UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q



x QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarterly period ended March
31, 2017



 ̈ TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934



For the transition period from ______
to _______



Commission File Number 000-52696



DOMINION MINERALS CORP.

(Exact name of registrant as specified in
its charter)



|Delaware                 |  | 22-3091075                          
|------------------------ |  | ------------------------------------
|(State of incorporation) |  | (I.R.S. Employer Identification No.)



17 State Street

Suite 4000

New York, NY 10004

(Address of principal executive offices)



732-536-1600

(Registrant’s
telephone number)



Indicate by check mark whether the issuer (1) filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes   ̈   No  x



Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). Yes xNo   ̈





Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).



Emerging growth company  ̈



If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ̈



Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule
12b-2 of the Exchange Act.



|Large accelerated filer                     |  ̈ | Accelerated filer         |  ̈
|------------------------------------------- | - | ------------------------- | -
|Non-accelerated filer                       |  ̈ | Smaller reporting company | x
|Do not check if a smaller reporting company |   |                          



Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes  ̈ No  x



APPLICABLE ONLY TO CORPORATE ISSUERS

As of August 4, 2017, the registrant had 101,453,678 shares
of common stock, par value $.0001 per share issued and outstanding.










PART I – FINANCIAL INFORMATION



ITEM 1.  FINANCIAL STATEMENTS





Dominion Minerals Corp. and Subsidiaries

Consolidated Balance Sheet



|                                                                                                                                                               |  | March 31,   |             |   | December 31, |  
|-------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------- | ----------- | - | ------------ | -
|                                                                                                                                                               |  | 2017        |             |   | 2016         |  
|                                                                                                                                                               |  | (Unaudited) |             |   |              |  
|                                                                                                                                                               |  |             |             |   |              |  
|Assets                                                                                                                                                         |  |             |             |   |              |  
|                                                                                                                                                               |  |             |             |   |              |  
|Cash and cash equivalents                                                                                                                                      |  | $           | -           |   |              | $
|                                                                                                                                                               |  |             |             |   |              |  
|Total assets                                                                                                                                                   |  | $           | -           |   |              | $
|                                                                                                                                                               |  |             |             |   |              |  
|LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)                                                                                                                 |  |             |             |   |              |  
|CURRENT LIABILITIES:                                                                                                                                           |  |             |             |   |              |  
|Accrued liabilities                                                                                                                                            |  | $           | 75,553      |   |              | $
|Convertible notes payable and accrued interest                                                                                                                 |  |             | 2,412,378   |   |              |  
|Compensation due to officers                                                                                                                                   |  |             | 3,851,322   |   |              |  
|Contingency payable                                                                                                                                            |  |             | 95,000      |   |              |  
|Total current liabilities                                                                                                                                      |  | $           | 6,434,253   |   |              | $
|                                                                                                                                                               |  |             |             |   |              |  
|COMMITMENTS AND CONTINGENCIES                                                                                                                                  |  |             |             |   |              |  
|                                                                                                                                                               |  |             |             |   |              |  
|                                                                                                                                                               |  |             |             |   |              |  
|                                                                                                                                                               |  |             |             |   |              |  
|SHAREHOLDERS’ EQUITY (DEFICIT):                                                                                                                                |  |             |             |   |              |  
|Preferred stock, Voting Series I, $0.0001 par value; 5,000,000 shares authorized; 200 shares issued and outstanding as of March 31, 2017 and December 31, 2016 |  |             | -           |   |              |  
|Common stock, $0.0001 par value; 700,000,000 shares authorized, 101,453,678 issued and outstanding as of March 31, 2017 and December 31, 2016                  |  |             | 10,146      |   |              |  
|Additional paid-in capital                                                                                                                                     |  |             | 35,998,253  |   |              |  
|Accumulated deficit                                                                                                                                            |  |             | (42,442,652 | ) |              |  
|Total shareholders’ equity (deficit)                                                                                                                           |  |             | (6,434,253  | ) |              |  
|                                                                                                                                                               |  |             |             |   |              |  
|Total liabilities and shareholders’ equity (deficit)                                                                                                           |  | $           | -           |   |              | $



