GRID METALS CORP.

INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022

INDEX

Consolidated Statements of Financial Position

1

Consolidated Statements of Operations and Comprehensive Loss

2

Consolidated Statements of Changes in Shareholders' Equity

3

Consolidated Statements of Cash Flows

4

Notes to the Consolidated Financial Statements

5

Notice of no auditor review of interim financial statements:

Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim unaudited condensed consolidated financial statements, they must be accompanied by a notice indicating that the interim condensed consolidated financial statements have not been reviewed by an auditor.

The accompanying interim unaudited condensed 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 interim condensed consolidated financial statements.

GRID METALS CORP.

INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT

(In Canadian dollars)

March 31,

December 31,

2022

2021

ASSETS

Current

Cash

$5,891,944

$2,895,647

Marketable securities, (Note 5)

26,647

12,147

Amount receivable from a government

169,996

47,162

Prepaids

415,533

16,213

Total current assets

6,504,120

2,971,169

Capital assets (Notes 6 and 10)

63,380

30,359

Total assets

$6,567,500

$3,001,528

LIABILITIES

Current

Accounts payable and accrued liabilities, (Notes 9 and 13)

$260,191

$258,615

Lease obligations, (Note 10)

12,893

12,733

Exploraion program advances (Note 11)

539,980

-

Flow through share premium, (Note 8(a))

167,090

167,090

Total current liabilities

980,154

438,438

Non-current

Term loan payable, (Note 12)

60,000

60,000

Long term lease obligations, (Note 10)

14,712

17,996

Total liabilities

1,054,866

516,434

SHAREHOLDERS' EQUITY

Capital stock, (Note 7)

56,894,568

55,192,232

Contributed surplus

9,704,280

9,147,409

Deficit

(61,086,214)

(61,854,547)

Total shareholders' equity

5,512,634

2,485,094

Total liabilities and shareholders' equity

$6,567,500

$3,001,528

Going concern (Note 2)

Commitments and contingencies (Notes 8 and 9)

Approved on Behalf of the Board

'Thomas W. Meredith'

Director

'Robin E. Dunbar'

Director

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

1

GRID METALS CORP.

INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In Canadian dollars)

Three months ended March 31

2022

2021

Expenses

Exploration and evaluation expenditures

$

2,997,298

$

932,954

Office, general and administrative

148,050

121,176

Professional and consulting fees

88,330

50,342

Management fees and directors fees (Note 13)

66,250

74,750

Public company costs

61,056

67,122

Share-based payments, (Note 7(b))

550,969

-

Amortization, (Note 6)

4,464

2,788

Flow-through share premium recovery (Note 7(a))

-

(519,761)

Loss from operations before the undernoted

(3,916,417)

(729,371)

Other income (expense)

7,000

9,044

Gain on joint venture transaction

4,677,750

-

Net income (loss) and comprehensive loss for the period

$

768,333

$

(720,327)

Net income (loss) per share

Basic and diluted

$

0.01

$

(0.01)

Weighted average number of common shares outstanding - basic

and diluted

87,646,078

77,940,388

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

2

GRID METALS CORP.

INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE PERIODS ENDED MARCH 31, 2022 AND 2021

(In Canadian dollars)

Capital Stock

Contributed

# of shares

Amount

Surplus

Deficit

Total

Balance, December 31, 2020

77,882,099

$52,606,067

$7,967,037

$(58,073,878)

$2,499,226

Common shares issued in connection with unit private placements (Note 7(a))

9,588,363

2,109,440

-

-

2,109,440

Flow through common shares issued in connection with a private placment (Note 7(a))

5,562,240

1,390,560

-

-

1,390,560

Flow through share premium (Note 7(a))

-

(167,090)

-

-

(167,090)

Fair value assigned to warrants issued in connection with the private placement (Note 7(c))

-

(794,763)

794,763

-

-

Cash share issue costs (Note 7(a))

-

(244,365)

-

-

(244,365)

Shares issued for RSU vesting

100,000

25,000

(25,000)

-

-

Shares issued in satisfaction of a property acquisition(Note 7(a))

250,000

46,750

-

46,750

Stock-based compensation (Note 7(b))

-

-

527,840

-

527,840

Warrants expired (Note 7(c))

-

-

(72,000)

72,000

-

Warrants exercised (Note 7(c))

1,109,600

175,402

-

-

175,402

Original fair value of warrants exercised (Note 7(c))

-

45,231

(45,231)

-

-

Net loss for the year

-

-

-

(3,852,669)

(3,852,669)

Balance, December 31, 2021

94,492,302

55,192,232

9,147,409

(61,854,547)

2,485,094

Common shares issued in connection with unit private placements (Note 7(a))

13,962,404

1,650,356

-

-

1,650,356

Cash share issue costs (Note 7(a))

-

(9,400)

-

-

(9,400)

Shares issued in satisfaction of a property acquisition(Note 7(a))

558,000

61,380

5,902

-

67,282

Stock-based compensation (Note 7(b))

-

-

550,969

-

550,969

Net loss for the period

-

-

-

768,333

768,333

Balance, March 31, 2022

109,012,706

$56,894,568

$9,704,280

$(61,086,214)

$5,512,634

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

3

GRID METALS CORP.

INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

(In Canadian dollars)

Three months ended March 31,

2022

2021

Cash flows used in operating activities

Net income (loss) for the year

$

768,333

$

(720,327)

Adjustments not affecting cash

Shares issued for property acquisition

61,380

Amortization

4,464

2,788

Flow-through share premium recovery

-

(519,761)

Share based payments

550,969

-

Interest on lease obligations

242

-

(Gain) loss on marketable securities

(7,000)

(9,044)

Changes in non-cash working capital

Amounts receivable

(122,834)

(61,120)

Unrealized loss (gain) on marketable securities

-

-

Prepaids

(399,320)

(172,553)

Lease obligations

(3,124)

-

Accounts payable and accrued liabilities

1,576

392,099

Advance on exploration

539,980

Cash flows used in operating activities

1,394,666

(1,087,918)

Cash flows used in investing activities

Additions to capital assets

(34,232)

-

Cash flows used in investing activities

(34,232)

-

Cash flows from financing activities

Payment of lease obligations

(3,495)

(2,948)

Issuance of common shares and warrants

1,650,356

-

Share issue costs

(9,400)

-

Term loan proceeds

-

-

Warrants issued in satisfaction of a property acquisition

5,902

Share received pursuant to property sale

(7,500)

-

Proceeds on sale of maretable securities

-

60,218

Proceeds on exercise of warrants

-

49,402

Cash flows provided by financing activities

1,635,863

106,672

Change in cash for the year

2,996,297

(981,246)

Cash, beginning of year

2,895,647

3,033,899

Cash, end of year

$

5,891,944

$

2,052,653

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

4

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Grid Metals Corp. published this content on 12 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 July 2022 21:43:02 UTC.