BMEX Gold Inc.

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE PERIODS ENDED MAY 31, 2022 AND MAY 31, 2021

(Expressed in Canadian Dollars)

(Unaudited - Prepared by Management)

NOTICE 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 financial statements of 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

BMEX GOLD INC.

CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

AS AT MAY 31, 2022 and AUGUST 31 2021

(Expressed in Canadian Dollars) (Unaudited)

May 31,

August 31,

2022

2021

ASSETS

Current assets

$

1,307,236

Cash

$

2,757,978

GST receivables

6,148

195,967

Prepaid expenses (Note 4)

6,018

76,002

Total current assets

1,319,402

3,029,947

Non-current assets

135,000

Prepaid exploration and evaluation deposit

175,000

Exploration and evaluation assets (Note 5)

12,486,051

10,954,239

Equipment (Note 6)

825

1,404

TOTAL ASSETS

$

13,941,278

$

14,160,590

LIABILITIES

Current liabilities

$

180,423

Accounts payable (Note 8)

$

385,857

Flow-through premium (Note 7)

380,819

787,667

Total current liabilities

561,242

1,173,524

SHAREHOLDERS' EQUITY

16,446,104

Share capital

15,846,104

Share-based payment reserve

1,325,754

1,195,711

Accumulated deficit

(4,391,822)

(4,054,749)

TOTAL SHAREHOLDERS' EQUITY

13,380,036

12,987,066

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

13,941,278

$

14,160,590

Nature of operations and going concern (Note 1)

Subsequent Event (Note 12)

These condensed interim financial statements were approved for issue by the Board of Directors on July 29, 2022 and are signed on its behalf by:

On behalf of the Board:

"Robert Pryde"

Director

"Verlee Webb"

Director

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

3

BMEX GOLD INC.

CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

FOR THE NINE MONTHS ENDED MAY 31, 2022 and MAY 31, 2021

(Expressed in Canadian dollars) (Unaudited)

Three months ended

Nine months ended

May 31,

May 31,

May 31,

May 31,

2022

2021

2022

2021

EXPENSES

$

Advertising and marketing

2,868

$

214,518

$

89,165

$

555,745

Amortization (Note 5)

193

686

579

1,286

Consulting (Notes 7 & 8)

38,276

135,298

175,412

470,424

Directors' fees (Note 8)

39,321

18,000

93,448

56,000

Executive compensation (Notes 7 & 8)

31,000

99,425

110,000

234,175

Management fees (Note 8)

-

69,000

43,500

207,000

Office and administration (Note 8)

6,959

6,387

23,645

38,674

Professional fees

22,352

64,534

62,631

131,250

Rent (Note 8)

-

22,500

37,500

67,500

Share-based compensation (Notes 7 & 8)

-

122,742

53,183

146,220

Transfer agent and regulatory fees

4,070

24,428

45,995

122,922

Travel, meals and related costs

594

22,753

8,247

25,436

(145,633)

(800,271)

(743,305)

(2,056,632)

Other Income (Note 7)

21,507

-

406,848

-

Loss on foreign exchange

-

-

(616)

(618)

Loss and comprehensive loss for the period

$

(124,126)

$

(800,271)

(337,073)

(2,057,250)

Basic and diluted loss per common share

$

(0.00)

$

(0.01)

$

(0.01)

$

(0.06)

Weighted average number of common

shares outstanding

66,696,765

58,422,242

66,242,553

36,006,153

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

4

BMEX GOLD INC.

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Expressed in Canadian dollars) (unaudited)

Number of

Share capita

Share-based

Deficit

Total

shares

payment reserve

shareholders'

equity

August 31, 2020

25,730,000

$

2,285,317

$

360,060

$

(1,837,324)

$

808,053

Private placement

10,510,000

3,153,000

-

-

3,153,000

Share issuance costs - cash

-

(277,904)

-

-

(277,904)

Share issuance costs - warrants

-

(270,529)

270,529

-

-

Private placement - flow through shares

6,666,666

3,550,000

-

-

3,550,000

Share issuance costs - cash

-

(422,304)

-

-

(422,304)

Share issuance costs - warrants

-

(216,127)

216,127

-

-

Shares issued for exploration and evaluation assets

13,000,000

8,060,000

-

-

8,060,000

Shares issued as finder's fee

625,000

468,750

-

-

468,750

Stock option exercises

225,000

30,000

-

-

30,000

Fair value of stock options exercised

-

22,100

(22,100)

-

-

Warrants exercised

1,671,350

349,918

-

-

349,918

Fair value of warrants exercised

-

23,571

(23,571)

-

-

Share-based compensation

-

-

146,220

-

146,220

Loss and comprehensive loss for the period

-

-

-

(2,057,250)

(2,057,250)

May 31, 2021

58,428,016

$

16,755,792

$

947,265

$

(3,894,574)

$

13,808,483

August 31, 2021

62,696,765

$

15,846,104

$

1,195,711

$

(4,054,749)

$

12,987,066

Shares issued for exploration and evaluation assets

4,000,000

600,000

-

-

600,000

RSUs issued for consulting and directors fees

-

-

76,860

-

76,860

Share-based compensation

-

-

53,183

-

53,183

Net loss for the period

-

-

-

(337,073)

(337,073)

May 31, 2022

66,696,765

$

16,446,104

$

1,325,754

$

(4,391,822)

$

13,380,036

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

5

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Meridius Resources Ltd. published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 23:11:02 UTC.