Azarga Uranium : Condensed Consolidated Interim Financials for the Three Months Ended March 31, 2021

Azarga Uranium Corp.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

March 31, 2021

(Unaudited - Expressed in U.S. Dollars)

Notice to Reader

These condensed consolidated interim financial statements of Azarga Uranium Corp. have been prepared by management and approved by the Audit Committee of the Board of Directors of the Company. In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed these condensed consolidated interim financial statements, notes to the financial statements or the related quarterly Management's Discussion and Analysis.

TABLE OF CONTENTS

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

Condensed Consolidated Interim Statements of Loss and Other Comprehensive Loss Condensed Consolidated Interim Statements of Changes in Equity

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.	Loan payable	11
7.	Equity	12
8.	Share option reserve	14
9.	Administrative expenses	15
10.	Related party transactions and balances	15
11.	Financial instruments and risk management	16
12.	Commitments	18
13.	Supplemental cash flow information	19
14.	Subsequent events	19

AZARGA URANIUM CORP.

Condensed Consolidated Interim Statements of Financial Position

(Unaudited - Expressed in U.S. Dollars)

				As at	December 31,
				March 31,
		Notes		2021		2020
ASSETS			$	1,717,615	$	2,400,060
Cash
urrent assets				108,368		59,499
Other assets
Total current assets				1,825,983		2,459,559
Restricted cash				952,581		952,472
Non-current assets	5		42,828,148		42,621,402
Exploration and evaluation assets
Property, plant and equipment				64,682		65,261
Right-of-use assets				66,970		74,145
Total assets			$	43,912,381	$	43,713,280
Total non-current assets
LIABILITIES AND EQUITY			$	339,092	$	525,904
Trade and other payables
Current liabilities	6		101,532		101,284
Loan payable
Lease obligations				15,661		15,661
Total current liabilities				456,285		642,849
Trade and other payables				40,000		55,000
Non-current liabilities				3,277,193		3,277,193
Deferred income tax liabilities
Decommissioning liabilities				267,807		267,807
Lease obligations				56,467		63,548
Warrant liabilities				2,350,470		1,960,499
Total liabilities				5,991,937		5,624,047
Total non-current liabilities				6,448,222		6,266,896
Common shares	7		64,997,993		64,899,866
Equity	7		1,118,011		1,127,178
Contributed surplus
Share option reserve	8		3,041,363		3,008,477
Accumulated deficit				(29,867,225)		(29,129,578)
Total liabilities nd equity	1	$	39,290,142	$	39,905,943
Corporate information and going concern	45,738,364	46,172,839
Total equity
Subsequent events	14
Approved by 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 March 31,
	Notes		2021		2020
Administrative expenses	9	$	(362,944)	$	(355,148)
Foreign exchange (loss) gain			(12,102)		15,551
Finance costs			(375,046)		(339,597)
		(1,615)		(6,603)
Loss from operations			(360,986)		139,282
Unrealized (loss) gain on warrant liabilities
Net loss and other comprehensive loss		$	(737,647)	$	(206,918)
Basic and diluted loss per share		$	(0.00)	$	(0.00)
Weighted average number of common shares outstanding			232,129,029		186,053,142

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

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