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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fresh Start Private Holdings, Inc. (the “Company”)
was incorporated in the State of Nevada on November 1, 2006. On July 31, 2012 the Company changed its name to TAP RESOURCES, INC.  We
are an exploration stage company, with a mining exploration project (the “Marowijine Project”) in the Republic of Suriname
that has not realized any revenues to date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 12, 2012, the Company entered
into a Share Exchange Agreement (the ‘Share Exchange Agreement”) which resulted in a Reverse Takeover with selling
stockholders named in the prospectus, pursuant to which the Company offered and sold an aggregate of 90,000,000 shares of common
stock to all the stockholders of Infinity Resources, Inc., a Nevada corporation (“Infinity”), incorporated in the State
of Nevada, on April 27, 2012. The acquisition has been treated as a recapitalization of Tap Resources, Inc with Infinity Resources,
Inc as the accounting acquirer in accordance with the Reverse Merger rules.  As a result of the consummation of the Share
Exchange Agreement Infinity became a wholly-owned subsidiary of the Company and the mineral exploration business of Infinity is
now the primary business of the Company.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Fresh Start Private Holdings, Inc. (the
“Company”) was incorporated in the State of Nevada on November 1, 2006. On July 31, 2012 the Company changed its name
to TAP RESOURCES, INC. We are an exploration stage company, with a mining exploration project (the “Marowijine Project”)
in the Republic of Suriname that has not realized any revenues to date.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 12, 2012, the Company entered
into a Share Exchange Agreement (the ‘Share Exchange Agreement”) which resulted in a Reverse Takeover with selling
stockholders named in the prospectus, pursuant to which the Company offered and sold an aggregate of 90,000,000 shares of common
stock to all the stockholders of Infinity Resources, Inc., a Nevada corporation (“Infinity”), incorporated in the State
of Nevada, on April 27, 2012. The acquisition has been treated as a recapitalization of Tap Resources, Inc with Infinity Resources,
Inc as the accounting acquirer in accordance with the Reverse Merger rules. As a result of the consummation of the Share Exchange
Agreement Infinity became a wholly-owned subsidiary of the Company and the mineral exploration business of Infinity is now the
primary business of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Going concern</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To date the Company has generated no revenues from its business
operations and has incurred operating losses since inception of $8,560.  As at November 30, 2012, the Company has a working
capital deficit of $127,678.  The Company requires additional funding to meet its ongoing obligations and to fund anticipated
operating losses.  The ability of the Company to continue as a going concern is dependent on raising capital to fund
its initial business plan and ultimately to attain profitable operations.  Accordingly, these factors raise substantial
doubt as to the Company’s ability to continue as a going concern.  The Company intends to continue to fund its
mineral exploration business by way of private placements and advances from related parties as may be required. These financial
statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts
and classification of liabilities that might result from this uncertainty.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of the Statement of Cash Flows, the Company considers
all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds
are not being held for investment purposes. The Company's bank accounts are deposited in insured institutions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Basic Income (Loss) Per Share</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company computes loss per share in
accordance with “ASC-260,” “Earnings per Share” which requires presentation of both basic and diluted
earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss
available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss
per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share
excludes all potential common shares if their effect is anti-dilutive. As the company does not have any dilutive shares
outstanding as on November 30, 2012, the accompanied financial statements present only Basic loss per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Income Taxes</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows the liability method of
accounting for income taxes in accordance with FASB accounting standards for Accounting for Income Taxes and Accounting for Uncertainty
in Income Taxes.  Under this method, deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax balances.  Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected
to apply to the taxable income in the years in which those differences are expected to be recovered or settled.  Deferred
tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion
or all of the deferred tax assets will not be realized.  The effect on deferred tax assets and liabilities of a change
in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Use of Estimates</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in
conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Mineral Property Expenditures</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is primarily engaged in the acquisition,
exploration and development of mineral properties.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mineral property acquisition costs are capitalized
in accordance with FASB ASC 930-805, “Extractive Activities-Mining,” when management has determined that probable future
benefits consisting of a contribution to future cash inflows have been identified and adequate financial resources are available
or are expected to be available as required to meet the terms of property acquisition and budgeted exploration and development
expenditures.  Mineral property acquisition costs are expensed as incurred if the criteria for capitalization are not
met.  In the event that mineral property acquisition costs are paid with Company shares, those shares are recorded at
the estimated fair value at the time the shares are due in accordance with the terms of the property agreements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mineral property exploration costs are expensed
as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When it has been determined that a mineral
property can be economically developed as a result of establishing proven and probable reserves, the costs
incurred to develop such property are capitalized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Estimated future removal and site restoration
