Jade Leader Corp. — Interim / Quarterly Report 2021

Feb 11, 2021

Jade Leader Corp.

Condensed Interim Consolidated Financial Statements (Expressed in Canadian Dollars) December 31, 2020 (Unaudited)

Notice to Reader

These condensed interim consolidated financial statements have not been reviewed by the Company’s external auditors. These statements have been prepared by and are the responsibility of the Company’s management.

Jade Leader Corp. Condensed Interim Consolidated Statements of Financial Position

(Expressed in Canadian Dollars)

(Unaudited - Prepared by Management)

December 31 2020 ASSETS Current Assets Cash(Note 4) $ 172,473 $ Accounts receivable(Note 5) 11,318 Prepaid expenses 12,635 Short-term investments(Note 6) 3,760 200,186 Non-current Assets Exploration and evaluation asset advances and deposits (Note 7) 4,357 Exploration and evaluation assets(Note 7) 1,561,729 Equipment and software(Note 8) 28,752 1,594,838 TOTAL ASSETS $ 1,795,024 $ EQUITY AND LIABILITIES Current Liabilities Deferred sublease revenue $ 913 $ Accounts payable and accrued liabilities(Note 9) 29,951 30,864 Non-current Liabilities Decommissioning obligation 12,750 TOTAL LIABILITIES 43,614 EQUITY Share capital(Note 10) 14,234,128 Reserves 3,274,526 Deficit (15,757,244) TOTAL EQUITY 1,751,410 TOTAL EQUITY AND LIABILITIES $ 1,795,024 $	September 30 2020
	271,127 8,996 19,502 -
	299,625
	4,357 1,555,650 29,011
	1,589,018
	1,888,643
	913 40,996
	41,909
	12,750
	54,659
	14,234,128 3,274,526 (15,674,670)
	1,833,984
	1,888,643

Nature and continuance of operations (Note 1) Commitments (Note 15) Contingent liability (Note 18)

Approved by the Board

"Shane Ebert"

________ Director

"Jean Pierre Jutras" _________ Director

See accompanying notes to the consolidated financial statements.

1

Jade Leader Corp. Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

(Expressed in Canadian Dollars)

(Unaudited - Prepared by Management) For The Three Months Ended December 31

Expenses General and administrative(Note 12) $ Reporting to shareholders Professional fees Stock exchange and transfer agent fees Depreciation Loss before other items Other items Sublease revenue Interest and other Gain from short-term investments Net loss and comprehensive loss $ Basic and diluted loss per share $ Weighted average shares outstanding - basic and diluted	2020 56,511 $ 14,966 16,769 2,004 1,068 91,318 (91,318) 4,697 287 3,760 8,744 (82,574) $ 0.00 $ 51,267,708	2019
		127,567 - 36,216 2,770 796
		167,349
		(167,349)
		4,697 1,458 -
		6,155
		(161,194)
		0.00
		42,267,708

See accompanying notes to the consolidated financial statements.

2

Jade Leader Corp. Condensed Interim Consolidated Statements of Cash Flows

(Expressed in Canadian Dollars)

(Unaudited - Prepared by Management) For The Three Months Ended December 31

Increase (decrease) in cash at bank Operating activities Cash received from sublease revenue(Note 16) $ Cash paid to suppliers and contractors(Note 16) Cash used in operating activities Investing activities Interest and other income received Cash expended on exploration and evaluation asset additions (Note 16) Cash expended on equipment and software Cash used in investing activities Decrease in cash at bank Cash at bank: Beginning of period End of period $	2020 4,469 $ (95,218) (90,749) 287 (7,383) (809) (7,905) (98,654) 271,127 172,473 $	2019
		4,697 (100,061)
		(95,364)
		1,458 (143,350) (24,913)
		(166,805)
		(262,169) 406,255
		144,086

Supplementary information:

Interest and taxes

During the three month periods ended December 31, 2020 and December 31, 2019, the Company did not expend cash on interest or taxes.

