UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F/A  

(Amendment No. 1)

¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

or

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended January 31, 2015

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

or

¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report______________

For the transition period from ___________________ to ___________________

Commission File Number 0-15688

CORAL GOLD RESOURCES LTD.

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant's name into English)

British Columbia, Canada

(Jurisdiction of incorporation or organization)

570 Granville Street, Suite 900, Vancouver, British Columbia V6C 3P1, Canada

(Address of principal executive offices)

David Wolfin, Tel: 604 682-3701, Email: dwolfin@coralgold.com
570 Granville Street, Suite 900, Vancouver, British Columbia V6C 3P1, Canada

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Not Applicable	Not Applicable
Title of Each Class	Name of each exchange on which registered

Securities registered or to be registered pursuant to Section 12(g) of the Act:

Common Shares, without Par Value

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

Not Applicable

(Title of Class)

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

There were 42,825,337 common shares, without par value, issued and outstanding as of January 31, 2015.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ¨ Yes x No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ¨ Yes x No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [Not applicable to the registrant at this time] ¨ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one): 

Large Accelerated File r ¨ Accelerated Filer  ¨  Non-Accelerated Filer  x 

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP   ¨	International Financial Reporting Standards as issued	Other   ¨
	by the International Accounting Standards Board   x

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ¨ Item 18 ¨

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ¨ No ¨

Explanatory Note

Coral Gold Resources Ltd. (the "Company") is filing this Amendment No. 1 on Form 20-F/A ("Amendment") to the Company's annual report on Form 20-F for the year ended January 31, 2015 ("Form 20-F"), as filed with the Securities and Exchange Commission ("SEC") on June 15, 2015 ("Original Filing Date") to respond to certain comments raised by the staff of the SEC. The Amendment is amending Item 5 of the Form 20-F to include operating results for the years ended January 31, 2014 and 2013, and Items 8 and 18 of the Form 20-F to clarify certain language contained in the Report of Independent Registered Public Accounting Firm, and should be read in conjunction with the Form 20-F. This Amendment speaks as of the Original Filing Date, does not reflect events that may have occurred subsequent to the Original Filing Date, and does not modify or update any disclosure made in the Form 20-F unless otherwise amended in this Amendment.  

2

PART I   

Item 5. Operating and Financial Review and Prospects

The following discussion and analysis of financial condition and results of operations should be read in conjunction with the information contained in the annual audited consolidated financial statements and the notes thereto included in this annual report on Form 20-F. Such discussion and analysis is based upon our annual audited consolidated financial statements prepared in accordance with IFRS.

A. Operating Results

Year ended January 31, 2015 compared to the year ended January 31, 2014

Operating and administrative expenses

Operating and administrative expenses were $538,469 for the year ended January 31, 2015 compared to $860,517 for the year ended January 31, 2014, a decrease of $322,048. Decreases in administrative and operating costs in 2015 compared to the year ended January 31, 2014, include decreases of $498,528 in impairment of exploration and evaluation assets as there were no impairment expenses in 2015, $24,705 in professional fees, and $48,970 in salaries and benefits. Additionally, the decrease of corporate activity resulted in decreases in most other expenses. An option grant and the related share-based payments of $259,163 increased the otherwise significantly reduced operating and administrative expenses.

Income or Loss for the year

The income for the year ended January 31, 2015 was $527 compared to a loss of $50,871 for the year ended January 31, 2014, a decrease in loss of $51,398. The decrease was primarily due to a decrease in operating and administrative expenses of $322,048 as noted above. During the year ended January 31, 2015, the Company recorded a gain on foreign exchange of $28,798 as compared to a gain of $7,903 in the previous year. Deferred income tax recovery for the year ended January 31, 2015 of $476,720 decreased by $171,135 compared to the year ended January 31, 2014 mainly due to a lower amount of taxable loss for 2015 as compared to 2014, a higher amount of expired tax losses and negative changes in timing differences in the current year, offset by an increase in the recovery resulting from the foreign exchange gains on the U.S. income tax loss carry-forwards. A deferred tax recovery or expense arises due to differences in the carrying values of assets and liabilities and their tax values and the Company's ability to utilize any of its deferred income tax assets to offset the deferred income tax liability. During the year ended January 31, 2014, the Company recognized a gain on sale of investments of $107,300 on the sale of 370,000 shares of a related party compared to a gain on sale of investments of $7,130 in 2015 on the sale of 20,000 shares of a related party.

3

Year ended January 31, 2014 compared to the year ended January 31, 2013

Operating and administrative expenses

Operating and administrative expenses were $860,517 for the year ended January 31, 2014 compared to $1,365,288 for the year ended January 31, 2013, a decrease of $504,771. Decreases in administrative and operating costs in 2014 include $846,423 in share-based payments, $60,213 in investor relations and shareholder information costs, and $58,003 in salaries and benefits. Share-based payments expense decreased during the current year as no new stock options were granted. The decrease of corporate activity resulted in decreases in most other expenses. An impairment of exploration and evaluation assets expense of $498,528 increased the otherwise significantly reduced operating and administrative expenses.

Income or Loss for the year

The loss for the year ended January 31, 2014 was $50,871 compared to a loss of $1,542,564 for the year ended January 31, 2013, a decrease of $1,491,693. The decrease was primarily due to a decrease in operating and administrative expenses of $504,771 as noted above, a decrease in a deferred income tax expense of $795,833, and increases in other items of $191,089. During the year ended January 31, 2014, the Company recorded a gain on foreign exchange of $7,903 as compared to a foreign exchange loss of $15,369 in the year ended January 31, 2013.

During the year ended January 31, 2013, the Company recorded impairment loss on investments due to a long term decline in the value of these investments of $40,337 compared to $nil in the year ended January 31, 2014. Deferred income tax recovery was $647,855 for the year ended January 31, 2014 compared to a deferred income tax expense of $147,978 for the year ended January 31, 2013. During the year ended January 31, 2014, the Company recognized a gain on sale of investments of $107,300 on the sale of 370,000 shares of a related party compared to a gain on sale of investments of $22,155 in 2013 on the sale of 58,500 shares of a related party.

Currency Fluctuations

The Company's currency fluctuation exposure is primarily due to the U.S. Dollar. The Company does not use derivative financial instruments for speculative trading purposes, nor does the Company hedge its foreign currency exposure to manage the Company's foreign currency fluctuation risk. Fluctuations in and among the currencies in which the Company operates could have a material effect on the Company's operations and its financial results.

B. Liquidity and Capital Resources

Currently, the Company has no operating income, but is earning interest income on its entire cash holdings. Historically, the Company has funded its operations through equity financings and the exercise of stock options and warrants.

During the year ended January 31, 2015 the Company incurred exploration expenditures of $125,693, increasing the Company's mineral property carrying value on the Robertson Property by $118,555. At January 31, 2015, the Company had working capital of $11,324 and cash of $147,575.

4

In March 2014, the Company received $705,500 in a non-brokered private placement with Barrick Gold Corporation, in which Barrick subscribed for 4,150,000 of the Company's shares. These funds will be used to fund the next phase of development and to ensure that the Company has sufficient cash on hand to maintain administrative operations. The Company is in the exploration stage. The investment in and expenditures on the mineral property comprise substantially all of the Company's assets. The recoverability of amounts shown for its mineral property interest and related deferred costs are dependent upon the continued support of its directors, the discovery of economically recoverable reserves, and the ability of the Company to obtain the financing necessary to complete development and achieve profitable operations in the future. The outcome of these matters cannot be predicted at this time.

Mineral exploration and development is capital intensive, and in order to maintain its interest the Company will be required to raise new equity capital in the future. There is no assurance that the Company will be successful in raising additional new equity capital.

C. Research and Development, Patents and Licenses, etc.

The Company is a mineral exploration company with no research and development policies. Refer to Part I Business overview for a summary of our exploration activities.

D. Trend Information

As at the time of filing this Annual Report and as otherwise disclosed in this Annual Report, the Company is not aware of any specific trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on the Company's net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition. Many factors that are beyond the control of the Company can affect the Company's operations, including, but not limited to, the price of minerals, the economy on a global scale, land and exploration permitting, and the appeal of investments in exploration companies. The appeal of exploration companies as investment alternatives could affect the liquidity of the Company and thus future exploration, development and financial conditions of the Company. Other factors such as retaining qualified mining personnel and contractor availability and costs could also impact the Company's operations.

E. Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements.