costs, when determinable are provided over the life of proven reserves on a units-of-production basis.  Costs, which
include production equipment removal and environmental remediation, are estimated each period by management based on current regulations,
actual expenses incurred, and technology and industry standards.  Any charge is included in exploration expense or the
provision for depletion and depreciation during the period and the actual restoration expenditures are charged to the accumulated
provision amounts as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of these financial statements,
the Company has incurred only property option payments and exploration costs which have been expensed.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To date the Company has not established any
proven or probable reserves on its mineral properties.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Asset Retirement Obligations</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with accounting standards for
asset retirement obligations (ASC 410), the Company records the fair value of a liability for an asset retirement obligation (ARO)
when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably
estimated. No ARO’s associated with legal obligations to retire oil and gas properties have been recognized, as indeterminate
settlement dates for the asset retirements prevent estimation of the fair value of the associated ARO. The Company performs periodic
reviews of its oil and gas properties long-lived assets for any changes in facts and circumstances that might require recognition
of a retirement obligation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fair value of financial instruments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The estimated fair values of financial instruments
were determined by management using available market information and appropriate valuation methodologies. The carrying amounts
of financial instruments including cash approximate their fair value because of their short maturities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Stock-based Compensation</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for stock-based compensation
issued to employees based on FASB accounting standard for Share Based Payment. It requires an entity to measure the cost of employee
services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited
exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for
the award – the requisite service period (usually the vesting period). It requires that the compensation cost relating to
share-based payment transactions be recognized in financial statements. That cost will be measured based on the fair value of the
equity or liability instruments issued.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The scope of the FASB accounting standard
includes a wide range of share-based compensation arrangements including share options, restricted share plans,
performance-based awards, share appreciation rights, and employee share purchase plans.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As at November 30, 2012 the Company had no stock-based compensation
plans nor had it granted any stock options.  Accordingly no stock-based compensation has been recorded to date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Recent pronouncements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has evaluated the recent accounting pronouncements and
believes that none of them will have a material effect on the company’s financial statements.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Going concern</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">To date the Company has generated no
revenues from its business operations and has incurred operating losses since inception of $24,126. As at May 31, 2013, the Company
has a working capital deficit of $143,244. The Company requires additional funding to meet its ongoing obligations and to fund
anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund
its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as
to the Company’s ability to continue as a going concern. The Company intends to continue to fund its mineral exploration
business by way of private placements and advances from related parties as may be required. These financial statements do not include
any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities
that might result from this uncertainty.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Unaudited Financial Statements</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited financial
statements have been prepared in accordance with generally accepted accounting principles for financial information and with the
instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting
principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information
disclosed in the notes to the financial statements for the year ended November 30, 2012 included in the Company’s Annual
Report on Form 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction
with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for
a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended
May 31, 2013 are not necessarily indicative of the results that may be expected for the year ending November 30, 2013.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Cash and Cash Equivalents</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of the Statement of Cash
Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents
to the extent the funds are not being held for investment purposes. The Company's bank accounts are deposited in insured institutions.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Basic Income (Loss) Per Share</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company computes loss per
share in accordance with “ASC-260,” “Earnings per Share” which requires presentation of both basic
and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net
loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted
loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share
excludes all potential common shares if their effect is anti-dilutive. As the company does not have any dilutive shares
outstanding as on May 31, 2013, the accompanied financial statements present only basic loss per share.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>Income Taxes</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows the liability
method of accounting for income taxes in accordance with FASB accounting standards for Accounting for Income Taxes and
Accounting for Uncertainty in Income Taxes. Under this method, deferred tax assets and liabilities are recognized for the
future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and
liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or
substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected
to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it
is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or
