Vior : Nine Months Ended March 31, 2022

Vior Inc.

Condensed Interim Consolidated Financial Statements

Three and nine months ended March 31, 2022

The attached condensed interim consolidated financial statements have been prepared by Management of

Vior Inc. and have not been reviewed by the external auditor

Vior Inc.

Consolidated Statements of Financial Position

(in Canadian dollars)

		As at	As at
		March 31	June 30
	Notes	2022	2021
Assets		$	$
Current assets		1,500,637
Cash and cash equivalents		1,749,922
Investments		700,000	700,000
Tax credits and mining rights receivable		661,775	427,020
Sales tax receivable		81,597	82,368
Accounts receivable		10,068	84,051
Prepaid expenses		50,373	22,917
Total current assets		3,004,450	3,066,278
Non-current assets
Listed shares	3	1,337,413	2,645,075
Advance paid for exploration work		50,000	-
Mining properties	4	5,083,346	3,335,296
Right-of use assets	5	203,921	-
Total non-current assets		6,674,680	5,980,371
Total assets		9,679,130	9,046,649
Liabilities
Current liabilities
Accounts payable and accrued liabilities		548,377	478,091
Liability related to the premium on flow-through shares		308,925	-
Lease liabilities - current portion	7	43,754	-
Total current liabilities		901,056	478,091
Non-current liabilities
Loans	6	30,815	31,985
Lease liabilities	7	165,290	-
Total non-current liabilities		196,105	31,985
Total liabilities		1,097,161	510,076
Equity
Share capital		37,457,373	35,651,223
Warrants		277,225	301,167
Stock options		411,015	332,489
Contributed surplus		2,045,791	2,045,791
Deficit		(31,609,435)	(29,794,097)
Total equity		8,581,969	8,536,573
Total liabilities and equity		9,679,130	9,046,649

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

2

Vior Inc.

Consolidated Statements of Income (Loss)

(in Canadian dollars)

		Three months ended	Nine months ended
	Notes	March 31	March 31
		2022	2021	2022	2021
Revenues		$	$	$	$
Fees charged to partners		85	1,800	1,221	15,931
Interests		2,197	904	6,349	2,692
		2,282	2,704	7,570	18,623
Expenses
Salaries and benefits		91,189	55,226	258,761	140,118
Professional and consulting fees		40,412	50,513	110,396	161,766
Regulatory fees		26,412	17,522	49,626	37,511
Rent and office expenses		16,820	13,591	35,433	32,498
Communication, conference and investor
relations		76,007	43,468	221,219	98,268
Share-based compensation		16,502	18,348	61,421	60,722
Travelling		2,650	3,318	10,448	5,198
Search for mining properties		94	-	8,889	3,674
Depreciation	5	11,997	-	35,991	-
Other revenues (charges)		282,083	201,986	792,184	539,755
Change in fair value - listed shares	3	(163,312)	(304,150)	(1,307,662)	318,575
Financing fees		(4,907)	(845)	(15,484)	(2,444)
		(168,219)	(304 995)	(1,323,146)	316 131
Loss before income taxes		(448,020)	(504,277)	(2,107,760)	(205,001)
Recovery of deferred income taxes		138,002	-	292,422	-
Net loss and comprehensive loss		(310,018)	(504,277)	(1,815,338)	(205,001)
Weighted average number of common shares
outstanding		81,576,971	59,550,489	77,258,156	57,297,625
Basic and diluted loss per share		(0.00)	(0.01)	(0.02)	(0.00)

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

3

Vior Inc.

Consolidated Statements of Changes in Equity

(in Canadian dollars)

	Number of	Share		Stock	Contributed
	shares
	outstanding	capital	Warrants	options	surplus	Deficit	Total
Balance as at June 30, 2020		$	$	$	$	$	$
44,259,267	31,631,819	193,394	308,277	1,845,539	(30,259,086)	3,719,943
Net loss	-	-	-	-	-	(205,001)	(205,001)
Private placement	25,500,000	3,397,526	352,474	-	-	-	3,750,000
Acquisition of mining properties	1,410,000	261,800	-	-	-	-	261,800
Warrants exercised	125,000	21,318	(2,568)	-	-	-	18,750
Warrants expired	-	-	(141,462)	-	141,462	-	-
Stock options exercised	400,000	67,688	-	(27,688)	-	-	40,000
Stock options granted	-	-	-	76,020	-	-	76,020
Stock options expired	-	-	-	(58,790)	58,790	-	-
Share issue expenses	-	(146,844)	-	-	-	-	(146,844)
Balance as at March 31, 2021	71,694,267	35,233,307	401,838	297,819	2,045,791	(30,464,087)	7,514,668

	Number of	Share		Stock	Contributed
	shares
	outstanding	capital	Warrants	options	surplus	Deficit	Total
Balance at June 30, 2021		$	$	$	$	$	$
72,944,267	35,651,223	301,167	332,489	2,045,791	(29,794,097)	8,536,573
Net loss	-	-	-	-	-	(1,815,338)	(1,815,338)
Flow-through private placements (note 8)	8,305,482	2,292,646	-	-	-	-	2,292,646
Less: premium	-	(631,550)	-	-	-	-	(631,550)
	8,305,482	1,661,096	-	-	-	-	1,661,096
Warrants exercised	1,325,000	224,709	(25,959)	-	-	-	198,750
Compensation warrants (note 9)	-	-	2,017	-	-	-	2,017
Stock options granted (note 10)	-	-	-	78,526	-	-	78,526
Share issue expenses	-	(79,655)	-	-	-	-	(79,655)
Balance at March 31, 2022	82,574,749	37,457,373	277,225	411,015	2,045,791	(31,609,435)	8,581,969

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4

Vior Inc.

Consolidated Statements of Cash Flows

(in Canadian dollars)

	Nine months ended
	March 31
Cash flow from:	2022	2021
$	$
Operating activities
Net loss	(1,815,338)	(205,001)
Adjustments for:
Change in fair value - listed shares	1,307,662	(318,575)
Share-based compensation	61,421	60,722
Deferred government grant	(4,772)	(8,730)
Depreciation	35,991	-
Financing fees	15,484	2,444
Recovery of deferred income taxes	(292,422)	-
Changes in items of working capital	(691,974)	(469,140)
Sales tax receivable	771	(30,517)
Accounts receivable	73,983	(39,909)
Prepaid expenses	(27,456)	(1,070)
Accounts payable and accrued liabilities	93,089	142,910
	140,387	71,414
Financing activities	(551,587)	(397,726)
Principal repayment - lease liabilities	(42,750)	-
Private placement	-	3,750,000
Private placement - flow-through	2,292,646	-
Share issue expenses	(107,841)	(146,844)
Warrants exercised	198,750	18,750
Stock options exercised	-	40,000
Investing activities	2,340,805	3,661,906
Advance paid for exploration work	(50,000)	-
Acquisition of mining properties and capitalized exploration costs	(1,990,513)	(1,076,616)
Tax credits and mining rights received	2,010	12,315
	(2,038,503)	(1,064,301)
Change in cash and cash equivalents	(249,285)	2,199,879
Cash and cash equivalents - beginning	1,749,922	938,000
Cash and cash equivalents - ending	1,500,637	3,137,879
Additional information:
Related to investing activities:
Tax credit and mining rights receivable applied against mining properties	236,765	211,680
Additions to mining properties and exploration expenditures included in
accounts payable and accrued liabilities	317,157	54,265
Acquisition of mining assets by issuing shares	-	261,800
Stock-based compensation included in mining assets	17,105	15,298
Interest received	1,695	2,692

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

5