American Manganese : October 31, 2021 Q1

AMERICAN MANGANESE INC.

Consolidated Interim Financial Statements

Period ended October 31, 2021

(Unaudited - expressed in Canadian dollars)

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

In accordance with National Instrument 51-102 Part 4, subsections 4.3(3)(a), if an auditor has not performed a review of these condensed consolidated interim financial statements, they must be accompanied by a notice indicating that these condensed consolidated interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

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AMERICAN MANGANESE INC.

Consolidated Interim Statements of Financial Position As at October 31, 2021 and July 31, 2021

(Expressed in Canadian dollars unless specifically indicated otherwise)

		October 31, 2021		July 31, 2021
Assets
Current
Cash (Note 4)	$	23,629,427	$	5,905,644
Restricted cash equivalents (Note 4)		23,000		23,000
Amounts receivable (Note 5)		154,579		119,219
Due from related parties (Note 6(b))		-		-
Prepaid expenses and advances		120,295		792,449
		23,927,931		6,840,312
Non-current
Reclamation deposits		41,416		41,416
Exploration and evaluation assets (Note 7)		641,796		561,964
Total assets	$	24,611,143	$	7,443,692
Liabilities
Current
Accounts payable and accrued liabilities (Note 5)	$	180,595	$	545,271
Equity
Share capital (Note 8)		57,436,020		39,202,150
Share-based payments reserve (Note 8)		19,654,085		17,153,390
Warrants reserve (Note 8)		5,407,506		4,422,363
Deficit		(58,067,063)		(53,879,482)
Total equity		24,430,548		6,898,421
Total liabilities and equity	$	24,611,143	$	7,443,692

Nature and Continuance of Operations (Note 1)

Subsequent events (Note 14)

Approved on behalf of the Board of Directors and authorized for issue on December 29, 2021

Larry W. Reaugh	Director	Norman L. Tribe	Director

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

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AMERICAN MANGANESE INC.

Consolidated Interim Statements of Comprehensive Income (Loss) For the three-month period ended October 31, 2021 and 2020 (Expressed in Canadian dollars unless specifically indicated otherwise)

		October 31, 2021		October 31, 2020
Expenses
Administration (Note 9)	$	4,346,847	$	723,244
Loss from operations		(4,346,847)		(723,244)
Finance income		49		58
Foreign exchange		(6,702)		210
Government grants received		165,919		11,825
Net income (loss) for the period		(4,187,581)		(711,151)
Other comprehensive income
Foreign currency gain on translation of subsidiary		-		-
Other comprehensive income for the period		(4,187,581)		(711,151)
Total comprehensive income (loss) for the period	$	(4,187,581)	$	(711,151)
Basic and diluted income (loss) per share		(0.0186)		0.004
Weighted average shares outstanding (basic and diluted)		225,119,602		182,109,909

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

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AMERICAN MANGANESE INC.

Consolidated Interim Statements of Changes in Equity

For the three-month period ended October 31, 2021 and 2020 (Expressed in Canadian dollars unless specifically indicated otherwise)

							Share-based						Accumulated
								Warrants				other
	Number of shares		Share capital				payments			Deficit		comprehensive
			Prepaid share		reserve		reserve			income (loss)
	(Note 8)		(Note 8)		subscriptions		(Note 8)		(Note 8)		(Note 9)		(Note 7(c))		Total equity
Balance, July 31, 2020	180,736,228	$	29,060,554	$	-	$	6,641,619	$	5,830,493	$	(40,815,326)	$	-	$	717,340
Share-based payments							270,773								270,773
Issued pursuant to private placements	6,645,920		1,329,184												1,329,184
Cost of share issuance			(35,683)												(35,683)
Warrants issued with private placement			(407,572)						407,572						-
Issued pursuant to warrants exercised	225,000		70,437						(25,437)						45,000
Prepaid share subscriptions					(30,000)										(30,000)
Net loss for the period											(711,151)				(711,151)
Balance, October 31, 2020	187,607,148	-	30,016,920	-	(30,000)	-	6,912,392	-	6,212,628	-	(41,526,477)	-	-	-	1,585,463
Share-based payments	-		-		-		11,112,549		-		-		-		11,112,549
Issued pursuant to private placements	1,589,850		338,810		-		-		-		-		-		338,810
Cost of share issuance	-		(32,716)		-		-		-		-		-		(32,716)
Warrants issued with private placement	-		(15,242)		-		-		15,242		-		-		-
Issued pursuant to options exercised	8,874,400		1,976,475		-		(871,551)		-		-		-		1,104,924
Issued pursuant to warrants exercised	19,847,045		7,184,966		-		-		(2,072,570)		-		-		5,112,396
Prepaid share subscriptions					30,000										30,000
Reclassification pursuant to extension of warrant expiry date	-		(267,063)		-		-		267,063		-		-		-
Net loss for the period	-		-		-		-		-		(12,353,005)		-		(12,353,005)
Balance, July 31, 2021	217,918,443	-	39,202,150	-	-	-	17,153,390	-	4,422,363	-	(53,879,482)	-	-	-	6,898,421
Share-based payments	-		-		-		2,967,172		-		-		-		2,967,172
Issued pursuant to private placements	20,000,000		20,000,000		-		-		-		-		-		20,000,000
Cost of share issuance	-		(1,968,784)		-		-		-		-		-		(1,968,784)
Warrants issued with private placement	-		(1,039,026)		-		-		1,039,026		-		-		-
Issued pursuant to options exercised	2,615,500		942,273		-		(466,477)		-		-		-		475,796
Issued pursuant to warrants exercised	408,888		299,407		-		-		(53,883)		-		-		245,525
Net loss for the period	-		-		-		-		-		(4,187,581)		-		(4,187,581)
Balance October 31, 2021	240,942,831	$	57,436,020	$	-	$	19,654,085	$	5,407,506	$	(58,067,063)	$	-	$	24,430,548

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

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