Cortus Metals : Interim Financial Statements - January 31, 2022

CORTUS METALS INC.

Consolidated Condensed Interim Financial Statements

For the three months ended January 31, 2022 and January 31, 2021

(Expressed in Canadian Dollars)

To the shareholders of Cortus Metals Inc:

The consolidated condensed interim financial statements of Cortus Metals Inc. (the "Company") for the three months ended January 31, 2022 and January 31, 2021 have been compiled by management.

No audit or review of this information has been performed by the Company's auditors.

Consolidated Condensed Interim Statements of Financial Position Expressed in Canadian Dollars

(unaudited)

As atAssets

Current

Cash

Prepayments and deposits

Accounts receivable

Goods and services tax receivableEquipment

Right-of-use asset (note 9)

Exploration and evaluation properties (note 4)

Liabilities

Current

Accounts payable and accrued liabilities (note 8)

Current portion of lease liability (note 9)

Loan

Long-term

Long-term portion of lease liability (note 9)

Equity

Share capital (note 5) Option and warrant reserve Deficit

January 31, 2022

October 31, 2021

$

50,398

$

72,270

166,536 121,289

10,359 10,086

7,820 11,798

235,113 215,443

32,329 33,206

141,398 144,920

4,926,275

$

5,335,115

4,651,069 $ 5,044,638

$

839,228 $ 464,469

22,212 23,606

18,795 18,300

880,235 506,375

121,080 123,729

1,001,315 630,104

5,741,777 178,440 (1,586,417)

5,706,409 172,440 (1,461,315)

4,333,800

$

5,335,115

4,414,534 $ 5,044,638

Going Concern (note 1)

Subsequent Events (note 10)

Approved by the Board of Directors

Director (signed by) "John Williamson"

Director (signed by) "Sean Mager"

Consolidated Condensed Interim Statements of Loss and Comprehensive Loss Expressed in Canadian Dollars

(unaudited)

For the three months endedExpenses

Advertising and promotion Management fees

Office and administration Professional fees Regulatory and filing fees Share-based compensation (note 5)

January 31,January 31,2022 2021

$

45,509 $ 460

16,500 20,500

25,309 18,147

26,142 16,162

10,061 7,129

6,000 16,695

Other income

Foreign exchange gain Interest income

(129,591)

(79,093)

4,369 50

- 2,539

Net loss and comprehensive loss

Basic and diluted loss per common share

$ $

(125,102)

$ $

(76,554)

(0.00)

(0.00)

Basic and diluted weighted average number of common shares outstanding

47,545,338

27,770,245

Consolidated Condensed Interim Statements of Changes in Equity Expressed in Canadian Dollars

(unaudited)

Share capitalOption and warrant reserve

Deficit

Total equityBalance at October 31, 2020

Shares issued for property Share-based compensation Net loss

$

2,932,763 33,750 - -

$

137,206

- - 33,750

16,695 - 16,695

-

$

(713,947)

(76,554)

$ 2,356,022

(76,554)

Balance at January 31, 2021

Shares issued for cash Shares issued for property Shares issued for debt settlement Share issuance costs

Finders warrants issued Net loss

$

• 2,966,513 $ 1,884,391

675,000 - - 675,000

288,700 - - 288,700

(90,002) (21,193)

-153,901 (2,655)

- 21,193 -

$

(790,501)

-- - (670,814)

$ 2,329,913 1,881,736

(90,002)

- (670,814)

Balance at October 31, 2021

Advanced share subscription received Share issuance costs

Share-based compensation Net loss

$

5,703,409 50,000 (11,632)

- -

$

172,440 - - 6,000 -

$ (1,461,315)

-

-

-

(125,102)

$ 4,414,534

50,000

(11,632)

6,000

(125,102)

Balance at January 31, 2022

$

5,741,777

$

178,440

The accompanying notes form an integral part of these financial statements

$ (1,586,417)

$ 4,333,800