Inomin Mines : Quarterly earnings

INOMIN MINES INC.

(An Exploration Stage Company)

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited - prepared by management)

JUNE 30, 2023

(Expressed in Canadian Dollars)

Reader's Note:

These unaudited condensed interim consolidated financial statements of Inomin Mines Inc. have been prepared by management and have not been reviewed by the Company's auditor

INOMIN MINES INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited - prepared by management)

(Expressed in Canadian dollars)

_____________________________________________________________________________________

	Notes	June 30, 2023	March 31, 2023
		$	$
ASSETS
Current assets
Cash and cash equivalents		580,245	182,663
Receivables		29,978	3,799
Securities	3	40,000	45,000
Prepayments		34,570	22,834
Total current assets		684,793	254,296
Non-current assets			753,120
Exploration and evaluation assets	4	1,043,786
Equipment		39,378	-
Security deposit on exploration and evaluation assets	4a	55,000	55,000
Total non-current assets		1,138,164	808,120
TOTAL ASSETS		1,822,957	1,062,416
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	7	330,015	61,566
Flow-through premium liability	5	11,747	-
TOTAL LIABILITIES		341,762	61,566
EQUITY
Share capital	5	2,856,163	2,408,229
Reserve		382,588	364,703
Deficit		(1,757,556)	(1,772,082)
TOTAL EQUITY		1,481,195	1,000,850
TOTAL LIABILITIES AND EQUITY		1,822,957	1,062,416
Nature of operations and going concern	1
Subsequent events	10

Approved and authorized for issue by the Board of Directors on August 25, 2023

On behalf of the Board:

"Evilio Gomez-Garcia"	Director	"Anil Jiwani"	Director

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

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INOMIN MINES INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(Unaudited - prepared by management)

(Expressed in Canadian dollars, except for number of shares)

_____________________________________________________________________________________

	For the three	For the three
	months ended	months ended
	June 30, 2023	June 30, 2022
Notes	$	$

Operating expenses		1,300
Filing fees		4,399
Insurance		2,500	1,667
Interest and bank charges		396	15
Marketing and investor communications		22,691	1,786
Management fees	7	15,000	15,000
Office costs		799	3,854
Professional fees	7	18,670	15,713
Share-based compensation	5	5,380	-
Travel costs		-	4,875
Total operating expenses		(66,736)	(47,309)
Other items
Unrealized loss on securities	3	(5,000)	(60,000)
Flow through premium liability recovery	5	86,503	2,076
Foreign exchange loss		(241)	(990)
Net income (loss) and comprehensive income (loss)
for the period		14,526	(106,223)
Loss per common share		0.00	(0.00)
Basic and fully diluted
Weighed average number of common shares outstanding		30,923,891	30,873,802

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

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INOMIN MINES INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited - prepared by management)

(Expressed in Canadian dollars, except for number of shares)

_________________________________________________________________________________________

		Share	Shares to
	Number of	Capital	be issued	Reserve	Deficit	Total
	Shares	$	$	$	$	$
Balance, March 31, 2022	29,261,510	2,144,590	132,720	407,357	(1,399,495)	1,285,172
Exercise of warrants	1,049,900	157,485	(132,720)		-	24,765
Fair value of warrants exercised		7,057	-	(7,057)	-	-
Exercise of options	635,000	63,500	-	-	-	63,500
Fair value of options exercised		35,597	-	(35,597)	-	-
Net loss and comprehensive loss	-	-	-	-	(106,208)	(106,208)
for the period
Balance, June 30, 2022	30,946,410	2,408,229	-	364,703	(1,505,703)	1,267,229
Balance, March 31, 2023	30,946,410	2,408,229	-	364,703	(1,772,082)	1,000,850
Private placement - flow-through
shares	3,275,000	327,500	-	-	-	327,500
Flow-through shares premium
liability	-	(98,250)	-	-	-	(98,250)
Private placement - non - flow -
through shares	3,992,142	279,450	-	-	-	279,450
Finders fees and other issuance
cost	-	(48,261)	-	-	-	(48,261)
Finders warrants	-	(12,505)	-	12,505	-	-
Share-based compensation	-	-	-	5,380	-	5,380
Net income and comprehensive
income for the period	-	-	-	-	14,526	14,526
Balance, June 30, 2023	38,213,552	2,856,163	-	382,588	(1,757,556)	1,481,195

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

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INOMIN MINES INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - prepared by management)

(Expressed in Canadian dollars)

______________________________________________________________________________________

	For the three	For the three
	months ended	months ended
	June 30, 2023	June 30, 2022
	$	$
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) and comprehensive income (loss) for the	14,526	(106,223)
period
Items not involving cash:
Share-based compensation	5,380	-
Unrealized loss on securities	5,000	60,000
Flow-through premium recovery	(86,503)	(2,076)
Changes in non-cash working capital items:
Receivables	(26,179)	(5,011)
Prepayments	(11,736)	(12,834)
Accounts payable and accrued liabilities	28,289	831
Net cash used in operating activities	(71,223)	(65,313)
CASH FLOWS FROM INVESTING ACTIVITIES	(49,673)
Exploration costs	(32,140)
Purchase of equipment	(39,378)	-
Net cash used in investing activities	(89,051)	(32,140)
CASH FLOWS FROM FINANCING ACTIVITIES
Funds received on private placement, net of finders' fees	558,689	-
Proceeds from the exercise of options	-	63,500
Proceeds from the exercise of warrants	-	24,765
Net cash provided by financing activities	558,689	88,265
Change in cash and cash equivalents for the period	398,415	(9,188)
Impact of foreign exchange	(833)	-
Cash and cash equivalents at beginning of period	182,663	459,489
Cash and cash equivalents at the end of period	580,245	450,301
Cash	520,245	450,301
Cash equivalents	60,000	-
Total cash and cash equivalents at the end of period	580,245	450,301
NON-CASH INVESTING AND FINANCING ACTIVITIES:		42,654
Fair value of warrants and options exercised
Fair value of securities received for exploration and	-	-
evaluation assets
Exploration and evaluation costs payable	(240,993)	334

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

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