Copper Lake Resources : Accounting Results Q2

Condensed Interim Financial Statements

For the Three and Six Months Ended

April 30, 2022

(Expressed in Canadian dollars)

Unaudited - Prepared by Management

Copper Lake Resources Ltd.

The accompanying unaudited condensed interim financial statements of Copper Lake Resources Ltd. for the three and six months ended April 30, 2022 have been prepared by management, reviewed by the Audit Committee and approved by the Board of Directors of the Company.

In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that these unaudited condensed interim financial statements have not been reviewed by its auditor.

Copper Lake Resources Ltd.

Condensed Interim Statements of Financial Position

(Unaudited)

(Expressed in Canadian dollars)

	As at			April 30,		October 31,
			2022		2021
	ASSETS
	Current assets
	Cash		$	365,832	$	520,594
	HST receivable			98,318		44,868
	Prepaid expenses and deposits			282,822		373,480
				746,972		938,942
	Mineral property interests (note 4)			2,548,862		2,565,362
	Total assets		$	3,295,834	$	3,504,304
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Current liabilities
	Accounts payable and accrued liabilities (note 6)	$	586,072	$	380,652
	Advances from shareholder (note 6)			161		10,049
	Convertible debenture (note 4)			100,000		100,000
				686,233		490,701
	Shareholders' equity
	Capital stock (note 5)			19,198,647		18,092,499
	Reserves			676,358		698,072
	Deficit			(17,265,404)		(15,776,968)
				2,609,601		3,013,603
	Total liabilities and shareholders' equity	$	3,295,834	$	3,504,304
On behalf of the Board:
	"Terrence MacDonald"	Director
	"Paul Mcgroary"	Director

The accompanying notes are an integral part of these financial statements

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Copper Lake Resources Ltd.

Condensed Interim Statements of Comprehensive Loss

For the Three and Six Months Ended April 30

(Unaudited)

(Expressed in Canadian dollars)

	Notes	Three months ended April 30	Six months ended April 30
		2022	2021	2022	2021
		$	$	$	$
Expenses
Accretion of interest on convertible
debentures		-	2,602	-	2,489
Acquisition costs related to expired claims		16,500	-	16,500	-
Exploration and evaluation expenditures		728,625	9,475	1,358,699	107,360
Foreign exchange loss		(1,881)	257	(1,881)	635
General and administration		1,006	257	8,168	635
Interest and bank charges		3,062	3,987	6.095	8,066
Investor relations and advisory fees		28,058	31,611	61,268	46,768
Management fees	6	6,000	6,000	12,000	12,000
Professional fees		4,823	14,261	7,496	14,264
Transfer agent and regulatory		16,347	12,644	20,091	14,366
Total expenses		802,540	150,116	1,488,436	207,981
Net loss and comprehensive loss for the
period		$802,540	$150,116	$ 1,488,436	$ 207,981
Basic and diluted loss per share		$ (0.004)	$ (0.001)	$ (0.008)	$ (0.001)
Weighted average common
Shares outstanding		199,578,429	152,748,596	194,742,221	150,254,346

The accompanying notes are an integral part of these financial statements

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Copper Lake Resources Ltd.

Condensed Interim Statements of Changes in Shareholders' Equity

For the Six Months Ended April 30

(Unaudited)

(Expressed in Canadian dollars)

				Equity
				component
			Share-based	of
	Capital stock	payment	convertible
	Shares	Amount	reserve	debt	Deficit	Total
		$	$	$	$	$
Balance, October 31, 2021	183,019,096	18,092,499	698,072	-	(15,776,968)	3,013,603
Exercise of options	750,000	57,842	(20,342)	-	-	37,500
Exercise of warrants	19,517,665	1,048,306	(1,372)	-	-	1,046,934
Net loss and comprehensive loss for
the period	-	-	-	-	(1,488,436)	(1,488,436)
Balance, April 30, 2022	203,286,761	19,198,647	676,358	-	(17,265,404)	2,609,601
Balance, October 31, 2020	147,760,100	16,322,576	342,716	35,890	(14,575,748)	2,125,434
Private placement of units	18,160,000	940,925	-	-	-	940,925
Share issue costs	-	(45,419)	16,664	-	-	(28,755)
Exercise of warrants	1,794,000	89,700	-	-	-	89,700
Transfer on expiry of options	-	-	(26,500)	-	26,500	-
Transfer on expiry of conversion
feature	-	-	-	(35,890)	35,890	-
Net loss and comprehensive loss for
the period	-	-	-	-	( 207,981)	( 207,981)
Balance, April 30, 2021	167,714,100	17,307,782	332,880	-	(14,721,339)	2,919,323

The accompanying notes are an integral part of these financial statements

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