5

F. Tabular Disclosure of Contractual Obligations

As at January 31, 2015, the Company had the following contractual obligations:

	Payment due by period
	Total		1 year		1-3 Years		3-5 Years		More than 5 years
Trade payables and other payables	$	71,761	$	71,761	$	-	$	-	$	-
Reclamation Provision		566,410		-		-		566,410		-
Deferred Income Tax Liabilities		1,290,000		-		-		-		1,290,000
Total	$	1,928,171	$	71,761	$	-	$	566,410	$	1,290,000

The Company has a cost-sharing agreement to reimburse a related company, Oniva International Services Corp. ("Oniva"), for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on the total overhead and corporate expenses. The agreement may be terminated with one-month notice by either party.

As of January 31, 2015, the Company had no other contractual obligations.

G. Safe Harbor

All information that is not historical in nature disclosed under "Item 5 – Operating and Financial Review and Prospects" is deemed to be a forward looking statement. See "Forward-Looking Statements" for additional information.

Item 8. Financial Information

A. Consolidated Statements and Other Financial Information

The following financial statements of the Company are included under Item 18 to this Annual Report and include the following:

· Independent Auditors' Report;

· Consolidated Statements of Financial Position as at January 31, 2015 and January 31, 2014;

· Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended January 31, 2015, 2014 and 2013;

· Consolidated Statements of Equity for the years ended January 31, 2015, 2014 and 2013;

· Consolidated Statements of Cash Flows for the years ended January 31, 2015, 2014 and 2013; and

· Notes to the Consolidated Financial Statements.

6

Legal Proceedings

The Company is not involved in any legal or arbitration proceedings, including those relating to bankruptcy, receivership or similar proceedings and those involving any third party, which may have, or had in the recent past, significant effects on the Company's financial position or profitability, including governmental proceedings pending or known to be contemplated.

Dividend Policy

The Company has never paid any dividends and does not intend to in the near future.

B. Significant Changes

Except as otherwise disclosed in this annual report, there have been no material changes in our financial position, operations or cash flows since January 31, 2015.

7

PART III

Item 17. Financial Statements

See Item 18.

Item 18. Financial Statements

The following Consolidated Financial Statements pertaining to the Company are filed as part of this annual report:

Independent Auditors' Report.	10
Consolidated Statement of Financial Position		11
Consolidated Statements of Operations and Comprehensive Loss		12
Consolidated Statements of Changes in Equity		13
Consolidated Statements of Cash Flows		14
Notes to Consolidated Financial Statements		15 - 38

Item 19. Exhibits

Exhibit Number	Name
1.1	Memorandum of Coral Gold Resources Ltd.*
1.2	Articles of Coral Gold Resources Ltd.*
8.1	List of Subsidiaries*
12.1	Certification of the Principal Executive Officer
12.2	Certification of the Principal Financial Officer
13.1	Certificate of Principal Executive Officer under the Sarbanes-Oxley Act*
13.2	Certificate of Principal Financial Officer under the Sarbanes-Oxley Act*
15.1	Geological Report on the Robertson Property*
15.2	Update of the Geological Report on the Robertson Property*

______________

* Incorporated by reference from a previous filing.

7

 

CORAL GOLD RESOURCES LTD.

(an Exploration Stage Company)

Consolidated financial statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian Dollars)

Index	Page
Management's Responsibility for Financial Reporting		9
Report of Independent Registered Public Accounting Firm		10
Consolidated Financial Statements
Consolidated Statements of Financial Position		11
Consolidated Statements of Operations and Comprehensive Income (Loss)		12
Consolidated Statements of Changes in Equity		13
Consolidated Statements of Cash Flows		14
Notes to the Consolidated Financial Statements		15 - 38

8

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The consolidated financial statements of Coral Gold Resources Ltd. (the "Company") are the responsibility of the Company's management. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards and reflect management's best estimates and judgment based on information currently available.

Management has developed and is maintaining a system of internal controls to ensure that the Company's assets are safeguarded, transactions are authorized and properly recorded and financial information is reliable.

The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the results of the audit and the annual consolidated financial statements prior to their submission to the Board of Directors for approval.

The consolidated financial statements as at January 31, 2015 and 2014 and for the years ended January 31, 2015, 2014, and 2013 have been audited by Manning Elliott LLP, an independent registered public accounting firm, and their report outlines the scope of their examination and gives their opinion on the consolidated financial statements.

"David Wolfin"	"Malcolm Davidson"
David Wolfin	Malcolm Davidson, CA
President & CEO	Chief Financial Officer
May 29, 2015	May 29, 2015

9

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Coral Gold Resources Ltd.

We have audited the accompanying consolidated financial statements of Coral Gold Resources Ltd. which comprise the consolidated statements of financial position as at January 31, 2015 and 2014 and the consolidated statements of operations and comprehensive income (loss), equity and cash flows for the years ended January 31, 2015, 2014 and 2013, and the related notes comprising a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the ConsolidatedFinancial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we comply with ethical requirements and plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting; accordingly we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Coral Gold Resources Ltd. as at January 31, 2015 and 2014 and the results of its financial performance and its cash flows for the years ended January 31, 2015, 2014 and 2013 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Emphasis of Matter

Without qualifying our opinion, we draw attention to Note 1 to these consolidated financial statements which describes the existence of a material uncertainty that may cast significant doubt about the ability of Coral Gold Resources Ltd. to continue as a going concern.

/s/ Manning Elliott LLP

CHARTERED ACCOUNTANTS

Vancouver, British Columbia

May 29, 2015

COMMENTS BY INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON CANADA-UNITED STATES REPORTING DIFFERENCES  

The standards of the Public Company Accounting Oversight Board (United States) require the auditors' conclusion to be expressed using an unconditional statement of "substantial doubt" about the ability of Coral Gold Resources Ltd. (the "Company") to continue as a going concern. Our Report to the Shareholders dated May 29, 2015 is expressed in accordance with Canadian reporting standards that do not require the specific wording "substantial doubt" or to state the conditions and events that were considered in reaching this conclusion.

In accordance with the standards of the Public Company Accounting Oversight Board (United States) we state that the accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has a working capital deficit, has accumulated losses since inception and has not generated any revenues. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also discussed in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

/s/ Manning Elliott LLP  

CHARTERED ACCOUNTANTS  

Vancouver, British Columbia  

May 29, 2015

10

CORAL GOLD RESOURCES LTD.

Consolidated Statements of Financial Position

(Expressed in Canadian dollars)

	Note	January 31, 2015			January 31, 2014
Assets
Current assets
Cash and cash equivalents		$	147,575		$	8,074
Other amounts receivable			17,954			5,810
Prepaid expenses			448			-
			165,977			13,884
Exploration and Evaluation Assets	4		19,152,737			19,027,044
Property and Equipment	6		96,986			99,383
Investments in Related Companies	7		146,032			140,505
Amounts Receivable from a Related Party	11b		58,903			46,171
Reclamation Bonds	8		655,209			529,408
Total Assets		$	20,275,844		$	19,856,395
Liabilities
Current liabilities
Accounts payable and accrued liabilities		$	71,761		$	236,548
Amounts payable to related parties	11c		82,892			263,445
			154,653			499,993
Reclamation Provision	12		566,410			484,000
Deferred Tax Liability	17		1,290,000			1,766,720
Total liabilities			2,011,063			2,750,713
Equity
Share Capital	9		45,205,901			44,311,995
Equity Reserves			2,684,849			2,738,194
Accumulated Other Comprehensive Income			87,588			80,461
Accumulated Deficit			(29,723,877	)		(30,035,288	)
Equity Attributable to Equity Holders of the Company			18,254,461			17,095,362
Equity Attributable to Non-Controlling Interests			10,320			10,320
Total Equity			18,264,781			17,105,682
Total Liabilities and Equity		$	20,275,844		$	19,856,395

Nature and continuance of operations – Note 1

Commitments – Note 13

Subsequent Event – Note 19

Approved by the Board of Directors on May 29, 2015:

/s/ David Wolfin Director /s/ Gary Robertson Director

The accompanying notes are an integral part of the consolidated financial statements 

11

CORAL GOLD RESOURCES LTD.

