G E T T Gold : Interim financial statements for the period ended December 31st, 2023

G.E.T.T. GOLD INC

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE 3-MONTH PERIOD ENDED DECEMBER 31, 2023 (Unaudited and not reviewed by the Company's independent auditors)

CONDENSED INTERIM FINANCIAL STATEMENTS
Interim statements of financial position	1.
Interim statements of loss and comprehensive loss	2.
Interim statements of changes in equity	3.
Interim statements of cash flows	4.
Notes to condensed interim financial statements	5.

1

G.E.T.T. Gold Inc

INTERIM STATEMENTS OF FINANCIAL POSITION (in Canadian dollars)

(Unaudited and not reviewed by the Company's independent auditors)

		December 31,			September 30,
		2023			2023
ASSETS
CURRENT ASSETS
Cash	$	448,132	$	244,581
Accounts receivable and other receivables (Note 5)		33,825			97,443
Prepaid expenses		17,166			30,541
Assets held for sale (Note 13)		155,532			155,532
Gold ounces receivable (Note 3)		546,398			501,915
Balance of sale of mining properties (Note 3)		-			496,710
Total current assets		1,201,053			1,526,722
NON-CURRENT ASSETS
Property and equipment (Note 6)		356,466			367,089
Intangible assets (Note 7)		304,163			324,441
Investment in a listed mining company		1,000			1,000
Total non-current assets		661,629			692,530
TOTAL ASSETS	$	1,862,682	$	2,219,252
LIABILITIES
CURRENT LIABILITIES
Accounts payable (Note 8)	$	2,313,089	$	2,340,777
Gold ounces to be delivered (Note 9)		12,871,116			11,669,914
Liabilities related to intangible assets (Note 10)		175,266			175,266
Loans		24,588			22,586
Current portion of the long-term debt (Note 11)		40,000			38,041
Current portion of debenture (Note 12)		1,975,000			1,975,000
TOTAL LIABILITIES	$	17,399,059	$	16,221,584
SHAREHOLDERS' DEFICIENCY
Share capital (Note 14)	$	49,194,834	$	49,194,834
Contributed surplus		13,448,258			13,427,562
Warrants (Note 14)		-			20,696
Equity component of the convertible debentures		289,021			289,021
Deficit		(78,468,490)			( 76,934,445	)
TOTAL SHAREHOLDERS' DEFICIENCY		(15,536,377)			( 14,002,332	)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY	$	1,862,682		$	2,219,252

GOING CONCERN (Note 2)

SUBSEQUENT EVENTS (Note 18)

The accompanying notes form an integral part of these condensed interim financial statements.

2

G.E.T.T. Gold Inc

INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (in Canadian dollars)

(Unaudited and not reviewed by the Company's independent auditors)

		3-month period			3-month period
		ended			ended
		December 31,			December 31,
		2023			2022
EXPLORATION AND EVALUATION EXPENSES (Note 15)	$	125	$		170
RESEARCH AND DEVELOPMENT EXPENSES (Note 15)		133,821			136,472
GENERAL AND ADMINISTRATIVE EXPENSES (Note 15)		221,287			242,304
INTEREST ON DEBENTURE AND DEBT		24,688			90,336
OTHER EXPENSES (Note 15)		1,154,124			18,902
TOTAL NET LOSS AND COMPREHENSIVE LOSS	$	( 1,534,045 )	$	(	488,184	)

NET LOSS PER SHARE
Basic	$	(	0.0072	)	$	(	0.0023	)
Diluted	$	(	0.0072	)	$	(	0.0023	)
Weighted average number of shares outstanding		214,046,143			214,046,143

The accompanying notes form an integral part of these condensed interim financial statements.

