant accounting judgments

Significant accounting judgments that management has made in the process of applying accounting policies and that have the most significant effect on the amounts recognized in the financial statements include, but are not limited to, the determination of categories of financial assets and financial liabilities which has been identified as an accounting policy involving assessments made by management, recoverability of the carrying value of the Company's exploration and evaluation assets, and the going concern assumption.

Critical accounting estimates

Key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year include, but are not limited to, the following:

i) Deferred income taxes - The Company is periodically required to estimate the tax basis of assets and liabilities. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the financial statements. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period that the changes occur. Each period, the Company evaluates the likelihood of whether some portion or all of each deferred tax asset will not be realized. This evaluation is based on historic and future expected levels of taxable income, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax liabilities, and tax planning initiatives.

Financial instruments

Financial assets

The Company classifies its financial assets in the following categories: at fair value through profit or loss ("FVTPL"), at fair value through other comprehensive income ("FVTOCI") or at amortized cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

Financial assets at FVTPL - Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in profit or loss in the period in which they arise.

Financial assets at FVTOCI - Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment.

Financial instruments (cont'd…)

Financial assets at amortized cost - Financial assets at amortized cost are initially recognized at fair value and subsequently carried at amortized cost less any impairment. They are classified as current assets or non-current assets based on their maturity date.

Financial assets are derecognized when they mature or are sold, and substantially all the risks and rewards of ownership have been transferred. Gains and losses on derecognition of financial assets classified as FVTPL or amortized cost are recognized in profit or loss. Gains or losses on financial assets classified as FVTOCI remain within accumulated other comprehensive income.

The Company has classified its cash at fair value through profit and loss.

Financial liabilities

The Company classifies its financial liabilities into one of two categories as follows:

Fair value through profit or loss - This category comprises derivatives and financial liabilities incurred principally for the purpose of selling or repurchasing in the near term. They are carried at fair value with changes in fair value recognized in profit or loss.

Financial liabilities at amortized cost - This category consists of liabilities carried at amortized cost using the effective interest method. These financial liabilities are initially recognized at fair value less directly attributable transaction costs.

The Company's accounts payable and accrued liabilities are classified at amortized cost.

Financial instruments that are measured at fair value use inputs, which are classified within a hierarchy that prioritizes their significance. The three levels of the fair value hierarchy are:

• Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities;
• Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
• Level 3 Inputs that are not based on observable market data.

Exploration and evaluation assets

Once the legal right to explore a property has been acquired, all costs related to the acquisition, exploration, and evaluation of mineral properties are capitalized by property. These direct expenditures include such costs as materials used, surveying costs, drilling costs, payments made to contractors, and depreciation on plant and equipment during the exploration phase. Costs not directly attributable to exploration and evaluation activities, including general and administrative overhead costs, are expensed in the period in which they occur.

The Company may occasionally enter into farm-out arrangements, whereby the Company will transfer part of a mineral interest, as consideration, for an agreement by the farmee to meet certain exploration and evaluation expenditures which would have otherwise been undertaken by the Company. The Company does not record any expenditures made by the farmee on its behalf. Any cash consideration received from the agreement is credited against the costs previously capitalized to the mineral interest given up by the Company, with any excess cash accounted for as a gain on disposal.

Exploration and evaluation assets (cont'd…)

When a project is deemed to no longer have commercially viable prospects to the Company, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of estimated recoveries, are written off to the statement of operations.

The Company assesses exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount.

Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development and is classified as "mines under construction." Exploration and evaluation assets are also tested for impairment before the assets are transferred to development properties.

As the Company currently has no operational income, any incidental revenues earned in connection with exploration activities are applied as a reduction to capitalized exploration costs.

Impairment of long-lived assets

At the end of each reporting period, the Company's assets are reviewed to determine whether there is any indication that those assets may be impaired. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in profit or loss for the period. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

Flow-through shares

Under Canadian income tax legislation, a company is permitted to issue flow through shares whereby the Company agrees to incur qualifying expenditures and renounce the related income tax deductions to the investors. The Company allocates the proceeds from the issuance of these shares between the offering of shares and the sale of tax benefits. The allocation is made based on the difference between the quoted price of the shares and the amount the investor pays for the shares. A deferred flow-through premium liability is recognized for the difference. The liability is reversed when the expenditures are made and is recorded in other income. The spending also gives rise to a deferred tax timing difference between the carrying value and tax value of the qualifying expenditure.

