West Mining Corp. — Interim / Quarterly Report 2023

Apr 3, 2023

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WEST MINING CORP.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED JANUARY 31, 2023 AND 2022 (Unaudited – Expressed in Canadian Dollars)

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NOTICE TO READER

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated interim financial statements, they must be accompanied by a notice indicating that the condensed consolidated interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company’s management.

The Company’s independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity’s auditor.

WEST MINING CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(Unaudited – Expressed in Canadian Dollars)

Note January 31, 2023	October 31, 2022
$ ASSETS Current assets Cash 345,783 Marketable securities 39,000 GST recoverable 25,483 Prepaid expenses 20,110	$ 681,751 32,000 83,434 133,197
430,376 Term deposit 57,500 Explorationand evaluationassets 3 8,453,623	930,382 57,500 8,483,228
Total assets 8,941,499	9,471,110
LIABILITIES Current liabilities Accounts payable and accrued liabilities 12,306	21,254
12,306	21,254
EQUITY Share capital 4 15,682,011 Subscriptions received 24,600 Reserves 4 3,727,872 Deficit (10,505,290)	15,682,011 24,600 3,727,872 (9,984,627)
8,929,193	9,449,856
Total liabilities and equity 8,941,499	9,471,110

Nature of operations and going concern (Note 1) Subsequent events (Notes 3 and 4)

Approved and authorized on behalf of the Board of Directors on March 31, 2023

“ Alex Klenman ” Director “ Aaron Wong ” Director

The accompanying notes are an integral part of these condensed consolidated interim financial statements

3

WEST MINING CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED JANUARY 31, 2023 AND 2022 (Unaudited – Expressed in Canadian dollars)

Note 2023	2022
$ ADMINISTRATIVE EXPENSES Advertising and promotion 235,991 Consulting fees 7 96,407 Insurance 6,875 Interest and bank charges 386 Office expenses 15,729 Professional fees 7 37,331 Rent 9,375 Salary and benefits 7,730 Transfer agent and filing fees 9,816 Travel 485	$ 108,537 295,512 7,500 248 14,157 51,002 24,500 3,562 3,000 -
(420,125)	(508,018)
OTHER INCOME (EXPENSE) Unrealized gain on sale of marketable securities 7,000 Interest income 6 1,011 Amortization of flow-through share liability premium 5 - Impairment of mineral properties 3 (108,549)	- 4,225 56,025 -
(100,538)	60,250
NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD (520,663)	(447,768)
NET LOSS PER SHARE – BASIC AND DILUTED (0.01)	(0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 60,962,312	60,877,312

The accompanying notes are an integral part of these condensed consolidated interim financial statements

4

WEST MINING CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED OCTOBER 31, 2022 AND THREE MONTHS ENDED JANUARY 31, 2023 (Unaudited – Expressed in Canadian dollars)

			Subscriptions
	Number of	Share	Received
	Shares	Capital	(Receivable)	Reserves	Deficit	Total
	#	$	$	$	$	$
Balance, October 31, 2021	60,877,312	15,725,311	(46,200)	3,127,872	(6,929,515)	11,877,468
Net and comprehensive loss for the period	-	-	-	-	(447,768)	(447,768)
Balance, January 31, 2022	60,877,312	15,725,311	(46,200)	3,727,872	(7,377,283)	11,429,700
Shares issued for property acquisition	250,000	27,500	-	-	-	27,500
Share cancellation	(165,000)	(70,800)	70,800	-	-	-
Share-based compensation	-	-	-	600,000	-	600,000
Net and comprehensive loss for the period	-	-	-	-	(2,607,344)	(2,607,344)
Balance, October 31, 2022	60,962,312	15,682,011	24,600	3,727,872	(9,984,627)	9,449,856
Net and comprehensive loss for the period	-	-	-	-	(520,663)	(520,663)
Balance,January31,2023	60,962,312	15,682,011	24,600	3,727,872	(10,505,290)	8,929,193

The accompanying notes are an integral part of these condensed consolidated interim financial statements