3

G.E.T.T. Gold Inc

INTERIM STATEMENT OF CHANGES IN EQUITY (in Canadian dollars)

(Unaudited and not reviewed by the Company's independent auditors)

As at December 31, 2023 and 2022

											Equity
		Number of		Share capital		Contributed			Warrants		component of			Deficit			Total equity
		shares			surplus				the convertible
											debentures
BALANCE AS AT OCTOBER 1st, 2023	214,046,413	$	49,194,834	$	13,427,562	$		20,696	$	289,021	$	(76,934,445 )	$	(14,002,332 )
Warrants expired (Note 14)	-		-		20, 696		(	20,696 )		-			-			-
Net income and comprehensive income	-		-		-			-		-		(	1,534,045 )		( 1,534,045 )
BALANCE AS AT DECEMBER 31, 2023	214,046,413	$	49,194,834	$	13,448,258	$		-	$	289,021	$	(78,468,490 )	$	(15,536,377 )
											Equity
		Number of		Share capital		Contributed			Warrants		component of			Deficit			Total equity
		shares			surplus				the convertible
											debentures
BALANCE AS AT OCTOBER 1st, 2022	214,046,413	$	49,194,834	$	12,868,119	$		580,139	$	289,021	$	(65,252,271 )	$	(	2,320,158 )
Warrants expired (Note 14)	-		-		559,443			(559,443)		-			-
Net income and comprehensive income	-		-		-			-		-		(	488,184 )		(	488,184 )
BALANCE AS AT DECEMBER 31, 2022		214,046,413	$	49,194,834	$	13,427,562	$		20,696	$	289,021	$	(65,740,455 )	$	(	2,808,342 )

The accompanying notes form an integral part of these condensed interim financial statements.

4

G.E.T.T. Gold Inc

INTERIM STATEMENTS OF CASH FLOWS (in Canadian dollars)

(Unaudited and not reviewed by the Company's independent auditors)

		3-month period			3-month period
			ended				ended
			December 31,			December 31,
			2023				2022
OPERATING ACTIVITIES
Net (loss) income	$	( 1,534,045	)	$	(	488,184	)
Adjustments:
Depreciation of property and equipment			14,268				14,749
Amortization of intangible asset			20,278				20,278
Loss on valuation of precious metals			2,002				1,764
Foreign exchange gain		(	7,006	)		(	8,541	)
Change in fair value of gold ounces receivable		(	44,483	)		(	791,064	)
Change in fair value of gold ounces to be delivered			1,201,202				817,409
Accretion expense on long-term debt			1,959				76,727
Effective interest on liabilities related to intangible assets			-				8,123
Interest income related to the balance of sale of mining properties			-			(	12,561 )
(Note 3)
		(	345,825	)		(	361,300	)
Changes in non-cash working capital items (Note 17)			17,640			(	142,050	)
Cash flows used in operating activities		(	328,185	)		(	503,350	)
INVESTING ACTIVITIES
Additions to property and equipment		(	3,645	)		(	9,421	)
Payment received related to the disposal of mining properties			496,710				500,000
Cash flows from investing activities			493,065				490,579
FIINANCING ACTIVITIES
Interest paid		(	24,688	)			-
Interests received			63,359				-
Repayment of liabilities related to intangible assets			-			(	121,416	)
Cash flows from (used in) financing activities			38,671			(	121,416	)
NET CHANGE IN CASH			203,551			(	134,187	)
CASH AT BEGINNING OF YEAR			244,581				952,453
CASH AT END OF YEAR	$		448,132		$		818,266

Supplemental cash flow information (Note 17)

The accompanying notes form an integral part of these condensed interim financial statements.

5

G.E.T.T. Gold Inc

NOTES TO CONDENSED INTERIM STATEMENTS

FOR THE 3-MONTH PERIOD ENDED DECEMBER 31, 2023 (in Canadian dollars)

(Unaudited and not reviewed by the Company's independent auditors)

1. STATUTES OF INCORPORATION AND NATURE OF OPERATIONS

G.E.T.T. Gold Inc (hereafter the "Company") mission is to introduce thermal fragmentation technology in the mining industry to enable the commercialization of this technology. In addition, the Company specializes in the exploration and evaluation of mining properties located in Quebec.

The Company is incorporated under the Quebec Business Corporations Act. The address of the Company's registered office and its principal place of business is 500-7055, boulevard Taschereau, Brossard (Quebec) J4Z 1A7. The Company's shares are listed on the TSX Venture Exchange under the symbol "GETT".

