SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Royal Standard Minerals Inc. (Registrant) Date: June 26, 2007 By \S\ Roland M. Larsen President & CEO SEC1815 (05-06)

Sharpe Resources Corporation (Continued under the New Brunswick Business Corporation Act) (An Exploration Stage Company) (Expressed in United States Dollars) Consolidated Financial Statements

(Unaudited) Three Months Ended March 31, 2007

Responsibility for Consolidated Financial Statements

The accompanying unaudited interim consolidated financial statements for Sharpe Resources Corporation have been prepared by management in accordance with Canadian generally accepted accounting principles consistently applied. The most significant of these accounting principles have been set out in the December 31, 2006 audited consolidated financial statements. Only changes in accounting information have been disclosed in these consolidated financial statements. These statements are presented on the accrual basis of accounting. Accordingly, a precise determination of many assets and liabilities is dependent upon future events. Therefore, estimates and approximations have been made using careful judgment. Recognizing that the Company is responsible for both the integrity and objectivity of these unaudited interim consolidated financial statements, management is satisfied that these unaudited interim consolidated financial statements have been fairly presented.

The independent auditor of Sharpe Resources Corporation has not performed a review of the unaudited consolidated financial statements for the three month periods ended March 31, 2007 and March 31, 2006.

SHARPE RESOURCES CORPORATION

(An Exploration Stage Company) Consolidated Balance Sheets (Expressed in United States Dollars) (Unaudited)

March 31, 2007			December 31, 2006
Notes		$	$
Assets
Current assets Cash and cash equivalents Due from related party	5	351,131 250,000	204,866 250,000
		601,131	454,866
Liabilities
Current Liabilities Accounts payable and accrued liabilities Due to related parties Loan claims	5 3	82,582 134,213 563,818	110,209 134,213 563,818
		780,613	808,240
Capital Stock and Deficit Share capital Warrants Contributed surplus Deficit	4(b) 4(c)	11,463,430 -176,230 (11,819,142)	11,174,108 204,408 33,144 (11,765,034)
		(179,482)	(353,374)
		601,131	454,866

The notes to the consolidated financial statements are an integral part of these statements. Nature of Operations and going concern (Note 1) Approved by the Board "Roland Larsen" Director "Kimberly L. Koerner" Director

SHARPE RESOURCES CORPORATION

(An Exploration Stage Company) Consolidated Statements of Operations and Comprehensive Loss (Expressed in United States Dollars) (Unaudited)

Cumulative
from start of
Three months ended March 31, 2007			Three months ended March 31, 2006	the exploration stage on January 31, 2002
$			$	$
Revenue
Petroleum and natural gas revenue	-		5,911	328,548
Royalty income	-		-	19,618
Interest income		635	-	11,915
Other income	-		-	3,239

	635	5,911	363,320
Operating and administrative expenses
Operating	20,226	1,268	734,591
General and administrative	28,879	164,399	447,322
Depletion, depreciation and amortization	-	-	35,353
Stock-option compensation	-	-	33,144
Interest on advance	-	510	7,445
Interest on loan claims	5,638	5,874	69,246
Management fees	-	-	154,000
	54,743	172,051	1,481,101

Loss before the following:	(54,108)	(166,140)	(1,117,781)
Write-off of an option to acquire mineral
property	-	-	(78,125)
Gain on disposal of petroleum and
natural gas properties	-	-	606,047
Gain on disposal of capital asset	-	-	10,000
Gain on settlement of debt	-	-	149,681
Net loss and comprehensive loss for the period	(54,108)	(166,140)	(430,178)
Basic and diluted loss per common share	0.00	0.00
Weighted average of common shares outstanding	45,918,577	41,546,986

The notes to the consolidated financial statements are an integral part of these statements.

