Oceanic Iron Ore : June/23 Financials

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three and six months ended June 30, 2023 and 2022

Unaudited - Expressed in Canadian Dollars, unless otherwise noted

NOTICE OF DISCLOSURE OF NON-AUDITOR REVIEW OF THE CONDENSED INTERIM

CONSOLIDATED FINANCIAL STATEMENTS

Pursuant to National-Instrument51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities administrators, 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 consolidated interim financial statements of Oceanic Iron Ore Corp. (the "Company") for the interim period ended June 30, 2023, have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board applicable to the preparation of interim financial statements including International Accounting Standard 34 - Interim Financial Reporting and are the responsibility of the Company's management.

The Company's independent auditor, Saturna Group Chartered Professional Accountants LLP, has not performed a review of these condensed consolidated interim financial statements.

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Oceanic Iron Ore Corp.

Condensed Consolidated Interim Statements of Financial Position (Unaudited - expressed in Canadian Dollars)

		As at		As at
	Notes	June 30, 2023		December 31, 2022
Assets
Current
Cash	$	508,054	$	662,818
Receivables		4,773		5,869
Prepaid expenses and deposits		14,931		6,976
		527,758		675,663
Mineral properties	3	44,276,252		44,178,442
Total assets	$	44,804,010	$	44,854,105
Liabilities
Current
Accounts payable and accrued liabilities	$	330,931	$	346,651
Due to related parties	7	320,978		197,149
Current portion of advance royalty payable	3	187,204		169,529
Current portion of convertible debentures	4	1,048,316		1,075,996
		1,887,429		1,789,325
Non-current portion of advance royalty payable	3	467,346		423,221
Non-current portion of convertible debentures	4	3,416,782		3,433,997
Total liabilities		5,771,557		5,646,543
Shareholders' equity
Share capital		62,185,038		61,886,678
Reserves		11,269,316		11,243,969
Deficit		(34,421,901)		(33,923,085)
Total shareholders' equity		39,032,453		39,207,562
Total liabilities and shareholders equity	$	44,804,010	$	44,854,105
Nature of operations and going concern	1
Commitments	6
Approved by the Board:
" Steven Dean "	Director
" Gordon Keep "	Director

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

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Oceanic Iron Ore Corp.

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

		Three months ended	Three months ended		Six months ended		Six months ended
	Notes		June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Expenses
Consulting and management fees	7	$	73,750	$	58,750	$	147,500	$	117,500
Directors' fees	7		7,500		7,500		15,000		15,000
License and insurance			5,852		7,161		12,427		16,992
Office and general			3,906		3,562		9,317		7,279
Professional fees expense			6,598		14,181		10,531		26,705
Rent	7		2,668		2,612		5,335		5,211
Share-based compensation	7		43,660		17,018		43,660		39,186
Transfer agent and regulatory			8,946		6,145		15,199		8,982
Wages and benefits	7		1,975		17,264		4,695		34,239
Loss from operations			(154,855)		(134,193)		(263,664)		(271,094)
Other income (expenses)
Gain (loss) on non-cash derivative liabilities	4		1,021,577		887,306		32,704		(24,150)
Convertible debenture accretion expense	4		(134,681)		(100,177)		(267,856)		(199,056)
Total other income (expenses)			886,896		787,129		(235,152)		(223,206)
Net income (loss) and comprehensive income (loss) for the period		$	732,041	$	652,936	$	(498,816)	$	(494,300)
Income (loss) per common share
Basic		$	0.01	$	0.01	$	(0.00)	$	(0.01)
Diluted		$	0.01	$	0.01	$	(0.00)	$	(0.01)
Weighted average number of common shares outstanding
Basic			102,392,646		96,768,302		101,822,734		93,923,320
Diluted			117,444,789		119,470,130		101,822,734		93,923,320

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

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Oceanic Iron Ore Corp.

Condensed Consolidated Interim Statements of Changes in Equity (Unaudited - Expressed in Canadian Dollars, except number of shares)

	Notes	Shares		Share capital		Reserves		Deficit		Total equity
Balance - January 1, 2023		99,727,021	$	61,886,678	$	11,243,969	$	(33,923,085)	$	39,207,562
Share-based payments - stock options	5c	-		-		43,660		-		43,660
Shares issued on settled restricted share units	5b	227,491		18,313		(18,313)		-		-
Shares issued on settled debenture interest	4	3,766,275		280,047		-		-		280,047
Net loss for the period		-		-		-		(498,816)		(498,816)
Balance - June 30, 2023		103,720,787	$	62,185,038	$	11,269,316	$	(34,421,901)	$	39,032,453

		Shares		Share capital		Reserves		Deficit		Total equity
Balance - January 1, 2022		96,672,967	$	61,633,048	$	11,205,166	$	(32,863,178)	$	39,975,036
Share-based payments - stock options	5c	-		-		39,186		-		39,186
Shares issued on settled restricted share units	5b	95,335		8,580		(8,580)		-		-
Net loss for the period		-		-		-		(494,300)		(494,300)
Balance - June 30, 2022		96,768,302	$	61,641,628	$	11,235,772	$	(33,357,478)	$	39,519,922

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

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