OREX MINERALS INC.

Condensed Consolidated Interim Financial Statements

(Expressed in Canadian Dollars)

July 31, 2023

Notice to Reader

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

The accompanying unaudited condensed consolidated interim 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 condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of financial statements by an entity's auditor.

OREX MINERALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(Expressed in Canadian Dollars)

As at

July 31,

April 30,

2023

2023

ASSETS

Current

Cash

$

584,720

$

1,126,141

Receivables

51,281

98,971

Prepaid expenses and deposits

35,859

30,024

671,860

1,255,136

Equipment (Note 4)

11,215

11,963

Deposits

25,000

25,000

Investment in associates (Note 6)

3,262,435

3,149,490

IVA receivable

162,557

165,593

Exploration and evaluation assets (Note 5)

1

1

$

4,133,068

$

4,607,183

LIABILITIES AND SHAREHOLDERS' EQUITY

Current

Accounts payable and accrued liabilities

$

66,440

$

83,423

Shareholders' equity

Share capital (Note 7)

37,552,572

37,552,572

Reserves (Note 7)

6,808,422

6,808,422

Accumulated other comprehensive income

510,320

427,634

Deficit

(40,804,686)

(40,264,868)

4,066,628

4,523,760

$

4,133,068

$

4,607,183

Nature and continuance of operations (Note 1)

Subsequent events (Note 7 and 13)

Approved and authorized by the board on September 28, 2023

/s/ Bernard H. Whiting

Director

/s/Harry White

Director

Bernard H. Whiting

Harry White

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

OREX MINERALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars)

Three months

Three months

ended July 31,

ended July 31,

2023

2022

EXPLORATION EXPENSES

Geological (Note 10)

$

87,525

$

100,822

General exploration

116,956

82,004

204,481

182,826

GENERAL EXPENSES

Consulting fees

6,000

6,000

Depreciation (Note 4)

748

997

Investor relations

50,733

61,719

Management fees (Note 10)

103,200

103,200

Office and administrative

66,729

82,464

Professional fees

11,362

9,744

Rent

4,800

4,800

Transfer agent and filing fees

13,270

11,046

256,842

279,970

(461,323)

(462,796)

Equity loss in associated companies (Note 6)

(111,052)

(236,086)

Foreign exchange gain

25,793

26,692

Interest income

6,764

8,668

(78,495)

(200,726)

Loss for the period

(539,818)

(663,522)

Equity investment - foreign currency translation (Note 6)

82,686

2,273

Comprehensive loss for the period

$

(457,132)

$

(661,249)

Basic and diluted loss per common share

$

(0.02)

$

(0.04)

Weighted average number of common shares outstanding

18,739,806

18,739,806

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

OREX MINERALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Expressed in Canadian Dollars)

Accumulated

other

Total

Common

Share

comprehensive

Shareholders

Shares

Capital

Reserves

income

Deficit

' Equity

Balance, April 30, 2022

18,739,806

$

37,552,572

$

6,808,422

$

104,831

$

(37,933,745)

$

6,532,080

Comprehensive loss for the period

-

-

-

2,273

(663,522)

(661,249)

Balance, July 31, 2022

18,739,806

37,552,572

6,808,422

107,104

(38,597,267)

5,870,831

Comprehensive loss for the period

-

-

-

320,530

(1,667,601)

(1,347,071)

Balance, April 30, 2023

18,739,806

37,552,572

6,808,422

427,634

(40,264,868)

4,523,760

Comprehensive loss for the period

-

-

-

82,686

(539,818)

(457,132)

Balance, July 31, 2023

18,739,806

$

37,552,572

$

6,808,422

$

510,320

$

(40,804,686)

$

4,066,628

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

OREX MINERALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian Dollars)

Three months

Three months

ended July 31,

ended July 31,

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES

Loss for the period

$

(539,818)

$

(663,522)

Items not affecting cash:

Depreciation

748

997

Equity loss in associated company

111,052

236,086

Changes in non-cash working capital items:

Receivables

47,690

11,844

Prepaid expenses

(5,835)

9,439

IVA receivable

3,036

(4,916)

Accounts payable and accrued liabilities

(16,983)

12,900

Cash used in operating activities

(400,110)

(397,172)

CASH FLOWS FROM INVESTING ACTIVITIES

Equity investment

(141,311)

(30,387)

-

Cash used in investing activities

(141,311)

(30,387)

Change in cash during the period

(541,421)

(427,559)

Cash, beginning of period

1,126,141

3,302,296

Cash, end of period

$

584,720

$

2,874,737

Supplemental disclosure with respect to cash flows (Note 9)

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

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Orex Minerals Inc. published this content on 28 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2023 20:57:10 UTC.