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| Nevada                   | 95-0554260                           |
|--------------------------|--------------------------------------|
| (State of incorporation) | (I.R.S. Employer Identification No.) |

| Large accelerated filer  ̈                                            | Accelerated filer  ̈    |
|---------------------------------------------------------------------------|-----------------------------|
| Non-accelerated filer  ̈(Do not check if a smaller reporting company) | Smaller Reporting Company x |

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| Contents                                            |                                                                                                            | Page   |
|-----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|--------|
|                                                |                                                                                                            |   |   |
| Report of Independent Registered Public Accountants |                                                                                                            | F - 1  |
| Balance Sheets                                      |                                                                                                            |   |
|                                                | April 30, 2012 and 2011                                                                                         |   | F - 2 |
| Statements of Operations for the                    |                                                                                                            |   |
|                                                | Years Ended April 30, 2012 and 2011 and the Cumulative Period from April 21, 2010 (inception) to April 30, 2012 |   | F - 3 |
| Statement of Stockholders’ Equity (Deficit)   |                                                                                                            |   |
|                                                | Since April 21, 2010 (inception) to April 30, 2012                                                              |   | F - 4 |
| Statements of Cash Flows for the                    |                                                                                                            |   |
|                                                | Years Ended April 30, 2012 and 2011 and the Cumulative Period from April 21, 2010 (inception) to April 30, 2012 |   | F- 5 |
| Notes to Financial Statements                       |                                                                                                            | F - 7  |

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|                                                                                                                                                                                           |   | April 30, |     |   | April 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|----------|--------|-----------|--------|
|                                                                                                                                                                                           |   | 2012      |     |   | 2011      |   |
| ASSETS                                                                                                                                                                                         |   |      |     |   |      |   |   |   |
| Current Assets                                                                                                                                                                                 |   |      |     |   |      |   |   |   |
| Cash                                                                                                                                                                                           |   | $         | 142,287  |   |      | $      | 624 |   |
| Prepaid expenses                                                                                                                                                                               |   |      | 3,545    |   |      |   | - |   |
| Total Current Assets                                                                                                                                                                           |   |      | 145,832  |   |      |   | 624 |   |
|                                                                                                                                                                                           |   |      |     |   |      |   |   |   |
| Reclamation deposit (note 5)                                                                                                                                                                   |   |      | 6,154    |   |      |   | - |   |
|                                                                                                                                                                                           |   |      |     |   |      |   |   |   |
| Total Assets                                                                                                                                                                                   |   | $         | 151,986  |   |      | $      | 624 |   |
|                                                                                                                                                                                           |   |      |     |   |      |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)                                                                                                                                           |   |      |     |   |      |   |   |   |
| Current Liabilities                                                                                                                                                                            |   |      |     |   |      |   |   |   |
| Accounts payable and accrued liabilities                                                                                                                                                       |   | $         | 15,974   |   |      | $      | 5,876 |   |
| Total Current Liabilities                                                                                                                                                                      |   |      | 15,974   |   |      |   | 5,876 |   |
|                                                                                                                                                                                           |   |      |     |   |      |   |   |   |
| Stockholders’ Equity (Deficit)                                                                                                                                                           |   |      |     |   |      |   |   |   |
| Common Stock, Par Value $0.0001  Authorized 300,000,000 shares,  47,900,000 shares issued and outstanding at April 30, 2012  (April 30, 2011 – 44,400,000) |   |      | 4,790    |   |      |   | 4,440 |   |
| Paid-In Capital                                                                                                                                                                                |   |      | 366,210  |   |      |   | 16,560 |   |
| Deficit Accumulated During the Development Stage                                                                                                                                               |   |      | (234,988 | )      |      |   | (26,252 | ) |
| Total Stockholders’ Equity (Deficit)                                                                                                                                                     |   |      | 136,012  |   |      |   | (5,252 | ) |
|                                                                                                                                                                                           |   |      |     |   |      |   |   |   |
| Total Liabilities and Stockholders’ Equity                                                                                                                                               |   | $         | 151,986  |   |      | $      | 624 |   |