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



2







Dominion Minerals Corp. and Subsidiaries

Consolidated Statements of Operations

(Unaudited)



|                                                           |  | For the three |             |   | For the three |  
|---------------------------------------------------------- |  | ------------- | ----------- | - | ------------- | -
|                                                           |  | months ended  |             |   | months ended  |  
|                                                           |  | March 31,     |             |   | March 31,     |  
|                                                           |  | 2017          |             |   | 2016          |  
|                                                           |  |               |             |   |               |  
|Revenue                                                    |  | $             | -           |   |               | $
|Cost of sales                                              |  |               | -           |   |               |  
|                                                           |  |               |             |   |               |  
|Gross profit                                               |  |               | -           |   |               |  
|                                                           |  |               |             |   |               |  
|Officer compensation                                       |  |               | 143,750     |   |               |  
|General and administrative expenses                        |  |               | 1,539       |   |               |  
|                                                           |  |               |             |   |               |  
|Loss from operations                                       |  |               | (145,289    | ) |               |  
|                                                           |  |               |             |   |               |  
|Other (expense) income                                     |  |               |             |   |               |  
|Interest expense, net                                      |  |               | (11,591     | ) |               |  
|Total other expense, net                                   |  |               | (11,591     | ) |               |  
|                                                           |  |               |             |   |               |  
|Loss before provision for income taxes                     |  |               | (156,880    | ) |               |  
|                                                           |  |               |             |   |               |  
|Provision for income taxes                                 |  |               | -           |   |               |  
|                                                           |  |               |             |   |               |  
|Net loss                                                   |  |               | (156,880    | ) |               |  
|                                                           |  |               |             |   |               |  
|Loss per share                                             |  |               |             |   |               |  
|Basic and diluted loss per share                           |  | $             | (0.00       | ) |               | $
|                                                           |  |               |             |   |               |  
|Basic and diluted weighted average number of common shares |  |               | 101,453,678 |   |               |  



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



3







Dominion Minerals Corp. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)



|                                                                            |  | For the three |          |   | For the three |  
|--------------------------------------------------------------------------- |  | ------------- | -------- | - | ------------- | -
|                                                                            |  | months ended  |          |   | months ended  |  
|                                                                            |  | March 31,     |          |   | March 31,     |  
|                                                                            |  | 2017          |          |   | 2016          |  
|                                                                            |  |               |          |   |               |  
|CASH FLOWS FROM OPERATING ACTIVITIES:                                       |  |               |          |   |               |  
|Net loss                                                                    |  |               | (156,880 | ) |               | $
|Adjustments to reconcile net loss to net cash used in operating activities: |  |               |          |   |               |  
|Interest                                                                    |  |               | 11,591   |   |               |  
|Changes in operating assets and liabilities:                                |  |               |          |   |               |  
|Accrued liabilities                                                         |  |               | 3        |   |               |  
|Compensation due to officers                                                |  |               | 112,661  |   |               |  
|Net cash used in operating activities                                       |  |               | (32,625  | ) |               |  
|                                                                            |  |               |          |   |               |  
|CASH FLOWS FROM FINANCING ACTIVITIES:                                       |  |               |          |   |               |  
|Proceeds received from Litigation Funding Contingency                       |  |               | 32,625   |   |               |  
|Net cash provided by financing activities                                   |  |               | 32,625   |   |               |  
|                                                                            |  |               |          |   |               |  
|NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                        |  |               | -        |   |               |  
|                                                                            |  |               |          |   |               |  
|CASH AND CASH EQUIVALENTS, beginning of the period                          |  |               | -        |   |               |  
|                                                                            |  |               |          |   |               |  
|CASH AND CASH EQUIVALENTS, end of period                                    |  |               | -        |   |               | $
|                                                                            |  |               |          |   |               |  
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                           |  |               |          |   |               |  
|Cash paid during the year:                                                  |  |               |          |   |               |  
|Interest paid                                                               |  | $             | -        |   |               | $
|Income tax paid                                                             |  | $             | -        |   |               | $



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



4









DOMINION MINERALS CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS

MARCH 31, 2017



| | 1. | Nature of Business and Significant Accounting Policies
| | -- | ------------------------------------------------------



| | a. | Nature of business – Dominion Minerals Corp.
(“Company”) was incorporated January 4, 1996, under the laws of the state of Delaware. The Company is engaged in the
exploration of precious and base metals including gold and copper. The current potential property under exploration is located
in the Republic of Panama (“Panama”).
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



From September 2005 to November
2007, the Company changed its name 4 times to reflect the changing business plans. The original name of the Company was ObjectSoft
Corporation. In June 2005, the name was changed to Nanergy, Inc. In June 2006, the name was changed to Xacord Corp., in January
2007, the name was changed to Empire Minerals Corp, and in November 2007, the name was changed to its current name, Dominion Minerals
Corp.





