Jade Leader Corp. — Interim / Quarterly Report 2021

Jul 29, 2021

Jade Leader Corp.

Condensed Interim Consolidated Financial Statements (Expressed in Canadian Dollars) Three and Nine Months Ended June 30, 2021

(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 Statements of Financial Position

(Expressed in Canadian Dollars) As at June 30, 2021 and September 30, 2020

(Unaudited - prepared by management)

June 30, 2021 ASSETS Current Assets Cash(Note 4) $ 51,543 $ Accounts receivable(Note 5) 4,030 Prepaid expenses 18,793 Short-term investments(Note 6) 1,800 76,166 Non-current Assets Exploration and evaluation asset advances and deposits (Note 7) 4,357 Exploration and evaluation assets(Note 7) 1,563,815 Equipment and software(Note 8) 26,616 1,594,788 TOTAL ASSETS $ 1,670,954 $ EQUITY AND LIABILITIES Current Liabilities Deferred sublease revenue $ 913 $ Accounts payable and accrued liabilities(Note 9) 60,793 61,706 Non-current Liabilities Decommissioning obligation 12,750 TOTAL LIABILITIES 74,456 EQUITY Share capital(Note 10) 14,234,128 Reserves 3,274,526 Deficit (15,912,156) TOTAL EQUITY 1,596,498 TOTAL EQUITY AND LIABILITIES $ 1,670,954 $ Nature and continuance of operations(Note 1) Commitments (Note 15) Subsequent events(Note 19)	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

Approved by the Board

"Jean Pierre Jutras"

________ Director

“Shane Ebert” _________ Director

See accompanying notes to the financial statements.

1

Jade Leader Corp. Condensed Interim Statements of Net and Comprehensive Loss (Expressed in Canadian Dollars)

For the three and nine month periods ended June 30, 2021 and 2020

(Unaudited - prepared by management)

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 (Loss) gain from short- term investments Legal settlement(Note 18) Net loss and comprehensive loss $ Basic and diluted loss per share $ Weighted average shares outstanding - basic and diluted	Three months ended June 30, 2021 June 30, 2020 57,448 $ 38,649 $ - - 2,310 3,983 2,118 2,489 1,068 1,068 62,944 46,189 (62,944) (46,189) 4,697 4,697 (132) 113 (840) - - - 3,725 4,810 (59,219) $ (41,379) $ 0.00 $ 0.00 $ 51,267,708 43,652,323	Nine months ended	Nine months ended
	June 30, 2021 57,448 $ - 2,310 2,118 1,068 62,944 (62,944) 4,697 (132) (840) - 3,725 (59,219) $ 0.00 $ 51,267,708	June 30, 2021 173,203 $ 15,265 24,253 8,411 3,204 224,336 (224,336) 14,091 (208) 1,800 (28,833) (13,150) (237,486) $ 0.00 $ 51,267,708	June 30, 2020
			246,133 2,881 82,448 7,492 2,659
			341,613
			(341,613)
			14,092 1,909 - -
			16,001
			(325,612)
			(0.01)
			42,727,562

Nature and continuance of operations (Note 1)

See accompanying notes to the financial statements.

2

Jade Leader Corp. Condensed Interim Statements of Cash Flows

(Expressed in Canadian Dollars)

For the three and nine month periods ended June 30, 2021 and 2020 (Unaudited - prepared by management)

Increase (decrease) in cash at bank Operating activities Cash received from sublease revenue(Note 16) Cash paid to suppliers and contractors(Note 16) Cash expended on legal settlement(Note 18) 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 Financing Activities Private placement proceeds Share issue costs Options exercised Warrants exercised Cash provided by financing activities Increase (decrease) in cash at bank Cash at bank: Beginning of period End of period	$ $	Three months ended	Three months ended	$	Nine months ended	Nine months ended
		June 30, 2021 9,629 $ (37,346) - (27,717) (132) (1,104) - (1,236) - - - - - (28,953) 80,496 51,543 $	June 30, 2020		June 30, 2021 18,560 $ (198,825) (28,833) (209,098) (208) (9,469) (809) (10,486) - - - - - (219,584) 271,127 51,543 $	June 30, 2020
			4,697 (101,416) -			14,092 (304,968) -
			(96,719)			(290,876)
			113 (1,209) (5,450)			1,909 (144,380) (30,362)
			(6,546)			(172,833)
			450,000 (7,199) - -			450,000 (7,199) - -
			442,801			442,801
			339,536 45,811			(20,908) 406,255
			385,347	$		385,347

Supplementary information:

Interest and taxes

During the three and nine month periods ended June 30, 2021 and June 30, 2020, the Company did not expend cash on interest or taxes.