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|                                                |   |                |       |   |           |   |        | Cumulative     |   |
|-----------------------------------------------------|--------|---------------------|------------|--------|----------------|--------|-------------|----------------|--------|
|                                                |   |                |       |   |           |   |        | Since          |   |
|                                                |   |                |       |   |           |   |        | April 21, 2010 |   |
|                                                |   | For the Years Ended |       |   | (Inception) to |   |
|                                                |   | April 30,           |       |   | April 30,      |   |        | April 30,      |   |
|                                                |   | 2012                |       |   | 2011           |   |        | 2012           |   |
| Revenues                                            |   | $                   | —    |   |           | $      | —     |           |   | $ | — |   |
| Cost of revenues                                    |   |                | —    |   |           |   | —     |           |   |   | — |   |
| Gross margin                                        |   |                | —    |   |           |   | —     |           |   |   | — |   |
|                                                |   |                |       |   |           |   |        |           |   |   |   |   |
| Expenses                                            |   |                |       |   |           |   |        |           |   |   |   |   |
| Mineral property exploration expenditures           |   |                | 100,254    |   |           |   | 3,224       |           |   |   | 103,478 |   |
| General and administrative                          |   |                | 88,482     |   |           |   | 19,420      |           |   |   | 111,510 |   |
| Total Expenses                                      |   |                | 188,736    |   |           |   | 22,644      |           |   |   | 214,988 |   |
| Net Loss from Operations                            |   |                | (188,736   | )      |           |   | (22,644     | )              |   |   | (214,988 | ) |
|                                                |   |                |       |   |           |   |        |           |   |   |   |   |
| Other Income (Expense)                              |   |                |       |   |           |   |        |           |   |   |   |   |
| Interest                                            |   |                | —    |   |           |   | —     |           |   |   | — |   |
| Net Other Income (Expense)                          |   |                | —    |   |           |   | —     |           |   |   | — |   |
|                                                |   |                |       |   |           |   |        |           |   |   |   |   |
| Write-down of mineral property acquisition payments |   |                | (20,000    | )      |           |   | —     |           |   |   | (20,000 | ) |
|                                                |   |                |       |   |           |   |        |           |   |   |   |   |
| Net Loss                                            |   | $                   | (208,736   | )      |           | $      | (22,644     | )              |   | $ | (234,988 | ) |
|                                                |   |                |       |   |           |   |        |           |   |   |   |   |
| Basic and Diluted Loss Per Share                    |   | $                   | (0.00      | )      |           | $      | (0.00)      |           |   |   |   |   |
|                                                |   |                |       |   |           |   |        |           |   |   |   |   |
| Weighted Average Shares Outstanding (1)             |   |                | 47,890,411 |   |           |   | 202,402,192 |           |   |   |   |   |

| (1)   | Reflects the 17:1 forward stock split completed on March 25, 2011. |
|-----------------|--------------------------------------------------------------------|

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|                                                                  |   |         |         |   |      |   |    | Deficit     |   |   |    |   |
|-----------------------------------------------------------------------|--------|--------------|--------------|--------|-----------|--------|---------|-------------|--------|--------|---------|--------|
|                                                                  |   |         |         |   |      |   |    | Accumulated |   |   |    |   |
|                                                                  |   |         |         |   |      |   |    | During      |   |   |    |   |
|                                                                  |   | Common Stock |         |   | Paid-In   |   |    | Exploration |   |   |    |   |
|                                                                  |   | Shares (1)   |         |   | Par Value |   |    | Capital     |   |   | Stage   |   |   | Total |   |
|                                                                  |   |         |         |   |      |   |    |        |   |   |    |   |   |   |   |
| Balance at April 21, 2010  (inception)                      |   |         | —      |   |      | $      | — |        |   | $      | — |   |   | $ | — |   |   | $ | — |   |
|                                                                  |   |         |         |   |      |   |    |        |   |   |    |   |   |   |   |   |   |   |   |   |
| Common Stock Issued to Founder at $0.000044 per share, April 21, 2010 |   |         | 204,000,000  |   |      |   | 20,400  |        |   |   | (11,400 | )      |   |   | — |   |   |   | 9,000 |   |
| Net Loss                                                              |   |         | —      |   |      |   | — |        |   |   | — |   |   |   | (3,608 | ) |   |   | (3,608 | ) |
| Balance April 30, 2010                                                |   |         | 204,000,000  |   |      | $      | 20,400  |        |   | $      | (11,400 | )      |   | $ | (3,608 | ) |   | $ | 5,392 |   |
|                                                                  |   |         |         |   |      |   |    |        |   |   |    |   |   |   |   |   |   |   |   |   |
| Common Stock Issued at $0.00059 per share, October 20, 2010           |   |         | 20,400,000   |   |      |   | 2,040   |        |   |   | 9,960   |   |   |   | — |   |   |   | 12,000 |   |
| Shares returned for cancellation, April 5, 2011                       |   |         | (180,000,000 | )      |      |   | (18,000 | )           |   |   | 18,000  |   |   |   | — |   |   |   | — |   |
| Net Loss                                                              |   |         | —      |   |      |   | — |        |   |   | — |   |   |   | (22,644 | ) |   |   | (22,644 | ) |
| Balance April 30, 2011                                                |   |         | 44,400,000   |   |      | $      | 4,440   |        |   | $      | 16,560  |   |   | $ | (26,252 | ) |   | $ | (5,252 | ) |
|                                                                  |   |         |         |   |      |   |    |        |   |   |    |   |   |   |   |   |   |   |   |   |
| Common Stock Issued at $0.10  per share, May 1, 2011        |   |         | 3,500,000    |   |      |   | 350     |        |   |   | 349,650 |   |   |   | — |   |   |   | 350,000 |   |
| Net Loss                                                              |   |         | —      |   |      |   | — |        |   |   | — |   |   |   | (208,736 | ) |   |   | (208,736 | ) |
| Balance April 30, 2012                                                |   |         | 47,900,000   |   |      | $      | 4,790   |        |   | $      | 366,210 |   |   | $ | (234,988 | ) |   | $ | 136,012 |   |

