Robex Resources Inc. — Interim / Quarterly Report 2021

Nov 26, 2021

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Condensed Interim Consolidated Financial Statements (unaudited) Third quarter ended September 30, 2021

The accompanying condensed interim financial statements of the Company have been prepared by and are the responsibility of management. The unaudited condensed interim financial statements for the nine months ended September, 2021 have not been reviewed by the Company's auditors.

TABLE OF CONTENTS

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS	Page
Interim Consolidated Statements of Income	2
Interim Consolidated Statements of Comprehensive Income	3
Interim Consolidated Statements of Changes in Equity	4
Interim Consolidated Statements of Financial Position	5
Interim Consolidated Statements of Cash Flows	6
Notes to Condensed Interim Consolidated Financial Statements
1 ‐ Nature of Operations	7
2 ‐ Basis of Presentation	7
3 ‐ Significant Accounting Policies	7
4 ‐ Critical Accounting Estimates and Judgements	7
5 ‐ Segmented Information	8
6 ‐ Mining Operation Expenses	10
7 ‐ Administrative Expenses	10
8 ‐ Financial Expenses	10
9 ‐ Inventories	11
10 ‐ Accounts Receivable	11
11 ‐ Mining Properties	11
12 ‐ Property, Plant and Equipment	12
13 ‐ Accounts Payable	12
14 ‐ Long‐Term Debt and Lines of Credit	13
15 ‐ Share Capital	14
16 ‐ Additional Information on the Interim Consolidated Statements of Cash Flows	14
17 ‐ Earnings per Share	15
18 ‐ Financial Instruments	15
19 ‐ Subsequent Event	16

Third quarters Nine‐month periods ended ended September 30, September 30,

INTERIM CONSOLIDATED STATEMENTS OF INCOME

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

REVENUE ‐ GOLD SALES COSTS OF OPERATIONS Mining operation expenses ‐ note 6 Administrative expenses ‐ note 7 Depreciation of property, plant and equipment and amortization of intangible assets Stock‐based compensation expense OPERATING INCOME OTHER EXPENSES (INCOME) Financial expenses Foreign exchange gain Other income INCOME BEFORE INCOME TAX EXPENSE Income tax expense (recovery) Current Deferred NET INCOME FOR THE PERIOD ATTRIBUTABLE TO Common shareholders Non‐controlling interest EARNINGS PER SHARE ‐ note 17 Basic Diluted

2021 2020 2021 2020 $ $ $ $ 16,672,256 45,864,340 68,964,000 92,441,897 ## ## 5,804,281 12,278,716 25,193,072 24,582,885 3,963,400 5,160,633 11,156,646 12,203,177 ‐‐‐ ‐‐‐ ‐‐‐ 573,791 3,997,555 24,920,538 23,853,255 37,399,193 # # 251,946 346,736 662,198 952,326 (134,813) (103,840) (354,910) (44,815) (16,920) (16,735) (64,163) (46,470) 3,897,342 24,694,377 23,610,130 36,538,152 # 111,489 161,895 1,234,106 594,601 (164,381) 635,912 (862,148) 2,477,295 (52,892) 797,807 371,958 3,071,896 3,950,234 23,896,570 23,238,172 33,466,256 4,127,188 23,195,182 23,232,060 33,199,335 # (176,954) 701,388 6,112 266,921 3,950,234 23,896,570 23,238,172 33,466,256 0.007 0.039 0.039 0.057 0.007 0.039 0.038 0.056 3,504,453 8,761,027 17,682,851 2,907,020

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

2/16

Third quarters Nine‐month periods ended ended September 30, September 30,

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

NET INCOME FOR THE PERIOD Other comprehensive income (loss) Item that may be reclassified subsequently to net income Exchange difference COMPREHENSIVE INCOME COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO Common shareholders Non‐controlling interest	2021 2020 2021 2020 $ $ $ $ 3,950,234 23,896,570 23,238,172 33,466,256 934,516 1,896,387 (5,575,778) 6,362,486
	4,884,750 25,792,957 17,662,394 39,828,742
	5,075,337 25,057,441 17,707,256 39,497,314 (190,587) 735,516 (44,862) 331,428
	4,884,750 25,792,957 17,662,394 39,828,742

