EXHIBIT 99.1

CORAL GOLD RESOURCES LTD.

(an Exploration Stage Company)

Condensed Consolidated Interim Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian Dollars)

(Unaudited)

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING

The Condensed Consolidated Interim Financial Statements of Coral Gold Resources Ltd. (the “Company”) are the responsibility of the Company’s management. The Condensed Consolidated Interim 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 annual audit and reviews the condensed consolidated interim financial statements prior to their submission to the Board of Directors for approval.

The condensed consolidated interim financial statements as at July 31, 2020, and for the periods ended July 31, 2020 and 2019, have not been audited or reviewed.

“David Wolfin”	“Nathan Harte”
David Wolfin	Nathan Harte, CPA
President & CEO	Chief Financial Officer
September 28, 2020	September 28, 2020

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CORAL GOLD RESOURCES LTD.

Condensed Consolidated Interim Statements of Financial Position

(Expressed in Canadian dollars)

	Note	July 31, 2020			January 31, 2020
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	11,878,381		$	10,688,861
Other amounts receivable			12,317			8,369
Prepaid expenses			249,870			389,742
Total current assets			12,140,568			11,086,972
Exploration and evaluation assets	3		320,072			280,079
Royalty receivable	4		4,365,300			4,205,261
Investments	5		1,369,361			2,674,862
Total assets		$	18,195,301		$	18,247,174
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities		$	60,539		$	56,548
Amounts payable to related parties	7		92,860			15,000
Total current liabilities			153,399			71,548
Deferred tax liability			30,891			44,000
Total liabilities			184,290			115,548
EQUITY
Share capital	6		43,137,937			43,043,557
Equity reserves			1,285,354			1,297,224
Accumulated other comprehensive income			(5,038	)		31,062
Accumulated deficit			(26,417,562	)		(26,250,537	)
Equity attributable to shareholders of the Company			18,000,691			18,121,306
Equity attributable to non-controlling interests			10,320			10,320
Total equity			18,011,011			18,131,626
Total liabilities and equity		$	18,195,301		$	18,247,174

Commitments – Note 8

Subsequent Event – Note 13

Approved by the Board of Directors on September 28, 2020:

/s/ David Wolfin                              Director /s/ Ron Andrews                               Director

The accompanying notes are an integral part of the Condensed Consolidated Interim Financial Statements

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CORAL GOLD RESOURCES LTD.

Condensed Consolidated Interim Statements of Operations and Comprehensive Income

(Expressed in Canadian dollars - unaudited)

		Three months ended July 31,						Six months ended July 31,
	Note	2020			2019			2020			2019
Operating and Administrative Expenses
Consulting fees		$	26,025		$	15,603		$	42,831		$	37,796
Directors' fees			56,250			15,000			67,500			30,000
Investor relations			4,620			5,957			41,845			18,507
Listing and filing fees			12,631			15,788			25,600			25,975
Management fees			30,000			18,000			60,000			36,000
Office and miscellaneous			32,769			29,395			67,273			56,892
Professional fees			37,478			25,150			41,241			39,047
Salaries and benefits			60,493			62,325			128,961			109,915
Share-based payments			54,218			49,225			160,755			142,566
Travel			5,055			5,023			19,897			17,770
			319,539			241,466			655,903			514,468
Loss Before Other Items			(319,539	)		(241,466	)		(655,903	)		(514,468	)
Other Items
Interest Income			(153	)		14,053			45,223			26,650
Gain on sale of investment	5		12,138			-			12,138			-
Finance income	7		54,835			50,701			108,181			99,298
Foreign exchange gain (loss)			(601,846	)		(429,159	)		312,736			31,193
Net Loss			(854,565	)		(605,871	)		(177,625	)		(357,327	)
Other Comprehensive Loss
Unrealized gain (loss) on available for sale securities			(28,745	)		74,927			(36,100	)		142,827
Total Comprehensive Income			(883,310	)		(530,944	)		(213,725	)		(214,500	)
Loss Per Share
Basic		$	(0.02	)	$	(0.01	)	$	(0.00	)	$	(0.01	)
Diluted		$	(0.02	)	$	(0.01	)	$	(0.00	)	$	(0.01	)
Weighted Average Number of Common Shares Outstanding
Basic			46,161,337			47,729,783			46,162,397			47,877,976
Diluted			46,161,337			47,729,783			46,162,397			47,877,976

The accompanying notes are an integral part of the Condensed Consolidated Interim Financial Statements

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CORAL GOLD RESOURCES LTD.

