Metalex Ventures : CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Unaudited - Prepared by Management Expressed in Canadian dollars

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Unaudited - Prepared by Management

Expressed in Canadian dollars

October 31, 2023

Metalex Ventures Ltd.

October 31, 2023

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	4
Condensed Consolidated Interim Statements of Cash Flows	5
Notes to the Condensed Consolidated Interim Financial Statements	6 - 20

NOTICE TO READER

These condensed consolidated interim financial statements of Metalex Ventures Ltd. ("the Company") for the six month period ended October 31, 2023 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		2023		2022
ASSETS
Current assets		$	1,594,648	$	2,323,345
	Cash
	Receivables	4, 10		44,738		30,541
	Prepaid expenses			28,300		21,812
Non-current assets			1,667,686		2,375,698
		4,560,000		4,560,000
	Investment in private company	5
	Exploration and evaluation assets	6		312,500		312,500
	Reclamation deposit	6		1,195,748		1,168,390
	Long-term deposit			5,000		5,000
	Equipment	8		115		344
Total Assets		$	7,741,049	$	8,421,932
LIABILITIES
Current liabilities		$	2,638,528	$	1,783,945
	Accounts payable and accrued liabilities	9, 10
	Flow-through premium liability	11(b)		162,228		330,052
				2,800,756		2,113,997
SHAREHOLDERS' EQUITY			98,139,812		97,755,692
	Share capital	11
	Reserves	11		8,436,670		8,404,440
	Deficit			(101,636,189)		(99,852,197)
				4,940,293		6,307,935
Total Liabilities and Shareholders' Equity		$	7,741,049	$	8,421,932
Nature and continuance of operations (Note 1)
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		2023		2022		2023		2022
EXPENSES
Depreciation	8	$	115	$	115	$	229	$	228
Directors fees	10		15,000		15,000		30,000		30,000
Exploration expenditures	7, 10		1,017,491		49,270		1,969,239		359,359
Foreign exchange (gain) loss			127		(605)		169		(312)
Office and administrative	10		27,838		22,624		60,029		42,288
Professional fees			62,062		62,310		63,229		65,850
Share-based compensation, net of unrealized DSU (gain) loss	10, 11(c)		(635)		(81,969)		2,230		10,730
Transfer agent and filing fees			6,745		5,054		10,224		14,080
Travel and promotion			-		984		371		2,342
			(1,128,743)		(72,783)		(2,135,720)		(524,565)
Flow-through premium	11(b)		142,506		-		271,825		26,849
Interest income			38,771		13,009		79,903		19,807
			181,277		13,009		351,728		46,656
Loss and comprehensive loss for the period		$	(947,466)	$	(59,774)	$	(1,783,992)	$	(477,909)
Loss per share (Basic and Diluted)		$	(0.01)	$	(0.01)	$	(0.01)	$	(0.01)
Weighted average number of shares outstanding	12		234,447,918		185,895,918		229,304,440		185,895,918

See accompanying notes to condensed consolidated interim financial statements.

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Metalex Ventures Ltd.

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Unaudited - Prepared by Management)

(Expressed in Canadian Dollars)

	Number of
	Common
	Shares	Share Capital		Reserves		Deficit		Total
Balance at April 30, 2022	185,895,918	$	95,998,912	$	7,823,871	$	(98,634,589)	$	5,188,194
Share-based compensation	-		-		10,730		-		10,730
Loss for the period	-		-		-		(477,909)		(477,909)
Balance at October 31, 2022	185,895,918	$	95,998,912	$	7,834,601	$	(99,112,498)	$	4,721,015
Balance at April 30, 2023	224,047,918	$	97,755,692	$	8,404,440	$	(99,852,197)	$	6,307,935
Share issuance for cash	10,400,000		520,000		-		-		520,000
Share issuance costs	-		(31,880)		-		-		(31,880)
Flow-through premium	-		(104,000)		-		-		(104,000)
Share-based compensation	-		-		10,730		-		10,730
Reserves transferred on	-		-		21,500		-		21,500
settlement of deferred share units
-		-		-		(1,783,992)		(1,783,992)
Loss for the period
Balance at October 31, 2023	234,447,918	$	98,139,812	$	8,436,670	$	(101,636,189)	$	4,940,293

See accompanying notes to condensed consolidated interim financial statements.

