Viscount Mining : Interim Financials

CONDENSED INTERIM

CONSOLIDATED FINANCIAL STATEMENTS

February 28, 2022 and 2021

(Expressed in Canadian Dollars)

NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

The accompanying unaudited condensed interim consolidated financial statements of Viscount Mining Corp. (the "Company") for the six months ended February 28, 2022 and 2021 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 condensed interim consolidated financial statements

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars)

As at	As at
February 28, 2022	August 31, 2021
Notes	$	$
ASSETS
Current assets
Cash	3	1,629,409	2,571,328
Amounts receivable and prepaid expenses	4	137,796	97,286
Recoverable from Joint Venture Partner	5A	237,434	192,230
2,004,639	2,860,844
Reclamation bond	30,005	26,172
Exploration and evaluation properties	5	5,415,003	4,878,419
Total Assets	7,449,647	7,765,435
LIABILITIES
Current liabilities
Trade payables and accrued liabilities	124,102	79,643
Total Liabilities	124,102	79,643
SHAREHOLDERS' EQUITY
Share capital	7	18,329,023	17,958,623
Subscriptions receivable	(185,875)	(185,875)
Reserves	8	2,192,440	2,241,778
Accumulated deficit	(13,010,043)	(12,328,734)
Total shareholders' equity	7,325,545	7,685,792
Total Shareholders' Equity and Liabilities	7,449,647	7,765,435
Nature and Continuance of Operations (Note 1)
Events Occurring After the Reporting Date (Note 13)

These consolidated financial statements are authorized for issuance by the Board of Directors on April 19, 2022

On behalf of the Board:

"Jim MacKenzie"

Director

"William Macdonald"

DirectorCONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian dollars)

Six Months Ended	Six Months Ended	Three Months Ended	Three Months Ended
Notes	February 28, 2022	February 28, 2021	February 28, 2022	February 28, 2021
$	$	$	$
Expenses
Bank charges, interest and fees	1,649	1,088	396	358
Consulting and management compensation	6	306,514	264,919	148,049	110,463
Insurance	31,093	37,035	24,760	23,371
Legal and accounting	141,669	84,326	100,217	40,859
Office and miscellaneous	17,104	11,116	9,995	836
Promotion	293,222	326,460	239,184	52,485
Transfer agent and filing fees	7,423	20,984	1,241	13,910
Total expenses	(798,674)	(745,928)	(523,842)	(242,282)
Other income
Government assistance	6	-	10,000	-	-
Interest Income	906	-	-	-
Centerra management fees	5	78,945	-	64,745	-
Net loss	(718,823)	(735,928)	(459,097)	(242,282)
Foreign exchange gain/(loss)	(11,824)	3,888	(14,216)	1,496
Interest and penalties	-	3,172	-	3,309
Net loss and comprehensive loss	(730,647)	(728,868)	(473,313)	(237,477)
Loss per share, basic and diluted	(0.008)	(0.009)	(0.01)	(0.00)
Weighted average number of common shares
outstanding, basic and diluted	86,106,962	82,218,168	85,392,128	54,360,750

VISCOUNT MINING CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in Canadian dollars)

Six Months Ended	Six Months Ended
February 28, 2022	February 28, 2021
$	$
Cash flows used in operating activities
Net loss year to date	(730,647)	(728,868)
Adjustments for non-cash items:
Government assistance	-	(10,000)
Changes in operating assets and liabilities:
Related parties	-	(108,241)
Receivable and prepaid expenses	(40,510)	(92,226)
Recoverable from Joint Venture Partner	(45,204)	-
Deferred recoveries	-	74,846
Reclamation bond	(3,833)	(2,000)
Trade payables and accrued liabilities	44,459	(169,385)
(775,735)	(1,035,874)
Cash flows used in investing activities
Exploration and evaluation properties expenditures	(520,584)	(469,708)
(520,584)	(469,708)
Cash flows from financing activities
Issuance of common shares-warrants exercised	354,400	884,514
Repayment of COVID loan net of Government Assistance	-	(30,000)
354,400	854,514
Increase/(decrease) in cash	(941,919)	(651,068)
Cash, beginning of year	2,571,328	4,264,224
Cash, end of quarter	1,629,409	3,613,156