Consolidated Uranium : Interim Financial Statements - September 30, 2021

Unaudited Condensed Consolidated Interim Financial Statements of

Consolidated Uranium Inc.

(formerly, International Consolidated Uranium Inc.)

For the nine months ended September 30, 2021 and 2020

(Expressed in Canadian dollars)

CONSOLIDATED URANIUM INC. (formerly, INTERNATIONAL CONSOLIDATED URANIUM INC.)

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian Dollars)

As at September 30, 2021

September 30, 2021	December 31, 2020
Assets
Current Assets
Cash and cash equivalents	$	17,047,955	$	9,295,369
Restricted cash		60,000		60,000
Amount receivable		658,163		67,282
Marketable securities (note 3)		1,684,342		982,066
Other investment (note 4)		150,000		-
Prepaid expenses and deposits (note 5)		1,605,642		443,415
Total Current Assets		21,206,102		10,848,132
Non-Current Assets
Exploration and evaluation assets (note 6)		14,596,970		1,080,982
Property and equipment (note 7)		90,412		64,731
Total Assets	$	35,893,484	$	11,993,845
Liabilities
Current Liabilities
Accounts payable and accured liabilities (note 6(f))	$	3,896,365	$	378,039
Lease liability (note 7)		60,000		30,000
Total Current Liabilities		3,956,365		408,039
Non-Current Liabilities
Long term lease liability (note 7)		31,165		35,943
Total Liabilities	$	3,987,530	$	443,982
Shareholders' Equity
Share capital (note 8)		50,752,764		27,682,002
Reserves (note 8)		4,852,945		3,416,139
Accumulated other comprehensive income		1,553,602		851,327
Accumulated deficit		(25,253,357)		(20,399,605)
Total Shareholders' Equity		31,905,954		11,549,863
Total Liablities and Shareholders' Equity	$	35,893,484	$	11,993,845

Nature of business (note 1)

Commitments and contingencies (note 6, 7, 14)

Subsequent events (note 15)

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

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on November 26, 2021.

"Philip Williams"		"John Jentz"
Philip Williams, Director		John Jentz, Director

CONSOLIDATED URANIUM INC. (formerly, INTERNATIONAL CONSOLIDATED URANIUM INC.)

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited - Expressed in Canadian Dollars)

For the three and nine months ended September 30, 2021 and 2020

		Three months ended:		Nine months ended:
	September 30,	September 30,	September 30,	September 30,
		2021	2020		2021	2020
Expenses
Corporate development	$	113,452	-	$	1,050,378	-
Professional fees		703,665	4,960		965,156	54,658
Share-based compensation (note 8)		334,925	31,005		838,397	130,852
Project evaluation		200,227	-		607,990	-
Marketing		388,695	-		517,785	-
Salaries & director fees (note 13)		164,683	145,034		433,505	483,232
Public company costs		23,233	4,352		181,961	29,608
Investor relations		63,419	10,000		110,961	11,240
Office and other		(18,867)	18,890		56,349	39,600
Depreciation		14,275	6,946		30,592	24,354
Travel		-	-		-	3,826
Total general and administrative		1,987,707	221,187		4,793,074	777,370
Property holding costs		16,435	15,176		101,874	24,551
Interest income		(7,720)	(1,900)		(27,259)	(9,520)
Other income		-	-		-	(7,500)
Foreign exchange (gain) loss		(1,890)	2,509		(16,937)	2,359
Other (income) expenses		(13,783)	962		3,000	3,283
Loss for the period		1,980,749	237,934		4,853,752	790,543
Unrealized (gain) on marketable
securities (note 3)		(257,408)	(151,087)		(702,275)	(179,066)
Comprehensive loss for period	$	1,723,341	86,847	$	4,151,477	611,477
Loss per share - basic and diluted		0.04	0.01		0.11	0.06
Weighted average shares outstanding		45,056,315	14,317,577		38,614,617	10,533,192
- basic and diluted

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

CONSOLIDATED URANIUM INC. (formerly, INTERNATIONAL CONSOLIDATED URANIUM INC.)

