New Tymbal Resources Ltd. — Interim / Quarterly Report 2021

Dec 24, 2021

TYMBAL RESOURCES LTD.

CONDENSED INTERIM FINANCIAL STATEMENTS

(UNAUDITED)

For the nine months ended October 31, 2021

NOTICE OF NO AUDITORS' REVIEW OF CONDENSED 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 condensed interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the condensed interim financial statements.

The accompanying condensed 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 condensed interim financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim financial statements by an entity's auditor.

TYMBAL RESOURCES LTD.

TYMBAL RESOURCES LTD. CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED) Expressed in Canadian Dollars

_________________________________________________________	October 31,2021	January 31,2021
ASSETS
Current Assets
Cash	$1,212	$1,404
Accounts receivable	6,694	1,788
Deposit	30,731	25,731
Total Current Assets	38,637	28,923
Non Current Assets
Exploration and evaluation assets – Note 5	215,713	165,217
Total Non Current Assets	215,713	165,217
Total Assets	$254,350	$194,140
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Trades and other payables	$2,386,451	$2,216,668
Loans payable	1,122,200	936,500
Total Liabilities	3,508,651	3,153,168
Shareholders' Deficiency
Share capital –Note 6	8,160,581	8,160,581
Contributed surplus – Note 6	7,500	7,500
Accumulated deficit	(11,422,382)	( 11,127,109)
Total Shareholders' Deficiency	( 3,254,301)	( 2,959,028)
Total Liabilities and Shareholders' Equity	$254,350	$194,140
Signed on behalf of the Board of Directors by:

"Hayden Ross" "Sammy Cheng" Director Director

TYMBAL RESOURCES LTD.

CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE LOSS/INCOME

(UNAUDITED)

Expressed in Canadian Dollars

For the nine months ended ____________________________________________________________________

	3 months	3 months	9 months	9 months
	ended	ended	ended	ended
	Oct 31, 2021	Oct 31, 2020	Oct 31, 2021	Oct 31, 2020
Administrative expenses
Administration –Note 8	10,890	10,890	32,670	32,670
Audit and accounting	1,500	1,750	5,250	5,250
Bank charges	31	55	124	117
Consulting fees	-	4,800	-	14,400
Filing fees	-	-	6,979	6,979
Furniture rental	3,921	3,921	11,763	11,763
Loan interest	50,793	44,402	147,206	131,236
Office	8,851	8,802	27,756	27,443
Parking	297	298	1,190	1,476
Regulatory compliance	10,800	10,800	32,400	32,400
Rent	4,500	4,500	13,500	13,500
Telephone	2,100	2,100	6,300	6,300
Transfer agent fees	629	601	3,700	1,869
Travel and promotion	2,294	1,990	6,435	5,630
Total administrative expenses:	96,606	94,909	295,273	291,033
Loss and total comprehensive
loss for the period	96,606	94,909	295,273	291,033
Loss per share, basic and diluted	$-	$-	$0.01	$0.01
Weighted average number ofcommon shares outstanding	33,826,273	33,826,273	33,826,273	33,826,273

TYMBAL RESOURCES LTD. CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) Expressed in Canadian Dollars

__________________________________________________________

	ShareCapital	ContributedSurplus		Deficit		TotalShareholder Equity/(Deficiency)
Balance at February 1, 2020	$8,160,581	$7,500	$(	10,717,303)	$(	2,549,222)
Loss for the period	-	-	(	291,033)	(	291,033)
Balance at October 31, 2020	$8,160,581	$7,500	$(	11,008,336)	$(	2,840,255)
Balance at February 1, 2021	$8,160,581	$7,500	$(	11,127,109)	$(	2,959,028)
Loss for the period	-	-	(	295,273)	(	295,273)
Balance at October 31, 2021	$8,160,581	$7,500	$(	11,422,382)	$(	3,254,301)

TYMBAL RESOURCES LTD. CONDENSED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED) Expressed in Canadian Dollars For the nine months ended

