UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NINE MONTHS AND THREE MONTHS ENDED SEPTEMBER 30, 2022

Scandium International Mining Corp.

CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in US Dollars) (Unaudited)

As at:

September 30, 2022

December 31, 2021

ASSETS

Current

Cash

$

1,971,898

$

93,894

Prepaid expenses and receivables

10,055

35,042

Total Current Assets

1,981,953

128,936

Reclamation bond (Note 4)

9,797

11,444

Equipment (Note 3)

-

2,932

Mineral property interests (Note 4)

704,053

704,053

Total Assets

$

2,695,803

$

847,365

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)

Current

Accounts payable and accrued liabilities

$

163,973

$

568,001

Accounts payable with related parties (Note 5)

175,854

1,159,713

Derivative liability - warrants (Note 6)

1,519,787

-

Total Liabilities

1,859,614

1,727,714

Shareholders' Equity (Deficiency)

Capital stock (Note 6) (Authorized: Unlimited number of common shares;

Issued and outstanding: 355,860,813 (2021 - 317,157,595)

111,164,495

110,149,177

Treasury stock (Note 7) (1,033,333 common shares) (2021 - 1,033,333)

(1,264,194)

(1,264,194)

Additional paid in capital (Note 6)

6,970,505

6,891,510

Accumulated other comprehensive loss

(853,400)

(853,400)

Deficit

(115,181,217)

(115,803,442)

Total Shareholders' Equity (Deficiency)

836,189

(880,349)

Total Liabilities and Shareholders' Equity (Deficiency)

$

2,695,803

$

847,365

Nature and continuance of operations (Note 1)

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

2

Scandium International Mining Corp.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Expressed in US Dollars) (Unaudited)

Three months

Three months

Nine months ended

Nine months ended

ended September

ended September

September 30,

September 30,

30, 2022

30, 2021

2022

2021

EXPENSES

Amortization (Note 3)

$

-

$

419

$

2,932

$

1,309

Consulting (Note 5)

1,363

45,500

18,363

105,122

Exploration (recovery)

22,915

33,458

(8,455)

55,873

General and administrative

29,822

90,683

160,933

181,740

Insurance

7,565

9,491

23,052

27,778

Professional fees

23,939

5,185

87,261

53,194

Salaries and benefits

42,129

116,112

180,256

350,287

Stock-based compensation (Notes

61,222

-

149,669

610,385

5 & 6)

(188,955)

(300,848)

(614,011)

(1,385,688)

Foreign exchange gain

44,862

22,144

43,139

33,767

Accruals reversal (Note 9)

-

-

1,032,044

-

Unrealized gain on derivative

214,794

-

161,053

-

liability - warrants gain (Note 26)

Income (loss) and comprehensive

income (loss) for the period

$

70,701

$

(278,704)

$

622,225

$

(1,351,921)

Basic and diluted income (loss) per

$

0.00

$

(0.00)

$

0.00

$

(0.00)

common share

Weighted average number of

common shares outstanding - basic

355,860,813

316,272,595

345,147,171

316,075,086

and diluted

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

3

Scandium International Mining Corp.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in US Dollars) (Unaudited)

9-month period ended

September 30,

September 30,

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES

Income (loss) for the period

$ 622,225

$ (1,351,921)

Items not affecting cash:

Amortization

2,932

1,309

Stock-based compensation

149,669

610,385

Accrual reversal

(1,032,044)

-

Unrealized gain on derivative liability - warrants

(161,053)

-

Unrealized gain of foreign exchange

(99,292)

-

Changes in non-cash working capital items:

Decrease in prepaid expenses and receivables

24,987

24,161

Increase (decrease) in accounts payable, accrued liabilities and accounts

(355,843)

383,019

payable with related parties

(848,419)

(333,047)

CASH FLOWS FROM FINANCING ACTIVITIES

Common shares issued

2,647,852

-

Share issue costs

(28,418)

-

Options exercised for common shares

106,989

227,064

2,726,423

227,064

Change in cash during the period

1,878,004

(105,983)

Cash, beginning of period

93,894

170,284

Cash, end of period

$

1,971,898

$

64,301

2022

2021

Cash paid during the 9-month period for interest

$

-

$

-

Cash paid during the 9-month period for taxes

$

-

$

-

During the nine-months ended September 30, 2022, the Company issued 37,803,218 warrants as part of a private placement valued at $1,781,779 and classified as a derivative liability.

There were no significant non-cash investing and financing activities during the period ended September 30, 2021.

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

4

Scandium International Mining Corp.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY) (Expressed in US Dollars) (Unaudited)

Accumulated

Total

Additional Paid

Other

Shareholders'

Number of

Comprehensive

Equity

in Capital

Treasury Stock

Deficit

Shares

Capital Stock

Loss

(Deficiency)

Balance, December 31, 2020

314,032,595

$ 109,627,071

$

6,505,416

$ (1,264,194)

$ (853,400)

$ (114,236,410)

$

(221,517)

Options exercised

2,240,000

406,003

(178,939)

-

-

-

227,064

Loss for the three months

-

-

-

-

-

(312,137)

(312,137)

Balance, March 31, 2021

316,272,595

$ 110,033,074

$

6,326,477

$ (1,264,194)

$ (853,400)

$ (114,548,557)

$

(306,590)

Stock-based compensation

-

-

610,385

-

-

-

610,385

Loss for the three months

-

-

-

-

-

(761,080)

(761,080)

Balance, June 30, 2021

316,272,595

$ 110,033,074

$

6,936,862

$ (1,264,194)

$ (853,400)

$ (115,309,627)

$

(457,285)

Loss for the three months

-

-

-

-

-

(278,704)

(278,704)

Balance, September 30, 2021

316,272,595

$ 110,033,074

$

6,936,862

$ (1,264,194)

$ (853,400)

$ (115,588,331)

$

(735,989)

Options exercised

885,000

116,103

(45,352)

-

-

-

70,751

Loss for the three months

-

-

-

-

-

(215,111)

(215,111)

Balance, December 31, 2021

317,157,595

$ 110,149,177

$

6,891,510

$ (1,264,194)

$ (853,400)

$ (115,803,442)

$

(880,349)

Income for the three months

-

-

-

-

-

522,946

522,946

Balance, March 31, 2022

Stock-based compensation

Options exercised

Private placement net of share issuance costs

Derivative liability

Income for the three months

Balance, June 30, 2022

Stock-based compensation

Income for the three months

Balance, September 30, 2022

317,157,595

$ 110,149,177

$ 6,891,510

$ (1,264,194)

$ (853,400)

$ (115,280,496)

$ (357,403)

-

-

88,447

-

-

-

88,447

900,000

177,663

(70,674)

-

-

-

106,989

37,803,218

2,619,434

-

-

-

-

2,619,434

-

(1,781,779)

-

-

-

-

(1,781,779)

-

-

-

-

-

28,578

28,578

355,860,813

$ 111,164,495

$ 6,909,283

$ (1,264,194)

$ (853,400)

$ (115,251,918)

$ 704,266

-

-

61,222

-

-

-

61,222

-

-

-

-

-

70,701

70,701

355,860,813

$ 111,164,495

$ 6,970,505

$ (1,264,194)

$ (853,400)

$ (115,181,217)

$ 836,189

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

5

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Scandium International Mining Corp. published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2022 01:51:04 UTC.