JAZZ RESOURCES INC.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2022 AND 2021

(Expressed in Canadian dollars)

(UNAUDITED - PREPARED BY MANAGEMENT)

NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED 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 financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated financial statements 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 standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements by an entity's auditor.

JAZZ RESOURCES INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at March 31, 2022 and June 30, 2021

(Unaudited - Prepared by Management)

Nature and continuance of operations and going concern (Note 1)

Subsequent events (Note 15)

Approved and authorized on behalf of the Board:

"Rob Klenk"

Director

"Kirk Fisher"

Director

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

Page 3 of 20

JAZZ RESOURCES INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS For the three and nine months ended March 31, 2022 and 2021.

(Unaudited - Prepared by Management)

Three Month Period

Three Month Period

Nine Month Period

Nine Month Period

Note

Ended March 31,

Ended March 31,

Ended March 31,

Ended March 31,

2022

2021

2022

2021

EXPENSES

Filing fees

$

10,655

$

10,708

$

12,618

$

13,100

Interest and charges

8,9

33,361

(25)

121,369

18,435

Office and miscellaneous

32,331

8,488

42,527

25,354

Accretion expense

9

54,398

-

197,903

-

Professional fees

37,249

108,036

127,164

158,902

Consulting fees

38,055

10,000

130,240

35,795

Transfer agent fees

2,181

6,095

40,205

6,759

Share based compensation

10

38,478

76,089

117,146

76,089

Total general and administrative expenses

246,709

219,392

789,172

334,434

Gain on forgiveness of loan

8

-

-

(2,208)

-

Loss and comprehensive loss for the period

$

(246,709)

$

(219,392)

$

(786,964)

$

(334,434)

Basic and diluted loss per common share

$

(0.01)

$

(0.02)

$

(0.04)

$

(0.04)

Weighted average number of common shares

outstanding - basic and diluted

23,516,966

14,464,310

21,962,667

8,984,196

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

Page 4 of 20

JAZZ RESOURCES INC.

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) For the nine months ended March 31, 2022 and 2021.

(Unaudited - Prepared by Management)

Number of

Subscriptions

Contributed

Equity Portion of

Note

Share Capital

Convertible

Deficit

Total

Shares

Receivable

Surplus

Debentures

Balance, June 30, 2020

2,576,885

$

4,193,934

$

-

$

842,508

$

-

$

(5,449,628)

$

(413,186)

Shares issued in private placement

10

12,053,150

2,486,915

-

-

-

-

2,486,915

Shares isssued to settle loan payable

10

350,000

70,000

-

-

-

-

70,000

Shares issued in acquisition of mineral rights

5, 10

3,150,000

1,072,500

-

-

-

-

1,072,500

Broker warrants in connection with private placement

10

-

(12,461)

-

12,461

-

-

-

Subscriptions received

10

-

-

(32,500)

-

-

-

(32,500)

Share based compensation

10

-

-

76,089

-

-

76,089

Exercise of warrants

10

61,350

12,270

-

-

-

-

12,270

Net loss for the period

-

-

-

-

-

(334,434)

(334,434)

Balance, March 31, 2021

18,191,385

7,823,158

(32,500)

931,058

-

(5,784,062)

2,937,654

Shares issued in private placement

10

38,850

118,335

18,200

-

-

-

136,535

Share issuance costs

10

-

(61,853)

-

-

-

-

(61,853)

Shares issued in acquisition of net profit interests

5, 10

1,975,000

908,500

-

-

-

-

908,500

Broker warrants in connection with private placement

10

-

(7,754)

-

7,754

-

-

-

Share based compensation

10

-

-

-

17,225

-

-

17,225

Equity portion of convertible debenture

9

-

-

-

-

378,542

-

378,542

Net loss for the period

-

-

-

-

-

(134,041)

(134,041)

Balance, June 30, 2021

20,205,235

8,780,386

(14,300)

956,037

378,542

(5,918,103)

4,182,562

Shares issued in private placement

10

1,876,671

1,349,350

(24,100)

-

-

-

1,325,250

Share issuance costs

10

-

(15,915)

-

-

-

-

(15,915)

Equity portion of convertible debenture

9

-

-

-

-

39,144

-

39,144

Broker warrants in connection with private placement

10

-

(5,809)

-

5,809

-

-

-

Expiry of broker warrants

10

-

4,266

-

(4,266)

-

-

-

Share based compensation

10

-

-

-

117,145

-

-

117,145

Exercise of warrants

10

4,310,360

1,530,628

(279,500)

-

-

-

1,251,128

Net loss for the period

-

-

-

-

-

(786,964)

(786,964)

Balance, March 31, 2022

26,392,266

$

11,642,906

$

(317,900)

$

1,074,725

$

417,686.00

$

(6,705,067)

$

6,112,350

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

Page 5 of 20

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Jazz Resources Inc. published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 01:19:04 UTC.