5

WEST MINING CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED JANUARY 31, 2023 AND 2022 (Unaudited – Expressed in Canadian Dollars)

2023	2022
$ Operating activities: Net loss for the period (520,663) Items not affecting cash: Amortization of flow-through premium liability - Unrealized gain on sale of marketable securities (7,000) Interest income - Impairment of mineral properties 108,549 Changes in non-cash working capital related to operations: GST recoverable 57,951 Prepaid expenses 113,087 Accounts payable and accruedliabilities (8,948)	$ (447,768) (56,025) - (4,225) - (22,275) 204,944 (170,762)
Net cash used in operating activities (257,024)	(496,111)
Investing activity: Exploration and evaluation asset expenditures (78,944)	(218,694)
Net cashusedin investing activity (78,944)	(218,694)
Decrease in cash during the period (335,968) Cash –beginning ofthe period 681,751	(714,805) 3,438,154
Cash – end of theperiod 345,783	2,723,349
Supplemental cash flow information: Interest paid in cash - Income taxespaid in cash -	- -

The accompanying notes are an integral part of these condensed consolidated interim financial statements

6

WEST MINING CORP. Notes to the Condensed Consolidated Interim Financial Statements For the three months ended January 31, 2023 and 2022 (Unaudited – Expressed in Canadian Dollars)

1. NATURE OF OPERATIONS AND GOING CONCERN

West Mining Corp. (the “Company” or “West”) was incorporated under the Company Act of British Columbia on August 28, 2017. The Company’s registered and records office is located at Suite 4204-1011 West Cordova Street Vancouver, British Columbia, Canada V6C 0B2.

On November 4, 2020, the Company completed its Qualifying Transaction, under which the Company acquired all right, title and interest in, to and under an option and joint venture agreement respecting the Kagoot Brook Property (the "Qualifying Transaction") (see Note 3). On December 7, 2020 the Company’s common shares began trading on the Canadian Securities Exchange under the trading symbol “WEST”.

The Company’s primary business is the identification, acquisition, and exploration of mineral properties.

These condensed consolidated interim financial statements have been prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for the next twelve months. As of January 31, 2023, the Company has an accumulated deficit of $10,505,290. The Company expects to incur further losses in the development of its business. The Company’s ability to continue as a going concern is dependent upon its ability to raise adequate funding through equity or debt financings to discharge its liabilities as they come due. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

In March 2020, there was a global pandemic outbreak of COVID-19. The actual and threatened spread of the virus globally has had a material adverse effect on the global economy and specifically, the regional economies in which the Company operates. The pandemic could result in delays in the course of business and could have a negative impact on the stock market, including trading prices of the Company’s shares and its ability to raise new capital.

These factors indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. As a result, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. Should the Company be unable to continue as a going concern, asset realization values may be substantially different from their carrying values. Carrying values as shown in these consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. Such adjustments could be material.

2. BASIS OF PRESENTATION

a) Statement of compliance

These condensed consolidated interim financial statements have been prepared in conformity with International Accounting Standard (“IAS”) 34, Interim Financial Reporting, using the same accounting policies as detailed in the Company’s audited consolidated financial statements for the year ended October 31, 2022. They do not include all the information required for complete annual financial statements in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC") and therefore should be read together with the audited consolidated financial statements for year ended October 31, 2022.

These condensed consolidated interim financial statements were approved and authorized for issue by the Board of Directors on March 31, 2023.

b) Basis of measurement

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

c) Consolidation

These condensed consolidated interim financial statements include the financial statements of the Company and wholly-owned subsidiaries subject to control by the Company, including 2125839 Alberta Inc., Pilgrim Exploration Corp., Folkestone Mining Corp. and 1994854 Alberta Ltd.

Control is achieved when the Company has the power to, directly or indirectly, govern the financial and operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on

7

WEST MINING CORP.