Non-cash transactions:

Nine months ended June 30

During the nine month period ended June 30, 2021, 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. During the nine-month period ended June 30, 2020 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. Refer to Notes 12 and 13 for further information.

Three months ended June 30

During the three month periods ended June 30, 2021 and June 30, 2020, there were no non-cash transactions.

See accompanying notes to the financial statements.

3

Jade Leader Corp. Condensed Interim Statement of Changes in Equity

(Expressed in Canadian Dollars)

(Unaudited - prepared by management)

Balance, September 30, 2019 Net and comprehensive loss for the period Options issued, November 2019 Private placement share and warrant issue Share issuance costs Balance, June 30, 2020 Net and comprehensive loss for the period Share issuance costs Balance, September 30, 2020 Net and comprehensive loss for the period Options expired, January 2021 Options expired, March 2021 Balance, June 30, 2021	Common share capital $	Reserves Equity-settled share based payment Warrants Other Total Reserves Deficit Total $ $ $ $ $ $*
	13,907,792 - - 336,978 (7,199)	586,332 702,085 1,822,107 3,110,524 (15,273,821) 1,744,495 - - - - (325,612) (325,612) 50,980 - - 50,980 - 50,980 - 113,022 - 113,022 - 450,000 - - - - - (7,199)
	14,237,571 - (3,443)	637,312 815,107 1,822,107 3,274,526 (15,599,433) 1,912,664 - - - - (75,237) (75,237) - - - - - (3,443)
	14,234,128 - - -	637,312 815,107 1,822,107 3,274,526 (15,674,670) 1,833,984 - - - - (237,486) (237,486) (223,872) - 223,872 - - - (78,316) - 78,316 - - -
	14,234,128	335,124 815,107 2,124,295 3,274,526 (15,912,156) 1,596,498

*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 Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

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 $237,486 during the nine-month period ended June 30, 2021, (June 30, 2020 - $325,612). The Company has a deficit of $15,912,156 at June 30, 2021, (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 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") and are presented in Canadian dollars.

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 and nine month periods ended June 30, 2021.

4. Cash

Current bank accounts $ Cash held in foreign currencies $ 5. Accounts receivable Trade receivables Related party receivables Commodity tax receivables $	Current bank accounts $ Cash held in foreign currencies $ 5. Accounts receivable Trade receivables Related party receivables Commodity tax receivables $	June 30, 2021 48,120 $ 3,423 51,543 $ June 30, 2021 - - 4,030 4,030 $	September 30, 2020
			259,512 11,615
			271,127
			September 30, 2020
			595 5,811 2,590
			8,996

5

Jade Leader Corp. Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

6. Short-term Investments

Mindset Pharma Inc. Common shares (June 30, 2021 – 4,000, September 30, 2020 – 4,000) $	June 30, 2021 1,800 $	Sept 30, 2020
		-

The common shares of Mindset Pharma Inc. were valued at their fair value, based on their trading price, at June 30, 2021. 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 further exploration initiatives and/or 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 to a 2% NSR, was completed during fiscal 2019. During the three month period ended June 30, 2021, the 2% NSR was extinguished. Refer to Note 18 – “Legal settlement” for further information.

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 140 kilometres east of Mayo, Yukon.

