Tajiri Resources Corp. — Interim / Quarterly Report 2022

Sep 29, 2021

Consolidated Financial Statements (Expressed in Canadian dollars)

TAJIRI RESOURCES CORP.

Three months ended July 31, 2021 and 2020

(unaudited)

Prepared by Management without Company’s Auditors’ Review

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying unaudited interim financial statements of Tajiri Resources Corp. is prepared by management in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). Therefore, these financial statements comply with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting” . Management acknowledges responsibility for the preparation and presentation of the unaudited interim financial statements, including responsibility for significant accounting judgments and estimates and the choice of accounting principles and methods that are appropriate to the Company’s circumstances.

Management has established processes, which are in place to provide them sufficient knowledge to support management representations that they have exercised reasonable diligence that (i) the unaudited interim financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of and for the periods presented by the unaudited interim financial statements and (ii) the unaudited interim financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented by the unaudited interim financial statements.

The Board of Directors is responsible for reviewing and approving the unaudited interim financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the unaudited interim financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the unaudited interim financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company’s affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

NOTICE TO READER

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

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Tajiri Resources Corp. Consolidated Statements of Financial Position (Expressed in Canadian dollars)

Tajiri Resources Corp. Consolidated Statements of Financial Position (Expressed in Canadian dollars)
			July 31,		April 30,
	Notes		2020		2021
ASSETS
Current assets
Cash and cash equivalents	5	$	218,748	$	681,603
Prepaid			2,712		48,224
Receivables			36,159		118,432
			257,619		848,259
Non‐current assets
Property and equipment	6		37,011		39,478
Exploration and evaluation assets	7		5,452,560		5,341,505
TOTAL ASSETS		$	5,747,190	$	6,229,242
LIABILITIES
Current liabilities
Tradepayables and accrued liabilities	8 & 11	$	168,928	$	584,206
TOTAL LIABILIITIES			168,928		584,206
SHAREHOLDERS’ EQUITY
Share capital	10		12,239,297		12,281,297
Obligation to issue shares			28,345		28,345
Share subscriptions receivable			‐		(42,000)
Reserves	10		1,527,064		1,527,064
Deficit			(8,216,444)		(8,149,670)
TOTAL SHAREHOLDERS’ EQUITY			5,578,262		5,645,036
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	5,747,190	$	6,229,242

Nature and continuance of operations (Note 1) Subsequent events (Note 15)

Approved by the Board of Directors and authorized for issue on September 28, 2021.

“Graham Keevil”

“Bilal Bhamji”

Graham Keevil, Director

Bilal Bhamji, Director

See accompanying notes to the consolidated financial statements.

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Tajiri Resources Corp . Consolidated Statements of Comprehensive Loss (Expressed in Canadian dollars)

Tajiri Resources Corp. Consolidated Statements of Comprehensive Loss (Expressed in Canadian dollars)
Notes	Three months ended
	July 31, 2021 July 31, 2020
Expenses Consulting fees 11 Management fees 11 Office and miscellaneous 11 Professional fees 11 Shareholder information, transfer agent and filing fee Stock based compensation Travel andpromotion	$ 2,500 $ 10,000 21,000 21,000 20,815 6,197 13,879 9,400 5,487 23,032 ‐ 130,374 3,093 951
Loss from operations	66,774 200,954
Net loss and comprehensive loss for theyear	$ 66,774 $ 200,954
Lossper share – basic and diluted	$ 0.01 $ 0.01

See accompanying notes to the consolidated financial statements.

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Tajiri Resources Corp.

Consolidated Statements of Changes in Shareholders’ Equity

(Expressed in Canadian dollars)

(Expressed in Canadian dollars)
Balance, May 1, 2021 Comprehensive loss Shares cancelled	Notes	Share Capital Number of Shares Amount Obligation to issue share Share subscription receivable Reserves Deficit Total
		$ $ $ $ $ $ 110,256,619 12,281,297 28,345 (42,000) 1,527,064 (8,149,670) 5,645,036 ‐ ‐ ‐ ‐ ‐ (66,774) (66,774) (280,000) (42,000) ‐ 42,000 ‐ ‐ ‐
Balance, July 31, 2021		109,976,619 12,239,297 28,345 ‐ 1,527,064 (8,149,670) 5,578,262

Balance, July 31, 2021		109,976,619 12,239,297 28,345 ‐ 1,527,064 (8,149,670) 5,578,262
Balance, May 1, 2020 Comprehensive loss Private placement at $0.15 Share subscription received Stock‐based compensation	Notes	Share Capital Number of Shares Amount Obligation to issue share Share subscription receivable Reserves Deficit Total
	10 (c)	$ $ $ $ $ $ 87,439,685 9,188,721 28,345 (20,000) 329,234 (6,548,278) 2,978,022 ‐ ‐ ‐ ‐ ‐ (200,954) (200,954) 2,134,667 321,200 ‐ ‐ ‐ ‐ 3,198,440 ‐ ‐ ‐ ‐ ‐ ‐ 20,000 ‐ ‐ ‐ ‐ 130,734 ‐ 130,734
Balance, April 30, 2021		89,574,352 9,508,921 28,345 (20,000) 459,608 (6,749,232) 3,227,642

See accompanying notes to the consolidated financial statements.

