Constantine Metal Resources : Third Quarter Report -July 31, 2022

Condensed Interim Consolidated Financial Statements of

CONSTANTINE METAL RESOURCES LTD.

(Expressed in Canadian Dollars)

For the nine months ended July 31, 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 July 31, 2022 and October 31, 2021

(Expressed in Canadian dollars)

		July 31,		October 31,
		2022		2021
Assets
Current assets:
Cash	$	901,723	$	1,168,348
Amounts receivable		201,522		322,053
Advances and prepaid expenses		4,960		28,175
		1,108,205		1,518,576
Exploration and evaluation properties (Note 4)		21,725,146		21,401,202
Land (Note 5)		28,506		28,506
Performance bonds		32,060		30,960
Right-of-use asset (Note 6)		115,151		137,680
	$	23,009,068	$	23,116,924
Liabilities
Current liabilities:
Trade payables and accrued liabilities	$	254,832	$	458,776
Current portion of lease liability (Note 6)		30,039		30,039
Amounts due to related parties (Note 9)		248,752		465,185
		533,623		954,000
Long-term liabilities:
Long-term portion of lease liability (Note 6)		103,932		121,778
Loan facility (Note 7)		1,090,627		995,339
		1,194,559		1,117,117
		1,728,182		2,071,117
Equity
Share capital (Note 8)		30,656,435		29,665,310
Subscription receipts		-		(105,214)
Stock options reserve		3,217,952		3,250,543
Warrants reserve		530,054		530,054
Accumulated deficit		(13,123,555)		(12,294,886)
		21,280,886		21,045,807
	$	23,009,068	$	23,116,924
Nature of Operations (Note 1)
Events 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 nine months ended July 31, 2022 and 2021

(Expressed in Canadian dollars)

		Three months ended July 31		Nine months ended July 31
		2022		2021		2022			2021
Expenses:
Amortization (Note 6)	$	7,509	$	7,509	$	22,529		$	22,529
Consulting		26,351		-		41,981			28,143
Finance expense (Note 7)		3,821		3,532		11,753			10,341
General and administrative		20,258		17,505		155,150			76,993
Insurance		6,692		1,459		18,442			1,509
Interest		-		4,829		-			15,013
Legal		135,967		(428)		322,263			79,333
Loan accretion (Note 7)		5,347		4,968		16,446			14,234
Loan interest (Note 7)		24,450		23,361		67,089			72,428
Professional fees - audit		7,933		8,000		29,475			19,900
Salaries, wages and benefits		46,963		79,592		143,259			173,107
Shareholder communications		450		1,790		5,389			4,208
Share-based payments (Note 8(b))		-		1,722		-			13,207
Loss from operations		(285,741)		(153,839)		(833,776)			(530,945)
Other Items:
Foreign exchange		13,087		19,715		5,107			(34,879)
Net and comprehensive loss for the period	$	(272,654)	$	(134,124)	$	(828,669)		$	(565,824)
Basic and diluted loss per share	$	(0.00)	$	(0.00)	$	(0.01)	$		(0.01)
Weighted average number of common shares outstanding		60,619,824		48,808,397		60,619,824			48,808,397

See accompanying notes to the condensed interim consolidated financial statements.

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Condensed Interim Consolidated Statements of Cash Flows

For the nine months ended July 31, 2022 and 2021

(Expressed in Canadian dollars)

		2022		2021
Cash provided by (used in):
Operations:		(828,669)	$	(565,824)
Net loss for the period	$
Items not affecting cash:
Amortization (Note 6)		22,529		22,529
Foreign exchange		(1,100)		3,972
Share-based payments (Note 8(b))		-		13,207
Loan facility interest, finance expense and accretion (Note 7)		95,288		102,182
Changes in non-cash working capital accounts:
Amounts receivable		120,531		67,824
Trade payables and accrued liabilities		33,968		(398,346)
Amounts due to related parties (Note 9)		(216,433)		572,703
Advances and prepaid expenses		23,215		995
		(750,671)		(180,758)
Investing activities:
Exploration and evalution properties - net of cost recovery (Note 4)		28,694		186,108
Purchase of equipment		-		(19,098)
		28,694		167,010
Financing activities:
Exercise of stock options (Note 8(a))		33,750		-
Exercise of warrants (Note 8(a))		197,000		-
Exercise of finders' warrants (Notes 8(a) and (c))		137,234		65,333
Subscriptions received		105,214		450,800
Principal repayments on lease liability (Note 6)		(17,846)		(17,211)
		455,352		498,922
Net change in cash		(266,625)		485,174
Cash, beginning of year		1,168,348		268,101
Cash, end of period	$	901,723	$	753,275
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Interest income	$	-	$	-
Shares issued for mineral property (Notes 4(b)(ii)) and 8(c))		381,500		95,000
Trade payables (consulting fees paid in shares) (Note 8(a))		209,050		-
Accounts payable related to exploration and evaluation properties		-		106,872

See accompanying notes to the condensed interim consolidated financial statements.

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