Norsemont Mining : Financial Statements for the Six Months Ended June 30, 2022

NORSEMONT MINING INC.

Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2022 and 2021

(Unaudited - Prepared by Management)

(Expressed in Canadian dollars)

NOTICE OF NO AUDITOR REVIEW OF

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATMENTS

In accordance with National instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.

The accompanying unaudited condensed consolidated interim financial statements of the Company 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 the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

NORSEMONT MINING INC.

Condensed Consolidated Interim Statements of Financial Position

As at June 30, 2022 and December 31, 2021

(Expressed in Canadian Dollars)

	Notes	June 30, 2022	December 31, 2021
		$	$
Assets
Current assets
Cash		169,290	2,602,049
Amounts receivable	8	35,132	15,808
Loan receivable	8	23,500	23,500
Prepaid expenses and deposits	8	412,243	38,063
Share subscription receivable		-	46,100
		640,165	2,725,520
Non-current
Mineral properties	3	27,477,053	27,477,053
Property and equipment	4	69,700	88,300
Term deposit		28,750	28,750
		27,575,503	27,594,103
		28,215,668	30,319,623
Liabilities
Current liabilities
Accounts payable and accrued liabilities	5,8	1,426,334	1,425,378
Amount owing on mineral properties	3	-	633,900
Convertible debenture	6	948,818	-
Lease liability	14	45,900	43,900
		2,421,052	2,103,178
Non-current liabilities
Lease liability	14	31,500	49,800
		2,452,552	2,152,978
Shareholders' equity
Share capital	7	45,400,618	44,949,764
Share subscription	7	105,000	22,500
Reserves	7	1,512,102	1,050,379
Deficit		(21,254,604)	(17,855,998)
		25,763,116	28,166,645
		28,215,668	30,319,623
Nature of operations and going concern	1

The consolidated financial statements were approved by the Board of Directors on August 26, 2022 and were signed on its behalf by:

"Marc Levy"

Director

"Charles Ross"

Director

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

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NORSEMONT MINING INC.

Condensed Consolidated Interim Statements of Comprehensive Loss

For the three and six months ended June 30, 2022 and 2021 (Expressed in Canadian Dollars)

		Three months ended June 30	Six months ended June 30
	Notes	2022	2021	2022	2021
		$	$	$	$
Expenses
Consulting fees		37,500	92,500	95,000	178,254
Depreciation	4	9,300	2,807	18,600	2,950
Exploration costs	3	602,566	1,096,310	1,828,256	1,605,358
Investor communications		331,580	80,226	471,104	111,878
Office, rent and
administration	8	20,832	54,159	59,118	94,423
Professional fees	8	32,457	54,450	69,182	90,407
Regulatory fees		14,614	17,734	22,856	27,562
Salaries and benefits	8	150,200	88,561	278,617	189,185
Share-based payments	7,8	258,792	436,845	670,877	880,605
Transfer agent fees		3,084	5,691	18,027	9,512
Travel and other expenses		11,187	292	13,216	292
Loss before other items		(1,472,112)	(1,929,575)	(3,544,853)	(3,190,426)
Finance costs	6,14	(31,638)	-	(34,638)	-
Foreign exchange gain		55,537	10,112	66,087	21,001
Interest income		705	705	1,482	1,410
Net loss for the period		(1,447,508)	(1,918,758)	(3,511,922)	(3,168,015)
Other comprehensive gain
(loss) for the period
Foreign exchange
differences on translation
of foreign operations		46,603	-	(32,468)	-
Net loss and comprehensive
loss for the period		(1,400,905)	(1,918,758)	(3,544,390)	(3,168,015)
Loss per share
Loss per common share -
basic and diluted		(0.03)	(0.04)	(0.07)	(0.06)
Weighted average number of
shares outstanding - basic
and diluted		54,607,522	52,097,510	54,410,206	52,044,089

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

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NORSEMONT MINING INC.

Condensed Consolidated Interim Statements of Changes in Equity

For the six months ended June 30, 2022 and 2021 (Expressed in Canadian Dollars)

		Share capital				Reserves
				Share		Foreign
				subscription Share-based	exchange	Convertible
	Note	Number	Amount	payable	payment	translation	debentures	Total reserves	Deficit	Total
		#	$	$	$	$		$	$	$
Balance, December 31,
2020		51,860,074	43,433,212	-	1,914,600	-	-	1,914,600	(10,760,261)	34,587,551
Shares issued for exercise
of warrants	7	343,334	181,083	-	-	-	-	-	-	181,083
Share-based payments	7	-	-	-	860,605	-	-	860,605	-	860,605
Net comprehensive loss		-	-	-	-	-	-	-	(3,168,015)	(3,168,015)
Balance, June 30, 2021		52,203,408	43,614,295	-	2,775,205	-	-	2,775,205	(13,928,276)	32,461,224
Balance, December 31,
2021		53,984,033	44,949,764	22,500	1,164,000	(113,621)	-	1,050,379	(17,855,998)	28,166,645
Shares issued for private
placement	7	-	-	105,000	-	-	-	-	-	105,000
Shares issued for exercise
of warrants	7	80,000	60,000	(22,500)	-	-	-	-	-	37,500
Shares issued for vested
RSU	7	271,500	177,275	-	(177,275)	-	-	(177,275)	-	-
Shares issued for settlement
of debt	7	284,772	213,579	-	-	-	-	-	-	213,579
Equity component of
convertible debenture	6	-	-	-	-	-	113,905	113,905	-	113,905
Share-based payments	7	-	-	-	670,877	-	-	670,877	-	670,877
Cancelled and expired
options and warrants	7	-	-	-	(113,316)	-	-	(113,316)	113,316	-
Net comprehensive loss		-	-	-	-	(32,468)	-	(32,468)	(3,511,922)	(3,544,390)
Balance, June 30, 2022		54,620,305	45,400,618	105,000	1,544,286	(146,089)	113,905	1,512,102	(21,254,604)	25,763,116

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

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