EnviroMetal Technologies : Quarterly Report

ENVIROMETAL TECHNOLOGIES INC.

OTCQX QUARTERLY DISCLOSURE STATEMENT

For the Three-Month Period Ended March 31, 2022

All references hereto to "we", "us," "our," "EnviroMetal," or "Company" refer to EnviroMetal

Technologies Inc. and its subsidiaries.

Item 1	Exact name of the issuer and the address of its principal executive offices.
	EnviroMetal Technologies Inc.
	#114 8331 Eastlake Drive, Burnaby, BC V5A 4W2.
Item 2	Shares outstanding.
	Number of shares authorized:Unlimited number of common shares, without par value
			May 27, 2022	December 31, 2021
	Common shares, issued		107,928,458	93,696,002
	Stock options, outstanding	4,360,000	7,660,000
	Warrants, outstanding	32,295,187	21,210,252
	Fully Diluted	144,583,645	122,566,254

Public Float:107,928,458

Number of beneficial shareholders owning at least 100 shares:206

Total number of shareholders of record:1,400 +

List of securities offerings and shares issued for services in the past two years:

• On March 26, 2020, the Company closed a non-brokered private placement of 3,344,001 units a $0.75 per unit for gross proceeds of 2,358,001. Each unit consists of one common share of the Company and one common share purchase warrant. In connection with the private placement the Company issued 41,250 compensation warrants.
• On May 22, 2020, 200,000 shares were issued for exercised of options at $0.25 per option.
• On August 26, 2020, 50,000 shares were issued for exercised of options at $0.25 per option.
• On September 4, 2020, 60,000 shares were issued for exercised of options at $0.25 per option.
• On September 30, 2020, 200,000 shares were issued for exercised of options at

$0.25 per option.

• On October 10, 2020, 150,000 shares were issued for exercised of options at $0.25 per option.
• On November 23, 2020, 100,000 shares were issued for exercised of options at $0.25 per option.
• On December 10, 2020, 150,000 shares were issued for exercised of options at $0.25 per option.
• On December 30, 2020, the Company closed a non-brokered private placement of 17,825,001 units a $0.30 per unit. Each unit consists of one common share of the Company and one common share purchase warrant. In connection with the private placement the Company issued 618,100 compensation warrants.
• On January 29, 2021, the Company issued 250,000 shares, valued at $105,000, less share issuance costs of $2,073 as part of the settlement of the advance royalty payable.
• On February 4, 2021, 300,000 shares were issued for exercised of options at $0.25 per option.
• On May 4, 2021, 100,000 shares were issued for exercised of options at $0.25 per option.
• On March 31, 2022, the Company closed a non-brokered private placement of 14,232,456 units a $0.25 per unit for gross proceeds of $3,558,114. Each unit consists of one common share of the Company and one common share purchase warrant. In connection with the private placement the Company issued 237,820 compensation warrants.

Item 3	Audited Annual financial statements
	The Audited annual financial statements of the Company were filed with the OTC Markets
	on May 2, 2022.
Item 4	Interim financial statements
	The condensed consolidated interim financial statements for the three-month period
	ended March 31, 2022 were filed with the OTC Markets on June	XX,	2022.
Item 5	Management's discussion and analysis or plan of operation
	The condensed consolidated interim financial statements for the three-month period
	ended March 31, 2022 were filed with the OTC Markets on June	XX,	2022.

Item 6	Legal proceedings
	EnviroMetal commenced a civil action against Mineworx Technologies Ltd. and related
	parties (jointly, the Mineworx Defendants) in the Supreme Court of British Columbia in
	June 2021.
	The claims against the Mineworx Defendants include, among other things, the following:

• The Mineworx Defendants, through various agreements with EnviroMetal, gained access to certain of EnviroMetal's intellectual property relating to the development and commercialization of environmentally friendly chemical formulas and technologies for use in the treatment of materials in the primary and secondary metals industries. EnviroMetal has since terminated those access agreements.
• Because access to EnviroMetal's IP has been terminated and without a license from EnviroMetal, the Mineworx Defendants are not entitled to use or otherwise exploit any of EnviroMetal's IP.
• The Mineworx Defendants have failed to comply with EnviroMetal's notices to cease and desist using EnviroMetal's IP and they continue to make public statements in relation to their purported ability to develop and commercialize "proprietary, environmentally friendly processing technologies for the recovery of precious metals."
• Absent the prior access to EnviroMetal's IP, the Mineworx Defendants lacked the scientific or technical resources and capabilities to develop and commercialize "proprietary, environmentally friendly processing technologies for the recovery of precious metals."

The Mineworx Defendants are purporting to be competing with EnviroMetal in the recovery of platinum group metals from spent catalysts using a chemical formula and process based on EnviroMetal's IP without a license to do so from EnviroMetal. These actions by the Mineworx Defendants are in breach of the access agreements, confidentiality agreements, as well as the asset purchase agreement between Mineworx and EnviroMetal dated December 19, 2016. These actions also constitute breach of confidence.

EnviroMetal is seeking, among other relief from the court, general, aggravated, and punitive damages against the Mineworx Defendants, an injunction prohibiting the Mineworx Defendants from using any confidential information or intellectual property belonging to EnviroMetal, and disgorgement of profit arising from such unauthorized use.

In January 2022, the court granted Enviroleach's application for an injunction that, amongst other things, prohibits the Mineworx Defendants from disclosing any confidential information or intellectual property belonging to EnviroMetal until further court order.

	Mineworx disputes EnviroMetal's claims and has commenced a counterclaim against
	EnviroMetal for, amongst other things, alleged breaches of various agreements between
	the parties. Some of Mineworx's claims are subject to arbitration clauses. As a result,
	Mineworx has served EnviroMetal with a notice to arbitrate those claims. EnviroMetal
	believes there are no merits to the claims.
	Prior to commencing the legal action against Mineworx, the Company provided the
	Mineworx Defendants with notices of breach and provided the required amount of time
	to remedy. The Joint Venture was terminated on April 5, 2021, and no further non-
	controlling interest was recorded as of June 30, 2021. In accordance with IFRS 9, the
	Company recorded an expected credit loss of $350,292 related to amounts due to the
	Company from Mineworx during the year ended December 31, 2020, and $117,104
	during year ended December 31, 2021.
Item 7	Defaults upon senior securities.
	Not applicable.
Item 8	Other information.
	Not applicable.