Genesis Metals : FS 3rdQtr 12 31 2021

Condensed Interim Consolidated Financial Statements For the nine months ended December 31, 2021 and 2020 (Unaudited - Expressed in Canadian Dollars)

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 condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the condensed interim consolidated 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 Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

GENESIS METALS CORP.

Condensed Interim Consolidated Statements of Financial Position as at, (Expressed in Canadian dollars) - Unaudited

	December 31,	March 31,
Note	2021	2021

Assets

Current assets:
Cash	$	1,927,027	$	3,089,455
Receivables		148,073		210,488
Prepaid expenses		54,453		63,779
		2,129,553		3,363,722
Exploration and evaluation assets	4	1,492,368		1,492,368
Equipment	5	9,746		12,848
	$	3,631,667	$	4,868,938

Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable and accrued liabilities	6	$	59,001	$	337,293
Due to related parties		8		54,130		70,562
Flow-through premium liability		7		183,238		459,911
				296,369		867,766
Shareholders' equity:
Share capital		9		28,621,271		27,548,329
Share-based payments reserve		9		4,552,455		4,300,040
Deficit				(29,838,428)		(27,847,197)
				3,335,298		4,001,172
			$	3,631,667	$	4,868,938
Nature of operations and going concern (Note 1)
Subsequent event (Note 13)
Approved on behalf of the Board on February 14, 2022:
"Jeff Sundar"	Director			"Robert Scott"		Director
Jeff Sundar				Robert Scott

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

Page 3 of 17

GENESIS METALS CORP.

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars) - Unaudited

		Three Months Ended	Nine Months Ended
		December 31,	December 31,
	Note	2021	2020	2021	2020
Expenses
Accounting and audit		9,110	6,510	55,240	44,790
Amortization	5	961	961	3,101	3,101
Consulting	8	91,720	56,360	260,259	203,681
Director fees	8	13,500	14,100	40,500	59,100
Exploration and evaluation expenditures	4	231,564	848,966	2,004,551	1,776,066
Insurance		2,500	3,532	10,946	9,617
Investor relations		9,538	134,534	77,018	531,393
Listing and filing fees		7,771	5,021	24,297	20,624
Office and sundry		15,096	11,930	47,661	31,566
Professional fees		-	-	13,149	10,617
Property investigation		-	-	-	10,100
Salaries and management fees	8	38,250	27,000	92,250	81,608
Share-based payments	8, 9(d)	-	-	216,576	429,056
Travel		1,083	2,123	5,329	20,130
		(421,093)	(1,111,037)	(2,850,877)	(3,231,449)
Interest income		4,208	7,028	15,260	19,536
Other income	7	98,961	369,461	686,922	759,508
Recovery of accounts payable		-	-	157,464	-
		103,169	376,489	859,646	779,044
Loss and comprehensive loss for the		(317,924)	(734,548)	(1,991,231)	(2,452,405)
period
Loss per share - basic and diluted		(0.01)	(0.01)	(0.04)	(0.05)
Weighted average number of common		60,878,337	52,050,364	54,775,016	48,253,921
shares outstanding

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

Page 4 of 17

GENESIS METALS CORP.

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian dollars) - Unaudited

	Number of		Share Capital			Reserves		Deficit		Total
	Shares
Balance at March 31, 2020	43,756,566		$ 24,878,186		$	3,797,431		$ (24,704,060)		$ 3,971,557
Shares issued for cash	8,047,355		3,010,399			-		-		3,010,399
Flow-through premium liability	-		(757,140)			-		-		(757,140)
Share issuance costs	-		(80,016)			27,417		-		(52,599)
Share-based payments	-		-			429,056		-		429,056
Warrants exercised	246,443		96,184			(33,654)		-		62,530
Loss for the period	-		-			-		(2,452,405)		(2,452,405)
Balance at December 31, 2020	52,050,364		$ 27,147,613		$	4,220,250		$ (27,156,465)		$ 4,211,398
Balance at March 31, 2021	54,330,090	$	27,548,329	$		4,300,040	$	(27,847,197)	$	4,001,172
Private Placement Flow-through	8,504,168		1,641,000			-		-		1,641,000
Shares issued for community relations	100,000		10,500			500		-		11,000
(Note 4b)
Flow-through premium liability (Note 7)	-		(410,250)			-		-		(410,250)
Share issuance costs - cash	-		(132,969)			-		-		(132,969)
Share issuance costs - finder warrants	-		(35,339)			35,339				-
Share-based payments	-		-			216,576				216,576
Loss for the period	-		-			-		(1,991,231)		(1,991,231)
Balance at December 31, 2021	62,934,258	$	28,621,271	$		4,552,455	$	(29,838,428)	$	3,335,298

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