6

Jade Leader Corp. Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

7. Exploration and evaluation assets (continued)

A summary of exploration and evaluation expenditures by category for the nine month period ended June 30, 2021 and the year ended September 30, 2020 appears below:

Nine month period ended June 30, 2021	Wyoming, USA Washington, USA **Yukon **
Balance at September 30, 2020 Geological consulting Field costs Decommissioning Balance at June 30, 2021 Property acquisition costs: Balance at September 30, 2020 and June 30, 2021 Total exploration and evaluation assets June 30, 2021 Year ended September 30, 2020	Total Wyoming Jade Fields DJ Jade Project Tell
	$ $ $ $
	1,132,322 378,682 408,861 344,779 2,744 2,744 - - 2,868 1,886 1,032 (50) 2,553 2,553 - -
	1,140,487 385,865 409,893 344,729
	423,328 172,668 143,272 107,388
	1,563,815 558,533 553,165 452,117
	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 June 30, 2021, the Company held $4,357 in respect of Wyoming Jade Fields in exploration and evaluation asset advances and deposits (September 30, 2020 - $4,357).

7

Jade Leader Corp. Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

8. Equipment and software

. Equipment and software
Balance, September 30, 2019 $ Additions Depreciation Balance, September 30, 2020 $ Additions Depreciation Balance, June 30, 2021 $	Equipment and software
	Cost 7,462 $ 30,991 - 38,453 $ 809 - 39,262 $	Accumulated Depreciation (5,683) $ - (3,759) (9,442) $ - (3,204) (12,646) $	Net Book Value
			1,779 30,991 (3,759)
			29,011 809 (3,204)
			26,616

9. Accounts payable and accrued liabilities

Trade payables $ Due to related parties Accrued liabilities Commodity taxes payable $	June 30, 2021 784 $ 59,728 - 281 60,793 $	September 30, 2020
		3,259 6,238 31,212 287
		40,996

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 June 30, 2021	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.

8

Jade Leader Corp. Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

10. Share capital, stock options and warrants (continued) b) Issued and outstanding common share capital (continued)

During the subsequent period from July 1, 2021 to July 29, 2021, the date of these financial statements, no shares were issued, nor cancelled and returned to treasury .

c) Stock options outstanding

ck options outstanding
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 Jun 30, 2021 Sept 30, 2020 Price 125,000 125,000 $0.14 - 795,000 $0.36 150,000 150,000 $0.38 - 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 1,905,000 2,980,000
	Jun 30, 2021 125,000 - 150,000 - 75,000 50,000 1,230,000 125,000 150,000 1,905,000

d) Stock option transactions

Balance, September 30, 2020 Expired January 15, 2021 Expired March 13, 2021 Balance, June 30, 2021	Number of shares 2,980,000 (795,000) (280,000) 1,905,000	Weighted average exerciseprice
		$0.31 $0.36 $0.365
		$0.28

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.

During the nine month period ended June 30, 2021, 795,000 options, exercisable at $0.36 per share and 280,000 options, exercisable at $0.365 per share, expired without exercise.

During the subsequent period from July 1, 2021 to July 29, 2021, the date of these financial statements, no options were issued or exercised and none expired.

9

Jade Leader Corp. Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

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

e) Warrant transactions and warrants outstanding

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

Nine month period ended, June 30, 2021	Nine month period ended, June 30, 2021	Nine month period ended, June 30, 2021
		Balance						Balance
Exercise		Sept 30,	Warrants	Warrants		Warrants		Jun 30,
price	Expiry	2020	Issued	Exercised		Expired		2021
$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 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.

During the subsequent period from July 1, 2021 to July 29, 2021, the date of these financial statements, no warrants were issued or exercised and none expired.

10

Jade Leader Corp. Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

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.

Level 1 has been utilized to value the common shares included in short-term investments.

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 $	Jun 30, 2021	Sept 30, 2020
	**Carrying **	value
	1,800 $ 51,543 - 51,543 60,512 $	-
		271,127 6,406
		277,533
		40,709

The above noted financial instruments are exclusive of any commodity taxes receivable or payable.

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. At June 30, 2021 there were no US$ denominated liabilities. The Company will acquire US funds from time to time to settle US$ denominated liabilities. When the Canadian dollar is strengthening the Company may acquire additional funds to meet future liabilities. The Company had US$2164,( CDN$ 2,682) in a US bank account at June 30, 2021. The effect of a foreign currency increase or decrease of 10% on this cash holding would result in an increase or decrease of CDN$268.

