SOLIS MINERALS LTD.

(FORMERLY WESTMINSTER

RESOURCES LTD.)

(An Exploration Stage Company)

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

For the Nine Months Ended February 28, 2022

(Unaudited - Expressed in Canadian Dollars)

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

In accordance with National Instrument 51-102, Part 4, subsection 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 the condensed consolidated interim 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 condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

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

February 28, 2022

May 31, 2021

Assets Current

Cash Receivables Prepaid expenses

Non-Current

Receivables (Note 6) Deposits

Equipment (Note 7)

Exploration and evaluation assets (Note 4)

Liabilities and Shareholders' Equity Current Liabilities

Accounts payable (Note 6)

Accrued liabilities (Note 6)

Short-term borrowing (Note 8)

$

5,027,980

43,694 66,267

132,149 27,985

$ 2,548,807

5,203,823

117,455 117,455

- 28,843

9,372 10,828

4,389,702

$

9,720,352

$

735,197 $ 380,190

103,250 104,986

- 51,016

2,643,059

3,360,003

$

6,160,188

838,447

536,192

Shareholders' Equity Share capital (Note 5) Reserves (Note 5) Deficit

Nature of Operations and Going Concern - Note 1

Approved on behalf of the Board of Directors:

Signed "Jason Cubitt"

30,153,973 26,161,373

3,576,668 2,611,568

(24,848,736)

8,881,905

$

9,720,352

, Director

Signed " Chafika Eddine"

(23,148,945)

5,623,996

$

6,160,188

, Director

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

Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

(Expressed in Canadian Dollars - Unaudited)

Three Months Ended

Nine Months Ended

February 28,

February 28,

2022

2021

2022

2021

Expenses

Accounting, audit and legal Accretion of office lease liability Amortization of right-of-use asset Amortization of equipment (Note 7) Bank charges and interest Consulting fees (Note 6) Foreign exchange loss (gain)

$

93,123 - -

$

15,904 $

553,707

$ 56,599

1,415 - 7,207

38,259 - 114,541

485

747

190,851

32,531

628 273 24,000 2,871

1,456 1,884

2,695 7,764

406,401 102,000

12,933

(14,921)

Gain on change in fair value of warrants (Note 5)

(12,100)

Gain on settlement of accounts payable and accrued liabilities

-

- -

(12,100)

-

  • (19,003) (610,896)

Gain on settlement of short-term borrowing

Management fees (Note 6) Office

Property investigation Regulatory and filing fees Share-based compensation (Note 5) Sublease office rent income

Travel and entertainment

- 30,000 151,292 - 45,655 - - 5,752

(66,926)

- (66,926)

15,000

92,500 30,000

18,386 -

262,143 37,550

2,125

-

10,892

137,882 22,384

271,100

253,300 271,100

(55,900)

-- 5,752

(74,854)

-

Income (loss) and comprehensive income (loss)

$

(538,336) $

(275,902)

$

(1,699,791)

$

116,568

Income (loss) per common share, basic and diluted

$

(0.01) $

(0.01)

$

(0.04)

$

0.01

Weighted average number of common shares outstanding - basic and diluted

56,148,321

18,962,903

40,476,727

13,982,101

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

SOLIS MINERALS LTD.

(An Exploration Stage Company)

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian Dollars - Unaudited)

Share Capital

r personal use only

Balance - May 31, 2020

Private placements

Shares issuance costs - cash Shares issued for debt settlement Share-based compensation

Income and comprehensive income for the period

Balance - February 28, 2021

Balance - May 31, 2021

Private placements Warrants exercised Finder's warrants

Fair value adjustment on finder's warramts Share issuance costs

Share-based compensation

Loss and comprehensive loss for the period

Balance - February 28, 2022

Number

Amount

Reserves

DeficitTotal shareholders' equity

9,454,099 $ 6,963,400

- 2,545,404 - -

22,505,856 $ 696,340 (27,160)

2,289,468 $ - -(22,963,972) $ - -

407,265 - - 407,265

- -271,100 - 271,100

-

116,568 116,568

18,962,903 $

23,582,301 $

2,560,568

(22,847,404) $

32,741,654 $ 27,500,000 225,000 - - - - -

26,161,373 $

2,611,568 $

(23,148,945) 5,623,996

5,045,230 - - 5,045,230

45,000 (723,900)

- 723,900

- -

- (373,730)

(12,100) - (12,100)

- - (373,730)

-

-253,300 -

- (1,699,791)

60,466,654 $

30,153,973 $

3,576,668 $

(24,848,736) $

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

1,831,352 696,340 (27,160)

3,295,465

45,000 -253,300 (1,699,791)

8,881,905

3

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Solis Minerals Ltd. published this content on 19 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2022 02:33:00 UTC.