Provision for environmental rehabilitation

The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of exploration and evaluation assets and equipment, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future rehabilitation cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to mining assets along with a corresponding increase in the rehabilitation provision in the period incurred. Discount rates using a pretax rate that reflect the time value of money are used to calculate the net present value. The rehabilitation asset is depreciated on the same basis as mining assets.

The Company's estimates of reclamation costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to mining assets with a corresponding entry to the rehabilitation provision. The Company's estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates.

Changes in the net present value, excluding changes in the Company's estimates of reclamation costs, are charged to profit or loss for the period.

As at April 30, 2021, the Company has determined that it does not have any decommissioning obligations.

Loss per share

The Company recognizes the dilutive effect on loss per share based on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would be used to purchase common shares at the average market price during the period. For the periods presented, this calculation proved to be anti-dilutive. Basic loss per share is calculated using the weighted average number of common shares outstanding during the period.

Share capital

The Company engages in equity financing transactions to obtain the funds necessary to continue operations and explore and evaluate resource properties. These equity financing transactions may involve issuance of common shares or units. A unit comprises a certain number of common shares and a certain number of share purchase warrants ("Warrants"). Depending on the terms and conditions of each equity financing agreement ("Agreement"), the Warrants are exercisable into additional common shares prior to expiry at a price stipulated by the Agreement. Warrants that are part of units are valued using residual value method which involves comparing the selling price of the units to the Company's share price on the announcement date of the financing. The market value is then applied to the common share, and any residual amount is assigned to the warrants. Warrants that are issued as payment for agency fee or other transaction costs are accounted for as share-based payments and are recognized in equity. When warrants are forfeited or are not exercised at the expiry date the amount previously recognized in equity is transferred from reserves to deficit.

In situations where share capital is issued, or received, as non-monetary consideration and the fair value of the asset received, or given up is not readily determinable, the fair market value (as defined) of the shares is used to record the transaction. The fair market value of the shares issued, or received, is based on the trading price of those shares on the appropriate Exchange on the date the shares are issued.

Share issuance costs

Share issue costs are deferred and charged directly to share capital on completion of the related equity financing. If the financing is not completed, share issue costs are charged to profit or loss. Costs directly identifiable with the raising of capital will be charged against the related share capital.

Income taxes

Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is recorded using the statement of financial position liability method, providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting or taxable loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

3. EXPLORATION AND EVALUATION ASSETS

During the period ended April 30, 2021, the following exploration expenses were incurred on the exploration and evaluation assets:

Scarlett Property, British Columbia	Total
Acquisition costs Balance, April 30, 2021	\$ 12,979
Exploration costs Balance, October 31, 2020 Assays and GIS	100,308 8,769
Balance, April 30, 2021	109,077
Total balance, April 30, 2021	\$ 122,056

3. EXPLORATION AND EVALUATION ASSETS (cont'd…)

During the period ended October 31, 2020, the following exploration expenses were incurred on the exploration and evaluation assets:

Scarlett Property, British Columbia	Total
Acquisition costs
Balance, July 28, 2020	\$ -
Option payment	12,000
Staking	979
Balance, October 31, 2020	12,979
Exploration costs
Balance, July 28, 2020	-
Assays and GIS	31,655
Field work	68,653
Balance, October 31, 2020	100,308
Total balance, October 31, 2020	\$ 113,287

Scarlett Property, British Columbia

On August 5, 2020, the Company entered into an option agreement, subsequently amended, to earn a 100% interest in the Scarlett Property in British Columbia. In order to earn the interest, the Company must make the following option payments:

• i) pay \$12,000 (paid) within 10 days of execution of the agreement;
• ii) issue 150,000 common shares (issued subsequently);
• iii) pay \$20,000, issue 200,000 common shares and incur \$200,000 in exploration expenditures by the 12-month anniversary of the Listing Date;
• iv) pay \$20,000, issue 200,000 common shares and incur an additional \$200,000 in exploration expenditures by the 24-month anniversary of the Listing Date;
• v) pay \$25,000, issue 300,000 common shares and incur an additional \$200,000 in exploration expenditures by the 36-month anniversary of the Listing Date;
• vi) pay \$50,000, issue 500,000 common shares and incur an additional \$200,000 in exploration expenditures by the 48-month anniversary of the Listing Date.

If the Scarlett Property is acquired by the Company, then it will be required to pay a 1.0% net smelter returns royalty payable to Infiniti upon the commencement of commercial production.

4. CAPITAL STOCK

Authorized share capital

Unlimited number of Class A common shares ("common shares") without par value. Unlimited number of Class B preferred shares without par value of which none are issued and outstanding.