substantive enactment.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Use of Estimates</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements
in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Mineral Property Expenditures </b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is primarily engaged in
the acquisition, exploration and development of mineral properties.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Mineral property acquisition costs are
capitalized in accordance with FASB ASC 930-805, “Extractive Activities-Mining,” when management has determined that
probable future benefits consisting of a contribution to future cash inflows have been identified and adequate financial resources
are available or are expected to be available as required to meet the terms of property acquisition and budgeted exploration and
development expenditures. Mineral property acquisition costs are expensed as incurred if the criteria for capitalization are not
met. In the event that mineral property acquisition costs are paid with Company shares, those shares are recorded at the estimated
fair value at the time the shares are due in accordance with the terms of the property agreements.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Mineral property exploration
costs are expensed as incurred. Mineral property explorations costs include but not limited to, geophysical surveys, soil
sampling, trenching, geologist costs, drilling and assaying of core samples.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">When it has been determined that a mineral
property can be economically developed as a result of establishing proven and probable reserves, the costs
incurred to develop such property are capitalized.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Estimated future removal and site restoration
costs, when determinable are provided over the life of proven reserves on a units-of-production basis. Costs, which include production
equipment removal and environmental remediation, are estimated each period by management based on current regulations, actual expenses
incurred, and technology and industry standards. Any charge is included in exploration expense or the provision for depletion and
depreciation during the period and the actual restoration expenditures are charged to the accumulated provision amounts as incurred.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of these financial statements,
the Company has incurred only property option payments and exploration costs which have been expensed.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">To date the Company has not established
any proven or probable reserves on its mineral properties.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Asset
Retirement Obligations</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.1pt">In
accordance with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a
liability for an asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a
tangible long-lived asset and the liability can be reasonably estimated. No ARO’s associated with legal obligations to
retire oil and gas properties have been recognized, as indeterminate settlement dates for the asset retirements prevent
estimation of the fair value of the </font>associated ARO. The Company performs periodic reviews of its oil and gas
properties long-lived assets for any changes in facts and circumstances that might require recognition of a retirement
obligation.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Fair value of financial instruments</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The estimated fair values of financial
instruments were determined by management using available market information and appropriate valuation methodologies. The carrying
amounts of financial instruments including cash approximate their fair value because of their short maturities.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>Stock-based Compensation</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for stock-based
compensation issued to employees based on FASB accounting standard for Share Based Payment. It requires an entity to measure the
cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award
(with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service
in exchange for the award – the requisite service period (usually the vesting period). It requires that the compensation
cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the
fair value of the equity or liability instruments issued. The scope of the FASB accounting standard includes a wide range of share-based
compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights,
and employee share purchase plans.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As at May 31, 2013, the Company had
no stock-based compensation plans nor had it granted any stock options. Accordingly no stock-based compensation has been recorded
to date.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Recent pronouncements</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has evaluated the recent
accounting pronouncements and believes that none of them will have a material effect on the company’s financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 12, 2012, the Company entered
into a Share Exchange Agreement (the ‘Share Exchange Agreement”), which resulted in a Reverse Takeover, with
selling stockholders named in the prospectus, pursuant to which the Company offered and sold an aggregate of 90,000,000 shares
of common stock to all the stockholders of Infinity Resources, Inc., a Nevada corporation (“Infinity”), on a pro rata
basis based upon their respective beneficial ownership interest in Infinity Resources, Inc., as consideration for all of the issued
and outstanding shares of common stock of Infinity held by all the stockholders of Infinity. (Refer Note 7)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the consummation of the Share
Exchange Agreement Infinity became a wholly-owned subsidiary of the Company and the mineral exploration business of Infinity is
now the primary business of the Company, and the stockholders of Infinity immediately prior to the consummation of the Share Exchange
Agreement now hold approximately 99.6% of the shares of common stock of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 12, 2012, the Company entered
into a Share Exchange Agreement (the ‘Share Exchange Agreement”), which resulted in a Reverse Takeover, with selling
stockholders named in the prospectus, pursuant to which the Company offered and sold an aggregate of 90,000,000 shares of common
stock to all the stockholders of Infinity Resources, Inc., a Nevada corporation (“Infinity”), on a pro rata basis based
upon their respective beneficial ownership interest in Infinity Resources, Inc., as consideration for all of the issued and outstanding
shares of common stock of Infinity held by all the stockholders of Infinity. (Refer Note 7)</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the consummation of the