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Tajiri Resources Corp. Consolidated Statements of Cash flows (Expressed in Canadian dollars)

Tajiri Resources Corp. Consolidated Statements of Cash flows (Expressed in Canadian dollars)
		Three months ended
		July 31, July 31, 2021 2020
Operating activities Net loss for the year Adjustments for: Stock‐based compensation Changes in non‐cash working capital items: Receivables Prepaids Tradepayables and accrued liabilities	$	(66,774) $ (200,954) ‐ 130,374 82,273 3,359 45,512 ‐ (415,278) 87,268
Net cash flows used in operating activities		(125,405) 13,329
Investing activities Expenditures on exploration and evaluation assets		(108,588) (30,472)
Net cash flows used in investing activities		(108,588) (30,472)
Financing activities Proceeds from issuance of common shares Subscription receivable Shares cancelled		‐ 320,200 42,000 ‐ (42,000) ‐
Net cash flows from financing activities		‐ 320,200
Increase in cash and cash equivalents Cash and cash equivalents,beginningofyear		(462,855) 303,057 681,603 45,788
Cash and cash equivalents, end of year	$	218,748 $ 345,845

Supplemental cash flow information (Note 14)

See accompanying notes to the consolidated financial statements.

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Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

1. Nature and continuance of operations

Tajiri Resources Corp. (the “Company”) was incorporated under the laws of the province of British Columbia, Canada, and its principal activity is the acquisition and exploration of mineral properties in Guyana and Burkina Faso. The Company’s shares are traded on the TSX Venture Exchange (“TSX.V”) under the symbol “TAJ.V”. The head office, principal address and records office of the Company are located at 409 Granville Street, Suite 608, Vancouver, British Columbia, Canada.

The Company is currently exploring its exploration and evaluation assets and has not yet determined the existence of economically recoverable reserves. The recoverability of the amounts shown for interests in mineral properties is dependent upon the discovery of economically recoverable reserves or proceeds from the disposition thereof, confirmation of the Company’s interest in the underlying mineral claims, the ability of the Company to obtain financing to complete development of the properties and on future profitable operations.

These financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Different bases of measurement may be appropriate if the Company is not expected to continue operations for the foreseeable future. As at April 30, 2021, the Company had not advanced its properties to commercial production and is not able to finance day to day activities through operations. The Company’s continuation as a going concern is dependent upon the successful results from its mineral property exploration activities and its ability to attain profitable operations and generate funds there from and/or raise equity capital or borrowings sufficient to meet current and future obligations. Should the Company be unable to continue as a going concern, the net realizable value of its assets may be materially less than the amounts on its statement of financial position.

2. Significant accounting policies and basis of preparation

The financial statements were authorized for issue on September 28, 2021 by the directors of the Company.

Statement of compliance to International Financial Reporting Standards

The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). Therefore, these financial statements comply with International Accounting Standard (“IAS”) 34 “interim Financial Reporting”.

This interim financial report does not include all of the information required of a full annual financial report and is intended to provide users with an update in relation to events and transactions that are significant to an understanding of the changes in financial position and performance of the Company since the end of the last annual reporting period. It is therefore recommended that this financial report be read in conjunction with the annual financial statements of the Company for the year ended April 30, 2021

Going Concern of Operations

The Company has not generated revenue from operations. The Company incurred a net loss of $66,774 during the quarter ended July 31, 2021 and, as of that date the Company’s accumulated deficit was $8,216,444. As the Company is in the exploration stage, the recoverability of the costs incurred to date on exploration properties is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of its properties and upon future profitable production or proceeds from the disposition of the properties and deferred exploration expenditures. The Company will periodically have to raise funds to continue operations and, although it has been successful in doing so in in the past, there is no assurance it will be able to do so in the future.

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Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

2. Significant accounting policies and basis of preparation (continued) Basis of preparation

The financial statements have been prepared on a historical cost basis except for certain financial assets measured at fair value as explained in the accounting policies set out in Note 2. In addition, these financial statements have been prepared using the accrual basis of accounting, except for cash flow information. All dollar amounts presented are in Canadian dollars unless otherwise specified.

Basis of Consolidation

These consolidated financial statements include the accounts of the Company and its subsidiary. A subsidiary is an entity in which the Company has control, directly or indirectly. Control is defined as the investor being exposed, or having rights, to variable returns from its involvement with the investee and having the ability to affect those returns through its power over the investee.