Consolidated Statements of Operations and Comprehensive Income (Loss)

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

	Note	2015			2014			2013
Operating and Administrative Expenses
Consulting fees		$	18,731		$	18,836		$	12,000
Depreciation			2,397			6,975			1,849
Directors' fees			18,000			18,000			16,500
Finance costs	12		14,519			11,850			27,561
Impairment of exploration and evaluation assets	5		-			498,528			-
Investor relations			14,982			10,305			70,518
Management fees			30,000			30,000			67,500
Office and miscellaneous			37,459			44,426			73,088
Professional fees			62,964			87,669			39,004
Regulatory and compliance fees			29,324			23,603			26,157
Salaries and benefits			46,164			95,134			153,137
Share-based payments	10		259,163			9,350			855,773
Travel			4,766			5,841			22,201
			538,469			860,517			1,365,288
Loss before other items and tax			(538,469	)		(860,517	)		(1,365,288	)
Other items
Interest and other income			629			248			4,253
Gain on sale of investments	7		7,130			107,300			22,155
Gain on settlement of debt	9b		25,719			46,340			-
Impairment loss on investments	7		-			-			(40,337	)
Foreign exchange gain (loss)			28,798			7,903			(15,369	)
Loss Before Income Tax			(476,193	)		(698,726	)		(1,394,586	)
Deferred income tax recovery (expense)	17		476,720			647,855			(147,978	)
Net Income (Loss)			527			(50,871	)		(1,542,564	)
Other Comprehensive Income (Loss) – Items that may be reclassified subsequently to income or loss
Unrealized gain (loss) on available for sale securities	7		7,127			(197,176	)		(454,342	)
COMPREHENSIVE INCOME (LOSS)		$	7,654		$	(248,047	)	$	(1,996,906	)
Income (Loss) per Share - Basic and Diluted		$	0.00		$	(0.00	)	$	(0.05	)
Weighted Average Number of Common Shares Outstanding			42,016,049			36,024,532			33,563,649

The accompanying notes are an integral part of the consolidated financial statements

12

CORAL GOLD RESOURCES LTD.

Consolidated Statements of Equity

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

	Note	Number of Common Shares		Share Capital Amount		Reserve for Stock Options			Reserve for Warrants		Total Reserves			Accumulated Other Comprehensive Income			Accumulated Deficit			Non-Controlling Interest		Total
Balance, January 31, 2013			33,563,649	$	43,954,422	$	1,012,245		$	1,368,753	$	2,380,998		$	731,979		$	(29,041,040	)	$	10,320	$	18,036,679
Share-based payments	10		-		-		425,924			429,849		855,773			-			-			-		855,773
Transfer of expired options			-		-		(534,853	)		-		(534,853	)		-			534,853			-		-
Unrealized loss on investment in securities, net of tax	7		-		-		-			-		-			(454,342	)		-			-		(454,342	)
Net loss for 2013			-		-		-			-		-			-			(1,542,564	)		-		(1,542,564	)
Balance, January 31, 2013			33,563,649	$	43,954,422	$	903,316		$	1,798,602	$	2,701,918		$	277,637		$	(30,048,751	)	$	10,320	$	16,895,546

Common shares issued for cash:
Private Placements	9	3,694,500		278,190			-			91,260			91,260			-			-			-		369,450
Less: Share issuance costs		-		(3,000	)		-			-			-			-			-			-		(3,000	)
Common shares issued for debt	9	514,892		82,383			-			-			-			-			-			-		82,383
Share-based payments	10	-		-			2,629			6,721			9,350			-			-			-		9,350
Transfer of expired/cancelled  options		-		-			(64,334	)		-			(64,334	)		-			64,334			-		-
Unrealized loss on investment in securities, net of tax	7	-		-			-			-			-			(197,176	)		-			-		(197,176	)
Net loss for 2014		-		-			-			-			-			-			(50,871	)		-		(50,871	)
Balance, January 31, 2014		37,773,041	$	44,311,995		$	841,611		$	1,896,583		$	2,738,194		$	80,461		$	(30,035,288	)	$	10,320	$	17,105,682
Common shares issued for cash:
Private Placements	9	4,150,000		705,500			-			-			-			-			-			-		705,500
Exercise of warrants and compensation options		45,000		8,374			-			(1,624	)		(1,624	)		-			-			-		6,750
Common shares issued for debt	9	857,296		180,032			-			-			-			-			-			-		180,032
Share-based payments	10	-		-			237,547			21,616			259,163			-			-			-		259,163
Transfer of expired/cancelled  options		-		-			(310,884	)		-			(310,884	)		-			310,884			-		-
Unrealized gain on investment in securities, net of tax	7	-		-			-			-			-			7,127			-			-		7,127
Net income for 2015		-		-			-			-			-			-			527			-		527
Balance, January 31, 2015		42,825,337	$	45,205,901		$	768,274		$	1,916,575		$	2,684,849		$	87,588		$	(29,723,877	)	$	10,320	$	18,264,781

The accompanying notes are an integral part of the consolidated financial statements

13

CORAL GOLD RESOURCES LTD.

Consolidated Statements of Cash Flows

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

	Note	2015			2014			2013
CASH PROVIDED BY (USED IN):
Operating Activities
Net income (loss)		$	527		$	(50,871	)	$	(1,542,564	)
Adjustments for non-cash items:
Depreciation			2,397			6,975			1,849
Share-based payments			259,163			9,350			855,773
Gain on sale of investments			(7,130	)		(107,300	)		(22,155	)
Gain on settlement of debt			(25,719	)		(46,340	)		-
Impairment loss on investments			-			-			40,337
Foreign exchange gain (loss)			(14,363	)		(25,400	)		2,602
Finance costs			14,519			11,850			27,561
Impairment of exploration and evaluation assets			-			498,528			-
Deferred income tax expense (recovery)			(476,720	)		(647,855	)		147,978
			(247,326	)		(351,063	)		(488,619	)
Net change in non-cash working capital	16		(60,766	)		59,374			400,276
			(308,092	)		(291,689	)		(88,343	)
Investing Activities
Expenditures on exploration and evaluation assets			(229,840	)		(218,352	)		(1,179,581	)
Proceeds on sale of investments			8,730			136,899			26,834
Increase in reclamation bond			(43,982	)		-			(58,937	)
			(265,092	)		(81,453	)		(1,211,684	)
Financing Activities
Issuance of shares for cash, net			712,250			366,450			-
Effect of exchange rate fluctuations on cash and equivalents			435			316			(17	)
Change in cash and equivalents			139,501			(6,376	)		(1,300,044	)
Cash and cash equivalents, beginning of year			8,074			14,450			1,314,494
Cash and cash equivalents, end of year		$	147,575		$	8,074		$	14,450
Supplementary Cash Flow Disclosures
Cash paid during the year for:
Interest expense		$	-		$	-		$	-
Income taxes		$	-		$	-		$	-
Expenditures on exploration and evaluation assets included in amounts payable to related parties		$	(17,741	)	$	(4,829	)	$	(9,026	)

The accompanying notes are an integral part of the consolidated financial statements

14

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

1. NATURE AND CONTINUANCE OF OPERATIONS

Coral Gold Resources Ltd. (the "Company") was incorporated in 1988 under the Company Act of British Columbia and is primarily involved in the exploration and development of its mineral properties. The Company's head office and principal place of business is Suite 900, 570 Granville Street, Vancouver, BC, Canada. The Company's common shares are traded on the TSX-V, OTCBB, and the Frankfurt Stock Exchange.

The business of mining and exploring for minerals involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The recoverability of the carrying value of exploration and evaluation assets and the Company's ability to continue as a going concern is dependent upon the preservation of its interest in the underlying properties, the discovery of economically recoverable reserves, the achievement of profitable operations, or the ability of the Company to raise alternative financing.

These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As at January 31, 2015, the Company has a working capital of $11,324 and accumulated losses of $29,723,877. The Company has not yet generated any revenues from its operations. The Company is required to raise new financing through the sale of shares or issuance of debt to continue with its operations and to develop its mineral properties. Although management intends to secure additional financing, there is no assurance that management will be successful in its efforts to secure additional financing or that it will ever develop a self-supporting business. These factors together form a material uncertainty which may raise significant doubt about the Company's ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

2. BASIS OF PRESENTATION

Statement of compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

Basis of presentation

These consolidated financial statements are expressed in Canadian dollars, the Company's functional currency and have been prepared on a historical cost basis, except for financial instruments that have been measured at fair value. The accounting policies in Note 3 have been applied consistently to all periods presented.

Approval of the consolidated financial statements

These consolidated financial statements were reviewed by the Audit Committee and approved and authorized for issue by the Board of Directors on May 29, 2015.

Foreign Currency Translation

The functional and reporting currency of the Company and its subsidiaries is the Canadian dollar. Transactions in currencies other than the Company's functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign currency translation differences are recognized in net income or loss for the year.

