Searchlight Minerals : Searchlight Minerals Corp.

Searchlight Minerals Corporation

Consolidated Balance Sheet

Unaudited

December 31, 2021

Assets

Cash	$	1,715
Total current assets	1,715
Mineral asset, slag pile and land	129,505,097
Property and equipment	2,015,835
Total Assets	$	131,522,648
Liabilities
Accounts payable	$	1,257,093
Accrued expenses	3,451,342
Deferred revenue	250,000
Total current liabilities	4,958,435
Other accrued liabilities	1,778,598
PPP Loan	76,200
Convertible debt tranche 1	436,457
Convertible debt tranche 2	2,509,722
Convertible debt tranche 3	579,336
Deferred tax liability	48,224,926
Total liabilities	58,563,674
Stockholders' Equity
Common stock, 400,000,000 shares authorized,	363,596
363,596,099 shares issued and outstanding
Additional paid-in capital	184,813,578
Retained earnings	(112,218,200)
Total stockholders' equity	72,958,974
Total Liabilities and Stockholders' Equity	$	131,522,648

These financial statements should be read in connection with the notes to unaudited financial statements.

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Searchlight Minerals Corporation Consolidated Statement of Operations

Unaudited

Year ended December 31, 2021

Revenues	$	-
Geological and drilling expenses	197,805
Metallurgical and pilot plant	212,977
Salaries	198,089
Insurance	149,390
Legal and professional fees	9,260
Other general and administrative	265,575
Depreciation expense	500,000
Interest expense	995,912
Total expenses	2,529,008
Net Loss	$	(2,529,008)
Weighted average shares outstanding	363,596,099
Earnings (Loss) per share	$	(0.01)

These financial statements should be read in connection with the notes to unaudited financial statements.

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Searchlight Minerals Corporation Consolidated Statement of Stockholders' Equity

Unaudited

Balance at December 31, 2020

Discount related to convertible notes Net loss

Balance at December 31, 2021

Common Shares 363,596,099

-363,596,099

$

Common $ 363,596

-$

363,596

Additional Paid-in Capital

$

184,600,578

518,000

-$

185,118,578

Retained Earnings

$ (109,689,191)

(2,529,008)

$ (112,218,200)These financial statements should be read in connection with the notes to unaudited financial statements.

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$

Total 75,274,982

518,000 (2,529,008)

$

73,263,974

Searchlight Minerals Corporation Consolidated Statement of Cash Flow

Unaudited

Year ended December 31, 2021

Operating Activities

Net Loss	$	(2,529,008)
Adjustment to reconcile net loss:
Depreciation expense	500,000
Accretion expense	636,154
Changes in assets and liabilities:
Accounts payable	(46,050)
Accrued expenses	696,340
Cash used in operating activities	(742,564)
Investing Activities
Cash used in investing activities	-
Financing Activities
Proceeds from $0.005 convertible notes	518,000
518,000
Total cash provided (used) during the year	(224,564)
Beginning cash balance	226,279
Ending cash balance	$	1,715

These financial statements should be read in connection with the notes to unaudited financial statements.

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SEARCHLIGHT MINERALS CORP. NOTES TO THE FINANCIAL STATEMENTS

Unaudited

NOTE 1 - NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Organization and Description of Business

Description of business - Searchlight Minerals Corp. (the "Company") is an exploration stage company engaged in a slag reprocessing project and the acquisition and exploration of mineral properties. The Company is presently focused on the Clarkdale Slag Project, located in Clarkdale, Arizona, which is a reclamation project to recover precious and base metals from the reprocessing of slag produced from the smelting of copper ore mined at the United Verde Copper Mine in Jerome, Arizona.

Since the Company's involvement in the Clarkdale Slag Project began, the goal has been to demonstrate the economic feasibility of the project by determining a commercially viable method to extract precious and base metals from the slag material.

The Company has not yet realized any revenues from its planned operations. Upon the location of commercially minable reserves, the Company plans to prepare for mineral extraction and enter the development stage.

History - The Company was incorporated on January 12, 1999, pursuant to the laws of the State of Nevada under the name L.C.M. Equity, Inc. From 1999 to 2005, the Company operated primarily as a biotechnology research and development company with its headquarters in Canada and an office in the United Kingdom. On November 2, 2001, the Company entered into an acquisition agreement with Regma Bio Technologies, Ltd. pursuant to which Regma Bio Technologies, Ltd. entered into a reverse merger with the Company with the surviving entity named "Regma Bio Technologies Limited". On November 26, 2003, the Company changed its name from "Regma Bio Technologies Limited" to "Phage Genomics, Inc." ("Phage").

In February 2005, the Company announced its reorganization from a biotechnology research and development company to a company focused on the development and acquisition of mineral properties and its Board of Directors approved a change in its name from Phage to "Searchlight Minerals Corp." effective June 23, 2005.

Going concern - The accompanying unaudited condensed consolidated financial statements were prepared on a going concern basis in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The going concern basis of presentation assumes that the Company will continue in operation for the next twelve months and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the Company's inability to continue as a going concern. The Company's history of losses, working capital deficit, minimal liquidity and other factors raise substantial doubt about the Company's ability to continue as a going concern. In order for the Company to continue operations beyond

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