Condensed Consolidated Interim Statements of Changes in Equity

(Expressed in Canadian dollars - unaudited)

	Note		Number of Common Shares			Share Capital Amount			Reserve for Stock Options			Reserve for Warrants		Total Reserves			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Non-Controlling Interest		Total Equity
Balance, January 31, 2019				48,043,337		$	43,833,127		$	1,095,977		$	96,714	$	1,192,691		$	4,611		$	(25,784,792	)	$	10,320	$	19,255,957
Common shares issued for cash:
Exercise of stock options				810,000			332,100			(137,700	)		-		(137,700	)		-			-			-		194,400
Common shares returned to treasury		6		(1,157,000	)		(425,448	)		-			-		-			-			-			-		(425,448	)
Less: Share issuance costs				-			(4,626	)		-			-		-			-			-			-		(4,626	)
Expired or cancelled stock options				-			-			(66,200	)		-		(66,200	)		-			66,200			-		-
Share-based payments				-			-			142,566			-		142,566			-			-			-		142,566
Unrealized gain on investment securities, net of tax				-			-			-			-		-			142,827			-			-		142,827
Net loss for the period				-			-			-			-		-			-			(357,327	)		-		(357,327	)
Balance, July 31, 2019				47,696,337		$	43,735,153		$	1,034,643		$	96,714	$	1,131,357		$	147,438		$	(26,075,919	)	$	10,320	$	18,948,349
Balance, January 31, 2020				46,346,837		$	43,043,557		$	1,200,510		$	96,714	$	1,297,224		$	31,062		$	(26,250,537	)	$	10,320	$	18,131,626
Exercise of stock options				522,500			350,650			(162,025	)		-		(162,025	)		-			-			-		188,625
Common shares returned to treasury		6		(518,500	)		(254,196	)		-			-		-			-			-			-		(254,196	)
Less: Share issuance costs				-			(2,074	)		-			-		-			-			-			-		(2,074	)
Expired or cancelled stock options				-			-			(10,600	)		-		(10,600	)		-			10,600			-		-
Share-based payments				-			-			160,755			-		160,755			-			-			-		160,755
Unrealized loss on investment securities, net of tax				-			-			-			-		-			(36,100	)		-			-		(36,100	)
Net loss for the period				-			-			-			-		-			-			(177,625	)		-		(177,625	)
Balance, July 31, 2020				46,350,837		$	43,137,937		$	1,188,640		$	96,714	$	1,285,354		$	(5,038	)	$	(26,417,562	)	$	10,320	$	18,011,011

The accompanying notes are an integral part of the Condensed Consolidated Interim Financial Statements

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CORAL GOLD RESOURCES LTD.

Condensed Consolidated Interim Statements of Cash Flows

(Expressed in Canadian dollars - unaudited)

		Six months ended July 31,
	Note	2020			2019
CASH PROVIDED BY (USED IN):
Operating Activities
Net loss		$	(177,625	)	$	(357,327	)
Adjustments for non-cash items:
Share-based payments			160,755			142,566
Depreciation			-			-
Foreign exchange gain			(64,967	)		(117,628	)
Finance income			(108,181	)		(99,298	)
Gain on sale of investments			(12,138	)		-
Cash used in operating activities before working capital changes			(202,156	)		(431,687	)
Net change in non-cash working capital	11		217,775			(2,960,284	)
Cash used in operating activities			15,619			(3,391,971	)
Investing Activities
Expenditures on exploration and evaluation assets			(39,993	)		(25,439	)
Decrease in term deposits			-			3,118,169
Proceeds on sale of investment securities			1,316,717			-
Cash provided by investing activities			1,276,724			3,092,730
Financing Activities
Issuance (repurchase) of shares for cash, net			(67,646	)		(235,674	)
Effect of exchange rate fluctuations on cash and equivalents			(35,177	)		233,199
Net increase (decrease) in cash and equivalents			1,189,520			(301,716	)
Cash and cash equivalents, beginning of period			10,688,861			8,308,884
Cash and cash equivalents, end of period		$	11,878,381		$	8,007,168
Cash and cash equivalents consists of:
Cash		$	845,903		$	933,819
Term deposits maturing in less than 90 days			11,032,478			7,073,349
		$	11,878,381		$	8,007,168

The accompanying notes are an integral part of the Condensed Consolidated Interim Financial Statements

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CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian dollars - unaudited)

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, OTCQX, 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 alternatively the ability of the Company to raise financing.

