Vision Lithium : Unaudited Interim Financial Statements As at May 31, 2022

Vision Lithium Inc.

Unaudited Interim Financial Statements

As at May 31, 2022

NOTICE OF DISCLOSURE OF NON-AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Under 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 the financial statements have not been reviewed by an auditor.

The accompanying unaudited 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 Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.

Vision Lithium Inc.

Consolidated Statements of Financial Position

(in Canadian dollars)

	Notes
ASSETS
Current
Cash and cash equivalents	5
Guaranteed investment certificates (0.10% - 0.49%), expiring between
May and July 2022
Accounts receivable
Sales taxes receivable
Tax credits receivable
Prepaid expenses
Marketable securities in quoted mining exploration companies
Non-current
Property and equipment
Right-of-use assets	6
Advances on exploration and evaluation assets
Exploration and evaluation assets	7
Total assets
LIABILITIES
Current
Trade and other payables
Liability related to flow-through shares
Current portion of lease obligations	8
Non-current
Lease obligations	8
Loan	9

Total liabilities

EQUITY

May 31,		August 31,
2022	2021
(Unaudited)		(Audited)
$	$
1,787,299	1,235,956
827,323	2,577,287
4,405	-
80,981	101,840
2,184	-
48,297	18,034
890		971
2,751,379	3,934,088
15,584	18,658
57,665	78,919
-	50,000
17,516,387		15,152,947
17,589,636		15,300,524
20,341,015	19,234,612
210,709	178,322
-	122,557
35,752		36,057
246,461	336,936
19,534	40,599
40,000		40,000
59,534	80,599
305,995		417,535

Share capital	10.1	55,648,956	53,521,536
Contributed surplus		5,326,563	4,755,693
Deficit		(40,940,499)		(39,460,152)
Total equity		20,035,020		18,817,077
Total liabilities and equity		20,341,015	19,234,612

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

These interim consolidated financial statements were approved and authorized for issue by the Board of Directors on July 27, 2022.

Approved on behalf of the Board of Directors

(signed) Yves Rougerie, Director

- 3 -

(signed) Victor Cantore, Director

Vision Lithium Inc.

Consolidated Statements of Net Loss and Comprehensive Loss

(in Canadian dollars)
		Three-month period ended		Nine-month period ended
		May 31,		May 31,		May 31,		May 31,
	Notes	2022		2021		2022		2021
		$	$	$	$
Expenses
Employee benefits expense	12.1	281,180	105,268	1,019,193	354,329
Insurance, taxes and permits		8,385	5,377	25,611	14,603
Consulting fees		87,905	15,000	237,819	15,000
Professional fees		25,576	19,459	105,128	85,673
Rent and maintenance		6,240	-	18,720	-
Business development		50,576	28,428	131,191	54,851
Advertising and sponsorship		14,315	5,569	14,315	5,569
Stationery and office expenses		4,830	2,365	18,147	8,438
Travel, board and lodging		5,585	1,394	10,223	2,088
Registration fees		4,567	3,994	35,414	19,201
Write-off of exploration and evaluation
assets		-	7,057	350	4,992
Exploration costs of other properties (1)		-	22	149	25,988
Bank charges		731	1,020	2,208	2,580
Part III.14 tax		-	-	-	(47,050)
Part XII.6 tax related to flow-through shares		6,542	-	9,151	-
Amortization of property and equipment		991	453	2,972	1,360
Amortization of right-of-use assets		1,105		7,837		3,074		23,511
Operating loss		498,528	203,243	1,633,665	571,133
Other (income) expenses
Finance income	14	(6,914)	(1,291)	(8,564)	(1,432)
Finance cost	14	171	503	454	1,527
Government assistance	9-11	(18,000)	-	(18,000)	(10,000)
Net change in fair value of marketable
securities in quoted mining exploration		-	198	81	(321)
Other revenues		(676)		(1,950)		(4,732)		(5,850)
		(25,419)		(2,540)		(30,761)		(16,076)
Loss before income taxes		(473,109)	(200,703)	(1,602,904)	(555,057)
Deferred income tax		-		6,973		122,557		28,916
Net loss and total of comprehensive loss for the period	(473,109)	(193,730)	(1,480,347)	(526,141)
Loss per share
Basic and diluted net loss per share	15	0.00		(0.00)		(0.00)		(0.00)

1. For the three and nine-month periods ended May 31, 2022 and 2021, no amount was recorded for tax credits as a reduction of exploration costs of other properties.

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

- 4 -

Vision Lithium Inc.

Consolidated Statements of Changes in Equity

(in Canadian dollars)

	Notes
		Share capital		Contributed				Total
		Number		Amount		surplus		Deficit		equity
			$	$	$	$
Balance as at September 1st, 2020		101,254,986		48,003,635		3,362,769		(38,086,617)		13,279,787
Issuance of flow-through units and shares	10.1	15,497,499	1,715,488	1,436,221	-	3,151,709
Issuance of units	10.1	81,075,000	1,004,617	886,537	-	1,891,154
Issuance of shares for the acquisition of mining	10.1	4,000,000	1,040,000	-	-	1,040,000
rights
Shares issue costs	10.1	-	-	-	(657,952)	(657,952)
Share-based payments	12.2	-	-	28,750	-	28,750
Warrants exercised	10.2	7,475,000		444,015		(70,265)		-		373,750
		108,047,499	4,204,120	2,281,243	(657,952)	5,827,411
Net loss and total of comprehensive loss for the
period		-	-	-	(526,141)	(526,141)
Balance as at May 31, 2021		209,302,485		52,207,755		5,644,012		(39,270,710)		18,581,057
Issuance of flow-through units and shares	10.1	-	1,242,525	(1,058,784)	-	183,741
Issuance of units	10.1	-	41,556	(43,210)	-	(1,654)
Shares issue costs	10.1	-	-	218,375	-	218,375
Warrants exercised	10.2	500,000		29,700		(4,700)		-		25,000
		500,000	1,313,781	(888,319)	-	425,462
Net loss and total of comprehensive loss for the
period		-	-	-	(189,442)	(189,442)
Balance as at August 31, 2021		209,802,485		53,521,536		4,755,693		(39,460,152)		18,817,077
Issuance of shares for the acquisition of mining	10.1
rights		4,550,000	981,000	-	-	981,000
Share-based payments	12.2	-	-	752,290	-	752,290
Warrants exercised	10.2	19,300,000	1,146,420	(181,420)	-	965,000
		23,850,000	2,127,420	570,870	-	2,698,290
Net loss and total of comprehensive loss for the		-	-	-	(1,480,347)	(1,480,347)
period
Balance as at May 31, 2022		233,652,485		55,648,956		5,326,563		(40,940,499)		20,035,020

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

- 5 -