Mineral Mountain Resources : CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2022 AND 2021

MINERAL MOUNTAIN RESOURCES LTD.

CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED MARCH 31, 2022 AND 2021

(EXPRESSED IN CANADIAN DOLLARS)

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INDEPENDENT AUDITOR'S REPORT

To the Shareholders of Mineral Mountain Resources Ltd.

Opinion

We have audited the consolidated financial statements of Mineral Mountain Resources Ltd. (the "Company"), which comprise the consolidated statements of financial position as at March 31, 2022 and 2021, and the consolidated statements of comprehensive loss, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at March 31, 2022 and 2021, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards.

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 2 to the financial statements, which indicates that the Company has a history of losses with no operating revenue. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other Information

Management is responsible for the other information. The other information comprises the information included in Management's Discussion and Analysis.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

The engagement partner on the audit resulting in this independent auditor's report is Steven Reichert.

DALE MATHESON CARR-HILTON LABONTE LLP

CHARTERED PROFESSIONAL ACCOUNTANTS

Vancouver, BC

July 28, 2022

MINERAL MOUNTAIN RESOURCES LTD. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (EXPRESSED IN CANADIAN DOLLARS)

AS AT MARCH 31

	Note		2022		2021
ASSETS
Current assets
Cash		$	3,969	$	456,167
Sales tax recoverable			15,267		14,016
Prepaid expenses and deposits	4		148,499		151,340
			167,735		621,523
Non-current assets
Exploration and evaluation assets	7		10,450,842		10,072,947
Restricted cash	5		24,437		24,495
Property and equipment	6		94,356		143,937
			10,569,635		10,241,379
Total assets		$	10,737,370	$	10,862,902
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables	8	$	681,255	$	464,616
Amounts due to related parties	10		169,298		-
Lease liability - current portion	9		42,265		42,264
Loans payable to related parties	10		20,000		-
Non-current liabilities			912,818		506,880
Lease liability	9		45,467		77,858
Total liabilities			958,285		584,738
Equity
Share capital	11		49,599,852		49,401,602
Share subscription proceeds			7,380		-
Share-based payments reserve			2,966,871		3,015,395
Deficit			(42,795,018)		(42,138,833)
Total equity			9,779,085		10,278,164
Total liabilities and equity		$	10,737,370	$	10,862,902
Commitments (Note 9)
Events after the reporting period (Note 19)

The financial statements were authorised for issue by the board of directors on July 28, 2022 and were signed on its behalf by:

Nelson Baker

Director

Barry Coughlan

Director

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

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MINERAL MOUNTAIN RESOURCES LTD. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (EXPRESSED IN CANADIAN DOLLARS)

YEARS ENDED MARCH 31

	Note		2022		2021
EXPENSES
Consulting fees		$	47,773	$	92,437
Depreciation	6		47,544		44,076
Interest expenses			17,149		5,758
Management fee	10		339,000		324,000
Media and news dissemination			18,587		91,209
Office and miscellaneous			96,574		100,166
Professional fees	10		99,257		124,065
Rent			40,954		46,654
Share-based payments	10,12		117,173		312,467
Transfer agent and filing fees			47,793		44,294
Loss before items below			(871,804)		(1,185,126)
Interest income			44		164
Foreign exchange			(122)		67,248
Gain on sale of exploration and evaluation assets			50,000		-
Comprehensive loss for the year		$	(821,882)	$	(1,117,714)
Basic and diluted loss per common share	11	$	(0.01)	$	(0.01)

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

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