Non-cash transactions:

Three months ended December 31, 2020

The Company received 4,000 common shares of Mindset Pharma Inc. in exchange for 200,000 common shares of North Sur Resources Inc. Refer to Note 6 – “Short-term investments” for further information.

Three months ended December 31, 2019

The Company granted stock options to officers, directors and consultants and recorded a non-cash charge for stock-based payments totalling $50,980 that is included in general and administrative expenses. (Note 12)

See accompanying notes to the consolidated financial statements.

3

Jade Leader Corp. Consolidated Statement of Changes in Equity

(Expressed in Canadian Dollars)

(Unaudited - Prepared by Management)

Balance, September 30, 2019 Net loss and comprehensive loss for the period Options issued, November 2019 Balance, December 31, 2019 Net loss and comprehensive loss for the period Private placement share and warrant issue Share issuance costs Balance, September 30, 2020 Net loss and comprehensive loss for the period Balance, December 31, 2020	Common share Capital $	Reserves Equity- settled share based payment $ Warrants $ Other $ Total Reserves $ Deficit $ Total $*
	13,907,792 - -	586,332 702,085 1,822,107 3,110,524 (15,273,821) 1,744,495 - - - - (161,194) (161,194) 50,980 - - 50,980 - 50,980
	13,907,792 - 336,978 (10,642)	637,312 702,085 1,822,107 3,161,504 (15,435,015) 1,634,281 - - - - (239,655) (239,655) - 113,022 - 113,022 - 450,000 - - - - - (10,642)
	14,234,128 -	637,312 815,107 1,822,107 3,274,526 (15,674,670) 1,833,984 - - - - (82,574) (82,574)
	14,234,128	637,312 815,107 1,822,107 3,274,526 (15,757,244) 1,751,410

*Other reserves are comprised of the aggregate of the carrying value of escrow shares that were cancelled for no proceeds and the value of options and warrants that expired without exercise. These values were relieved from common share capital, share based payment reserve and warrants reserve respectively upon the cancellation/expiry of the equity instrument.

See accompanying notes to the financial statements

4

Jade Leader Corp. Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

1. Nature and continuance of operations

Jade Leader Corp. (“Jade Leader” or “the Company”) is engaged in the business of mineral exploration and development in Canada and the USA. The Company was incorporated under the laws of the Province of British Columbia, Canada and continued under the Business Corporations Act (Alberta). The address of its primary office is Suite 815, 808 - 4th Avenue SW, Calgary, Alberta, Canada, T2P 3E8. The Company's common shares are listed on the TSX Venture Exchange (the "Exchange") under the symbol “JADE”.

Since inception, the efforts of the Company have been devoted to the acquisition, exploration and development of mineral properties. To date the Company has not received any revenue from mining operations and has not determined whether mineral properties contain ore reserves that are economically recoverable.

The Company incurred a net loss of $82,574 during the three month period ended December 31, 2020, (December 31, 2019 - $161,194). The Company has a deficit of $15,757,244 at December 31, 2020, (September 30, 2020 - $15,674,670). The Company’s ability to continue to explore and develop its mineral properties and to continue as a going concern is dependent upon its ability to raise additional equity financing. There is no assurance that the Company will be successful in achieving profitable operations given its early stage exploration, and no assurance that it will obtain financing. These material uncertainties cast significant doubt on the Company’s ability to continue as a going concern. These financial statements do not include any adjustments which could be significant should the Company be unable to continue as a going concern.

2. Basis of presentation

These condensed interim consolidated financial statements are unaudited and have been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting", using accounting policies consistent with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and interpretation of the International Reporting Interpretations Committee ("IFRIC").

3. Significant accounting policies

The financial framework and accounting policies applied in the preparation of these unaudited condensed interim consolidated financial statements are consistent with those disclosed in its most recently completed Audited Annual Consolidated Financial Statements for the year ended September 30, 2020. No new accounting policies have been adopted during the three month period ended December 31, 2020.