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

3/16

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

Balance as at December 31, 2019 Net income for the period Other comprehensive income	Share capital Reserve ‐ Retained earnings Accumulated other Total Non‐controlling Total stock options (deficit) comprehensive interest equity income 66,850,704 4,185,214 (859,288) 1,778,494 71,955,124 724,344 72,679,468 ‐‐‐ ‐‐‐ 33,199,335 ‐‐‐ 33,199,335 266,921 33,466,256 ‐‐‐ ‐‐‐ ‐‐‐ 6,297,979 6,297,979 64,507 6,362,486 Common shareholders
Comprehensive income for the period Dividend Stock options exercised during the period Stock options charged to expense duringtheperiod	‐‐‐ ‐‐‐ 33,199,335 6,297,979 39,497,314 331,428 39,828,742 ‐‐‐ ‐‐‐ (35,537,967) ‐‐‐ (35,537,967) (73,014) (35,610,981) 4,341,010 (1,644,731) ‐‐‐ ‐‐‐ 2,696,279 ‐‐‐ 2,696,279 ‐‐‐ 573,791 ‐‐‐ ‐‐‐ 573,791 ‐‐‐ 573,791
Balance as at September 30, 2020	71,191,714 3,114,274 (3,197,920) 8,076,473 79,184,541 982,758 80,167,299
Balance as at December 31, 2020 Net income for the period Other comprehensive loss	71,269,402 3,081,586 8,211,833 7,576,935 90,139,756 1,099,763 91,239,519 ‐‐‐ ‐‐‐ 23,232,060 ‐‐‐ 23,232,060 6,112 23,238,172 ‐‐‐ ‐‐‐ ‐‐‐ (5,524,804) (5,524,804) (50,974) (5,575,778)
Comprehensive income (loss) for the period ‐‐‐ ‐‐‐ 23,232,060 (5,524,804) 17,707,256 (44,862) 17,662,394 Dividend ‐‐‐ ‐‐‐ ‐‐‐ ‐‐‐ ‐‐‐ (22,977) (22,977) Stock options exercised duringtheperiod 83,670 137,645 (53,975) ‐‐‐ ‐‐‐ 83,670 ‐‐‐
Balance as at September 30, 2021 71,407,047 3,027,611 31,443,893 2,052,131 107,930,682 1,031,924 108,962,606

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

4/16

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited) INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at As at September 30, 2021December 31, 2020 $ $ 4,805,101 8,895,854 1 16,283,063 13,316,488 4,452,860 3,754,189 3 959,086 175,943 1,673,113 2,012,030 28,173,223 28,154,504 5,425,792 3,346,714 9,305,435 7,935,245 89,201,625 77,259,852 ## 64,911 77,882 132,170,986 116,774,197 2,229,907 1,086,599 12,771,407 13,765,622 4,902,406 4,288,403 ## 105,315 202,056 20,009,035 19,342,680 375,951 2,211,700 378,657 423,702 16,438 99,495 2,428,299 3,457,101 23,208,380 25,534,678 71,407,047 71,269,402 3,027,611 3,081,586 31,443,893 8,211,833 2,052,131 7,576,935 107,930,682 90,139,756 ## 1,031,924 1,099,763 ## 108,962,606 91,239,519 132,170,986 116,774,197

ASSETS CURRENT ASSETS Cash Inventories ‐ note 9 Accounts receivable ‐ note 10 Prepaid expenses Deposits paid VAT RECEIVABLE MINING PROPERTIES ‐ note 11 PROPERTY, PLANT AND EQUIPMENT ‐ note 12 INTANGIBLE ASSETS LIABILITIES CURRENT LIABILITIES Lines of credit ‐ note 14 Accounts payable ‐ note 13 Current portion of long‐term debt ‐ note 14 Current portion of lease obligations LONG‐TERM DEBT ‐ note 14 ENVIRONMENTAL LIABILITIES LEASE OBLIGATIONS DEFERRED INCOME TAX EQUITY Share capital ‐ note 15 Reserve ‐ stock options Retained earnings Accumulated other comprehensive income Non‐controlling interest

