Emergent Metals : 2023 2nd Quarter Financials

EMERGENT METALS CORP.

(FORMERLY EMGOLD MINING CORPORATION)

(AN EXPLORATION STAGE COMPANY)

UNAUDITED CONDENSED INTERIM

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 June 2023 AND 2022

Stated in US Dollars

Table of Contents
Notice to Reader	i
Consolidated Statements of Financial Position	1
Consolidated Statements of Comprehensive Income (Loss)	2
Consolidated Statements of Changes in Shareholders' Equity	3
Consolidated Statements of Cashflows	4
Notes to the Condensed Interim Consolidated Financial Statements	5
1)	Nature of operations and going concern	5
2)	Basis of preparation - Statement of Compliance	5
3)	Financial instruments and risk management	7
4)	Accounts receivable	10
5)	Marketable securities	10
6)	Exploration and evaluation assets	11
7)	Related party transactions	24
8)	Share capital	24
9)	Equipment	27
10)	Flow-through shares premium liability	28
11)	Leases - right of use assets and lease liabilities	29
12)	Capital disclosures	30
13)	Segmented disclosure	25
14)	Commitment	26

NOTICE TO READER

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 interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management. The unaudited condensed interim consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards for the preparation of the condensed interim consolidated financial statements and are in accordance with IAS 34 - Interim Financial Reporting.

The Company's independent auditor has not performed a review of these unaudited condensed interim consolidated financial statements in accordance with standards established by the Canadian Chartered Professional Accountants for a review of interim financial statements by an entity's auditor.

	EMERGENT METALS CORP. (FORMERLY EMGOLD MINING CORPORATION)		Statement 1
	US Dollars
		CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
						As at
						June 30		December 31
				Note		2023		2022
	ASSETS
	Current assets
		Cash		$	60,258	$	688,124
						13,771
		Amounts receivable	4			185,882
		Due from related parties	7		10,344		-
		Marketable securities	5		5,861		222,153
		Prepaid expenses			68,316		142,856
						158,550		1,239,015
		Non-current assets
		Advance payments for assets acquisition	6(k)		116,742		114,192
		Deposit			4,500		4,500
		Equipment	9		41,932		46,713
		Exploration and evaluation assets	6		2,567,590		2,534,616
		Reclamation bonds			750		2,148
		Right-of-use asset	11		8,053		15,154
						2,739,567		2,717,323
		Total Assets		$	2,898,117	$	3,956,338
		LIABILITIES
		Current liabilities
		Accounts payable and accrued liabilities			583,524		1,030,081
		Deposit received			50		50
		Due to related parties	7		97,988		85,438
		Flow-through share premium liability	10		62,529		73,648
		Lease liability	11		8,930		16,792
		Warrant liability	8		182,448		1,406,769
		Total liabilities			935,469		2,612,778
		SHAREHOLDERS' EQUITY
		Share capital	8		48,879,669		48,838,993
		Warrants - reserve	8		1,014,788		1,014,788
		Options - reserve	8		7,917,845		7,865,859
		Accumulated Deficit			(55,849,654)		(56,376,080)
						1,962,648		1,343,560
	Total liabilities and equity		$	2,898,117	$	3,956,338
		Nature of operations and going concern (Note 1)
		Commitments (Note 14)
		Events after the reporting period (Note 15)
		Approved and authorized for issuance by the board of directors on August 24, 2023
		"David Watkinson"			"Andrew MacRitchie"
		David Watkinson, Director		Andrew MacRitchie, Director

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

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	EMERGENT METALS CORP. (FORMERLY EMGOLD MINING CORPORATION)		Statement 2
	US Dollars
	CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
				Three months ended June 30,		Six months ended June 30,
		Note		2023		2022		2023		2022
	EXPENSES
	Exploration and Evaluation
	Resource property expense	6	$	91,040	$	387,052	$	234,095	$	515,390
	General and Administrative
	Advertising and promotion			26,138		81,173		99,545		83,917
	Amortization	9		2,390		3,018		4,781		6,036
	Banking costs			479		427		824		3,179
	Depreciation of right-of-use asset	11		3,554		3,747		7,101		7,523
	Insurance			7,155		7,204		15,439		15,842
	Listing and filing fees			10,709		11,157		26,775		35,418
	Management and consulting			43,605		56,649		89,358		104,355
	Professional fees			41,938		30,630		74,534		57,466
	Office and administration			6,929		6,304		16,582		14,211
	Rent			7,154		5,550		13,747		10,532
	Share based compensation	7 & 8		-		-		51,986		-
	Travel			4,500		4,693		11,154		9,241
	Net Loss Before Other Items			(245,591)		(597,604)		(645,921)		(863,110)
	Other Items
	Sublet income			8,250		5,650		16,500		11,100
	Amortization of flow-through share premium liability	10		2,721		-		10,273		-
	Lease liability accetion expense	11		(398)		(1,056)		(958)		(2,248)
	Foreign exchange gain (loss)			2,563		24,702		(42,770)		21,227
	Loss on disposition of marketable securities	5		(25,834)		-		(89,881)		-
	Fair value adjustment for marketable securities	5		29,958		(54,323)		55,451		(78,594)
	Fair value adjustments for warrant liability	8		597,130		(494,398)		1,224,321		(199,964)
	Income (Loss) and comprehensive income (loss)			368,210		(423,758)		526,426		(418,318)
	Loss per share, basic and diluted			0.01		(0.03)		0.02		(0.03)

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

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