4. Cash

Cash is comprised of:

Current bank accounts Cash held in foreign currencies		Dec 31, 2020	Sept 30, 2020
	$ $	166,243 $ 6,230 172,473 $	259,512 11,615
			271,127

5

Jade Leader Corp. Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

5. Accounts receivable

ccounts receivable
Trade receivables $ Related party receivables Sales tax receivables $	Dec 31, 2020 127 $ 7,244 3,947 11,318 $	Sept 30, 2020
		595 5,811 2,590
		8,996

6. Short-term Investments

Mindset Pharma Inc. Common shares(December 31, 2020 – 4,000, September 30, 2020 – 4,000) $	Dec 31, 2020 3,760 $	Sept 30, 2020
		-

The common shares of Mindset Pharma Inc. were valued at their fair value, based on their trading price, at December 31, 2020. At September 30, 2020 Mindset Pharma Inc. had not yet been listed, consequently no value was assigned to the investment on that date.

7. Exploration and evaluation assets

Mineral properties are recognized in these financial statements in accordance with the accounting policies outlined in Note 3(f) "Exploration and evaluation assets" of the Audited Annual Consolidated Financial Statements for the year ended September 30, 2020. Accordingly, their carrying values represent costs incurred to date, net of recoveries, abandonments and impairments. The recoverability of these amounts is dependent upon the existence of economically recoverable mineral reserves; the acquisition and maintenance of appropriate permits, licenses and rights; the ability of the Company to obtain necessary financing to complete the development of properties where necessary, and upon future profitable operations; or alternatively, upon the Company’s ability to recover its costs through a disposition of its interests.

DJ Jade Project, Washington State, USA

During fiscal 2017, the Company acquired the DJ Jade project, in Washington State, USA through a combination of Option Agreement and staking.

The property, consisting of 18 existing and recently filed Lode Claims, covers an area of slightly more than 140 hectares. In fiscal 2019 the Company completed the acquisition of 100% of the optioned claims, subject to a 2% Net Smelter Royalty, (“NSR”), by having made a total of US $86,000 in property payments, and having incurred exploration costs of US $80,000 in accordance with the terms and timelines of the option agreement. The Company has the option to acquire one-half (1%), of the Royalty for the sum of US$500,000 in cash or equivalent value in Common shares of the Company. The Optionor also granted the Company the right, upon written notice, to acquire the remaining half, (1%), of the Royalty for the sum of US$1,000,000 in cash or equivalent value in Common Shares of the Company, thereby extinguishing the Royalty of the Optionor.

On July 20, 2017, the Company entered into an Assignment and Novation Agreement, with Jadex (the Company's wholly-owned subsidiary). Jadex agreed that it shall be bound by, observe and perform the duties and obligations of the Company, for the assigned interests.

Wyoming Jade Fields, Wyoming, USA

Wyoming Jade Fields is comprised of five properties. The Company has acquired, by staking, 99 Mineral Lode Claims covering in excess of 1,800 acres. On July 15, 2018, Jadex entered into an Option Agreement to acquire a 100% interest in an existing Lode Claim (20.7 acres). The acquisition of the 100% interest, subject

6

Jade Leader Corp. Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

7. Exploration and evaluation assets (continued)

to a 2% NSR, was completed during fiscal 2019. The Company may elect, upon written notice, to acquire one half (1%) of the NSR for US$20,000 in cash. The Optionor also granted the Company the right, upon written notice, to acquire the remaining half (1%) of the NSR for US$30,000 in cash, thereby extinguishing the NSR of the Optionor.

Tell, Yukon

The Company acquired 100% of the expanded Tell mineral property through staking. The Company holds 193 claims covering slightly in excess of 4,000 hectares located approximately 140 kilometres east of Mayo, Yukon.