The preparation of these consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates under different assumptions and conditions.

15

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

2. BASIS OF PRESENTATION (continued)

Significant Accounting Judgements and Estimates

Significant assumptions about the future and other sources of estimation uncertainty that management has made at the statement of financial position date, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

a)	Going concern
	Determining if the Company has the ability to raise the financing required to continue as a going concern is a judgment made by management. Further disclosure is included in Note 1.
b)	Impairment of equipment and exploration and evaluation assets
	Management considers both external and internal sources of information in assessing whether there are any indications that the Company's equipment and exploration and evaluation assets are impaired. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its equipment and mining interests.
c)	Depreciation rate for equipment
	Depreciation is allocated based on assumed asset lives. Should the asset life or depreciation rates differ from the initial estimate, an adjustment would be made in the consolidated statements of operations and comprehensive income or loss.
d)	Estimated reclamation provisions
	The Company's provision for decommissioning liabilities represents management's best estimate of the present value of the future cash outflows required to settle estimated reclamation and site closure costs. The provision reflects estimates of future costs, inflation, and assumptions of risks associated with the future cash outflows, and the applicable risk free interest rates for discounting the future cash outflows. Changes in the above factors can result in a change to the provision recognized by the Company.
e)	Valuation of share based payments
	The Company uses the Black Scholes Option Pricing Model for valuation of share-based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company's earnings and equity reserves.

16

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

2. BASIS OF PRESENTATION (continued)

Significant Accounting Judgements and Estimates (continued)

f)

Recognition and measurement of deferred tax assets and liabilities

Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. Weight is attached to tax planning opportunities that are within the Company's control, and are feasible and implementable without significant obstacles. The likelihood that tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on individual facts and circumstances of the relevant tax position evaluated in light of all available evidence. Where applicable tax laws and regulations are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can occur that materially affect the amounts of income tax assets/liabilities.

3. SIGNIFICANT ACCOUNTING POLICIES

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and its US subsidiaries.

	Ownership Interest			Jurisdiction	Nature of Operations
Coral Resources, Inc.		100	%	Nevada, USA	Exploration Company
Coral Energy Corporation		100	%	California, USA	Holding Company
Marcus Corporation		98.49	%	Nevada, USA	Holding Company

Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions are eliminated in preparing the consolidated financial statements.

Financial Instruments

All financial assets are initially recorded at fair value and classified into one of four categories: held to maturity, available for sale, loans and receivable or fair value through profit or loss ("FVTPL"). All financial liabilities are initially recorded at fair value and classified as either FVTPL or other financial liabilities. Financial instruments comprise cash and cash equivalents, investments in related companies, amounts due from a related party, accounts payable and amounts due to related parties. At initial recognition management has classified financial assets and liabilities as follows:

17

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial Instruments (continued)

The Company has classified its cash and cash equivalents as FVTPL. Investments in related companies are classified as available for sale and amounts due from a related party are classified as loans and receivables. Accounts payable and amounts due to related parties are classified as other liabilities.

Fair value hierarchy

Fair value measurements of financial instruments are required to be classified using a fair value hierarchy that reflects the significance of inputs in making the measurements. The levels of the fair value hierarchy are defined as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Inputs for the asset or liability that are not based on observable market data.

Cash and cash equivalents

Cash and cash equivalents in the consolidated statements of financial position comprise cash at banks and on hand, and short term deposits with an original maturity of three months or less, which are cashable readily convertible into a known amounts of cash.

Exploration and evaluation assets

The Company is in the exploration stage with respect to its mineral properties and capitalizes all costs relating to the acquisition, exploration and evaluation of mineral claims and recognizes any proceeds received as a reduction of the cost of the related claims. At such time as commercial production commences, these costs will be charged to operations on a unit-of-production method based on proven and probable reserves. The aggregate costs related to abandoned mineral claims are charged to operations at the time of any abandonment. All capitalized exploration and evaluation expenditures are monitored for indications of impairment. Where a potential impairment is indicated, assessments are performed for each area of interest. To the extent that exploration expenditure is not expected to be recovered, it is charged to the results of operations. An impairment charge relating to a mineral property is subsequently reversed when new exploration results or actual or potential proceeds on sale or farm out of the property result in a revised estimate of the recoverable amount, but only to the extent that this does not exceed the original carrying value of the property that would have resulted if no impairment had been recognized.

The recoverability of amounts shown for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain financing to complete development of the properties, and on future production or proceeds of disposition.

Incidental revenues and operating costs are included in exploration and evaluation assets prior to commercial production.

Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mine development properties, and subsequently amortized over the life of the resources associated with the area of interest once mining operations have commenced.

18

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Property and equipment

Property and equipment are recorded at historical cost less accumulated depreciation and impairment. Historical costs include expenditures that are directly attributable to bringing the asset to a location and condition necessary to operate in a manner intended by management. Such costs are accumulated as construction in progress until the asset is available for use, at which point the asset is classified as plant and equipment. Once commercial production has commenced, certain equipment are depreciated using the units of production method, if sufficient reserve information is available or the straight-line method over their estimated useful lives, not to exceed the life of the mine to which the assets related.

Property and equipment are depreciated annually using the following methods and rates:

Computer hardware	20% declining balance
Equipment	20% declining balance
Vehicles	5 years straight line

An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in profit or loss in the consolidated statements of comprehensive income or loss.

Where an item of property and equipment comprises major components with different useful lives, the components are accounted for as separate items of property and equipment. Expenditures incurred to replace a component of an item of plant and equipment that is accounted for separately, including major inspection and overhaul expenditures, are capitalized.

Impairment

At each financial reporting date, the carrying amounts of the Company's assets are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

An asset's recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the year.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

Accounting for equity units

Proceeds received on the issuance of units, comprised of common shares and warrants are allocated based on a value determined by the Black-Scholes option pricing model for the warrants.

19

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Share-based payment transactions

The share option plan allows Company employees, directors and consultants to acquire shares of the Company. All options granted are measured at fair value and are recognized in expenses as share-based payments with a corresponding increase in equity reserves. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee.

The fair value of employee options is measured at grant date, and each tranche is recognized using the graded vesting method over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. For non-employees, share-based payments are measured at the fair value goods and services received or the fair value or the fair value of the equity instruments issued, if it is determined the fair value cannot be reliably measured, and are recorded at the date the goods or services are received. The fair value of the options is accrued and charged either to operations or exploration and evaluation assets, with the offset credit to equity reserves. This includes a forfeiture estimate, which is revised for actual forfeitures in subsequent periods. Upon the expiration or cancellation of unexercised stock options, the Company will transfer the value attributed to those stock options from equity reserves to deficit.

Provisions

Provisions are recognized where a legal or constructive obligation has been incurred as a result of past events, it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. If material, provisions are measured at the present value of the expenditures expected to be required to settle the obligation. The increase in any provision due to passage of time is recognized as accretion expense.

Reclamation provision

The Company records the present value of estimated costs of legal and constructive obligations required to restore mineral properties in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures, rehabilitating mines and restoration, reclamation and re-vegetation of affected areas. The reclamation provisions are initially recorded with corresponding increase to the carrying amount of related mineral properties.

When the liability is initially recognized, the present value of the estimated cost is capitalized by increasing the carrying amount of the related mineral property. Over time, the discounted liability is increased for the change in present value based on the risk-free interest rate applicable to the future cash outflows, which is accreted over time through periodic charges to income or loss.

Income (loss) per share

The Company presents basic and diluted income (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share is determined by adjusting the income (loss) attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares. In the Company's case, diluted income (loss) per share is the same as basic income (loss) per share as the effects of including all outstanding options and warrants would be anti-dilutive.

20

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Income taxes

Income tax on the profit or loss for the years presented comprises current and deferred tax. Income tax is recognized in profit or loss, except to the extent that it relates to items recognized directly in equity, in which case it is recognized as equity.

Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the consolidated statement of financial position date.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

New accounting standards adopted by the Company

The mandatory adoption of the following new and revised accounting standards and interpretations on February 1, 2014 had no significant impact on the Company's consolidated financial statements for the years presented:

IAS 36 – Impairment of Assets

In May 2013, the IASB issued an amendment to address the disclosure of information about the recoverable amount of impaired assets or a CGU for periods in which an impairment loss has been recognized or reversed. The amendments also address disclosure requirements applicable when an asset's or a CGU's recoverable amount is based on fair value less costs of disposal.

