Whitehorse Gold : Interim Financial Report

Whitehorse Gold Corp.

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three months ended September 30, 2020 (Expressed in Canadian dollars)

Notice to Readers of the Unaudited Condensed Consolidated Interim Financial Statements

for the three months ended September 30, 2020

The unaudited condensed consolidated interim financial statements of Whitehorse Gold Corp. (the "Company") for the three months ended September 30, 2020 (the "Financial Statements") have been prepared by management and have not been reviewed by the Company's independent auditors. The Financial Statements should be read in conjunction with the Company's audited financial statements for the period from incorporation on November 27, 2019 to June 30, 2020 which are attached as Schedules "D" to the Company's Listing Application available under the Company's profile on SEDAR at www.sedar.com. The Financial Statements are stated in terms of Canadian dollars and are prepared in accordance with International Financial Reporting Standards.

Whitehorse Gold Corp.

Unaudited Condensed Consolidated Interim Statement of Financial Position

(Expressed in Canadian dollars)

	Notes	September 30, 2020		June 30, 2020
ASSETS
Current Assets
Cash		$	3,001,389	$	419,860
Receivables			16,859		1,058
			3,018,248		420,918
Non‐current Assets
Reclamation deposit			15,075		15,075
Property and equipment	4		12,973		13,838
Mineral property interests	5		12,360,838		11,820,000
Total ASSETS		$	15,407,134	$	12,269,831
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities		$	371,753	$	18,097
Prepayment for private placement	1		2,812,210		‐
Payables due to a related party	6		167,440		114,290
Promisory notes due to a related party	6		3,500,000		3,500,000
Total Liabilities			6,851,403		3,632,387
EQUITY
Share capital	7		‐		‐
Retained earnings			8,555,731		8,637,444
Total Equity			8,555,731		8,637,444
TOTAL LIABILITIES AND EQUITY		$	15,407,134	$	12,269,831
Approved on behalf of the Board:

(Signed) Mark Cruise

Director

(Signed) Lorne Waldman

Director

See accompanying notes to the unaudited condensed consolidated interim financial statements

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Whitehorse Gold Corp.

Unaudited Condensed Consolidated Interim Statement of Loss and Comprehensive Loss

(Expressed in Canadian dollars)

			Three Months Ended
	Notes		September 30, 2020
Operating expenses
Depreciation	4	$	865
Filing and listing			2,946
Investor relations			5,000
Professional fees			88,295
Salaries and benefits	6		(83,470)
Office and administration			14,536
			28,172
Other expenses
Foreign exchange loss			391
Interest expense	6		53,150
			53,541
Net loss and comprehensive loss for the period		$	81,713
Attributable to:
Equity holders of the Company		$	81,713
Loss per common share
Basic and diluted loss per share		$	0.0041
Weighted average number of common shares ‐ basic and diluted		20,000,001

See accompanying notes to the unaudited condensed consolidated interim financial statements

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Whitehorse Gold Corp.

Unaudited Condensed Consolidated Interim Statement of Cash Flows

(Expressed in Canadian dollars)

			Three months ended
	Notes		September 30, 2020
Cash provided by (used in)
Operating activities
Net loss for the period		$	(81,713)
Interest expense	6		53,150
Depreciation	4		865
Unrealized foreign exchange gain			(391)
Changes in non‐cash operating working capital
Receivables			(15,801)
Accounts payable and accrued liabilities			88,153
Net cash provided by operating activities			44,263
Investing activities
Mineral property interest
Capital expenditures			(275,335)
Net cash used in investing activities			(275,335)
Financing activities
Prepayment received for private placement	1		2,812,210
Net cash provided by financing activities			2,812,210
Effect of exchange rate changes on cash			391
Increase (decrease) in cash			2,581,529
Cash, beginning of the period			419,860
Cash, end of the period		$	3,001,389

See accompanying notes to the unaudited condensed consolidated interim financial statements

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