BTU Metals : Financial Statements for the Three and six months ended October 31, 2021

Three And Six Months Ended October 31, 2021

Unaudited Interim Condensed Consolidated Financial

Statements

(Expressed in Canadian Dollars)

(Prepared by Management)

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANICAL 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 Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

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BTU Metals Corp.

Consolidated Statements of Financial Position

(Expressed in Canadian Dollars)

	Note
ASSETS
CURRENT
Cash and cash equivalent
Miscellaneous receivables
Sales tax recoverable
Prepaids
Total Current Assets
NON-CURRENT
Exploration advance	6
Exploration and evaluation assets	6
TOTAL ASSETS
LIABILITIES
CURRENT
Accounts payable and accrued liabilities
Total Current Liabilities
LONG TERM DEBT
Flow-through share premium liability	7
TOTAL LIABILITIES
SHAREHOLDERS' EQUITY
Share capital	8
Reserves	8
Deficit

TOTAL LIABILITIES AND SHAREHOLER'S EQUITY

October 31,		April 30,
2021	2021
$		$
689,894	1,667,763
-	4,000
22,833	78,541
24,376	16,873
737,103		1,767,177
100,000	68,029.00
8,750,151		8,164,391
9,587,254		9,999,597
89,937	206,598
89,937		206,598
100,476		230,311
190,413		436,909
11,275,755	11,259,255
3,188,869	2,993,269
(5,067,783)		(4,689,836)
9,396,841		9,562,688
9,587,254		9,999,597

Basis of Preparation and Going Concern (Note 2)

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

Approved on behalf of the Board:
	"Paul Wood"		"Michael England"
Paul Wood, Director	Michael England, Director

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BTU Metals Corp.

Consolidated Statements of Changes in Shareholders' Equity (Deficiency) For the Three and Six Months ended October 31, 2021, and 2020 (Expressed in Canadian Dollars)

Balance, April 30, 2020 Comprehensive loss for the year Private placement

Finder's fee shares

Share issuance costs - cash

Share issued for property payments Share-based compensation Shares issued on exercise of options Fair value of options exercised Shares issued on exercise of warrants Fair value of warrants exercised

Balance October 31, 2020

Comprehensive Loss For The Period Share issued for property payments Shares issued on option exercise Carrying value of options exercised Shares issued on exercise of warrants Carrying value of warrants exercised

Balance, April 30, 2021

Number of								Total
Common								Shareholders'
Shares	Share Capital		Reserves		Deficit		Equity
		$		$		$		$
89,119,965	$	9,219,107	$	1,971,289	$	(3,169,099)	$	8,021,297
-		-		-		(565,428)		(565,428)
10,100,000		1,492,594		644,406		-		2,137,000
200,000		(42,000)		-		-		(42,000)
-		(19,489)		-		-		(19,489)
170,000		33,300		-		-		33,300
-		-		551,475		-		551,475
1,175,000		94,000		-		-		94,000
-		59,605		(59,605)		-		-
1,050,604		143,842		-		-		143,842
-		64,782		(64,782)		-		-
101,815,569		11,045,741		3,042,783		(3,734,527)		10,353,997
-		-		-		(955,309)		(955,309)
250,000		30,000		-		-		30,000
550,000		59,000		-		-		59,000
-		36,900		(36,900)		-		-
500,000		75,000		-		-		75,000
-		12,614		(12,614)		-		-
103,115,569		11,259,255		2,993,269		(4,689,836)		9,562,688

Comprehensive loss for the period	-	-	-	(377,947)	(377,947)
Share issued for property payments	150,000	16,500	-	-	16,500
Share-based Compensation	-	-	195,600	-	195,600
Balance, October 31, 2021	103,265,569	11,275,755	3,188,869	(5,067,783)	9,396,841

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

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BTU Metals Corp.

Consolidated Statements of Comprehensive Loss

For the Three and Six Months ended October 31, 2021, and 2020 (Expressed in Canadian Dollars)

		Three Months		Three Months	Six Months			Six Months
		Ended		Ended	Ended			Ended
		October 31,		October 31,	October 31,			October 31,
		2021	2020		2021	2020
Operating Expenses	Note	$		$		$			$
Bank charges		98	202		217	615
Investor relations		20,279	38,253		41,607	59,168
Management and director fees	9	95,040	95,000		190,040	195,270
Office, rent , telephone and insurance		3,765	5,532		9,828	8,312
Professional fees		26,757	9,151		27,154	9,273
Share-based compensation	8 & 9	140,200	479,425		195,600	551,475
Transfer agent and filing fees		25,118	6,839		39,860	38,473
Travel		1,978	4,934		3,255	5,534
Exploration costs		220		8,250		220		8,506
		(313,455)		(647,586)		(507,781)		(876,626)
Recovery of flow-through premium	7	(40,343)		(308,340)		(129,834)		(311,198)
Loss and comprehensive loss		($273,112)	($339,246)		(377,947)	(565,428)
Loss per share for the year		$0.00	($0.01)		$0.00	($0.01)
Basic and diluted loss per share
Weighted average number of shares outstanding - basic
and diluted		103,236,221	93,835,134		103,175,895	93,507,692

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

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