Waseco Resources : Three Months ended May 31, 2022

(an exploration stage company)

Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars)

As at and for the Three Months Ended

May 31, 2022 and 2021

NOTICE TO READERS REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the unaudited interim consolidated 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 consolidated condensed financial statements of the Company have been prepared by and are the responsibility of management.

The Statements for the three months ended May 31, 2022 and 2021 have not been reviewed by the Company's auditors.

(an exploration stage company)

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying condensed interim consolidated financial statements of Waseco Resources Inc. [the "Company"] are the responsibility of the management and have been approved by the Board of Directors of the Company.

The condensed interim consolidated financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies as disclosed in the notes to the condensed interim consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the consolidated financial statements have been prepared fairly, in all material respects and are in accordance with International Financial Reporting Standards using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.

The Board of Directors is responsible for reviewing and approving the consolidated financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the consolidated financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the consolidated financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

As the Company is a Venture Issuer (as defined under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings) ("NI 52-109"), the Company and Management are not required to include representations relating to the establishment and/or maintenance of disclosure controls and procedures ("DC&P") and/or ICFR, as defined in NI 52-109.

"Richard Williams"	"Jim O'Neill"
President	Chief Financial Officer

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

		May 31,	February 28,
As at		2022		2022
Assets
Current Assets
Cash	$	15,926	$	3,894
HST recoverable		2,127		1,997
BLM Exploration Bond (Note 5)		-		22,526
Total assets	$	18,053	$	28,417
Liabilities
Current Liabilities
Trade payables and accruals	$	83,457	$	91,183
Advances payable (Note 6)		469,944		469,944
Shareholders' loans (Note 7)		5,000		5,000
Total current liabilities		558,401		566,127
Exploration deposits (Note 8)		329,876		329,876
Total liabilities		888,277		896,003
Deficiency in Assets		6,473,483
Share capital (Note 9)			6,473,483
Share payment reserve		73,418		73,418
Deficit	(7,417,125)	(7,414,487)
Total shareholders' equity		(870,224)	$	867,586
Total liabilities and shareholder equity	$	18,053	$	28,417

Nature of Operations and Going Concern (Note 1) and Subsequent Event (Note 10)

Approved by the Board:

"Derek Bartlett"	"Richard Williams"
Director	CEO & Director

The accompanying notes form an integral part of the condensed interim consolidated financial statements

Condensed Interim Consolidated Statements of Comprehensive Loss (Expressed in Canadian dollars)

		May 31,		May 31,
Three Months Ended		2022		2021
Expenses
General and administrative	$	190	$	621
Exploration and evaluation expenditures (Note 8)		-		-
Professional fees		969		2,746
Share based compensation		-		66,101
Shareholder relations and regulatory fees		1,011		6,245
Foreign exchange (gains) losses		468		1,193
		2,638		76,906
Net Loss and Comprehensive Loss	$	2,638		$ 76,906
Loss per share - basic and diluted		(0.000)		(0.002)
weighted average number of shares - basic and fully diluted	41,681,390	41,681,390

Condensed Interim Consolidated Statements of Changes in Equity (Unaudited - Expressed in Canadian dollars)

	Share Capital
			Share
	Number of		Payment
	Shares	Amount	Reserve	Deficit	Total
Balance at February 28, 2021	41,681,300	6,473,483	59,920	(7,375,136)	(841,733)
Value of options expired			(59,920)	59,920	-
Value of options granted			73,418		73,418
Comprehensive loss for the year				(99,271)	(99,271)
Balance at February 28, 2022	41,681,300	6,473,483	73,418	(7,414,487)	(867,586)
Comprehensive loss for the
period				(2,638)	(2,638)
Balance at May 31, 2022	41,681,300	6,473,483	73,418	(7,417,125)	(870,224)

The accompanying notes are an integral part of these audited financial statements