Essex Minerals : Quarterly Report

ESSEX MINERALS INC.

Condensed Consolidated Interim Financial Statements

For the Three and Six Months Ended March 31, 2022 and 2021

(Expressed in Canadian Dollars)

Unaudited - Prepared by Management

ESSEX MINERALS INC.

NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL

STATEMENTS

The Company's auditors have not reviewed or been involved in the preparation of these condensed consolidated interim financial statements.

In accordance with National Instrument 51-102, Part 4, subsection 4.3(3)(a) released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the unaudited condensed consolidated interim financial 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, for the six months ended March 31, 2022 and 2021.

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

ESSEX MINERALS INC.

Condensed Consolidated Interim Statements of Financial Position

As at March 31, 2022 and September 30, 2021

Unaudited - Expressed in Canadian Dollars

	Note		March 31,		September 30,
		2022		2021
ASSETS
Current assets
Cash		$	370,350	$	1,501,880
Restricted cash	4		15,000		15,000
Receivables	5		15,279		26,788
Prepaid expenses and deposit			73,971		80,561
			474,600		1,624,229
Non-current assets
Equipment	6		5,299		6,234
Exploration and evaluation assets	7		2,527,870		2,207,050
Total assets		$	3,007,769	$	3,837,513
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	8,10	$	154,278	$	274,947
Total liabilities			154,278		274,947
SHAREHOLDERS' EQUITY
Share capital	9		7,114,432		7,114,432
Reserves	9		1,328,677		1,328,677
Deficit			(5,589,618)		(4,880,543)
Total shareholders' equity			2,853,491		3,562,566
Total liabilities and shareholders' equity		$	3,007,769	$	3,837,513

Nature of Operations and Going Concern - Note 1

Subsequent Events - Note 14

These condensed consolidated interim financial statements are authorized for issue by the Board of Directors on May 19, 2022:

They are signed on the Company's behalf by:
	"Paul Loudon"	"James Harris"
	Director/CEO		Director

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

ESSEX MINERALS INC.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

For the Three and Six Months Ended March 31, 2022 and 2021

Unaudited - Expressed in Canadian dollars, except for number of shares

		Three months	Three months	Six months	Six months
			ended		ended		ended		ended
			March 31,		March 31,		March 31,	March 31,
	Note		2022		2021		2022		2021
Operating Expenses
Depreciation	6	$	468	$	455	$	935	$	911
General and administration			13,489		7,982		26,167		18,613
Investor relations			81,264		50,720		137,514		141,064
Management and consulting fees	10		88,750		117,500		181,000		229,750
Professional fees			127,680		96,285		162,818		140,388
Property investigation costs	10		85,413		24,000		176,849		89,472
Regulatory and transfer agent fees			9,495		12,677		13,395		16,942
Travel and promotion			4,133		1,410		9,525		1,410
Total expenses			(410,692)		(311,029)		(708,203)		(638,550)
Other Items
Interest income			464		1,259		1,337		1,858
Write-off of payable	8		1,145		3,150		1,145		3,150
Foreign exchange loss			145		-		(3,354)		-
Net loss		$	(408,938)	$	(306,620)	$	(709,075)	$	(633,542)
Loss and comprehensive loss		$	(408,938)	$	(306,620)	$	(709,075)	$	(633,542)
Basic and diluted loss per		$	(0.01)	$	(0.01)	$	(0.02)	$	(0.02)
common share
Weighted average number of			39,178,783		28,947,801		39,178,783	28,947,801
common shares outstanding

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

ESSEX MINERALS INC.

Condensed Consolidated Interim Statements of Cash Flows

For the Six Months Ended March 31, 2022 and 2021

Unaudited - Expressed in Canadian dollars

		Six months		Six months
		ended		ended
		March 31,		March 31,
		2022		2021
Operating activities
Net loss for the period	$	(709,075)	$	(633,542)
Adjustment for non-cash item:
Depreciation		935		911
Write-off of payable		(1,145)		(3,150)
Unrealized foreign exchange loss		3,341		-
Changes in non-cash working capital items:
Receivables		11,509		52,669
Prepaid expenses and deposit		6,590		36,595
Accounts payable and accrued liabilities		(25,206)		(66,388)
Net cash flows used in operating activities		(713,051)		(612,905)
Investing activities
Purchase of equipment		-		(924)
Exploration and evaluation assets		(418,479)		(794,470)
Net cash flows used in investing activities		(418,479)		(795,394)
Net change in cash		(1,131,530)		(1,408,299)
Cash, beginning		1,501,880		2,911,633
Cash, ending	$	370,350	$	1,503,334

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