SHARPE RESOURCES CORPORATION

(An Exploration Stage Company) Consolidated Statements of Changes in Shareholders' Equity (Expressed in United States Dollars) (Unaudited)

Three months		Three months
ended		ended
March 31,		March 31,
2007		2006
$		$
Share capital Balance, beginning of period	11,174,108	10,999,986
Issue of common shares - private placement	-	378,530
Fair value of warrants issued	-	(204,408)
Exercise of warrants	228,000	-
Fair value of warrants exercised	61,322	-
Balance, end of period	11,463,430	11,174,108
Warrants
Balance, beginning of period	204,408	-
Fair value of warrants issued	-	204,408
Fair value of warrants exercised	(61,322)	-
Transfer of expired warrants to contributed surplus	(143,086)	-
Balance, end of period	-	204,408
Contributed surplus Balance, beginning of period	33,144	33,144
Fair value of expired warrants	143,086	-
Balance, end of period	176,230	33,144
Deficit
Balance, beginning of period	(11,765,034)	(11,420,282)
Net loss for the period	(54,108)	(166,140)
Balance, end of period	(11,819,142)	(11,586,422)

The notes to the consolidated financial statements are an integral part of these statements.

SHARPE RESOURCES CORPORATION

(An Exploration Stage Company) Consolidated Statements of Cash Flows (Expressed in United States Dollars) (Unaudited)

Cumulative from start of Three months Three months the exploration ended ended stage on March 31, March 31, January 31, 2007 2006

2002

$ $$

Increase (decrease) in cash

Cash flows used in operating activities

Net loss for the period Operating items not involving cash: Depreciation, depletion and amortization Stock-option compensation Gain on disposal of petroleum and natural gas properties Gain on disposal of capital asset Gain on settlement of debt Changes in non-cash working capital items

(54,108) (166,140) (430,178)

--35,353 --33,144 --(606,047) --(10,000) --(149,681) (27,627) (22,933) 245,998

(81,735) (189,073) (881,411)

Cash flows from financing activities Repayments of long term debt --(117,654) Repayments of loan claims --(100,715) Advances to/from related parties --(148,307) Common shares and warrants issued 228,000 378,530 606,530

228,000 378,530 239,854

Cash flows from investing activities Additions to petroleum and natural gas properties Proceeds on disposal of petroleum and natural gas properties Proceeds on disposal of capital assets Write-off of an option to acquire mineral property --(31,404) --606,467 --10,000 --78,125

--663,188

Increase in cash during the period Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

146,265 189,457 21,631 204,866 339,570 329,500

351,131 529,027 351,131

The notes to the consolidated financial statements are an integral part of these statements.

SHARPE RESOURCES CORPORATION

(An Exploration Stage Company) Notes to Consolidated Financial Statements (Expressed in United States Dollars) (Unaudited)

Three Months Ended March 31, 2007

1. Nature of Operations and Going Concern

Sharpe Resources Corporation (the "Company") is a publicly held company, engaged in the development of minerals resources in the United States of America. Currently the Company has mineral and oil & gas royalty interests in Texas through its wholly-owned subsidiary, Sharpe Energy Company, in a single cost centre in the United States of America. The Company's shares are listed in the United States on the OTC:BB symbol SHGPF and in Canada under the symbol SHO.H on the NEX exchange.

These consolidated financial statements have been prepared on the basis that the Company is a going concern, which contemplates the realization of its assets and the settlement of its liabilities in the normal course of operations. The ability of the Company to continue operations is dependent upon obtaining the necessary financing to complete the development of its properties and/or the realization of proceeds from the sale of one or more of its properties. These consolidated financial statements do not include any adjustments related to the carrying values and classifications of assets and liabilities that would be necessary should the Company be unable to continue as a going concern.

2. Basis of Presentation and Accounting Policies

The unaudited consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and notes to the consolidated financial statements required by Canadian generally accepted accounting principles for annual consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2007 may not necessarily be indicative of the results that may be expected for the year ended December 31, 2007.

The consolidated balance sheet at December 31, 2006 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by Canadian generally accepted accounting principles for annual consolidated financial statements. The interim consolidated financial statements have been prepared by management in accordance with the accounting policies described in the Company's annual audited consolidated financial statements for the year ended December 31, 2006, except as noted below. For further information, refer to the audited consolidated financial statements and notes thereto for the year ended December 31, 2006.

