Samco Gold : Q3 2021 Financial Statements

Condensed consolidated financial statements of

Samco Gold Limited

As at and for the three and nine months ended September 30, 2021

(Unaudited - Prepared by Management)

Samco Gold Limited

Advisory to reader

Under National Instrument 51-102, if an auditor has not performed a review of interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

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

Samco Gold Limited

As at and for the three and nine months ended September 30, 2021

Table of contents

Condensed consolidated interim statements of loss and comprehensive loss	..................................................... 1
Condensed consolidated interim statements of financial position.........................................................................	2
Condensed consolidated interim statements of changes in deficit ......................................................................	3
Condensed consolidated interim statements of cash flows ..................................................................................	4
Notes to the condensed consolidated interim financial statements .................................................................	5-14

Samco Gold Limited

Condensed consolidated interim statements of loss and comprehensive loss

For the three and nine months ended September 30,

(Unaudited)

(In United States dollars, except where otherwise stated)

	Three months	Three months	Nine months	Nine months
	ended	ended	ended	ended
	September 30, September 30,	September 30,	September 30,
	2021	2020	2021	2020
	$	$	$	$
Continuing operations
Administrative expenses (Note 5)	(24,176)	(68,993)	(110,606)	(231,915)
Finance and interest charges	(18,989)	(16,262)	(54,074)	(46,097)
Foreign exchange (loss)/gain	5,018	(7,889)	(2,933)	2,402
Loss before tax	(38,147)	(93,144)	(167,613)	(275,610)
Income and deferred tax recovered (Note 7)	-	-	-	-
Income and deferred tax recovered	-	-	-	-
Loss and comprehensive loss	(38,147)	(93,144)	(167,613)	(275,610)
Loss and comprehensive loss per share, basic (Note 10(d))	(0.001)	(0.001)	(0.002)	(0.003)
Loss and comprehensive loss per share, diluted (Note 10(d))	(0.001)	(0.001)	(0.002)	(0.003)
Weighted average number of shares outstanding, basic	82,657,687	82,657,687	82,657,687	82,657,687
Weighted average number of shares outstanding, diluted	82,657,687	82,657,687	82,657,687	82,657,687

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

Page 1

Samco Gold Limited
Condensed consolidated interim statements of financial position
As at,
(Unaudited)
(In United States dollars, except where otherwise stated)
		September 30,	December 31,
		2021	2020
		$	$
Assets
Current assets
Cash		6,931	33,124
Prepaid and other assets	25,437	30,866
Total current assets		32,368	63,990
Total assets		32,368	63,990
Equity and liabilities
Capital and reserves
Share capital (Note 10(a))	33,599,498	33,599,498
Other capital contributions (Note 12)	1,031,503	1,031,503
Capital redemption reserve (Note 11)	12,517,683	12,517,683
Warrants (Note 10(b))		900,802	900,802
Share-based payment reserve (Notes 10(c) and 10(d))	5,024,282	5,024,282
Deficit		(54,599,597)	(54,431,984)
Total deficit		(1,525,829)	(1,358,216)
Current liabilities
Due to related parties (Note 6)	1,213,370	1,057,344
Loan advance		190,000	190,000
Accounts payable and accrued liabilities	154,827	174,862
Total current liabilities		1,558,197	1,422,206
Total liabilities		1,558,197	1,422,206
Total (deficit)/equity and liabilities	32,368	63,990
Going concern (Note 2)
Approved by the Board on November 29, 2021.
"John Hick"	Director
"Charles Koppel"	Director