| | b. | Basis of presentation– The interim condensed consolidated financial statements included herein are unaudited; however, they contain all normal
recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s consolidated
financial position as of March 31, 2017, the consolidated results of its operations for the three months ended March 31, 2017
and 2016 and its consolidated cash flows for the three months ended March 31, 2017 and 2016. The results of operations for any
interim period are not necessarily indicative of the results to be expected for the full fiscal year.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





The interim condensed consolidated financial statements include the financial statements of the
Company and its wholly-owned subsidiaries Empire Minerals Corp, a Nevada Corporation and Cuprum Resources Corp., a Panamanian Corporation.
All significant inter-company transactions and balances have been eliminated in consolidation.



The Company is currently in a
stage which is characterized by significant expenditures for the examination and development of exploration opportunities by its
subsidiaries. The subsidiaries’ focus for the foreseeable future will continue to be on securing joint venture agreements to begin
conducting mining operations.



Management has included all normal
recurring adjustments considered necessary to give a fair presentation of operating results for the periods presented.



| | c. | Use of estimates– The preparation of financial
statements in conformity with accounting principles generally accepted in the United States of America requires management to
make estimates and assumptions that affect certain reported amounts and disclosures. The significant estimates made in the preparation
of the Company’s consolidated financial statements relate to the fair value of various accruals. Actual results could differ
from those estimates.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | d. | Cash and cash equivalents– For purposes of
the statements of cash flows, the Company defines cash equivalents as all highly liquid debt instruments purchased with original
maturities of three months or less. The Company has a cash balance of $0 as of March 31, 2017 and December 31, 2016, respectively,
which is included in cash and cash equivalents.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | e. | Concentration of risk– Financial instruments,
which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents. The Company maintains
cash deposits in financial institutions that do not exceed the amounts insured by the U.S. government. As of March 31, 2017 and
December 31, 2016, the Company’s bank balances did not exceed government-insured limits.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Company has an investment in copper
mining activities in Panama. Accordingly, the Company’s mining business, financial condition and results of operations may
be influenced by the political, economic and legal environments in Panama, and by the general state of their economies. The Company’s
foreign operations are subject to specific considerations and significant risks not typically associated with companies in the
United States. These include risks associated with, among others, the political, economic and legal environments and foreign currency
exchange. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations,
anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.



5







DOMINION MINERALS CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017



| | f. | Net loss per share – In accordance with ASC
260, Earnings Per Share, basic earnings/loss per common share (“EPS”) is computed by dividing net earnings/loss
for the period by the weighted average number of common shares outstanding during the period. Under ASC 260, diluted earnings/loss
per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional
common shares that would have been outstanding if the potential common shares had been issued and dilutive. The total amount of additional shares that would be
added on a fully diluted basis  at March 31, 2017 and 2016 is 45,201,990 shares of the Company’s common stock.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | g. | Income Taxes – The Company provides for income
taxes under ASC 740Income Taxes.ASC 740 requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities using
the enacted income tax rate expected to apply to taxable income in the period in which the deferred tax assets or liabilities
are expected to be settled or realized. ASC 740 requires that a valuation allowance be established if necessary, to reduce the
deferred tax assets to the amount that management believes is more likely than not to be realized. The provision for federal income
tax differs from that computed amount by applying federal statutory rates to income before federal income tax expense mainly due
to expenses that are not deductible and income that is not taxable for federal income taxes, including permanent differences such
as non-deductible meals and entertainment.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



A tax position is recognized
as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with
a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50%
likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit
is recorded. The adoption had no effect on the Company’s consolidated financial statements.



| | h. | Stock-based compensation – The Company records stock-based
compensation in accordance with ASC 718. ASC 718 requires companies to measure compensation cost for stock-based employee compensation
at fair value at the grant date and recognize the expense over the employee’s requisite service period.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Company uses the Black-Scholes
option-pricing model which was developed for use in estimating the fair value of options. Option-pricing models require the input
of highly complex and subjective variables including the expected life of options granted and the Company’s expected stock
price volatility over a period equal to or greater than the expected life of the options. Because changes in the subjective assumptions
can materially affect the estimated value of the Company’s employee stock options, it is management’s opinion that
the Black-Scholes option-pricing model may not provide an accurate measure of the fair value of the Company’s employee stock
options. Although the fair value of employee stock options is determined by using an option-pricing model,,that value may not be
indicative of the fair value observed in a willing buyer/willing seller market transaction. The Company’s volatility is based
on the historical volatility of the Company’s stock or the expected volatility of similar companies. The expected life assumption
is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate
for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.



