Radisson Mining Resources Inc. — Interim / Quarterly Report 2021

May 26, 2021

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CONDENSED UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2021

Management has compiled the condensed unaudited interim financial statements of Radisson Mining Resources Inc. consisting of the Condensed Interim Statement of Financial Position as at March 31, 2021 and the Condensed Interim Statements of net loss, Comprehensive Loss, Changes in equity and Cash Flows for the three-month period ended March 31, 2021.

CORPORATE INFORMATION

Business Place

700, Dallaire Avenue Rouyn-Noranda, Quebec, J9X 4V9 Web Site: www.radissonmining.com

Transfer Agent

Computershare Trust Company of Canada 1500, Robert-Bourassa Boulevard, 7[th] Floor Montreal, Quebec, H3A 3S8 Telephone : (514) 982-7888 Fax : (514) 982-7635

Listing

TSX Venture Exchange Ticker Symbol : RDS

RADISSON MINING RESOURCES INC.

Condensed interim statements of financial position

March 31, 2021	December 31, 2020
(unaudited) $ Assets Current : Cash and cash equivalents (note 3) 9,884,637 Guaranteed Investment Certificate 3,641,431 Government taxes and mining taxes receivable 451,779 Other accounts receivable 1,190 Prepaid expenses 134,163	audited $ 11,284,150 3,641,431 309,194 1,190 77,816
14,113,200 Non-current : Investments (note 3) 1,800,000 Property, plant and equipment (note 4) 173,010 Explorationand evaluationassets (note 5) **28,434,167 **	15,313,781 1,320,000 188,541 26,199,290
44,520,377	43,021,612
Liabilities Current : Accounts payable and accrued liabilities 1,741,504 Non-current : Deferred income and mining taxes 2,326,587 Other liability related to flow-through shares (note 6) 3,475,524	523,653 2,326,587 4,524,101
7,543,615	7,374,341
Equity : Capital stock (note 7) 61,933,099 Equity settled reserve 5,156,016 Warrants (note 7) 1,488,207 Deficit (31,600,560)	61,800,999 4,985,407 1,501,857 (32,640,992)
**36,976,762 **	35,647,271
44,520,377	43,021,612

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

The condensed interim financial statements have been approved and authorized for publication by the Board of Directors on May 20, 2021.

(s) Rahul Thomas Paul

Rahul Thomas Paul President & Interim Chief Executive Officer

(s) Hubert Parent-Bouchard

Hubert Parent-Bouchard Chief Financial Officer

Radisson Mining Resources Inc.

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RADISSON MINING RESOURCES INC.

Condensed interim statements of net loss

For the three-month periods ended March 31

(unaudited) 2021	2020
$ Revenues: Interest 28,317	$ 30,200
28,317	30,200
Administration costs: Salaries and employee benefits 73,686 Stock-based compensation and payments 126,000 Experts and subcontractors 120,622 Professional fees 43,100 Travelling and promotion 42,529 Information to shareholders 15,319 Listing and registration fees 46,157 Office rent and supplies 18,065 Insurance, taxes and licenses 7,463 Interest and bank charges 326 Income Tax Part XII.6 - Telecommunications - Depreciation of property, and equipment 15,530 Maintenance of a mining site 7,665 Unrealized loss (gain) on investments (480,000)	59,662 6,660 107,468 18,438 37,035 11,505 22,336 15,816 5,136 215 681 10,000 2,144 600 57,600
36,462	355,294
Loss before income and deferred taxes (8,145) Income and deferred taxes (note 6) 1,048,577	(325,094) 268,770
Net Gain(Loss) 1,040,432	(56,324)
Basic and diluted net lossper share 0.00	(0.030)
Weighted average number of shares outstanding (note 9) 244,632,424	189,718,995

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

Radisson Mining Resources Inc.

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RADISSON MINING RESOURCES INC.

Condensed interim statements of changes in equity

For the three-month period ended March 31, 2021

(unaudited)	Capital stock Equity settled reserve Deficit Warrants Total equity
Balance as at December 31, 2020 Net gain (loss) for the period Share issuance cost Stock-based compensation and payments Warrant exercised Options exercised Balance as at March 31, 2021	$ $ $ $ $ 61,800,999 4,985,407 (32,640,992) 1,501,857 35,647,271 - - 1,040,432 - 1,040,432 (851) - - - (851) - 126,000 - - 126,000 87,135 - - (13,650) 73,485 45,816 44,609 - - 90,425
	61,933,099 5,156,016 (31,600,560) 1,488,207 36,976,762

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

Radisson Mining Resources Inc.

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RADISSON MINING RESOURCES INC.