The condensed interim financial statements for the three-month period ended December 31, 2023 (including comparatives statements) were approved and authorized for issue by the Board of Directors on February 29, 2024.

2. GOING CONCERN

The accompanying financial statements have been prepared using International Financial Reporting Standards ("IFRS") applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they come due.

In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period.

The Company has not generated revenue from the distribution of its thermal fragmentation process since the acquisition of the technology. As at December 31, 2023, the Company has an accumulated deficit of $78,468,490 ($76,934,445 as at September 30, 2023) and a working capital deficiency (current liabilities in excess of current assets) of $16,198,006 ($14,694,862 as at September 30, 2023).

Management considers that funds available to the Company, comprising cash balances on hand, the balance of sale of mining properties and the current portion of gold ounces receivable will be sufficient to meet its obligations and cover its operating budget for the next six months from the date of the financial position. Any funding shortfall thereafter may be met in a number of ways, including the issuance of new equity instruments, cost reductions and/or other measures such as the renegotiation of its debt and debenture terms of repayments. While management has been successful in securing financing in the past, there can be no assurance that it will be able to do so in the future, that such sources of funding or other initiatives with lenders or investors will be available to the Company or that they will be available on terms acceptable to the Company.

The Company's ability to secure any required financing to sustain operations will depend in part upon prevailing capital market conditions and business success. In addition, if additional financing is raised through the issuance of additional shares from treasury, control of the Company may change, and shareholders may suffer dilution. If adequate funds are not available, or are not available on acceptable terms, the Company may be required to scale back its current business plan or cease operations. If management is unable to obtain new funding, the Company may be unable to continue its operations, and amounts realized for assets might be less than amounts reflected in these condensed interim financial statements.

These conditions above indicate the existence of a material uncertainty that may cast significant doubt about the

Company's ability to continue as a going concern.

The accompanying notes form an integral part of these interim financial statements.

6

G.E.T.T. Gold Inc

(Formerly Nippon Dragon Resources inc.)

NOTES TO CONDENSED INTERIM STATEMENTS

FOR THE 3-MONTH PERIOD ENDED DECEMBER 31, 2023 (in Canadian dollars)

(Unaudited and not reviewed by the Company's independent auditors)

2. GOING CONCERN (cont'd)

The Company's ability to continue as a going concern is dependent upon the continued financial support of shareholders and lenders, its ability to attain profitable operations and generate funds therefrom and/or its ability to continue to obtain equity or debt capital to obtain the necessary financing sufficient to meet current and future obligations.

These condensed interim financial statements do not reflect the adjustment to the carrying values of assets and liabilities, expenses and financial position classifications that would be necessary were the going concern assumption not appropriate. These adjustments could be material.

3. SALE OF MINING PROPERTIES

In November 2021, the Company signed an agreement with Labyrinth Resources Canada Ltd ("Labyrinth") regarding the sale of its Rocmec 1 and Denain mining properties. As part of this transaction, the Company was supposed to receive $5,092,000 from Labyrinth in three installments until November 8, 2022. The first installment of $2,092,000 was received on November 8, 2021, and the second installment of $1,500,000 was received in two payments. The first payment of $150,000 was received on February 9, 2022, and the second payment of $1,350,000 was received on May 12, 2022. The remaining installment of $1,500,000, less an amount of $3,290 already paid by Labyrinth, was initially scheduled to be received in November 2022.

In addition, the Company should receive from the buyer 4,500 ounces of gold according to a payment schedule based on the buyer's production activities. In the event of a failure to meet the established schedule, Labyrinth should pay the equivalent amount in dollars to the average price of gold for the last 28 days according to the Bullion Market Association at the written request of the buyers. As a result of the transaction, the Company recorded a gain on disposal of mining properties calculated as follows:

Assets held for sales	$	878,012
Liabilities related to assets held for sales		10,556
Net asset sold		868,383
Consideration received
Cash	$	3,592,000
Balance of sale of mining properties		1,500,000
Gold ounces receivable		10,210,752
Total consideration received		15,301,825
Gain on disposal of mining properties	$	14,433,442

