Genesis Metals : FS 2ndQtr September 30 2021

Condensed Interim Consolidated Financial Statements

For the six months ended September 30, 2021 and 2020 (Unaudited - Expressed in Canadian Dollars)

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 condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the condensed interim consolidated financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated 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 condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

GENESIS METALS CORP.

Condensed Interim Consolidated Statements of Financial Position as at, (Expressed in Canadian dollars) - Unaudited

	September 30,	March 31,
Note	2021	2021

Assets

Current assets:
Cash	$	2,192,966	$	3,089,455
Receivables		197,635		210,488
Prepaid expenses		56,635		63,779
		2,447,236		3,363,722
Exploration and evaluation assets	4	1,492,368		1,492,368
Equipment	5	10,706		12,848
	$	3,950,310	$	4,868,938

Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable and accrued liabilities	6	$	300,764	$	337,293
Due to related parties	8		74,249		70,562
Flow-through premium liability	7		182,199		459,911
			557,212		867,766
Shareholders' equity:
Share capital	9		28,372,591		27,548,329
Share-based payments reserve	9		4,541,011		4,300,040
Deficit			(29,520,504)		(27,847,197)
			3,393,098		4,001,172
		$	3,950,310	$	4,868,938
Nature of operations and going concern (Note 1)
Subsequent events (Note 13)

Approved on behalf of the Board on November 26, 2021:

"Jeff Sundar"	Director	"Robert Scott"	Director
Jeff Sundar		Robert Scott

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

Page 3 of 17

GENESIS METALS CORP.

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars) - Unaudited

		Three Months Ended	Six Months Ended
		September 30,	September 30,
	Note	2021	2020	2021	2020
Expenses
Accounting and audit		26,670	28,120	46,130	38,280
Amortization	5	1,031	1,031	2,140	2,140
Consulting	8	84,915	72,748	168,539	147,321
Director fees	8	10,500	22,500	27,000	45,000
Exploration and evaluation expenditures	4	486,676	584,101	1,772,987	927,100
Insurance		3,681	2,980	8,446	6,085
Investor relations		2,621	154,236	67,480	396,859
Listing and filing fees		13,209	10,190	16,526	15,603
Office and sundry		22,638	8,899	32,565	19,636
Professional fees		13,149	8,974	13,149	10,617
Property investigation		(7,500)	-	-	10,100
Salaries and management fees	8	27,000	27,608	54,000	54,608
Share-based payments	8, 9(d)	20,234	429,056	216,576	429,056
Travel		2,123	12,104	4,246	18,007
		(706,947)	(1,362,547)	(2,429,784)	(2,120,412)
Interest income		4,722	7,593	11,052	12,508
Other income	7	113,613	300,909	587,961	390,047
Recovery of accounts payable		157,464	-	157,464	-
		275,799	308,502	756,477	402,555
Loss and comprehensive loss for the period		(431,148)	(1,054,045)	(1,673,307)	(1,717,857)
Loss per share - basic and diluted		(0.02)	(0.02)	(0.03)	(0.04)
Weighted average number of common shares		59,503,099	48,887,923	58,371,781	46,345,328
outstanding

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

Page 4 of 17

GENESIS METALS CORP.

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian dollars) - Unaudited

	Number of		Share Capital	Share-based		Deficit		Total
	Shares			Payments Reserve
Balance at March 31, 2020	43,756,566		$ 24,878,186	$ 3,797,431	$	(24,704,060)		$ 3,971,557
Shares issued for cash	8,047,355		3,010,399		-		-		3,010,399
Flow-through premium liability	-		(757,140)		-		-		(757,140)
Share issuance costs	-		(80,016)		27,417		-		(52,599)
Share-based payments	-		-		429,056		-		429,056
Warrants exercised	246,443		96,184		(33,654)		-		62,530
Loss for the period	-		-		-		(1,717,857)		(1,717,857)
Balance at September 30, 2020	52,050,364		$ 27,147,613	$	4,220,250	$	(26,421,917)		$ 4,945,946
Balance at March 31, 2021	54,330,090	$	27,548,329	$	4,300,040	$	(27,847,197)	$	4,001,172
Private Placement Flow-through	5,170,835		1,241,000		-		-		1,241,000
Shares issued for community relations	100,000		10,500		500		-		11,000
(Note 4b)
Flow-through premium liability (Note 7)	-		(310,250)						(310,250)
Share issuance costs - cash	-		(93,093)		-		-		(93,093)
Share issuance costs - finder warrants	-		(23,895)		23,895				-
Share-based payments	-		-		216,576				216,576
Loss for the period	-		-		-		(1,673,307)		(1,673,307)
Balance at September 30, 2021	59,600,925	$	28,372,591	$	4,541,011	$	(29,520,504)	$	3,393,098

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