Condensed interim statements of changes in equity

For the three-month period ended March 31, 2020

(unaudited)	Capital stock Equity settled reserve Deficit Warrants Total equity
Balance as at December 31, 2019 Net loss for the period Stock-based compensation and payments Share issuance cost Options exercised Warrants exercised Warrants expired Balance as at March 31, 2020	$ $ $ $ $ 46,950,694 4,485,867 (30,257,258) 560,902 21,740,205 - - (56,324) - (56,324) - 6,660 - - 6,660 (5,600) - - - (5,600) - - - - - 80,000 - - (12,000) 68,000 - 79,893 - (79,893) -
	47,025,093 4,572,421 (30,313,582) 469,009 21,752,940

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

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RADISSON MINING RESOURCES INC.

Condensed interim statements of cash flows

For the three-month periods ended March 31

(unaudited)	2021	2020
	$	$
OPERATING ACTIVITIES:
Net Gain (loss)	1,040,432	(56,324)
Non-cash items:
Depreciation of property, plant and equipment	15,530	2,144
Stock-based compensation and payments	126,000	6,660
Income taxes and deferred taxes	(1,048,577)	(268,770)
Unrealized loss (gain) on investments	(480,000)	57,600
Net change in non-cash working capital items (note 10)	1,018,920	(67,404)
Cash flow from operating activities	672,305	(326,095)
INVESTING ACTIVITIES:
Acquisition of property, plant and equipment	-	(16,084)
Increase in evaluation and exploration assets (note 5)	(2,234,877)	(1,280,114)
Cash flow from investing activities	(2,234,877)	(1,296,198)
FINANCING ACTIVITIES:
Capital stock issuance, options and warrants exercise	163,910	68,000
Share issuance cost	(851)	(5,600)
Cash flow from financing activities	163,059	62,400
INCREASE (LOSS) IN CASH AND CASH EQUIVALENTS	(1,399,513)	(1,559,893)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	14,925,581	8,511,616
CASH AND CASH EQUIVALENTS, END OF PERIOD	13,526,068	6,951,723

Additional Information – Cash flows (note 10)

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

Radisson Mining Resources Inc.

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RADISSON MINING RESOURCES INC. Notes to the interim condensed financial statements March 31, 2021

1. Description of the business and going concern

The Corporation, incorporated under the Canada Business Corporations Act, is in the process of exploring mining properties and has not yet determined whether these properties contain ore reserves that are economically recoverable.

The Corporation’s head office is located on 700 Dallaire avenue, 2[nd] floor in Rouyn-Noranda, Province of Quebec, Canada, J9X 4V9. Its common shares are listed on TSX Venture Exchange under the symbol RDS.

Since its constitution, the Corporation has recorded an important accumulated deficit. Management periodically seeks additional forms of financing through the issuance of shares and the exercise of share purchase options and warrants to continue its operations, and in spite of the obtention in the past, there is no guarantee of success for the future. If the management is unable to obtain new funding, the Corporation may be unable to continue its operations, and amounts realized for assets may be less than amounts reflected in these financial statements.

Besides the usual needs for working capital, the Corporation must obtain the funds permitting to fulfill its obligations and existing commitments for prospecting and evaluation programs and reserved amounts following flow-through financings. As at March 31, 2021, the Corporation had a positive working capital of $12,371,696 (2020, $7,150,614), which includes funds reserved for evaluation and exploration for $ 6,973,280 (2020, $4,989,917). The Corporation believes that these existing funds will be sufficient to meet the obligations of the Corporation until March 31, 2021.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations and do not reflect the adjustments to the carrying values of assets and liabilities, the reported revenues and expenses and statement of financial position classifications that would be necessary if the going concern assumption would not be appropriate. These adjustments could be material.

The board of directors approved the condensed interim financial statements for the period ending March 31, 2021 on May 20, 2021.

2. Basis of preparation and changes to accounting policies

These condensed interim financial statements have been prepared by management in accordance with international financial reporting standards (« IFRS ») and with IAS 34, Interim Financial Reporting. They do not include all information required by IFRS in the production of annual financial statements.

These condensed interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2020 and the interim condensed financial statements for the trimester ended March 31, 2020. The accounting policies are presented in the audited financial statements for the year ended December 31, 2020 and have not been modified since.

The preparation of interim financial statements in accordance with IAS 34 uses critical accounting estimates. It also requires management to exercise judgment in applying accounting policies used by the Corporation.

3. Cash, cash equivalents, Investments and Funds reserved for evaluation and exploration

As at March 31, 2021 and December 31 2020, the cash and cash equivalents included in the treasury includes a banking account bearing no interest and flexible guaranteed interest certificate redeemable at any time bearing different interest rates.