A summary of exploration and evaluation expenditures by category for the three month period ended December 31, 2020 and the year ended September 30, 2020 appears below:

Three month period ended December 31, 2020	Wyoming, USA Washington, USA Yukon
Balance at September 30, 2020 Geological consulting Field costs Decommissioning Balance at December 31, 2020 Property acquisition costs: Balance at September 30, 2020 and December 31, 2020 Total exploration and evaluation assets December 31, 2020	Total Wyoming Jade Fields DJ Jade Project Tell
	$ $ $ $
	1,132,322 378,682 408,861 344,779 2,744 2,744 - - 782 782 - - 2,553 2,553 - -
	1,138,401 384,761 408,861 344,779
	423,328 172,668 143,272 107,388
	1,561,729 557,429 552,133 **452,167 **

7

Jade Leader Corp. Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

7. Exploration and evaluation assets (continued)

Year ended September 30, 2020	Wyoming, USA Washington, USA **Yukon **
Balance at September 30, 2019 Geological consulting Geochemical analysis Geophysical Field costs Equipment rental Travel costs Balance at September 30, 2020 Property acquisition costs: Balance at September 30, 2019 Acquisition costs incurred Balance at September 30, 2020 Total exploration and evaluation assets September 30, 2020	Total Wyoming Jade Fields DJ Jade Project Tell
	$ $ $ $
	1,012,093 260,786 407,928 343,379 66,139 65,014 - 1,125 852 852 - - 275 - - 275 5,838 4,778 1,060 - 29,049 29,049 - - 18,076 18,203 (127) -
	1,132,322 378,682 408,861 344,779
	389,095 143,402 139,240 106,453 34,233 29,266 4,032 935
	423,328 172,668 143,272 107,388
	1,555,650 551,350 552,133 452,167

From time to time, the Company is required to advance amounts to service providers prior to their commencing exploration work on the mineral interest. The advance is applied to the invoiced services, generally through the final invoice. As these advances pertain to costs that form part of the long-term exploration and evaluation assets, they are classified as long-term. At December 31, 2020, the Company held $4,357 in respect of Wyoming Jade Fields in exploration and evaluation asset advances and deposits (September 30, 2020 - $4,357).

8. Equipment and software

. Equipment and software
Balance, September 30, 2019 $ Additions Depreciation Balance, September 30, 2020 Additions Depreciation Balance, December 31, 2020 $	Equipment and software
	Cost 7,462 $ 30,991 - 38,453 809 - 39,262 $	Accumulated Depreciation (5,683) $ - (3,759) (9,442) - (1,068) (10,510) $	Net Book Value
			1,779 30,991 (3,759)
			29,011 809 (1,068)
			28,752

9. Accounts payable and accrued liabilities

Trade payables $ Due to related parties Accrued liabilities Sales tax payable $	Dec 31, 2020 10,049 $ 8,978 10,600 324 29,951 $	Sept 30, 2020
		3,259 6,238 31,212 287
		40,996

8

Jade Leader Corp.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

10. Share capital, stock options and warrants

a) Authorized

Unlimited number of voting common shares without par value Unlimited number of Class A preferred shares issuable in series Unlimited number of Class B preferred shares issuable in series

b) Issued and outstanding common share capital

Issued and outstanding common share capital
	Shares	Value
	Number	$
Balance, as at September 30, 2019	42,267,708	13,907,792
Private placement – June 2020	9,000,000	450,000
Value of warrants included in private placement	-	(113,022)
Share issuance costs	-	(10,642)
Balance, as at September 30, 2020 and December 31, 2020	51,267,708	14,234,128

2020

On June 17, 2020, the Company closed a non-brokered private placement share and warrant issue for 9,000,000 common units at $0.05 per unit comprised of 9,000,000 common shares and 4,500,000 common share purchase warrants for gross aggregate proceeds of $450,000. Each common unit was comprised of one common share and one half of one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one additional common share at a price of $0.10 per share until June 17, 2022. In valuing the warrants, the Company applied a proration of proceeds method to the components incorporating the Black-Scholes Pricing model assuming a volatility of 70.1%, a risk free rate of 0.29%, a 2 year warrant life and a 0% dividend rate. In connection with this financing, the Company paid finder’s fees of $2,000 which have been included as part of the share issuance costs that are deducted from the proceeds of the financing that are credited to the Common Share Capital. Related parties, comprised of officers and directors, acquired 1,260,000 of the total units.

