Infinitum Copper : Condensed Interim Financial Statements Q2 ended June 30, 2022

(Formerly Bayshore Petroleum Corp.)

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended June 30, 2022

(Unaudited, expressed in Canadian dollars, unless otherwise stated)

NOTICE TO READER

Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of interim financial statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated financial statements of Infinitum Copper Corp. have been prepared by, and are the responsibility of, the Company's management. The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting.

Infinitum Copper Corp.'s independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of condensed interim financial statements by an entity's auditor.

Stephen Robertson	Melinda Hsu, CPA CGA
President and CEO	Chief Financial Officer

Vancouver, Canada

August 18, 2022

(Formerly Bayshore Petroleum Corp.)

Contents
	Page
Condensed Interim Consolidated Statements of Financial Position	4
Condensed Interim Consolidated Statements of Net Loss and Comprehensive Loss	5
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity	6
Condensed Interim Consolidated Statements of Cash Flows	7
Notes to the Condensed Interim Consolidated Financial Statements	8 - 22

(Formerly Bayshore Petroleum Corp.)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited, expressed in Canadian dollars, unless otherwise stated)

		June 30,	December 31,
	Note	2022	2021
ASSETS		$	$
Current assets
Cash		558,064	2,812,783
Restricted cash	4	28,750	-
GST receivable		16,855	7,098
Prepaid expenses		25,324	40,883
Due from Bayshore Petroleum Corp.	3, 7 (b)	-	89,435
		628,993	2,950,199
Non-current assets
Exploration and evaluation assets	5	3,247,052	198,334
VAT receivable		187,636	46,423
		3,434,688	244,757
TOTAL ASSETS		4,063,681	3,194,956
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities		542,942	141,300
Due to related parties	3, 7 (b)	53,500	-
		596,442	141,300
SHAREHOLDERS' EQUITY
Share capital	6	8,422,829	4,244,906
Reserves	6	230,701	56,952
Deficit		(5,186,291)	(1,248,202)
		3,467,239	3,053,656
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	4,063,681	3,194,956

Nature of operations and continuance of operations (Note 1)

Subsequent events (11)

Approved by the Board of Directors:

"
(Signed) Mahendra Naik Director	(Signed) Garrick Mendham Director

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

4

(Formerly Bayshore Petroleum Corp.)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS (Unaudited, expressed in Canadian dollars, unless otherwise stated)

		Three months ended	Six months ended
	Note	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021
		$	$	$	$
Exploration expenses	5	776,975	23,371	1,105,525	23,371
Administrative expenses
Accounting and audit		27,234	11,888	48,592	11,888
Consulting	7	87,733	20,370	146,222	83,370
Foreign exchange loss		7,774	1,091	19,024	2,126
Investor relations and travel		151,003	6,546	213,524	6,546
Legal		16,047	-	226,424	-
Listing, filing and regulatory		46,432	20,000	121,029	20,000
Management fees	7	107,500	116,758	200,000	171,258
Office and general expense		24,104	4,314	31,443	4,419
RTO transaction costs		-	-	1,645,022	-
Share-based compensation		156,169	75,000	181,284	75,000
		623,996	255,967	2,832,564	374,607
Net loss for the period		(1,400,971)	(279,338)	(3,938,089)	(397,978)
Other comprehensive income
Exchange differences on translation
to reporting currency		(13,186)	-	(7,535)	-
Total comprehensive loss for the period	(1,414,157)	(279,338)	(3,945,624)	(397,978)
Loss per share, basic and diluted		(0.03)	(0.03)	(0.11)	0.06
Weighted average number of
common shares outstanding
- basic and diluted		40,608,436	10,773,261	36,832,779	6,162,963

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

5