Waseco Resources : Six Months Ended August 31, 2021

(an exploration stage company)

Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars)

As at and for the Three and Six Months Ended

August 31, 2021 and 2020

Dated: October 22, 2021

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying condensed interim consolidated financial statements of Waseco Resources Inc. [the "Company"] are the responsibility of the management and have been approved by the Board of Directors of the Company.

The condensed interim consolidated financial statements have been prepared by management, on behalf of the Board of Directors, in accordance with the accounting policies as disclosed in the notes to the consolidated financial statements. Where necessary, management has made informed judgments and estimates in accounting for transactions which were not complete at the statement of financial position date. In the opinion of management, the consolidated financial statements have been prepared fairly, in all material respects and are in accordance with International Financial Reporting Standards using accounting policies consistent with International Financial Reporting Standards appropriate in the circumstances.

The Board of Directors is responsible for reviewing and approving the condensed interim consolidated financial statements together with other financial information of the Company and for ensuring that management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the consolidated financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the condensed interim consolidated financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company's affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

As the Company is a Venture Issuer (as defined under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings) ("NI 52-109"), the Company and Management are not required to include representations relating to the establishment and/or maintenance of disclosure controls and procedures ("DC&P") and/or ICFR, as defined in NI 52-109.

"Richard Williams"	"Jim O'Neill"
President & CEO	Chief Financial Officer

NOTICE TO READERS REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the unaudited interim consolidated 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 consolidated condensed financial statements of the Company have been prepared by

and are the responsibility of management.

The Statements for the three and six months ended August 31, 2021 and 2020 have not been reviewed by the Company's auditors.

0

Consolidated Interim Statements of Financial Position

(Unaudited - Expressed in Canadian dollars)

	August 31, 2021	February 28, 2021
Assets
Current
Cash (Note 4)	$ 13,991	$	46,479
HST recoverable	7,419		4,154
BLM exploration bond (Note 5)	22,358		22,522
	$ 43,768	$	73,155
Liabilities
Current
Trade payables and accruals	$71,032	$	82,712
Advances payable (Note 6)	473,623		466,395
Shareholder loan (Note 7)	5,000		5,000
Provision for property restoration (Note 5)	22,358		22,522
	572,013		576,629
Exploration deposits	330,308		338,259
	902,321		914,888
Shareholders' Equity (Deficiency in Assets)
Share capital (Note 9)	6,473,483		6,473,483
Contributed Surplus - Share payment reserve	73,418		59,920
Deficit	(7,405,454)		(7,375,136)
Total Shareholders' Equity (Deficiency in Assets)	(858,553)		(841,733)
Total Liabilities and Shareholders' Equity	$ 43,768	$	73,155

Nature of Operations and Going Concern (Note 1)

Approved by the Board:

"Derek Bartlett"		"Richard Williams"
Derek Bartlett, Director	Richard Williams, Director

The accompanying notes are an integral part of these financial statements

0

Interim Consolidated Statements of Comprehensive Loss

(Unaudited - Expressed in Canadian dollars)

	Three months ended		Six months ended
	August 31,	August 31,	August 31,	August 31,
		2021			2020		2021		2020
Revenues
Operator (note 9)	$	7,950	$	-	$	7,950		130
Sale of option on Battle Mountain Ridge, Nevada		-		134,000		-		134,000
		7,950		134,000		7,950		134,130
Expenses
General and administrative	$	561	$		66		$ 1,182	$	271
Exploration and evaluation expenditures (Note 8)		7,228	(31,008)		7,228		(13,074)
Professional fees		3,508			20,378		6,255		63,118
Share based compensation		7,317			-		73,418		-
Shareholder relations and regulatory fees		3,015			19,625		9,260		19,625
Foreign exchange (gains) losses		(348)			-		845		-
		21,281			9,061		98,188		69,941
Net Loss and Comprehensive Loss	$	(13,331)	$	124,939	$	(90,238)		$ 64,189
Loss per share - basic and diluted		(0.000)			0.003		(0.001)		0.002
weighted average number of shares - basic and fully
diluted	41,681,390	41,681,390	41,681,390	41,681,390

The accompanying notes are an integral part of these financial statements

Interim Consolidated Statements of Changes in Equity

(Unaudited - Expressed in Canadian dollars)

	Share Capital		Contributed Surplus
				Share
	Number of			Payment
	Shares	Amount		Reserve	Warrants		Deficit	Total
Balance at March 1, 2020	41,681,300	6,471,390	59,920	1,974	(7,441,944)	(908,541)
Expiry of warrants		1,974			(1,974)			-
Comprehensive loss for the year						66,808	66,808
Balance at March 1, 2021	41,681,300	6,473,483	59,920	-	(7,375,136)	(841,733)
Value of options expired			(59,920)		59,920	-
Value of options granted			73,418				73,418
Comprehensive loss for the period						(90,238)	(90,238)
Balance at August 31, 2021	41,681,300	6,473,483	73,418	-	(7,405,454)	(858,553)

The accompanying notes are an integral part of these audited financial statements