Notes to the Condensed Consolidated Interim Financial Statements For the three months ended January 31, 2023 and 2022 (Unaudited – Expressed in Canadian Dollars)

which control is obtained and continue to be consolidated until the date that such control ceases. Intercompany balances, transactions and unrealized intercompany gains and losses are eliminated upon consolidation.

d) Functional and presentation currency

These condensed consolidated interim financial statements are presented in Canadian dollars, which is the functional currency of the Company and its subsidiaries. All financial information is expressed in Canadian dollars unless otherwise stated and have been rounded to the nearest dollar.

3. EXPLORATION AND EVALUATION ASSETS

a) Qualifying Transaction respecting the Kagoot Brook Property

In connection with the Qualifying Transaction, on May 11, 2020, the Company entered into a sale, assignment and assumption agreement (the “Assumption Agreement”) with Origen Resources Inc. (“Origen”) in connection with the purchase and assumption by the Company of all of Origen’s right and interest under an option and joint venture agreement (the “Underlying Agreement”) dated May 10, 2018, as amended January 7, 2020, with Great Atlantic Resources Corp. (“Great Atlantic”). The Qualifying Transaction was completed on November 4, 2020.

As consideration for the Assumption Agreement, the Company issued an aggregate of 500,000 common shares to Origen on November 4, 2020, with a fair value of $117,500. Pursuant to the Underlying Agreement, the Company obtained the right to earn (the “Option”) a 75% interest in the Kagoot Brook Property (the “Kagoot Brook Property”) located near Bathhurst, New Brunswick, comprising of one mineral tenure covering 4,233 hectares.

To successfully exercise the Option, the Company was required to: (a) incur a total of $650,000 in exploration expenditures on or before May 10, 2022; and (b) make aggregate cash payments of $110,000 to Great Atlantic, as follows: $30,000 by May 23, 2020 (paid by Origen); $30,000 by January 23, 2021 (paid); and $50,000 ($28,500 paid) by January 23, 2022.

Pursuant to a sale, assignment and assumption agreement dated June 24, 2021 between the Company and Recharge Resources Ltd. (formerly Le Mare Gold Group) (the “Assignee”), the Company assigned its rights to acquire the 75% interest in, and commitments and obligations related to, the Kagoot Brook Property to the Assignee in exchange for 1,000,000 common shares of the Assignee. The Company recorded a loss on disposal of $101,000, which represents the difference between the carrying value of the Kagoot Brook Property and the fair value of the Assignee’s common shares received.

b) Pilgrim Property

On December 23, 2020, the Company entered into a share purchase agreement (the “Share Purchase Agreement”) with shareholders of Pilgrim Exploration Corp. (“Pilgrim”), under which the Company acquired all of Pilgrim’s issued and outstanding common shares. Pilgrim was the registered holder of 10 mineral exploration claims located in the Nelson Mining District in British Columbia. In exchange for the purchase of Pilgrim’s shares, the Company issued 3,000,000 units valued at $540,000. Each unit is comprised of one common share and one-half of one share purchase warrant exercisable into one common share at an exercise price of $0.35 for a period of two years from the date of issuance.

In connection with the transaction, the Company also issued 300,000 units as finder’s fees, with each unit comprising of one common share and one common share purchase warrant. Each warrant is exercisable into one common share at an exercise price of $0.63 for a period of two years from the date of issuance.

The acquisition of Pilgrim did not meet the definition of a business combination, and therefore has been accounted for as an asset purchase of mineral property interests with the Company acquiring the outstanding shares of Pilgrim on December 23, 2020. The consideration for the acquisition of Pilgrim has been based on the fair value of the units issued as of the date of their issuance.

The following table summarizes the fair value of the total consideration paid and the aggregate fair value of identified assets acquired and liabilities assumed:

$ 540,000

Purchase price 3,000,000 units of the Company issued

8

Notes to the Condensed Consolidated Interim Financial Statements For the three months ended January 31, 2023 and 2022 (Unaudited – Expressed in Canadian Dollars)

WEST MINING CORP.

