Murchison Minerals : Interim Financial Statements September 30, 2021

MURCHISON MINERALS LTD.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Expressed in Canadian Dollars)

(Unaudited)

NOTICE TO READER

The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditor.

MURCHISON MINERALS LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in Canadian Dollars) (Unaudited)

As at

				September 30,		December 31,
				2021		2020
ASSETS
Current Assets
Cash	$	151,541	$	2,062,411
Amounts receivable and prepaid expenses (Note 6)		129,098		90,923
Total current assets		280,639		2,153,334
Investment (Note 7)		2,584		3,402
Property and equipment (Note 8)		96,243		71,580
Total assets	$	379,466	$	2,228,316
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities	$	117,553	$	100,439
Loan payable (Note 14)		10,578		-
Flow-through share premium liability		-		130,459
Total current liabilities		128,131		230,898
Loan payable (Note 14)		31,219		-
Total liabilities		159,350		230,898
EQUITY
Share capital (Note 10)		32,949,283		32,305,495
Reserves (Notes 11 and 12)		1,090,272		1,019,705
Deficit		(33,819,439)		(31,327,782)
Total equity		220,116		1,997,418
Total equity and liabilities	$	379,466	$	2,228,316
Nature and Continuance of Operations (Note 1)
Commitments and Contingencies (Note 14)
Subsequent events (Note 15)
Approved on Behalf of the Board:
	"signed"	"signed"
	Jean-Charles Potvin		Denis Arsenault
	Director	Director

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

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MURCHISON MINERALS LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(Expressed in Canadian Dollars)
(Unaudited)
		Three Months Ended		Nine Months Ended
		September 30		September 30
		2021		2020		2021		2020
EXPENSES
Exploration expenses (Note 9)	$	669,169	$	340,175	$	2,245,227	$	1,611,429
Professional fees		7,000		7,000		28,272		33,329
Management fees and salaries (Note 13)		79,988		46,512		227,688		165,500
Office and general		10,658		18,289		35,454		50,042
Regulatory and transfer agent		1,223		581		14,651		9,759
Investor relations		42,262		27,739		116,966		98,806
Share-based payments (Notes 12 and 13)		11,287		-		53,530		-
Loss before the under noted		821,587		440,296		2,721,788		1,968,865
Interest income		(308)		(320)		(3,170)		(2,941)
Flow-through shares premium		(10,848)		(67,784)		(130,459)		(398,133)
Unrealized loss (gain) on marketable securities (Note 7)	1,335		(517)		818		(1,981)
Loss for the period	$	811,766	$	371,675	$	2,588,977	$	1,565,810
Loss per share - basic and diluted		0.01		0.00	$	0.02	$	0.02
Weighted average number of common shares
outstanding - basic and diluted		108,936,177		75,586,472		106,591,855		68,397,691

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

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MURCHISON MINERALS LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EQUITY

(Expressed in Canadian Dollars) (Unaudited)

				Reserves
		Equity settled
			share-based
	Share			payments		Warrants
	Capital			reserve		reserve		Deficit		Total
Balance, December 31, 2019	$ 29,934,685	$	532,660	$	212,475	$	(29,434,152)	$	1,245,668
Net loss for the period	-			-		-		(1,565,810)		(1,565,810)
Issuance of common shares (net of issue costs)	670,665			-		-		-		670,665
Issuance of warrants	-			-		173,020		-		173,020
Balance, September 30, 2020	$ 30,605,350	$	532,660	$	385,495	$	(30,999,962)	$	523,543
Balance, December 31, 2020	$ 32,305,495	$	833,830	$	185,875	$	(31,327,782)	$	1,997,418
Net loss for the period	-			-		-		(2,588,977)		(2,588,977)
Issuance of common shares (net of issue costs)	643,788			-		-		-		643,788
Issuance of stock options / share-based compensation	-			53,530		-		-		53,530
Expiry of stock options	-			(97,320)		-		97,320		-
Issuance of warrants	-			-		114,357		-		114,357
Balance, September 30, 2021	$ 32,949,283	$	790,040	$	300,232	$	(33,819,439)	$	200,116

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

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MURCHISON MINERALS LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in Canadian Dollars)
(Unaudited)
		Three Months Ended		Nine Months Ended
		September 30		September 30
		2021		2020		2021		2020
CASH (USED IN) PROVIDED BY:
OPERATING ACTIVITIES
Loss for the period	$	(811,766)	$	(371,675)	$	(2,588,977)	$	(1,565,810)
Share-based payments		11,287		-		53,530		-
Flow-through shares premium		(10,848)		(67,784)		(130,459)		(398,133)
Unrealized loss (gain) on marketable securities		1,335		(517)		818		(1,981)
Amortization		7,582		4,113		16,964		12,050
Net change in non-cash working capital items:		(802,410)		(435,863)		(2,648,124)		(1,953,874)
Amounts receivable and prepaid expenses		49,907		112,575		(38,175)		54,233
Accounts payable and accrued liabilities		(198,170)		111,334		17,114		234,545
Net cash flows used by operating activities		(950,673)		(211,954)		(2,669,185)		(1,665,096)
INVESTING ACTIVITIES
Acquisition of property and equipment		-		-		(41,627)		(76,687)
Net cash flows used by investing activities		-		-		(41,627)		(76,687)
FINANCING ACTIVITIES
Issuance of common shares		-		859,092		800,000		1,041,949
Issue costs		-		(40,101)		(41,855)		(52,951)
Loan payable		-		-		43,586		-
Loan repayments		(1,789)		-		(1,789)		-
Issuance of promissory note		-		-		-		200,000
Repayment of promissory note		-		(200,000)		-		(200,000)
Net cash flows provided by financing activities		(1,789)		618,991		799,942		988,998
NET CHANGE IN CASH		(952,462)		407,037		(1,910,870)		(752,785)
CASH, BEGINNING OF THE PERIOD		1,104,003		274,525		2,062,411		1,434,347
CASH, END OF THE PERIOD	$	151,541	$	681,562	$	151,541	$	681,562

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

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