Lomiko Metals : Interim Financial Statements Quarter 2

LOMIKO METALS INC.

(An exploration stage company)

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited - Expressed in Canadian Dollars)

For the six-month periods ended January 31, 2022 and 2021

TO THE SHAREHOLDERS OF LOMIKO METALS INC.

Under National Instrument 51-102, Part 4, Subsection 4.3(3)(a), if an auditor has not performed a review of the unaudited condensed consolidated 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 consolidated interim financial statements of the Company have been prepared by management and have been reviewed and approved by the Company's Audit Committee and Board of Directors.

The Company's independent auditor has not performed an audit or a review of these unaudited condensed consolidated interim financial statements for the six-month periods ended January 31, 2022 and January 31, 2021.

LOMIKO METALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian Dollars)

ASSETS Current

Cash and cash equivalents (Note 3) Other receivables (Note 11) Prepaid expenses

Non-current

Due from associate (Note 4) Investments in associates (Note 4) Exploration and evaluation advances Exploration and evaluation assets (Note 5)

As at January 31, 2022

As at July 31, 2021

$

• 5,986,872 $ 66,271 70,300 6,123,443

5,039,834 99,399 107,428 5,246,661

152,857

4

480,370

6,651,355

152,857

4

105,000

6,023,063

7,284,586

6,280,924

• $ 13,408,029

• $ 11,527,585

  LIABILITIES Current

  Accounts payable and accrued liabilities (Note 7, 9 and 11)

  Flow-through premium liability (Note 8)

  EQUITY

  Share capital (Note 6) Reserves (Note 6) Deficit

  $

  88,894

• $ 172,680

659,742 328,075

748,636

500,755

37,761,843 35,839,156

4,818,936 2,947,824

(29,921,386) 12,659,393

(27,760,150)

1,026,830

$

13,408,029

Nature of Operations and Going Concern (Note 1)

Events after reporting period (Note 14)

Approved on behalf of the Board:

"Belinda Labatte"

Belinda Labatte - Chief Executive Officer

"Vincent Osbourne"

$

11,527,585

Vincent Osbourne- Chief Financial Officer & Corporate Secretary

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

LOMIKO METALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(Unaudited - Expressed in Canadian Dollars)

EXPENSES

Advertising and promotion Management and consulting fees (Note 11)

Office, general and administration Professional fees

Regulatory and filing fees Salaries and benefits Shareholder communications Share based payments (Note 6) Travel

Loss from operations Other income/(loss)

Interest income Amortization of flow-through premium liability (Note 8) Part XII.6 interest

Write down of exploration and evaluation assets

Loss before income tax Income tax recovery

Net loss and comprehensive loss for the period

Basic and Diluted Loss Per Share

Basic and Diluted Weighted Average Common Shares

Three Months Ended	Six Months Ended
January 31	January 31
2022 2021	2022 2021

$

• 127,397 $ 378,826

35,334

120,865

51,110

62,623

41,272 21,104

(838,531)

- 117,509 -

- 117,509

(721,022)

-

• $ (721,022)

$

• 28,017 $ 46,600 7,273 10,938 48,544

-21,318 214,522 1,787

277,160 $ 111,131

831,337 91,600

56,654 19,592

196,639 14,938

60,608 56,095

62,623

-41,999 23,665

730,437 467,022

33,134 3,306

(378,999)

(2,290,591)

(787,349)

-

-

(3,830)

1 129,354 -

-

- (3,830)

(972) (4,802)

- 129,355

(972)

(4,802)

(383,801)

-(2,161,236)

-

(792,151)

80

$

(383,801)

$

(2,161,236) $

(792,071)

(0.00)

248,951,697

$

139,489,658

(0.00)

(0.01) $ 243,513,578

(0.01)

127,142,158

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

LOMIKO METALS INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited - Expressed in Canadian Dollars)

Cash flows (used in) operating activities

Net (loss) from continuing operations Adjustments

Share based compensation Amortization of share-based payments

Changes in non-cash working capital items:

Other receivables

Share subscriptions receivable Prepaid expenses

Accounts payable

Cash flows from financing activities

Flow through shares

Issuance of shares for cash Options exercised Warrants exercised

Share subscriptions received Share issue costs

Cash flows used in investing activities

Exploration and evaluation expenditures Exploration and evaluation advance

Increase in cash

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

THREE MONTHS ENDED	SIX MONTHS ENDED
January 31	January 31
2022 2021	2022 2021

$

(721,022)

- (117,509)

$(383,801)

- 214,521

$

(2,161,236)

730,437 (129,354)

$ (792,071)

- 467,022

• (838,531) (169,280)

  33,397 -(117)

  8,167 182,500 8,099

• 1,725 (446,244)

(1,560,153)

33,128 - 37,127 (83,786)

(325,049)

7,178 (50,000)

5,210 (160,816)

(803,526)

(416,758)

(1,573,684)

(523,477)

2,120,700

1,516,000 -

64,400 -

(184,216)

985,000

200,000

67,500

88,700

761,125

(55,400)

• 2,120,700 985,000

• 1,516,000 697,500

  • 7,500 67,500

  • 64,400 88,700

- 761,125

3,516,884

2,046,925

(184,216) 3,524,384

(100,506) 2,499,319

• (195,999) (149,743)

• (367,480) (1,015,340)

• (628,292) (149,743)

• (375,370) (1,015,340)

(563,479)

(1,165,083)

(1,003,662) (1,165,083)

2,149,879 3,836,993

465,084 364,637

947,038 810,759

5,039,834 18,962

$

5,986,872

$ 829,721

$

5,986,872

$ 829,721

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