ANACORTES MINING CORP.

(formerly First Light Capital Corp.)

CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

Index

Page

Consolidated Financial Statements

Consolidated Statements of Financial Position

2

Consolidated Statements of Loss and Comprehensive Loss

3

Consolidated Statements of Changes in Equity

4

Consolidated Statements of Cash Flows

5

Notes to Consolidated Financial Statements

6 - 17

Suite 1090 - 510 Burrard Street

Vancouver, British Columbia, Canada V6C 3B9

Tel: (604) 684-6730

Fax: (866) 684-6730

ANACORTES MINING CORP.

(Formerly First Light Capital Corp.) Consolidated statements of financial position (Expressed in Canadian dollars)

As at June 30, 2022 and December 31, 2021

June 30

December 31

Note

2022

2021

Assets

Current

Cash and cash equivalents

$

9,823,690

$

12,862,013

Receivables

691,607

332,339

Prepaid expenses

12,813

28,438

10,528,110

13,222,790

Non-current

Exploration and evaluation properties

5, 7

6,070,372

3,173,826

$

16,598,482

$

16,396,616

Liabilities

Current

Trade payables and accrued liabilities

$

1,121,230

$

248,003

Due to related parties

7

96,988

26,781

1,218,218

274,784

Equity

Share capital

6

64,330,787

63,879,101

Reserves - stock options

6(c)

4,800,728

4,802,260

Reserves - warrants

6(d)

2,932,515

2,932,515

Other comprehensive income

30,755

(2,561)

Deficit

(56,714,521)

(55,489,483)

15,380,264

16,121,832

$

16,598,482

$

16,396,616

Approved and Authorized for Issue by the Board on August 23, 2022:

"Barry Hildred"

……………………………………………… Director

"Brian Storseth"

……………………………………………… Director

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

2

ANACORTES MINING CORP.

(Formerly First Light Capital Corp.)

Consolidated statements of loss and comprehensive loss (Expressed in Canadian dollars)

For the three and six months ended June 30, 2022 and 2021

Three months ended June 30,

Six months ended June 30,

Note

2022

2021

2022

2021

Expenses

Consulting fees

7

30,720

69,081

52,722

119,081

Directors fees

7

28,750

10,500

57,500

24,000

General and administration

7

6,556

6,208

9,894

12,464

Salaries and benefits

7

186,872

-

387,028

-

Insurance

7,813

6,250

15,625

12,500

Legal and audit

49,789

214,971

105,021

227,481

Property investigations

176,242

-

211,507

194

Regulatory fees

28,821

12,171

62,572

26,848

Travel

12,000

-

20,526

-

Shareholders communications

99,357

4,212

201,243

41,522

Share-based payments

6(c)

(5,507)

-

167,199

115,761

(621,413)

(323,393)

(1,290,837)

(579,851)

Other

Interest income

29,513

-

42,912

-

Foreign exchange gain

1,853

(4,104)

22,887

(2,463)

Net loss for the period

$

(590,047)

$

(327,497)

(1,225,038)

$

(582,314)

Other comprehensive income

Gain on foreign currency translation

89,016

-

33,316

-

Net loss and other comprehensive loss

for the period

(501,031)

(327,497)

(1,191,722)

(582,314)

Loss per share, basic and diluted

$

(0.01)

$

(0.01)

(0.03)

$

(0.02)

Weighted average number of common

shares outstanding

42,321,648

27,887,962

42,315,466

27,887,962

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

3

ANACORTES MINING CORP.

