Azarga Uranium Corp.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

September 30, 2021

(Unaudited - Expressed in U.S. Dollars)

Notice to Reader

These condensed consolidated interim financial statements of Azarga Uranium Corp. have been prepared by management and approved by the Audit Committee of the Board of Directors of the Company. In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed these condensed consolidated interim financial statements, notes to the financial statements or the related quarterly Management's Discussion and Analysis.

TABLE OF CONTENTS

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Condensed Consolidated Interim Statements of Financial Position

Condensed Consolidated Interim Statements of Loss and Other Comprehensive Loss Condensed Consolidated Interim Statements of Changes in Equity

Condensed Consolidated Interim Statements of Cash Flows

NOTES1. CorporateTO THEinformationCONDENSEDandCONSOLIDATEDgoing concern INTERIM FINANCIAL STATEMENTS 2. Basis of presentation

3. Summary of significant accounting policies

4. Segmented information

5. Exploration and evaluation assets

6. Loan payable

7. Warrant liabilities

8. Equity

9. Share option reserve

10. Administrative expenses

11. Related party transactions and balances

12. Financial instruments and risk management

13. Commitments

14. Supplemental cash flow information

15. Subsequent events

16. Proposed transaction

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AZARGA URANIUM CORP.

Condensed Consolidated Interim Statements of Financial Position

(Unaudited - Expressed in U.S. Dollars)

As at

September 30,

December 31,

Notes

2021

2020

ASSETS

$

2,346,949

$

2,400,060

Cash

urrent assets

89,516

59,499

Other assets

Total current assets

2,436,465

2,459,559

Restricted cash

720,020

952,472

Non-current assets

5

43,785,180

42,621,402

Exploration and evaluation assets

Property, plant and equipment

63,525

65,261

Right-of-use assets

52,619

74,145

Total assets

$

44,621,344

$

43,713,280

Total non-current assets

LIABILITIES AND EQUITY

$

301,668

$

525,904

Trade and other payables

Current liabilities

6

-

101,284

Loan payable

Lease obligations

15,661

15,661

Total current liabilities

317,329

642,849

Trade and other payables

10,000

55,000

Non-current liabilities

3,277,193

3,277,193

Deferred income tax liabilities

Decommissioning liabilities

267,807

267,807

Lease obligations

7

41,614

63,548

Warrant liabilities

5,660,723

1,960,499

Total liabilities

9,257,337

5,624,047

Total non-current liabilities

9,574,666

6,266,896

Common shares

8

70,291,969

64,899,866

Equity

8

854,209

1,127,178

Contributed surplus

Share option reserve

9

2,877,530

3,008,477

Accumulated deficit

(36,540,565)

(29,129,578)

Total liabilities nd equity

1

$

37,483,143

$

39,905,943

Corporate information and going concern

47,057,809

46,172,839

Total equity

Subsequent events

15

Proposed transaction

16

Approved by the Board of Directors of the Company:

"Joseph L. Havlin", Director"Matthew O'Kane", Director

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

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AZARGA URANIUM CORP.

Condensed Consolidated Interim Statements of Loss and Other Comprehensive Loss

(Unaudited - Expressed in U.S. Dollars)

Three months ended

Nine months ended

September 30,

September 30,

Notes

2021

2020

2021

2020

Administrative expenses

10

$

(476,094)

$

(329,273)

$

(1,443,435)

$

(1,138,135)

Foreign exchange (loss) gain

136,500

(6,890)

103,434

7,373

Finance costs

(339,594)

(336,163)

(1,340,001)

(1,130,762)

(1,117)

(28,315)

(3,991)

(44,191)

Loss from operations

6

-

-

101,532

-

Gain on forgiveness of loan

Unrealized (loss) gain on warrant liabilities

7

(6,453,505)

(102,645)

(6,168,527)

40,174

Net loss and other comprehensive loss

$

(6,794,216)

$

(467,123)

$

(7,410,987)

$

(1,134,779)

Basic and diluted loss per share

$

(0.03)

$

(0.00)

$

(0.03)

$

(0.01)

Weighted average number of common shares

238,080,935

200,080,285

233,906,868

193,838,647

outstanding

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

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Azarga Uranium Corp. published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 19:46:06 UTC.