Subsequent event (note 19)

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

5/16

Third quarters Nine‐month periods ended ended September 30, September 30,

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

Operating Net income for the period Adjustments for Financial expenses Depreciation of property, plant and equipment and amortization of intangible assets Deferred income tax expense (recovery) Stock‐based compensation expense Net changes in non‐cash working capital items ‐ note 16 Variation in VAT receivable Paid interest ‐ note 16 Investing Variation in deposits paid Acquisition of mining properties Acquisition of property, plant and equipment Acquisition of intangible assets Financing Long‐term debt contracted Repayment of long‐term debt Variation in lines of credit Payments of lease obligations Issue of common shares Dividends paid Effect of exchange rate changes on cash Increase (decrease) in cash Cash at the beginning of the period Cash at the end of the period Tax paid CASH FLOWS FROM THE FOLLOWING ACTIVITIES	2021 2020 2021 2020 $ $ $ $ 3,950,234 23,896,570 23,238,172 33,466,256 251,946 346,736 662,198 952,326 (164,381) 635,912 (862,148) 2,477,295 ‐‐‐ ‐‐‐ ‐‐‐ 573,791 (3,978,008) 3,910,316 (5,112,889) (2,869,968) (1,501,647) ‐‐‐ (2,079,078) ‐‐‐ (236,420) (325,572) (599,677) (887,168) 2,907,020 3,504,453 8,761,027 17,682,851
	1,228,744 31,968,415 24,007,605 51,395,383
	11,524 (401,188) 580,311 (1,189,560) (148,126) (190,035) (1,769,817) (507,044) (5,935,800) (6,767,429) (25,936,761) (16,413,657) ‐‐‐ ‐‐‐ (3,700) ‐‐‐
	(6,072,402) (7,358,652) (27,129,967) (18,110,261)
	‐‐‐ ‐‐‐ 2,982,895 ‐‐‐ (1,638,724) (1,822,836) (3,910,257) (6,267,697) 1,259,433 ‐‐‐ 1,130,652 ‐‐‐ (34,139) (89,549) (111,918) (235,945) ‐‐‐ 1,572,779 83,670 2,696,279 ‐‐‐ (23,940,078) ‐‐‐ (35,545,269)
	(413,430) (24,279,684) 175,042 (39,352,632)
	(91,426) 48,023 (1,143,433) 1,876,566
	(5,348,514) 378,102 (4,090,753) (4,190,944) 10,153,615 9,029,954 8,895,854 13,599,000
	4,805,101 9,408,056 4,805,101 9,408,056
	‐‐‐ 507,689 691,194 1,468,607

Additional information (note 16)

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

6/16

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

1 - NATURE OF OPERATIONS

Robex Resources Inc. (the "Company") is a junior Canadian operations and exploration mining company. The Company has entered into commercial operation on its Nampala deposit, located on the Mininko permit, on January 1, 2017. In addition to its operational mining activities, the Company holds four exploration permits, all located in Mali, West Africa. These permits all demonstrate a favourable geology with a potential for the discovery of gold deposits. The head office's address is 437 Grande Allée Est, Québec (Quebec), G1R 2J5, Canada.

2 - BASIS OF PRESENTATION

These condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”).

The accounting policies followed in these condensed interim consolidated financial statements are consistent with those applied in the Company’s annual audited financial statements for the year ended December 31, 2020. These condensed interim consolidated financial statements should be read in conjunction with the Company’s annual audited financial statements for the year ended December 31, 2020, which have been prepared in accordance with IFRS as issued by the IASB.

These condensed interim consolidated financial statements were approved by the Board of Directors for issue on November 26, 2021.