All material intercompany transactions and balances have been eliminated on consolidation.

Details of the Company’s subsidiary as at April 30, 2021 are as follows:

Name	Place of incorporation	Ownership %	Principle activity
Protean Mining (Guyana) Inc.	Guyana	100%	Exploration company

Functional and Presentation Currency

Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The functional currency of Tajiri Resources Corp. is the Canadian dollar. The functional currency of Protean Mining (Guyana) Inc. is also the Canadian dollar.

The presentation currency of the group is the Canadian dollar. All financial information has been presented in Canadian dollars in these consolidated financial statements, except when otherwise indicated.

Foreign Currency Translation

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at the reporting date. Non‐monetary assets and liabilities are translated at the rate of exchange prevailing when the assets were acquired or the liabilities incurred. Revenue, expense items and capitalized exploration and evaluation expenditures are translated using the average rate of exchange during the financial statement periods, except for depreciation and amortization, which are translated at historic rates.

Foreign exchange gains and losses resulting from the translation of transactions and balances denominated in foreign currencies are included in the consolidated statement of operations and comprehensive loss.

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Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

2. Significant accounting policies and basis of preparation (continued)

Significant accounting judgments, estimates and assumptions

The preparation of the Company’s financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously 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. However, actual outcomes can differ from these estimates.

Areas requiring a significant degree of estimation and judgment relate to the recoverability of the carrying value of exploration and evaluation assets and the determination of the Company’s ability to continue as a going concern. Actual results may differ from those estimates and judgments. See Note 4.

Property and Equipment

Property and equipment are stated at historical cost less accumulated depreciation and any provision for impairment. Cost includes the purchase price, any directly attributable costs of bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, and the present value of the estimated costs of decommissioning and restoration, if applicable. Costs relating to major upgrades are included in property and equipment if it is probable that future economic benefits associated with the expenditure will flow to the Company.

Depreciation on property and equipment is recognized on a straight‐line basis to write down the cost or valuation less estimated residual value of equipment. The rates generally applicable are:

• Property and equipment – 25% straight line.

Material residual value estimates and estimates of useful life are updated as required, but at least annually.

Gains or losses arising on the disposal of equipment are determined as the difference between the disposal proceeds and the carrying amount of the equipment and are recognized in profit or loss within 'other income' or 'other expenses'.

Exploration and evaluation expenditures

Once the legal right to explore a property has been acquired, costs directly related to exploration and evaluation expenditures (“E&E”) are recognized and capitalized, in addition to the acquisition costs. 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 administrative overhead costs, are expensed in the year in which they occur. Costs incurred before the Company has obtained the legal rights to explore an area are recognized in profit or loss.

Government tax credits received are recorded as a reduction to the cumulative costs incurred and capitalized on the related property.

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 transferee 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.

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Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

2. Significant accounting policies and basis of preparation (continued)

Exploration and evaluation expenditures (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 comprehensive loss.

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. The recoverable amount is the higher of the asset’s fair value less costs to sell and value in use.

Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property.

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.

Recoverability of the carrying amount of any exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.

Mineral exploration and evaluation expenditures are classified as intangible assets.

Loss per share

Basic loss per share is calculated by dividing the loss attributable to common shareholders by the weighted average number of common shares outstanding in the period. For all periods presented, the loss attributable to common shareholders equals the reported loss attributable to owners of the Company. Diluted loss per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding for the calculation of diluted loss per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period.

Impairment of assets

The carrying amount of the Company’s assets (which include exploration and evaluation assets) is reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in the statement of comprehensive loss.

The recoverable amount of assets is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre‐ tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash‐generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years.

Assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment.

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Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

2. Significant accounting policies and basis of preparation (continued)

Share‐based payments

The Company operates an employee stock option plan. Share‐based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share‐based payments to non‐employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the option reserve. The fair value of the option is determined using a Black‐Scholes pricing model which incorporates all market vesting conditions. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest.

Financial instruments

Financial instruments are measured on initial recognition at fair value, plus, in the case of financial instruments other than those classified as fair value through profit or loss ("FVPL"), directly attributable transaction costs. Financial instruments are recognized when the Company become party to the contracts that give rise to them and are classified as amortized cost, fair value through profit or loss or fair value through other comprehensive income, as appropriate.

The Company considers whether a contract contains an embedded derivative when the entity first becomes a party to it. The embedded derivatives are separated from the host contract if the host contract is not measured at fair value through profit or loss and when the economic characteristics and risks are not closely related to those of the host contract. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required.