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Metalex Ventures Ltd.

Condensed Consolidated Interim Statements of Cash Flows (Unaudited - Prepared by Management)

(Expressed in Canadian Dollars)

			Six month periods ended
			October 31,
			2023		2022
OPERATING ACTIVITIES
	Income (loss) for the year	$	(1,783,992)	$	(477,909)
	Items not affecting cash:		229		228
	Depreciation
	Interest accrued on reclamation deposit		(27,358)		(11,686)
	Flow-through premium		(271,824)		(26,849)
	Share-based compensation		32,230		10,730
	Net change in non-cash working capital items:		(14,197)		(16,665)
	Receivables
	Prepaid expenses		(6,488)		(2,444)
	Accounts payable and accrued liabilities		854,583		390,572
	Net cash used for operating activities		(1,216,817)		(134,023)
INVESTING ACTIVITIES
	Net cash provided by investing activities		-		-
FINANCING ACTIVITIES
	Issuance of share capital		520,000		-
	Issuance cost		(31,880)		-
	Net cash provided by financing activities		488,120		-
Change in cash		(728,697)		(134,023)
Cash, beginning of period		2,323,345		739,733
Cash, end of period	$	1,594,648	$	605,710
Cash paid for interest during the period	$	-	$	-
Cash paid for taxes during the period	$	-	$	-
Supplemental disclosure:	$	21,500	$	-
	Reserves transferred on deferred share unit plan

See accompanying notes to condensed consolidated interim financial statements.

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Metalex Ventures Ltd.

Notes to the Condensed Consolidated Interim Financial Statements October 31, 2023

(Unaudited - prepared by management) (Expressed in Canadian Dollars)

1. NATURE AND CONTINUANCE OF OPERATIONS
   Metalex Ventures Ltd. (the "Company" or "Metalex") is incorporated under the Business Corporations Act, British Columbia and is considered to be in the exploration stage with respect to its mineral properties. To date, the Company has not generated significant revenues from operations and has not yet determined whether its mineral properties contain ore reserves that are economically recoverable. The Company's common shares are listed on the TSX Venture Exchange under the trading symbol "MTX". The Company's head office and location of books and records is 203-1634 Harvey Avenue, Kelowna, British Columbia, Canada, V1Y 6G2.
   The recoverability of the amounts comprised in mineral properties is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the development of those reserves and upon future profitable production.
   These condensed consolidated interim financial statements have been prepared by management on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. Continued operations of the Company are dependent on its ability to develop its mineral properties, receive continued financial support, complete equity financings, or generate profitable operations in the future. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. The Company is not generating operating cash flows and will require additional funding in order to maintain its activities for the coming year. These material uncertainties may cast significant doubt about the Company's ability to continue as a going concern.
   There are many external factors that can adversely affect general workforces, economies and financial markets globally. Examples include, but are not limited to, the COVID-19 global pandemic and political conflict in other regions. It is not possible for the Company to predict the duration or magnitude of adverse results of such external factors and their effect on the Company's business or ability to raise funds.
2. BASIS OF PRESENTATION
   These unaudited condensed consolidated interim financial statements (the "Financial Statements"), including comparatives, have been prepared in accordance withInternational Accounting Standards ("IAS") 34, "Interim Financial Reporting" using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). As a result, they do not conform in all respects with the disclosure requirements for annual financial statements under IFRS and should be read in conjunction with the Company's audited consolidated financial statements for the fiscal year ended April 30, 2023. The accounting policies and methods of application are consistent with those used in the Company's consolidated financial statements for the year ended April 30, 2023.
   These Financial Statements were approved for issue by the Audit Committee on December 20, 2023.
   Basis of Consolidation and Presentation
   These Financial Statements have been prepared on a historical cost basis except for certain financial assets measured at fair value. In addition, these Financial Statements have been prepared using the accrual basis of accounting, except for cash flow information. All dollar amounts presented are in Canadian dollars unless otherwise specified.

