BEYD MINENPV : 2023 Q3 Financial Statements

BEYOND LITHIUM INC.

(FORMERLY BEYOND MINERALS INC.)

CONDENSED INTERIM FINANCIAL STATEMENTS

THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2023

(EXPRESSED IN CANADIAN DOLLARS)

(UNAUDITED)

NOTICE TO READER

The accompanying unaudited condensed interim financial statements of Beyond Lithium Inc. (Formerly Beyond Minerals Inc.) (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim financial statements have not been reviewed by the Company's auditors.

Beyond Lithium Inc. (Formerly Beyond Minerals Inc.)

Condensed Interim Statements of Financial Position (Expressed in Canadian Dollars)

(Unaudited)

				As at		As at
		September 30, December 31,
			2023		2022
ASSETS
Current assets	$	297,420
Cash	$	351,219
Prepaid expenses		74,127		15,655
Sales tax recoverable		76,321		36,694
Total assets	$	447,868	$	403,568
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	$	303,863
Accounts payable and accrued liabilities (note 12)	$	26,170
Total liabilities		303,863		26,170
Shareholders' equity		4,925,960
Share capital (note 6)			1,015,012
Contributed surplus (notes 7, 8, 9 & 10)		603,410		91,857
Deficit		(5,385,365)		(729,471)
Total shareholders' equity		144,005		377,398
Total liabilities and shareholders' equity	$	447,868	$	403,568
Nature of operations and going concern (note 1)
Commitments and contingencies (note 13)
Subsequent events (note 15)
Approved on behalf of the Board:
"Craig Gibson"	"Allan Frame"
Director		Director

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

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Beyond Lithium Inc. (Formerly Beyond Minerals Inc.)

Condensed Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)

(Unaudited)

		Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2023		2022		2023		2022
Operating expenses	$	787,373			$	3,049,365
Exploration and evaluation expenditures (note 4)	$	55,933	$	55,933
General and administrative expenses (note 5)		532,276		84,477		1,606,529		201,810
Net and comprehensive loss for the period	$	(1,319,649)	$	(140,410)	$	(4,655,894)	$	(257,743)
Net loss per share - basic and diluted (note 11)	$	(0.05)	$	(0.01)	$	(0.19)	$	(0.02)
Weighted average number of common shares
outstanding - basic and diluted (note 11)		28,455,901		15,408,333		25,146,000		14,256,318

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

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Beyond Lithium Inc. (Formerly Beyond Minerals Inc.)

Condensed Interim Statements of Cash Flows (Expressed in Canadian Dollars)

(Unaudited)

		Nine Months Ended
		September 30,
		2023		2022
Operating activities	$	(4,655,894)
Net loss for the period	$	(257,743)
Items not affecting cash:		1,493,416
Shares issued for non-cash consideration			-
Share-based compensation		547,940		13,174
Changes in non-cash working capital items:		(58,472)
Prepaid expenses			12,527
Sales tax recoverable		(39,627)		3,578
Accounts payable and accrued liabilities		277,693		(10,757)
Net cash used in operating activities		(2,434,944)		(239,221)
Financing activities		-
Initial public offering			450,000
Private placement		2,467,800		-
Share issue costs		(179,670)		(134,046)
Stock options exercised		49,150		-
Warrants exercised		43,865		-
Net cash provided by financing activities		2,381,145		315,954
Net change in cash		(53,799)		76,733
Cash, beginning of period		351,219		466,513
Cash, end of period	$	297,420	$	543,246
Non-cash items not included in cash flows:	$	-
Shares issued for share issue costs	$	12,500
Warrants issued for share issue costs	$	42,749	$	17,933

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

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Beyond Lithium Inc. (Formerly Beyond Minerals Inc.)