Financial assets at FVPL

Financial assets at FVPL include financial assets held for trading and financial assets not designated upon initial recognition as amortized cost or fair value through other comprehensive income ("FVOCI"). A financial asset is classified in this category principally for the purpose of selling in the short term, or if so designated by management. Transaction costs are expensed as incurred. On initial recognition, a financial asset that otherwise meets the requirements to be measured at amortized cost or FVOCI may be irrevocably designated as FVPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets measured at FVPL are measured at fair value with changes in fair value recognized in profit or loss.

Financial assets at FVOCI

On initial recognition of an equity investment that is not held for trading, an irrevocable election is available to measure the investment at fair value upon initial recognition plus directly attributable transaction costs and at each period end, changes in fair value are recognized in other comprehensive income ("OCI") with no reclassification to profit or loss. The election is available on an investment‐by‐investment basis.

Financial assets at amortized cost

A financial asset is measured at amortized cost if it is held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, and is not designated as FVPL. Financial assets classified as amortized cost are measured subsequent to initial recognition at amortized cost using the effective interest method. Cash, other receivables and certain other assets are classified as and measured at amortized cost.

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Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

2. Significant accounting policies and basis of preparation (continued)

Financial instruments (continued)

Financial liabilities

Financial liabilities, including accounts payable and accrued liabilities and finance leases are recognized initially at fair value, net of transaction costs. After initial recognition, other financial liabilities are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in net earnings when the liabilities are derecognized as well as through the amortization process. Borrowing liabilities are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the statement of financial position date. Accounts payable and accrued liabilities and finance leases are classified as and measured at amortized cost.

Derivative instruments

Derivative instruments, including embedded derivatives, are measured at fair value on initial recognition and at each subsequent reporting period. Any gains or losses arising from changes in fair value on derivatives are recorded in profit or loss.

Fair values

The fair value of quoted investments is determined by reference to market prices at the close of business on the statement of financial position date. Where there is no active market, fair value is determined using valuation techniques. These include using recent arm’s length market transactions; reference to the current market value of another instrument which is substantially the same; discounted cash flow analysis; and, pricing models.

Financial instruments that are measured at fair value subsequent to initial recognition are grouped into a hierarchy based on the degree to which the fair value is observable as follows:

• Level 1 fair value measurements are quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks and other short‐term highly liquid investments.

Income taxes

Income tax expense comprises of current and deferred tax. Current tax and deferred tax are recognized in net income except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive loss/income.

Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the countries where the Company operates and generates taxable income.

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Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

2. Significant accounting policies and basis of preparation (continued)

Income taxes (continued)

Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the year‐end date.

Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit or loss.

Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. At the end of each reporting year, the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.

Share Capital

Common shares issued by the Company are classified as equity. Costs directly attributable to the issue of common shares, share purchase warrants and share options are recognized as a deduction from equity, net of any related income tax effects.

Restoration and environmental obligations

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

The Company’s estimates of restoration 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 exploration and evaluation assets with a corresponding entry to the restoration 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.

The net present value of restoration costs arising from subsequent site damage that is incurred on an ongoing basis during production are charged to profit or loss in the period incurred.

The costs of restoration projects that were included in the provision are recorded against the provision as incurred. The costs to prevent and control environmental impacts at specific properties are capitalized in accordance with the Company’s accounting policy for exploration and evaluation assets. As at April 30, 2021, the Company has no restoration and environmental obligations.

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Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

3. New Accounting Standards and Interpretations Adopted

The Company is not aware of any applicable but not‐yet‐adopted standards that are expected to materially affect the consolidated financial statements of future periods.

4. 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 loss in the years of change, if the change affects that year only, or in the year of the change of future years, if the change affects both.

Information about critical judgments in applying accounting policies that have the most significant risk of causing material adjustment to the carrying amounts of assets and liabilities recognized in the financial statements within the next financial year are discussed below:

Mineral Property Interests

Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

Exploration and Evaluation Expenditures

The application of the Company’s accounting policy for exploration and evaluation expenditures requires judgment in determining whether it is likely that future economic benefits will flow to the Company, which may be based on assumptions about future events or circumstances. Estimates and assumptions made may change if new information becomes available. If, after the expenditure is capitalized, information becomes available suggesting that the recovery of the expenditure is unlikely, the amount capitalized is written off in the profit or loss in the year the new information becomes available.

Going Concern

The determination of the Company’s ability to continue as a going concern requires significant judgment. Material adjustments to the financial statements would be required if the going concern assumption was not used.