300,000 units for finder’s fees issued	54,000
	594,000
Net assets acquired
Exploration and evaluation assets	594,000

During the year ended October 31, 2022, the company determined that further exploration of the Pilgrim property was not planned as it focuses on other properties and accordingly the Pilgrim property was considered impaired and $594,000 in acquisition costs were written off.

c) Kena Project

During the year ended October 31, 2021, the Company acquired a 100% interest in the Kena Project upon execution of the Option Agreement, the Amended Agreement and the Apex Agreement (as defined below). The Company also purchased additional claims to complement the Kena Project on March 22, 2021, as described below. The Kena Project consists of mineral claims and crown grants located in the Nelson Mining District in British Columbia, and is subject to various NSRs ranging from 1% to 3% which may be purchased for cash consideration.

Option Agreement

On December 24, 2020, the Company entered into an option agreement (the “Option Agreement”) with Boundary Gold and Copper Mining Ltd. (“Boundary”), and Boundary’s wholly-owned subsidiary, 1994854 Alberta Ltd. (“1994854”), to acquire 174 mineral claims and 11 crown grants comprising the Kena and Daylight gold-copper properties (the “Kena Project”). Under the Option Agreement, the Company had the option to earn an 80% interest in and to the properties by completing the following:

• i. Make aggregate cash payments of $1,325,000 ($325,000 paid);

• ii. Issue an aggregate of 7,361,112 common shares (1,805,556 common shares issued with a fair value of $325,000); and

• iii. Incur an aggregate of $2,211,000 in exploration expenditures (incurred $1,735,925).

The Company also issued 285,395 common shares valued at $51,371 for finder’s fees.

The Company also had the option to acquire the remaining 20% interest in the Kena Project by making a further cash payment of $2,000,000 upon earning its 80% interest.

Amended Agreement to purchase 1994854

Pursuant to an amending agreement dated April 7, 2021 with Boundary (“Amended Agreement”), the Company acquired all of the issued and outstanding shares of 1994854 from Boundary, by making a cash payment of $800,000 and issuing a further 5,555,556 common shares to Boundary with a fair value of $1,888,889. The remaining commitments under the Option Agreement were waived upon the Company’s purchase of 1994854. 1994854 held the underlying 80% interest in the Kena Project.

The Company also paid finder’s fees of $80,000 and issued 555,556 common shares with a fair value of $188,889.

The acquisition of 1994854 did not meet the definition of a business combination, and therefore has been accounted for as an asset purchase of mineral property interests with the Company acquiring the outstanding shares of 1994854 on December 23, 2020. The consideration for 1994854 has been calculated based on the cash payments and fair value of the common shares issued, and 100% of the purchase consideration has been allocated to exploration and evaluation assets acquired.

Apex Agreement to purchase remaining 20% interest

Pursuant to an asset purchase agreement dated April 7, 2021 with Apex Resources Inc. (“Apex”) (“Apex Agreement”), the Company acquired Apex’s interest in the Kena Project from Apex in exchange for cash payments totaling $300,000 and issuance of 1,500,000 common shares of the Company valued at $480,000.

Apex retained a 1% NSR royalty on the Kena Project, which the Company has a right to purchase for a cash payment of $500,000 at any time prior to the commencement of commercial production on the Kena Project.

9

WEST MINING CORP. Notes to the Condensed Consolidated Interim Financial Statements For the three months ended January 31, 2023 and 2022 (Unaudited – Expressed in Canadian Dollars)

Athabasca Mine

On March 22, 2021, the Company entered into a claims purchase agreement with 802213 Alberta Ltd., under which the Company acquired 17 mineral claims, contiguous to the Kena Project. In exchange for the claims, the Company paid $27,087 and issued 85,000 common shares of the Company.

On August 4, 2021, the Company entered into a claims purchase agreement with 802213 Alberta Ltd., under which the Company acquired 5 additional mineral claims, contiguous to the Kena Project. In exchange for the claims, the Company paid $25,210.

d) Folkestone Property

On January 25, 2021, the Company entered into a share purchase agreement with shareholders of Folkestone Mining Corp. (“Folkestone”), under which the Company acquired all of Folkestone’s issued and outstanding shares. Folkestone is the registered holder of 4 mineral exploration claims located in the Spanish Mountain District in British Columbia and 3 claims in the Junkers District in British Columbia. In exchange for the purchase of Folkestone’s shares, the Company issued 3,100,000 units of the Company, valued at $1,240,000. Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable into one common share at an exercise price of $0.42 for a period of two years from the date of issuance.

