Constantine Metal Resources : April 30, 2022 Fin. Statements and MD&A

Condensed Interim Consolidated Financial Statements of

CONSTANTINE METAL RESOURCES LTD.

(Expressed in Canadian Dollars)

For the six months ended April 30, 2022 and 2021

S u i t e 3 2 0 - 800 W e s t Pe n d e r St . , Van c ouv er, B . C . Ca n a da V6 C 2V6

Phone (604) 629 - 2348 Fax (604) 608 - 3 8 7 8

Notice to Reader:

These condensed consolidated interim financial statements of Constantine Metal Resources Ltd. (the "Company") have been prepared by management and approved by the Audit Committee on behalf 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 financial statements and the related quarterly Management Discussion and Analysis.

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Condensed Interim Consolidated Statements of Financial Position

As at April 30, 2022 and October 31, 2021

(Expressed in Canadian dollars)

		April 30,		October 31,
		2022		2021
Assets
Current assets:
Cash	$	1,090,492	$	1,168,348
Amounts receivable		209,725		322,053
Advances and prepaid expenses		10,835		28,175
		1,311,052		1,518,576
Exploration and evaluation properties (Note 4)		21,547,523		21,401,202
Land (Note 5)		28,506		28,506
Performance bonds		31,980		30,960
Right-of-use asset (Note 6)		122,660		137,680
	$	23,041,721	$	23,116,924
Liabilities
Current liabilities:
Trade payables and accrued liabilities	$	257,688	$	458,776
Current portion of lease liability (Note 6)		30,039		30,039
Amounts due to related parties (Note 9)		361,200		465,185
		648,927		954,000
Long-term liabilities:
Long-term portion of lease liability (Note 6)		110,277		121,778
Loan facility (Note 7)		1,057,008		995,339
		1,167,285		1,117,117
		1,816,212		2,071,117
Equity
Share capital (Note 8)		30,294,844		29,665,310
Subscription receipts		-		(105,214)
Stock options reserve		3,250,543		3,250,543
Warrants reserve		530,054		530,054
Accumulated deficit		(12,849,932)		(12,294,886)
		21,225,509		21,045,807
	$	23,041,721	$	23,116,924
Nature of Operations (Note 1)
Event Subsequent to the end of the Period (Note 13)
On Behalf of the Board of Directors:
"J. Garfield MacVeigh"	"G. Ross McDonald"
___________________________	___________________________
Director	Director

See accompanying notes to the condensed interim consolidated financial statements.

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Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the three and six months ended April 30, 2022 and 2021

(Expressed in Canadian dollars)

		Three months ended April 30		Six months ended April 30
		2022		2021		2022			2021
Expenses:
Amortization (Note 6)	$	7,510	$	7,510	$	15,020		$	15,020
Consulting		10,136		15,000		15,630			28,143
Finance expense (Note 7)		3,640		3,617		7,932			6,809
General and administrative		61,476		16,589		134,971			59,613
Insurance		5,875		50		11,750			50
Interest		-		5,005		-			10,184
Legal		88,737		2,064		186,296			79,761
Loan accretion (Note 7)		5,093		4,920		11,099			9,266
Loan interest (Note 7)		23,286		23,135		42,639			49,067
Professional fees - audit		10,187		3,900		21,542			11,900
Salaries, wages and benefits		56,769		59,264		96,296			93,515
Shareholder communications		2,236		955		4,939			2,418
Share-based payments (Note 8(b))		-		4,020		-			11,485
Loss from operations		(274,945)		(146,029)		(548,114)			(377,231)
Other Items:
Interest income	$	-	$	-	$	79		$	125
Foreign exchange		969		(71,764)		(7,011)			(54,594)
Net and comprehensive loss for the period	$	(273,976)	$	(217,793)	$	(555,046)		$	(431,700)
Basic and diluted loss per share	$	(0.00)	$	(0.00)	$	(0.01)	$		(0.01)
Weighted average number of common shares outstanding		60,317,867		48,699,528		60,317,867			48,699,528

See accompanying notes to the condensed interim consolidated financial statements.

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Condensed Interim Consolidated Statements of Cash Flows

For the six months ended April 30, 2022 and 2021

(Expressed in Canadian dollars)

		2022		2021
Cash provided by (used in):
Operations:		(555,046)	$	(431,700)
Net loss for the period	$
Items not affecting cash:
Amortization (Note 6)		15,020		15,020
Foreign exchange		(1,020)		4,793
Share-based payments (Note 8(b))		-		11,485
Loan facility interest, finance expense and accretion (Note 7)		61,669		70,321
Changes in non-cash working capital accounts:
Amounts receivable		112,328		82,015
Trade payables and accrued liabilities		7,962		(433,277)
Exploration costs recoverable from partner		-		1,720
Amounts due to related parties (Note 9)		(103,985)		572,703
Advances and prepaid expenses		17,340		-
		(445,732)		(106,920)
Investing activities:
Cost recoveries adjustment- Palmer project management fees	$	(19,448)	$	-
Exploration and evalution properties (Note 4)		59,627		(94,144)
Purchase of equipment		-		(19,817)
		40,179		(113,961)
Financing activities:
Exercise of stock options (Note 8(a))		33,750		-
Exercise of warrants (Note 8(a))		63,000		-
Exercise of finders' warrants (Notes 8(a) and (c))		137,234		65,333
Subscriptions received		105,214		-
Principal repayments on lease liability (Note 6)		(11,501)		(11,629)
		327,697		53,704
Net change in cash		(77,856)		(167,177)
Cash, beginning of year		1,168,348		268,101
Cash, end of period	$	1,090,492	$	100,924
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Interest income	$	72	$	125
Shares issued for mineral property (Notes 4(b)(ii)) and 8(c))		69,000		-
Trade payables (consulting fees paid in shares) (Note 8(a))		209,050		-
Accounts payable related to exploration and evaluation properties		-		74,268

See accompanying notes to the condensed interim consolidated financial statements.

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