EnviroMetal Technologies : Condensed Consolidated Interim Financial Statements

About this update from Envirometal Technologies Inc

Condensed Consolidated Interim Financial Statements For the three and nine-month periods ended September 30, 2022 and 2021 (Unaudited, expressed in Canadian dollars) EnviroMetal Technologies Inc. Consolidated Statements of Financial Position (Unaudited, expressed in Canadian dollars) Notice of No Review of Condensed Consolidated Interim Financial Statements Under National Instrument 51-102, Part 4, subsection 4.3(3), if an auditor has not performed a review of the condensed consolidated 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 consolidated interim financial statements of EnviroMetal Technologies Inc. as at and for the three and Nine-month period ended September 30, 2022, have been prepared by and are the responsibility of the Company's management. Recognizing that the Company is responsible for both the integrity and objectivity of the condensed consolidated interim financial statements, management is satisfied that these condensed consolidated interim financial statements have been fairly presented. The independent external auditors of the Company have not performed a review of these condensed consolidated interim statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of condensed consolidated interim financial statements by an entity's auditor. 2 | P a g e EnviroMetal Technologies Inc. Consolidated Statements of Financial Position (Unaudited, expressed in Canadian dollars) September 30, December 31, Assets 2022 2021 Current assets Cash $ 467,291 $ 784,790 Trade and other receivables (Note 4) 267,782 434,921 Inventories (Note 5) 428,486 4,058,440 Assets held for sale (Note 6) 375,014 326,947 Prepaid expenses and deposits 177,227 155,546 1,715,800 5,760,644 Non-current assets Investment in Group 11 (Note 7) 2,889 301,665 Plant and equipment (Note 8) 2,380,813 2,169,295 2,383,702 2,470,960 Total assets 4,099,502 8,231,604 Liabilities and equity Current liabilities Accounts payable and accrued liabilities (Note 10) $ 186,464 $ 4,405,623 Due to (from) related parties (Note 12) 197,556 62,264 Deferred revenues 22,425 38,125 Loan payable (Note 14) - 40,000 Lease liabilities (Note 9) 440,014 322,025 Contingent liability (Note 20) 1,099,795 1,109,026 1,946,254 5,977,063 Non-current liabilities Loan payable (Note 14) 40,000 - Lease liabilities (Note 9) 89,472 129,470 129,472 129,470 Total liabilities 2,075,726 6,106,533 Equity Share capital (Note 13) 32,194,949 29,726,904 Reserves (Note 13) 8,419,402 7,765,126 Contributed surplus (Note 13) 1,498,964 750,000 Accumulated deficit (40,089,539) (36,116,959) Equity attributable to shareholders 2,023,776 2,125,071 Total equity 2,023,776 2,125,071 Total liabilities and shareholders' equity $ 4,099,502 $ 8,231,604 Going concern (Note 1),Commitments (Note 20), and Subsequent Events (Note 21) The accompanying notes form an integral part of these consolidated financial statements. Approved by the Board of Directors of EnviroMetal Technologies Inc. on November 29, 2022: 3 | P a g e EnviroMetal Technologies Inc. Consolidated Statements of Loss and Comprehensive Loss For the three and nine-month period ended September 30, 2022 and 2021 (Unaudited, expressed in Canadian dollars) Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Revenues Consulting revenue $ 35,496 $ 176,657 $ 81,648 $ 180,634 Sale of precious and other metals 143,790 (157,117) 3,851,306 444,074 179,286 19,540 3,932,954 624,708 Expenses Operating costs (273,247) (289,697) (3,855,982) (868,051) Management and Employee costs (306,102) (393,338) (1,341,027) (1,096,411) General and administration (Note 15) (363,768) (493,645) (1,327,372) (1,335,302) Share-based payments (Note 13) - (30,213) (428,160) (30,213) (943,117) (1,206,893) (6,952,541) (3,329,977) Loss before other items (763,831) (1,187,353) (3,019,587) (2,705,269) Other items Interest income 813 949 2,803 3,195 Interest and financing costs (10,548) (10,256) (32,362) (421,772) Amortization (Note 8) 54,839 (449,730) (588,476) (1,392,224) Loss on disposal of assets (9,498) - (30,021) (47,838) Unrealised loss on investment in associate (Note 7) (109,097) (22,018) (298,777) (82,678) Gain on settlement of advance royalty payable (Note 11) - - - 629,850 Expected credit loss (Note 20) - - - (117,104) Foreign exchange 21,368 4,164 (6,160) (15,438) (52,123) (1,081,358) (952,993) (2,048,476) Loss and comprehensive loss (815,954) (2,268,711) (3,972,580) (4,753,745) Loss and comprehensive loss attributable to: Shareholders (815,954) (2,268,709) (3,972,580) (4,644,839) Non-controlling interest - - - (108,907) $ (815,954) $ (2,268,709) $ (3,972,580) (4,753,746) Net loss per common share, basic and diluted (0.008) (0.024) (0.038) (0.051) Weighted-average number of common shares outstanding, basic and diluted 107,928,458 93,696,002 103,858,333 93,585,562 The accompanying notes form an integral part of these consolidated financial statements. 4 | P a g e EnviroMetal Technologies Inc. Consolidated Statements of Changes in Equity For the nine month periods ended September 30, 2022 and 2021 (Unaudited, expressed in Canadian dollars, except for number of shares amount) Share capital Reserves Shares # Amount Share-based Warrants Contributed Accumulated Non-controlling Total Equity Balance, January 1, 2022 payments surplus deficit interest 93,696,002 $ 29,726,904 $ 5,343,452 $ 2,421,674 $ 750,000 $ (36,116,959) $ - $ 2,125,071 Adjustment - - - - - - - - Private placement of units (Note 13) 14,232,456 2,583,034 - 975,080 - - - 3,558,114 Share issuance costs (Note 13) - (114,989) - - - - - (114,989) Share based payments - - 428,160 - - - - 428,160 Transfer - - - (748,964) 748,964 - - - Net loss for the period - - - - - (3,972,581) - (3,972,581) Balance, September 30, 2022 107,928,458 $ 32,194,949 $ 5,771,612 $ 2,647,790 $ 1,498,964 $ (40,089,539) $ - $ 2,023,776 Share capital Reserves Shares # Amount Share-based Warrants Contributed Accumulated Non-controlling Total Equity Balance, January 1, 2021 payments surplus deficit interest 93,046,002 29,447,944 5,323,802 2,421,674 750,000 - 24,630,185 1,121,068 $ 14,434,303 Issuance of shares for options 400,000 184,920 (84,920) - - - - 100,000 Shares issued for debt settlement (Note 11) 250,000 102,927 - - - - - 102,927 Share issuance costs (Note 13) - (8,307) - - - - - (8,307) Equity contribution from minority shareholder - - - - - - 114,293 114,293 Net loss for the period - - - - - (2,376,130) (108,907) (2,485,037) Balance, September 30, 2021 93,696,002 $ 29,727,484 $ 5,238,882 $ 2,421,674 $ 750,000 $ (27,006,315) $ 1,126,454 $ 12,258,179 5 | P a g e

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