	March 31, 2021	December 31, 2020
	$	$
High interest banking account (0.70% March 31, 2021)	859,503	1,284,150
Guaranteed investment certificate, redeemable at any time, 0.74%	9,025,133	10,000,000
Guaranteed investment certificate, redeemable at any time, 1.25%, maturing May 14, 2021	3,641,432	3,641,432
Cash and cash equivalents, Guaranteed investment certificate, and funds reserved(a)	13,526,068	14,925,582

(a) Cash and cash equivalents include $6,973,280 ($9,201,032 in December 2020) of funds reserved for prospecting and evaluation. Funds reserved for prospecting and evaluation represents unspent financing proceeds related to flow-through shares. According to the instructions imposed under this flow-through financing, the Corporation must dedicate these funds to the exploration of mining properties.

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RADISSON MINING RESOURCES INC. Notes to the interim condensed financial statements March 31, 2021

3. Cash, cash equivalents, Investments and Funds reserved for evaluation and exploration (continued)

		March 31, 2021	December 31, 2020
		$	$
Investments
24,000,000	shares of Renforth Resources Ltd. a public company	1,800,000	1,320,000
		1,800,000	1,320,000

4. Property, plant and equipment

			March 31, 2021	December	31,2020
		Accumulated
	Cost	depreciation	Net book value	Net book value
	$	$	$	$
Equipment	51,138	22,278	28,860		31,527
Computer Equipment	46,380	29,399	16,981		19,033
Other Mining Equipment	137,982	10,813	127,169		137,982
	235,500	62,490	173,010		188,542

5. Exploration and evaluation assets

	Balance as at
	December				Balance as at
Mining properties :	31, 2020	Increase	Tax credit		March 31, 2021
QUEBEC	$	$	$		$
O’Brien	4,460,522	-		-	4,460,522
	4,460,522	-		-	4,460,522
Exploration and evaluation expenses:
O’Brien	21,575,128	2,234,877		-	23,810,005
Douay	163,640	-		-	163,640
	21,738,768	2,234,877		-	23,973,645
	26,199,290	2,234,877		-	28,434,167

Statements of exploration and evaluation

	For the three-month periods	For the three-month periods
	March 31, 2021	March 31, 2020
	$	$
Drilling	1,349,514	693,347
Salaries	159,980	109,964
Consultants and subcontractors	368,028	295,460
Assays	209,880	96,940
General exploration expenditures	147,475	52,477
Increase in exploration and evaluation expenses	2,234,877	1,248,188
Balance, at beginning	21,738,768	15,877,160
Balance,ending	23,973,645	17,125,347

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RADISSON MINING RESOURCES INC. Notes to the interim condensed financial statements March 31, 2021

6. Other liability related to flow-through shares issuance

	March 31	March 31
	2021	2020
	$	$
Balance as at December 31, 2020	4,524,101	1,871,873	Balance as at December 31, 2019
Decrease for expenses incurred	(1,048,577)	(268,770)	Decrease for expenses incurred
Balance as at March 31,2021	3,475,524	1,603,103	Balance as at March 31,2020

7. Capital stock

Authorized:

Unlimited number of class A shares, voting and participating, no par value

Unlimited number of class B shares which may be issued in series, cumulative or non-cumulative dividend at the prime rate of the Bank of Canada at the beginning of the year plus a percentage between 1% and 5%, non-participating, non-voting, redeemable at the option of the Corporation for an amount equal to the price paid plus any dividend declared and unpaid, no par value.

Changes in Corporation class A shares were as follows:

March 31, 2021	Class A shares	Amount
		$
Issued and paid:
Balance as at December 31, 2020	244,430,890	61,800,999
Options exercised(1)	670,000	90,425
Warrants exercised(1)	350,000	73,485
Financingcosts(2)	-	(851)
Balance as at March 31, 2021	245,450,890	61,964,909

(1) Options and warrants exercised are presented, net of their fair value.

(2) Financing fees are related to a private placement that closed on December 31[st] , 2020.

March 31, 2020	Class A shares	Amount
		$
Issued and paid:
Balance as at December 31, 2019	189,645,570	46,950,694
Warrants exercised(1)	400,000	68,000
Financingfees(2)	-	(5,600)
Balance as at March 31, 2020	190,045,570	47,013,094

(1) Warrants exercised are presented, net of warrants fair value.

(2) Financing fees are related to a private placement that closed on December 31[st] , 2019.

Radisson Mining Resources Inc.

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RADISSON MINING RESOURCES INC. Notes to the interim condensed financial statements March 31, 2021

7. Capital stock (continued)

Class A stock options:

An aggregate number of 18 million class A shares has been reserved under the stock option plan for potential issuance. The exercise price of each option is the market price of the Corporation’s stock at the date of grant of options and the maximum term of a new option is 5 years. Unless otherwise determined by the Board of Directors, options granted under the plan vest immediately.