During the subsequent period from January 1, 2021 to February 11, 2021, the date of these financial statements, no shares were issued, nor cancelled and returned to treasury.

c) Stock options

ck options
Expiry October 19, 2022 January 15, 2021 February 21, 2022 March 13, 2021 September 30, 2021 May 23, 2022 August 19, 2022 November 19, 2022 November 19, 2023	Number of shares Exercise Dec 31, 2020 Sept 30, 2020 Price 125,000 125,000 $0.14 795,000 795,000 $0.36 150,000 150,000 $0.38 280,000 280,000 $0.365 75,000 75,000 $0.25 50,000 50,000 $0.21 1,230,000 1,230,000 $0.30 125,000 125,000 $0.225 150,000 150,000 $0.225 2,980,000 2,980,000
	Dec 31, 2020 125,000 795,000 150,000 280,000 75,000 50,000 1,230,000 125,000 150,000 2,980,000

9

Jade Leader Corp. Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

10. Share capital, stock options and warrants (continued)

d) Stock option transactions

Stock option transactions
Balance, September 30, 2020 and December 31, 2020	Number of shares 2,980,000	Weighted average exerciseprice
		$0.31

Refer to Note 13 - "Share-based payment transactions" for more information regarding the options issued during the year ended September 30, 2020. All of the options outstanding at the respective period’s ends have vested with the exception of 25,000 options issued May 23, 2019 which will vest May 23, 2021.

During the subsequent period from January 1, 2021 to February 11, 2021, the date of these financial statements, 795,000 options, exercisable at $0.36 per share, expired without exercise; no options were issued, and none were exercised.

e) Warrant transactions and warrants outstanding

The warrants summarized below may be exercised to acquire an equal number of common shares.

Three month period ended, December 31, 2020

		Balance						Balance
Exercise		Sept 30,	Warrants	Warrants		Warrants		Dec 31,
price	Expiry	2020	Issued	Exercised		Expired		2020
$0.21**	October 12, 2021**	3,865,816	-		-		-	3,865,816
$0.21**	October 23, 2021**	730,000	-		-		-	730,000
	December 28,
$0.30	2021*	393,750	-		-		-	393,750
$0.30	January 11, 2022*	106,250	-		-		-	106,250
$0.10	June 17,2022	4,500,000	-		-		-	4,500,000
	Total	9,595,816	-		-		-	9,595,816
Year ended, September 30, 2020
		Balance						Balance
Exercise		Sept 30,	Warrants	Warrants		Warrants		Sept 30,
price	Expiry	2019	Issued	Exercised		Expired		2020
$0.21**	October 12, 2021**	3,865,816	-		-		-	3,865,816
$0.21**	October 23, 2021**	730,000	-		-		-	730,000
	December 28,
$0.30	2021*	393,750	-		-		-	393,750
$0.30	January 11, 2022*	106,250	-		-		-	106,250
$0.10	June 17,2022	-	4,500,000		-		-	4,500,000
	Total	5,095,816	4,500,000		-		-	9,595,816

*On December 2, 2019, the Company extended the expiry dates for certain warrants by two years as follows; 1) 393,750 warrants originally expiring on December 28, 2019 will now expire on December 28, 2021 and 2) 106,250 warrants originally expiring January 11, 2020 will now expire on January 11, 2022.

**During the year ended September 30, 2020 the Company extended the expiry dates and repriced these warrants as follows: 1) 3,865,816 warrants were repriced from $0.40 per share to $0.21 per share and the expiry date was extended to October 12, 2021 from October 12, 2020 and 2) 730,000 warrants were repriced from $0.40 per share to $0.21 per share and the expiry date was extended to October 23, 2021 from October 23, 2020.

10

Jade Leader Corp. Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

10. Share capital, stock options and warrants (continued) e) Warrant transactions and warrants outstanding (continued)

During the subsequent period from January 1, 2021 to February 11, 2021, the date of these financial statements, no warrants were issued or exercised and none expired.

11. Financial instruments

Financial instruments recorded at fair value are classified using a fair value hierarchy that prioritizes the inputs to fair value measurements. The three levels of fair value are summarized below:

• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 - Inputs other than quoted prices that are observable for assets or liabilities either directly, (i.e. prices), or indirectly, (i.e. derived from prices); and

• Level 3 - Inputs that are not based on observable market data.