Further, for stock, options,
and warrants issued to service providers and founders, the Company follows ASC 505-50-30-11 (previously EITF 96-18) which requires
recording the options and warrants at the fair value of the service provided and expensing over the related service periods.



6







DOMINION MINERALS CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017



| | i. | Recently Issued Accounting Pronouncements – The
Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and
does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact
on its financial position or results of operations.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Going Concern
| | -- | -------------



The Company has had no revenues
or cash flows from operations. The Company has an accumulated deficit of $42,442,652 and $42,285,772 as of March 31, 2017 and
December 31, 2016, respectively, and has insufficient sources of cash to execute its business plan, raising substantial doubt
about its ability to continue as a going concern. In response to these conditions, management is continuing to seek both debt
and equity financing from various sources, although there are no guarantees that they will be successful in their endeavors. No
adjustment has been made to the accompanying consolidated financial statements as a result of this uncertainty.



| | 3. | Convertible Note Payable and Short Term Loan
| | -- | --------------------------------------------



| | a. | On November 27, 2009, Dominion Minerals Corp. (the “Company”)
entered into and closed on a Convertible Loan Agreement (the “Loan Agreement”) to sell to non-US persons the convertible
note due 2010 (the “Note”) in the aggregate principal amount of $2,000,000 and warrants to purchase up to 10,000,000
shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), with an exercise price
of $0.15 per share for a total purchase price of $2,000,000.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Note matured one year after
the date of issuance. The Note pays interest at a rate of 2.28% per annum, which is payable at maturity, and is convertible
into shares of Common Stock at a conversion price equal to $0.10 per share (the “Conversion Price”). The Conversion
Price is subject to adjustment for certain events, including the dividends, distributions or split of the Company’s Common
Stock, or in the event of the Company’s consolidation, merger or reorganization. In the event of a conversion, accrued interest
shall be automatically converted into common stock. In addition, the Company has the right to prepay the entire outstanding principal
due under the Notes upon a three business day notice.



The Company’s obligations
under the Loan Agreement and the Note are secured by the pledge of 5,000,000 shares of Cuprum Resources Corp., a corporation organized
under the laws of the Republic of Panama (“Cuprum”), owned by the Company pursuant to a Pledge Agreement dated as of
November 30, 2009 by and among the Company, Cuprum and the investor. The pledged shares represent all of the issued and outstanding
equity shares of Cuprum.



Warrants to purchase shares of
Common Stock expired one year from the closing of the Note.



On May 3, 2010, the Ministry
of Commerce and Industry of the Republic of Panama declared the Company’s Mineral Concession as a Mining Reserve by posting
a Resolution in the Gaceta Oficial of Panama. Pursuant to the Resolution, no further exploration activities are to be performed
on the concession site. The Company has disputed the declaration and Resolution by MICI and has commenced legal action against
the Republic of Panama. Accordingly, the Company notified the Note Holder of such events and how it relates to their inability
to perform pursuant to the terms of the Concession Agreement and subsequently the terms of the Note, to support its claim of a
force majeure and its inability to repay the Note. To date, because of the Company’s inability to resume exploration activities
on the Mineral Concession, the Company has been unable to repay the Note and the Note Holder has not converted the Note. The Company
incurred interest expense in the amounts of $11,403 as of March 31, 2017 and March 31, 2016. As of March 31, 2017 and December
31, 2016, the total amount due for the Convertible Note payable is $2,334,565 and $2,323,162, respectively.





7







DOMINION MINERALS CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017



| | b. | On July 1, 2013, the Company
executed 4 Convertible Promissory Notes (“Convertible Promissory Notes”) in the aggregate amount of $75,000. The Convertible
Promissory Notes were payable in 1 year, bearing interest at a rate of 1% annum for the term of the note. On November 1, 2014,
the Company and each Note Holder entered into an agreement to extend the maturity date of the Notes to the earlier of December
31, 2016 or the date of any award granted to the Company in the litigation action between the Company and the Republic of Panama.
The Holders of the Convertible Promissory Notes may convert the principal amount for shares of the Company’s common stock
equal to the aggregate of 7.5% of the total issued and outstanding shares of the Company’s common stock. The Company incurred
interest expense in the amounts of $188 for the three months ended March 31, 2017 and 2016. As of March 31, 2017 and December 31,
2016, the total amounts due for the Convertible Promissory Notes is $77,813 and $77,625, respectively.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | Contingent Liability
| | -- | --------------------