11

Jade Leader Corp. Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars)

(Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

12. General and administrative

Administrative consulting fees $ Occupancy costs Office, secretarial and supplies Travel and promotion Product promotion Insurance Computer network and website maintenance Stock-based compensation (Note 13) Miscellaneous	Three months ended June 30, 2021 June 30, 2020 32,694 $ 11,463 $ 10,248 13,886 5,395 6,495 695 571 1,581 - 4,572 3,819 1,047 956 - - 1,216 1,459 57,448 38,649	Nine months ended	Nine months ended
	June 30, 2021 32,694 $ 10,248 5,395 695 1,581 4,572 1,047 - 1,216 57,448	June 30, 2021 90,891 $ 30,745 22,558 1,986 5,605 13,484 3,376 - 4,558 173,203	June 30, 2020
			80,760 41,658 31,717 21,032 - 12,182 2,076 50,980 5,728
			246,133

13. Share-based payment transactions

Three and nine month periods ended June 30, 2021

There were no share-based payment transactions during the three and nine month periods ended June 30, 2021.

Nine Months ended June 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%.

12

Jade Leader Corp. Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

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 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 year:

Key management remuneration: Note President and director a) Corporate secretary b) Chief financial officer c) Total management remuneration	Three months ended June 30, Nine months ended June 30, 2021 2020 2021 2020
	$ $ $ $
	(28,531) (9,125) (69,719) (67,625) (4,695) (5,689) (19,290) (24,454) (720) (780) (4,860) (6,432)
	(33,946) (15,594) (93,869) (98,511)

Management compensation paid or payable to "key management personnel" during the period ended June 30, 2021 and 2020 is reflected in the table above and consists of consulting fees paid or payable to the president, the Corporate Secretary and the Chief Financial Officer. Directors are not paid directors' fees. Officers and directors are compensated through the granting of options from time-to-time. Refer to Note 13 - "Share-based payment transactions" for details relating to options issued during the three and nine month periods ended June 30, 2021 and June 30, 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.

Other related party transactions: CANEX Metals Inc. ("CANEX") Sublease revenue General and administrative and secretarial costs paid General and administrative and secretarial costs received Lunacees Enterprises Ltd. Geological consulting services	Three months ended Nine months ended June 30, June 30, 2021 2020 2021 2020
	$ $ $ $
	d) 4,697 4,697 14,091 14,092 d) (503) (657) (830) (2,379) d) 932 1,193 4,721 7,304 e) - - - (600)

13

Jade Leader Corp. Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

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

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

Note Balances receivable (owing) Office rent and operating costs CANEX Metals Inc. d) $ General and administrative and secretarial costs CANEX Metals Inc. d) $ CANEX Metals Inc. d) $ President and director a) $ Corporate Secretary b) $ Chief financial officer c) $ Geological consulting services 635280 Alberta Ltd. a) $	June 30, 2021 - $ - $ - $ - (1,650) $ - $ (58,078) $	September 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. Consulting services that relate directly to mineral property exploration are capitalized to exploration and evaluation assets; the remainder is expensed. During the nine month period ended June 30, 2021, $Nil (2020 - $12,125) was capitalized to exploration and evaluation assets and $69,719 (2020 - $55,500) 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 nine month periods ending June 30, 2021 and 2020, the Company incurred certain administrative expenses on CANEX's behalf that were subsequently billed to CANEX on a quarterly basis. Further, CANEX 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. The Company renewed its sublease with CANEX on August 1, 2020, terminating August 31, 2021 (See Note 15 – “Commitments”). CANEX and the Company share two common officers and two common directors.

e) During the nine month period ended June 30, 2020, geological consulting services were provided by Lunacees Enterprise Ltd.

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.