3 - SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies are described in our annual audited consolidated financial statements for the year ended December 31, 2020.

4 - CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

A global pandemic related to COVID‐19 was declared by the World Health Organization in March 2020, resulting in adjustments to the Company's operating procedures. To date, its operations have not been significantly impacted. The current and expected repercussions on global commerce have been and will continue to be far‐reaching. To date, there has been significant volatility in commodity prices and foreign exchange rates around the world. In addition, many restrictions have been implemented, including travel restrictions and supply chain disruptions. As of the date of publication of these condensed interim consolidated financial statements, there is significant ongoing global uncertainty surrounding COVID‐19 and the extent and duration of the impact it may have. Thereby, it is not possible to reliably estimate either the length or the severity of these developments and their impact on the Company's financial results, financial situation and cash flows.

7/16

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

5 - SEGMENTED INFORMATION

The Company conducts its operating and exploration activities in Mali. The operational sectors presented reflect the Company's management structure and how the Company's principal operational decision‐maker assesses business performance. The Company evaluates the performance of its operating sectors primarily based on operating income (loss), as shown in the following tables.

Operating income for the Mining Operation (Gold) division is consolidated from the Company and all its subsidiaries involved in the value chain from production to sale, be it at the point of production, or from refinery and administrative activities, and regardless of country or currency.

	Quarter ended September 30, 2021 $ Mining Operation (Gold) Mining Exploration Corporate management Total
REVENUE ‐ GOLD SALES Mining operation expenses ‐ note 6 Mining royalties ‐ note 6 Administrative expenses ‐ note 7 Depreciation of property, plant and equipment and amortization of intangible assets OPERATING INCOME(LOSS)	16,672,256 ‐‐‐ ‐‐‐ 16,672,256
	5,392,820 ‐‐‐ ‐‐‐ 5,392,820 411,461 ‐‐‐ ‐‐‐ 411,461 3,299,687 7,966 655,747 3,963,400 16,277 2,907,020 2,890,743 ‐‐‐
	4,677,545 (7,966) (672,024) 3,997,555

	Quarter ended September 30, 2020 $ Mining Operation (Gold) Mining Exploration Corporate management Total
REVENUE ‐ GOLD SALES Mining operation expenses ‐ note 6 Mining royalties ‐ note 6 Administrative expenses ‐ note 7 Depreciation of property, plant and equipment and amortization of intangible assets OPERATING INCOME(LOSS)	45,864,340 ‐‐‐ ‐‐‐ 45,864,340
	11,193,833 ‐‐‐ ‐‐‐ 11,193,833 1,084,883 ‐‐‐ ‐‐‐ 1,084,883 2,095,211 4,289 3,061,133 5,160,633 3,504,453 ‐‐‐ 3,488,468 15,985
	28,001,945 (4,289) (3,077,118) 24,920,538

8/16

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

5 - SEGMENTED INFORMATION - (continued)

	Nine‐month period ended September 30, 2021 $ Mining Operation (Gold) Mining Exploration Corporate management Total
REVENUE ‐ GOLD SALES Mining operation expenses ‐ note 6 Mining royalties ‐ note 6 Administrative expenses ‐ note 7 Depreciation of property, plant and equipment and amortization of intangible assets OPERATING INCOME(LOSS)	68,964,000 ‐‐‐ ‐‐‐ 68,964,000
	23,473,131 ‐‐‐ ‐‐‐ 23,473,131 1,719,941 ‐‐‐ ‐‐‐ 1,719,941 7,739,715 15,516 3,401,415 11,156,646 ‐‐‐ 47,862 8,713,165 8,761,027
	27,318,048 (15,516) (3,449,277) 23,853,255
TOTAL ASSETS AS AT SEPTEMBER 30, 2021	119,699,095 9,715,304 2,756,587 132,170,986
	Nine‐month period ended September 30, 2020 $ Mining Operation (Gold) Mining Exploration Corporate management Total
REVENUE ‐ GOLD SALES Mining operation expenses ‐ note 6 Mining royalties ‐ note 6 Administrative expenses ‐ note 7 Depreciation of property, plant and equipment and amortization of intangible assets Stock‐based compensation expense OPERATING INCOME(LOSS)	92,441,897 ‐‐‐ ‐‐‐ 92,441,897
	22,357,293 ‐‐‐ ‐‐‐ 22,357,293 2,225,592 ‐‐‐ ‐‐‐ 2,225,592 6,295,451 7,226 5,900,500 12,203,177 ‐‐‐ ‐‐‐ 573,791 573,791 17,634,895 ‐‐‐ 47,956 17,682,851
	43,928,666 (7,226) (6,522,247) 37,399,193
TOTAL ASSETS AS AT DECEMBER 31,2020	103,091,813 8,167,877 5,514,507 116,774,197

