FIRST POINT MINERALS CORP.

FINANCIAL STATEMENTS

THIRD QUARTER 2004

November 25, 2004

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

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

The accompanying unaudited interim financial statements of First Point Minerals Corp. (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 financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity’s auditor.

FIRST POINT MINERALS CORP.

CONSOLIDATED BALANCE SHEETS
September 30, 2004 and December 31, 2003

ASSETS
			September 30			December 31
			2004			2003
			(Unaudited)			(Audited)
CURRENT
Cash		$	440,441		$	1,869,354
Accounts and advances receivable			63,184			30,339
Prepaid expenses and deposits			28,274			33,571
			531,899			1,933,264
FUNDS IN TRUST			61,866			61,246
INVESTMENT	(Note 3)		864,073			-
CAPITAL ASSETS	(Note 4)		30,424			31,086
MINERAL PROPERTIES	(Note 5)		3,216,246			3,348,973
			4,704,508			5,374,569
LIABILITIES
CURRENT
Accounts payable and accrued liabilities			110,003			16,784
SHARE CAPITAL	(Note 6)		10,251,550			10,114,236
CONTRIBUTED SURPLUS			314,640			278,697
DEFICIT			(5,971,685	)		(5,035,148	)
			4,594,505			5,357,785
		$	4,704,508		$	5,374,569

APPROVED BY THE DIRECTORS

/s/	Peter M.D. Bradshaw	/s/	Robert A. Watts
	Director		Director

See notes to the consolidated financial statements

FIRST POINT MINERALS CORP.

CONSOLIDATED STATEMENTS OF LOSS AND DEFICIT
(Unaudited, prepared by management)
FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30

		Three Months						Nine Months
		Ended September 30						Ended September 30
		2004			2003			2004			2003
EXPENSES
Accounting, legal and audit	$	126		$	425		$	3,413		$	3,907
Amortization		2,304			2,111			6,612			6,334
Communications		1,421			701			3,270			2,334
Management fees		32,152			6,400			71,652			24,800
Office and administration		6,497			1,946			16,606			3,281
Rent		5,679			4,254			16,734			12,761
Stock-based compensation		5,202						35,943
Travel and promotion		26,224			5,117			56,162			33,595
Trust and filing fees		4,385			1,435			31,712			24,516
Wages and benefits		37,754			10,669			62,776			31,091
General exploration		56,619			127,051			289,362			282,181
LOSS BEFORE OTHER ITEMS		178,363			160,109			594,242			424,800
OTHER ITEMS:
Interest income		(4,793	)		(5,020	)		(19,842	)		(14,659	)
Loss/(gain) on foreign exchange		6,258			2,827			921			4,044
Loss on disposal of mineral
property (Note 5)		-			-			361,216			-
NET LOSS FOR THE PERIOD		179,828			157,916			936,537			414,185
DEFICIT, BEGINNING OF PERIOD		5,791,857			4,421,121			5,035,148			4,164,852
DEFICIT, END OF PERIOD	$	5,971,685		$	4,579,037		$	5,971,685		$	4,579,037
LOSS PER SHARE (note 7)	$	(0.01	)	$	(0.01	)	$	(0.03	)	$	(0.01	)
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING		31,663,237			23,642,954			31,357,980			23,579,657

See notes to the consolidated financial statements

FIRST POINT MINERALS CORP.

CONSOLIDATED STATEMENTS OF CHAGNES IN CASH POSITION
(Unaudited, prepared by management)
FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30

		Three Months						Nine Months
		Ended September 30						Ended September 30
		2004			2003			2004			2003
CASH PROVIDED BY (USED FOR):
OPERATING ACTIVITIES
Net loss for the period	$	(179,828	)	$	(157,916	)	$	(936,537	)	$	(414,185	)
Add items not involving cash
Amortization		2,304			2,111			6,612			6,334
Stock-based compensation		5,202			-			35,943
Disposal of mineral
Property (Note 5)		-			-			1,136,636
		(172,322	)		(155,805	)		242,654			(407,851	)
CHANGES IN NON-CASH WORKING
CAPITAL COMPONENTS:
Accounts receivable		1,330			(4,917	)		(32,845	)		(5,218	)
Prepaid expenses		1,939			1,873			5,297			14,116
Accounts payable and accrued
Liabilities		53,556			(4,022	)		93,219			76,126
		(115,497	)		(162,871	)		308,325			(322,827	)
FINANCING ACTIVITIES *
Common shares issued for cash		-			-			26,414			236,210
INVESTING ACTIVITIES *
Equity in development company		-						(864,073	)
Mineral Exploration		(232,773	)		(86,346	)		(893,009	)		(512,173	)
Purchase of capital assets		(620	)		(3,006	)		(6,570	)		(9,539	)
		(233,393	)		(89,352	)		(1,763,652	)		(521,712	)
NET CASH (USED) DURING PERIOD		(348,890	)		(252,223	)		(1,428,913	)		(608,329	)
CASH, BEGINNING OF PERIOD		789,331			590,227			1,869,354			946,333
CASH, END OF PERIOD	$	440,441		$	338,004		$	440,441		$	338,004