Share Exchange Agreement Infinity became a wholly-owned subsidiary of the Company and the mineral exploration business of Infinity
is now the primary business of the Company, and the stockholders of Infinity immediately prior to the consummation of the Share
Exchange Agreement now hold approximately 99.6% of the shares of common stock of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 30, 2012 Infinity Resources, Inc. (“Infinity”)
entered in to a Mineral Rights Partnership Agreement with Surmi Company N.V. (“Surmi”) to acquire the exclusive right
and option to an undivided 100% of the right, title and interest in and the property located in the district of Sipaliwini, along
the left bank of Marowijine River in the Brokopondo mining district of Suriname, South America, under the following payment terms;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 48px; font: 10pt Times New Roman, Times, Serif; text-align: right">(a)  </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Infinity, or its permitted assigns, incurring exploration expenditures on the Claims of a minimum of $100,000 on or before December 31, 2012 ( first payment extended to June 1, 2013); and</td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(b)  </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Infinity, or its permitted assigns, incurring exploration expenditures on the Claims of a further $125,000 on or before December 31, 2013; and</td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(c)  </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Infinity, or its permitted assigns, incurring exploration expenditures on the Claims of a further $125,000 on or before December 31, 2014.</td></tr>
<tr style="vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(d)  </td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Infinity further agrees to pay Surmi, commencing January 1, 2013 (first payment extended to June 1, 2013), the sum of $25,000 per annum for so long as Infinity, or its permitted assigns, holds any interest in the Claims.</td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 30, 2012 Infinity Resources,
Inc. (“Infinity”) entered in to a Mineral Rights Partnership Agreement with Surmi Company N.V. (“Surmi”)
to acquire the exclusive right and option to an undivided 100% of the right, title and interest in and the property located in
the district of Sipaliwini, along the left bank of Marowijine River in the Brokopondo mining district of Suriname, South America,
under the following payment terms;</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-size: 10pt">(a)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Infinity, or its permitted assigns, incurring exploration
expenditures on the Claims of a minimum of $100,000 on or before December 31, 2013 ( first payment extended from March 31,
2013 to June 1, 2013 and to December 31, 2013); and</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-size: 10pt">(b)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Infinity, or its permitted assigns, incurring exploration expenditures
on the Claims of a further $125,000 on or before December 31, 2013; and</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-size: 10pt">(c)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Infinity, or its permitted assigns, incurring exploration expenditures
on the Claims of a further $125,000 on or before December 31, 2014.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-size: 10pt">(d)</font></td><td style="text-align: justify"><font style="font-size: 10pt">Infinity further agrees to pay Surmi, commencing January 1, 2013
(first payment extended to December 31, 2013), the sum of $25,000 per annum for so long as Infinity, or its permitted assigns, holds
any interest in the Claims.</font></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has received $50,002 as a loan from two shareholders
of the Company. The loans ($48,092 and $1,910) are unsecured, payable on demand and bear no interest.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has received
$50,002 as a loan from two shareholders of the Company as of May 31, 2013. The loans ($48,092 and $1,910) are unsecured,
payable on demand and bear no interest.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 1, 2012, former officers of
the Company forgave all debts owing to them by the Company for all advances/shareholders loans totalling
$36,896.  All these sums are reflected as a credit to additional-paid-in-capital.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 1, 2012, two former officers
forgave all debts owing to them by the Company for all advances/shareholder loans totalling $36,896. All these sums are reflected
as a credit to additional-paid-in-capital.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended November 30, 2012, the
Company incurred net operating losses and, accordingly, no provision for income taxes has been recorded. In addition, no benefit
for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At November 30, 2012, the Company
had approximately $8,560 of federal and state net operating losses. The net operating loss carry forwards, if not utilized, will
begin to expire in 2026. The provision for income taxes consisted of the following components for the years ended November 30:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Components of net deferred tax assets, including a valuation allowance,
are as follows at November 30:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="font-weight: bold; text-align: center"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">November 30</td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td>
<td style="font-weight: bold; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td>
<td nowrap="nowrap" style="font-style: italic"> </td></tr>
<tr style="vertical-align: bottom">
<td>Deferred tax assets:</td>
<td> </td>
<td colspan="2"> </td>
<td nowrap="nowrap"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 88%">  Net operating loss carry forwards</td>
<td style="width: 1%"> </td>
<td style="width: 1%">$</td>
<td style="width: 9%; text-align: right">2,996</td>
<td nowrap="nowrap" style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td>  Valuation allowance</td>
<td style="text-align: right"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right">(2,996</td>
<td nowrap="nowrap">)</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td>    Total deferred tax assets</td>
<td style="text-align: right"> </td>
<td style="border-bottom: black 2.25pt double">$</td>
<td style="border-bottom: black 2.25pt double; text-align: right">-</td>
<td nowrap="nowrap"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The valuation allowance for deferred tax assets
as of November 30, 2012 was $2,996. In assessing the recovery of the deferred tax assets, management considers whether
it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of
deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences
