Bearing Lithium : Interim Financial Statements Q2 - April 30, 2022

Condensed Consolidated Interim Financial Statements

For the six months ended April 30, 2022

(Unaudited - Expressed in Canadian dollars)

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL 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 condensed consolidated interim financial statements of Bearing Lithium Corp. (the "Company") have been prepared by and are the responsibility of management. These condensed consolidated interim financial statements for the six months ended April 30, 2022 have not been reviewed or audited by the Company's independent auditors.

Bearing Lithium Corp.

Condensed Consolidated Interim of Financial Position (Unaudited - Expressed in Canadian dollars)

		April 30,	October 31,
		2022	2021
		(unaudited)	(audited)
As at	Note	$	$
ASSETS
Current assets
Cash		4,135,208	796,982
Accounts receivable		17,843	10,789
Prepaid expense		58,247	21,474
Marketable securities	4	124,000	104,000
		4,335,298	933,245
Non-current assets
Investment in MSB SA	5	46,100,000	39,200,000
		50,435,298	40,133,245
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Current liabilities
Accounts payable	6	143,117	65,557
Accrued liabilities		77,160	69,091
		220,277	134,648
Long term liabilities
Deferred tax liability	5	10,063,000	7,582,000
Total liabilities		10,283,277	7,716,648
SHAREHOLDERS' EQUITY
Common shares	7	39,758,797	35,952,146
Reserves	7	9,902,644	9,500,662
Accumulated other comprehensive loss		(70,909)	(70,909)
Deficit		(9,438,511)	(12,965,302)
		40,152,021	32,416,597
Total liabilities and shareholders' equity		50,435,298	40,133,245
Nature of operations and going concern (Note 1)
Subsequent events (Note 10)

These condensed consolidated interim financial statements were approved for issuance by the Board of Directors on June 29, 2022 and signed on its behalf by:

/s/ William (Tim) Heenan	/s/ Luis Saenz
Director	Director

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

Bearing Lithium Corp.

Condensed Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss) For the six months ended April 30, 2022 and 2021

(Unaudited - Expressed in Canadian dollars)

		Three months ended	Six months ended
		April 30,	April 30,	April 30,	April 30,
		2022	2021	2022	2021
	Notes	$	$	$	$
Operating expenses
Consulting		179,522	12,750	247,006	30,750
Investor communications		-	-	-	450
Management and accounting	8	-	14,796	-	27,688
Office and general		27,983	12,844	40,672	18,315
Professional fees		234,495	17,932	251,980	41,507
Regulatory and filing		48,555	17,946	55,669	22,871
Share-based payment expense	8, 9	215,106	316,745	316,882	532,923
		(705,661)	(393,013)	(912,209)	(674,504)
Other income (expenses)
Foreign exchange gain (loss)		-	825	-	927
Gain on disposal of exploration and evaluation	4
asset	-	-	-	43,000
Unrealized fair value change in investments	5	3,027,000	(3,687,199)	6,920,000	1,601,296
Net income for the period before income taxes		2,321,339	(4,079,387)	6,007,791	970,719
Deferred income taxes		(1,297,000)	-	(2,481,000)	-
Net and comprehensive income (loss)		1,024,000	(4,079,387)	3,526,791	970,719
Basic and diluted income (loss) per common share		0.01	(0.05)	0.06	0.01
Weighted average number of common shares
outstanding - basic and diluted		105,020,375	80,836,638	98,907,738	79,109,656

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

Bearing Lithium Corp.

Condensed Consolidated Interim Statement of Shareholders' Equity For the six months ended April 30, 2022 and 2021

(Unaudited - Expressed in Canadian dollars)

	Common Shares
	Number of					Shareholders'
	shares	Amount	Reserves	AOCI	Deficit	equity
	#	$	$	$	$	$
Balance, October 31, 2020	72,849,778	33,806,094	7,956,118	(70,909)	(28,325,933)	13,365,370
Issued for cash pursuant to private placement	6,494,960	837,850	-	-	-	837,013
Warrants exercised	1,495,500	202,433	-	-	-	202,433
Share issuance costs	-	(60,463)	23,220	-	-	(37,243)
Share-based payment expense	-	-	532,923	-	-	532,923
Accumulated other comprehensive income	-	-	-	(6,306)	-	(6,306)
Net income for the period	-	-	-	-	970,719	970,719
Balance, April 30, 2021	80,828,238	34,785,914	8,512,261	(71,215)	(27,355,214)	15,865,746
Balance, October 31, 2021	92,657,738	35,952,146	9,500,662	(70,909)	(12,965,302)	32,416,597
Issued for cash pursuant to private placement	16,000,000	4,000,000	-	-	-	4,000,000
Warrants exercised	400,000	87,586	(18,586)	-	-	69,000
Share issuance costs	-	(280,935)	103,685	-	-	(177,250)
Share-based payment expense	-	-	255,346	-	-	255,346
Fair value of incentive warrants	-	-	61,537	-	-	61,537
Net income for the period	-	-	-	-	3,526,791	3,526,791
Balance, April 30, 2022	109,057,738	39,758,797	9,902,644	(70,909)	(9,438,511)	40,152,021

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