Waseco Resources : Three Months ended May 31, 2021

(an exploration stage company)

Condensed Interim Consolidated Financial Statements

(Expressed in Canadian dollars)

As at and for the Three Months Ended

May 31, 2021 and 2020

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"	"Richard Williams"
President & CEO	Acting Chief Financial Officer

NOTICE TO READER

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 months ended May 31, 2021 and 2020 have not been reviewed by the Company's auditors.

0

Consolidated Interim Statements of Financial Position

(Expressed in Canadian dollars)

	May 31, 2021	February 28, 2021
Assets
Current
Cash (Note 4)	$ 34,502	$	46,479
HST recoverable	4,900		4,154
BLM exploration bond (Note 5)	21,416		22,522
	$ 60,818	$	73,155
Liabilities
Current
Trade payables and accruals	$82,286	$	82,712
Advances payable (Note 6)	466,395		466,395
Shareholder loan (Note 7)	5,000		5,000
Provision for property restoration (Note 5)	21,416		22,522
	575,097		576,629
Exploration deposits	338,259		338,259
	913,356		914,888
Shareholders' Equity (Deficiency in Assets)
Share capital (Note 9)	6,473,483		6,473,483
Contributed Surplus ‐ Share payment reserve	66,101		59,920
Deficit	(7,392,122)		(7,375,136)
Total Shareholders' Equity (Deficiency in Assets)	(852,538)		(841,733)
Total Liabilities and Shareholders' Equity	$ 60,818	$	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

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Interim Consolidated Statements of Comprehensive Loss

(Expressed in Canadian dollars)

Three months Ended May 31,		2021		2020
Expenses
General and administrative	$	621	$	206
Exploration and evaluation expenditures (Note 8)		‐		17,934
Professional fees		2,746		42,740
Share based compensation		66,101		‐
Shareholder relations and regulatory fees		6,245		‐
Foreign exchange (gains) losses		1,193		‐
		76,906		60,880
Miscellaneous Income:		‐		130
Net Loss and Comprehensive Loss	$	(76,906)	$	(60,750)
Loss per share - basic and diluted		(0.001)		(0.001)
weighted average number of shares - basic and fully diluted	41,681,390	41,681,390

The accompanying notes are an integral part of these financial statements

Interim Consolidated Statements of Changes in Equity (Expressed in Canadian dollars)

	Share Capital		Contributed Surplus
	Number of			Share
			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)			‐
Comprehensive loss for the year						66,808	66,808
Balance at March 1, 2021	41,681,300	6,471,390	59,920	‐	(7,375,136)	(841,733)
Value of options expired			(59,920)		59,920	‐
Value of options granted			66,101				66,101
Comprehensive loss for the period						(76,906)	(76,906)
Balance at May 31, 2021	41,681,300	6,471,390	66,101	‐	(7,392,122)	(852,538)

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