In connection with the transaction, the Company issued 310,000 units for finder’s fees, with each unit comprising of one common share and one common share purchase warrant. Each warrant is exercisable into one common share at an exercise price of $0.63 for a period of two years from the date of issuance.

The transaction did not meet the definition of a business combination and therefore, has been accounted for as an asset purchase of mineral property interests with the Company acquiring the outstanding shares of Folkestone on January 25, 2021. The consideration for the acquisition of Folkestone has been calculated at fair value of the units issued on the date of issuance.

The following table summarizes the fair value of the total consideration paid and the aggregate fair value of identified assets acquired and liabilities assumed:

Purchase price	$
3,100,000 units of the Company issued	1,240,000
310,000 unitsfor finder’sfeesissued	124,000
	1,364,000
Net assets acquired
Exploration and evaluation assets	1,364,000

e) Blue Cove Copper Property

On February 4, 2022, the Company entered into an option agreement to acquire a 100% undivided right, title and interest in and to the Blue Cove Copper Property covering 232 mineral claims (5,800 hectares) located near Terrenceville, Newfoundland. Under the terms of the option agreement, the Company can earn its 100% interest by issuing 1,700,000 common shares, making cash payments of $160,000 and incurring $750,000 in exploration expenditures in aggregate. The investment in the Blue Cove Copper Property was subject to a 3% NSR. The Company could purchase one-third (1%) of the NSR for $1,000,000 at any time.

During the year ended October 31, 2022, the Company paid $10,000 and issued 250,000 common shares, valued at $27,500. During the three months ended January 31, 2023, the Company determined it would not pursue further exploration of the Blue Cove Copper Property and on February 15, 2023, the Company entered into a termination agreement with the optionor. Pursuant to the termination agreement, the Company is obligated to pay an aggregate of $20,000 in cash and issue an aggregate of 300,000 common shares in order to terminate. Accordingly the Blue Cove Copper Property was considered impaired and $108,549 in acquisition and exploration costs were written off. f) Summary

10

Notes to the Condensed Consolidated Interim Financial Statements For the three months ended January 31, 2023 and 2022 (Unaudited – Expressed in Canadian Dollars)

WEST MINING CORP.

The Company’s exploration and evaluation assets activity for the year ended October 31, 2022 and three months ended January 31, 2023 is as follows:

	Pilgrim	Folkestone	Blue Cove	Kena
	Property	Property	Property	Project	**Total **
	$	$	$	$	$
Acquisition costs
Balance, October 31, 2021	594,000	1,364,000	-	4,562,847	6,520,847
Addition
Cash	-	-	10,000	-	10,000
Common shares and units	-	-	27,500	-	27,500
Impairment	(594,000)	-	-	-	(594,000)
Balance, October 31, 2022	-	1,364,000	37,500	4,562,847	5,964,347
Impairment	-	-	(37,500)	-	(37,500)
Balance,January31,2023	-	1,364,000	-	4,562,847	5,926,847
Exploration costs
Balance, October 31, 2021	-	141,797	-	1,370,731	1,512,528
Addition	-	49,238	71,049	886,066	1,006,353
Balance, October 31, 2022	-	191,035	71,049	2,256,797	2,518,881
Addition	-	-	-	78,944	78,944
Impairment	-	-	(71,049)	-	(71,049)
Balance,January31,2023	-	191,035	-	2,335,741	2,526,776
Balance, October 31, 2022	-	1,555,035	108,549	6,819,644	8,483,228
Balance, January 31, 2023	-	1,555,035	-	6,898,588	8,453,623
Exploration and evaluation costs were comprised of:
		Folkstone		Blue Cove	Kena Project
			$	$	$
For the year ended October 31, 2022
Assays			-	9,086	227,105
Drilling			-	-	296,734
Exploration			-	-	68,249
Field supplies			-	-	85,340
Geological consulting			49,238	61,963	253,301
Licenses andpermits			-	-	4,575
Total			49,238	71,049	886,066
For the three months ended January 31,
2023
Assays			-	-	65,084
Geological consulting			-	-	9,876
Licenses andpermits			-	-	3,984
Total			-	-	78,944

4. SHARE CAPITAL

• a) Authorized – Unlimited common shares without par value.