The following summarizes the categories of the various financial instruments:

Financial assets Financial assets measured at fair value: Short-term investments $ Financial assets measured at amortized cost: Cash Accounts receivable Financial liabilities Financial liabilities measured at amortized cost: Accounts payable and accrued liabilities $	Dec 31, 2020	Sept 30, 2020
	**Carrying **	value
	3,760 $ 172,473 7,371 179,844 29,627 $	-
		271,127 6,406
		277,533
		40,709

The above noted financial instruments are exclusive of any sales tax.

The carrying value of financial assets and liabilities measured at amortized cost approximates fair value due to the short-term nature of the instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.

The Company undertakes transactions denominated in US currency through its exploration in the US; consequently, it is exposed to exchange rate fluctuations. The Company will acquire US funds from time to time to settle US$ denominated liabilities. At December 31, 2020, the Company had US$4,047 (CDN$5,489) (September 30, 2020 – US$8,152 (CDN$10,874)) in a US denominated bank account. The effect of a foreign currency increase or decrease of 10% on this cash holding would result in an increase or decrease of CDN$549 (September 30, 2020 – CDN$1,087). Additionally, at December 31, 2020, accounts payable and accrued liabilities include liabilities of US$8,445 (CDN$10,600) (September 30, 2020 - US$8,071 (CDN$10,766)) that must be settled in US$. The effect of a foreign currency increase or decrease of 10% on this liability would result in an increase or decrease of CDN$1,060 (September 30, 2020 – CDN$1,077) to the amount payable.

11

Jade Leader Corp.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

12. General and administrative

General and administrative
Three months ended Administrative consulting fees $ Occupancy costs Office, secretarial and supplies Travel and promotion Product development Insurance Computer network and website maintenance Stock-option compensation (Note 13) Miscellaneous $	Dec 31, 2020 25,626 $ 10,248 10,785 693 1,157 4,484 1,369 - 2,149 56,511 $	Dec 31, 2019
		33,165 13,886 12,293 8,470 - 4,750 1,179 50,980 2,844
		127,567

13. Share-based payment transactions

Three month period ended December 31, 2020

There were no share-based payment transactions during the three month period ended December 31, 2020.

Year ended September 30, 2020

On November 19, 2019, the Company issued 150,000 options that may be exercised at $0.225 per share to November 19, 2023 and 125,000 options that may be exercised at $0.225 per share to November 19, 2022. The 150,000 options expiring November 19, 2023 were valued at $30,840 incorporating the Black-Scholes Options Pricing model assuming a 4 year term, volatility of 170.20%, a risk free discount rate of 1.45% and a dividend rate of 0%. The 125,000 options expiring November 19, 2022 were valued at $20,140 incorporating the Black-Scholes Options Pricing model assuming a 3 year term, volatility of 122.05%, a risk free discount rate of 1.51% and a dividend rate of 0%.

14. Related party balances and transactions and key management remuneration

The Company is considered a related party to CANEX Metals Inc. ("CANEX Metals") because of its common directors, officers and key management personnel that have some direct financial interest in both the Company and CANEX Metals. In addition, related parties also include members of the Board of Directors, officers and their close family members. 635280 Alberta Ltd., a company controlled by Jean-Pierre Jutras, an officer and director of Jade Leader, Lunacees Enterprises Ltd., a company controlled by Cornell McDowell, a director of Jade Leader, and Vector Resources Inc., a company controlled by Shane Ebert, a director of Jade Leader, are also considered related parties.