• Supplemental Disclosure of non-cash financing and investing activities

  During the third quarter of 2004, the Company issued 60,000 (2003 – nil) common shares with an aggregate value of $8,400 (2003 – $nil) in connection with mineral property acquisition agreements

See notes to the consolidated financial statements

FIRST POINT MINERALS CORP.
Notes to the Unaudited Consolidated Financial Statements (Prepared by management)
September 30, 2004 and 2003

1.	NATURE AND CONTINUANCE OF OPERATIONS
	The Company is incorporated under the Alberta Business Corporations Act and is involved in the acquisition and exploration of property interests that are considered potential sites of economic mineralization. At the date of the financial statements, the Company has not identified a known body of commercial grade ore on any of its properties and the ability of the Company to recover the costs it has incurred to date on these properties is dependent upon the Company being able to identify a commercial ore body, to finance its exploration and development costs and to resolve any environmental, regulatory, or other constraints which may hinder the successful development of the property.
	These unaudited interim financial statements have been prepared by management on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future. The financial statements have not been audited, reviewed or otherwise verified as to the accuracy or completeness of information. Readers are cautioned that these statements may not be appropriate for their purposes.

	September 30, 2004	December 31, 2003
Deficit	$(5,791,857)	$(5,035,148)
Working Capital	$421,896	$1,916,480

2.	SIGNIFICANT ACCOUNTING POLICIES
	Basis of Accounting
	The accompanying unaudited interim financial statements have been prepared by management in accordance with generally accepted accounting principles (“GAAP”) in Canada on a basis consistent with those outlined in the Company’s audited financial statements for the year ended December 31, 2003. They do not include all of the information and disclosures required by Canadian GAAP for audited financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included in these financial statements. These unaudited interim financial statements should be read in conjunction with the most recent audited annual financial statements of the Company, including the notes thereto.
	The Company has not changed any of its existing accounting policies, nor has it adopted any new accounting policies since its last fiscal year end.
	Stock-Based Compensation
	The Company records compensation associated with stock options granted to directors, officers, employees and consultants using a fair value measured basis and records the expense as the options vest with the recipients.
	Comparative Figures
	Certain comparative figures have been reclassified to conform to the current period’s presentation.

FIRST POINT MINERALS CORP.
Notes to the Unaudited Consolidated Financial Statements (Prepared by management)
September 30, 2004 and 2003

3.	INVESTMENT
	The Company entered into an agreement (the “Shareholders Agreement”) effective January 16, 2004 with a Michigan limited liability company, Menominee River Exploration Co., LLC (“MREC”) and seven individuals, being the owners of MREC (the “Initial US Investors”). Pursuant to the terms of the Shareholders Agreement, MREC and the Company transferred MREC’s Back Forty project in Michigan and First Point’s Cedros Property in Honduras to a new company, Aquila Resources Corp. (“Aquila”). In addition, First Point agreed to provide management services to assist Aquila in completing an Initial Public Offering and obtaining a listing on a Canadian stock exchange.
	As consideration for the foregoing transactions, First Point was to receive 2,215,569 Aquila common shares, of which 1,000,000 shares have been issued and are held in a special escrow account pending the Honduran government recording the transfer of title to the Cedros property to Aquila. The balance of the shares, being 1,215,569 shares, will be issued to First Point following the completion of Aquila’s Initial Public Offering. First Point also purchased 253,209 common shares of Aquila at $0.35 per share. Concurrently, the Initial US Investors purchased 889,649 common shares of Aquila at the same price. Subsequently, Aquila completed several small private placements and a rights offering in which certain investors purchased an aggregate of 2,583,882 common shares. As a result of the foregoing transactions, at the end of the third quarter, the Company owned or held conditional rights to an aggregate of 2,468,778 shares of Aquila having a deemed value (at $0.35 per share) of $864,073, representing an ownership interest in Aquila of approximately 17%.
4.	EQUIPMENT

	September 30, 2004			December 31, 2003
		Accumulated
	Cost	Amortization	Net Book Value	Net Book Value
	$	$	$	$
Computers	37,355	26,538	10,917	12,724
Office furniture and equipment	74,347	54,840	19,507	18,362
	111,702	80,778	30,424	31,086

