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Fs and Sentiments Will Continue to Impact These Target Commodities FORUM ENERGY METALS CORP. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six month periods ended May 31, 2020 and 2019 (Unaudited – Prepared by Management) (Stated in Canadian Funds) NOTICE OF NO REVIEW BY AUDITOR The accompanying unaudited interim condensed consolidated financial statements of Forum Energy Metals Corp. (“the Company”) have been prepared by management and have not been the subject of a review by the Company’s independent auditor. Forum Energy Metals Corp. (An Exploration Stage Company) Interim Condensed Consolidated Statements of Financial Position as at Canadian Funds Unaudited - prepared by management May 31, 2020 November 30, 2019 Note ($) ($) ASSETS Current assets Cash 4 275,970 131,308 Marketable securities 5 15,095 7,901 Receivables 6 66,771 26,032 Prepaid expenses and deposits 44,182 38,038 402,017 203,279 Equipment 1,988 2,316 Exploration and evaluation assets 7 2,671,010 2,671,010 3,075,014 2,876,605 LIABILITIES Current liabilities Accounts payable and accrued liabilities 21,567 263,649 Due to related parties 9 30,940 255,170 Promissory notes 7 82,722 79,806 135,229 598,625 Loan 8 40,000 - 175,229 598,625 SHAREHOLDERS’ EQUITY Capital stock 9 45,535,243 45,214,204 Allotted but not issued - - Contributed Surplus - Options 9 5,465,784 5,325,114 Contributed Surplus - Warrants 9 2,339,652 2,339,652 Accumulated deficit (50,440,893) (50,600,990) 2,899,786 2,277,980 3,075,014 2,876,605 Nature of Operations and Going Concern – Note 1 Subsequent Event – Note 12 Approved and authorized by the Board of Directors on July 27, 2020: ”Richard Mazur” “Larry Okada” Richard Mazur Larry Okada Director Director The accompanying notes are an integral part of these financial statements 2 | P a g e Forum Energy Metals Corp. (An Exploration Stage Company) Interim Condensed Consolidated Statements of Loss and Comprehensive Loss Canadian Funds Unaudited - prepared by management For the three months ended For the six months ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Note ($) ($) ($) ($) General and administrative expenses Amortization 163 232 328 464 Directors fees 12,000 15,000 19,500 15,000 Exploration and evaluation assets expenditures 7 (336,510) 22,454 (374,023) 117,477 Investor relations and shareholder information 25,756 29,681 82,650 61,605 Management fees (6,317) 32,084 39,625 73,334 Media relations - 95,600 2,373 95,600 Office and administration 16,707 28,181 28,459 47,623 Professional fees 28,009 65,874 56,288 93,757 Salaries and wages (8,155) 4,890 (12,887) 8,916 Share-based compensation 9 139,230 - 140,670 8,740 Transfer agent and regulatory fees 14,890 7,740 21,868 17,713 Travel and promotion 3,139 530 4,301 530 Loss (income) from operations (111,088) 302,266 9,152 540,759 Other items Gain on settlement of debt (162,055) - (162,055) - Part XII.6 tax - 1,027 - 2,581 Unrealized (gain) loss on marketable securities (6,053) 3,107 (7,194) 5,736 (168,108) 4,134 (169,249) 8,317 Comprehensive (income) loss for the period (279,196) 306,400 (160,097) 549,076 Loss (income) per share - Basic and diluted $0.00 $0.00 $0.00 $0.01 Weighted Average Number of Common Shares Outstanding - basic and diluted 114,089,552 107,488,904 109,352,913 100,122,530 The accompanying notes are an integral part of these financial statements 3 | P a g e Forum Energy Metals Corp. (An Exploration Stage Company) Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity Canadian Funds Unaudited - prepared by management Accumulated Contributed Contributed Other Capital Stock Surplus - Surplus - Comprehensive Accumulated Number Amount Options Warrants Loss Defict Total (#) ($) ($) ($) ($) ($) ($) November 30, 2018 96,408,904 44,614,030 5,067,714 2,333,843 (9,921) (49,278,431) 2,727,235 Shares issued for cash 11,080,000 554,000 - - - - 554,000 Shares issue costs - cash - (9,908) - - - - (9,908) Share issue costs - finders' warrants - (3,347) - 3,347 - - - Share-based compensation - - 8,740 - - - 8,740 Reclassification on the adoption of IFRS 9 - - - - 9,921 (9,921) - Loss for the period - - - - - (549,076) (549,076) May 31, 2019 107,488,904 45,154,775 5,076,454 2,337,190 - (49,837,428) 2,730,991 Shares issued for cash 1,250,000 75,000 - - - - 75,000 Shares issue costs - cash - (6,859) - - - - (6,859) Share issue costs - finders' warrants - (2,462) - 2,462 - - - Flow-through premium - (6,250) - - - - (6,250) Share-based compensation - - 248,660 - - - 248,660 Loss for the period - - - - - (763,562) (763,562) November 30, 2019 108,738,904 45,214,204 5,325,114 2,339,652 - (50,600,990) 2,277,980 Shares issued for cash 5,350,648 321,039 - - - - 321,039 Share-based compensation - - 140,670 - - - 140,670 Income (loss) for the period - - - - - 160,097 160,097 May 31, 2020 114,089,552 45,535,243 