Aurelius Minerals : Condensed Interim Consolidated Financial Statements For the Three Months Ended March 31, 2022 and 2021

AURELIUS MINERALS INC.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2022 AND 2021

(presented in Canadian dollars unless otherwise noted)

(Unaudited)

NOTICE TO READER OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Under National Instrument 51‐102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited interim consolidated financial statements of Aurelius Minerals Inc. (the "Company") have been prepared by and are the responsibility of the Company's management.

The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As at		March 31	December 31
	2022	2021
(expressed in Canadian dollars, Unaudited)	Note	$	$
ASSETS
Current		1,258,515
Cash and cash equivalents		1,329,426
Receivables	4	121,596	802,758
Prepaid expenses and deposits		82,171	45,202
		1,462,282	2,177,386
Property, plant and equipment	5	1,523,195	1,567,938
Mineral properties	6	1,420,700	1,420,700
Reclamation deposit	7	1,500,000	1,500,000
Total Assets		5,906,177	6,666,024
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities		675,509
Accounts payable and accrued liabilities	8,12	1,094,456
Current portion of lease liability	9	141,908	137,815
Flow‐through premium liability	13	85,265	145,117
		902,682	1,377,388
Lease liability	9	320,203	360,025
Obligation upon Aureus Gold acquisition	10	1,164,439	1,301,256
Reclamation obligation	11	667,000	667,000
Total Liabilities		3,054,324	3,705,669
Shareholders' equity		24,965,971
Share capital	13	24,015,030
Warrants	13	145,187	67,433
Reserves	13	1,880,101	1,825,435
Deficit		(24,139,406)	(22,947,543)
Total Shareholders' Equity		2,851,853	2,960,355
Total Liabilities and Shareholders' Equity		5,906,177	6,666,024

Nature and continuance of operations (Note 1) and Subsequent event (Note 18).

Approved and authorized on behalf of the Board of Directors:
	"Gilles Arseneau"		"Michael Leskovec"
	Gilles Arseneau, Chairman	Michael Leskovec, Director

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

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

		Three Month	Three Month
		Period Ended	Period Ended
		March 31	March 31
		2022	2021
(expressed in Canadian dollars, Unaudited)	Note	$	$
EXPENSES		844,192
Exploration	6	1,727,185
Salaries and fees	12	206,031	213,942
Director fees		27,500	27,500
Investor relations		102,728	78,297
Legal, audit and accounting		‐	3,507
Office and miscellaneous	12	14,248	12,690
Regulatory and transfer agent fees		14,498	23,144
Rent recovery	9,12	(19,919)	(17,438)
Travel		734	1,487
Depreciation	5	56,976	55,105
Interest expense on lease liability	9	10,660	5,024
Share‐based compensation	13,12	54,666	‐
		(1,312,314)	(2,130,443)
OTHER INCOME		‐
Interest income		1,288
Recognition of flow‐through premium liability	13	106,667	494,116
Gain on acquisition obligation settlement	10	4,231	‐
Foreign currency gain		9,553	18,209
		120,451	513,613
Loss and comprehensive loss for the period		(1,191,863)	(1,616,830)
Basic and diluted loss per common share		(0.03)	(0.06)
Weighted average number of common shares outstanding		40,794,427	27,606,941

Share consolidation (Note 3).

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

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Month	Three Month
	Period Ended	Period Ended
	March 31	March 31
	2022	2021
(expressed in Canadian dollars, Unaudited)	$	$
Cash flows from operating activities
Loss for the period	(1,191,863)	(1,616,830)
Items not involving cash:	(106,667)
Flow‐through premium liability	(494,116)
Gain on acquisition obligation settlement	(4,231)	‐
Unrealized foreign exchange gain	(9,890)	(18,714)
Share‐based payment	54,666	‐
Depreciation	56,976	55,105
Interest expense on lease liability	10,660	5,024
Changes in non‐cash working capital items:	681,162
Receivables	(152,308)
Prepaid expenses	(36,969)	(21,272)
Accounts payable and accrued liabilities	(418,947)	353,468
Net cash provided by (used in) operating activities	(965,103)	(1,889,643)
Cash flows from financing activities	974,967
Issuance of capital stock for cash	‐
Share issuance costs	(22,153)	‐
Exercise of warrants for cash	‐	60
Repayment of lease liability	(46,389)	(46,008)
Net cash provided by (used in) financing activities	906,425	(45,948)
Cash flows from investing activities	(12,233)
Property and equipment purchases	(19,920)
Net cash provided by (used in) investing activities	(12,233)	(19,920)
Change in cash and cash equivalents during the period	(70,911)	(1,955,511)
Cash and cash equivalents, beginning of the period	1,329,426	3,330,376
Cash and cash equivalents, end of the period	1,258,515	1,374,865

Supplemental disclosure with respect to cash flows (Note 14).

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

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

	Shares	Share Capital	Warrants	Reserves	Deficit	Total
(expressed in Canadian dollars)	#	$	$	$	$	$
Balance, December 31, 2020	27,606,861	17,805,504	154,500	1,341,996	(14,923,999)	4,378,001
Issued upon warrant exercise (Note 13b)	100	75	(15)	‐	‐	60
Reserves transferred on expired options (Note 13d)	‐	‐	‐	(2,170)	2,170	‐
Reserves transferred on expired warrants (Note 13e)	‐	72,473	(68,235)	(4,238)	‐	‐
Loss for the period	‐	‐	‐	‐	(1,616,830)	(1,616,830)
Balance, March 31, 2021	27,606,961	17,878,052	86,250	1,335,588	(16,538,659)	2,761,231
Balance, December 31, 2021	40,515,599	24,015,030	67,433	1,825,435	(22,947,543)	2,960,355
Issued for private placements (Note 13b)	3,093,839	897,213	77,754	‐	‐	974,967
Issued to settle deferred payments	423,090	122,696	‐	‐	‐	122,696
Share issuance costs (Note 13b)	‐	(22,153)	‐	‐	‐	(22,153)
Flow‐through premium liability (Note 13b)	‐	(46,815)	‐	‐	‐	(46,815)
Share‐based payment (Note 13d)	‐	‐	‐	54,666	‐	54,666
Loss for the period	‐	‐	‐	‐	(1,191,863)	(1,191,863)
Balance, March 31, 2022	44,032,528	24,965,971	145,187	1,880,101	(24,139,406)	2,851,853

Share consolidation (Note 3).

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