become deductible. Management considers the scheduled reversals of future deferred tax liabilities, projected future taxable income,
and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred
tax assets would not be realized as of November 30, 2012 and recorded a full valuation allowance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Reconciliation between the statutory rate and the effective tax
rate is as follows at November 30:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="font-weight: bold; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td>
<td nowrap="nowrap" style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 88%">Federal statutory tax rate</td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 9%; text-align: right">(35.0</td>
<td nowrap="nowrap" style="width: 1%">) %</td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td>Permanent difference and other</td>
<td> </td>
<td> </td>
<td style="text-align: right">35.0</td>
<td nowrap="nowrap">%</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">To date
the Company has generated no revenues from its business operations and has incurred operating losses since inception of $8,560.  As
at November 30, 2012, the Company has a working capital deficit of $127,678.  The Company requires additional funding
to meet its ongoing obligations and to fund anticipated operating losses.  The ability of the Company to continue as
a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations.  Accordingly,
these factors raise substantial doubt as to the Company’s ability to continue as a going concern.  The Company
intends to continue to fund its mineral exploration business by way of private placements and advances from related parties as
may be required. These financial statements do not include any adjustments relating to the recoverability and classification of
recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">To date the Company has generated no
revenues from its business operations and has incurred operating losses since inception of $24,126. As at May 31, 2013, the Company
has a working capital deficit of $143,244. The Company requires additional funding to meet its ongoing obligations and to fund
anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund
its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as
to the Company’s ability to continue as a going concern. The Company intends to continue to fund its mineral exploration
business by way of private placements and advances from related parties as may be required. These financial statements do not include
any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities
that might result from this uncertainty.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">For purposes
of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months
or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company's bank accounts
are deposited in insured institutions.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of the Statement of Cash
Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents
to the extent the funds are not being held for investment purposes. The Company's bank accounts are deposited in insured institutions.</p>
<p style="margin: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> The Company computes
loss per share in accordance with “ASC-260,” “Earnings per Share” which requires presentation of both
basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing
net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted
loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes
all potential common shares if their effect is anti-dilutive. As the company does not have any dilutive shares outstanding as
on November 30, 2012, the accompanied financial statements present only Basic loss per share.</font></p>
<p style="margin: 0pt; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company computes loss per
share in accordance with “ASC-260,” “Earnings per Share” which requires presentation of both basic
and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net
loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted
loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share
excludes all potential common shares if their effect is anti-dilutive. As the company does not have any dilutive shares
outstanding as on May 31, 2013, the accompanied financial statements present only basic loss per share.</p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company follows the liability
method of accounting for income taxes in accordance with FASB accounting standards for Accounting for Income Taxes and Accounting
for Uncertainty in Income Taxes.  Under this method, deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax balances.  Deferred tax assets and liabilities are measured using enacted or substantially
enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered
or settled.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more
likely than not that some portion or all of the deferred tax assets will not be realized.  The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment
or substantive enactment.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows the liability
method of accounting for income taxes in accordance with FASB accounting standards for Accounting for Income Taxes and
Accounting for Uncertainty in Income Taxes. Under this method, deferred tax assets and liabilities are recognized for the
future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and
liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or
substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected
to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it
is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or
substantive enactment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The preparation
of financial statements in conformity with generally accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results
could differ from those estimates.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements
in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The Company
is primarily engaged in the acquisition, exploration and development of mineral properties.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Mineral
property acquisition costs are capitalized in accordance with FASB ASC 930-805, “Extractive Activities-Mining,” when
management has determined that probable future benefits consisting of a contribution to future cash inflows have been identified
and adequate financial resources are available or are expected to be available as required to meet the terms of property acquisition
and budgeted exploration and development expenditures.  Mineral property acquisition costs are expensed as incurred
if the criteria for capitalization are not met.  In the event that mineral property acquisition costs are paid with
Company shares, those shares are recorded at the estimated fair value at the time the shares are due in accordance with the terms
of the property agreements.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Mineral