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Metalex Ventures Ltd.

Notes to the Condensed Consolidated Interim Financial Statements October 31, 2023

(Unaudited - prepared by management) (Expressed in Canadian Dollars)

2. BASIS OF PRESENTATION (continued)

Basis of Consolidation and Presentation (continued)

These Financial Statements incorporate the financial statements of the Company and its wholly-owned subsidiary (Note 10). Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All significant intercompany transactions and balances have been eliminated.

Use of Estimates

The preparation of these condensed consolidated interim financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ materially and adversely from these estimates.

Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

1. The carrying value and the recoverability of exploration and evaluation assets, which are included in the statements of financial position. The cost model is utilized and the value of the exploration and evaluation assets is based on acquisition costs incurred. At every reporting period, management assesses the potential impairment which involves assessing whether or not facts or circumstances exist that suggest the carrying amount exceeds the recoverable amount.
2. The valuation of the investment in private company. Upon receipt of the shares of a private company, the Company considered the proposed plan for the private company to determine whether the Company had significant influence over the private company, as well as any available market information. As the shares are privately held and not traded on an open market, there may not be readily available information regarding the value of the shares. For the six month period ended October 31, 2023 and the year ended April 30, 2023, management obtained information about recent share transactions entered into in regards to the private company and revalued the investment based on the most recently available share prices paid.
3. The inputs used in calculating the fair value for share-based compensation expense included in profit or loss and share- based share issuance costs included in shareholders' equity. The share-based compensation expense is estimated using the Black-Scholesoptions-pricing model as measured on the grant date to estimate the fair value of stock options. This model involves the input of highly subjective assumptions, including the expected price volatility of the Company's common shares, the expected life of the options, and the estimated forfeiture rate.
4. The recognition of deferred tax assets. The Company considers whether the realization of deferred tax assets is probable in determining whether or not to recognize these deferred tax assets.

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Metalex Ventures Ltd.

Notes to the Condensed Consolidated Interim Financial Statements October 31, 2023

(Unaudited - prepared by management) (Expressed in Canadian Dollars)

1. SIGNIFICANT ACCOUNTING POLICIES Foreign Exchange
   The functional currency of an entity is the currency of the primary economic environment in which the entity operates. The functional currency of the Company and its subsidiary is the Canadian dollar. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21 - The Effects of Changes in Foreign Exchange Rates.
   Transactions in currencies other than the Canadian dollar are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the period end exchange rate while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in profit or loss.
2. RECEIVABLES
   The Company's receivables are as follows:

	October 31,		April 30,
		2023		2023
Related party receivables (Note 10)	$	19,530	$	4,149
GST receivable		4,023		5,207
Advance receivable		21,185		21,185
Total	$	44,738	$	30,541

5. INVESTMENT IN PRIVATE COMPANY

On October 25, 2019, the Company received 2,780,000 common shares of a private entity (initially valued at $278,000) on the sale of the Company's 62.5% interest in certain mineral claims in the Ring of Fire region of the James Bay Lowlands, Ontario (Note 6). In December 2021, the Company received proceeds of $275,000 from the sale of 500,000 shares of the private entity.

As at October 31, 2023, the Company owns 2,280,000 shares or 3.67% of the private entity (April 30, 2023 - 3.92%). Using recent private placement information, the valuation of the Company's investment has been estimated as follows:

		Investment in
		private co.
Balance as at April 30, 2021	$	1,668,000
Proceeds on sale of shares		(275,000)
Gain on sale of shares		225,000
Unrealized gain for the year		2,942,000
Balance as at April 30, 2022 and October 31, 2023	$	4,560,000

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