5. Cash and cash equivalents

The components of cash and cash equivalents are as follows:

		July 31,		April 30,
		2021		2021
Cash at bank	$	218,748	$	681,603

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Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

6. Property and equipment

	Property and equipment
	Cost April 30, 2019 $ 19,087 Additions 306
	April 30, 2020 19,393 Additions 40,327 April 30, 2021 59,720 Additions ‐
	July31,2021 $ 59,720
	Accumulated Amortization April 30, 2019 $ 13,951 Additions 1,333
	April 30, 2020 15,284 Additions 4,958 April 30, 2021 20,242 Additions 2,467
	July 31, 2021 $ 22,709
	Net Book Value April 30, 2020 4,109 April 30, 2021 39,478
	July 31, 2021 $ 37,011

7. Exploration and evaluation assets

The following is a description of the Company’s exploration and evaluation assets and the related spending commitments as at July 31, 2021:

Guyana, (a) and (b) Balance as at May 1, 2021 Property expenditures Impairment Balance as at July 31, 2021
Acquisition	$ ‐ $ ‐ $ ‐ $ ‐
Mineral rights acquisition	541,840 ‐ ‐ 541,840
Consulting	264,021 31,004 ‐ 295,025
Drilling, exploration, labour and
claim maintenance	865,332 ‐ ‐ 865,332
Fees, transport and camp	727,726 61,290 ‐ 789,016
Amortization capitalized	11,064 2,467 ‐ 13,531
	$ 2,409,983 $ 94,761 $ ‐ $ 2,504,744

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Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

7. Exploration and evaluation assets (continued)

. Exploration and evaluation assets(continued)	. Exploration and evaluation assets(continued)
Burkina Faso (c) Balance as at May 1, 2020 Property expenditures		Impairment Balance as at July 31, 2021
Mineral rights acquisition	$ 1,142,503 $ ‐	$ ‐ $ 1,142,503
Assay	41,039 ‐	‐ 41,039
Consulting	104,787 ‐	‐ 104,787
Drilling	635,419 ‐	‐ 635,419
Fees, transport and camp	1,007,774 16,294	‐ 1,024,068
	$2,931,522 $ 16,294	$ ‐ $ 2,947,816
Total	$ 5,341,505 $ 111,055	‐ $ 5,452,560

The following is a description of the Company’s exploration and evaluation assets and the related spending commitments as at April 30, 2021:

Guyana, (a) and (b) Balance as at May 1, 2020 Property expenditures		Impairment Balance as at April 30, 2021
Acquisition	$ ‐ $ ‐	$ ‐ $ ‐
Mineral rights acquisition	233,129 308,711	‐ 541,840
Consulting	168,526 95,495	‐ 264,021
Drilling, exploration, labour and
claim maintenance	768,156 97,176	‐ 865,332
Fees, transport and camp	104,839 622,887	‐ 727,726
Amortization capitalized	6,043 5,021	‐ 11,064
	$ 1,280,693 $ 1,129,290	$ ‐ $ 2,409,983
Burkina Faso (c) Balance as at May 1, 2020 Property expenditures		Impairment Balance as at April 30, 2021
Mineral rights acquisition	$ 1,142,503 $ ‐	$ ‐ $ 1,142,503
Assay	225 40,814	‐ 41,039
Consulting	57,876 46,911	‐ 104,787
Drilling	‐ 635,419	‐ 635,419
Fees, transport and camp	645,670 362,104	‐ 1,007,774
	$1,846,274 $ 1,085,248	$ ‐ $ 2,931,522
Total	$ 3,126,967 $ 2,214,538	‐ $ 5,341,505

16

Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

7. Exploration and evaluation assets (continued)

(a) Kaburi Guyana

On December 31, 2016, the Company acquired an option to acquire 6 mining permits. Under the terms of the agreement the Company will pay cash considerations to the vendor as follows:

		Make Payment
Option Exercise Schedule		(USD$)
Upon signing (1)	$	100,000
October 31, 2019 (2)		100,000
October 31, 2020 (3)		100,000
October 31, 2021		2,000,000
Total	$	2,300,000

• (1) Payment made during the 2017 year

(2) Payment made during the 2020 year

• (3) Payment made during the 2021 year

The Vendor will retain a 2% Net Smelter Return (NSR) royalty, of which the Company has the right to buy back the first 1.0% for USD $1,000,000.

(b) Wineperu Creek, Guyana

On June 29, 2020 the Company entered into a sale and purchase agreement to acquire an 100% interest in 6 mining permits situated in the headwaters of Wineperu Creek, Guyana. Under the terms of the agreement, the Company will pay cash considerations to the vendors as follows:

Due Date		GYD
Upon signing(paid)	$	2,000,000
Within 60 days of signing(paid)		14,000,000
On or before the transfer of the permits		16,000,000
Upon verification by the GGMC		8,000,000	(1)
Total	$	40,000,000

(1) Upon verification by the Guyana Geology and Mines Commission (“GGMC”), a variable amount calculated at a price of GYD$20,000 per acre (for each acre above 607 acres) up to a maximum of GYD$8,000,000

17

Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

7. Exploration and evaluation assets (continued)

(b) Wineperu Creek, Guyana (continued)

On September 25, 2020, the Company entered into an option agreement to acquire 28 unverified mining claims located near Wineperu Creek, Guyana. Under the terms of the agreement, the Company will pay cash considerations to the vendor as follows:

Due Date		GYD
Upon signing(paid)	$	3,500,000
September 25, 2021		2,500,000
September 25, 2022		2,000,000
September 25, 2023		2,000,000
Within 21 days of issuance of claim licenses by the GGMC		2,000,000
September 25, 2024		14,000,000
Total	$	26,000,000

The Vender will retain a 2% Net Smelter Return (NSR) royalty .