2. BASIS OF PRESENTATION

Statement of compliance

These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 – Interim Financial Reporting under International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). These condensed consolidated interim financial statements follow the same accounting policies and methods of application as the most recent annual consolidate financial statements of the Company. These condensed consolidated interim financial statements do not contain all the information required for full annual financial statements. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s January 31, 2020, annual consolidated financial statements, which were prepared in accordance with IFRS as issued by the IASB.

These consolidated financial statements are expressed in Canadian dollars, the Company’s presentation currency, and have been prepared on a historical cost basis, except for financial instruments that have been measured at fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these condensed consolidated interim financial statements as if the policies have always been in effect, other than those described below:

Significant Accounting Judgments and Estimates

The Company’s management makes judgments in its process of applying the Company’s accounting policies to the preparation of its condensed consolidated interim financial statements. In addition, the preparation of financial data requires that the Company’s management make assumptions and estimates of the impacts on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period from uncertain future events and on the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.

The critical judgments and estimates applied in the preparation of the Company’s unaudited condensed consolidated interim financial statements for the six months ended July 31, 2020, are consistent with those applied and disclosed in Note 3 to the Company’s audited consolidated financial statements for the year ended January 31, 2020.

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CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian dollars - unaudited)

Basis of Consolidation

The Condensed Consolidated Interim 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

*Coral Energy Corporation of California was dissolved on December 30, 2019

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

3. EXPLORATION AND EVALUATION ASSETS 

The Company has accumulated the following acquisition and exploration expenditures:

	Ruf & Norma Sass Claims		Eagle & JDN Claims		Robertson Royalty Interest		Total
Balance, January 31, 2019	$	183,949	$	52,937	$	1	$	236,887
Exploration costs during the year:
Consulting		-		13,612		-		13,612
Drilling		-		-		-		-
Royalties		4,686		-		-		4,686
Taxes, licenses and permits		8,294		16,600		-		24,894
Balance, January 31, 2020	$	196,929	$	83,149	$	1		280,079
Exploration costs during the year:
Sampling		-		13,751		-		13,751
Taxes, licenses and permits		8,742		17,500		-		26,242
Balance, July 31, 2020	$	205,671	$	114,400	$	1		320,072

The Company has certain interests in 108 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)Norma Sass Property – 100% interest 

The Company holds a 100% interest in the 36 Norma Sass mining claims located in Lander County, Nevada. Expenditures incurred on the Ruf claims have been classified to Ruf and Norma Sass claims in the exploration expenditure table.

During the six months ended July 31, 2020, the Company exercised the option to purchase the Norma Sass claims, gaining full title to the mineral claims. A Quitclaim deed was made effective May 1, 2020, and duly registered with the Lander County and Nevada Bureau of Land Management, effectively releasing the Company of any obligation to the previous owners with respect to any advance payments of the mineral claims, and transferring full title to the Company.

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CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian dollars - unaudited)

b)JDN Hilltop Crest – 100% interest

The Company holds a 100% interest in 27 claims in the Hilltop District, Lander County, Nevada. Expenditures incurred on the Ruf claims have been classified to JDN and Eagle claims in the exploration expenditure table. 

c)Eagle Claims – 100% interest

The Company holds a 100% interest in 45 claims in the Eagle Claims situated in the Shoshone Range, Lander County, Nevada. Expenditures incurred on the Ruf claims have been classified to JDN and Eagle claims in the exploration expenditure table.

d)Robertson Property – Royalty interest

The Company holds a 1.00% to 2.25% NSR royalty on the Robertson Property, located in Lander County, Nevada.

The sliding scale NSR rate will be determined based on the observed gold price during each quarterly period based on the average LBMA Gold Price PM during the quarterly period, as follows:

Average Gold Price/Oz During the Quarter (USD)	Applicable NSR Royalty Rate
Up to and including $1,200.00	1.00%
$1,200.01 to $1,400.00	1.25%
$1,400.01 to $1,600.00	1.50%
$1,600.01 to $1,800.00	1.75%
$1,800.01 to $2,000.00	2.00%
Over $2,000.00	2.25%

Pursuant to the Agreement, in the event that the Robertson Property is not placed into production by December 31, 2024, then beginning on January 1, 2025, and continuing on an annual basis thereafter until the earlier of (i) the date commercial production commences and (ii) January 2, 2034, Barrick will make advance royalty payments to the Company of US$0.5 million, which will be non-refundable and fully credited against any future obligations under the NSR.

