EnviroMetal Technologies : Interim Financial Statements - 3 and 9 month periods ended September 30, 2021

About this update from Envirometal Technologies Inc

Condensed Consolidated Interim Financial Statements For the three and nine-month periods ended September 30, 2021 and 2020 (Unaudited, expressed in Canadian dollars) Management's Responsibility for Financial Reporting Responsibility for Financial Statements The accompanying unaudited condensed consolidated interim financial statements of EnviroMetal Technologies Inc. (formerly EnviroLeach Technologies Inc.) as at and for the three and nine-month periods ended September 30, 2021 have been prepared by the Company's management. Recognizing that the Company is responsible for both the integrity and objectivity of the condensed interim financial statements, management is satisfied that these condensed consolidated interim financial statements have been fairly presented. The external auditors of the Company have not audited these condensed consolidated interim financial statements. Page | 1 EnviroMetal Technologies Inc. Condensed Consolidated Interim Statements of Financial Position (Unaudited, expressed in Canadian dollars) September 30, December 31, Assets 2021 2020 Current assets Cash $ 1,508,364 $ 5,511,314 Trade and other receivables 706,306 232,694 Inventories 4,859,120 800,193 Assets held for sale (Note 5) 478,066 366,966 Prepaid expenses and deposits 282,432 252,704 7,834,288 7,163,871 Non-current assets Investment in Group 11 (Note 6) 617,446 700,124 Intangible assets (Note 7) 3,859,934 4,372,499 Plant and equipment (Note 7) 3,065,470 4,330,433 7,542,850 9,403,057 Total assets $ 15,377,138 $ 16,566,928 Liabilities and equity Current liabilities Accounts payable and accrued liabilities (Note 8) $ 4,773,612 $ 1,048,974 Due to (from) related parties (Note 8) 62,263 202,682 Deferred revenues 187,500 - Loan payable (Note 12) 40,000 40,000 Lease liabilities (Note 9) 271,383 247,623 Advance royalty payable (Note 10) - 45,549 5,334,758 1,584,828 Non-current liabilities Lease liabilities (Note 9) 22,697 60,955 Advance royalty payable (Note 10) - 486,842 22,697 547,797 Total liabilities 5,357,455 2,132,625 Equity Share capital (Note 11) 29,727,484 29,447,944 Reserves (Note 11) 7,690,769 7,745,476 Contributed surplus (Note 11) 750,000 750,000 Accumulated deficit (29,275,024) (24,630,185) Equity attributable to shareholders 8,893,229 13,313,235 Non-controlling interest 1,126,454 1,121,068 Total equity 10,019,683 14,434,303 Total liabilities and shareholders' equity $ 15,377,138 $ 16,566,928 Going concern (Note 1) and Commitments (Note 19) The accompanying notes form an integral part of these condensed consolidated interim financial statements. Approved by the Board of Directors of EnviroMetal Technologies Inc. on November 22, 2021: /s/ Duane Nelson /s/ Court Anderson Page | 2 EnviroMetal Technologies Inc. Condensed Consolidated Interim Statements of Loss and Comprehensive Loss For the three and nine-month periods ended September 30, 2021 and 2020 (Unaudited, expressed in Canadian dollars) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Revenues $ 19,540 $ 573,572 $ 624,708 $ 830,749 Expenses Operating costs (289,697) (866,487) (868,051) (1,192,987) Management and Employee costs (393,338) (347,417) (1,096,411) (1,152,726) General and administration (Note 13) (493,645) (128,250) (1,335,302) (902,222) Share-based payments (Note 11) (30,213) - (30,213) (985,890) (1,206,893) (1,342,154) (3,329,977) (4,233,825) Loss before other items (1,187,353) (768,582) (2,705,269) (3,403,076) Other items Interest income 949 356 3,195 2,686 Interest and financing costs (10,256) (53,055) (421,772) 38,133 Amortization (Note 7) (449,730) (448,419) (1,392,224) (1,346,030) Loss on disposal of assets - 13,572 (47,838) (84,689) Write-down of assets (604,467) - (604,467) - Unrealised loss on investment in associate (Note 6) (22,018) - (82,678) - Gain in settlement of advance royalty payable (Note 10 - - 629,850 - Expected credit loss (Note 19) - - (117,104) - Foreign exchange 4,166 24,276 (15,439) (52,828) (1,081,356) (463,270) (2,048,477) (1,442,728) Loss and comprehensive loss (2,268,709) (1,231,852) (4,753,746) (4,845,804) Loss and comprehensive loss attributable to: Shareholders (2,268,709) (1,019,693) (4,644,839) (4,165,999) Non-controlling interest - (212,160) (108,907) (679,806) $ (2,268,709) $ (1,231,853) $ (4,753,746) $ (4,845,805) Net loss per common share, basic and diluted (0.024) (0.017) (0.051) (0.066) Weighted-average number of common shares outstanding, basic and diluted 93,696,002 74,249,153 93,585,562 73,096,709 The accompanying notes form an integral part of these condensed consolidated interim financial statements. Page | 3 EnviroMetal Technologies Inc. Condensed Consolidated Interim Statements of Changes in Equity For the three and nine-month periods ended September 30, 2021 and 2020 (Unaudited, expressed in Canadian dollars, except for number of shares amount) Share capital Reserves Share-based Contributed Accumulated Non-controlling Shares # Amount payments Warrants surplus deficit interest Total Equity Balance, January 1, 2021 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 10) 250,000 102,927 - - - - - 102,927 Share issuance costs (Note 11) - (8,307) - - - - - (8,307) Share-based payments - - 30,213 - - - - 30,213 Equity contribution from minority shareholder - - - - - - 114,293 114,293 Net loss for the period - - - - - (4,644,839) (108,907) (4,753,746) Balance, September 30, 2021 93,696,002 $ 29,727,484 $ 5,269,095 $ 2,421,674 $ 750,000 $ (29,275,024) $ 1,126,454 $ 10,019,683 Share capital Reserves Share-based Contributed Accumulated Non-controlling Shares # Amount payments Warrants surplus deficit interest Total Equity Balance, January 1, 2020 Restated (Note 4) 70,667,000 $ 23,756,237 $ 4,551,104 $ - $ - $ (18,510,151) $ 1,183,420 $ 10,980,610 Private placement of units (Note 11) 3,344,001 1,725,505 - 782,496 - - - 2,508,001 Share issuance costs (Note 11) - (95,009) - 12,090 - - - (82,919) Re-pricing of 2018 warrants - (1,301,810) - 1,301,810 - - - - Issuance of shares for options 510,000 235,773 (108,273) - - - - 127,500 Share-based payments - - 985,890 - - - - 985,890 Equity contribution from minority shareholder - - - - - - 620,737 620,737 Net loss for the period - - - - - (4,165,999) (679,806) (4,845,805) Balance, September 30, 2020 Restated (Note 4) 74,521,001 $ 24,320,696 $ 5,428,721 $ 2,096,396 $ - $ (22,676,149) $ 1,124,351 $ 10,294,014 The accompanying notes form an integral part of these condensed consolidated interim financial statements. 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