Metalex Ventures : CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OCTOBER 31, 2022

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Unaudited - Prepared by Management

Expressed in Canadian dollars

October 31, 2022

Metalex Ventures Ltd.

October 31, 2022

Table of contents

Notice to Reader	1
Condensed Consolidated Interim Statements of Financial Position	2
Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss)	3
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Deficiency)	4
Condensed Consolidated Interim Statements of Cash Flows	5
Notes to the Condensed Consolidated Interim Financial Statements	6 - 19

NOTICE TO READER

These condensed consolidated interim financial statements of Metalex Ventures Ltd. ("the Company") for the six month period ended October 31, 2022 have been prepared by and are the responsibility of the Company's management.

The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by International Financial Reporting Standards for a review of interim financial statements by an entity's auditor.

Metalex Ventures Ltd.

Condensed Consolidated Interim Statements of Financial Position (Unaudited - Prepared by Management)

(Expressed in Canadian Dollars)

				October 31,		April 30,
		Note		2022		2022
ASSETS
Current assets		$	605,710	$	739,733
	Cash
	Receivables	4, 10		35,611		18,946
	Prepaid expenses			25,508		23,064
Non-current assets			666,829		781,743
		4,560,000		4,560,000
	Investment in private company	5
	Exploration and evaluation assets	6		312,500		312,500
	Reclamation deposit	6		1,145,164		1,133,478
	Long-term deposit			5,000		5,000
	Equipment	8		574		802
Total Assets		$	6,690,067	$	6,793,523
LIABILITIES
Current liabilities		$	1,969,052	$	1,578,481
	Accounts payable and accrued liabilities	9, 10
	Flow-through premium liability	11(b)		-		26,848
				1,969,052		1,605,329
SHAREHOLDERS' EQUITY			95,998,912		95,998,912
	Share capital	11
	Reserves	11		7,834,601		7,823,871
	Deficit			(99,112,498)		(98,634,589)
				4,721,015		5,188,194
Total Liabilities and Shareholders' Equity		$	6,690,067	$	6,793,523
Nature and continuance of operations (Note 1)
Subsequent events (Note 11)
Approved by the Board of Directors:
	"Chad Ulansky"			"Lorie Waisberg"
	Chad Ulansky			Lorie Waisberg

See accompanying notes to condensed consolidated interim financial statements.

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Metalex Ventures Ltd.

Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (Unaudited - Prepared by Management)

(Expressed in Canadian Dollars)

		Three Month Periods Ended		Six month periods ended
			October 31,		October 31,
	Note		2022		2021		2022		2021
EXPENSES		$	115	$	432	$		$
Depreciation	8	228	858
Directors fees	10		15,000		15,000		30,000		30,000
Exploration expenditures	7, 10		49,270		952,536		359,359		1,299,727
Foreign exchange (gain) loss			(605)		460		(312)		382
Office and administrative			22,624		13,038		42,288		37,515
Professional fees			62,310		31,292		65,850		34,454
Share-based compensation, net of unrealized DSU (gain) loss	10, 11(c)		(81,969)		5,365		10,730		(227,848)
Transfer agent and filing fees			5,054		3,009		14,080		4,375
Travel and promotion			984		-		2,342		624
			(72,783)		(1,021,132)		(524,565)		(1,180,087)
Flow-through premium	11(b)		-		131,889		26,849		179,123
Interest income			13,009		3,286		19,807		7,471
			13,009		(3,825)		46,656		47,594
Loss and comprehensive loss for the period		$	(59,774)	$	(1,024,957)	$	(477,909)	$	(1,132,493)
Loss per share (Basic and Diluted)		$	(0.01)	$	(0.01)	$	(0.01)	$	(0.01)
Weighted average number of shares outstanding			185,895,918		185,895,918		185,895,918		185,895,918

See accompanying notes to condensed consolidated interim financial statements.

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