(c) Reo Gold Project, Burkina Faso

In February 2018 (and modified in May 2018), the Company signed a heads of agreement with Middle Island Resources Ltd. (“MDI”) to enter into an option agreement to acquire a 100% interest of 7 exploration licences located in Burkina Faso. The Company made USD $35,000 cash payments to MDI in regards to the heads of agreement. The terms of the option agreement are as follows:

eads of agreement. The terms of the option agreement	are as follows:
	Issue		Make Payment
	Shares		(USD$)
Upon signing HOA(paid)	‐	$	35,000
Commencement of option(issued and paid)	5,000,000		150,000
Exercise of option within 18 months(paid)	‐		150,000
Total	5,000,000	$	335,000

The Vendor will retain a 2% Net Smelter Return (NSR) royalty. The Company has the right to buy back the entire royalty by paying USD $5,000,000.

The Company earned 100% interest in the Reo Gold Project following a final payment of $150,000 made to Middle Island Resources on August 26, 2019.

On April 23, 2021, the Company issued 1,000,000 common shares at a fair of $105,000 to ABC Mining SARL for its role as Trustee to hold the exploration licenses.

18

Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

8. Trade payables and accrued liabilities

		April 30,		April 30,
		2021		2021
Trade payables and accrued liabilities	$	147,450	$	575,175
Amounts due to relatedparty (see Note 11)		21,478		9,031
	$	168,928	$	584,206

9. Income tax expense and deferred tax assets and liabilities

A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

		Three Month ended		Year ended
		July 31, 2021		April 30, 2021
Loss before income taxes	$	(66,774)	$	(1,601,392)
Combined effective statutoryrate		26.89%		26.89%
Expected income tax recovery at the statutory tax rate		(17,955)		(430,694)
Non‐deductible items		(52,878)		241,272
Unrecognized benefit of non‐capital losses		70,833		189,422
Income tax recovery	$	‐	$	‐

The components of the Company’s deferred tax assets and liabilities are as follows:

		July 31,2021		April 30,2021
Exploration and evaluation assets	$	(337,450)	$	(1,927,279)
Loss carry‐forwards		1,012,350		6,170,000
Capital loss		2,467		3,000
Share issuance costs		52,878		224,599
		730,245		4,470,320
Valuation allowance		(730,245)		(4,470,320)
Net deferred income tax asset(liability)	$	‐	$	‐

The Company has recorded a valuation allowance against deferred income taxes on the extent to which it is more likely than not that sufficient taxable income will not be realized during the carry forward period, to utilize all the deferred tax assets.

As at July 31, 2021, the Company’s Canadian non‐capital losses total approximately $6,170,000 expires at various years from 2028 to 2041.

19

Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

10. Share capital

Authorized share capital

Unlimited number of common shares without par value.

a) Issued share capital

At April 30, 2021, there were 110,256,619 issued and fully paid common shares (April 30, 2020 – 87,439,685).

• (i) On August 12, 2019, the Company completed a private placement of 6,200,000 units at $0.05 per unit for gross proceeds of $310,000. Each unit consists of one common share and one‐half common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at $0.17 for 2 years. The Company paid $9,600 of share issue costs.

• (ii) On December 17, 2019, the Company completed the first tranche of the private placement of 2,950,000 units at $0.05 per unit for gross proceeds of $147,500. Each unit consists of one common share and one‐half common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at $0.20 for 2 years. The Company paid cash finder’s fees of $11,800 and issued 118,000 finders’ warrants exercisable at $0.20 per warrant share for a period of two years from the issue date. The finders’ warrants were valued at $1,900 using the Black‐ Scholes option pricing model.

• (iii) On December 24, 2019, the Company completed the second tranche of the private placement of 3,640,000 units at $0.05 per unit for gross proceeds of $182,000. Each unit consists of one common share and one‐half common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at $0.20 for 2 years. The Company paid cash finder’s fees of $9,760 and issued 187,000 finders’ warrants exercisable at $0.20 per warrant share for a period of two years from the issue date. The finders’ warrants were valued at $4,000 using the Black‐ Scholes option pricing model.

• (iv) On January 22, 2020, the Company completed final tranche of the private placement of 2,110,000 units at $0.05 per unit for gross proceeds of $105,500. Each unit consists of one common share and one‐half common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at $0.20 for 2 years. The Company paid cash finder’s fees of $5,640 and issued 56,400 finders’ warrants exercisable at $0.20 per warrant share for a period of two years from the issue date. The finders’ warrants were valued at $1,600 using the Black‐ Scholes option pricing model.