SHARPE RESOURCES CORPORATION

(An Exploration Stage Company) Notes to Consolidated Financial Statements (Expressed in United States Dollars) (Unaudited)

Three Months Ended March 31, 2007

2. Basis of Presentation and Accounting Policies (continued)

Financial instruments, comprehensive income (loss) and hedges

In January 2005, the Canadian Institute of Chartered Accountants ("CICA") issued Handbook Sections 3855, “Financial Instruments – Recognition and Measurement”, 1530, “Comprehensive Income”, and 3865, “Hedges”. These new standards are effective for interim and annual financial statements relating to fiscal years commencing on or after October 1, 2006 on a prospective basis; accordingly, comparative amounts for prior periods have not been restated. The Company has adopted these new standards effective January 1, 2007.

(a) Financial instruments - recognition and measurement

Section 3855 prescribes when a financial instrument is to be recognized on the balance sheet and at what amount. It also specifies how financial instrument gains and losses are to be presented. This Section requires that:

All financial assets be measured at fair value on initial recognition and certain financial assets to be measured at fair value subsequent to initial recognition;

All financial liabilities be measured at fair value if they are classified as held for trading purposes. Other financial liabilities are measured at amortized cost using the effective interest method; and

All derivative financial instruments be measured at fair value on the balance sheet, even when they are part of an effective hedging relationship.

(b)

Comprehensive income (loss)

Section 1530 introduces a new requirement to temporarily present certain gains and losses from changes in fair value outside net income. It includes unrealized gains and losses, such as: changes in the currency translation adjustment relating to self-sustaining foreign operations; unrealized gains or losses on available-for-sale investments; and the effective portion of gains or losses on derivatives designated as cash flow hedges or hedges of the net investment in self-sustaining foreign operations.

(c)

Hedges

Section 3865 provides alternative treatments to Section 3855 for entities which choose to designate qualifying transactions as hedges for accounting purposes. It replaces and expands on Accounting Guideline 13 “Hedging Relationships”, and the hedging guidance in Section 1650 “Foreign Currency Translation” by specifying how hedge accounting is applied and what disclosures are necessary when it is applied.

(d)

Impact upon adoption of Sections 1530, 3855 and 3865

The Company has evaluated the impact of these new standards on its consolidated financial statements and determined that no adjustments are currently required.

SHARPE RESOURCES CORPORATION

(An Exploration Stage Company) Notes to Consolidated Financial Statements (Expressed in United States Dollars) (Unaudited) Three Months Ended March 31, 2007

2. Basis of Presentation and Accounting Policies (continued)

Future accounting changes

Capital Disclosures and Financial Instruments – Disclosures and Presentation

On December 1, 2006, the CICA issued three new accounting standards: Handbook Section 1535, Capital Disclosures, Handbook Section 3862, Financial Instruments – Disclosures, and Handbook Section 3863, Financial Instruments – Presentation. These new standards will be effective for interim and annual financial statements for the Company's reporting period beginning on January 1, 2008.

Section 1535 specifies the disclosure of (i) an entity’s objectives, policies and processes for managing capital; (ii) quantitative data about what the entity regards as capital; (iii) whether the entity has complied with any capital requirements; and (iv) if it has not complied, the consequences of such non-compliance.

The new Sections 3862 and 3863 replace Handbook Section 3861, Financial Instruments — Disclosure and Presentation, revising and enhancing its disclosure requirements, and carrying forward unchanged its presentation requirements. These new sections place increased emphasis on disclosures about the nature and extent of risks arising from financial instruments and how the entity manages those risks.

The Company is currently assessing the impact of these new accounting standards on its consolidated financial statements.

3. Loan Claims

Pursuant to the Chapter 11 Plan, agreed unsecured vendor loan claims were paid partially by 10% cash settlement. The remaining 90% of the claims were settled by the issue of preferred stock certificates of Sharpe Energy Company, bearing a quarterly dividend of 4% per annum. The certificates are fully redeemable. At the discretion of the Company, the certificates can be redeemed, all or in part, at a discount based upon the time of redemption.

