American Manganese : Q2 Financial Statement January 31, 2022

AMERICAN MANGANESE INC.

Consolidated Interim Financial Statements

Period ended January 31, 2022

(Unaudited - expressed in Canadian dollars)

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

In accordance with National Instrument 51-102 Part 4, subsections 4.3(3)(a), if an auditor has not performed a review of these condensed consolidated interim financial statements, they must be accompanied by a notice indicating that these condensed consolidated interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

Consolidated Interim Statements of Financial Position As at January 31, 2022 and July 31, 2021

(Expressed in Canadian dollars unless specifically indicated otherwise)

Assets Current

Cash (Note 4)

Restricted cash equivalents (Note 4) Amounts receivable (Note 5) Prepaid expenses and advances

Non-current

Reclamation deposits

Exploration and evaluation assets (Note 7)

Total assets

Liabilities Current

Accounts payable and accrued liabilities (Note 5)

Equity

Share capital (Note 8)

Share-based payments reserve (Note 8)

Warrants reserve (Note 8)

Deficit

Total equity

Total liabilities and equity

Nature and Continuance of Operations (Note 1) Subsequent events (Note 14)

January 31, 2022

$

23,308,265 23,000

111,165 119,219

80,312 792,449

23,522,742

46,682 664,169

$

24,233,593

$

33,442

58,659,432 39,202,150

22,545,495 17,153,390

5,146,598 4,422,363

(62,151,374) 24,200,151

$

24,233,593

Approved on behalf of the Board of Directors and authorized for issue on April 1,2022

Larry W. Reaugh

Director

Norman L. Tribe

$

$

$

$

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

July 31, 2021

5,905,644 23,000

6,840,312

41,416 561,964

7,443,692

545,271

(53,879,482)

6,898,421

7,443,692

Consolidated Interim Statements of Comprehensive Income (Loss) For the three and six-month period ended January 31, 2022 and 2021 (Expressed in Canadian dollars unless specifically indicated otherwise)

Six months ended

January 31

2022

Three months ended

January 31

2021

2022

2021

Expenses

Administration (Note 9)

$

8,524,119

$

1,314,854

$

4,181,838

$

590,243

Loss from operations

(8,524,119)

(1,314,854)

(4,181,838)

(590,243)

Finance income Foreign exchange loss Government grants received

Net loss for the period

Other comprehensive income

Foreign currency gain on translation of subsidiary

Other comprehensive income for the period

15,648 31,776 204,803 (8,271,892)

58 210 74,135 (1,240,451)

15,599 28,033 38,884 (4,099,322)

- (3,455) 62,146 (531,552)

$

- -$

6,771 6,771

$

- -$

6,477 6,771

Total comprehensive loss for the period

(8,271,892)

(1,233,680)

(4,099,322)

(524,781)Basic and diluted loss per share Weighted average shares outstanding (basic and diluted)

$

(0.035)

233,500,182

$

(0.00)

186,551,634

$

(0.017)

233,500,182

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

$

(0.00)

186,551,634

AMERICAN MANGANESE INC.

Consolidated Interim Statements of Changes in Equity

For the six-month period ended January 31, 2022 and 2021 (Expressed in Canadian dollars unless specifically indicated otherwise)

Number of sharesShare capitalPrepaid share subscriptionsShare-based payments reserve (Note 8)Warrants reserve (Note 8)

Deficit (Note 9)

Accumulated other comprehensive income (loss)

(Note 8)

(Note 8)

(Note 7(c))

Total equityBalance, July 31, 2020

Share-based payments

Issued pursuant to private placements Cost of share issuance

Warrants issued with private placement Issued pursuant to options exercised Issued pursuant to warrants exercised Prepaid share subscriptions

180,736,228 $ 29,060,554

8,235,770 1,667,994

$

-$

6,641,619

$

5,830,493

$

(40,815,326) $

-$ 717,340

541,545 541,545 1,667,994

(59,639) (519,429)

(59,639)

519,429

-5,610,000 3,166,107

951,613 1,370,055

(400,713) 550,900

(541,838) 828,217

183,879 183,879

Net loss for the period Balance, January 31, 2021

(1,240,451)

6,771

(1,233,680)

197,748,105 - - - - 3,264,400 16,905,938

-32,471,148 - -

-

183,879 - - - - - - (183,879)

-6,782,451 -5,808,084

-(42,055,777) -6,771

- 3,196,556

Share-based payments

Issued pursuant to private placements Cost of share issuance

Warrants issued with private placement Issued pursuant to options exercised Issued pursuant to warrants exercised Prepaid share subscriptions

Reclassification pursuant to extension of warrant expiry date Net loss for the period

10,841,777 - - - 10,841,777

- - - (470,838)

- - (96,615)

- - - - - - (11,823,705)

- - - - - - (6,771)

-

(8,760)

(8,760)

96,615

-

1,024,862

- (1,556,169)

554,024

5,885,348

- - -

4,329,179

(183,879)

- - 217,918,443 - 20,000,000 - - 3,135,300 3,840,287 - 244,894,030

(267,063)

- -

267,063 -

-

-

(11,830,476)

Balance, July 31, 2021

Share-based payments

Issued pursuant to private placements Cost of share issuance

Warrants issued with private placement Issued pursuant to options exercised Issued pursuant to warrants exercised Net loss for the period

-39,202,150 --

• - -17,153,390 -4,422,363

-(53,879,482) -

- - 6,898,421

-

5,949,790 - - - 5,949,790

20,000,000 - - - - - 20,000,000

(1,972,819)

-

- - (557,685)

128,968 1,039,026

- -- -(1,843,851)

(1,039,026)

-

-

1,156,692

-

- - - 599,007

1,312,434 -

-

- -

(443,759) - - 868,676

-

-

(8,271,892)

-

(8,271,892)

Balance January 31, 2022

$

58,659,432

$

-$

22,545,495

$

5,146,598

$

(62,151,374) $

-$

24,200,151

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

3