The Company's proceeds come from one client. The Company does not economically depend on a limited number of buyers for the sale of gold, as gold can be sold through many commodity traders around the world.

9/16

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

6 - MINING OPERATION EXPENSES

Operating and maintenance supplies and service Fuel Reagents Employee benefit expenses Inventory change _Less:_Production expenses capitalized as stripping cost Delivery costs Total production costs - ADMINISTRATIVE EXPENSES Operations and explorations Corporation management - MINING OPERATION EXPENSES Mining royalties	2021 2020 2021 2020 $ $ $ $ 7,211,177 7,425,089 24,798,669 17,237,031 3,564,531 2,834,040 11,029,883 8,307,274 1,360,266 1,222,562 3,626,108 4,018,332 1,021,450 1,486,364 3,698,080 4,010,841 (3,646,810) 2,493,164 (2,561,739) (1,773,436) (4,254,408) (4,672,772) (17,682,049) (10,220,412) 136,614 405,386 564,179 777,663 Third quarters ended September 30, Nine‐month periods ended September 30,
	5,392,820 11,193,833 23,473,131 22,357,293
	411,461 1,084,883 1,719,941 2,225,592
	5,804,281 12,278,716 25,193,072 24,582,885
	2021 2020 2021 2020 $ $ $ $ 3,307,653 2,099,500 7,755,231 6,302,677 655,747 3,061,133 3,401,415 5,900,500 Third quarters ended September 30, Nine‐month periods ended September 30,
	3,963,400 5,160,633 11,156,646 12,203,177

7 - ADMINISTRATIVE EXPENSES

Salary related amounts of $372,985 and $82,627, respectively, are included in the "Operations and explorations" item and in the "Corporate management" item for the quarter ended September 30, 2021 ($438,572 and $91,798, respectively, for the quarter ended September 30, 2020) and of $1,168,316 and $336,877 for the nine‐month period ended September 30, 2021 ($1,389,664 and $296,727, respectively, for the nine‐month period ended September 30, 2020).

8 - FINANCIAL EXPENSES

- FINANCIAL EXPENSES Interest on long‐term debt Effective interest on long‐term debt Interest on lines of credit Interest on lease obligations Bank charges Change in environmental liabilities	2021 2020 2021 2020 $ $ $ $ 115,150 160,978 337,842 579,242 9,783 18,956 44,107 61,454 92,448 599 141,302 3,880 1,477 7,715 6,529 19,928 22,829 135,436 100,722 222,045 10,259 23,052 31,696 65,777 Third quarters ended September 30, Nine‐month periods ended September 30,
	251,946 346,736 662,198 952,326

10/16

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

Gold bars(1) Doré bars in production Supplies and spare parts Stacked ore Silver (metals) INVENTORIES	As at September 30, As at December 31, 2021 2020 $ $ 3,285,340 ‐‐‐ 3,680,998 4,648,288 8,862,704 8,437,106 440,804 231,094 13,217 ‐‐‐
	16,283,063 13,316,488

9 - INVENTORIES

(1) As at September 30, 2021, the Company held 3,834 ounces of gold in the form of bars from the production of the third quarter (no ounce as at December 31, 2020). The market value of these ounces amounted to CA$8.5 million based on the closing price (PM) in London ( London Gold Fixing Price ), which was CA$2,222/oz.