Issued share capital

During the period ended April 30, 2021, the Company issued 3,000,000 common shares at \$0.15 per share for total proceeds of \$450,000 to the public by way of an initial public offering. The Company paid \$88,485 in finder's fees and share issuance costs and issued 240,000 agent warrant finder fees exercisable at \$0.15 until April 15, 2023 with a fair value of \$25,600. The fair value was calculated using the Black-Scholes option pricing model using a 150% volatility, a 0.27% discount rate, a market price of \$0.15, a 2 year expected life and an annual dividend rate of NIL.

During the period ended October 31, 2020, the Company:

• i) issued 3,000,000 common shares at \$0.005 per share for total proceeds of \$15,000.
• ii) issued 2,300,000 common flow-through shares at \$0.05 per share for total proceeds of \$115,000. No flowthrough premium was recorded as the financing was fair valued at \$0.05.
• iii) issued 1,100,000 common shares at \$0.05 per share for total proceeds of \$55,000.
• iv) issued 2,236,344 common shares at \$0.07 per share for total proceeds of \$156,544.

Issued warrants

As at April 30, 2021, the Company had 240,000 warrants outstanding exercisable at \$0.15 until April 15, 2023.

5. RELATED PARTY BALANCES AND TRANSACTIONS

Transactions with related parties and key management personnel are as follows:

		Period ended	Period from incorporation on July 28, 2020 to
	Nature of transactions	April 30, 2021	October 31, 2020
Paid or accrued to the CEO and director Paid or accrued to a partnership in which the CFO has an interest	Management fees Professional fees	\$ 8,500 7,500	\$ 1,500 3,500
Total		\$ 16,000	\$ 5,000

5. RELATED PARTY BALANCES AND TRANSACTIONS (cont'd…)

The amounts due to other related parties and key management personnel included in accounts payable and accrued liabilities are as follows:

	As at April 30, 2021	As at October 31, 2020
Due to the CEO and director Due to the CFO and director, for exploration costs paid on behalf of Company Due to a partnership in which the CFO has an interest	\$ 8,317 - 11,150	\$ 1,313 17,187 3,500
	\$ 19,467	\$ 22,000

The amounts due to related parties are unsecured non-interest bearing and are due on demand.

6. CAPITAL MANAGEMENT

The Company manages its capital structure to maximize its financial flexibility making adjustments to it in response to changes in economic conditions and the risk characteristics of the underlying assets and business opportunities. The Company does not presently utilize any quantitative measures to monitor its capital and is not subject to externally imposed capital requirements. There were no changes in the Company's approach to capital management during the period ended April 30, 2021.

7. FINANCIAL INSTRUMENTS AND RISK

Fair values

The Company's financial assets measured at fair value on a recurring basis were calculated as follows:

	Balance	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
As at April 30, 2021 Cash	\$ 479,500	\$	479,500	\$	-	\$	-

The Company's risk exposures and the impact on the Company's financial instruments are summarized below:

Credit risk

Credit risk is the risk of loss associated with the counterparty's inability to fulfill its payment obligations. As at April 30, 2021, the Company had \$10,106 (October 31, 2020 - \$5,102) receivable from government authorities in Canada. The Company believes it has no significant credit risk.

7. FINANCIAL INSTRUMENTS AND RISK (cont'd…)

Liquidity risk

The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at April 30, 2021, the Company had a cash balance of \$479,500 (October 31, 2020 - \$250,210) to settle accounts payable and accrued liabilities of \$50,475 (October 31, 2020 - \$40,095). The Company will require financing from lenders, shareholders and other investors to generate sufficient capital to meet its short-term business requirements. All of the Company's financial liabilities have contractual maturities of 30 days or due on demand and are subject to normal trade terms.

Market risk

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

a) Interest rate risk

The Company has cash balances. The Company is satisfied with the credit ratings of its bank. As of April 30, 2021, the Company did not hold any investments. The Company believes it has no significant interest rate risk.

b) Foreign currency risk

As at April 30, 2021, the Company was not exposed to foreign currency risk.

c) Price risk

The Company is exposed 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. The Company closely monitors commodity prices of gold and other precious and base metals, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. Fluctuations may be significant. Much of this is out of the control of management and will be dealt with based on circumstances at any given time.

8. SEGMENTED INFORMATION

The Company has one operating segment, being the exploration of exploration and evaluation assets in Canada.

9. SUPPLEMENTARY CASH FLOW INFORMATION

		Period ended April 30, 2021		Period ended October 31, 2020
Non-cash investing activities Exploration and evaluation costs in accounts payable Broker's warrants	\$ \$	- 25,600	\$ \$	29,106 -