Waseco Resources : Three and Nine Months Condensed Interim Consolidated Financial Statements, November 30, 2021

Condensed Interim Consolidated Financial Statements

Dated: January 26, 2022

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MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying condensed interim consolidated financial statements of Waseco Resources Inc. [the "Company"] are the responsibility of the management and have been approved by the Board of Directors of the Company.

The condensed interim consolidated financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies as disclosed in the notes to the consolidated 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 consolidated financial statements have been prepared fairly, in all material respects and are in accordance with International Financial Reporting Standards using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.

The Board of Directors is responsible for reviewing and approving the condensed interim consolidated 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 consolidated 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 condensed interim consolidated 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.

As the Company is a Venture Issuer (as defined under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings) ("NI 52-109"), the Company and Management are not required to include representations relating to the establishment and/or maintenance of disclosure controls and procedures ("DC&P") and/or ICFR, as defined in NI 52-109.

"Richard Williams"	"Jim O'Neill"
President & CEO	Chief Financial Officer

NOTICE TO READERS 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 unaudited interim consolidated financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

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

The Statements for the three and nine months ended November 30, 2021 and 2020 have not been reviewed by the Company's auditors.

Condensed Interim Consolidated Statements of

Financial Position

(Unaudited - Expressed in Canadian dollars)

	November 30, 2021	February 28, 2021
Assets
Current
Cash (Note 4)	$	868	$	46,479
HST recoverable		7,896		4,154
BLM exploration bond (Note 5)		22,693		22,522
Total assets	$	31,457	$	73,155
Liabilities
Current
Trade payables and accruals	$ 67,096	$	82,712
Advances payable (Note 6)		469,194		466,395
Shareholder loan (Note 7)		5,000		5,000
Provision for property restoration (Note 5)		22,693		22,522
Total current liabilities		563,983		576,629
Exploration deposits (Note 9)		332,922		338,259
Total Liabilities		896,905		914,888
Shareholders' Equity (Deficiency in Assets)
Share capital (Note 10)	6,473,483		6,473,483
Contributed Surplus - Share payment reserve		73,418		59,920
Deficit	(7,412,349)		(7,375,136)
Total Shareholders' Equity (Deficiency in Assets)	(865,448)		(841,733)
Total Liabilities and Shareholders' Equity	$	31,457	$	73,155

Nature of Operations and Going Concern (Note 1)

Approved by the Board:

"Derek Bartlett"		"Richard Williams"
Derek Bartlett, Director	Richard Williams, Director

The accompanying notes are an integral part of these financial statements

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Condensed Interim Consolidated Statements of Comprehensive Income and Loss (Unaudited - Expressed in Canadian dollars)

	Three months ended	Nine months ended
	November 30, November 30	November 30,
		2021		2020		2021	ovember 30, 2020
Revenues
Operator (note 9)	$	1,000	$	-	$	1,723	$	130
Sale of option on Battle Mountain Ridge,
Nevada		-		-		-		134,000
		1,000		-		1,723		134,130
Expenses
General and administrative		347		85		1,529		356
Exploration and evaluation expenditures
(Note 8)		-		736		3,614		(12,338)
Professional fees		2,855		6,218		9,110		69,336
Share based compensation		-		-		73,418		-
Shareholder relations and regulatory fees		523		1,296		9,783		20,921
Foreign exchange losses		557		-		1,402		-
		4,282		8,335		98,856		78,276
Net Income (Loss) and Comprehensive
Income (Loss)	$	(3,282)	$	(8,335)	$	(97,133)		$ 55,855
Loss per share - basic and diluted		(0.000)		(0.000)		(0.001)		0.001
weighted average number of shares - basic and
fully diluted	41,681,390	41,681,390	41,681,390	41,681,390

The accompanying notes are an integral part of these financial statements

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Condensed Interim Consolidated Statements of

Changes in Equity

(Unaudited - Expressed in Canadian dollars)

	Share Capital		Contributed Surplus
				Share
	Number of			Payment
	Shares	Amount		Reserve	Warrants		Deficit	Total
Balance at March 1, 2020	41,681,300	6,471,390	59,920	1,974	(7,441,944)	(908,541)
Expiry of warrants		1,974			(1,974)			-
Comprehensive loss for the year						66,808	66,808
Balance at March 1, 2021	41,681,300	6,473,483	59,920	-	(7,375,136)	(841,733)
Value of options expired			(59,920)		59,920	-
Value of options granted			73,418				73,418
Comprehensive loss for the period						(97,133)	(97,133)
Balance at November 30, 2021	41,681,300	6,473,483	73,418	-	(7,412,349)	(865,448)

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

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