• b) Issued and outstanding – 60,962,312 common shares including 796,500 held in escrow

There were no share capital transactions during the three months ended January 31, 2023.

During the year ended October 31, 2022, the Company had the following share capital transactions:

11

WEST MINING CORP. Notes to the Condensed Consolidated Interim Financial Statements For the three months ended January 31, 2023 and 2022 (Unaudited – Expressed in Canadian Dollars)

• i. The Company issued 250,000 common shares in connection with the acquisitions of mineral property assets described in Note 3. The estimated fair value of the common shares at issuance was $27,500.

• ii. The Company cancelled 165,000 shares amounting to $70,800 due to incorrect registrations made in the previous year.

c) Stock options

During the year ended October 31, 2021, the Company adopted an incentive stock option plan (the “Option Plan”) which provides that the board of directors of the Company may from time to time, in its discretion, and in accordance with the TSX-V requirements, grant to directors, officers, employees and technical consultants to the Company, nontransferable options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the issued and outstanding common shares. In connection with the foregoing, the number of common shares reserved for issuance to any individual director or officer will not exceed 5% of the issued and outstanding common shares and the number of common shares reserved for issuance to all technical consultants will not exceed 2% of the issued and outstanding common shares. Subject to earlier termination, all options granted under the Option Plan will expire not later than the date that is ten years from the date of the grant.

The balance of share purchase options outstanding and exercisable as at October 31, 2022 and January 31, 2023 and the changes for the periods then ended is as follows:

		Weighted	Weighted
	Number of	Average	Average Life
	Options	Exercise Price	Remaining
	#	$	(years)
Balance, October 31, 2021 and 2022 and January
31, 2023	3,480,000	0.63	7.96

No stock options were issued during the year ended October 31, 2022 and the three months ended January 31, 2023.

As at January 31, 2023, the following share purchase options were outstanding and exercisable:

Expiry Date	Exercise price	Remaining life	Options outstanding
	$	(years)	#
November 4, 2030	0.24	7.76	580,000
December 28, 2030	0.30	7.91	1,250,000
January 26, 2031	0.42	7.99	200,000
February 26, 2031	1.10	8.08	1,450,000
			3,480,000

d) Warrants

The balance of warrants outstanding as at October 31, 2022 and January 31, 2023 and the changes for the periods then ended is as follows:

12

WEST MINING CORP.

Notes to the Condensed Consolidated Interim Financial Statements For the three months ended January 31, 2023 and 2022 (Unaudited – Expressed in Canadian Dollars)

		Weighted	Weighted
	Number of	Average	Average Life
	Warrants	Exercise Price	Remaining
	#	$	(years)
Balance, October 31, 2021	30,345,583	0.51	1.10
Expired	(4,182,415)	0.78
Balance, October 31, 2022	26,163,168	0.47	0.23
Expired	(14,304,668)	0.37
Balance, January 31, 2023	11,858,500	0.60	0.07

As at January 31, 2023, the following share purchase warrants were outstanding and exercisable:

Expiry Date	Exercise price	Remaining life	Warrants outstanding
	$	(years)	#
February 9, 2023	0.63	0.02	610,000(1)
February26,2023	0.60	0.07	11,248,500(1)
			11,858,500

(1) These warrants expired unexercised subsequent to January 31, 2023.