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY (Unaudited - Expressed in Canadian Dollars)

For the nine months ended September 30, 2021 and 2020

				Accumulated
				other
				comprehensive	Accumulated	Shareholders'
	Common Shares	Amount	Reserves	income	deficit	equity
	#	$	$	$	$	$
Balance - December 31, 2020	29,426,842	27,682,002	3,416,139	851,327	(20,399,605)	11,549,863
Private placement financings (note 8)	10,025,400	15,030,720	-	-	-	15,030,720
Cost of share issuance	-	(1,644,157)	374,520	-	-	(1,269,637)
Share-based compensation (note 8)	8,954	(158,837)	997,233	-	-	838,396
Options exercised	720,000	809,100	-	-	-	809,100
Warrants exercised	4,521,048	3,417,936	65,053	-	-	3,482,989
Shares issued to acquire mineral properties	2,000,000	3,700,000	-	-	-	3,700,000
Shares issued for property option agreement	956,306	1,916,000	-	-	-	1,916,000
Unrealized gain on marketable securities	-	-	-	702,275	-	702,275
Net loss	-	-	-	-	(4,853,752)	(4,853,752)
Balance - September 30, 2021	47,658,550	50,752,764	4,852,945	1,553,602	(25,253,357)	31,905,954
				Accumulated
				other
				comprehensive	Accumulated	Shareholders'
	Common Shares	Amount	Reserves	income	deficit	equity
	#	$	$	$	$	$
Balance - December 31, 2019	8,163,229	17,512,567	2,592,546	336,512	(18,337,840)	2,103,785
Share-based compensation	-	-	130,852	-	-	130,852
Private placement	5,000,000	1,000,000	-	-	-	1,000,000
Cost of issue	-	(46,765)	14,713	-	-	(32,052)
Shares issued for property option agreement	900,000	270,000	161,769	-	-	431,769
Unrealized gain on marketable securities	-	-	-	179,066	-	179,066
Net loss	-	-	-	-	(790,543)	(790,543)
Balance - September 30, 2020	14,063,229	18,735,802	2,899,880	515,578	(19,128,383)	3,022,877

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

CONSOLIDATED URANIUM INC. (formerly, INTERNATIONAL CONSOLIDATED URANIUM INC.)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (Unaudited - Expressed in Canadian Dollars)

For the nine months ended September 30, 2021 and 2020

		For the nine months ended:
	September 30,	September 30,
		2021		2020
Cash flows from (used in) operating activities
Loss for the Period	$	(4,853,752)	$	(790,543)
Adjustment for non-cash items:
Share-based compensation (note 8)		838,397		130,852
Depreciation (note 7)		30,592		24,354
Interest expense (note 7)		3,000		3,283
Lease modification		(4,617)		-
Foreign exchange (gain) loss		(16,937)		2,359
Other expenses		-		8,420
Change in working capital items:
Amount receivable		(590,881)		(85,355)
Prepaid expenses and deposits (note 5)		(1,162,227)		-
Accounts payable and accrued liabilities		(67,146)		(17,009)
Net cash used in operating activities		(5,823,571)		(723,639)
Cash flows from (used in) investing activities
Acquisition of exploration and evaluation assets (note 6)		(4,216,594)		(188,501)
Exploration and evaluation asset expenditures (note 6)		(77,921)		(3,079)
Purchase of other investment (note 4)		(150,000)		-
Proceeds on sale of equipment		-		25,000
Net cash used in investing activities		(4,444,515)		(166,580)
Cash flows from (used in) financing activities
Shares issued for cash (note 8)		15,030,720		1,284,713
Share issue costs (note 8)		(1,269,637)		(46,765)
Shares issued for cash from exercise of warrants		3,482,989		-
Shares issued for cash from exercise of options		809,100		-
Lease payments (note 7)		(32,500)		(23,342)
Net cash provided by financing activities		18,020,672		1,214,606
Cash and Cash Equivalents
Net increase in cash and cash equivalents		7,752,586		324,387
Cash and cash equivalents - beginning of period		9,295,369		1,622,938
Cash and cash equivalents - end of period	$	17,047,955	$	1,947,325

Supplemental cash flow information (note 10)

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