property exploration costs are expensed as incurred.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">When it
has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves
and pre-feasibility, the costs incurred to develop such property are capitalized.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Estimated
future removal and site restoration costs, when determinable are provided over the life of proven reserves on a units-of-production
basis.  Costs, which include production equipment removal and environmental remediation, are estimated each period by
management based on current regulations, actual expenses incurred, and technology and industry standards.  Any charge
is included in exploration expense or the provision for depletion and depreciation during the period and the actual restoration
expenditures are charged to the accumulated provision amounts as incurred.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">As of
the date of these financial statements, the Company has incurred only property option payments and exploration costs which have
been expensed.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">To date
the Company has not established any proven or probable reserves on its mineral properties.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is primarily engaged in
the acquisition, exploration and development of mineral properties.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Mineral property acquisition costs are
capitalized in accordance with FASB ASC 930-805, “Extractive Activities-Mining,” when management has determined that
probable future benefits consisting of a contribution to future cash inflows have been identified and adequate financial resources
are available or are expected to be available as required to meet the terms of property acquisition and budgeted exploration and
development expenditures. Mineral property acquisition costs are expensed as incurred if the criteria for capitalization are not
met. In the event that mineral property acquisition costs are paid with Company shares, those shares are recorded at the estimated
fair value at the time the shares are due in accordance with the terms of the property agreements.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Mineral property exploration costs are
expensed as incurred.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">When it has been determined that a mineral
property can be economically developed as a result of establishing proven and probable reserves and pre-feasibility, the costs
incurred to develop such property are capitalized.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Estimated future removal and site restoration
costs, when determinable are provided over the life of proven reserves on a units-of-production basis. Costs, which include production
equipment removal and environmental remediation, are estimated each period by management based on current regulations, actual expenses
incurred, and technology and industry standards. Any charge is included in exploration expense or the provision for depletion and
depreciation during the period and the actual restoration expenditures are charged to the accumulated provision amounts as incurred.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of these financial statements,
the Company has incurred only property option payments and exploration costs which have been expensed.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">To date the Company has not established
any proven or probable reserves on its mineral properties.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">In accordance
with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a liability for an
asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a tangible long-lived asset
and the liability can be reasonably estimated. No ARO’s associated with legal obligations to retire oil and gas properties
have been recognized, as indeterminate settlement dates for the asset retirements prevent estimation of the fair value of the
associated ARO. The Company performs periodic reviews of its oil and gas properties long-lived assets for any changes in facts
and circumstances that might require recognition of a retirement obligation.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.1pt">In
accordance with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a
liability for an asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a
tangible long-lived asset and the liability can be reasonably estimated. No ARO’s associated with legal obligations to
retire oil and gas properties have been recognized, as indeterminate settlement dates for the asset retirements prevent
estimation of the fair value of the </font>associated ARO. The Company performs periodic reviews of its oil and gas
properties long-lived assets for any changes in facts and circumstances that might require recognition of a retirement
obligation.</p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The estimated fair values of
financial instruments were determined by management using available market information and appropriate valuation methodologies.
The carrying amounts of financial instruments including cash approximate their fair value because of their short maturities.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The estimated fair values of financial
instruments were determined by management using available market information and appropriate valuation methodologies. The carrying
amounts of financial instruments including cash approximate their fair value because of their short maturities.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company accounts for stock-based compensation issued to employees based on FASB accounting standard for Share Based Payment. It
requires an entity to measure the cost of employee services received in exchange for an award of equity instruments based on the
grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee
is required to provide service in exchange for the award – the requisite service period (usually the vesting period). It
requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost
will be measured based on the fair value of the equity or liability instruments issued.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
scope of the FASB accounting standard includes a wide range of share-based compensation arrangements including share options,
restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As at November 30, 2012 the Company
had no stock-based compensation plans nor had it granted any stock options.  Accordingly no stock-based compensation
has been recorded to date.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for stock-based
compensation issued to employees based on FASB accounting standard for Share Based Payment. It requires an entity to measure the
cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award
(with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service