ACCOUNTS RECEIVABLE VAT receivable Other taxes receivable Other receivables	As at September 30, As at December 31, 2021 2020 $ $ 3,823,087 3,355,503 361,933 381,448 267,840 17,238
	4,452,860 3,754,189

10 - ACCOUNTS RECEIVABLE

11 - MINING PROPERTIES

	Mininko	Sanoula	Kamasso	Diangounté
Undivided interest	100%	100%	100%	100%	Total
Mining rights and titles					$
Balance as at December 31, 2020	147,080	240,645	23,944	51,288	462,957
Acquisition costs	‐‐‐	‐‐‐	13,459	25,799	39,258
Exchange rate changes	(7,604)	(12,442)	(1,238)	(2,974)	(24,258)
Balance as at September 30, 2021	139,476	228,203	36,165	74,113	477,957
Exploration costs
Balance as at December 31, 2020	5,147,469	1,384,766	868,859	71,194	7,472,288
Expenses incurred	1,301,712	417,581	‐‐‐	19,888	1,739,181
Amortization	14,145	12,144	‐‐‐	‐‐‐	26,289
Exchange rate changes	(288,436)	(73,237)	(44,924)	(3,683)	(410,280)
Balance as at September 30, 2021	6,174,890	1,741,254	823,935	87,399	8,827,478
Total:
As at December 31,2020	5,294,549	1,625,411	892,803	122,482	7,935,245
As at September 30, 2021	6,314,366	1,969,457	860,100	161,512	9,305,435

11/16

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(all amounts are in Canadian dollars unless otherwise indicated)

12 - PROPERTY, PLANT AND EQUIPMENT

			Equipment
	Mining	Buildings	related to	Tools,
	development	and office	mining	equipment	Exploration
	costs	development	explorations	and vehicles	equipment	Total
Cost						$
Balance as at December 31, 2020	25,681,948	12,985,292	115,857,012	4,254,745	762,357	159,541,354
Acquisition costs	2,214,918	1,431,024	20,064,129	1,002,988	‐‐‐	24,713,059
Changes in right‐of‐use asset	‐‐‐	‐‐‐	‐‐‐	(116,087)	‐‐‐	(116,087)
Exchange rate changes	(1,316,611)	(665,600)	(5,918,326)	(218,342)	(39,417)	(8,158,296)
Balance as at September 30, 2021	26,580,255	13,750,716	130,002,815	4,923,304	722,940	175,980,030
Accumulated depreciation
Balance as at December 31, 2020	9,242,146	5,061,851	65,411,042	1,868,079	698,384	82,281,502
Depreciation	479,977	821,610	6,925,914	541,405	10,007	8,778,913
Changes in right‐of‐use asset	‐‐‐	‐‐‐	‐‐‐	(58,044)	‐‐‐	(58,044)
Exchange rate changes	(472,551)	(259,527)	(3,360,386)	(95,294)	(36,208)	(4,223,966)
Balance as at September 30, 2021	9,249,572	5,623,934	68,976,570	2,256,146	672,183	86,778,405
Net amounts:
As at December 31,2020	16,439,802	7,923,441	50,445,970	2,386,666	63,973	77,259,852
As at September 30, 2021	17,330,683	8,126,782	61,026,245	2,667,158	50,757	89,201,625
Not depreciated
as at September 30,2021(1)	7,354,110	1,966,704	3,853,557	‐‐‐	‐‐‐	13,174,371

(1) Property, plant and equipment with a book value of $13,174,371 are not depreciated because they are either under development or construction, or not installed as at September 30, 2021 ($11,167,775 as at December 31, 2020).