The fair value of the royalty receivable (Note 4) was estimated based on the present value of the advance royalty payments, using a discount rate of 5.04%, and has been accounted for as a financial instrument.

4. ROYALTY RECEIVABLE

The Company holds a 1.00% to 2.25% NSR royalty on the Robertson Property, located in Lander County, Nevada. See Note 3 for details on the royalty interest.

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CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian dollars - unaudited)

A reconciliation of the royalty receivable is as follows:

	July 31, 2020		January 31, 2020
Beginning balance	$	4,205,261	$	3,969,356
Finance income		108,181		198,406
Change in foreign exchange rate		51,858		37,499
	$	4,365,300	$	4,205,261

5. INVESTMENTS

a)Common shares

At July 31, 2020, the Company held shares as follows:

	Number of Shares		Cost		Accumulated Unrealized Gain (Loss)		Fair Value
Available-for-sale shares:
Discovery Metals Corp.		10,000	$	1,957	$	15,543	$	17,500
			$	1,957	$	15,543	$	17,500

At January 31, 2020, the Company held shares as follows:

	Number of Shares		Cost		Accumulated Unrealized Gain (Loss)			Fair Value
Available-for-sale shares:
Discovery Metals Corp.		20,350	$	1,957	$	11,881			13,838
VBI Vaccines Inc.		2,000		4,232		(1,492	)		2,740
			$	6,189		10,389		$	16,578

During the six months ended July 31, 2020, the Company recorded an unrealized gain of $10,700 (2019 – loss of $2,131) on investments in marketable securities, representing the change in fair value during the period on the shares held by the Company at July 31, 2020.

During the six months ended July 31, 2020, the Company sold 2,000 shares of VBI Vaccines Inc. for gross proceeds of $9,048, and 10,350 shares of Discovery Metals Corp. for gross proceeds of $10,323. As a result of the sales, the Company recorded a gain on sale of investments of $12,138 for the period.

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CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian dollars - unaudited)

b)Other investments

During the year ended January 31, 2020, the Company purchased US$2,000,000 ($2,646,600 based on the closing US dollar to Canadian dollar exchange rate at January 31, 2020) in principal-protected notes that mature on November 22, 2021.

During the six months ended July 31, 2020, the Company sold US$1,000,000 of these notes for a realized gain of US$14,000 ($19,207 based on the average US dollar to Canadian dollar exchange rate during the period). The Company also recorded $11,798 in unrealized interest income on the appreciation of these investments. As at July 31, 2020, the fair value of the remaining investments was $1,351,861.

6. SHARE CAPITAL AND SHARE-BASED PAYMENTS

a) Authorized

Unlimited common shares without par value. All shares outstanding are fully paid.

b) Issued during the six months ended July 31, 2020, and the year ended January 31, 2020

During the six months ended July 31, 2020, the Company issued 522,500 common shares upon the exercise of stock options for gross proceeds of $188,625.

During the year ended January 31, 2020, the Company issued 840,000 common shares upon the exercise of stock options for gross proceeds of $205,425.

c)Share repurchases and cancellations

Normal Course Issuer Bids (“NCIB”)

2019-2020 NCIB

On August 28, 2019, the Company announced that the TSX Venture Exchange (“TSX-V”) has accepted the Company’s notice for its third normal course issuer bid (the “Third NCIB”).

Pursuant to the Third NCIB, the Company may purchase up to 2,950,485 common shares up until August 28, 2020, which represents approximately 10% of the total current public float (being total issued shares, less shares held by insiders, and their associates and affiliates).

During the six months ended July 31, 2020, the Company purchased and cancelled 518,500 common shares (year ended January 31, 2020 – 2,536,500) pursuant to this NCIB. As at July 31 and January 31, 2020, the Company held no treasury shares associated with this NCIB.

d)Share purchase warrants

The Company had no share purchase warrants issued or outstanding at July 31, 2020, or January 31, 2020.

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CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian dollars - unaudited)

e) Stock options

The Company has a stock option plan to purchase the Company’s common shares, under which it may grant stock options of up to 10% of the Company’s total number of shares issued and outstanding on a non-diluted basis. The stock option plan provides for the granting of stock options to directors, officers, and employees, and to persons providing investor relations or consulting services, the limits being based on the Company’s total number of issued and outstanding shares per year. The stock options vest on the date of grant, except for those issued to persons providing investor relations services, which vest over a period of one year, unless a separate vesting schedule is otherwise specified by the Board of Directors. The option price must be greater than or equal to the discounted market price on the grant date, and the option term cannot exceed ten years from the grant date.