The balance of agent warrants outstanding as at October 31, 2022 and January 31, 2023 and the changes the period then ended is as follows

			Weighted
	Number of	Weighted Average	Average Life
:	Warrants	Exercise Price	Remaining
	#	$	(years)
Balance, October 31, 2021 and 2022	1,743,350	0.40	0.24
Expired	(713,695)	0.35	-
Balance, January 31, 2023	1,029,655	0.40	0.07

As at January 31, 2023, the following agent warrants were outstanding and exercisable:

Expiry Date	Exercise price	Remaining life	Warrants outstanding
	$	(years)	#
February 26, 2023	0.40	0.07	740,680(1)
February26,2023	0.52	0.07	288,975(1)
			1,029,655

(1) These warrants expired unexercised subsequent to January 31, 2023.

d) Restricted stock units

During the year ended October 31, 2022, the Company issued 6,000,000 restricted stock units with estimated fair value of $600,000. The restricted stock units vested immediately. The Company determined the fair value of the restricted stock units granted using the quoted market price on the grant date. This has been recorded as sharebased compensation expense in the statement of loss and comprehensive loss.

5. FLOW-THROUGH SHARE PREMIUM LIABILITY

A summary of the changes in the Company’s flow-through share premium liability is as follows:

	$
Balance, October 31, 2021	175,019
Reductionpursuant toincurring qualified expenditures	(175,019)
Balance, October 31, 2022 and January 31, 2023	-

13

WEST MINING CORP.

Notes to the Condensed Consolidated Interim Financial Statements For the three months ended January 31, 2023 and 2022 (Unaudited – Expressed in Canadian Dollars)

6. TERMINATED QUALIFYING TRANSACTION AND LOAN RECEIVABLE

The Company entered into a non-binding letter of intent (“LOI”) on December 4, 2019 in connection with a proposed acquisition of 1Five2 Tech Solutions Ltd (“152 Tech”). The proposed acquisition was intended to qualify as the Company’s Qualifying Transaction and was expected to proceed by way of a “three-cornered amalgamation” under which a whollyowned subsidiary of the Company would amalgamate with 152 Tech.

In conjunction with the execution of the LOI, the Company provided 152 Tech with a loan in the amount of $25,000. The loan was unsecured, bore interest at 6% per year, compounded monthly, and was to be repayable on the earlier of: (a) December 4, 2020; and (b) the date which was 90 days after the date on which the LOI was terminated for any reason other than the execution of the definitive agreement.

The Company also provided a line of credit loan (the “Secured Loan”) of $225,000 to 152 Tech. The Secured Loan was secured against all of the assets of 152 Tech. The Secured Loan bore interest at 6% per year, compounded monthly; and was to be repayable on the earlier of: (a) December 4, 2020; and (b) the date which was 90 days after the date on which the LOI was terminated for any reason other than the execution of the definitive agreement.

During the year ended October 31, 2021, the LOI expired and the proposed acquisition was terminated. The loan remained unpaid past its due date. The Company recorded interest revenue of $16,280 on the loans advanced to 152 Tech. As at October 31, 2021, the total loan receivable balance was $280,231.

On October 31, 2022, the Company assessed the collectability of the loan receivable and deemed it irrecoverable. Accordingly, an impairment expense of $280,231 was recorded in the statement of loss and comprehensive loss.

7. RELATED PARTY TRANSACTIONS

Key management of the Company includes the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”) and directors of the Company. The Company incurred the following charges with directors and officers of the Company and/or companies controlled by them during the three months ended January 31, 2023 and 2022:

	January 31, 2023	January 31, 2022
	$	$
Consulting fees	87,500	90,000
Professional fees	28,500	28,500
	116,000	118,500

During the three months ended January 31, 2023, the Company paid consulting fees of $35,000 (2022 – $45,000) to a company controlled by the former CEO of the Company, paid consulting fees of $7,500 (2022 – $nil) for a company controlled by the CEO of the Company, paid professional fees of $28,500 (2022 – $28,500) to a company controlled by the former CFO of the Company, and paid consulting fees of $45,000 (2022 – $45,000) to a company controlled by a former director of the Company.

Related party transactions are measured at the exchange amount of consideration agreed between the related parties.

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