RUPERT RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED

NOVEMBER 30, 2022

(EXPRESSED IN CANADIAN DOLLARS)

(UNAUDITED)

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying unaudited condensed interim consolidated financial statements of Rupert Resources Ltd. (the "Company") are the responsibility of management and the Board of Directors.

The unaudited condensed interim consolidated financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the unaudited condensed interim consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the unaudited condensed interim consolidated financial statements have been prepared within acceptable limits of materiality and are in accordance with International Accounting Standard 34 - Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.

Management has established processes, which are in place to provide it sufficient knowledge to support management representations that it has exercised reasonable diligence that (i) the unaudited condensed interim consolidated 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 condensed interim consolidated financial statements; and (ii) the unaudited condensed interim consolidated financial statements fairly present in all material respects the financial condition, financial performance and cash flows of the Company, as of the date of and for the years presented by the unaudited condensed interim consolidated financial statements.

The Board of Directors is responsible for reviewing and approving the unaudited condensed interim consolidated 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 condensed interim consolidated 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 condensed interim consolidated 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.

Rupert Resources Ltd.

Condensed Consolidated Interim Statements of Financial Position (Expressed in Canadian Dollars)

(Unaudited)

As at

As at

November 30,

February 28,

2022

2022

ASSETS

(Audited)

Current assets

$

28,994,038

Cash and cash equivalents (note 3)

$

45,275,410

Marketable securities (notes 4 and 9)

230,000

495,000

Prepaids and sundry receivables (note 5)

1,519,166

1,067,571

Due from related parties (note 16)

-

1,737,460

30,743,204

48,575,441

Non-current assets

1,321,045

Restricted cash (note 6)

1,288,672

Property, plant and equipment (note 7)

5,681,646

3,249,947

Right-of-use asset (note 8)

125,739

175,931

Exploration and evaluation assets (note 9)

90,104,756

68,628,763

$

127,976,390

$

121,918,754

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

$

5,049,562

Amounts payable and accrued liabilities (notes 10 and 16)

$

8,636,201

Lease liability (note 12)

62,818

61,574

5,112,380

8,697,775

Non-current liabilities

6,207,474

Asset retirement obligation (note 11)

4,780,340

Lease liability (note 12)

66,031

115,431

11,385,885

13,593,546

Shareholders' Equity

176,639,592

Share capital (note 13)

159,355,523

Contributed surplus (note 13)

7,683,614

7,054,263

Warrants (note 13)

-

3,086,786

Cumulative translation adjustment

(3,153,937)

(3,111,547)

Equity portion of convertible debentures

75,700

75,700

Deficit

(64,654,464)

(58,135,517)

116,590,505

108,325,208

Total liabilities and shareholders' equity

$

127,976,390

$

121,918,754

Nature of Operations (note 1)

Commitments and Contingencies (note 18)

Subsequent Events (note 19)

Approved on behalf of the Board:

(Signed) "Gunnar Nilsson"

Director

(Signed) "James Withall"

Director

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

- 1 -

Rupert Resources Ltd.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)

(Unaudited)

Three Months Ended

Nine Months Ended

November 30,

November 30,

2022

2021

2022

2021

Operating expenses

$

1,378,714

$

4,093,383

General and administrative expenses (note 14)

$

1,061,140

$

3,112,916

Share-based payments (notes 13 and 16)

677,912

773,316

2,163,720

2,129,873

Loss before other items

(2,056,626)

(1,834,456)

(6,257,103)

(5,242,789)

Depreciation (notes 7 and 8)

(21,159)

-

(60,340)

-

Unrealized loss on marketable securities (note 4)

20,000

55,000

(265,000)

(240,000)

Accretion and interest expense (note 12)

(1,672)

-

(5,826)

-

Foreign exchange gain (loss)

622,766

(126,622)

57,028

(152,571)

Other income

-

1,972

100

7,634

Net (loss) for the period

(1,436,691)

(1,904,106)

(6,531,141)

(5,627,726)

Other comprehensive (loss) gain

Item that will be reclassified subsequently to income

Exchange differences on translating foreign

5,181,404

(42,390)

operations

(1,558,047)

(2,807,896)

Net (loss) gain and comprehensive (loss) gain

for the period

$

3,744,713

$

(3,462,153)

$

(6,573,531)

$

(8,435,622)

Basic and diluted net (loss) per share (note 15)

$

(0.01)

$

(0.01)

$

(0.03)

$

(0.03)

Weighted average number of common shares

outstanding - basic and diluted (note 15)

191,299,502

176,764,788

190,799,884

172,110,048

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

- 2 -

Rupert Resources Ltd.

Condensed Consolidated Interim Statements of Cash Flows (Expressed in Canadian Dollars)

(Unaudited)

Nine Months Ended

November 30,

2022

2021

Operating activities

$

(6,531,141)

Net loss for the period

$

(5,627,726)

Adjustments for:

2,163,720

Share-based payments

2,129,873

Unrealized loss on marketable securities

265,000

240,000

Depreciation

60,340

-

Exchange differences on translating foreign operations

420,692

(299,294)

Accretion and interest expense

5,569

-

Changes in non-cash working capital items:

(451,595)

Prepaids and sundry receivables

(20,347)

Amounts payable and accrued liabilities

(1,849,179)

(671,238)

(5,916,594)

(4,248,732)

Financing activities

(86,296)

Performance share units settled in cash

-

Proceeds from exercise of warrants

11,543,704

-

Proceeds from exercise of options

1,217,700

2,002,790

Proceeds from private placement and prospectus offering

-

48,654,000

Share issuance costs

-

(2,059,176)

Lease liability payments

(49,042)

-

12,626,066

48,597,614

Investing activities

(20,297,767)

Expenditure on exploration and evaluation assets

(16,513,835)

Net deposits for restricted cash

(54,639)

-

Purchase of property, plant and equipment

(2,638,438)

(234,571)

(22,990,844)

(16,748,406)

Net change in cash

(16,281,372)

27,600,476

Cash, beginning of period

45,275,410

21,724,305

Cash, end of period

$

28,994,038

$

49,324,781

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

- 3 -

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Rupert Resources Ltd. published this content on 26 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2023 21:32:05 UTC.