The stock option activity is summarized as follows:

	Number of Options			Weighted Average Exercise Price
Stock options outstanding and exercisable, January 31, 2019		4,650,000		$	0.31
Granted		1,120,000		$	0.41
Exercised		(840,000	)	$	0.24
Cancelled		(275,000	)	$	0.34
Expired		(60,000	)	$	0.29
Stock options outstanding and exercisable, January 31, 2020		4,595,000		$	0.36
Exercised		(522,500	)	$	0.36
Cancelled		(40,000	)	$	0.39
Expired		-			-
Stock options outstanding and exercisable, July 31, 2020		4,032,500		$	0.36

A summary of stock options outstanding as at July 31, 2020 is as follows:

			Outstanding				Exercisable
Expiry Date	Price		Options Outstanding		Weighted Average Remaining Contractual Life (Years)		Options Outstanding		Weighted Average Remaining Contractual Life (Years)
October 6, 2020	$	0.125		100,000		0.18		100,000		0.18
October 6, 2020	$	0.150		100,000		0.18		100,000		0.18
October 6, 2020	$	0.175		100,000		0.18		100,000		0.18
October 6, 2020	$	0.200		100,000		0.18		100,000		0.18
October 6, 2020	$	0.225		100,000		0.18		100,000		0.18
July 5, 2022	$	0.355		1,110,000		1.93		1,110,000		1.93
September 4, 2023	$	0.380		1,115,000		3.10		1,115,000		3.10
January 25, 2024	$	0.390		200,000		3.49		200,000		3.49
November 14, 2024	$	0.410		1,107,500		4.29		830,625		4.29
				4,032,500		2.76		3,755,625		2.65

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CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian dollars - unaudited)

7. 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

The Company has identified its directors and certain senior officers of the Company, who have the authority and responsibility for planning, directing and controlling the activities of the Company, as key management personnel. The remuneration of directors and officers for the three months ended:

	Three months ended July 31,				Six months ended July 31,
	2020		2019		2020		2019
Salaries, bonuses, fees and benefits
Members of the Board of Directors	$	86,310	$	33,000	$	127,560	$	66,000
Other members of key management		28,435		29,393		58,263		44,455
Share-based payments
Members of the Board of Directors		44,060		-		129,670		-
Other members of key management		5,630		-		16,569		-
	$	164,435	$	62,393	$	332,062	$	110,455

b) Amounts due to/from related parties

In the normal course of operations, the Company transacts with companies with directors or officers in common.

The following amounts are payable to related parties:

	July 31, 2020		January 31, 2020
Directors	$	56,250	$	15,000
Oniva International Services Corp.		36,610		-
	$	92,860	$	15,000

The amounts included above are unsecured, non-interest bearing with no fixed terms of repayment.

c) Other related party transactions

The Company has a cost-sharing agreement to reimburse Oniva International Services Corp. (“Oniva”), as described in Note 8. The transactions with Oniva during the three and six months ended are summarized below:

	Three months ended July 31,				Six months ended July 31,
	2020		2019		2020		2019
Salaries and benefits	$	61,547	$	38,755	$	128,961	$	86,210
Office and miscellaneous		35,908		57,509		84,391		89,246
	$	97,455	$	96,264	$	213,352	$	175,456

Salaries and benefits above for the three and six months ended July 31, 2020, includes $28,435 and $58,263 (2019 - $29,393 and $44,455) for key management personnel compensation that has been included in Note 7(a).

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CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian dollars - unaudited)

8. 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 7.

9. FINANCIAL INSTRUMENTS 

The fair values of the Company’s cash and cash equivalents, 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 estimated fair value of the royalty receivable approximates its carrying value based on current market rates for similar instruments.

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

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 are exposed to credit risk.

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 also exists with respect to the Company’s royalty receivable (see Note 4). The Company’s concentration of credit risk, and maximum exposure thereto, is as follows:

	July 31, 2020		January 31, 2020
Cash and cash equivalents	$	11,878,381	$	10,688,861
Investments (Note 5(b))		1,369,361		2,658,284
Royalty receivable		4,365,300		4,205,261
Total	$	17,613,042	$	17,552,406

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. At July 31, 2020, the Company had working capital of $11,987,169 (January 31, 2020 – working capital of $11,015,424). The Company has cash at July 31, 2020 in the amount of $11,878,381 (January 31, 2020 - $10,688,861) for short-term business requirements. Of this amount, $151,919 has been set aside for the purchases of shares related to the Company’s normal course issuer bid and is currently being held in the Company’s brokerage account. The Company has access to the cash at any time, and meets the definition of Cash and Cash Equivalents under IAS 7 – Statements of Cash Flows.