The following amounts were charged to (by) related parties during the period:

Key management remuneration: President and Director a $ Corporate Secretary b Chief Financial Officer c Total Management Remuneration $	Dec 31, 2020 (14,406) $ (9,060) (3,060) (26,526) $	Dec 31, 2019 (30,500) (9,428) (3,120) (43,048)

12

Jade Leader Corp. Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

14. Related party balances and transactions and key management remuneration (continued)

Other related party transactions: CANEX Metals Inc. Office rent and operating costs received d $ General and administrative and secretarial costs received d $ General and administrative and secretarial costs paid d $ Lunacees Enterprise Ltd. Geological consulting services paid e $	Dec 31, 2020 4,697 $ 2,223 $ (327) - $	Dec 31, 2019
		4,697 2,659 (853) (600)

Management compensation payable to "key management personnel" during the period ended December 31, 2020 and 2019 is reflected in the table above and consists of consulting fees paid or payable to the President as well as the Corporate Secretary and Chief Financial Officer. Directors are not paid directors' fees. Officers and directors are compensated through the granting of options from time-to-time, though none were granted to officers and directors during the three month periods ended December 31, 2019 and December 31, 2020.

Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director of the Company.

The following amounts were due to or receivable from related parties at the respective period ends:

Balances receivable (payable) Office rent and operating costs CANEX Metals Inc. d $ General and administrative and secretarial costs CANEX Metals Inc. d $ CANEX Metals Inc. d $ President a $ Corporate secretary b $ Chief financial officer c $ Geological consulting fees 635280 Alberta Ltd. a $	Dec 31, 2020 4,910 $ 2,334 $ (343) $ (519) $ (2,237) (504) $ (5,375) $	Sept 30, 2020
		4,469 1,342 (245) (1,273) - (126) (4,594)

• a) Consulting fees for the President's services were billed by 635280 Alberta Ltd., a company controlled by Jean Pierre Jutras. Consulting services that relate directly to mineral property exploration are capitalized to exploration and evaluation assets; the remainder is expensed. During the three month period ended December 31, 2020 $Nil (2019 - $10,375) was capitalized to exploration and evaluation assets and $14,406 (2019 - $20,125) was expensed through general and administrative expenses.

• b) The Corporate Secretary provides services to the Company on a contract basis.

• c) The Chief Financial Officer provides services to the Company on a contract basis.

• d) During the three month periods ending December 31, 2020 and 2019, the Company incurred certain administrative expenses on CANEX Metals’ behalf that were subsequently billed to CANEX Metals on a quarterly basis. Further, CANEX Metals incurred certain administrative costs on behalf of the Company that were billed on a quarterly basis. Since January 2015, the Company has subleased office space to CANEX Metals. The Company renewed its sublease with CANEX Metals on August 1, 2020, terminating August 31, 2021, (see Note 15 - Commitments). CANEX Metals and the Company share two common officers and two common directors.

13

Jade Leader Corp. Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

14. Related party balances and transactions and key management remuneration (continued)

• e) During the three month period ended December 31, 2019, geological consulting services were provided by Lunacees Enterprise Ltd., a company controlled by Cornell McDowell, a Jade Leader director.

Amounts receivable pertain to billings plus applicable sales taxes for which payment has not been received and amounts payable reflect billings plus applicable sales taxes that were not yet paid by the Company at the respective period ends. Related party transactions were measured at the amounts agreed to by the transacting parties.

15. Commitments

On August 1, 2020, the Company entered into a new leasing arrangement for office space, terminating August 31, 2021. Pursuant to the agreement, the Company is committed to pay base lease costs plus its proportionate share of costs incurred in the operation, maintenance, management and supervision of the property as defined by the landlord's current lease for the premises. Additionally, Jade Leader entered into a sublease agreement with CANEX Metals terminating August 31, 2021.

As at December 31, 2020, the committed lease costs to the termination of the lease are as follows:

Base lease cost Expected rental operating expenses Total expected lease commitment Expected sublease revenue Net future rent	January 1, 2021 to August 31, 2021
	$
	7,060 20,273
	27,333 12,526
	14,807

16. Supplemental disclosure statement of cash flows

6. Supplemental disclosure statement of cash flows
Sublease revenue $ Changes in assets and liabilities pertaining to sublease revenue: Accounts receivable Cash received for sublease revenue $ Operating expenses $ Depreciation Stock option compensation(Note 13) Changes in assets and liabilities pertaining to operations: Accounts receivable Prepaid expenses Accounts payable and accrued liabilities Cash paid to suppliers and contractors $	Dec 31, 2020 4,697 $ (228) 4,469 $ Dec 31, 2020 (91,318) $ 1,068 - (3,389) 6,867 (8,446) (95,218) $	Dec 31, 2019 4,697 - 4,697
		Dec 31, 2019 (167,349) 796 50,980 591 8,805 6,116 (100,061)

