Irving Resources : Q1 May 31, 2022

May 31,

February 28,

2022

2022

ASSETS

Current assets

Cash

$

7,637,284

$

9,691,260

Receivables (Note 5)

5,070

7,568

Prepaids

86,306

65,541

7,728,660

9,764,369

Prepaids

829,771

284,960

Property and equipment (Notes 6 and 7)

243,367

269,927

Exploration and evaluation assets (Note 8)

29,634,137

28,073,873

$

38,435,935

$

38,393,129

LIABILITIES & SHAREHOLDERS' EQUITY

Current liabilities

Accounts payable and accrued liabilities

$

1,096,957

$

744,301

Lease liabilities (Note 6)

69,536

86,767

1,166,493

831,068

Non-current liabilities

Lease liabilities (Note 6)

20,089

32,578

Total liabilities

1,186,582

863,646

Shareholders' equity

Share Capital (Note 10)

46,794,646

46,794,646

Reserves (Note 10)

8,042,839

7,663,341

Deficit

(17,588,132)

(16,928,504)

37,249,353

37,529,483

$

38,435,935

$

38,393,129

Nature of Operations (Note 1)

Subsequent Events (Note 16)

On behalf of the Board:

"Akiko Levinson"

Director

"Quinton Hennigh"

Director

Three months ended

May 31, 2022

May 31, 2021

EXPENSES

Consulting fees (Note 11)

$

35,874

$

31,639

Depreciation (Note 7)

31,802

34,624

Foreign exchange loss

22,230

640,654

Insurance

6,965

5,870

Interest expense on lease liability (Note 6)

2,668

1,746

Investor relations

8,606

27,817

Management fees (Note 11)

18,000

18,000

Office and miscellaneous

31,115

23,128

Professional fees

67,244

67,116

Property investigation

-

7,262

Regulatory fees

11,261

12,127

Salaries and benefits

33,693

33,162

Share-based compensation (Note 10)

379,498

581,196

Telephone

5,157

5,773

Transfer agent

3,040

3,602

Travel and promotion

12,192

21,102

Operating expenses

(669,345)

(1,514,818)

Interest income

9,717

6,715

(9,717)

(6,715)

Loss and comprehensive loss

for the period

$

(659,628)

$

(1,508,103)

Basic and diluted loss per

common share

$

(0.01)

$

(0.03)

Weighted average number of

common shares outstanding

62,022,016

60,163,555

Share Based

Payment

Total Shareholders'

Number of Shares

Share Capital

Reserves

Deficit

Equity

Balance, February 28, 2021

58,238,971

$

38,900,774

$

5,957,552

$

(14,105,662)

$

30,782,664

Private placement

3,575,545

7,544,400

-

-

7,544,400

Share issue costs

-

(17,756)

-

-

(17,756)

Exercise of stock options

60,000

133,739

(49,739)

-

84,000

Share-based compensation

-

-

581,196

-

581,196

Net loss for the period

-

-

-

(1,508,103)

(1,508,103)

Balance, May 31, 2021

61,874,516

$

46,561,157

$

6,489,009

$

(15,613,765)

$

37,436,401

Balance, February 28, 2022

62,022,016

46,794,646

7,663,341

(16,928,504)

37,529,483

Share-based compensation

-

-

379,498

-

379,498

Net loss for the period

-

-

-

(659,628)

(659,628)

Balance, May 31, 2022

62,022,016

$

46,794,646

$

8,042,839

$

(17,588,132)

$

37,249,353

Three months ended

May 31, 2022

May 31, 2021

CASH FLOWS FROM OPERATING ACTIVITIES

Loss for the period

$

(659,628)

$

(1,508,103)

Adjustments

Depreciation

31,802

34,624

Interest expense on lease obligations

2,668

1,746

Share-based compensation

379,498

581,196

Foreign exchange

(5,834)

1,495

Change in non-cash working capital items:

Receivables

2,498

3,010

Prepaids

(565,576)

53,239

Accounts payable and accrued liabilities

272,936

(2,846)

Due to related parties

-

(10,571)

Net cash used in operating activities

(541,636)

(846,210)

CASH FLOWS FROM FINANCING ACTIVITIES

Common shares issued

-

7,628,400

Share issue costs

-

(17,756)

Payment of lease obligations

(26,560)

(21,982)

Net cash provided by financing activities

(26,560)

7,588,662

CASH FLOWS FROM INVESTING ACTIVITIES

Exploration and evaluation assets, net of recoveries

(1,480,544)

(1,669,364)

Acquisition of equipment

(5,236)

(7,180)

Net cash used in investing activities

(1,485,780)

(1,676,544)

Change in cash during the period

(2,053,976)

5,065,908

Cash, beginning of the period

9,691,260

8,764,829

Cash, end of the period

$

7,637,284

$

13,830,737