Canadian Palladium Resources : Interim Financial Report

CANADIAN PALLADIUM RESOURCES INC.

Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars)

Nine Month Period Ended

June 30, 2022 and 2021

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 condensed interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.

The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements. The accompanying condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management.

CondensedCanadianInterimPalladiumConsolidatedResourcesStatements of FinancialInc. Position

(Expressed in Canadian Dollars)

(Unaudited)

June 30,	September 30,
2022	2021
($)	($)

ASSETS	34,908	597,443
Current assets
Cash
Short-term investments (Note 6)	102,653	871,622
Receivables (Note 5)	17,857	133,175
Prepaid expenses	193,304	1,755,838
37,886	153,598
Restricted deposits (Note 7)	15,000	15,000
Exploration and evaluation assets (Note 9)	2,566,332	2,426,332
LIABILITIES AND SHAREHOLDERS' EQUITY	2,774,636	4,197,170
Accounts payable and accrued liabilities (Note 10 and 13)	808,566	665,643
Current liabilities	466,457	81,757
Notes payable (Note 11 and 13)
Flow-through liability (Note 12)	-	113,854
	1,275,023	861,254
Shareholders' equity	35,973,7904,186,818	35,883,7904,178,578
Share-capitalbased payments(Note 12)reserve (Note 12)
Accumulated other comprehensive income	9,019	(11,597)
Deficit	(38,670,014)	(36,714,855)
	1,499,613	3,335,916
	2,774,636	4,197,170

Nature of operations and going concern (Note 1)

Commitments (Note 17)

These consolidated financial statements were authorized for issue by the Board

of Directors on August 29, 2022. They are signed on behalf of the Board of Directors by:

Director	Director
"Michelle Gahagan"	"Wayne Tisdale"

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

CondensedCanadianInterimPalladiumConsolidatedResourcesStatements ofIncLoss.and Comprehensive Loss

(Expressed in Canadian Dollars)

(Unaudited)

	Three Month	Three Month	Nine Month	Nine Month
	Period Ended	Period Ended	Period Ended	Period Ended
	June 30,	June 30,	June 30,	June 30,
	2022	2021	2022	2021
Depreciation (Note 8)	($)	($)	($)	($)
-	2,233	-	3,508
EXPENSES	76,424	103,408	232,865	294,666
Consulting fees (Note 13)
Exploration and evaluation (Note 9)	46,409	817,286	559,958	2,186,044
Foreign exchange (gain) loss (Note 9)	15,942	(9,835)	9,497	2,856
Insurance	3,514	-	11,900	9,547
Investor relations	15,051	82,601	72,639	359,477
Management fees (Note 13)	52,500	52,500	157,500	157,500
Office and miscellaneous (Note 13)	33,924	60,592	112,724	154,485
Professional fees	(6,800)	-	8,200	19,586
Share-based compensation (Note 12 and 13)	-	4,736	8,240	425,672
Transfer agent and filing fees	4,115	3,665	52,410	45,439
Travel	1,841	13,241	8,339	27,641
Loss from operations	(242,920)	(1,130,427)	(1,234,272)	(3,686,421)
(215,491)	(696,653)	(803,272)	777,312
Unrealized gain (loss) on short-term investments (Note 6)
Realized gain (loss) on short-term investments (Note 6)	(5,064)	-	(31,469)	-
Other income (Note 12)	-	205,327	113,854	350,654
Net loss	(220,555)	(491,326)	(720,887)	1,127,966
Other Comp ehensive Income	(463,475)	(1,621,753)	(1,955,159)	(2,558,455)
Foreign currency translation differences	14,069	2,696	20,616	2,329
Total Comprehensive Loss	(449,406)	(1,619,057)	(1,934,543)	(2,556,126)
Basic and diluted loss per common share	(0.00)	(0.01)	(0.01)	(0.02)
Weighted average common shares outstanding:	144,067,286	136,647,974	143,514,172	132,754,573

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

CondensedCanadianInterimPalladiumConsolidatedResourcesChanges in Shareholders'Inc. Equity

(Expressed in Canadian Dollars)

(Unaudited)

	Number of		Share-based	Foreign		Total
		Payments	Currency		Shareholders'
	Shares	Amount	Reserve	Translation	Deficit	Equity
Exercise of warrants	5,250	($)	($)	($)	($)	($)
1,125	(495)	-	-	630
Balance at September 30, 2020	101,094,646	31,534,974	3,559,260	6,249	(32,726,405)	2,374,078
Exercise of options	100,000	24,630	(10,630)	-	-	14,000
issuance costs	31,525,001	3,332,519	152,205	-	-	3,484,724
Shares issued pursuant to a private placement, net of share	4,000,000	510,000	-	-	-	510,000
Shares issued for exploration and evaluation assets
Share-based compensation	-	-	425,672	-	-	425,672
Foreign currency translation	-	-	-	2,329	-	2,329
BalanceLoss andat comprehensiveJune 30, 2021 loss for the period	136,724,897-	35,403,248-	4,126,012-	8,578-	(35,284,860)(2,558,455)	4,252,978(2,558,455)
Shares issued for exploration and evaluation assets	1,000,000	90,000	-	-	(36,714,855)	90,000
Balance at September 30, 2021	143,067,286	35,883,790	4,178,578	(11,597)	3,335,916
Share-based compensation	-	-	8,240	-	-	8,240
Foreign currency translation	-	-	-	20,616	-	20,616
Loss and comprehensive loss for the period	-	-	-	-	(1,955,159)	(1,955,159)
Balance at June 30, 2022	144,067,286	35,973,790	4,186,818	9,019	(38,670,014)	1,499,613

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