Azarga Uranium : Condensed Consolidated Interim Financials for the Nine Months Ended September 30, 2020

Azarga Uranium Corp.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

September 30, 2020

(Unaudited - Expressed in U.S. Dollars)

TABLE OF CONTENTS

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Condensed Consolidated Interim Statements of Financial Position

Condensed Consolidated Interim Statements of ChangesLoss andinOtherEquityComprehensive Loss Condensed Consolidated Interim Statements of Cash Flows

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1.	Corporate information and going concern	8
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS	9
2.	Basis of presentation
3.	Summary of significant accounting policies	10
4.	Segmented information	10
5.	Exploration and evaluation assets	11
6.	Loans payable	11
7.	Equity	12
8.	Share option reserve	14
9.	Administrative expenses	16
10.	Related party transactions and balances	16
11.	Financial instruments and risk management	17
12.	Commitments	19
13.	Supplemental cash flow information	19
14.	Subsequent event	20

AZARGA URANIUM CORP.

Condensed Consolidated Interim Statements of Financial Position

(Unaudited - Expressed in U.S. Dollars)

				As at
				September 30,		December 31,
		Notes		2020		2019
ASSETS			$	181,022	$	184,447
Cash
urrent assets				56,007		23,913
Other assets
Total current assets				237,029		208,360
Restricted cash	6		952,449		22,716
Non-current assets	5		42,276,927		41,440,616
Exploration and evaluation assets
Property, plant and equipment				65,840		67,577
Right-of-use assets				81,321		111,357
Total assets			$	43,376,537	$	41,642,266
Total non-current assets
LIABILITIES AND EQUITY			$	639,461	$	793,864
Trade and other payables
Current liabilities	6		1,482,357		-
Loans payable
Operating lease obligations				22,590		45,014
Total current liabilities				2,144,408		838,878
Trade and other payables				45,000		70,000
Non-current liabilities				3,112,193		3,112,193
Deferred income tax liabilities
Decommissioning liabilities				263,441		251,550
Operating lease obligations				63,548		70,445
Warrant liabilities				567,743		265,029
Total liabilities				4,051,925		3,769,217
Total non-current liabilities				6,196,333		4,608,095
Common shares	7		61,670,876		60,303,924
Equity	7		862,334		1,117,679
Contributed surplus
Share option reserve	8		3,007,303		2,809,429
Accumulated deficit				(28,123,280)		(26,988,501)
Total liabilities nd equity	1	$	37,417,233	$	37,242,531
Corporate information and going concern	43,613,566	41,850,626
Total equity
Subsequent event	14
Approved by the Audit Committee of the Board of Directors of the Company:
"Joseph L. Havlin", Director		"Matthew O'Kane", Director

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

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AZARGA URANIUM CORP.

Condensed Consolidated Interim Statements of Loss and Other Comprehensive Loss

(Unaudited - Expressed in U.S. Dollars)

							Three months ended		Nine months ended
							September 30,		September 30,
					Notes		2020		2019		2020		2019
Administrative expenses		9	$	(329,273)	$	(417,368)	$	(1,138,135)	$	(1,212,823)
Foreign exchange gain (loss)			(6,890)		(66,247)		7,373		(52,266)
Impairment of exploration and evaluation assets			-		(2,422,398)		-		(2,422,398)
Finance costs						(336,163)		(2,906,013)		(1,130,762)		(3,687,487)
					(28,315)		(2,442)		(44,191)		(7,380)
Loss from operations				(102,645)		85,052		40,174		324,116
Unrealized gain (loss) on warrant liabilities
Net	loss from		operations			(467,123)		(2,823,403)		(1,134,779)		(3,370,751)
	discontinued				-		(59,295)		-		(4,196,415)
t s		continuing				(467,123)		(2,882,698)		(1,134,779)		(7,567,166)
Net loss
Equity holders of the Company			(467,123)		(2,878,499)		(1,134,779)		(7,264,527)
Net loss attributable to:				-		(4,199)		-		(302,639)
Non-controlling interest
Net loss					$	(467,123)	$	(2,882,698)	$	(1,134,779)	$	(7,567,166)
Basicanddilutedloss per share from continuing operations	$	(0.00)	$	(0.02)	$	(0.01)	$	(0.02)
operations		loss per share		$	-	$	(0.00)	$	-	$	(0.02)
Basic and diluted loss per share from discontinued
Basic and diluted loss per share		$	(0.00)	$	(0.02)	$	(0.01)	$	(0.04)
Weighted average number of common shares			200,080,285		184,643,360		193,838,647		180,049,902
outstanding
Other comprehensive income (loss)		$	(467,123)	$	(2,882,698)	$	(1,134,779)	$	(7,567,166)
Net loss
Item that may be reclassified subsequently as			-		30,246		-		(16,929)
Foreign currency translation adjustment
profit or loss				$	(467,123)	$	(2,852,452)	$	(1,134,779)	$	(7,584,095)
Total other comprehensive loss

Other comprehensive income (loss) Equityattr butableholdersto:of the Company Non-controllinginterest

Other comprehensive income (loss)

$	-	$	21,172	$	-	$	(11,850)
$	-	$	9,074	$	-	$	(5,079)
-	30,246	-	(16,929)

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

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