Vision Lithium Inc.

Unaudited Interim Financial Statements

As at February 28, 2022

NOTICE OF DISCLOSURE OF NON-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 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 Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.

Consolidated Statements of Financial Position

ASSETS Current

Cash and cash equivalents

Guaranteed investment certificates (0.10% - 0.49%; 0.55% in 2020), expiring between May and July 2022

Accounts receivable

Sales taxes receivable Tax credits receivable Prepaid expenses

Marketable securities in quoted mining exploration companies

Non-current

Property and equipment Right-of-use assets

Advances on exploration and evaluation assets Exploration and evaluation assets

Notes

February 28, 2022 (Unaudited)

August 31, 2021 (Audited)

$

$

5

1,239,667 1,235,956

2,077,323 2,577,287

777

61,479

2,184

77,233

890

- 101,840 - 18,034 971

3,459,553 3,934,088

14,139 18,658

6 7

62,979 78,919

- 50,000

17,022,980 17,100,098

15,152,947 15,300,524

Total assetsLIABILITIES Current

Trade and other payables

Liability related to flow-through shares Current portion of lease obligations

Non-current

Lease obligations Loan

Total liabilities

EQUITY

Share capital Contributed surplus

Deficit Total equityTotal liabilities and equity

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

These interim consolidated financial statements were approved and authorized for issue by the Board of Directors on April 27, 2022.

Approved on behalf of the Board of Directors

(signed) Yves Rougerie, Director

20,559,651

19,234,612

263,589 178,322

- 122,557

8

35,752 36,057

299,341 336,936

8 9

27,351 40,599

40,000 40,000

67,351 80,599

366,692 417,535

10.1

55,518,276 53,521,536

5,142,073 4,755,693

(40,467,390)

20,192,959 20,559,651

- 3 -

(signed) Victor Cantore, Director

(39,460,152)

18,817,077 19,234,612

Consolidated Statements of Net Loss and Comprehensive Loss

Three-month period ended

Notes

February 28, 2022 $

Expenses

Employee benefits expense Insurance, taxes and permits Consulting fees Professional fees Rent and maintenance Business development Stationery and office expenses Travel, board and lodging Registration fees

Write-off of exploration and evaluation assets

Exploration costs of other properties (1) Bank charges

Part III.14 tax

Part XII.6 tax related to flow-through shares Amortization of property and equipment Amortization of right-of-use assets

Operating loss

Other (income) expenses

Finance income Finance cost Government assistance

Net change in fair value of marketable securities in quoted mining exploration Other revenues

Loss before income taxes

Deferred income tax

Net loss and total of comprehensive loss for the period

Loss per share

Basic and diluted net loss per share

12.1

February 28, 2021 $

670,951

9,029

104,914

43,252

6,240

57,449

8,381

774

26,662

- - 651 - 2,609 991 652

932,555

14 14 9-11

126,452

4,864

-

36,629

-

23,121

3,390

210

11,201

(7,565)

25,966

604

(47,050)

-

453

7,837

186,112

(676)

45

-

251

(2,028)

(2,408)

(930,147)

43,802

(886,345)

15

(70) 486 -

(269) (1,950) (1,803)

Six-month period endedFebruary 28, 2022 $

February 28, 2021 $

738,013 249,061

17,227 9,226

149,914 79,552 12,480

- 66,214 -

80,616 26,423

13,316 6,071

4,637 695

30,847 15,207

350 (2,065)

149 25,966

1,477 1,561

- 2,609 1,981 1,969

(47,050)

- 907 15,674

1,135,137 367,890

(1,650) (141)

283 1,024

-

(10,000)

81

(518)

(4,056) (3,900)

(5,343) (13,535)

(184,309) (1,129,795) (354,355)

12,913

(171,396)

0.00

122,557

(1,007,238)

(0.00)

21,943

(332,412)

(0.00)

(0.00)

(1) For the three and six-month periods ended February 28, 2022 and 2021, no amount was recorded for tax credits as a reduction of exploration costs of other properties.

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

- 4 -

Vision Lithium Inc.

Issuance of flow-through units and shares 10.1

Issuance of units 10.1

Shares issue costs 10.1

Share-based payments 12.2

Net loss and total of comprehensive loss for the period

400,000 79,400,000 - - 79,800,000

14,000 841,640 - - 855,640

- 746,360 - 28,750 775,110

- - (135,042)

- (135,042)

14,000

1,588,000

(135,042)

28,750

1,495,708

-

-

-

(332,412)

(332,412)

Balance as at February 28, 2021

181,054,986

48,859,275

4,137,879

(38,554,071)

14,443,083

Issuance of flow-through units and shares 10.1

Issuance of units 10.1

Issuance of shares for the acquisition of mining 10.1 rights

Shares issue costs 10.1

Warrants exercised 10.2

Net loss and total of comprehensive loss for the period

15,097,499 1,675,000 4,000,000

- 7,975,000 28,747,499

2,944,013 204,533 1,040,000

- 473,715 4,662,261

377,437 96,967 - 218,375 (74,965) 617,814

- - -

(545,934)

- (545,934)

3,321,450 301,500 1,040,000

(327,559) 398,750 4,734,141

-

-

-

(360,147)

(360,147)

Balance as at August 31, 2021

209,802,485

53,521,536

4,755,693

(39,460,152)

18,817,077

Issuance of shares for the acquisition of mining 12.1 rights

Share-based payments 14.2

Warrants exercised 10.2

Net loss and total of comprehensive loss for the period

4,550,000 - 17,100,000 21,650,000

981,000 - 1,015,740 1,996,740

- - 981,000

547,120 - 547,120

(160,740) - 855,000

386,380

-

2,383,120

-

-

-

(1,007,238)

(1,007,238)

Balance as at February 28, 2022

231,452,485

55,518,276

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

5,142,073

(40,467,390)

20,192,959

-5 -

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Vision Lithium Inc. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 15:44:07 UTC.