Inomin Mines : Quarterly earnings

INOMIN MINES INC.

(An Exploration Stage Company)

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited - prepared by management)

SEPTEMBER 30, 2022

(Expressed in Canadian Dollars)

Reader's Note:

These unaudited condensed interim consolidated financial statements of Inomin Mines Inc. have been

prepared by management and have not been reviewed by the Company's auditor

INOMIN MINES INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited - prepared by management)

(Expressed in Canadian Dollars)

	September 30,	March 31,
	2022	2022
	$	$
ASSETS
Current assets	358,767	459,489
Cash
Receivables	21,826	13,563
Securities (Note 3d)	50,000	115,000
Prepayments	11,834	-
Total current assets	442,427	588,052
Non-current assets	712,278	707,049
Exploration and evaluation assets (Note 3e)
Security deposit on exploration and evaluation assets (Note 3a)	55,000	55,000
Total non-current assets	767,278	762,049
TOTAL ASSETS	1,209,705	1,350,101
LIABILITIES
Current liabilities	43,142	60,449
Accounts payable and accrued liabilities (Note 6)
Flow-through premium liability	2,404	4,480
TOTAL LIABILITIES	45,546	64,929
EQUITY
Share capital (Note 5)	2,408,214	2,144,590
Shares to be issued	-	132,720
Reserve	364,703	407,357
Deficit	(1,608,758)	(1,399,495)
TOTAL EQUITY	1,164,159	1,285,172
TOTAL LIABILITIES AND EQUITY	1,209,705	1,350,101

Nature of operations and going concern (Note 1)

Approved and Authorized by the board on November 18, 2022

On behalf of the Board:

"Evilio Gomez-Garcia"	Director	"Anil Jiwani"	Director

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

INOMIN MINES INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(Unaudited - prepared by management)

(Expressed in Canadian Dollars, except for number of shares)

	Three Months Ended	Six Months Ended
	September 30,	September 30,
	2022	2021	2022	2021
	$	$	$	$
Operating expenses
Filing fees	10,887	12,995	13,786	14,573
Investor communications	3,000	31,010	6,286	34,765
Management fees (Note 6)	15,000	9,000	30,000	18,000
Office	3,946	5,020	9,467	6,021
Professional fees (Note 6)	27,624	34,273	43,337	52,242
Travel	-	-	4,875	-
Total operating expenses	(60,457)	(92,298)	(107,751)	(125,601)
Other items
Impairment of exploration and evaluation	(38,314)		(38,314)
assets (Note 3c)	-	-
Loss on securities (Note 3d)	(5,000)	-	(65,000)	-
Foreign exchange (loss) gain	716	-	(274)	-
Recovery in excess of cost for the King's	-	190,000	-	190,000
Point project	-	26,318	2,076	26,318
Flow through premium liability recovery
Comprehensive income (loss) for
the period	(103,055)	124,020	(209,263)	90,717
Income (loss) per common share	(0.003)	0.005	(0.007)	0.004
Basic and diluted
Weighted average number of common	30,910,505		30,946,410
shares outstanding	24,200,159	24,200,159

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

INOMIN MINES INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited - prepared by management)

(Expressed in Canadian Dollars)

		Share	Shares to
	Number of	Capital	be issued	Reserve	Deficit	Total
	Shares	$	$	$	$	$
Balance at March 31, 2021	24,474,264	1,707,040	-	164,973	(1,141,629)	730,384
Private placement			-
- flow-through shares	2,862,000	286,200	-	-	286,200
- non-flow-through shares	1,170,000	117,000	-	-	-	117,000
Finders fees	-	(18,143)	-	-	-	(18,143)
Finders warrants	-	(12,486)	-	12,486	-	-
Income for the period	-	-	-	-	90,717	90,717
Balance at September 30,
2021	28,506,264	2,079,611	-	177,459	(1,050,912)	1,206,158
Balance at March 31, 2022	29,261,510	2,144,590	132,720	407,357	(1,399,495)	1,285,172
Exercise of warrants	1,049,900	164,527	(132,720)	(7,057)	-	24,750
Exercise of options	635,000	99,097	-	(35,597)	-	63,500
Loss for the period	-	-	-	-	(209,263)	(209,263)
Balance at September 30,					(1,608,758)
2022	30,946,410	2,408,214	-	364,703	1,164,159

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

INOMIN MINES INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - prepared by management)

(Expressed in Canadian Dollars)

	For the six	For the six
	months	months
	ended	ended
	September 30,	September 30,
	2022	2021
	$	$
CASH FLOWS FROM OPERATING ACTIVITIES	(209,263)
Net (loss) income for the period	90,717
Impairment of exploration and evaluation	38,314
assets (Note 3c)	-
Loss on securities	65,000	-
Flow-through premium recovery	(2,076)	(26,318)
Recovery in excess of cost for the
King's Point project	-	(190,000)
Changes in non-cash working capital items:	(8,263)
Receivables	(17,217)
Prepaids	(11,834)	-
Accounts payable and accrued liabilities	(12,563)	78,749
Net cash used in operating activities	(140,685)	(64,069)
CASH FLOWS FROM INVESTING ACTIVITIES	(47,991)
Exploration costs net of recovery	(79,926)
Net cash used in investing activities	(47,991)	(79,926)
CASH FLOWS FROM FINANCING ACTIVITIES	-
Funds received on private placement, net of finders fees	456,607
Exercise of warrants	24,750	-
Exercise of options	63,500	-
Net cash provided by financing activities	88,250	456,607
CHANGE IN CASH FOR THE PERIOD	(100,426)	312,612
Impact of foreign exchange	(296)	-
CASH AT THE BEGINNING OF THE PERIOD	459,489	378,347
CASH AT THE END OF THE PERIOD	358,767	690,959
NON-CASH INVESTING AND FINANCING ACTIVITIES:	42,654
Fair value of warrants and options exercised	-
Exploration and evaluation costs payables	4,449	-

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