5.	MINERAL PROPERTIES
	HONDURAS
	Cacamuya Property
	The Company acquired an option in July 1999 to purchase a 60% interest in the Cacamuya Property in southern Honduras from Minera Battle Mountain Gold Company ("BMG"). BMG subsequently became a wholly-owned subsidiary of Newmont Gold Company.
	To earn its interest, the Company was required to incur US$1,000,000 in exploration expenditures (completed) and to issue 700,000 common shares to BMG by July 2004. Of these, 200,000 shares had been issued as at March 31, 2004, and the remaining 500,000 were issued to BMG in June 2004. BMG retains a 0.6% NSR royalty interest in the property.
	The Company also has an option to earn the remaining 40% interest in this property from a wholly-owned Honduran subsidiary of Breakwater Resources Ltd. by issuing 500,000 common shares at such time as the Honduran government enacts the regulations to the new Honduran mining code and proceeds to record a transfer

FIRST POINT MINERALS CORP.
Notes to the Unaudited Consolidated Financial Statements (Prepared by management)
September 30, 2004 and 2003

5.	MINERAL PROPERTIES (Continued)
	HONDURAS (Continued)
	of title to the property. Breakwater Resources will retain a sliding scale royalty of 0.4% of the gross sale proceeds starting at US$325 per ounce of gold and rising to a maximum of 1.2% of the gross sale proceeds at US$400 per ounce of gold for all gold production, and 0.4% of the gross sale proceeds starting at US$5.25 per ounce of silver and rising to a maximum of 1.2% of the gross sale proceeds at US$7.00 per ounce of silver for all silver production.
	Cedros Property
	The Company has an option to acquire a 100% interest in three mineral concessions and exploration permits that comprise the Cedros property. To earn its interest at any time, the Company must issue 225,000 common shares (none issued to date) and maintain the property title in good standing during the option period. The property is subject to a 2% Net Smelter Return (“NSR”) royalty which can be purchased by the Company at any time for US$1,000,000. At December 31, 2003, the Company’s deferred exploration expenditures on the Cedros property amounted to $1,136,636.
	As part of the Shareholders Agreement (see note 3), the Company agreed to transfer its interest in the Cedros zinc-silver property in Honduras to Aquila and to provide certain management services to Aquila in return for 2,215,569 Aquila common shares. The Company placed a deemed value of $775,420 ($0.35 per share) on the Aquila shares issuable in consideration for the transfer of the Cedros property and accordingly, has recorded a loss of $361,216 on the disposal of the Cedros property.
	NICARAGUA
	Rio Luna Property
	In December 2002, the Company entered into an option agreement to acquire a 100% interest in the Rio Luna Property from Inversiones de Terra Nova S.A. (“Intersa”), a subsidiary of Novaterra Resources Inc. During the current quarter, the Company exercised its option to acquire the property by paying Intersa US $10,000 in cash and issuing 60,000 of its common shares to Intersa. Expenditures on this project during the quarter totalled $238,610 (2003 - $60,475). Expenditures for the nine month period totalled $836,302 (2003 - $145,072).
	EL SALVADOR, HONDURAS, NICARAGUA
	Exploration and Property Option Agreement
	In February 2003, the Company entered into an exploration and property option agreement with BHP Billiton World Exploration Inc. (“BHPBilliton”) whereby the parties agreed to complete a US $200,000 exploration program in El Salvador, Honduras and Nicaragua (the “Target Area”) to explore for copper-gold deposits, with the Company as operator of the program. BHPBilliton subscribed to a private placement of 178,000 First Point units at $0.42 per unit, being the equivalent of US $50,000, and contributed an additional US $50,000 in cash to the exploration budget. The Company contributed an aggregate of US $150,000 to the exploration budget.
	Cumulative expenditures reached US $200,000 late in the first quarter of 2004. The parties have agreed to fund additional expenditures on a 50/50 basis, up to a cumulative US $275,200. Cumulative expenditures from project inception to the end of the third quarter of 2004 are US $259,563, exclusive of a 7.5% management fee the Company is entitled to receive for managing the exploration program.
	Until such time as a property has been acquired, all expenditures incurred under this agreement are being expensed.

FIRST POINT MINERALS CORP.
Notes to the Unaudited Consolidated Financial Statements (Prepared by management)
September 30, 2004 and 2003

5.	MINERAL PROPERTIES (Continued)
	EL SALVADOR, HONDURAS, NICARAGUA (Continued)
	The properties currently controlled by the Company in Honduras and Nicaragua are excluded from the agreement with BHPBilliton. In addition, any copper-gold deposit identified pursuant to this agreement, unless the copper constitutes more than 25% of the economic value of the deposit, will belong 100% to the Company, and BHPBilliton will have no interest in such deposit.
6.	SHARE CAPITAL
	Authorized share capital consists of an unlimited number of common shares without par value and an unlimited number of first and second preferred shares.