4. Share Capital

(a) Authorized

Unlimited common shares without par value

(b) Issued and Outstanding

Shares Amount

#		$
Balance, December 31, 2006	43,981,003	11,174,108
Exercise of warrants	2,638,860	228,000
Fair value of warrants exercised	-	61,322
Balance, March 31, 2007	46,619,863	11,463,430

SHARPE RESOURCES CORPORATION

(An Exploration Stage Company) Notes to Consolidated Financial Statements (Expressed in United States Dollars) (Unaudited) Three Months Ended March 31, 2007

4. Share Capital (continued)

(c) Warrants

The following table reflects the warrant activity for the three months ended March 31, 2007:

Number of
Warrants		Fair value
#		$
Balance, December 31, 2006	8,796,200	204,408
Exercised	(2,638,860)	(61,322)
Expired	(6,157,340)	(143,086)
Balance, March 31, 2007	-	-

(d) Stock Options

The following table reflects the stock option activity for the three months ended March 31, 2007:

Weighted
Number of		average
stock options		exercise price
#		$
Balance, December 31, 2006 and
March 31, 2007	3,511,000	0.10

The following table reflects the actual stock options issued and outstanding as of March 31, 2007:

Exercise Price
per Share		Fair	Number of
(CDN)	Expiry Date	Value	stock options
$		$	#
0.10	May 16, 2010	15,484	480,000
0.10	May 8, 2008	17,660	1,431,000
0.10	May 13, 2007	-	1,000,000
0.10	May 8, 2007	-	600,000
		33,144	3,511,000

SHARPE RESOURCES CORPORATION

(An Exploration Stage Company) Notes to Consolidated Financial Statements (Expressed in United States Dollars) (Unaudited) Three Months Ended March 31, 2007

5. Related Party Transactions Not Disclosed Elsewhere

Transactions with related parties not disclosed elsewhere in these consolidated financial statements are comprised of:

March 31, December 31, 2007 2006

$		$
Due from related party (i)	250,000	250,000
Due to related parties
Roland Larsen (ii)	25,400	25,400
Royal Standard Minerals Inc. (iii)	108,813	108,813

(i): Standard Energy Company is related by virtue of its ownership by an officer and director of the Company. The loan receivable is unsecured, non-interest bearing and no date is set for its repayment.
(ii): This loan is payable to an officer and director of the Company. It is unsecured, non-interest bearing and no date set for repayment.

(iii) Royal Standard Minerals Inc. is a related company by virtue of common management and have common directors. The loan payable is unsecured, non-interest bearing and no date set for its repayment.

Management fees of $15,000 (March 31, 2006 -$154,000) was paid to an officer and director of the Company.

These transactions are in normal course of operations and are measured at the exchange amount (the amount of consideration established and agreed to by the related parties which approximates the arm's length equivalent value).

6. Segmented Information

The Company has one reportable business segment. Substantially all of the Company's assets are located in the United States except for small balances held in Canadian banks. The Company's operations in Canada consist of general and administrative expenses necessary to maintain the Company's public company status.

7. Subsequent event

Subsequent to March 31, 2007, the Company granted options to purchase 1,600,000 common shares of the Company to directors and officers. The options are exercisable at $0.10 and expire on May 15, 2012.

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITES EXCHANGE ACT OF 1934

SHARPE RESOURCES CORPORATION

SIGNATURES

(Unaudited) Three Months Ended March 31, 2007

Cash flows used in operating activities

Cash and cash equivalents, end of period

1. Nature of Operations and Going Concern

2. Basis of Presentation and Accounting Policies

2. Basis of Presentation and Accounting Policies (continued)

2. Basis of Presentation and Accounting Policies (continued)

3. Loan Claims

4. Share Capital

(b) Issued and Outstanding

4. Share Capital (continued)

(d) Stock Options

5. Related Party Transactions Not Disclosed Elsewhere

6. Segmented Information

7. Subsequent event