___________________________________________________

3 months ended 3 months ended 9 months ended 9 months ended Oct 31, 2021 Oct 31, 2020 Oct 31, 2021 Oct 31, 2020 Cash flows from operating activities Loss for the period $( 96,606) $( 94,909) $( 295,273) $( 291,033) Changes in non-cash working capital balances: Accounts receivables ( 3,568) 414 ( 4,906) 2,894 Deposits - - ( 5,000) - Trade and other payables 88,793 66,886 169,783 139,473 ( 11,381) ( 27,609) ( 135,396) ( 148,666) Financing activities Increase in long term loans 42,500 - 185,700 - Investing activities Mineral tenure litigation ( 29,996) - ( 49,996) - Exploration and evaluation - - ( 500) ( 29,236) (29,996) - ( 50,496) ( 29,236) Total increase/(decrease) in cash during the period 1,123 ( 27,609) ( 192) ( 177,902) Cash, beginning of the period 89 43,744 1,404 194,037 Cash, end of the period $ 1,212 $ 16,135 $ 1,212 $ 16,135

1. Corporate Information

Tymbal Resources Ltd.'s ("Tymbal" or the "Company") business activity is the exploration and evaluation of mineral properties in Canada. The Company was incorporated under the Canada Business Corporations Act on June 10, 1980, and has continued as a company under the Business Corporations Act of British Columbia. The Company is listed on the TSX Venture Exchange, having the symbol CID-V, as a Tier 2 mining issuer and is in the process of exploring its mineral properties.

The address of the Company's corporate office and principal place of business is suite 600, 850 West Hastings Street, Vancouver, British Columbia, Canada V6C 1E1.

2. Basis of Preparation

These condensed interim financial statements for the nine month period ended October 31, 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting.

These condensed interim financial statements should be read in conjunction with the Company's 2021 annual financial statements which have been prepared in accordance with International Financial Reporting Standards (-IFRS) as issued by the International Accounting Standards Board (-IASB).

The condensed interim financial statements have been prepared using accounting policies consistent with those used in the Company's 2021 annual financial statements except for income tax expense which is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.

The condensed interim financial statements are presented in Canadian dollars, which is also the Company's functional currency.

These condensed interim financial statements were authorized for issue by the Board of Directors on December 23, 2021.

The preparation of financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The areas involving a higher degree of judgment of complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.

a) Going Concern of Operations

The Company has not generated revenue from operations. The Company incurred a net loss of $96,606 during the three months ended October 31, 2021 (2020: $94,909) and as of that date the Company's deficit was $11,422,382 (2020: $11,008,336). The Company expects to incur further losses in the development of its business, all of which casts significant doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to raise the necessary funds and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Although the Company has successfully raised funds in the past, there is no assurance that it will be able to do so in the future.

2. Basis of preparation – (cont'd)

b) Accounting standards issued but not yet effective

A number of new standards, and amendments to standards and interpretations, are not yet effective for the quarter ended October 31, 2021, and have not been applied in preparing these financial statements.

IFRS 16, Leases (New)

The Company has not early adopted these revised standards and is currently assessing the impact that these standards will have on the financial statements.

Other accounting standards or amendments to existing accounting standards that have been issued but have future dates are either not applicable or are not expected to have a significant impact on the Company's financial statements.

1. Critical Accounting Estimates and Judgments

The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.

The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future years, if the change affects both.

Information about critical judgments in applying accounting policies and sources of estimation uncertainty that have the most significant risk of causing material adjustment to the carrying amounts of assets and liabilities recognized in the condensed interim financial statements within the next financial year are the same as those that applied to the Company's 2021 annual financial statements.

4. Cash and cash equivalents

Cash equivalents are comprised of guaranteed investment certificates held at chartered Canadian financial institutions. Cash at banks and on hand earns interest at floating rates based on daily bank deposit rates.

