Three And Nine Months Ended January 31, 2022

Unaudited Interim Condensed Consolidated Financial

Statements

(Expressed in Canadian Dollars)

(Prepared by Management)

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANICAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim 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 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 financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

2

Consolidated Statements of Financial Position

(Expressed in Canadian Dollars)

January 31,

April 30,

Note

2022

2021

$

$

ASSETS

CURRENT

Cash and cash equivalent

823,701

1,667,763

Miscellaneous receivables

22,500

4,000

Sales tax recoverable

94,009

78,541

Prepaids

16,569

16,873

Total Current Assets

956,779

1,767,177

NON-CURRENT

Exploration advance

6

-

68,029

Exploration and evaluation assets

6

9,299,649

8,164,391

TOTAL ASSETS

10,256,428

9,999,597

LIABILITIES

CURRENT

Accounts payable and accrued liabilities

100,024

206,598

Total Current Liabilities

100,024

206,598

LONG TERM DEBT

Flow-through share premium liability

7

88,389

230,311

TOTAL LIABILITIES

188,413

436,909

SHAREHOLDERS' EQUITY

Share capital

8

11,914,088

11,259,255

Reserves

8

3,325,129

2,993,269

Deficit

(5,171,202)

(4,689,836)

10,068,015

9,562,688

TOTAL LIABILITIES AND SHAREHOLER'S EQUITY

10,256,428

9,999,597

Basis of Preparation and Going Concern (Note 2)

The accompanying notes are an integral part of these consolidated financial statements. Approved on behalf of the Board:

"Paul Wood"

Paul Wood, Director

"Michael England"

Michael England, Director

3

Consolidated Statements of Changes in Shareholders' Equity (Deficiency) For the Three and Nine Months ended January 31, 2022, and 2021 (Expressed in Canadian Dollars)

Number of

Common

Shares

$

$

$

$

Balance, April 30, 2020

89,119,965

9,219,107

1,971,289

(3,169,099)

$

8,021,297

Comprehensive loss for the year

-

-

-

(620,086)

(620,086)

Private placement

10,100,000

1,492,594

644,406

-

2,137,000

Finder's fee shares

200,000

(42,000)

-

-

(42,000)

Share issuance costs - cash

-

(19,489)

-

-

(19,489)

Share issued for property payments

170,000

33,300

-

-

33,300

Share-based compensation

-

-

551,475

-

551,475

Shares issued on exercise of options

1,325,000

109,000

-

-

109,000

Fair value of options exercised

-

67,905

(67,905)

-

-

Shares issued on exercise of warrants

1,050,604

143,842

-

-

143,842

Fair value of warrants exercised

-

64,782

(64,782)

-

-

Balance January 31, 2021

101,965,569

11,069,041

3,034,483

(3,789,185)

10,314,339

Comprehensive Loss For The Period

-

-

-

(900,651)

(900,651)

Share issued for property payments

250,000

30,000

-

-

30,000

Shares issued on option exercise

400,000

44,000

-

-

44,000

Carrying value of options exercised

-

28,600

(28,600)

-

-

Shares issued on exercise of warrants

500,000

75,000

-

-

75,000

Carrying value of warrants exercised

-

12,614

(12,614)

-

-

Balance, April 30, 2021

103,115,569

11,259,255

2,993,269

(4,689,836)

9,562,688

Comprehensive loss for the period

-

-

-

(481,366)

(481,366)

Private placements

9,050,000

663,285

142,285

-

805,570

Share issuance costs -cash

-

(24,952)

(6,025)

-

(30,977)

Shares issued to finder in lieu of cash

-

-

-

-

-

Share issuance costs - common shares

-

-

-

-

-

Share issued for property payments

150,000

16,500

-

-

16,500

Share-based Compensation

-

-

195,600

-

195,600

Balance, January 31, 2022

112,315,569

11,914,088

3,325,129

(5,171,202)

10,068,015

Total Shareholders'

Share CapitalReserves

Deficit

Equity

$

$

$

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

4

BTU Metals Corp.

Consolidated Statements of Comprehensive Loss

For the Three and Nine Months ended January 31, 2022, and 2021 (Expressed in Canadian Dollars)

NoteOperating Expenses Investor relations Management and director fees

9

Office, rent , telephone and insurance Professional fees

Share-based compensation Transfer agent and filing fees Travel

8& 9

Exploration costs

Recovery of flow-through premium

7

Loss and comprehensive loss

Loss per share for the year Basic and diluted loss per share

Weighted average number of shares outstanding - basic and diluted

Three Months

Ended January 31, 2022

Three Months

Ended January 31, 2021 $

19,196

95,050

5,278

8,263

-

11,662

-

6,276

(145,725)

(91,067)

($54,658)

$0.00

101,960,678

Nine Months

Ended January 31, 2022

Nine Months

Ended January 31, 2021 $

78,364

290,320

14,205

17,536

551,475

50,135

5,534

14,782

(1,022,351)

(402,265)

(620,086)

($0.01)

96,351,555

$

12,423

95,000

6,238

15,140 -

9,205 -

(22,500)

$

54,030

285,040

16,283

42,294

195,600

49,065

3,255

(22,280)

(115,506)

(623,287)

(12,087)

(141,921)

($103,419)

$0.00

(481,366)

$0.00

110,379,156

105,576,982

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

5

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BTU Metals Corp. published this content on 01 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2022 13:14:11 UTC.