| (1)   | Reflects the 17:1 forward stock split completed on March 25, 2011 (note 6). |
|-----------------|-----------------------------------------------------------------------------|

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|                                                                                               |   |                |     |   |           |   |
|----------------------------------------------------------------------------------------------------|--------|---------------------|----------|--------|----------------|--------|
|                                                                                               |   |                |     |   | Cumulative     |   |
|                                                                                               |   |                |     |   | Since          |   |
|                                                                                               |   | For the Years Ended |     |   | April 21, 2010 |   |
|                                                                                               |   | April 30,           |     |   | April 30,      |   |   | (Inception) to |   |
|                                                                                               |   | 2012                |     |   | 2011           |   |   | April 30, 2012 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                               |   |                |     |   |           |   |   |   |   |   |   |   |
| Net loss                                                                                           |   | $                   | (208,736 | )      |           | $      |  (22,644 | ) |   | $ | (234,988 | ) |
| Adjustments to Reconcile Net Loss to NetCash Used in Operating Activities                          |   |                |     |   |           |   |   |   |   |   |   |   |
| Write-down of mineral property acquisition costs                                                   |   |                | 20,000   |   |           |   | — |   |   |   | 20,000 |   |
| Change in Operating Assets and Liabilities                                                         |   |                |     |   |           |   |   |   |   |   |   |   |
| (Increase) decrease in prepaid expenses                                                            |   |                | (3,545   | )      |           |   |   |   |   |   | (3,545 | ) |
| Increase (decrease) in accounts payable and      accrued liabilities |   |                | 10,098   |   |           |   | 2,276 |   |   |   | 15,974 |   |
| Net Cash Used in Operating Activities                                                              |   |                | (182,183 | )      |           |   | (20,368) |   |   |   | (202,559 | ) |
|                                                                                               |   |                |     |   |           |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                               |   |                |     |   |           |   |   |   |   |   |   |   |
| Mineral property acquisition costs                                                                 |   |                | (20,000) |   |           |   | — |   |   |   | (20,000) |   |
| Reclamation deposit                                                                                |   |                | (6,154)  |   |           |   | — |   |   |   | (6,154) |   |
| Net Cash Used in Investing Activities                                                              |   |                | (26,154) |   |           |   | — |   |   |   | (26,154) |   |
|                                                                                               |   |                |     |   |           |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                               |   |                |     |   |           |   |   |   |   |   |   |   |
| Proceeds from sale of common stock                                                                 |   |                | 350,000  |   |           |   | 12,000 |   |   |   | 371,000 |   |
| Net Cash Provided by Financing Activities                                                          |   |                | 350,000  |   |           |   | 12,000 |   |   |   | 371,000 |   |
|                                                                                               |   |                |     |   |           |   |   |   |   |   |   |   |
| Net Increase in Cash and Cash Equivalents                                                          |   |                | 141,663  |   |           |   | (8,368) |   |   |   | 142,287 |   |
| Cash and Cash Equivalents at Beginning of Period                                                   |   |                | 624      |   |           |   | 8,992 |   |   |   | — |   |
| Cash and Cash Equivalents at End of Period                                                         |   | $                   | 142,287  |   |           | $      | 624 |   |   | $ | 142,287 |   |