Condensed Interim Statements of Changes in Shareholders' Equity (Expressed in Canadian Dollars)

(Unaudited)

	Number of		Share	Contributed
	Shares		Capital		Surplus		Deficit		Total
Balance, December 31, 2021	12,325,000	$	716,991	$	60,750	$	(289,745)	$	487,996
Shares issued to in intial public offering (note 6)	3,083,333		462,500		-		-		462,500
Warrants issued in initial public offering as share issuance costs (note 8)	-		-		17,933		-		17,933
Share issue costs	-		(164,479)		-		-		(164,479)
Share-based compensation (note 7)	-		-		13,174		-		13,174
Net loss for the period	-		-		-		(257,743)		(257,743)
Balance, September 30, 2022	15,408,333	$	1,015,012	$	91,857	$	(547,488)	$	559,381
Balance, December 31, 2022	15,408,333	$	1,015,012	$	91,857	$	(729,471)	$	377,398
Shares issued to acquire mineral properties (note 4)	4,937,768		1,447,541		-		-		1,447,541
Shares issued in private placements (note 6)	8,039,600		2,467,800		-		-		2,467,800
Warrants issued in private placements as share issuance costs (note 8)	-		-		42,749		-		42,749
Share issue costs	-		(222,419)		-		-		(222,419)
Stock options exercised (note 6)	220,000		72,055		(22,905)		-		49,150
Warrants exercised (note 6)	307,948		60,908		(17,043)		-		43,865
RSUs converted (note 6)	118,750		85,063		(39,188)		-		45,875
Share-based compensation (notes 7, 9 & 10)	-		-		547,940		-		547,940
Net loss for the period	-		-		-		(4,655,894)		(4,655,894)
Balance, September 30, 2023	29,032,399	$	4,925,960	$	603,410	$	(5,385,365)	$	144,005

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

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Beyond Lithium Inc. (Formerly Beyond Minerals Inc.)

Notes to Condensed Interim Financial Statements Three and Nine Months Ended September 30, 2023 (Expressed in Canadian Dollars)

(Unaudited)

1. NATURE OF OPERATIONS AND GOING CONCERN

Beyond Lithium Inc. (formerly Beyond Minerals Inc.) (the "Company") was incorporated on October 8, 2019, under the laws of Canada. The Company is primarily engaged in the business of acquiring and exploring mineral properties.

The head office, principal address, and records office of the Company are located at 360 Main Street, Suite 3000, Winnipeg, Manitoba, R3C 4G1.

The common shares of the Company commenced trading on the Canadian Securities Exchange ("CSE") on April 13, 2022 under the symbol "BY" and on the OTCQB Venture Market on September 9, 2022 under the symbol "BYDMF".

On May 15, 2023, the Company changed its name from "Beyond Minerals Inc." to "Beyond Lithium Inc."

Going Concern

In order to carry out future exploration activities, the Company will need to raise additional financing. Although the Company has been successful in raising funds to date, there can be no assurance that adequate funding will be available in the future, or available under terms favorable to the Company.

These unaudited condensed interim financial statements have been prepared on a going concern basis, which assumes continuity of operations and realization of assets and settlement of liabilities in the normal course of business. However, the Company is exploration-focused and is subject to the risks and challenges of companies in the same sector. These risks include, but are not limited to, the challenges of securing adequate capital given exploration, development and operational risks inherent in the mining industry as well as global economic, precious and base metal price volatility; all of which are uncertain under current market conditions. As a result of these risks, there is no assurance that the Company's funding initiatives will continue to be successful and these unaudited condensed interim financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and financial position classifications that would be necessary were the going concern assumption inappropriate. These adjustments could be material.

The Company has incurred losses in previous years, with net loss of $4,655,894 for the nine months ended September 30, 2023 (nine months ended September 30, 2022 - $257,743) and has an accumulated deficit of $5,385,365 as at September 30, 2023 (December 31, 2022 - $729,471). The continuing operations of the Company are dependent on its ability to continue to raise adequate financing and to commence profitable operations in the future and repay its liabilities arising from normal operations as they come due. These conditions indicate that material uncertainties exist that may cast significant doubt on the Company's ability to continue as a going concern.

