Vulcan Minerals : 2023 Q1 REPORT

Condensed Consolidated Financial Statements

For the Period Ended March 31, 2023 and 2022

Notice of No Auditor Review of Interim Financial Statements

Under National Instrument 51-102,"Continuous Disclosure Obligations", 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 Corporation's external auditors

have not performed a review of these financial statements.

VULCAN MINERALS INC.

March 31, 2023

Table of Contents

	PAGE
Condensed Consolidated Balance Sheets	1
Condensed Consolidated Statements of Income (Loss)	2
Condensed Consolidated Statements of Comprehensive Income (Loss)	3
Condensed Consolidated Statements of Changes in Equity	4
Condensed Consolidated Statements of Cash Flows	5
Notes to the Condensed Consolidated Financial Statements	6

VULCAN MINERALS INC.

Condensed Consolidated Balance Sheets (Unaudited)

As at

	March 31	December 31
(in Canadian dollars)	2023	2022
	$	$
Assets
Current assets
Cash and cash equivalents	6,134,585	6,148,762
Accounts receivable	115,379	154,130
Prepaid expenses	6,786	10,615
	6,256,750	6,313,507
Investments (Note 4)	721,141	650,893
Investment in associates (Note 5)	39,876,674	39,455,425
Exploration and evaluation assets (Note 6)	1,321,258	1,293,728
Capital assets (Note 7)	20,624	20,947
Total Assets	48,196,447	47,734,500
Liabilities
Current liabilities
Accounts payable and accrued liabilities	124,395	137,981
	124,395	137,981
Loan (Note 8)	30,000	30,000
Deferred income tax liability	4,037,113	3,957,119
	4,191,508	4,125,100
Equity (Note 9)
Shareholders' equity	44,004,939	43,609,400
	44,004,939	43,609,400
Total Liabilities and Equity	48,196,447	47,734,500
Contingencies (Note 15)
Subsequent events (Note 16)
Approved on Behalf of the Board of Directors
Patrick J. Laracy	Director
Carson Noel	Director

See accompanying notes to the condensed consolidated financial statements

1

VULCAN MINERALS INC.

Condensed Consolidated Statements of Income (Loss) Three Months Ended March 31

(Unaudited)

(in Canadian dollars)	2023	2022
	$	$
Income (Expenses)
Income from option payments	131,399	192,892
Interest income	54,692	5,672
Dilution gain (loss)	605,047	(410,510)
Share-based compensation (Note 10)	-	(445,427)
General and administrative (Note 11)	(139,046)	(152,926)
Loss from equity accounted investments	(183,798)	(57,359)
Depreciation	(1,609)	(307)
Government assistance (Note 8)	-	(355)
Income (loss) before income taxes	466,685	(868,320)
Deferred income tax (expense) recovery	(78,949)	69,350
Net income (loss)	387,736	(798,970)
Net income (loss) per share - basic	0.003	(0.007)
Net income (loss) per share - diluted	0.003	(0.007)

Weighted-average number of common shares outstanding - basic

Weighted-average number of common shares outstanding - diluted

116,378,709 111,828,709

154,874,066 111,828,709

See accompanying notes to the condensed consolidated financial statements

2