ACCOUNTS PAYABLE Suppliers Accrued interest Due to the state Other payables Accounts payables to a shareholder‐owned company	As at September 30, As at December 31, 2021 2020 $ $ 10,927,954 9,770,197 2,526 16,716 251,655 365,640 1,345,055 1,295,282 244,217 2,317,787
	12,771,407 13,765,622

13 - ACCOUNTS PAYABLE

12/16

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

- LONG-TERM DEBT AND LINES OF CREDIT _Less:_Capitalized financing fees in the amount of $291,011 (122,263,500 CFA francs) _Less:_Current portion of long‐term debt Bank loan in the amount of $11,549,531 (5,000,000,000 CFA francs), annual interest of 7%, secured by a first mortgage on land on the operating permit for gold and minerals in the region of Nampala. This loan is repayable in monthly instalments of $270,281 (119,784,353 CFA francs) including capital and interest, until August 2022 inclusively.(1) Bank loan in the amount of $3,451,370 (1,500,000,000 CFA francs), annual interest of 7%, secured by a third mortgage on land on the operating permit for gold and minerals in the region of Nampala. This loan is repayable in quarterly instalments of $282,050 (125,000,000 CFA francs) plus interest, until October 2021 inclusively.(1) Bank loan in the amount of $701,937 (300,000,000 CFA francs), annual interest of 7.5%, secured with a pledge on the mobile equipment financed. This loan is repayable in monthly instalments of $20,758 (9,199,798 CFA francs) including capital and interest, until March 2024 inclusively. Bank loan in the amount of $2,245,420 (1,000,000,000 CFA francs), annual interest of 8%, secured by a third mortgage on land on the operating permit for gold and minerals in the region of Nampala. This loan is repayable in monthly instalments of $198,538 (87,988,866 CFA francs) including capital and interest, until May 2022 inclusively. Bank loan in the amount of $69,726 (29,800,000 CFA francs), annual interest of 7.5%, secured with a pledge on the mobile equipment financed. This loan is repayable in monthly instalments of $2,062 (913,846 CFA francs) including capital and interest, until March 2024 inclusively.	As at September 30, As at December 31, 2021 2020 $ $ 2,871,614 5,365,654 282,050 1,189,711 558,109 ‐‐‐ 55,439 ‐‐‐ 1,527,950 ‐‐‐
	5,295,162 6,555,365
	(16,805) (55,262)
	5,278,357 6,500,103
	(4,902,406) (4,288,403)
	375,951 2,211,700

14 - LONG-TERM DEBT AND LINES OF CREDIT

(1) Under these obligations, the Company is commited to complying annually with certain conditions and financial ratios.

Lines of credit Authorized line of credit from a Malian bank for a maximum amount of $1,093,427 (500,000,000 CFA francs), bearing interest at an annual rate of 8%, being renewed on October 15, 2021 and due on September 30, 2022. Authorized line of credit from a Malian bank for a maximum amount of $2,274,387 (1,000,000,000 CFA francs), bearing interest at an annual rate of 8%, due on April 6, 2022.

As at September 30, As at December 31, 2021 2020 $ $ 695,493 1,086,599 1,534,414 ‐‐‐

2,229,907 1,086,599

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NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

15 - SHARE CAPITAL Issued and fully paid 599,878,403 common shares (December 31, 2020 ‐ 599,119,403 common shares)	As at September 30, As at December 31, 2021 2020 $ $ 71,407,047 71,269,402

During the nine‐month period ended September 30, 2021, the Company issued 759,000 shares following the exercise of stock options for a cash consideration of $83,670. The value of options exercised that was reclassified to the share capital is $137,645.

