Peloton Minerals Corporation

Condensed Interim Consolidated Financial Statements

(Expressed in United States Dollars)

(Unaudited)

For the Nine and Three Months Ended September 30, 2021

1

Management's Responsibility for Interim Financial Statements

The accompanying unaudited condensed interim financial statements of Peloton Minerals Corporation (the "Company" or "Peloton") are the responsibility of management.

The unaudited condensed interim financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies disclosed in the notes to the unaudited condensed interim financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the unaudited condensed interim financial statements have been prepared within acceptable limits of materiality and are in accordance with International Accounting Standard 34, "Interim Financial Reporting", using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.

Management has established processes, which are in place to provide it sufficient knowledge to support management representations that it has exercised reasonable diligence that (i) the unaudited condensed interim consolidated financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of and for the periods presented by, the unaudited condensed interim consolidated financial statements and (ii) the unaudited condensed interim consolidated financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented by the unaudited condensed interim consolidated financial statements.

The Board of Directors is responsible for reviewing and approving the unaudited condensed interim financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the unaudited condensed interim financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the unaudited condensed interim financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

"Edward Ellwood"

"Eric Plexman"

(signed)

(signed)

Notice to Reader

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed 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 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 unaudited condensed interim financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim financial statements by an entity's auditor.

2

Peloton Minerals Corporation

Interim Consolidated Statements of Financial Position

(Expressed in United States Dollars)

As at (Unaudited)

September 30,

December 31,

2021

2020

Assets

Current

Cash

$

79,352

$

497,338

HST receivable

2,516

8,955

Prepaid expenses

16,883

19,302

98,751

525,595

Equipment (Note 3)

43,129

49,939

Reclamation bonds (Note 5)

43,695

30,845

$

185,575

$

606,379

Liabilities

Current

Accounts payable and accrued liabilities (Notes 6 and 11)

$

524,570

$

409,335

Convertible debenture (Note 7)

100,000

97,337

624,570

506,672

Derivative liability - convertible debenture (Note 7)

73,984

130,024

Derivative liability - foreign currency warrants (Note 9)

622,314

1,625,276

1,320,868

2,261,972

Shareholders' Deficiency

Capital stock (Note 8)

10,402,858

10,259,963

Contributed surplus

2,250,270

2,232,386

Deficit

(13,788,421)

(14,147,942)

(1,135,293)

(1,655,593)

$

185,575

$

606,379

Nature of Operations and Going Concern (Note 1)

Commitments (Note 14)

Subsequent events (Note 15)

See accompanying notes.

3

Peloton Minerals Corporation

Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) For the Nine and Three Months Ended September 30

(Expressed in United States Dollars) (Unaudited)

For the Nine Months Ended

For the Three Months Ended

September 30,

September 30,

2021

2020

2021

2020

Expenses

Office and administrative costs

$

375,642

$

316,832

$

131,863

$

146,640

Professional fees

43,782

43,563

14,564

14,920

Exploration and evaluation

expenditures (Note 4)

349,100

93,265

98,458

69,846

Foreign exchange loss (gain)

2,228

(6,472)

(7,524)

8,446

Stock-based compensation

-

24,113

-

24,113

Depreciation

6,810

6,810

2,270

2,270

777,562

478,111

239,631

266,235

Other expenses (income)

Loss (gain) on revaluation of foreign

currency warrants (Note 9)

(1,117,576)

(69,640)

(545,453)

329,979

Loss (gain) on revaluation of

derivative liability (Note 7)

(56,040)

(24,872)

(38,767)

26,310

Accretion expense

2,663

15,898

-

5,641

Fair value of warrants extended

33,870

219,668

-

126,202

(1,137,083)

141,054

(584,220)

488,132

Net (loss) income and comprehensive

income (loss) for the period

$

359,521

$

(619,165)

$

344,589

$

(754,367)

(Loss) earnings per share (Note 10)

Basic and diluted

$

0.003

$

(0.007)

$

0.003

$

(0.008)

Weighted average number of common shares outstanding (Note 10)

Basic and diluted

103,371,384

87,544,808

105,560,192

91,415,703

See accompanying notes.

4

Peloton Minerals Corporation

Interim Consolidated Statements of Changes in Equity (Deficiency)

(Expressed in United States Dollars)

For the Nine Months Ended September 30,

Number of

Capital

Contributed

Shares

Stock

Surplus

Deficit

Total

Balance, January 1, 2020

84,621,354

$

9,629,754

$

2,031,405

$(12,900,062)

$(1,238,903)

Net loss and comprehensive loss

-

-

-

(619,165)

(619,165)

Units issued for cash

11,192,893

618,916

-

-

618,916

Allocated to warrants

-

(207,992)

-

-

(207,992)

Stock-based compensation

-

-

24,113

-

24,113

Balance, September 30, 2020

95,814,247

$

10,040,678

$

2,055,518

$(13,519,227)

$ (1,423,031)

Net loss and comprehensive loss

-

-

-

(628,715)

(628,715)

Units issued for cash

4,246,667

241,862

-

-

241,862

Units issued for exploration services

720,000

40,543

-

-

40,543

Allocated to warrants

-

(97,475)

-

-

(97,475)

Units issuance fees

-

(9,096)

-

-

(9,096)

Broker units

-

(17,038)

17,038

-

-

Exercise of warrants

637,727

60,489

-

-

60,489

Stock-based compensation

-

-

159,830

-

159,830

Balance, December 31, 2020

101,418,641

$

10,259,963

$

2,232,386

$(14,147,942)

$ (1,655,593)

Units issued for cash (Note 8)

4,301,334

260,861

-

-

260,861

Allocated to warrants (Note 8)

-

(80,744)

-

-

(80,744)

Units issuance fees (Note 8)

-

(19,338)

-

-

(19,338)

Broker units (Note 8 and 9)

-

(17,884)

17,884

-

-

Net income and comprehensive income

-

-

-

359,521

359,521

Balance, September 30, 2021

105,719,975

$

10,402,858

$

2,250,270

$(13,788,421)

$ (1,135,293)

See accompanying notes.

5

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Peloton Minerals Corp. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 21:00:05 UTC.