5,465,784 2,339,652 - (50,440,893) 2,899,786 The accompanying notes are an integral part of these financial statements 4 | P a g e Forum Energy Metals Corp. (An Exploration Stage Company) Interim Condensed Consolidated Statements of Cash Flows Canadian Funds Unaudited - prepared by management For the six months ended May 31, 2020 May 31, 2019 ($) ($) Cash resources provided by (used in) Operating activities Income (loss) for the period 160,097 (549,076) Items not affecting cash: Amortization 328 464 Share-based compensation 140,670 8,740 Unrealized (gain) loss on marketable securities (7,193) 5,736 Foreign exchange on promissory notes 2,916 - Changes in non-cash working capital Receivables (40,739) 10,664 Due to related parties (224,230) 75,656 Advance from joint venture and option partner - 16,541 Prepaid expenses and deposits (6,144) 2,145 Accounts payable and accrued liabilities (242,082) (29,772) Cash provided by (used in) operating activities (216,377) (458,902) Investing activities Acquisition of exploration and evaluation assets - (25,000) Promissory notes - 3,440 Cash used in investing activities - (21,560) Financing activities Proceeds from private placements 321,039 554,000 Share issuance costs - (9,908) Loan 40,000 - Cash provided by financing activities 361,039 544,092 Net increase (decrease) in cash 144,662 63,630 Cash - Beginning of year 131,308 134,834 Cash - End of period 275,970 198,464 The accompanying notes are an integral part of these financial statements 5 | P a g e Forum Energy Metals Corp. (An Exploration Stage Company) Notes to the Interim Condensed Consolidated Financial Statements For the six month period ended May 31, 2020 Canadian Funds Unaudited – prepared by management 1. Nature of Operations and Going Concern Forum Energy Metals Corp. (“Forum “or “the Company”) is engaged in the business of evaluating, and if deemed appropriate, acquiring interests in, exploring and developing, natural resource properties. The head office is located at Suite 615, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6 and the registered and records office of the Company is located at Suite 1500, 1055 West Georgia Street, Vancouver, British Columbia V6E 4N7. On February 25, 2018, the Company received approval from the TSX Venture Exchange (the “Exchange”) to change the name of the Company from Forum Uranium Corp. to Forum Energy Metals Corp. On February 28, 2018, the shares of Forum Energy Metals Corp. began trading on the Exchange under the new symbol FMC, without change to the Company’s capital structure. The Company presently has no proven or probable reserves and on the basis of information to date, it has not yet determined whether its properties contain economically recoverable ore reserves. The Company has not generated any revenues from its operations to date and consequently is considered to be in the exploration stage. The amounts shown as exploration and evaluation assets represent deferred acquisition costs incurred to date, less amounts written off, and do not necessarily represent present or future values. The recoverability of the carrying amounts for exploration and evaluation assets is dependent upon the Company raising capital, the sale or entering into a joint venture of the Company’s exploration and evaluation assets, and/or the attainment of profitable operations. These 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 commitments, continue operations and realize its assets and discharge its liabilities in the normal course of operations for the foreseeable future. The Company continues to have operating losses, has limited financial resources, no source of operating cash flow, and no assurances that sufficient funding, including adequate financing, will be available to conduct further exploration and development of its mineral properties. The Company’s ability to continue as a going concern is dependent upon its ability to obtain the financing necessary to fund its mineral properties through the issuance of capital stock or joint ventures, and to realize future profitable production or proceeds from the disposition of its mineral interests. These material uncertainties may cast significant doubt about the Company’s ability to continue as a going concern. At May 31, 2020, the Company has working capital of $266,788, recognized income for the period of $160,097 and has an accumulated deficit of $50,440,893 (Note 12). Since March 2020, several governmental measures have been implemented in Canada and the rest of the world in response to the coronavirus (COVID-19) pandemic. While the impact of COVID-19 and these measures are expected to be temporary, the current circumstances are dynamic and the impacts of COVID-19 on the Company’s business operations cannot be reasonably estimated at this time.
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