The Company's unaudited condensed interim financial statements were authorized for issue by the Board of Directors (the "Board") on November 28, 2023.

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Beyond Lithium Inc. (Formerly Beyond Minerals Inc.)

Notes to Condensed Interim Financial Statements Three and Nine Months Ended September 30, 2023 (Expressed in Canadian Dollars)

(Unaudited)

2. BASIS OF PRESENTATION Statement of Compliance

These unaudited condensed interim financial statements have been prepared on a historical cost basis, except for certain financial instruments that have been measured at fair value. These unaudited condensed interim financial statements are presented in Canadian dollars which is the functional currency of the Company. In addition, these unaudited condensed interim financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

The Company applies International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations issued by the IFRS Interpretations Committee ("IFRIC"). These unaudited condensed interim financial statements have been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting. Accordingly, they do not include all of the information required for full annual financial statements.

The policies applied in these unaudited condensed interim financial statements are based on IFRS issued and outstanding as of November 28, 2023, the date the Board of Directors approved the statements. The same accounting policies and methods of computation are followed in these unaudited condensed interim financial statements as compared with the most recent annual financial statements as at and for the year ended December 31, 2022. Any subsequent changes to IFRS that are given effect in the Company's annual financial statements for the year ending December 31, 2023 could result in restatement of these unaudited condensed interim financial statements.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies followed for the preparation of these unaudited condensed interim financial statements are consistent with those described in the December 31, 2022, annual financial statements, except as noted below.

Share appreciation right ("SAR")

Under the Omnibus Equity Incentive Plan (the "Equity Incentive Plan"), employees, consultants, directors and officers of the Company are granted SARs where each SAR entitling the recipient to receive a payment in common shares (or, at the election of the holder and subject to the approval of the plan administrator, a cash amount in respect thereof) equal to the current market price less the grant price of the SAR as determined by the Board at the time of the grant for each SAR. The fair value is measured at the grant date and recognized over the period during which the SARs vest. The fair value of the SARs granted is measured using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the options were granted. At each financial position reporting date, the amount recognized as an expense (share-based compensation) is adjusted to reflect the actual number of SARs that are expected to vest.

Restricted stock unit ("RSU")

Under the Equity Incentive Plan, employees, consultants, directors and officers of the Company are granted RSUs where each RSU has a value equal to one common share. RSUs are measured at fair value on the grant date. The fair value of RSUs are recognized as an expense as share-based compensation over the vesting period with a corresponding increase in equity.

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Beyond Lithium Inc. (Formerly Beyond Minerals Inc.)

Notes to Condensed Interim Financial Statements Three and Nine Months Ended September 30, 2023 (Expressed in Canadian Dollars)

(Unaudited)

4. EXPLORATION AND EVALUATION EXPENDITURES Eastchester-Fabie Property

On March 8, 2021, the Company entered into a Mineral Property Purchase Agreement (the "Purchase Agreement") with Reyna Silver Corp. (the "Vendor") setting out the terms and conditions upon which the Company acquired a 100% undivided interest in and to the 37 non-contiguous mining claims comprising the Eastchester-Fabie polymetallic project (the "Property"), located approximately 35 kilometres northwest of Rouyn-Noranda, in the province of Quebec. Pursuant to the Purchase Agreement on March 12, 2021, the Company issued 1,000,000 common shares in the share capital of the Company valued at $50,000 to the Vendor and granted the Vendor a 1% net smelter return royalty ("NSR") on the Property pursuant to the terms and conditions of a Net Smelter Returns Royalty Agreement.

		Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2023		2022		2023		2022
Exploration and evaluation expenditures
Acquisition costs - licences and claims	$	-	$	2,463	$	-	$	2,463
Consulting		-		-		4,329		-
Surveys and geophysics		-		44,000		-		44,000
	$	-	$	46,463	$	4,329	$	46,463

Various Ontario Lithium Properties

Favourable Lake Greenstone Belt

On September 2, 2022, the Company announced that it had staked 114 claims covering an area of 2,220 hectares located approximately 190 kilometres north of Red Lake, in the Borland Lake, Favourable Lake, and Gorman River areas of Northwestern Ontario. The claims are situated within and adjacent to the Favourable Lake greenstone belt, which surrounds the historic Berens River Mine.

Peggy Group Lithium Property

On January 24, 2023, the Company entered into a purchase agreement pursuant to which the Company acquired a 100% undivided interest in the Peggy Group Lithium property, located approximately 80 kilometres north of Sioux Lookout, in the province of Ontario. Pursuant to the agreement, the Company paid to the vendor aggregate cash consideration of $125,000 (paid), issued 2,500,000 common shares of the Company valued at $500,000 (issued), and assumed a 1.5% NSR on the claims comprising the Property, one-third of which may be repurchased by the Company for $600,000.

North Trout Lake Lithium Property

On February 28, 2023, the Company acquired a 100% undivided interest in the North Trout Lake lithium property located approximately 30 kilometres southwest of Sandy Lake, in the province of Ontario. Pursuant to the purchase agreement, the Company paid to the vendors aggregate cash consideration of $45,000 (paid), issued a total of 171,000 common shares of the Company valued at $70,110 (issued), and granted the vendors a 2% NSR on the property, one-half of which may be repurchased by the Company for $1,200,000. In addition, the Company shall pay the vendors a $1,000,000 milestone payment, payable in cash or shares at the option of the Company, in the event the Company files a mineral resource estimate disclosing a deposit or orebody exceeding 5,000,000 metric tonnes with an average grade equal to 1% lithium oxide or greater.

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Beyond Lithium Inc. (Formerly Beyond Minerals Inc.)

Notes to Condensed Interim Financial Statements Three and Nine Months Ended September 30, 2023 (Expressed in Canadian Dollars)

(Unaudited)

4. EXPLORATION AND EVALUATION EXPENDITURES (CONTINUED)

Greenfield Lithium Properties and Expansion Properties

On March 30, 2023, the Company was granted the exclusive right and option to acquire a 100% interest in 57 high potential greenfield lithium properties via a series of multi-property option agreements (the "Option Agreements"). Pursuant to the Option Agreements, in order to acquire a 100% interest in the properties, the Company is required to:

• within 5 business days of the date of the Option Agreements, make cash payment of $420,000 (paid) and issue 1,880,000 common shares valued at $733,200 (issued);
• on or before the first anniversary of the date of the Option Agreements, make cash payment of $590,000 and issue 2,490,000 common shares;
• on or before the second anniversary of the date of the Option Agreements, make cash payment of $1,080,000 and issue 3,210,000 common shares; and
• on or before the third anniversary of the date of the Option Agreements, by make cash payment of $1,260,000 and issue 3,745,000 common shares.

Upon acquiring a 100% interest in any of the properties, the Company shall grant the optionors a 2.0% NSR on such properties, one-half of each of which may be repurchased by the Company for $1,200,000. In addition, the Company shall pay the optionors a $1,000,000 milestone payment, payable in cash or shares at the option of the Company, for each initial mineral resource estimate filed by the Company in respect of a deposit comprising part of the properties that discloses a deposit or orebody exceeding 5,000,000 metric tonnes with an average grade equal to 1.0% Li2O or greater.

