jun 23, 2016 consolidated financial statements for the period

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  • BITTERROOT RESOURCES LTD.

    CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

    FOR THE SIX MONTHS ENDED APRIL 30, 2016 AND 2015

    (Expressed in Canadian Dollars)

    (Unaudited Prepared by Management)

  • NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

    Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited interim financial statements of the Company have been prepared by and are the responsibility of the Companys management. The Companys independent auditor has not performed a review of these financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements by an entitys auditor.

  • BITTERROOT RESOURCES LTD. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION UNAUDITED PREPARED BY MANAGEMENT (Expressed in Canadian Dollars)

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

    3

    Note April 30,

    2016 October 31,

    2015

    ASSETS

    Current assets

    Cash $ 10,341 $ 57,063 Receivables 4 11,873 36,800 Prepaid expenses 5,591 5,973

    Total current assets 27,805 99,836

    Non-current assets Reclamation deposit 21,500 21,500 Exploration and evaluation assets 5 4,426,171 4,417,166 Equipment 6 3,463 3,895

    Total non-current assets 4,451,134 4,442,561

    TOTAL ASSETS $ 4,478,939 $ 4,542,397

    LIABILITIES

    Current liabilities

    Accounts payable and accrued liabilities $ 35,435 $ 29,012 Due to related party 10 63,000 10,500

    Total liabilities 98,435 39,512

    SHAREHOLDERS EQUITY

    Share capital 8 23,811,182 23,807,682 Equity reserves 8 3,802,214 3,769,563 Deficit (23,232,892) (23,074,360)

    Total shareholders equity 4,380,504 4,502,885

    TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $ 4,478,939 $ 4,542,397

    Nature of operations (Note 1)

    Approved by the Board of Directors on June 23, 2016:

    Michael S. Carr George W. Sanders

    Michael S. Carr, Director George W. Sanders, Director

  • BITTERROOT RESOURCES LTD. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS UNAUDITED PREPARED BY MANAGEMENT (Expressed in Canadian Dollars)

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

    4

    Three months ended April 30,

    Six months ended April 30,

    Note 2016 2015 2016 2015

    EXPENSES

    Bank charges and interest $ 157 $ 143 $ 467 $ 385 Depreciation 6 215 282 432 563 Foreign exchange loss (gain) (536) (8,465) 458 7,758 Interest expense 7 - 2,831 - 6,489 Management fees 10 30,000 30,000 60,000 60,000 Office and printing 11,922 20,326 24,253 31,204 Professional fees 12,112 16,047 23,137 17,032 Regulatory fees 5,200 5,200 5,200 5,200 Share-based compensation 10 - - 32,651 - Shareholder information 3,709 5,673 6,034 5,883 Transfer agent fees 3,155 7,482 5,900 8,961 Write-down of exploration and evaluation assets

    -

    -

    -

    (3,555)

    Loss and comprehensive loss for the period $ (65,934) $ (79,519) $ (158,532) $ (139,920)

    Basic and diluted loss per share $ (0.00) $ (0.01) $ (0.01) $ (0.01)

    Weighted average number of common shares outstanding 20,459,367 13,230,831 20,442,883 13,230,831

  • BITTERROOT RESOURCES LTD. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED APRIL 30, UNAUDITED PREPARED BY MANAGEMENT (Expressed in Canadian Dollars)

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

    5

    2016 2015

    Cash flows from operating activities

    Loss for the period $ (158,532) $ (139,920) Items not involving cash: Depreciation 432 563

    Interest expense - 6,489 Share-based payments 32,651 - Write-down of exploration and evaluation assets - (3,555) Changes in non-cash working capital: Prepaid expenses 382 (1,293) Receivables (12,804) (2,975) Accounts payable and accrued liabilities 6,635 28,872 Due to related party 52,500 65,922

    Cash used in operating activities (78,736) (45,897)

    Cash flows from financing activities

    Loans from related party - 46,000

    Cash provided by financing activities - 46,000

    Cash flows from investing activities

    Exploration and evaluation assets expenditures (14,574) (21,508) Exploration and evaluation assets recoveries 46,588 16,269

    Cash provided by (used in) investing activities 32,014 (5,239)

    Change in cash during the period (46,722) (5,136) Cash, beginning of period 57,063 5,977

    Cash, end of period $ 10,341 $ 841

    Supplemental disclosure with respect to cash flows (Note 9).

  • BITTERROOT RESOURCES LTD. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY UNAUDITED PREPARED BY MANAGEMENT (Expressed in Canadian Dollars)

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

    6

    Number of shares

    Share capital

    Equity reserves Deficit Total

    Balance October 31, 2014 13,230,831 $23,107,269 $ 3,769,563 $ (22,740,513) $ 4,136,319

    Loss for the period - - - (139,920) (139,920)

    Balance April 30, 2015 13,230,831 $23,107,269 $ 3,769,563 $ (22,880,433) $ 3,996,399

    Number of shares

    Share capital

    Equity reserves Deficit Total

    Balance October 31, 2015 20,359,367 $23,807,682 $ 3,769,563 $ (23,074,360) $ 4,502,885

    Shares issued for exploration and evaluation assets 100,000 3,500 - - 3,500 Share-based payments - - 32,651 32,651 Loss for the period - - - (158,532) (158,532)

    Balance April 30, 2016 20,459,367 $23,811,182 $ 3,802,214 $ (23,232,892) $ 4,380,504

  • BITTERROOT RESOURCES LTD. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED APRIL 30, 2016 AND 2015 UNAUDITED PREPARED BY MANAGEMENT (Expressed in Canadian Dollars)

    7

    1. NATURE OF OPERATIONS

    Bitterroot Resources Ltd. (the Company) is in the exploration stage and its principal business activity is the sourcing and exploration of resource properties.

    The Company was incorporated on March 13, 1951 under the Laws of British Columbia. The Companys head office

    address is Suite 206-B 1571 Bellevue Avenue, West Vancouver, BC, V7V 1A6, Canada and its registered office address is Suite 900 900 West Hastings Street, Vancouver, BC, V6C 1E5, Canada. The Company is listed on the TSX Venture Exchange under the symbol BTT. During the year ended October 31, 2015, the Company consolidated its share capital, options and warrants on a ten to one basis. All shares and per share amounts have been retroactively restated for all periods presented.

    The condensed consolidated interim financial statements of the Company are presented in Canadian dollars, which is

    the functional currency, unless otherwise indicated. 2. BASIS OF PREPARATION Statement of compliance and basis of measurement

    These unaudited condensed consolidated interim financial statements, including comparatives have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and in accordance with International Accounting Standards (IAS) 34, Interim Financial Reporting. The policies applied in these condensed consolidated interim financial statements are based on IFRS issued and effective as of April 30, 2016. The condensed consolidated interim financial statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit or loss, which are stated at their fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting except for cash flow information. Use of estimates and judgments

    The preparation of the condensed consolidated interim financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. (i) Critical accounting estimates Critical accounting estimates are estimates and assumptions made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to, the following:

    Share-based payments

    The fair value of stock options issued are subject to the limitation of the Black-Scholes option pricing model that incorporates market data and involves uncertainty in estimates used by management in the assumptions. Because the Black-Scholes option pricing model requires the input of

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