(Formerly First Light Capital Corp.) Consolidated statements of changes in equity (Expressed in Canadian dollars)

For the six months ended June 30, 2022 and 2021

Share capital

Reserves

Other

Number of

Stock

comprehensive

Note

shares

(1)

Amount

options

Warrants

income

Deficit

Total

Balance, December 31, 2020

27,028,083

$

35,701,029

$

2,482,948

$

-

$

-

$

(36,065,203)

$

2,118,774

Share based payments

6(c)

-

-

115,761

-

-

-

115,761

Warrants exercised at $0.85

6(d)

48,458

42,500

-

-

-

-

42,500

Net loss for the perioid

-

-

-

-

-

(582,314)

(582,314)

Balance, June 30, 2021

27,076,542

$

35,743,529

$

2,598,709

$

-

$

-

$

(36,647,517)

$

1,694,721

Cancellation of New Oroperu shares on closing of transaction

(27,076,542)

-

-

-

-

-

-

Anacortes shares issued on conversion of existing New Oroperu shares

27,074,716

-

-

-

-

-

-

-

Anacortes shares issued on conversion of existing First Light shares

4

14,297,279

26,592,939

-

-

-

-

26,592,939

Deemed cost of existing First Light stock options and warrants

4(i)

-

-

63,525

2,712,799

-

-

2,776,324

Anacortes shares and warrants issued as partial payment of advisory

fees on closing of transaction

4(iv)

708,333

1,480,284

-

219,716

-

-

1,700,000

Share based payments

6(c)

-

-

2,182,376

-

-

-

2,182,376

Options exercised - transfer of option reserve

6(c)

-

42,350

(42,350)

-

-

-

-

Options exercised - proceeds of option exercise

6(c)

33,332

19,999

-

-

-

-

19,999

Other comprehensive loss

-

-

-

-

(2,561)

(2,561)

Net loss for the period

-

-

-

-

-

(18,841,966)

(18,841,966)

Balance, December 31, 2021

42,113,660

$

63,879,101

$

4,802,260

$

2,932,515

$

(2,561)

$

(55,489,483)

$

16,121,832

Share based payments

6(c)

-

-

172,706

-

-

-

172,706

Options exercised - transfer of option reserve

6(c)

-

168,731

(168,731)

-

-

-

-

Options exercised - proceeds of option exercise

6(c)

200,000

258,000

-

-

-

-

258,000

Warrants exercised at $0.52

6(c)

48,458

24,955

-

-

-

-

24,955

Share based payments

6(c)

-

-

(5,507)

-

-

-

(5,507)

Other comprehensive gain

-

-

-

-

33,316

-

33,316

Net loss for the period

-

-

-

-

-

(1,225,038)

(1,225,038)

Balance, June 30, 2022

42,362,118

$

64,330,787

$

4,800,728

$

2,932,515

$

30,755

$

(56,714,521)

$

15,380,264

Note (1): All share numbers have been adjusted to reflect the 5.815:1 Share Exchange Ratio in accordance with the Arrangement Agreement between the Company and New Oroperu Resources Inc. (see Note 4) and the 6:1 share consolidation (see Note 6(a)).

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

4

ANACORTES MINING CORP.

(Formerly First Light Capital Corp.) Consolidated statements of cash flows (Expressed in Canadian dollars)

For the six months ended June 30, 2022 and 2021

Six months ended June 30,

Note

2022

2021

Operating activities

Net loss

$

(1,225,038)

$

(582,314)

Items not involving cash:

Share-based payments

6(c)

167,199

115,761

Unrealized foreign exchange

(22,887)

-

Changes in non-cash working capital:

Receivables

(359,269)

(6,697)

Prepaid expenses

15,626

12,500

Due to related parties

7

70,207

5,500

Trade payables and accrued liabilities

873,227

655

Cash used in operating activities

(480,936)

(454,595)

Investing activities

Expenditures on exploration and evaluation properties

5(a)

(2,863,230)

(311,427)

Cash used in investing activites

(2,863,230)

(311,427)

Financing activities

Warrants exercised

24,955

42,500

Stock options exercised

6(c)

258,000

-

Cash provided by financing activities

282,955

42,500

Effect of foreign exchange on cash

22,887

-

Decrease in cash and cash equivalents

(3,038,324)

(723,522)

Cash and cash equivalents, beginning of year

12,862,014

1,820,538

Cash and cash equivalents, end of period

$

9,823,690

$

1,097,016

Composed of:

Cash

$

9,823,690

$

(60,873)

Cash equivalents

-

1,157,889

$

9,823,690

$

1,097,016

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

5

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Anacortes Mining Corp. published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 20:19:08 UTC.