On September 14, 2023, the Company entered into a mineral property purchase agreement (the "Expansion Properties Purchase Agreement") setting out the terms and conditions upon which the Company will acquire a 100% undivided interest in 279 non-contiguous mining claims totaling 9,378 hectares comprising the expansion properties referred to as Ogani Lake, Maytham, Superb North, Cosgrave, Sydere, McKenzie Bay, and Wenesaga located in the province of Ontario (collectively, the "Expansion Properties"). Pursuant to the Expansion Properties Purchase Agreement, the Company paid to the vendors aggregate cash payments of $44,300, issued 92,880 common shares of the Company valued at $31,115 (issued), and granted a 2% NSR on the Expansion Properties, one-half which may be repurchased by the Company for $1,000,000.

Camping Lake Properties

On August 17, 2023, the Company entered into two letter agreements setting out the terms and conditions upon which the Company will acquire a 100% undivided interest in 10 unpatented mineral claims located near Camping Lake in the province of Ontario. Pursuant to the letter agreements, the Company paid to the vendors aggregate cash payments of $8,500 (paid), issued 75,000 common shares of the Company valued at $27,750 (issued), and granted a 2% and 1.5% NSR on the claims acquired from each vendor, respectively, one-half and one-third of which may be repurchased by the Company for $1,000,000 and $500,000, respectively.

The Company entered into a series of letter agreements, two of which are dated August 29, 2023 and one of which is dated September 6, 2023 (collectively, the "Letter Agreements"), setting out the terms and conditions upon which the Company will acquire a 100% undivided interest in 45 unpatented mining claims located near Camping Lake in the province of Ontario. Pursuant to the Letter Agreements, the Company paid to the vendors aggregate cash payments of $44,000 (paid), issued 80,000 common shares of the Company valued at $31,200 (issued), and granted a 2% NSR on 12 of the claims acquired from two vendors, one-half of which may be repurchased by the Company for $2,000,000.

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Beyond Lithium Inc. (Formerly Beyond Minerals Inc.)

Notes to Condensed Interim Financial Statements Three and Nine Months Ended September 30, 2023 (Expressed in Canadian Dollars)

(Unaudited)

4. EXPLORATION AND EVALUATION EXPENDITURES (CONTINUED)

Ear Falls Project

On September 11, 2023, the Company entered into a mineral property purchase agreement (the "Ear Falls Project Purchase Agreement") setting out the terms and conditions upon which the Company will acquire a 100% undivided interest in 4 contiguous mining claims totaling 17,800 hectares comprising the Ear Falls project located approximately 8 kilometres northeast of the Township of Ear Falls, in the province of Ontario (the "Ear Falls Project"). Pursuant to the Ear Falls Project Purchase Agreement, the Company paid the vendor cash payment of $50,000 (paid), issued 138,888 common shares of the Company valued at $54,166 (issued), and granted a 3% NSR on the Ear Falls Project, one- third of which may be repurchased by the Company for $1,500,000.

		Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2023		2022		2023		2022
Exploration and evaluation expenditures
Acquisition costs - share issuances (note 6)	$	144,231	$	-	$	1,447,541	$	-
Acquisition costs - cash payments		146,800		-		736,800		-
Acquisition costs - licences and claims		-		9,470		1,100		9,470
Assays		37,332		-		48,728		-
Contractors		411,823		-		731,151		-
Consulting		32,198		-		49,649		-
Equipment and supplies		453		-		1,006		-
Travel, meals and accomodations		14,470		-		28,801		-
Utilities		66		-		260		-
	$	787,373	$	9,470	$	3,045,036	$	9,470
5. GENERAL AND ADMINISTRATIVE EXPENSES
		Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2023		2022		2023		2022
Consulting fees (note 12)	$	187,151	$	16,676	$	380,360	$	48,209
Insurance		2,937		-		6,364		-
Marketing		95,363		-		330,824		6,940
Office and administration		2,491		2,004		15,963		3,994
Professional fees (note 12)		64,964		37,169		259,230		81,937
Share-based compensation (notes 7, 9, 10 & 12)		157,129		-		547,940		13,174
Stock exchange, authorities and		22,241				65,848
communication (note 12)			28,628			47,556
	$	532,276	$	84,477	$	1,606,529	$	201,810

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