On November 9, 2022, the Company and Labyrinth amended the terms and conditions of the transaction with respect to the final tranche of the balance of sale of mining properties amounting to $1,496,710 and the gold payment initially due in November 2022. The amended terms are as follows:

• Labyrinth shall pay to the Company an amount of $500,000 on or before December 21, 2022 (amount fully received in December 2022), and shall pay the balance of the final acquisition tranche payment of $996,710 on or before March 31, 2023, with such balance bearing interest at a rate of 7% per annum, accruing from November 30, 2022 to the earlier of March 31, 2023 or the date where the balance is fully paid.

The accompanying notes form an integral part of these condensed interim financial statements.

7

G.E.T.T. Gold Inc

(Formerly Nippon Dragon Resources inc.)

NOTES TO CONDENSED INTERIM STATEMENTS

FOR THE 3-MONTH PERIOD ENDED DECEMBER 31, 2023 (in Canadian dollars)

(Unaudited and not reviewed by the Company's independent auditors)

3. SALE OF MINING PROPERTIES (cont'd)

• Labyrinth shall pay to the Company a cash payment equivalent to 450 ounces of gold on or before March 31, 2023, with such payment bearing interest at a rate of 7% per annum, accruing from November 30, 2022 to the earlier of March 31, 2023 or the date where the balance is fully paid.
• Labyrinth may pay the aforementioned payments in full or in part at any time and at its sole discretion, on or before March 31, 2023.

On April 30, 2023, the Company and Labyrinth signed a second amendment agreement for the sale of the mining properties. The amended terms for the tranche of the balance of sale of mining properties amounting to $996,710 will be paid as follow:

• On or before April 30, 2023, the sum of: o $500,000 in cash;
  o The accrued interest calculated on tranche of the balance of sale of mining properties amounting to $996,710, bearing interest at a rate of 7% per annum, from November 30, 2022, to April 30, 2023;
  o The accrued interest on the cash equivalent of 450 oz of gold at a rate of 7% per annum from November 30, 2022, to April 30, 2023, with such amount being determined pursuant to the prevailing 28 day moving average gold price as of April 30, 2023 published by the London Bullion Market Association.

During the month of May 2023, the Company received a cash payment of $549,183, which includes $49,183 of interest, in relation to settle the above-mentioned balances.

• In cash or in shares of Labyrinth, at the option of Labyrinth on or before September 29, 2023, the sum of: o $500,000;
  o The accrued interest on the balance of the final amount of $500,000 bearing interest at a rate of 7% per annum, from May 1, 2023, to September 29, 2023;
  o The accrued interest at a rate of 7% per annum from May 1, 2023, to September 29, 2023, on the cash equivalent of 450 oz of gold, with such amount being determined pursuant to the prevailing 28 day moving average gold price as of September 29, 2023 published by the London Bullion Market Association.

The second amendment agreement also includes the following terms:

• Labyrinth shall deliver to the Company the 4,500 gold ounces on an annual basis, within 48 months of the commencement of production activities according to a payment schedule based on the buyer's production activities. Production activities is defined as the processing of ores derived from the project resulting in the production of gold ounces, in a manner which does not result in a financial loss by Labyrinth.
  o Notwithstanding the payment schedule based on Labyrinth's production activities, on the date that is the earlier of December 31, 2023 and the date on which Labyrinth publicly announces a mineral reserve estimate for the project, Labyrinth shall have delivered to the Company 450 ounces of gold, in cash or in shares of Labyrinth.
• Upon full payment of the balance of the final acquisition tranche of $496,710, Labyrinth will grant to the Company a first rank hypothec on the mining proprieties Rocmec 1 and Denain to secure the obligation to make the delivering of the gold ounces.

The accompanying notes form an integral part of these condensed interim financial statements.

8

G.E.T.T. Gold Inc

(Formerly Nippon Dragon Resources inc.)