A summary of the situation as at March 31, 2021 is presented below:

Options Number	Weighted average exercise price
Outstanding as at December 31, 2020 10,940,926 Exercised (670,000) Expired (225,000) Granted 2,350,000	$0.173 $0.140 $0.255 $0.301
Outstandingas at March 31,2021 12,395,926	$0.200
Options exercisable as at March 31,2021 10,845,926	$0.183

The following table summarizes the information relating to the stock options as at March 31, 2021:

Number of options outstanding Exercise price Weighted average remaininglife	Number of options exercisable
$ (years) 300,000 0.10 2.57 250,000 0.11 2.94 840,000 0.11 1.28 770,000 0.17 1.17 200,000 0.12 2.36 1,150,000 0.13 2.19 2,000,000 0.14 3.21 310,000 0.14 0.37 500,000 0.15 1.40 50,000 0.17 4.08 700,000 0.20 3.59 2,450,000 0.26 4.20 525,926 0.27 4.42 1,850,000 0.30 4.88 500,000 0.31 4.94	300,000 250,000 840,000 770,000 200,000 1,150,000 2,000,000 310,000 500,000 50,000 700,000 2,450,000 525,926 550,000 250,000
12,395,926 0.20 3.27	10,845,926

The following table presents the weighted average fair value at grant date and the weighted average assumptions used to determine the stockbased compensation expense using the Black-Scholes option pricing model:

	Three-month period ended
	March 31, 2021
Expected volatility	57%
Share price at date of grant	$0.30
Risk-free interest rate	0.75%
Expected dividend rate	0%
Estimated duration	5 years
Weighted average fair value atgrant date	$0.148

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RADISSON MINING RESOURCES INC. Notes to the interim condensed financial statements March 31, 2021

7. Capital stock (continued)

Warrants:

A summary of the situation as at March 31, 2021 is presented below:

Number	Weighted average exercise price
Outstanding as at December 31, 2020 26,221,295 Exercised (350,000)	$0.39 $0.21
Outstandingas at March 31, 2021 25,871,295	$0.39
Warrants exercisable as at March 31,2021 25,871,295	$0.39

The following table summarizes the information relating to the warrants as at March 31, 2021:

Outstanding	Exercise price	Expiration date
$	$
9,755,945	0.210	August 2021
154,558	0.255	June 2021
352,384	0.297	June 2021
15,608,408	0.510	May 2022
25,871,295

The following table presents the weighted average fair value at grant date and the weighted average assumptions used to determine the sharebased compensation expense using the Black & Scholes option pricing model:

	Three-month period ended
	March 31, 2021
Warrants value	$1,087,448
Expected volatility	73,3%
Risk-free interest rate	0,24%
Expected dividend rate	0%
Estimated duration (year)	2
Weighted average fair value atgrant date	$0.042

8. Information on Related Parties

Related Party transactions

During the three-month period ended March 31, 2021, the Corporation incurred the following transactions with key management and officers of the Corporation, companies owned by directors.

	Three-month	periods ended
	March 31, 2021	March 31, 2020
	$	$
Office rental	8,010	8,010
Office expenses	2,935	-
Exploration and evaluation assets	4,023	2,002
	14,968	10,012

The above transactions occurred within the normal course of business and are measured at the exchange value, which is the amount of consideration established and agreed by the related parties. As at March 31, 2021 and 2020, there is no balance payable relating to these transactions.

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RADISSON MINING RESOURCES INC. Notes to the interim condensed financial statements March 31, 2021

8. Information on Related Parties (continued)

Related Party transactions (continued)

The remuneration paid or payable to key management (president & interim chief executive officer, chief financial officer, and directors) was as follows:

	Three-month	periods ended
	March 31, 2021	March 31, 2020
	$	$
Salaries and employee benefits charges	73,686	-
Experts and subcontractors included in exploration and evaluation expenses	-	2,394
Experts and subcontractors	111,074	103,214
Meeting attendance fee	10,000	-
Stock-based compensation	126,000	-
	320,760	105,608

The above transactions are measured at the consideration established and agreed by the related parties.

9. Basic and diluted net loss per share

	Three-month	periods ended
	March 31, 2021	March 31, 2020
Net gain (loss) for the period	$1,040,432	($56,324)
Weighted average number of shares	244,632,424	189,718,995
Lossper share	$0.00	($0.00)

10. Complementary information related to cash flows

	Three-month	periods ended
	March 31, 2021	March 31, 2020
	$	$
Net change in non-cash working capital items:
Government taxes receivable & mining income taxes	(142,585)	1,899
Prepaid expenses	(56,347)	(73,999)
Accounts payable and accrued liabilities	1,217,852	8,495
	1,018,920	(67,404)
Non-cash investing activities:
Evaluation and exploration expenditures included in account payables and accrued liabilities	1,330,385	427,149

Radisson Mining Resources Inc.

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