HighGold Mining : Earnings Release

HIGHGOLD MINING INC.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS AT SEPTEMBER 30, 2022

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

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MANAGEMENT'S COMMENTS ON

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the consolidated interim financial statements, they must be accompanied by a notice indicating that the consolidated financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of HighGold Mining Inc. (the "Company") have been prepared by and are the responsibility of the Company's management. The unaudited condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards and reflect management's best estimates and judgments based on information currently available.

The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

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HIGHGOLD MINING INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

AS AT SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(Expressed in Canadian dollars) (Unaudited)

	September 30,	December 31,
		2022		2021
ASSETS
Current Assets
Cash and cash equivalents	$	12,232,586	$	22,804,851
Amounts receivable		44,701		207,917
Prepaid expenses and deposits		392,754		422,849
Marketable securities (Note 4)		172,800		347,400
		12,842,841		23,783,017
Equipment and right-of-use asset (Note 5)		339,449		114,810
Exploration and evaluation assets (Note 6)		49,645,968		37,828,862
	$	62,828,258	$	61,726,689
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities (Note 9)	$	1,632,769	$	363,068
Lease liability (Note 7)		56,841		-
		1,689,610		363,068
Lease liability (Note 7)		87,156		-
		1,776,766		363,068
SHAREHOLDERS' EQUITY
Share capital (Note 8)		63,365,604		63,139,804
Contributed surplus (Note 8)		3,209,769		2,311,974
Deficit		(5,523,881)		(4,088,157)
		61,051,492		61,363,621
	$	62,828,258	$	61,726,689

Approved on behalf of the Board of Directors of HighGold Mining Inc. on November 21, 2022

'Michael Cinnamond'		'Darwin Green'
Director		Director

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

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HIGHGOLD MINING INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

(Expressed in Canadian dollars) (Unaudited)

	Three months	Three months		Nine months		Nine months
	September 30,	September 30,	September 30,	September 30,
		2022		2021		2022		2021
EXPENSES
Accretion (Note 7)	$	2,895	$	-	$	2,895	$	-
Advertising and promotion		82,934		86,633		260,245		166,995
Consulting fees (Note 9)		2,000		3,000		42,333		26,763
Depreciation (Note 5)		10,188		-		10,188		-
Filing and transfer agent		13,744		20,136		69,760		77,667
Foreign exchange loss (gain)		(67,467)		7,051		(198,794)		104,891
Insurance		26,916		20,276		78,999		53,657
Office and miscellaneous		47,449		16,489		83,255		41,753
Professional fees		87,593		74,801		142,865		163,086
Rent		25,611		16,836		45,874		30,304
Salaries, wages and benefits (Note 9)		153,852		122,187		458,644		363,752
Share-based compensation (Notes 8 and 9)		45,348		145,457		521,083		617,385
Travel		25,103		22,994		50,436		25,561

Net loss before other items		(456,166)		(535,860)		(1,567,783)		(1,671,814)
OTHER ITEMS
Gain on sale of exploration and evaluation
assets (Note 5)		-		145,489		-		145,489
General exploration expenses		-		-		-		(14,540)
Interest income		53,994		5,489		99,055		33,341
Flow-through recovery (Note 8)		-		-		-		129,500
Gain (loss) on marketable securities (Note 4)		13,500		39,550		33,004		(82,950)
Net loss and comprehensive loss	$	(388,672)	$	(345,332)	$	(1,435,724)	$	(1,460,974)
Basic and diluted loss per share	$	(0.01)	$	(0.01)	$	(0.02)	$	(0.03)
Weighted average number of common shares outstanding
Basic and diluted		73,050,645		59,335,613		73,030,466		57,059,462

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

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HIGHGOLD MINING INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

(Expressed in Canadian dollars) (Unaudited)

	Share Capital
	Number of				Contributed
	shares		Amount		surplus		Deficit		Total
As at December 31, 2020	54,601,128	$	40,421,489	$	1,066,392	$	(2,063,377)	$	39,424,504
Exercise of stock options	412,498		296,543		(54,462)		-		242,081
Exercise of share purchase warrants	5,809,352		4,045,608		-		-		4,045,608
Shares issued for exploration and evaluation assets	288,472		380,463		-		-		380,463
Share-based compensation	-		-		1,065,771		-		1,065,771
Net loss for the period	-		-		-		(1,460,974)		(1,460,974)
As at September 30, 2021	61,111,450	$	45,144,103	$	2,077,701	$	(3,524,351)	$	43,697,453
Private placement	11,750,000		18,800,000		-		-		18,800,000
Shares issued for exploration and evaluation assets	158,760		233,976		-		-		233,976
Share issue costs	-		(1,038,275)		-		-		(1,038,275)
Share-based compensation	-		-		234,273		-		234,273
Net loss for the period	-		-		-		(563,806)		(563,806)
As at December 31, 2021	73,020,210	$	63,139,804	$	2,311,974	$	(4,088,157)	$	61,363,621
Shares issued for exploration and evaluation assets	300,000		225,800		-		-		225,800
Share-based compensation	-		-		897,795		-		897,795
Net loss for the period	-		-		-		(1,435,724)		(1,435,724)
As at September 30, 2022	73,320,210	$	63,365,604	$	3,209,769	$	(5,523,881)	$	61,051,492

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

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