1. Exploration and evaluation assets

Iron Mask Property,		January 31,	Addition/		October 31,
Kamloops Mining Division		2021	(Write-down)		2021
Acquisitions costs – cash	$	1,363	-	$	1,363
Mineral tax credit	(	1,690)	-	(	1,690)
Consulting		30,292	-		30,292
Legal and professional fees		133,252	49,996		183,248
Miscellaneous		2,000	500		2,500
	$	165,217	$50,496	$	215,713

Iron Mask Property

The Company has a 100% working interest in the Iron Mask Property consisting of ten mineral claims situated in the Kamloops Mining Division, British Columbia which was acquired for $6,000 cash and the issuance of 100,000 common shares of the Company with a fair value of $40,000. During the year ended January 31, 2007, the carrying value of the property was written down to a nominal value of $1.

In May 2016, the Company filed a statement of claim against KGHM Ajax Mining Inc. ("KAM") for breach of an agreement and for conducting alleged unauthorized exploration work on the Company's Iron Mask property. The Company alleges that, in September 2013, it entered into negotiations with KAM to option the Iron Mask mineral tenures for commitments including an initial payment of $1,350,000, an exploration program and a 20% net profit interest. Prior to completion of the agreement, KAM commenced unauthorized exploration activity on the Iron Mask property and applied to have the permit amended to evict the Company off its exclusive mineral tenure rights. The statement of claim is ongoing and although the Company is confident that they will be successful in this claim, the outcome of the claim is unknown and cannot be quantified.

6. Share Capital and Reserves

i) Authorized:

400,000,000 common shares without par value

The holders of common shares are entitled to receive dividends which are declared from time to time, and are entitled to one vote per share at meetings of the Company. All shares are ranked equally with regards to the Company's residual assets.

ii) Issued:

	Number		Contributed
	of Shares	Amount	Surplus
	#	$	$
Balance at February 1, 2019	288,262,772	7,919,331	7,500
Less: 10 for share consolidation	(259,436,499)
	28,826,273
Issued for cash
-pursuant to private placements at $0.05	5,000,000	250,000	-
Less: finders' fee	-	(8,750)	-
Balance at January 31, 2020, 2021 and
October 31, 2021	33,826,273	8,160,581	7,500

6. Share Capital and Reserves (Cont'd)

Share Purchase Warrants:

	Number	Exercise
	of Warrants	Price
	#	$
Balance at January 31, 2019	Nil	-
Warrants issued	5,000,000	0.05
Balance at January 31, 2020, 2021 and
October 31, 2021	5,000,000	0.05

During the quarter ended January 31, 2020, the Company completed a non-brokered private placement of 5 million units of the Company at a price of 5 cents per unit, for gross proceeds of $250,000.00. Each unit consists of one common share and one transferable share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of 5 cents per share for a period of five years expiring on November 13, 2024. The hold period for the units expired on March 14, 2020.

7. Related Party Transactions

During the three months ended October 31, 2021, the Company incurred the following costs charged a private company controlled by directors:

	2021	2020
Administration	10,890	10,890
	$10,890	$10,890

Total compensation to key management personnel was $10,890 during the three months ended October 31, 2021 (2020: $10,890).

At October 31, 2021 trades and other payables includes $13,500 (2020: $13,500) due to directors of the company. The charges were measured by the exchange amount which is the amount agreed upon by the transacting parties.

8. Segmental Reporting

The Company is organized into business units based on mineral properties and has one reportable operating segment, being that of acquisition and exploration and evaluation activities.

1. Events After the Reporting Date

Subsequent to the quarter ended October 31, 2021, the Company reported that it has negotiated a private placement of up to 30,000,000 units at $0.01 per unit, for gross proceeds up to $300,000. Each unit consists of one share and one transferable share purchase warrant exercisable for 5 years. Each warrant will entitle the holder to acquire one additional share at a price of $0.01 per share for a period of 5 years from the closing of the financing. A finder's fee is payable according to the rules set out by the TSX Ventures Exchange. The proceeds of the private placement will be used for general working capital and to advance the Company's interest in the Iron Mask Mineral Claims which abut the KGHM Ajax project. The forgoing transactions are subject to the approval of the TSX Venture Exchange. For more events subsequent to October 31, 2021, please refer to the January 31, 2022 quarterly report for more details and updated information.