• (v) On August 21, 2020, the Company completed a private placement of 21,602,934 units at $0.15 per Unit for gross proceeds of $3,240,440. Each Unit consists of one common share and one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at $0.30 for 2 years, exercisable until August 21, 2022. The exercise period of the warrants can be accelerated to 30 days if the Company’s shares trade at or above a volume weighted average price of $0.50 for 15 consecutive trading days. The Company paid cash finder’s fees of $191,620 and issued 1,166,797 finders’ warrants exercisable at $0.20 per warrant share for a period of two years from the issue date (valued at $93,344 using the Black‐Scholes model).

20

Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

10. Share capital (continued)

• (vi) On December 7, 2020, the Company issued 214,000 common shares for $32,100 for marketing and share services.

• (vii) On April 23, 2021 the Company issued 1,000,000 common shares for $105,000 for Trustee services relating to the Burkina Faso property (see Note 7c).

b) Basic and diluted loss per share

The calculation of basic and diluted loss per share for the year ended April 30, 2021 was based on the loss attributable to common shareholders of $1,601,392 (2020 ‐ $658,291) and the weighted average number of common shares outstanding of 87,493,052 (2019 – 79,929,986).

Diluted loss per share did not include the stock options or share purchase warrants as the effect would be anti‐dilutive.

c) Stock options

The Company adopted a stock option plan whereby, the maximum number of shares reserved for issue under the plan shall not exceed 10% of the outstanding common shares of the Company, as at the date of the grant.

On July 16, 2020, the Company granted 7,450,000 stock options exercisable at a price of $0.15 per share to employees, directors, and consultants of the Company. The fair value attributable to these stock options was $1,013,200 using the Black Scholes option pricing model and the total amount was expensed during the year.

On July 16, 2020, the Company granted 1,000,000 stock options under the terms of the Investor Relations Agreement entered into between the Company and Paradox Public Relations Inc. on July 13, 2020. These options will vest in four equal tranches, quarterly over a 12‐month period, commencing October 16, 2020, The fair value attributable to these stock options was $97,000 using the Black Scholes option pricing model of which $91,286 was expensed during the year.

A summary of stock option activities is as follows:

			Weighted average
	Number of options		exercise price ($)
Balance, April 30, 2020		‐	‐
Granted	8,450,000		0.15
Forfeited/Cancelled		‐	‐
Expired		‐	‐
Balance, April 30, 2021		‐	‐
Granted	8,450,000		0.15
Forfeited/Cancelled		‐	‐
Expired		‐	‐
Balance, July 31, 2021	8,450,000		0.15

21

Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

10. Share capital (continued)

Outstanding and exercisable stock options as at July 31, 2021 are as follows:

Options Outstanding	Options exercisable	Exercise Price ($)	Expiry date
7,450,000	7,450,000	0.15	July 16, 2025
1,000,000	750,000	0.15	July 16, 2023

The weighted average contractual life remaining of all stock options at April 30, 2021 is 3.98 years.

The fair value of stock options granted during the year is estimated using the Black‐Scholes option pricing model based on the following assumptions:

ck options granted during the following assumptions:	year is estimated using th
	2021
Risk‐free interest rate	0.28% ‐ 0.33%
Estimated volatility	119.84% ‐ 192.81%
Expected life	3 – 5 years
Expected dividend yield	0%
Expected forfeiture rate	0%

d) Share purchase warrants

A summary of share purchase warrant activities is as follows:

		Weighted average
	Number of warrants	exercise price ($)
Balance, April 30, 2020	21,333,972	‐
Granted	22,769,731	0.15
Forfeited/Cancelled	‐	‐
Expired	‐	‐
Balance, April 30, 2021	21,333,972	‐
Granted	22,769,731	0.15
Forfeited/Cancelled	‐	‐
Expired	(16,622,572)	‐
Balance, July 31, 2021	27,481,131	0.15

Outstanding share purchase warrants at April 30, 2021 were as follows:

Warrants	Exercise price	Expiry date
outstanding
1,593,000	0.20	December 17, 2021
2,007,000	0.20	December 24, 2021
1,111,400	0.20	January 22, 2022
1,166,797	0.20	August 21, 2022
21,602,934	0.30	August 21, 2022
27,481,131

The weighted average contractual life remaining of all warrants at April 30, 2021 is 0.64 years.

22

Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

11. Related party transactions

Related party balances

The following amounts due to related parties are included in trade payables and accrued liabilities:

		July 31,		April 30,
		2021		2021
Directors or companies controlled bydirectors of the Company	$	21,478	$	9,031

Related party transactions

The Company had the following transactions in the normal course of operations with directors and companies with common directors:

	Three Month ended
	July 31, 2021 July 31, 2020
Management fees Management and consulting fees in E&E assets Professional and consulting fees	$ 21,000 $ 21,000 18,830 19,498 9,000 9,000
	$ 48,830 $ 49,498

These charges were measured by the exchange amount, which is the amount agreed upon by the transacting parties.

