Canuc Resources : Second Financials

CANUC RESOURCES CORPORATION

(FORMERLY SANTA ROSA SILVER MINING CORP.)

Condensed Interim Consolidated Financial Statements Unaudited

June 30, 2022 and 2021

NOTICE TO READER

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying consolidated financial statements of Canuc Resources Corporation (formerly Santa Rosa Silver Mining Corp. and referred to as the "Company" or "Canuc") are the responsibility of management. The 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 condensed interim consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the balance sheet date. In the opinion of management, the consolidated financial statements have been prepared within acceptable limits of materiality and are in accordance 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 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 condensed interim consolidated financial statements and (ii) the condensed interim consolidated 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 years presented by the condensed interim consolidated financial statements.

The Board of Directors is responsible for reviewing and approving the 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 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 audited 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.

AUDITOR'S INVOLVEMENT

MNP LLP, Chartered Accountants, the external auditors of Canuc Resources Corporation., have not audited or performed review procedures applicable to auditor review of interim financial statements as at the end of the six-month periods June 30, 2022 and 2021.

(signed)	(signed)
"Christopher J. Berlet"	"Artie Hao Li"
Christopher J. Berlet	Artie Hao Li
Chief Executive Officer	Chief Financial Officer
Toronto, Canada
August 12, 2022

CANUC RESOURCES CORPORATION

(Formerly Santa Rosa Silver Mining Corp.)

Consolidated Interim Statements of Financial Position

Unaudited, Expressed in Canadian dollars

		June 30,		December 31,
		2022		2021
ASSETS
Current assets
Cash	$	257,250	$	1,305,374
Receivables and prepaids		312,532		126,685
Total Current Assets		569,782		1,432,059
Property and equipment		(245)		-
Oil and gas properties and interests (note 8)		-		-
Total Assets	$	569,537	$	1,432,059
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	605,060	$	918,895
Lease Liability		-		-
Loans		-		-
Total Current Liabilities		605,060		918,895
Lease Liability		-		-
Decommissioning obligation (note 9)		64,220		61,649
Total Liabilities	$	669,280		980,544
Shareholders' equity
Share capital (note 10)	$	14,118,508	$	13,714,858
Warrants (note 11)		3,032,673		3,197,626
Options (note 12)		1,366,200		1,366,200
Contributed surplus		1,511,361		1,300,058
Accumulated and comprehensive income (loss)		(150,557)		(111,284)
Deficit		(19,977,928)		(19,015,943)
Total Equity	$	99,743	$	451,515
Total Equity and Liabilities	$	569,537	$	1,432,059

Going Concern (note 1)

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

Approved on behalf of the Board:

"Chris Berlet", Director

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CANUC RESOURCES CORPORATION

(Formerly Santa Rosa Silver Mining Corp.)

Consolidated Interim Statements of Loss and Comprehensive Loss

For the six month periods ended

Unaudited, Expressed in Canadian dollars

	For the Three Months Ended June 30,	For the Six Months Ended June 30,
		2022	2021	2022	2021
Sales of Petroleum Products
Sales	$	104,862	40,525	161,090	72,210
Operating costs		(55,477)	(33,260)	(85,888)	(47,408)
Depletion		-	-	-	-
Gross Profit (loss)		49,385	7,265	75,202	24,802
Expenses
Management fees		(16,732)	146,985		144,980	450,500
Shareholder and investor relations		48,378	129,568		81,023	920,801
Travelling Expense		149,737	173,453		302,935	472,237
Evaluation expenses		88,928	450,015		509,566	711,318
Office and general costs		8,094	5,522		12,995	74,300
Interest expense		-	7		-	102
Professional fees		-	50,210		-	63,682
Stock-based Compensation		-	1,125,600		-	1,125,600
Foreign exchange		39,540	28,580		(15,896)	46,966
Write offs and Adjustments		-	-	-	-	-
Value added tax (recovered)
expensed (note 4)		-	-	-	-	-
Asset Retirement Obligation		-	-		1,584	-
Total operating expenses		317,945	2,109,940	1,037,187	3,865,506
Operating loss before income taxes		---	2,102,675	---	3,840,704
Provision for income taxes		---	---	---	---
Net loss		268,560	2,102,675	961,985	3,840,704
Other Comprehensive Loss:
Foreign exchange gain on net
investment in a foreign operation		10,168	(2,845)	(23,178)	21,453
Currency translation differences		12,650	(45,775)	(16,095)	(17,696)
Comprehensive loss		291,378	2,054,055	922,712	3,844,461
Basic and diluted loss per common
share (note 9)		0.01	0.02	0.01	0.04
Weighted average number of shares
outstanding
during the year - basic and diluted		112,881,150	109,192,201	111,381,150	102,591,400

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

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CANUC RESOURCES CORPORATION

(Formerly Santa Rosa Silver Mining Corp.)

Consolidated Interim Statements of Changes in Shareholders' Equity

For the periods ended June 30, 2022 and June 30, 2021

Unaudited, Expressed in Canadian dollars
	Number	Share	Warrants	Options	Contributed	Accumulated	Accumulated	Total
	Of Shares	Capital	Reserve	Surplus	OCI	Deficit
Balance at December 31, 2020	90,251,150	$11,009,383	$1,170,516	$0	$1,300,058	($82,009)	($12,657,633)	$740,315
Net loss for the period	---	---	---	---	---	---	(3,840,704)	(3,840,704)
Private placements	18,000,000	2,260,800	2,239,200	---	---	---	---	4,500,000
Share issuance cost	---	(23,900)	---	---	---	---	---	(23,900)
Exercise of warrants	985,000	282,572	(125,086)	---	---	---	---	157,486
Expiry of warrants	---	---	---	---	---	---	---	---
Issuance of options	---	---	---	1,125,600	---	---	---	1,125,600
Foreign exchange gain on net investment in a foreign operation	---	---	---	---	---	21,453	---	21,453
Cumulative translation adjustment	---	---	---	---	---	(17,696)	---	(17,696)
Balance at June 30, 2021	109,236,150	$13,528,855	$3,284,630	$1,125,600	$1,300,058	$(78,252)	$(16,498,337)	$2,662,554
Private placements	---	109,909	(109,909)	---	---	---	---	---
Share issue cost	---	---	---	---	---	---	---	---
Exercise of warrants	645,000	76,094	22,905	---	---	---	---	98,999
Issuance of options	---	---	---	240,600	---	---	---	240,600
Foreign exchange gain (loss) on net investment in a foreign	---	---	---	---	---	---	---	---
operation
Cumulative translation adjustment	---	---	---	---	---	(33,032)	---	(33,032)
Net loss for the year	---	---	---	---	---	---	(2,517,606)	(2,517,606)
Balance at December 31, 2021	109,881,150	$13,714,858	$3,197,626	$1,366,200	$1,300,058	(111,284)	($19,015,943)	$451,515
Private placements	3,000,000	403,650	46,350	---	---	---	---	450,000
Share Issuance Cost	---	---	---	---	---	---	---	---
Expiry of Warrants	---	---	(211,303)	---	211,303	---	---	---
Issuance of Options	---	---	---	---	---	---	---	---
Foreign exchange gain (loss) on net investment in a	---	---	---	---	---	---	---	---
foreign operation	---	---	---	---	---	(23,178)	---	(23,178)
Cumulative translation adjustment	---	---	---	---	---	(16,095)	---	(16,095)
Net loss for the year	---	---	---	---	---	---	(961,985)	(961,985)
Balance at June 30, 2022	112,881,150	$14,118,508	$3,032,673	$1,366,200	$1,511,361	($150,557)	($19,977,928)	$(99,743)

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

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