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|                                             |   |                |    |   |           |   |    | Cumulative     |   |
|--------------------------------------------------|--------|---------------------|---------|--------|----------------|--------|---------|----------------|--------|
|                                             |   |                |    |   | Since          |   |
|                                             |   | For the Years Ended |    |   | April 21, 2010 |   |
|                                             |   | April 30,           |    |   | April 30,      |   |    | (Inception) to |   |
|                                             |   | 2012                |    |   | 2011           |   |    | April 30, 2012 |   |
|                                             |   |                |    |   |           |   |    |           |   |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
| Cash paid during the year for:                   |   |                |    |   |           |   |    |           |   |
| Interest                                         |   | $                   | — |   |           | $      | — |           |   | $ | — |   |
| Income taxes                                     |   | $                   | — |   |           | $      | — |           |   | $ | — |   |

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| ·   | Level one — inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities; |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

| ·   | Level two — inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                            |
|---------------------------------|
|                            |   | Property |   | Work |
|                            |   | Payments |   | Expenditures |
| Upon Execution of the Agreement | $ | 20,000 | $ | - |
| By May 1, 2012                  |   | 20,000 |   | 200,000 |
| By May 1, 2013                  |   | 60,000 |   | 200,000 |
| By May 1, 2014                  |   | 45,000 |   | 200,000 |
| By May 1, 2015                  |   | 60,000 |   | 250,000 |
| By May 1, 2016                  |   | 70,000 |   | 250,000 |
| By May 1, 2017                  |   | 80,000 |   | 300,000 |
| By May 1, 2018                  |   | 90,000 |   | 300,000 |
| By May 1, 2019                  |   | 100,000 |   | 350,000 |
| By May 1, 2020                  |   | 100,000 |   | 400,000 |
| By May 1, 2021                  |   | 250,000 |   | 750,000 |
|                            |   |   |   |   |
|                            | $ | 895,000 | $ | 3,200,000 |

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|                                         |   | 2012   |    |   | 2011   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
| Income tax expense (asset) at statutory rate |   |   | 79,896  |   |   |   | 8,926 |   |
| Less: valuation allowance                    |   |   | (79,896 | )      |   |   | (8,926 | ) |
| Deferred tax asset recognized                |   |   | -       |   |   |   | - |   |

|                          |   | 2012   |    |   | 2011   |   |
|-------------------------------|--------|--------|---------|--------|--------|--------|
| Computed expected tax benefit |   |   | 70,970  |   |   |   | 7,699 |   |
| Change in valuation allowance |   |   | (70,970 | )      |   |   | (7,699 | ) |
| Income tax provision          |   |   | -       |   |   |   | - |   |

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| GRIZZLY GOLD CORP.      |
|-------------------------|
|                    |   |
| Dated: February 1, 2013 | By:                /s/ Paul Strobel |
|                    | Name:           Paul Strobel |
|                    | Title:             President, Chief Executive and Operating Officer, Secretary and Treasurer, and Director (Principal Executive, Financial and Accounting Officer) |

|  SIGNATURE                        | TITLE                                                                                                                                         |   | DATE             |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|
|                                   |                                                                                                                                          |   |             |
| /s/Paul StrobelPaul Strobel            | Director, President, Chief Executive and Operating Officer, Secretary, and Treasurer (Principal Executive, Financial, and Accounting Officer) |   | February 1, 2013 |
|                                   |                                                                                                                                          |   |             |
|                                   |                                                                                                                                          |   |             |
|                                   |                                                                                                                                          |   |             |
| /s/ Jeoffrey AvancenaJeoffrey Avancena | Director                                                                                                                                      |   | February 1, 2013 |
|                                   |                                                                                                                                          |   |             |
|                                   |                                                                                                                                          |   |             |
|                                   |                                                                                                                                          |   |             |
| /s/ James PoulterJames Poulter         | Director                                                                                                                                      |   | February 1, 2013 |
|                                   |                                                                                                                                          |   |             |

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