• a. The Company incurred $21,000 (2020 ‐ $21,000) in management fees and $9,000 (2020 ‐ $9,000) in professional fees to its officers;

• b. The Company incurred $18,830 (2020 ‐ $19,498) in management and consulting fees capitalized as exploration and evaluation assets to a director and a private company controlled by a director of the Company.

12. Financial risk management

The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:

Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is on its cash and cash equivalents. The majority of cash is deposited in bank accounts held at a major bank in Canada. As most of the Company’s cash is held by one bank there is a concentration of credit risk. This risk is managed by using a major bank that is considered a high credit quality financial institution as determined by rating agencies.

23

Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

12. Financial risk management (continued)

Foreign exchange risk

Foreign exchange risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in foreign exchange rates. As at July 31, 2021, the majority of the Company’s cash is held in Canadian dollars, the Company’s functional currency. The Company has operations in a foreign jurisdiction outside of Canada at this time and as such has currency risk associated with its operations.

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk on its cash equivalents as these instruments have original maturities of three months or less. However, this risk is not significant.

Capital management

The Company's policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain future development of the business. The capital structure of the Company consists of equity, net of cash and cash equivalents.

There were no changes in the Company's approach to capital management during the year.

The Company is not subject to any externally imposed capital requirements.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company ensures that there are sufficient funds to meet its short‐term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents.

Historically, the Company's sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company’s access to financing is always uncertain. There can be no assurance of continued access to significant equity funding. The following is an analysis of the contractual maturities of the Company’s non‐derivative financial liabilities as at July 31, 2021:

				Between one		More
						than
		Within oneyear		and fiveyears		fiveyears
Tradepayables and accrued labilities	$	168,928	$	‐	$	‐
	$	168,928	$	‐	$	‐

The following is an analysis of the contractual maturities of the Company’s non‐derivative financial liabilities as at April 30, 2021:

				Between one		More
						than
		Within oneyear		and fiveyears		fiveyears
Tradepayables and accrued labilities	$	584,206	$	‐	$	‐
	$	584,206	$	‐	$	‐

24

Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

12. Financial risk management (continued)

Classification of financial instruments

Financial assets included in the statement of financial position are as follows:

		July 31,		April 31,
		2021		2020
Cash and cash equivalents	$	218,748	$	681,603
Financial liabilities included in the statement of financial position are as follows:
		July 31, 2021		April 30, 2021
Non‐derivative financial liabilities:
Tradepayables and accrued liabilities	$	168,928		$680,512
	$	168,928		$680,512

Fair value

The fair value of the Company’s financial assets and liabilities approximates the carrying amount.

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. 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.

The following is an analysis of the Company’s financial assets measured at fair value as at July 31, 2021 and April 30, 2021:

pril 30, 2021:
	As at July 31, 2021
	Level 1 Level 2 Level 3
Cash and cash equivalents	$ 218,748 $ ‐ $ ‐
	As at April 30, 2021
	Level 1 Level 2 Level 3
Cash and cash equivalents	$ 681,603 $ ‐ $ ‐

There were no transfers between levels during the year.

25

Tajiri Resources Corp. Notes to the Consolidated Financial Statements For the three‐month periods ended July 31, 2021 and 2020 (Expressed in Canadian dollars)

13. Segmented information

Operating segments

The Company operates in a single reportable operating segment – the acquisition, exploration, and development of mineral properties.

Geographic segments

The Company operates in three jurisdictions, Canada, Guyana, and Burkina Faso.

July 31, 2021	Canada ($)	Guyana ($)	Burkina Faso ($)	Total ($)
Non‐current assets	‐	2,504,744	2,947,816	5,452,560
Net loss	66,774	‐	‐	66,774

14. Non‐cash transactions

During the quarter ended July 31, 2021 and year ended April 30, 2021, the Company incurred the following non‐cash transactions that are not reflected in the statement of cash flows:

		Year	ended
	July	31, 2021	April	30, 2021
		$		$
Fair value of shares issued on acquisition of exploration and
evaluation assets		‐		105,000
Included in accounts receivable relating to exploration and
evaluation assets		‐		84,636
Included in accounts payable relating to exploration and
evaluation assets		‐		430,442

15. Subsequent event

On May 15, 2021, the Company signed a purchase and sale agreement to acquire 1 prospecting permit and 1 mining permit for GYD14,000,000 (GYD11,000,000 paid to date) in the Kaburi district. Upon transfer of the permits to the Company, the final GYD3,000,000 is due.

26