14

Jade Leader Corp.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

16. Supplemental disclosure statement of cash flows (continued)

Exploration and evaluation asset additions Change in exploration and evaluation assets $ Changes in assets and liabilities pertaining to exploration and evaluation asset additions: Accounts receivable Accounts payable and accrued liabilities Cash expended on exploration and evaluation asset additions $	Dec 31, 2020 (6,079) $ 1,295 (2,599) (7,383) $	Dec 31, 2019
		(85,701) (2,396) (55,253)
		(143,350)

17. Segment disclosures

During the current period ended December 31, 2020, the comparative period ended December 31, 2019 and the year ended September 30, 2020, the Company was engaged in mineral exploration and all exploration activities were undertaken in Canada and/or the United States. Activities undertaken in both countries were similar in nature. As at December 31, 2020, the total value of non-current assets associated with United States operations is $1,140,057 (September 30, 2020 - $1,134,835), including exploration and evaluation asset advances and deposits of $4,357 (September 30, 2020 - $4,357), exploration and evaluation assets of $1,109,562 (September 30, 2020 - $1,103,483) and equipment and software of $26,138 (September 30, 2020 - $26,995). All remaining non-current assets are associated with Canadian operations.

18. Contingent liability

On October 24, 2019, Jadex Corporation was officially served documents naming Jadex, Jade Leader Corp., and Jean-Pierre Jutras as defendants in a lawsuit brought on by the plaintiff, a prospector, who seeks to claim ownership of some of the Jade samples collected during the 2019 trenching program in Wyoming. According to the plaintiff’s lawsuit, the amount of damages exceeds US$75,000, exclusive of interests and costs.

The Company believes that it has all records necessary to demonstrate that the samples came from the trenching program which they further believe confirms that they were obtained from the lode claims. Therefore, it is the Company’s position that this action is without support in fact and without merit. Regardless, the outcome of any legal action can be contrary to what the Company expects and may result in the requirement for the Company to pay compensation to the plaintiff. At this time the Company has no way to estimate what, if any future liability it might have relating to this legal action.

15

Jade Leader Corp.

Notes to the Condensed Interim Consolidated Financial Statements

(Expressed in Canadian Dollars) (Unaudited - Prepared by Management) December 31, 2020

19. Novel coronavirus pandemic

In early January 2020, a human infection originating in China was traced to a novel strain of coronavirus. The virus subsequently spread to other parts of the world, including North America and Europe, and has caused unprecedented disruptions in the global economy as efforts to contain the spread of the virus have intensified. On March 11, 2020, the World Health Organization declared this outbreak of coronavirus (“COVID-19”) as a pandemic and it continues to spread throughout North America. The full extent and duration of the impact of COVID-19 on the Company’s operations and financial performance is currently unknown, and depends on future developments that are uncertain and unpredictable, including the duration and spread of the pandemic, its impact on capital and financial markets on a macro-scale and any new information that may emerge concerning the severity of the virus, its spread to other regions and the actions to contain the virus or treat its impact, among others. The Company was able to conduct its planned exploration programs for the summer of 2020, on its properties held in the United States (refer to Note 7 – “Exploration and evaluation assets”), after previously imposed travel restrictions as a result of COVID-19 were lifted July 1, 2020. There are no current COVID related work travel-related restrictions, though this may change. Nevertheless, there are currently no plans to return to the US properties until further financing is arranged. As the Company is an exploration stage company with no revenue sources, there is no impact on revenue from the coronavirus restrictions. The effect of the virus on the economy as a whole and the amount of discretionary income available to spend on Jade may have an impact on commodity prices, however the Company is not in a position to be producing and selling Jade on a commercial scale at this time.

16