14

Jade Leader Corp. Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

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 June 30, 2021, 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	July 1, 2021 to August 31, 2021
	$
	1,765 5,068
	6,833 3,131
	3,702

16. Supplemental disclosure statement of cash flows

Sublease revenue $ Changes in assets and liabilities pertaining to operations: Accounts receivable Cash received for sublease revenue $ Operating expenses $ Depreciation Stock-based compensation Changes in assets and liabilities pertaining to operations: Accounts receivable Prepaid expenses Accounts payable and accrued liabilities Cash paid to suppliers and contractors $		Three months ended June 30 2021 2020 4,697 4,697 4,932 - 9,629 4,697 Three months ended June 30 2021 2020 (62,944) $ (46,189) 1,068 1,068 - - (155) 1,898 (2,104) (1,055) 26,789 (57,138) (37,346) $(101,416)		Nine months ended June 30 2021 2020 14,091 14,092 4,469 - 18,560 14,092 Nine months ended June 30 2021 2020 (224,336) $ (341,613) 3,204 2,659 - 50,980 (798) (2,062) 709 3,481 22,396 (18,413) (198,825) $ (304,968)	Nine months ended June 30 2021 2020 14,091 14,092 4,469 - 18,560 14,092 Nine months ended June 30 2021 2020 (224,336) $ (341,613) 3,204 2,659 - 50,980 (798) (2,062) 709 3,481 22,396 (18,413) (198,825) $ (304,968)
			$ $
				2021 (224,336) $ 3,204 - (798) 709 22,396 (198,825) $
					(304,968)

15

Jade Leader Corp. Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

16. Supplemental disclosure statement of cash flows (continued)

Exploration and evaluation asset additions $ 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 $	Three months ended June 30 Nine months ended June 30 2021 2020 2021 2020 (1,104) $ (3,204) $ (8,165) $ (91,021) - - 1,295 2,501 - 1,995 (2,599) (55,860) (1,104) $ (1,209) $ (9,469) $ (144,380)	Three months ended June 30 Nine months ended June 30 2021 2020 2021 2020 (1,104) $ (3,204) $ (8,165) $ (91,021) - - 1,295 2,501 - 1,995 (2,599) (55,860) (1,104) $ (1,209) $ (9,469) $ (144,380)	Three months ended June 30 Nine months ended June 30 2021 2020 2021 2020 (1,104) $ (3,204) $ (8,165) $ (91,021) - - 1,295 2,501 - 1,995 (2,599) (55,860) (1,104) $ (1,209) $ (9,469) $ (144,380)
			(144,380)

17. Segment disclosures

During the current period ended June 30, 2021 and the comparative period ended June 30, 2020 as well as during the year ended September 30, 2020, the Company was only 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 June 30, 2021, the total value of non-current assets associated with United States operations is $1,140,482 (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 $1,111,698 (September 30, 2020 - $1,103,483) and equipment and software of $24,427 (September 30, 2020 - $26,995). All remaining non-current assets are associated with Canadian operations.

18. Legal settlement

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 was seeking to claim ownership of some of the Jade samples collected during the 2019 trenching program in Wyoming.

During the period ended March 31, 2021 a preliminary agreement, subject to final approvals and dismissals, was reached between the parties and payments were advanced. During the three month period ended June 30, 2021, the case was dismissed and the parties signed the final agreement to resolve the dispute. Pursuant to the mutually agreed upon dispute resolution, the plaintiff has been paid a sum of money including a payment from Jade Leader in the amount of US$22,500 (CDN$28,833). As part of the agreement, the plaintiff has also transferred to the Company two placer claims, and relinquished his royalty interest in the lode claim previously sold to the Company, (refer to Note 7 – “Exploration and Evaluation Assets”).

16

Jade Leader Corp.

Notes to the Condensed Interim Financial Statements

(Expressed in Canadian Dollars) (Unaudited - prepared by management) Three and Nine Months Ended June 30, 2021

19. Subsequent events

On July 28, 2021, the Company announced a non-brokered private placement financing of up to 5 million Units, at a price of $0.05 per Unit, for gross proceeds of $250,000. Each Unit consists of one common share and one half common share purchase warrant. Each full common share purchase warrant (a “Warrant”) will entitle the holder to purchase an additional common share at a price of $0.10 per share for a period of two years following closing.

The Units are to be offered on a non-brokered basis by way of private placement to accredited investors. All securities issued under the offering will be subject to a hold period of four months plus one day from the date of closing. A finder’s fee of 5% may be paid to eligible agents upon closing. This financing is subject to TSX Venture approval.

Proceeds of the financing are to be used for working capital, general corporate purposes as well as additional Jade exploration and recovery at the Company’s Wyoming Jade projects to increase the Company’s marketable Jade inventory on hand.

17