IFRIC 21 – Levies

In May 2013, the IASB issued IFRIC 21, Levies ("IFRIC 21"), an interpretation of IAS 37, Provisions, Contingent Liabilities and Contingent Assets ("IAS 37"), on the accounting for levies imposed by governments. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement for the entity to have a present obligation as a result of a past event ("obligating event"). IFRIC 21 clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy.

Accounting Standards and Amendments Issued But Not Yet Effective

The following accounting standards were issued but not yet effective as of January 31, 2015:

IFRS 15 – Revenue from Contracts with Customers

In May 2014, the IASB issued IFRS 15 – Revenue from Contracts with Customers ("IFRS 15") which supersedes IAS 11 – Construction Contracts, IAS 18 – Revenue, IFRIC 13 – Customer Loyalty Programmes, IFRIC 15 – Agreements for the Construction of Real Estate, IFRIC 18 – Transfers of Assets from Customers, and SIC 31 – Revenue – Barter Transactions Involving Advertising Services. IFRS 15 establishes a comprehensive five-step framework for the timing and measurement of revenue recognition. The standard is effective for annual periods beginning on or after January 1, 2017. The Company is currently evaluating the impact the final standard may have on its consolidated financial statements.

IFRS 9 – Financial Instruments

The IASB intends to replace IAS 39 – Financial Instruments: Recognition and Measurement in its entirety with IFRS 9 – Financial Instruments ("IFRS 9") which is intended to reduce the complexity in the classification and measurement of financial instruments. In February 2014, the IASB tentatively determined that the revised effective date for IFRS 9 would be January 1, 2018. The Company is currently evaluating the impact the final standard may have on its consolidated financial statements.

21

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Annual improvements

In December 2013, the IASB issued the Annual Improvements 2010-2012 and 2011-2013 cycles, effective for annual periods beginning on or after July 1, 2014. In September 2014, the IASB issued the Annual Improvements 2012-2014 cycle, effective for annual periods beginning on or after July 1, 2016. These Annual Improvements made necessary but non-urgent amendments to existing IFRSs. These amendments are not expected to have a significant impact on the Company's consolidated financial statements.

4. EXPLORATION AND EVALUATION ASSETS

The Company has accumulated the following acquisition and exploration expenditures:

	Robertson Property			Ruf and Norma Sass Claims		Other		Total
Balance, January 31, 2013	$	19,217,772		$	46,445	$	3	$	19,264,220
Exploration costs during 2014:
Consulting		69,590			-		-		69,590
Lease payments		68,548			-		-		68,548
Mapping		2,574			-		-		2,574
Taxes, licenses and permits		71,596			6,044		-		77,640
Reclamation provision		43,000			-		-		43,000
Impairment (Note 5)		(498,528	)		-		-		(498,528	)
Balance, January 31, 2014	$	18,974,552		$	52,489	$	3	$	19,027,044
Exploration costs during 2015:
Consulting		42,269			-		-		42,269
Lease payments		13,376			-		-		13,376
Taxes, licenses and permits		62,910			7,138		-		70,048
Balance, January 31, 2015	$	19,093,107		$	59,627	$	3	$	19,152,737

The Company has certain interests in 688 patented and unpatented lode mining claims located in Lander County, Nevada, subject to net smelter returns ("NSR") on production ranging from 4% to 10%, and which certain leases provide for advanced royalty payments.

a)	Robertson Property
	On March 5, 2014, the Company entered into an exploration and option to joint venture agreement with Barrick Gold Corporation ("Barrick"). As a result, the Robertson property is now comprised of four contiguous claim groups known as the Core claims, Gold Ridge claims, Excluded claims, and Ruf claims.
	(1) Core Claims
	The Company holds an interest in 338 patented and unpatented lode mining claims. The Company owns 284 of these claims outright, of which 39 unpatented lode claims are owned by the Company's 98.49% owned subsidiary, Marcus Corporation.

22

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

4. EXPLORATION AND EVALUATION ASSETS (continued)

a) Robertson Property (continued)

The remaining 54 claims are leased by the Company as follows:

(i) Chachas/Moore Lease

The Company assumed an option-to-purchase agreement dated November 30, 1975 related to 13 mineral claims, which form part of the Core claims of the Robertson Property. The total purchase price of the claims is US$2,000,000, which is payable in installments of US$1,000 per month until paid in full.

The property is subject to an 8% NSR. Any NSR royalty payments paid to the lessors are credited against the minimum monthly payments for a period equal to the value of the royalties paid at a rate of US$1,000 per month.

(ii) Blue Nugget, Lander Ranch, and Norma Sass Claims

The Company entered a mineral lease and option-to-purchase agreement with respect to 9 Blue Nugget claims, 27 Lander Ranch claims, 24 Norma claims, and 11 Sass claims, of which the Blue Nugget and Lander Ranch claims form part of the Core claims of the Robertson Property, and the Norma and Sass claims form part of the Norma Sass Property (Note 4c). Pursuant to the fifth amending agreement, the term of the lease was extended to April 21, 2013 and is currently being negotiated. The total purchase price of the claims is US$1,500,000, which is payable in annual installments of $500 per claim until paid in full.

(iii) Northern Nevada Lease

The Company entered a mineral lease with respect to 12 claims, which form part of the Core claims of the Robertson Property with an indefinite term. The claims are subject to a 4% NSR for which the Company is required to make minimum annual advanced royalty payments in the amount of $9,600 per year throughout the term of the lease. Of these 12 claims, 5 are part of the Core claims and 7 are part of Gold Ridge claims.

(2) Gold Ridge Claims

In an agreement dated March 5, 2014, the Company granted Barrick Gold Exploration Inc. an option to purchase a 60% interest in 108 claims on the west side of the Core claims.

Of the 108 claims, 95 are owned outright and 13 are held under leases as follows.

(i) Breckon Lease June Claims

The Company entered a mineral lease and option-to-purchase agreement granting it the exclusive rights to explore, develop, and exploit six lode mining claims, which form part of the Gold Ridge claims of the Robertson Property. The agreement is for an initial term of four years expiring on March 22, 2012 in consideration of the payment of an annual rent of US$25,000, renewable in successive four-year terms, provided that the rent will increase by US$5,000 every four years. The agreement was renewed in March 2012 and will expire in March 2016, with annual rent of US$30,000.

The property is subject to a 3% NSR royalty, subject to the Company's exclusive right to purchase the NSR for US$1,000,000 per percentage point. The Company also has the exclusive right to purchase the property, subject to the NSR, for US$1,000,000.

23

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

4. EXPLORATION AND EVALUATION ASSETS (continued)

a) Robertson Property (continued)

(2) Gold Ridge Claims (continued)

(ii) Northern Nevada Lease

7 of the 12 lease claims are included in the Gold Ridge claims.

(3) Excluded Claims (previously referred to as Carve-out Claims) – 39% carried interest

By Agreement dated May 16, 1996, the Company granted Amax Gold Exploration Inc. ("Amax") an option to purchase a 61% interest in 132 claims (originally 219 claims). Amax exercised the option by paying twice the amount the Company had incurred in exploration expenditures on the property. Under the terms of the Agreement, the Company has a 39% carried interest.

The Amax 61% interest was subsequently acquired by Cortez GML, and is currently owned by Barrick Gold Corporation.

(4) Ruf Claims – 66.67% owned

By an amended option agreement dated September 13, 1995, the Company granted Levon Resources Ltd., a company related by common directors, an option to purchase a 50% interest in 58 claims including 23 Ruf, 24 Norma and 11 Sass Claims (Notes 4a(1)(iii) and 4d), of which the Ruf claims form a portion of the Robertson Property and the Norma Sass claims constitute the Norma Sass Property. On December 31, 2002, the Agreement was amended whereby Levon earned a 33.33% interest in these claims. Expenditures incurred on the Ruf claims have been classified to Ruf and Norma Sass claims in the exploration expenditure table. A third party holds a 3% NSR royalty from some of these mining claims, up to a limit of US$1,250,000.

b)	Norma Sass Property – 66.67% interest
	The Company holds a 66.67% interest in the 38 Norma Sass mining claims located in Lander County, Nevada, pursuant to a mineral lease and option-to-purchase agreement (Note 4a(4)). The remaining 33.33% interest is held by Levon.
c)	JDN Hilltop Crest – 100% interest
	The Company holds a 100% interest in 27 claims in the Hilltop District, Lander County, Nevada.
d)	Eagle Claims – 50% interest
	The Company holds a 50% interest in 45 claims in the Eagle Claims situated in the Shoshone Range, Lander County, Nevada. The remaining 50% interest is held by Levon.