16 - ADDITIONAL INFORMATION ON THE INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

16 a) Net changes in non‐cash working capital items Decrease (increase) in current assets Accounts receivable Inventories Prepaid expenses Deposits paid Increase (decrease) in current liabilities Accounts payable b) Paid interest Lines of credit Long‐term debt Lease obligations Bank charges c) Items not affecting cash related to investing activities Change in accounts payable related to property, plant and equipment - ADDITIONAL INFORMATION ON THE INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS	2021 2020 2021 2020 $ $ $ $ 489,167 (1,543,314) (1,084,882) (3,020,831) (2,726,620) 3,008,321 (3,649,104) (2,688,627) (302,250) 167,274 (789,362) (183,404) (339,310) 874,574 (345,691) 320,513 Third quarters ended September 30, Nine‐month periods ended September 30,
	(2,879,013) 2,506,855 (5,869,039) (5,572,349) (1,098,995) 1,403,461 756,150 2,702,381
	(3,978,008) 3,910,316 (5,112,889) (2,869,968)
	(92,448) (599) (141,302) (3,880) (119,666) (181,823) (351,124) (641,315) (1,477) (7,714) (6,529) (19,928) (22,829) (135,436) (100,722) (222,045)
	(236,420) (325,572) (599,677) (887,168)
	67,892 (784,016) 1,169,393 (862,565)

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NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

17 - EARNINGS PER SHARE

- EARNINGS PER SHARE Net earnings and diluted attributable to common shareholders Basic weighted average number of shares outstanding Stock options(1) Diluted weighted average number of shares outstanding(1) Basic net earnings per share Diluted net earnings per share	2021 2020 2021 2020 $ $ $ $ 4,127,188 23,195,182 23,232,060 33,199,335 Third quarters ended September 30, Nine‐month periods ended September 30,
	599,878,403 593,515,518 599,689,894 585,565,938 4,420,839 7,231,385 4,675,132 10,904,327
	604,299,242 600,746,903 604,365,026 596,470,265
	0.007 0.039 0.039 0.057 0.007 0.039 0.038 0.056

(1) The calculation of the hypothetical conversions excludes options whose effect is anti‐dilutive. Some stock options are anti‐dilutive either because their price is higher than the average price of the Company’s common shares for each of the periods presented or because the impact of the conversion of these elements on net income would result in diluted earnings per share exceeding the basic earnings per share for each of these periods. For the quarter ended September 30, 2021, no stock option is excluded in the diluted net earnings per share calculation (no stock option for the quarter ended September 30, 2020). For the nine‐month period ended September 30, 2021, no stock option is excluded in the diluted net earning per share calculation (no stock option for nine‐month period ended September 30, 2020).

18 - FINANCIAL INSTRUMENTS

Measurement categories

Financial assets and financial liabilities have been classified into categories that determine their basis of measurement and, for items measured at fair value, whether changes in fair value are recognized in the consolidated statement of income or in the consolidated statement of comprehensive income (loss). These categories are: assets and liabilities at FVTPL and financial assets and liabilities at amortized cost. The following table shows the carrying amounts of assets and liabilities for each of these categories:

Financial assets at amortized cost Cash Accounts receivable Deposits paid Financial liabilities at amortized cost Accounts payable Lines of credit Long‐term debt Lease obligations	As at September 30, As at December 31, 2021 2020 $ $ 4,805,101 8,895,854 267,840 17,238 1,673,113 2,012,030
	6,746,054 10,925,122
	12,519,752 13,399,981 2,229,907 1,086,599 5,278,357 6,500,103 121,753 301,551
	20,149,769 21,288,234

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NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(all amounts are in Canadian dollars unless otherwise indicated ‐ unaudited)

18 - FINANCIAL INSTRUMENTS - (continued)

Market risk

Fair value

The carrying amounts of financial assets at amortized cost approximate their fair value due to their short‐term maturity and the prevailing interest rates of these instruments, which are comparable to those of the market.

The Company considers that the carrying amount of all its financial liabilities at amortized cost in its consolidated financial statements approximates their fair value. Current financial assets and financial liabilities are valued at their carrying amounts, which are reasonable estimates of their fair value due to their near‐term maturities. The fair value of long‐term debt has not been determined due to the related specific conditions negotiated between the Company and the third parties concerned.

19 - SUBSEQUENT EVENT

On October 29, 2021, the Company contracted a bank loan in the amount of $1,100,471 (500,000,000 CFA francs), bearing interest at the rate of 10% annually, repayable over 10 months.

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