At July 31, 2020, the Company had current liabilities of $153,399 (January 31, 2020 - $71,548). 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.

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CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian dollars - unaudited)

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 as at July 31, 2020 and January 31, 2020 on interest earned through its cash and cash equivalents.

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 and cash equivalents, royalty receivable, and accounts payable, as a portion of these amounts are denominated in US dollars as follows:

	July 31, 2020		January 31, 2020
Cash and cash equivalents	US$	8,230,736	US$	7,292,870
Royalty receivable		3,256,714		3,177,859
Investments		1,008,550		2,008,830
Net exposure	US$	12,496,000	US$	12,479,559
Canadian dollar equivalent	$	16,749,638	$	16,514,200

Based on the net Canadian dollar denominated asset and liability exposures as at July 31, 2020, a 10% (January 31, 2020 – 10%) fluctuation in the Canadian/US exchange rates will impact the Company’s net income and comprehensive income by approximately $1,674,964 (January 31, 2020 - $1,651,420).

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.

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.

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CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian dollars - unaudited)

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

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 July 31, 2020:

	Level 1		Level 2		Level 3
Cash and cash equivalents	$	11,878,381		-		-
Investments		1,369,361
	$	13,247,742		-		-

10. 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. The Board of Directors does not establish quantitative returns on capital criteria for management. The Company considers its capital structure to consist of 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 six months ended July 31, 2020.

11. SUPPLEMENTARY CASH FLOW DISCLOSURES 

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

	July 31, 2020			July 31, 2019
Other amounts receivable	$	(3,948	)	$	(2,388	)
Prepaid expenses		139,872			(130,325	)
Accounts payable and accrued liabilities		3,991			6,204
Amounts payable to a related party		77,860			502
Current income tax liability		-			(2,834,277	)
	$	217,775		$	(2,960,284	)

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CORAL GOLD RESOURCES LTD.

Notes to the Consolidated Financial Statements

For the six months ended July 31, 2020 and 2019

(Expressed in Canadian dollars - unaudited)

12. SEGMENTED INFORMATION

The Company operates one operating segment, mineral exploration activities. The Company is in the exploration stage and, accordingly, has no reportable revenues for the three and six months ended July 31, 2020, and 2019.

The Company has non-current assets other than financial instruments and deferred tax assets in the following geographic locations:

	July 31, 2020		January 31, 2020
Canada	$	-	$	-
USA		320,072		280,079
	$	320,072	$	280,079

13. SUBSEQUENT EVENT

Proposed Transaction

On August 24, 2020, the Company announced that it has entered into a definitive Arrangement Agreement (the “Agreement”), under which Nomad Royalty Company Ltd. (“Nomad”) intends to acquire all of the outstanding common shares of the Company pursuant to a statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia) (the “Transaction”).

Transaction Details

Pursuant to the Transaction, shareholders will be entitled to receive, for each share held, consideration consisting of C$0.05 in cash and 0.80 of a unit (a "Unit") of Nomad, as described below. The consideration payable to shareholders by Nomad represents total value of approximately C$1.21 per Coral share (the “Aggregate Consideration per Coral Share”), based on the closing price of C$1.37 of Nomad common shares on the TSX on August 21, 2020 and including the C$0.06 estimated value per Coral share of the one-half common share purchase warrant included in each Unit. Based on Nomad’s and Coral’s August 21, 2020 closing prices on the TSX and TSX Venture Exchange respectively, the Transaction represents a premium of approximately 45% to Coral shareholders.

Each Unit will consist of one Nomad common share and one-half of a common share purchase warrant (a “Warrant”). Each full Warrant will entitle the holder thereof to purchase one additional Nomad common share at a price of C$1.71 for a period of two years following the effective date of the Transaction. If the daily volume-weighted average trading price of Nomad’s shares on the TSX exceeds the Warrant exercise price by at least 25% for any period of 20 consecutive trading days after one year from the effective date of the Transaction, Nomad will have the right to give notice in writing to the holders of the Warrants that the Warrants will expire 30 days following such notice, unless exercised prior thereto.

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