24

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

4. EXPLORATION AND EVALUATION ASSETS (continued)

Realization of Exploration and Evaluation Assets

The investment in and expenditures on exploration and evaluation assets comprise a significant portion of the Company's assets. Realization of the Company's investment in these assets is dependent upon the establishment of legal ownership, the attainment of successful production from the properties or from the proceeds of their disposal. Resource exploration and development is highly speculative and involves inherent risks. While the rewards can be substantial if an ore body is discovered, few properties that are explored are ultimately developed into producing mines. There can be no assurance that current exploration programs will result in the discovery of economically viable quantities of ore.

The amounts shown for acquisition costs and deferred exploration expenditures represent costs incurred to date and do not necessarily reflect present or future values.

Title to Exploration and Evaluation Assets Interests

Although the Company has taken steps to verify the title to exploration and evaluation assets in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company's title. Property title may be subject to unregistered prior agreements or transfers and title may be affected by undetected defects.

Environmental

The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material, and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. The Company is not aware of any existing environmental problems related to any of its current or former properties that may result in material liability to the Company other than the amount presented and disclosed as a reclamation provision in these consolidated financial statements.

Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company's operations may cause additional expenses and restrictions. If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the property may be diminished or negated.

5. IMPAIRMENT OF EXPLORATION AND EVALUATION ASSETS

The Company reviews the carrying amounts of its long term assets at each statement of financial position date to determine whether there is any indication that those assets are impaired.

During the year ended January 31, 2014, the Company determined that 184 claims were insignificant to the core property and did not warrant additional expenditures for claims maintenance. The 184 claims were previously part of the core claims – 100% and described in note 4 (a). The Company concluded that these claims were not required to maintain the value of the other core claims and therefore the costs incurred to date on those claims should be written off. The Company acquired these claims between 1986 and 1991. The $498,528 carrying value of the claims disposed was recorded as a charge to operations and is included in net loss in 2014. There were no impairments or write-offs during the current year.

25

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

6. PROPERTY AND EQUIPMENT

	Land		Buildings		Vehicles		Computer Hardware		Equipment		TOTAL
	$		$		$		$		$		$
COST
Balance at January 31, 2013		84,127		18,708		6,920		5,926		3,459		119,140
Additions		-		-		-		-		-		-
Balance at January 31, 2014		84,127		18,708		6,920		5,926		3,459		119,140
Additions		-		-		-		-		-		-
Balance at January 31, 2015		84,127		18,708		6,920		5,926		3,459		119,140
ACCUMULATED DEPRECIATION
Balance at January 31, 2013		-		-		6,681		5,211		889		12,781
Depreciation		-		6,080		239		143		513		6,975
Balance at January 31, 2014		-		6,080		6,920		5,354		1,402		19,757
Depreciation		-		1,872		-		114		411		2,397
Balance at January 31, 2015		-		7,952		6,920		5,468		1,814		22,154
CARRYING VALUE
At January 31, 2014		84,127		12,628		-		572		2,057		99,383
At January 31, 2015		84,127		10,756		-		458		1,645		96,986

26

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

7. INVESTMENT IN RELATED COMPANIES

At January 31, 2015, the Company held shares as follows:

	Number of Shares		Cost		Accumulated Unrealized Gain (Loss)			Fair Value
Available-for-sale shares:
Levon Resources Ltd.		519,071	$	41,237	$	104,103		$	145,340
Great Thunder Gold Corp (formerly Mill Bay Ventures Inc.)*		17,291		1,297		(605	)		692
			$	42,534	$	103,498		$	146,032

At January 31, 2014, the Company held shares as follows:

	Number of Shares		Cost		Accumulated Unrealized Gain (Loss)			Fair Value
Available-for-sale shares:
Levon Resources Ltd.		539,071	$	42,837	$	97,321		$	140,158
Great Thunder Gold Corp (formerly Mill Bay Ventures Inc.)*		17,291		1,297		(950	)		347
			$	44,134	$	96,371		$	140,505

*Mill Bay Ventures Inc. affected a 3:1 consolidation and changed its name to Great Thunder Gold Corp. during the year ended January 31, 2014.

During the year ended January 31, 2015, the Company recorded an unrealized pre-tax gain of $7,127 (2014 – loss of $226,639; 2013 – loss of $559,583) on investments in related companies, representing the change in fair value during the year.

Certain directors of Levon and Great Thunder Gold Corp. (formerly Mill Bay Ventures Inc.) are also directors of the Company.

During the year ended January 31, 2015, the Company sold 20,000 (2014 – 370,000; 2013 – 58,500) Levon shares and realized a gain of $7,130 (2014 - $107,300; 2013 - $22,155).

During the year ended January 31, 2013, the share price of Great Thunder Gold Corp. (formerly Mill Bay Ventures Inc.) declined significantly. The amount of the cumulative unrealized loss that is reclassified from other comprehensive loss represents the difference between the book cost and current fair value. The amount reclassified at January 31, 2013 was $40,337 which was included in net loss for 2013.

27

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

8. RECLAMATION BONDS

Under the Bureau of Land Management of the United States (the "Bureau"), the Company is required to hold reclamation bonds that cover the estimated cost to reclaim the ground disturbed. During the year ended January 31, 2015, at the request of the Bureau the Company increased the bonds by US$40,149 (2014 - US$59,089).

As at January 31, 2015, the total reclamation deposits were $655,209 (US$515,466) (2014 – $529,408 (US$475,317)).

The Company placed the funds in trust with a fully secured standby letter of credit lodged as collateral in support of the bond. Interest is accrued on the bond at a monthly weighted average rate of 0.05% (2014 - 0.05%).

9. SHARE CAPITAL

a)	Authorized
	Unlimited common shares without par value. All shares outstanding are fully paid.
b)	Issued during 2015 and 2014
	On August 5, 2014, the Company issued 45,000 common shares upon the exercise of share purchase warrants for gross proceeds of $6,750.
	On July 28, 2014, the Company issued 857,296 common shares to three related companies settling amounts payable totalling $205,751 at a deemed price of $0.24 per share. The shares issued had a fair value of $180,032 and the Company recorded a gain on settlement of debt of $25,719. The shares issued by the Company are subject to a four month hold period that expired on November 29, 2014.
	On March 13, 2014, the Company closed a non-brokered private placement issuing 4,150,000 common shares at a price of $0.17 per common share for gross proceeds of $705,500.
	On July 17, 2013, the Company closed a non-brokered private placement issuing 3,694,500 units at a price of $0.10 per unit for gross proceeds of $369,450. Each unit is comprised of one common share and one non-transferable share purchase warrant. Each share purchase warrant is exercisable at a price of $0.15 expiring on July 17, 2015. The company paid cash finders' fees of $3,000. The fair value of the warrants issued has been estimated using the Black-Scholes options pricing model with the following assumptions, respectively: risk-free interest rate of 1.09%, dividend yield rates of $nil, volatility of 76.45% and expected lives of 2 years. Of the $369,450 total aggregate proceeds raised, $91,260 was attributable to warrants and $278,190 was attributable to common shares.
	On March 18, 2013, the Company issued 514,892 common shares to four related companies settling amounts payable totalling $128,723 at a deemed price of $0.25 per share. The shares issued had a fair value of $82,383 and the Company recorded a gain on settlement of debt of $46,340. The shares issued by the Company were subject to a four month hold period that expired on July 18, 2013.

