Viscount Mining : Interim FS

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE PERIODS ENDED MAY 31, 2022 AND 2021

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management)

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

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

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

The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

VISCOUNT MINING CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited - Prepared by Management)

(Expressed in Canadian dollars) As at

		May 31, 2022	August 31, 2021
	Note	($)	($)
ASSETS
Current
Cash	3	1,028,360	2,571,328
Amounts receivable and prepaid expenses	4	144,807	97,286
Recoverable from Joint Venture Partner	5A	286,947	192,230
Reclamation bond		1,460,114	2,860,844
	30,005	26,172
Exploration and evaluation properties	5	5,721,022	4,878,419
Total Assets		7,211,141	7,765,435
LIABILITIES
Current liabilities
Trade payables and accrued liabilities		141,386	79,643
Total liabilities		141,386	79,643
SHAREHOLDERS' EQUITY
Share capital	7	18,353,023	17,958,623
Subscriptions receivable	7	(185,875)	(185,875)
Reserves	7	2,179,348	2,241,778
Deficit		(13,276,741)	(12,328,734)
Total shareholders' equity		7,069,755	7,685,792
Total Liabilities and Shareholders' Equity		7,211,141	7,765,435

Nature and Continuance of Operations (Note 1)

These condensed consolidated interim financial statements are authorized for issuance by the Board of Directors on August 2, 2022.

On behalf of the Board:

"Jim MacKenzie"

Director

"William Macdonald"

Director

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

3 | P a g e

VISCOUNT MINING CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited - Prepared by Management)

(Expressed in Canadian dollars)

		Nine Months	Nine Months	Three Months	Three Months
		Ended	Ended	Ended	Ended
		May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
	Note	($)	($)	($)	($)
Expenses
Bank charges, interest and fees		2,150	3,704	501	2,974
Consulting and management compensation	6	443,627	403,592	137,113	249,136
Insurance		36,941	43,419	5,848	29,755
Legal and accounting		180,592	115,150	38,923	71,683
Office and miscellaneous		25,641	14,803	8,537	4,523
Promotion		370,439	430,266	77,217	156,291
Share-based payments	6, 7	-	416,166	-	416,166
Transfer agent and filing fees		20,392	23,881	12,969	16,807
		(1,079,782)	(1,450,981)	(281,108)	(947,335)
Other income
Government assistance		-	10,000	-	-
Interest income		2,676	-	1,770	-
Centerra management fees	5	78,945	94,085	-	94,085
Net loss		(998,161)	(1,346,896)	(279,338)	(853,250)
Foreign exchange gain (loss)		(12,276)	4,473	(452)	2,081
Interest and penalties		-	1,374	-	1,237
Net loss and comprehensive loss for the period		(1,010,437)	(1,341,049)	(279,790)	(849,932)
Loss per share, basic and diluted		(0.01)	(0.02)	(0.00)	(0.02)
Weighted average number of common shares		85,644,143	82,117,394	86,147,723	54,360,750
outstanding - basic and diluted

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

4

VISCOUNT MINING CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited - Prepared by Management)

(Expressed in Canadian dollars)

For the nine months ended May 31, 2022 and 2021

	2022	2021
	($)	($)
Cash Flows From Operating Activities
Net loss for the period	(1,010,437)	(1,341,049)
Adjustments for non-cash items:
Government assistance	-	(10,000)
Share-based payments	-	416,166
Changes in operating assets and liabilities:
Receivables and prepaid expenses	(47,521)	(63,094)
Advance from Joint Venture Partner	(94,717)	61,738
Reclamation bond	(3,833)	(2,000)
Trade payables and accrued liabilities	61,743	(282,121)
	(1,094,765)	(1,220,360)
Cash Flows From Investing Activities
Exploration and evaluation properties expenditure	(826,603)	(867,241)
	(826,603)	(867,241)
Cash Flows From Financing Activities
Issuance of common shares	378,400	996,332
Government assistance	-	(30,000)
Proceeds from loans	-	-
	378,400	966,332
Change in cash	(1,542,968)	(1,121,269)
Cash, beginning	2,571,328	4,264,224
Cash, end	1,028,360	3,142,955

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

5 | P a g e