Rio Silver : Earnings Document

Rio Silver Inc.

Condensed Interim Consolidated Financial Statements

For the Nine Months Ended

September 30, 2021 and 2020 (Expressed in Canadian dollars)

Notice to Shareholders of Rio Silver Inc.

In accordance with National Instrument 51-102, Part 4, subsection 4.3 (3) (a), we report that the accompanying unaudited condensed interim consolidated financial statements of the Company 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 the standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.

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RIO SILVER INC.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian dollars)
As at	September 30, 2021	December 31, 2020
(Unaudited)	(Audited)
ASSETS
Current Assets
Cash	$ 37,825	$ 34,802
Other receivable	430	430
Government taxes receivable (Note 6)	2,486	2,227
$ 40,741	$ 37,459
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities (Note 8)	$ 508,378	$ 527,139
Promissory note (Note 11)	12,048	12,048
Due to related parties (Note 7)	182,897	137,628
703,323	676,815
SHAREHOLDERS' EQUITY (DEFICIT)
Share capital (Note 9)	12,471,630	12,058,390
Contributed surplus (Note 9)	3,861,444	3,546,501
Accumulated deficit	(16,995,656)	(16,244,247)
(662,582)	(639,356)
$ 40,741	$ 37,459

GOING CONCERN (Note 2)

SUBSEQUENT EVENTS (Note 13)APPROVED ON BEHALF THE BOARD:

"Chris Verrico" Director

Chris Verrico

"Edward J. Badida" Director Edward J. Badida

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

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

RIO SILVER INC.
Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency
(Unaudited)
(Expressed in Canadian dollars, except share number)
Issued Common Shares	Contributed	Accumulated	Total Equity
Number	Amount	Surplus	Deficit	(Deficit)
$	$	$	$
BALANCE, DECEMBER 31, 2019	54,379,944	11,803,140	3,470,520	(15,854,350)	(580,690)
Shares issued for cash (Note 9b(i))	6,400,000	50,490 (2,684) 207,444 -	109,510 684 (34,213) -	- - - (389,897)	160,000 (2,000) 173,231 (389,897)
6,400,000 - 2,589,000 -
Share issuance costs (Note 9b(i)) Shares issued for cash - exercise of options or warrant (Note 9b (ii) and (iiii)) Net loss
BALANCE, December 31, 2020	63,368,944	12,058,390	3,546,501	(16,244,247)	(639,356)
Shares issued for cash - exercise of options or warrant (Note 9b (ii) and (iiii)) Share-based payments (Note 9d) Net loss	5,500,000 - -	413,240 - -	(77,241) 392,184 -	- - (751,409)	335,999 392,184 (751,409)
BALANCE, September 30, 2021	68,868,944	12,471,630	3,861,444	(16,995,656)	(662,582)

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