CleanTech Vanadium Mining Corp. — Interim / Quarterly Report 2023

Dec 20, 2022

KAYMUS RESOURCES INC.

Condensed Interim Consolidated Financial Statements October 31, 2022

Unaudited – Prepared by Management

Notice of No Auditor Review of Interim Condensed Consolidated Financial Statements

In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed these unaudited condensed interim consolidated financial statements as at and for the three months ended October 31, 2022 and 2021.

	Consolidated Statements of Financial Position
		(Canadian dollars)
	October 31	July 31
	2022	2022
Assets
Current
Cash	52,396	40,505
Investments (Note 5)	2,258,797	2,090,390
Royalty income receivable (Note 8)	6,771	18,122
Goods and Services Tax receivable (Note 4)	680	417
	2,318,644	2,149,434
Deposit	–	–
Royalty interest (Note 8)	–	–
Property and equipment	41	56
	2,318,685	2,149,490
Liabilities
Current
Margin investment loan (Note 6)Trade and other payables	278,19217,754	284,44118,049
	295,946	302,490
Shareholders' Equity
Share capital	14,332,620	14,332,620
Contributed surplus	2,083,131	2,083,131
Deficit	(14,393,012)	(14,568,751)
	2,022,739	1,847,000
	2,318,685	2,149,490

Kaymus Resources Inc.

Approved on behalf of the Board of Directors

"Donald Poruchny" (signed) "Gordon Bowerman" (signed) Donald Poruchny Gordon Bowerman

Kaymus Resources Inc.

For the three months ended October 31 (Unaudited) (Canadian dollars) 2022 2021 Revenue Royalty income (Note 8) 9,278 9,763 9,278 9,763 Operating expenses General and administrative 8,180 5,897 Interest 5,737 – Depreciation 15 15 Total operating expenses 13,932 5,912 Other income Investment income 11,986 2,471 Unrealized gain on investments (Note 5) 168,407 371,812 Total other income 180,393 374,283 Income and comprehensive income 175,739 378,134 Income per share – basic and dilutive (Note 7) 0.01 0.02

Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

Kaymus Resources Inc. Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited)

(Canadian dollars)

	Number ofCommonShares	ShareCapital	ContributedSurplus	Deficit	TotalShareholders'Equity(Deficit)
Balance –July 31, 2022	23,153,285	14,332,620	2,083,131	(14,568,751)	1,847,000
Income for the period	–	–	–	175,739	175,739
Balance –October 31, 2022	23,153,285	14,332,620	2,083,131	(14,393,012)	2,022,739
	Number ofCommonShares	ShareCapital	ContributedSurplus	Deficit	TotalShareholders'Equity(Deficit)
Balance –July 31, 2021	23,153,285	14,332,620	2,083,131	(15,590,857)	824,894
Income for the period	–	–	–	378,134	378,134
Balance –October 31, 2021	23,153,285	14,332,620	2,083,131	(15,212,723)	1,203,028

Kaymus Resources Inc.

Condensed Interim Consolidated Statements of Cash Flows

For the three months ended October 31 (Unaudited) (Canadian dollars)

	2022	2021
Cash provided by (used for):
Operatingactivities
Income for the year	175,739	378,134
Add back non-cash items:
Depreciation	15	15
Unrealized gain on investments(Note 6)	(168,407)	(371,812)
Change in non-cash working capital
Royalty income receivable	11,351	9,049
Goods and Services Tax receivable	(263)	(9,013)
Trade and other payables	(295)	(8,098)
Cash provided by (used in) operating activities	18,140	(1,725)
Investing activities
Repayment from margin account (Note 6)	(6,249)	–
Cash used in investing activities	(6,249)	–
Investing activities
Purchase of investments (Note 6)	–	–
Cash used in investing activities	–	–
Change in cash	11,891	(1,725)
Cash, beginning of period	40,505	41,785
Cash, end of period	52,396	40,060

1. Incorporation, nature of operations

Kaymus Resources Inc. (the "Company") was incorporated under the laws of the Province of British Columbia as Craven Resources Inc. on July 18, 1983. On March 29, 2004, the Company was continued from British Columbia and registered under the laws of Alberta. The Company's registered address is Suite 1530, 715 – 5th Avenue SW, Calgary, Alberta, T2P 2X6.

The Company is a publicly-traded company pursuing petroleum and natural gas projects for exploration and development in Alberta, Canada. The Company's shares trade on the NEX, a separate trading board of the TSX Venture Exchange, under the symbol KYS.H.

The Company currently does not have any active oil and gas leases or operations and invests surplus cash in equity investments of publicly traded companies including holding a Gross Overriding Royalty interest in certain oil and gas properties.

2. Basis of preparation

(a) Statement of compliance

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The consolidated financial statements were authorized for issue by the Board of Directors on December 20, 2022.

(b) Basis of measurement

These consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments which are measured at fair value.

(c) Functional and presentation currency of the Company.

These consolidated financial statements are presented in Canadian dollars, which is the functional currency of the Company and its subsidiary.

3. Significant accounting policies

No new accounting policies were implemented in the three months ended October 31, 2022.

4. Credit Risk

The Company's maximum exposure to credit risk is as follows:

	October 312022	July 312022
Cash	52,396	40,505
Investments	2,258,796	2,090,390
Royalty income receivable	6,772	18,122
Goods and Services Tax receivable	680	417
	2,318,644	2,149,434

As at October 31, 2022, royalty income receivable and Goods and Services Tax receivable are between 30 and 60 days old. The Company assessed the expected credit loss ("ECL") associated with royalty income receivable and Goods and Services Tax receivable and determined it to be nominal. The Company has not experienced any collection issues with respect to these receivables and has not provided for any ECL in the three months ended October 31, 2022 and 2021.

5. Investments

The Company holds a variety of equity investments into publicly traded companies within the oil and gas industry. Changes in the investment account are summarized in the following table:

Balance, July 31, 2022	2,090,390
Purchase of investments	–
Unrealized gain on investments	168,407
Balance, October31, 2022	2,258,797

6. Margin investment loan

Kaymus has taken an interest-bearing loan of as at October 31, 2022 of $278,192 (July 31, 2022 – $284,411) the loan is secured by the securities in the brokerage account (the securities are pledged as collateral for the loan).

7. Per share amounts

Basic net income per share is calculated as follows:

For the three months ended October 31	2022	2021
Net income for the period	175,739	378,134
Weighted average number of shares –basic:Issued common shares at beginning of yearEffect of shares issued in the year	23,153,285–	23,153,285–
	23,153,285	23,153,285
Net income per share –basic and dilutive	0.01	0.02

8. Royalty income

During the three months ended October 31, 2022, the Company recognized $9,278 (2021 – $9,763) of royalty income from two property operators, of which $6,771 is reported as royalty income receivable as at October 31, 2022 (July 31, 2022 – $18,122).