NOTES TO CONDENSED INTERIM STATEMENTS

FOR THE 3-MONTH PERIOD ENDED DECEMBER 31, 2023 (in Canadian dollars)

(Unaudited and not reviewed by the Company's independent auditors)

3. SALE OF MINING PROPERTIES (cont'd)

During the month of October 2023, the Company received a cash payment of $563,359, which includes $63,359 of interest, in relation to settle the balances of the sale of mining properties:

• In cash or in shares of Labyrinth, at the option of Labyrinth on or before September 29, 2023, the sum of: o $500,000;
  o The accrued interest on the balance of the final amount of $500,000 bearing interest at a rate of 7% per annum, from May 1, 2023, to September 29, 2023;
  o The accrued interest at a rate of 7% per annum from May 1, 2023, to September 29, 2023, on the cash equivalent of 450 oz of gold, with such amount being determined pursuant to the prevailing 28 day moving average gold price as of September 29, 2023 published by the London Bullion Market Association.

On January 31, 2024, the Company and Labyrinth signed a third amendment agreement for the sale of the mining properties (Note 18).

The Company will keep the titles on Rocmec 1 and Denain mining properties until the total cash amount of $496,710, is paid by Labyrinth and the 200 gold ounces receivable are delivered, which happened on February 12, 2024 (Note 18). As a result, the Company presents an asset held for sale of $155,532 and a liability related to assets held for sale of $175,266 in its statement of financial position as at September 30, 2023 and December 31, 2023.

Detailed below are the gold ounces receivable:
	December 31, 2023	September 30, 2023
	Number of ounces		Amount	Number of	Amount
	of gold receivable		receivable	ounces of gold	receivable
				receivable

Balance, beginning of the year Change in fair value Balance, end of the year

Current gold ounces receivable Non-current gold ounces receivable

4,500	$	501,915	4,500	$	10,337,108
-		44,483	-		( 9,835,193 )
4,500	$	546,398	4,500	$	501,915
200	$	546,398	450	$	501,915
4,300	$	-	4,050	$	-

The gold ounces receivable are measured at fair value. For the year ended September 30, 2023, following the second amendment of the agreement between Labyrinth and the Company. Labyrinth shall deliver to the Company the 4,300 gold ounces on an annual basis, within 48 months of the commencement of production activities according to a payment schedule based on the buyer's production activities. Production activities is defined as the processing of ores derived from the project resulting in the production of gold ounces, in a manner which does not result in a financial loss by Labyrinth.

As a result of that amendment, the Company reassessed the fair value of the gold ounces receivable in order to factor the new condition in the discount rate and review the delivery schedule based on the most probable outcome.

The accompanying notes form an integral part of these condensed interim financial statements.

9

G.E.T.T. Gold Inc

(Formerly Nippon Dragon Resources inc.)

NOTES TO CONDENSED INTERIM STATEMENTS

FOR THE 3-MONTH PERIOD ENDED DECEMBER 31, 2023 (in Canadian dollars)

(Unaudited and not reviewed by the Company's independent auditors)

3. SALE OF MINING PROPERTIES (cont'd)

The Company has determined the fair value of the gold ounces receivables as at December 31, 2023, based on the following assumptions and data:

• Commencement of production activities in 16 years
• Discount rate of 51.5%
• Gold price of $2 063
• Foreign exchange rate of 1.32

For the three-month period ended December 31, 2023 the revaluation resulted in a gain on change in fair value of $44,483 ($791,064 for the three-month period ended December 31, 2022).

4. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS AND COMPLIANCE TO IFRS

4.1 Statement of compliance

These unaudited condensed interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 Interim Financial Reporting and are in accordance with IFRS as issued by the International Accounting Standards Board ("IASB"). These condensed interim financial statements therefore do not contain all of the information and notes required under IFRS for the purposes of the annual financial statements.

4.2 Presentation method

These condensed interim financial statements should be read in conjunction with the audited financial statements for the year ended September 30, 2023, which have been prepared in accordance with IFRS as published by the IASB. These unaudited condensed interim financial statements have been prepared using the accounting policies as set out in the audited annual financial statements for the year ended September 30, 2023.

4.3 Basis of assessment

These financial statements have been prepared on the historical cost basis.

The accompanying notes form an integral part of these condensed interim financial statements.