CRYSTAL PEAK : Q2 2022 Condensed Consolidated Interim Financial Statements

TABLE OF CONTENTS

FINANCIAL STATEMENTS

Condensed Consolidated Interim Statements of Financial Position ..............................................

3

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss ...........................

4

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity........................

5

Condensed Consolidated Interim Statements of Cash Flows .......................................................

6

Condensed Consolidated Interim Notes to the Financial Statements.............................................

7

June 30,

December 31,

As at

2022

2021

ASSETS

Current Assets

Cash

$

3,141,568

$

5,495,609

Other receivable

1,049

1,060

Prepaid expenses

183,291

28,847

3,325,908

5,525,516

Non-current Assets

Mineral properties (note 7)

7,865,000

7,865,000

Property and equipment (note 8)

105,749

112,017

Restricted cash (note 6)

623,297

623,297

Deposits

7,107

6,886

8,601,153

8,607,200

Total Assets

11,927,061

14,132,716

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities

Accounts payable and accrued liabilities (note 9)

$

268,126

$

1,267,359

Due to related party (note 12)

-

446,346

Warrant liability (note 11)

84,659

-

352,785

1,713,705

Non-current Liabilities

Warrant liability (note 11)

-

276,110

Due to related party (note 12)

440,095

-

Reclamation provision (note 10)

507,952

507,952

948,047

784,062

Total Liabilities

1,300,832

2,497,767

Shareholders' equity

Share capital (note 11)

46,185,755

45,764,078

Contributed surplus

16,904,812

15,782,047

Accumulated deficit

(52,484,781)

(49,965,659)

Accumulated other comprehensive income

20,443

54,483

Total Shareholders' Equity

10,626,229

11,634,949

Total Liabilities and Shareholders' Equity

$

11,927,061

$

14,132,716

(Signed) "Brian Kennedy", Director

(Signed) "Marceau Schlumberger", Director

Three Months

Three Months

Six Months

Six Months

Ended

Ended

Ended

Ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Operating expenses

Exploration and evaluation expenditures (note 13)

$

283,821

$

212,288

$

392,912

$

493,635

General and administrative expenses (notes 12, 14)

1,618,651

701,525

2,240,002

1,008,192

1,902,472

913,813

2,632,914

1,501,827

Other (income) expense

Foreign exchange (gain) loss

(11,223)

-

(26,175)

2,878

Loss (gain) on fair value of warrant liability (note 11)

25,808

-

(191,451)

-

Gain on sale of property and equipment (note 8)

-

-

(10,000)

-

Loss on settlement of debt (note 11)

-

-

113,834

-

Interest income

-

(25)

-

(62)

Interest expense

-

2,373

-

2,373

Accretion expense (note 10)

-

13,118

-

26,235

14,585

15,465

(113,792)

31,424

Net loss for the period

$

(1,917,057)

$

(929,278)

$

(2,519,122)

$

(1,533,251)

Cumulative translation adjustment

$

(102,889)

-

(34,040)

-

Net loss and comprehensive loss for the period

$

(2,019,946)

$

(929,278)

$

(2,553,162)

$

(1,533,251)

Basic and diluted net loss per share (note 15)

$

(0.06)

$

(0.03)

$

(0.08)

$

(0.05)

Weighted average number of shares outstanding

30,618,902

29,509,469

30,586,687

29,509,469

Share

Contribute d

Accumulate d

Accumulated Other

Capital

Surplus

Deficit

Comprehensive Income

Total

Balance at December 31, 2020

44,522,658

14,779,061

(51,409,367)

-

7,892,352

Net loss for the period

-

-

(1,533,251)

-

(1,533,251)

Balance at June 30, 2021

$

44,522,658

$

14,779,061

$

(52,942,618)

$

-

$

6,359,101

Shares issued on RTO

772,120

-

-

-

772,120

Units issued for cash

3,185,190

1,002,986

-

-

4,188,176

Shares issued in settlement of debt

857,416

-

-

-

857,416

Shares redemption

(3,573,306)

-

3,300,660

-

(272,646)

Cumulative translation adjustment

-

-

-

54,483

54,483

Net loss for the period

-

-

(323,700)

-

(323,700)

Balance at December 31, 2021

$

45,764,078

$

15,782,047

$

(49,965,659)

$

54,483

$

11,634,949

Units issued in settlement of debt

339,440

127,146

-

-

466,586

Vesting of restricted stock units

82,237

(82,237)

-

-

-

Stock-based compensation

-

1,077,856

-

-

1,077,856

Cumulative translation adjustment

-

-

-

(34,040)

(34,040)

Net loss for the period

-

-

(2,519,122)

-

(2,519,122)

Balance at June 30, 2022

$

46,185,755

$

16,904,812

$

(52,484,781)

$

20,443

$

10,626,229