	Number of
	Common
	Shares	$
Common shares:
Issued at December 31, 2002	22,839,954	8,015,161
Private placements (1)	6,178,000	1,510,260
Warrants exercised	1,950,000	557,950
Shares issued for a prepaid expense	30,500	10,065
Options exercised	50,000	16,000
Mineral property acquisition	15,000	4,800
	8,223,500	2,099,075
Issued at December 31, 2003	31,063,454	10,114,236
Warrants exercised	90,000	26,414
Mineral property acquisition	560,000	110,900
Issued at September 30, 2004	31,713,454	10,251,550
(1) net of share issue costs of $64,500

a)

Stock options:

The Company has an incentive stock option plan that conforms to the requirements of the TSX Venture Exchange and that has been approved by the shareholders. Options to purchase common shares have been granted to directors, officers, employees and consultants of the Company at exercise prices determined by the market value of the common shares on the date of the grant. A summary of the options outstanding at September 30, 2004 follows:

FIRST POINT MINERALS CORP.
Notes to the Unaudited Consolidated Financial Statements (Prepared by management)
September 30, 2004 and 2003

6.	SHARE CAPITAL (Continued)
a)	Stock options (Continued)

Number	Exercise Price	Expiry
Outstanding	$	Date
620,000	0.39	December 7, 2004
315,000	0.50	June 27, 2005
75,000	0.19	January 16, 2007
305,000	0.20	January 22, 2007
50,000	0.55	April 30, 2007
50,000	0.53	June 4, 2007
460,000	0.55	June 27, 2007
150,000	0.34	November 4, 2008
710,000	0.35	December 12, 2008
40,000	0.33	February 1, 2009
175,000	0.20	April 15, 2009
2,950,000

				Weighted-Average
	Weighted-Average	Number		Contractual
	Exercise Price	of Options		Remaining Life
Balance, December 31, 2002	0.41	2,274,000		3.03
Granted	0.36	910,000
Exercised	0.53	(50,000	)
Cancelled	0.20	(100,000	)
Balance, December 31, 2003	0.395	3,034,000		2.80
Granted	0.33	40,000
	0.20	175,000
Expired	0.45	(199,000	)
	0.53	(50,000	)
	0.32	(50,000	)
Balance, September 30, 2004	0.382	2,950,000		2.48

The fair value of options reported as compensation expense in the current quarter has been estimated using the Black-Scholes Option Pricing Model. A total of 10,000 options vested during the quarter for which stock-based compensation expense of $2,601 was recorded (2003 – $Nil). The assumptions used to determine the fair value of the stock options that vested during the third quarter are set out in the following table:

Risk free interest rate	3.64%
Volatility	132.3
Term (in years)	5
Vesting terms	25% per quarter

Option pricing models require the input of highly subjective assumptions, particularly as to the expected price volatility of the stock. Changes in these assumptions can materially affect the fair value estimate and therefore it is management’s view that the existing models do not necessarily provide a single reliable measure of the fair value of the Company’s stock option grants.

FIRST POINT MINERALS CORP.
Notes to the Unaudited Consolidated Financial Statements (Prepared by management)
September 30, 2004 and 2003

6.	SHARE CAPITAL (Continued)
b)	Warrants outstanding at September 30, 2004 are summarized as follows:

Number	Exercise Price	Expiry
Outstanding	$	Date
89,000	0.62(1)	April 28, 2005
3,100,000	0.30	December 9, 2005
3,189,000

Note: Exercise price of these warrants increased from $0.52 per share on April 28, 2004.

7.	LOSS PER SHARE
	Loss per share has been calculated using the weighted-average number of common shares outstanding during the quarter. Diluted loss per share has not been calculated as it is anti-dilutive.
8.	RELATED PARTY TRANSACTIONS
	During the quarter, the Company paid companies controlled by Company officers an aggregate of $32,151 (2003 – $6,400) for management and administrative services.
9.	SUPPLEMENTARY NOTES
	As at November 25, 2004, there were 31,713,454 common shares outstanding. There were also 2,950,000 options outstanding with exercise prices ranging from $0.19 to 0.55 per share and expiry dates extending to October 26, 2009 and 3,189,000 warrants outstanding with exercise prices ranging from $0.30 to $0.62 per share and expiry dates extending to December 9, 2005.