28

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

9. SHARE CAPITAL (continued)

c)	Share purchase warrants and compensation options
	On September 23, 2014, the TSX Venture Exchange approved the final extension of the expiry dates of the warrants issued pursuant to the private placement that closed on April 1, 2010 from October 1, 2014 and October 23, 2014 to April 1, 2015 and April 23, 2015 respectively. All other terms remain the same.
	As a result of the extension, the Company recorded an additional aggregate fair value compensation cost in the amount of $21,616, which has been estimated using the Black-Scholes option pricing model with the following assumptions for the fair value of the amended warrants at the date of the amendment: risk-free interest rate of 1.15%, dividend yield of 0%, volatility of 92.75% and 116.13% respectively, and an expected life of 0.5 years.
	During the year ended January 31, 2014, the Company recorded an incremental compensation cost totaling $6,721 for the excess of the fair value of the original warrants immediately before their terms were modified and the fair value of the modified warrants at the date of modification. The fair value of warrants modified has been estimated using the Black-Scholes option pricing with the following assumptions: risk-free interest rates of 1.25%, dividend yield rates of 0%, volatility of 74.91%, and expected lives of 1 year.
	A summary of the share purchase warrants and compensation options issued, exercised and expired during the years ended January 31, 2015 is as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, January 31, 2013		6,464,120		$	0.75
Issued		3,694,500		$	0.15
Balance, January 31, 2014		10,158,620		$	0.53
Exercised		(45,000	)	$	0.15
Balance, January 31, 2015		10,113,620		$	0.53

Details of share purchase warrants outstanding as of January 31, 2015 and 2014 are:

			Warrants Outstanding and Exercisable
Expiry Date	Exercise Priceper Share		January 31, 2015		January 31, 2014
April 1, 2015	$	0.75		4,709,120		4,709,120
April 23, 2015	$	0.75		1,755,000		1,755,000
July 17, 2015	$	0.15		3,649,500		3,694,500
				10,113,620		10,158,620

29

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

9. SHARE CAPITAL (continued)

d)	Stock options
	The Company's stock option plan provides for the granting of options to directors, officers, employees and consultants. Under the terms of the option plan, options issued will not exceed 10% (2014 - 10%) of the issued and outstanding shares from time to time. The option price under each option is not less than the discounted market price on the grant date. The expiry date for each option is set by the Board of Directors at the time of issue and cannot be more than ten years after the grant date. All options vest 100% on the grant date unless a vesting schedule is set by the Board of Directors at the time of issue.
	For the years ended January 31, 2015 and 2014 stock option activity is summarized as follows:

	Number of Options			Weighted Average Exercise Price
Stock options outstanding, January 31, 2013		3,285,000		$	0.51
Granted		-			-
Cancelled		(65,000	)	$	0.43
Expired		(65,000	)	$	1.00
Stock options outstanding, January 31, 2014		3,155,000		$	0.50
Granted		1,420,000		$	0.24
Cancelled		-			-
Expired		(605,000	)	$	0.71
Stock options outstanding, January 31, 2015		3,970,000		$	0.37
Stock options exercisable, January 31, 2015		3,947,500		$	0.38

A summary of stock options outstanding as at January 31, 2015 is as follows:

Number Outstanding	Exercise Price		Weighted Average Remaining Contractual Life (years)		Intrinsic Value		Expiry Date
50,000	$	0.24		0.12	$	0.00	March 14, 2015
550,000	$	0.45		0.63	$	0.00	September 17, 2015
420,000	$	0.80		1.97	$	0.00	January 21, 2016
900,000	$	0.40		2.06	$	0.00	February 22, 2017
680,000	$	0.30		2.70	$	0.00	October 12, 2017
1,370,000	$	0.24		4.12	$	0.00	March 14, 2019
3,970,000	$	0.37		2.54

30

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

10. SHARE-BASED PAYMENTS

On March 14, 2014, the Company granted incentive stock options for the purchase of up to 1,420,000 common shares at a price of $0.24 per share to directors, officers, consultants, and employees of the Company. Of these, 50,000 stock options are exercisable on or before March 14, 2015, and 1,370,000 stock options are exercisable on or before March 14, 2019.

No stock options were granted during the year ended January 31, 2014.

During the year ended January 31, 2013, the Company granted stock options to various directors, officers, employees, consultants, and investor relations of the Company to purchase up to a total of 1,765,000 common shares at a weighted average exercise price of $0.36 pursuant to the Company's stock option plan. The options vest on dates ranging from the grant date to October 12, 2013. The options are exercisable on or before October 12, 2017.

The Company recorded total share-based payments of $259,163 for the grant and vesting of stock options and for the extension of the expiry date of warrants during the year ended January 31, 2015 (2014 - $9,350; 2013 - $855,773) as follows:

	2015		2014		2013
Directors, officers and employees	$	214,200	$	-	$	366,171
Investor relations		11,447		2,629		10,371
Consultants		11,900		-		49,382
Extension of warrants		21,616		6,721		429,849
	$	259,163	$	9,350	$	855,773

Option pricing requires the use of highly subjective estimates and assumptions including the expected stock price volatility. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the options re-valued and granted to officers, directors, consultants and employees was calculated using the Black-Scholes model with following weighted average assumptions:

	2015			2014		2013
Weighted average assumptions:
Risk-free interest rate		1.39	%		-		1.38	%
Expected dividend yield		-			-		-
Expected option life (years)		4.86			-		4.82
Expected stock price volatility		96.63	%		-		108	%
Weighted average fair value at grant date	$	0.17			-	$	0.24

Expected volatility was forecasted based on the historical volatility of the Company.

31

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

11. RELATED PARTY TRANSACTIONS AND BALANCES

Related party transactions are measured at the estimated fair values of the services provided or goods received. Related party transactions not disclosed elsewhere in these financial consolidated statements are as follows:

a) Key management personnel include the members of the Board of Directors and officers of the Company, who have the authority and responsibility for planning, directing and controlling the activities of the Company. The remuneration of directors and officers for the years ended January 31 was as follows:

	2015		2014		2013
Salaries, bonuses, fees and benefits
Members of the Board of Directors	$	62,835	$	66,000	$	110,564
Other members of key management		24,067		43,707		57,162
Share-based payments
Members of the Board of Directors		161,500		-		269,501
Other members of key management		34,000		-		50,821
	$	282,402	$	109,707	$	488,048

b) In the normal course of operations the Company transacts with companies related to its directors or officers. The following amounts are receivable from related parties:

	January 31, 2015		January 31, 2014
Levon Resources Ltd.	$	58,903	$	43,908
Great Thunder Gold (formerly Mill Bay Ventures)		-		2,263
Total	$	58,903	$	46,171

c) In the normal course of operations the Company transacts with companies with directors or officers in common. During the year ended January 31, 2015, the Company settled $205,751 (2014 - $128,722) of related party debt through issuance of common shares of the Company, as described in Note 9b. At January 31, 2015 and January 31, 2014, the following amounts are payable to related parties:

	January 31, 2015		January 31, 2014
Directors	$	52,500	$	34,500
Oniva International Services Corp.		5,514		153,566
Sampson Engineering Inc.		1,200		18,641
Wear Wolfin Designs Inc.		5,250		13,860
Saulnier Capital		1,103		4,028
Frobisher Securities Ltd.		4,200		4,200
Intermark Capital Corp.		13,125		34,650
	$	82,892	$	263,445

The amounts included above in 11(b) and 11(c) are unsecured, non-interest bearing with no fixed terms of repayment.

32

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

11. RELATED PARTY TRANSACTIONS AND BALANCES (continued)

d)	Other related party transactions
	The Company has a cost-sharing agreement to reimburse Oniva International Services Corp. ("Oniva"), as described in Note 13. The transactions with Oniva during the year are summarized below:

	2015		2014		2013
Salaries and benefits	$	40,640	$	77,785	$	132,884
Office and miscellaneous		26,035		48,489		98,036
	$	66,675	$	126,274	$	230,920

Salaries and benefits above includes $4,037 for key management personnel compensation that has been included in Note 11(a).

12. RECLAMATON PROVISION

The Company's reclamation provision relates to the reclamation work required by the Bureau to be performed on the Robertson Property.

Management estimates the total undiscounted inflation-adjusted amount of cash flows required to settle its reclamation provision to be approximately $574,756 (US$452,172) (2014 - $503,629 (US$452,172)), which is expected to be incurred during 2018. The risk-free rate of 3% (2014 – 3%) was used to calculate the present value of the reclamation provision.

A reconciliation of the reclamation provision is as follows:

	January 31, 2015		January 31, 2014
Beginning balance	$	484,000	$	395,000
Unwinding of discount		14,519		11,850
Change in estimates		-		43,000
Change in foreign exchange rate		67,891		34,150
	$	566,410	$	484,000

13. COMMITMENTS

The Company has a cost-sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on the total overhead and corporate expenses. The agreement may be terminated with one-months' notice by either party. Transactions and balances with Oniva are disclosed in Note 11.

14. FINANCIAL INSTRUMENTS

The fair values of the Company's cash and cash equivalents, amounts receivable from a related party, accounts payable, and amounts payable to related parties approximate their carrying values due to the short-term nature of these instruments. Investment securities are accounted for at fair value based on quoted market prices.

The Company's financial instruments are exposed to certain financial risk, credit risk, liquidity risk, and market risk.