in exchange for the award – the requisite service period (usually the vesting period). It requires that the compensation
cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the
fair value of the equity or liability instruments issued. The scope of the FASB accounting standard includes a wide range of share-based
compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights,
and employee share purchase plans.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As at May 31, 2013, the Company had
no stock-based compensation plans nor had it granted any stock options. Accordingly no stock-based compensation has been recorded
to date.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">The Company has evaluated the
recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statements.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has evaluated the recent
accounting pronouncements and believes that none of them will have a material effect on the company’s financial statements.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Components
of net deferred tax assets, including a valuation allowance, are as follows at November 30:</font></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>November
30</b></font></td>
<td nowrap="nowrap" style="line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td style="line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2012</b></font></td>
<td nowrap="nowrap" style="line-height: 115%; font-style: italic"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Deferred tax assets:</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 88%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">  Net operating
loss carry forwards</font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,996</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">  Valuation allowance</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,996</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: bottom; line-height: 115%; font-size: 11pt"><font style="font: 10pt Times New Roman, Times, Serif; color: black">    Total
deferred tax assets</font></td>
<td style="vertical-align: bottom; line-height: 115%; font-size: 11pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%; font-size: 11pt"><font style="font: 10pt Times New Roman, Times, Serif; color: black">$</font></td>
<td style="vertical-align: bottom; border-bottom: black 2.25pt double; line-height: 115%; font-size: 11pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: black">-</font><br />
<br /></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Reconciliation
between the statutory rate and the effective tax rate is as follows at November 30:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2012</font></td>
<td nowrap="nowrap" style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 88%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Federal statutory tax rate</font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35.0</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">) %</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Permanent difference and other</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35.0</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
</table>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></p>
State of Nevada
State of Nevada
2006-11-01
2006-11-01
127678
143244
-0.35
0.35
8560
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 27, 2012 Infinity issued 90,000,000
common shares at a price less than par which resulted in reduction in retained earnings by $89,910.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 12, 2012, the Company
entered into a Share Exchange Agreement (the ‘Share Exchange Agreement”) with selling stockholders named in the prospectus,
pursuant to which the Company offered and sold an aggregate of 90,000,000 shares of common stock to all the stockholders of Infinity
Resources, Inc., a Nevada corporation (“Infinity”). As a result of the Reverse Merger with Infinity Resources Inc.,
Tap Resources, Inc. carried forward 280,920 commons shares, valued at $156,105 in net liabilities assumed of Tap Resources, Inc.
prior to September 12, 2012. The net liabilities consisted of $511 in cash, $71,627 in accrued liabilities, $48,092 in related
party advances and $36,896 in advances which were subsequently forgiven by the officers (see below).</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 1, 2012, two third
party lenders of the Company forgave all debts owing to them by the Company for all advances totalling $36,896. All these sums
are reflected as a credit to additional-paid-in-capital.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 27, 2012 Infinity issued 90,000,000
common shares at a price less than par value which resulted in reduction in retained earnings by $89,910.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 12, 2012, the Company entered
into a Share Exchange Agreement (the ‘Share Exchange Agreement”) with selling stockholders named in the prospectus,
pursuant to which the Company offered and sold an aggregate of 90,000,000 shares of common stock to all the stockholders of Infinity
Resources, Inc., a Nevada corporation (“Infinity”). As a result of the Reverse Merger with Infinity Resources Inc.,
Tap Resources, Inc. carried forward 280,920 commons shares, valued at $156,105 in net liabilities assumed of Tap Resources, Inc.
prior to September 12, 2012. The net liabilities consisted of $511 in cash, $71,628 in accrued liabilities, $48,092 in related
party advances and $36,896 in advances which were subsequently forgiven by the former officers, (see below).</p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 1, 2012, two third party
lenders of the Company forgave all debts owing to them by the Company for all advances totalling $36,896. All these sums are reflected
as a credit to additional-paid-in-capital.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited financial
statements have been prepared in accordance with generally accepted accounting principles for financial information and with the
instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting
principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information
disclosed in the notes to the financial statements for the year ended November 30, 2012 included in the Company’s Annual
Report on Form 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction
with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for
a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended
May 31, 2013 are not necessarily indicative of the results that may be expected for the year ending November 30, 2013.</p>
969
969
969
969
78645
94211
50002
50002
128647
144213
128647
144213
90281
90281
36896
36896
254855
270421
969
969
2
36896
89910
90000000
280920
156105
511
71628
36896
90
90000
-89910
90000000
-156104
281
-156385
280920
90280920
90280920
36896
36896
TAP RESOURCES, INC.
0001407343
2013-05-31
true
Smaller Reporting Company
Amendment number two to Form S-1
S-1