Centurion Minerals : 2023 Second Quarter Report

Financial Statements

For the six-month period ended January 31, 2023 and 2022

(Expressed in Canadian Dollars - Unaudited)

NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS

In accordance with 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 an auditor has not reviewed the financial statements.

The accompanying unaudited condensed interim financial statements of the Company have been prepared by and are the responsibility of the Company's management and have been approved by the Board of Directors of the Company.

These condensed interim consolidated financial statements have not been reviewed by the Company's auditors

Statements of Financial Position As at January 31, 2023 and 2022 (Expressed in Canadian dollars - Unaudited)

Notes

Current assets

Cash

Amounts receivable

Prepaid expenses

Due from 1364565 B.C. Ltd.

Non-current assets Right-of-use asset

Total assetsCurrent liabilities

Accounts payable and accrued liabilities

Due to related parties

Lease liability

Loans and borrowings

Non-current liabilities

Loans and borrowings

Lease liability

Total liabilities

Shareholders' deficiency Share capital

Share option reserve

Share warrant reserve

Deficit

1

4

10 4 6

6,10

4

7 8 7

Total liabilities and shareholders' deficiency

SEE NOTE 1, NATURE OF OPERATIONS SEE NOTE 11, COMMITMENTS

Approved by the Board:

"David Tafel"

January 31, 2023

$

463

16,998

5,714

105,698

128,873

82,757

$

211,630

$

155,367

222,22532,011124,770534,373

888,74559,757948,502

1,482,875

17,865,125

2,447,015

4,736,699

(26,320,084)

(1,271,245)

$

211,630

"Kenneth A Cawkell"

Director

Director

The accompanying notes form an integral part of these financial statements.

July 31, 2022

$

13,312

14,745

6,763 -

34,820

114,341

$

149,161

$

224,482 1,346,648

64,023 402,790 2,037,943

- 59,757 59,757

2,097,700

16,458,787

2,447,015

4,736,699

(25,591,040)

(1,948,539)

$

149,161

2

Statements of Comprehensive Loss

For the six-month period ended January 31, 2023 and 2022 (Expressed in Canadian dollars - Unaudited)

Three-month Period Ended

Six-Month Period Ended

Notes	January 31, 2023	January 31, 2022	January 31, 2023	January 31, 2022
Operating expenses Accounting 10 10 Exploration and evaluation expenditures 4 5 Filing fees and communications 6 6	$	25,000 27,000 (22,500) 15,992 898 7,888 5,621 1,470 31,705 5,000 2,454 (9,012)	$	29,000 27,000 22,500 15,592 - 2,662 10,613 - - 5,000 2,720 (10,388)	$	58,500 54,000 - 31,584 1,498 24,963 15,749 1,470 31,705 13,791 4,177 (24,870)	$	58,000 54,000 45,000 31,184 - 3,604 20,736 1,381 - 10,000 5,246 (20,708)
Telephone	478	1,517	983	3,224
Travel Wages	- 27,600	- 18,000	- 27,600	827 33,000
Other income (expenses)	$	(119,594)	$	(124,216)	$	(241,150)	$	(245,494)
Shares for debt payment 7	(673,870)	-	(673,870)	-
Interest income	3,399	-	3,399	-
Net loss and comprehensive loss	$	(790,065)	$	(124,216)	$	(911,621)	$	(245,494)
Basic and diluted earnings per common share	$	(0.03)	$	(0.01)	$	(0.04)	$	(0.01)
Weighted average number of common shares	26,532,875	16,819,719	21,676,297	16,819,719

The accompanying notes form an integral part of these financial statements.

3

Centurion Minerals Ltd.

Statements of Changes in Deficiency

For the six-month period ended January 31, 2023 and 2022 (Expressed in Canadian dollars - Unaudited)

NoteNumber of common

sharesShare capitalShare option reserve

Share warrant reserve

Deficit

Total

Balance at August 1, 2021

Comprehensive loss

Balance at January 31, 2022

16,819,719

$

16,458,787

$

2,447,015

-

$

4,736,699

-

$

(25,162,477)

$

-

16,819,719

-

$

(245,494)

16,458,787

(1,519,976)

(245,494)

$

2,447,015

$

4,736,699

$

(25,407,971)

$

(1,765,470)Balance at August 1, 2022

1364565 B.C. Ltd. Loan

1364565 B.C. Ltd. Liabilities Assignment

Shares for debt

Comprehensive loss Balance at January 31, 2023

16,819,719

1 1 7

-

-

14,649,350

-

31,469,069

$

16,458,787

$

-

-

1,406,338

-

2,447,015

-

---

$

4,736,699

-

---

$

(25,591,040)

100,00082,577

(911,621)

$

17,865,125

$

2,447,015

$

4,736,699

$

(26,320,084)

The accompanying notes form an integral part of these financial statements.

$

(1,948,539)

100,000 82,577

-1,406,338

(911,621)

$

(1,271,245)

4

Statements of Cash Flows

For the six-month period ended January 31, 2023 and 2022 (Expressed in Canadian dollars - Unaudited)

NotesCash flows from operating activities

Net loss

Adjustments to non-cash items

Depreciation and amortization 4

Finance costs 6

Interest payment 6

Loss on debt settlement 7

Changes in non-cash working capital

(Increase) decrease in amounts receivable

Due from 1364565 B.C. Ltd. 1

Prepaid expenses and deposits

Decrease in lease liability 4

Increase (decrease) in accounts payable and accrued liabilities

Increase (decrease) in payable to related parties 10

Increase (decrease) in loans and borrowings

Net cash flows used in operating activities

Cash flows from financing activities

Loan to 1364565 B.C. Ltd. 1

Shares for debt payment 7

Net cash from financing activities

January 31, 2023

January 31, 2022

$

(911,621) $ (245,494)

31,584 31,184

15,749 20,736

31,705 673,870

(2,253)

(105,698)

1,049

(32,012)

76,665

(440,606)

(183,749)

- -

958

- -

(27,402)

2,633 219,190 -

(845,317)

1,805

100,000 732,468 832,468

-

-

Change in cash

Cash, beginning of the year Cash, end of the period

(12,849)

13,312

$

The accompanying notes form an integral part of these financial statements.

1,805 713

463

$

2,518

5