33

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

14. FINANCIAL INSTRUMENTS (continued)

a)	Credit risk
	Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company's cash and cash equivalents is exposed to credit risk. The Company is not exposed to significant credit risk on amounts receivable (excluding GST).
	The Company manages credit risk, in respect of cash, by maintaining the majority of cash at high credit rated Canadian financial institutions.
	Concentration of credit risk exists with respect to the Company's cash and cash equivalents and reclamation deposits as the majority of the amounts are held with a single Canadian and US financial institution. The Company's concentration of credit risk, and maximum exposure thereto, is as follows:

	January 31, 2015		January 31, 2014
Cash held at major financial institutions
Canada – cash	$	103,470	$	4,706
US - cash		44,105		3,368
		147,575		8,074
Reclamation deposits held at major financial institutions		655,209		529,408
Total cash and reclamation deposits	$	802,784	$	537,482

b)	Liquidity risk
	Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due.
	The Company manages its liquidity risk by forecasting cash flows required by operations and anticipated investing and financing activities. The Company had a working capital of $11,324 at January 31, 2015 and a working capital deficit of $486,109 at January 31, 2014. The Company has cash at January 31, 2015 in the amount of $147,575 (2014 - $8,074) in order to meet short-term business requirements. At January 31, 2015, the Company had current liabilities of $154,653 (2014 - $499,993). Accounts payable have contractual maturities of approximately 30 days and are subject to normal trade terms. Amounts due to related parties are without stated terms of interest or repayment.
	The Company will require significant cash funding to conduct its planned exploration programs, meet its administrative overhead costs, and maintain its mineral properties in 2016.

34

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

14. FINANCIAL INSTRUMENTS (continued)

c)	Market risk
	Market risk consists of interest rate risk, foreign currency risk, and other price risk. These are discussed further below.
	Interest rate risk
	Interest rate risk consists of two components:

(i)	To the extent that payments made or received on the Company's monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk.
(ii)	To the extent that changes in prevailing market rates differ from the interest rate in the Company's monetary assets and liabilities, the Company is exposed to interest rate price risk.

The Company is exposed to interest rate price risk with respect to reclamation deposits as they bear interest at market rates. However, given the stated rates of interest are fixed, the Company is not exposed to significant interest rate price risk as at January 31, 2015 and 2014.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that monetary assets and liabilities are denominated in foreign currency.

The Company is exposed to foreign currency risk with respect to cash, other amounts receivable, accounts payable and accrued liabilities, and amounts payable to related parties, as a portion of these amounts are denominated in US dollars as follows:

	January 31, 2015			January 31, 2014
Cash	US$	34,698		US$	3,024
Other amounts receivable		2,343			2,085
Amounts receivable from a related parties		46,340			41,454
Reclamation bonds		515,466			475,317
Accounts payable		(15,945	)		(117,288	)
Net exposure	US$	582,902		US$	404,592
Canadian dollar equivalent	$	740,927		$	450,634

Based on the net Canadian dollar denominated asset and liability exposures as at January 31, 2015, a 10% (2014 – 10%) fluctuation in the Canadian/US exchange rates will impact the Company's net income and comprehensive income by approximately $74,093 (2014 - $45,063).

The Company manages foreign currency risk by minimizing the value of financial instruments denominated in foreign currency. The Company has not entered into any foreign currency contracts to mitigate this risk.

35

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

14. FINANCIAL INSTRUMENTS (continued)

c)	Market risk (continued)
	Other price risk
	Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company is exposed to other price risk with respect to its investment securities, as they are carried at fair value based on quoted market prices.
	The Company's ability to raise capital to fund mineral resource exploration is subject to risks associated with fluctuations in mineral resource prices. Management closely monitors commodity prices, individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company.
d)	Classification of Financial instruments
	IFRS 7 'Financial Instruments: Disclosures' establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows:
	Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
	Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
	Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).
	The following table sets forth the Company's financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as at January 31, 2015:

	Level 1		Level 2		Level 3
Cash and cash equivalents	$	147,575		-		-
Investments in related companies		146,032		-		-
	$	293,607		-		-

15. CAPITAL MANAGEMENT

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to pursue the exploration and development of its properties and to maintain flexible capital structure for its projects for the benefit of its stakeholders. In the management of capital, the Company includes the components of shareholders' equity.

The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares or adjust the amount of cash and cash equivalents. Management reviews the capital structure on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company is not subject to externally imposed capital requirements. There were no changes to the Company's capital management during the year ended January 31, 2015.

36

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

16. ADDITIONAL CASH FLOW DISCLOSURES

The net change in non-cash working capital is comprised of the following:

	January 31, 2015			January 31, 2014
Amounts receivable from related parties	$	(12,732	)	$	(9,268	)
Other amounts receivable		(12,144	)		32,783
Prepaid expenses		(448	)		3,107
Accounts payable and accrued liabilities		(67,252	)		(35,817	)
Amounts payable to related parties		31,810			68,569
	$	(60,766	)	$	59,374

17. INCOME TAXES

Income tax recovery differs from the amount that would result from applying the Canadian federal and provincial statutory income tax rates to income (loss) before future income taxes. For the year ended January 31, 2015, the Canadian statutory rate is 26% (2014 - 26%).

	2015			2014			2013
Expected income tax recovery	$	123,811		$	181,670		$	348,647
Permanent differences		(53,714	)		10,760			(225,749	)
Changes in timing differences and other		(108,612	)		9,659			(21,221	)
Effect of foreign exchange changes on U.S. loss carry-forwards		663,891			492,885			(196,741	)
Expired losses		(123,653	)		(20,428	)		(115,221	)
Changes in unrecognized deferred income tax assets		(62,588	)		(135,099	)		(61,408	)
Adjustments due to effective tax rate attributable to U.S. income taxes		37,585			37,513			126,053
Changes in income tax rates and other exchange		-			70,895			(2,338	)
Total deferred income tax recovery (expense)	$	476,720		$	647,855		$	(147,978	)

The components of the deferred income tax assets (liabilities), after applying enacted Canadian rates of 26% (2014 - 26%) and enacted US rates of 35.0% (2014 - 35.0%), are as follows:

	2015			2014
Deferred income tax assets
Non-capital loss carry-forwards	$	5,345,044		$	4,355,403
Other		15,858			8,685
		5,360,902			4,364,088
Deferred income tax liabilities
Investment securities		(2,680	)		(1,917	)
Exploration and evaluation assets		(6,648,222	)		(6,128,891	)
Net deferred income tax liability	$	(1,290,000	)	$	(1,766,720	)

37

CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the years ended January 31, 2015, 2014, and 2013

(Expressed in Canadian dollars)

17. INCOME TAXES (continued)

At January 31, 2015, the Company had, for Canadian tax purposes, non-capital losses aggregating approximately $7,137,000. These losses are available to reduce taxable income earned by the Canadian operations of future years and expire as follows between 2026 and 2035.

At January 31, 2015, the Company had, for US tax purposes, net operating losses aggregating approximately US$12,061,000. The net operating losses are available to offset taxable income earned by the US operations of future years and expire as follows between 2020 and 2035.

18. SEGMENTED INFORMATION

The Company operates one operating segment, mineral exploration and development activities. The Company is in the exploration stage and, accordingly, has no reportable revenues for the year ended January 31, 2015, 2014, and 2013.

The Company has non-current assets in the following geographic locations:

	January 31, 2015		January 31, 2014
Canada	$	148,139	$	143,136
USA		19,902,825		19,653,204
	$	20,050,964	$	19,796,340

19. SUBSEQUENT EVENT

In May 2015, Barrick Gold Corporation has given a Notice of Termination and Release of the Exploration and Option to Joint Venture Agreement on the Gold Ridge Property originally dated March 5, 2014 (Note 4 (a)(2)), Coral will continue to identify and evaluate potential partners that have the financial capability to advance the Robertson project into commercial production.

38

SIGNATURE

The registrant hereby certifies that it meets all of the requirements for filing this Amendment No. 1 to Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

	CORAL GOLD RESOURCES LTD.
Dated:  December 22, 2015	By:	/s/ David Wolfin
		David Wolfin, Chief Executive Officer
		(Principal Executive Officer)

39

Exhibit Number	Name
1.1	Memorandum of Coral Gold Resources Ltd.*
1.2	Articles of Coral Gold Resources Ltd.*
8.1	List of Subsidiaries*
12.1	Certification of the Principal Executive Officer
12.2	Certification of the Principal Financial Officer
13.1	Certificate of Principal Executive Officer under the Sarbanes-Oxley Act*
13.2	Certificate of Principal Financial Officer under the Sarbanes-Oxley Act*
15.1	Geological Report on the Robertson Property*
15.2	Update of the Geological Report on the Robertson Property*

______________

* Previously filed.

40