On June 18, 2015, the Company
entered into a Litigation Funding Agreement (“LFA”) with Therium Capital Management Limited (“Therium”),
to fund its litigation against the Republic of Panama. The terms of the LFA allow for funding of up to $8,000,000 of the Company’s
litigation costs and require repayment of 2.5 times of the amount funded to the Company for such legal costs. The Company
will be required to share a percentage of any amount awarded to the Company with Therium. In addition to the litigation costs funded,
Therium has directly funded the Company certain operating expenses which shall be repaid under the same terms as the litigation
costs funded by Therium. The Company has recorded such advances as a Contingent Liability. As of March 31, 2017 and December 31,
2016, Therium advanced the Company a total of $95,000 and $62,375 for operating expenses which the Company recorded as a Contingent
Liability. The Company will only be required to repay such expenses in the event of an award to the Company.



| | 5. | Shareholders’ equity
| | -- | --------------------



The Company is authorized to
issue 705,000,000 shares: 700,000,000 shares of $0.0001 par value common stock and 5,000,000 shares of $0.0001 par value preferred
stock. As of March 31, 2017 and December 31, 2016, the Company has 101,453,678 shares of common stock outstanding and 200 shares
of Series A preferred stock outstanding.



The Company’s authorized Series A preferred stock
consists of 200 shares and has relative rights, preferences, privileges and limitations as follows:



| | · | The Series A has a super voting right in that it votes
together with the common stock and any other class of stock entitled to vote with the common stock all as a single class, with
each 100 shares of Series A entitled to 40% of all votes to be cast on any matter;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The Series A is not convertible and is not entitled to
any dividends or any distribution in liquidation of the Company;
| | - | -----------------------------------------------------------------------------------------------------------------------



| | · | The Series A is not transferable in any manner without
the unanimous vote of the Company’s Board of Directors;
| | - | --------------------------------------------------------------------------------------------------------------



8







DOMINION MINERALS CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017



| | · | Without the unanimous consent of the holders of the Series
A stock, there shall not be any change made to the Rights of the Series A or to create any stock with equal or superior voting
right to the Series A stock or authorize any additional shares of Series A stock; and
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Upon the occurrence of a Qualified
IPO by the Company, the Series A stock shall be automatically cancelled and returned to the status of undersigned authorized but
unissued preferred stock. “Qualified IPO” means the sale of common stock of the Company in an underwritten public offering
or resale registration under the Securities Act of 1933 which results in the Company having a market capitalization in excess of
$100,000,000, based on the average closing price of the Company’s common stock for 10 consecutive trading days.



| | 6. | Income Taxes
| | -- | ------------



Deferred income taxes reflect the net tax
effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the
amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at March
31, 2017 and December 31, 2016 are as follows:



|                                       |  | March 31,  2017 |          |   | December 31, 2016 |  
|-------------------------------------- |  | --------------- | -------- | - | ----------------- | -
|Net operating loss                     |  | $               | 156,880  |   |                   | $
|Adjustment for unpaid accrued salaries |  |                 | (125,791 | ) |                   |  
|Adjusted net operating loss            |  |                 | 31,089   |   |                   |  
|Effective income tax rate              |  |                 | 40       | % |                   |  
|Total deferred tax assets              |  |                 | 12,436   |   |                   |  
|Less: valuation allowance              |  |                 | (12,436  | ) |                   |  
|Total deferred tax assets              |  |                 | -        |   |                   | $



The Company’s deferred
tax assets as of March 31, 2017 and December 31, 2016 of $16,926,745 and $16,914,309, respectively, was fully offset by a valuation
allowance, resulting in net deferred tax assets of $0 because of the uncertainty of the Company’s ability to utilize the
net operating loss carry-forward against future earnings.



The reconciliation of the effective
income tax rate to the federal statutory rate for the period ended March 31, 2017 and March 31, 2016 is as follows:



|                                  |  | 2017 |     |    | 2016 | 
|--------------------------------- |  | ---- | --- | -- | ---- | 
|Federal income tax rate           |  |      | 34  | %  |      | 
|State tax, net of federal benefit |  |      | 6   | %  |      | 
|Increase in valuation allowance   |  |      | (40 | )% |      | 
|Effective income tax rate         |  |      | -   | %  |      | 



The deferred tax assets result
from net operating loss carry-forwards. These assets will therefore reverse either upon their utilization against taxable income
or upon their statutory expiration. Net operating loss carry-forwards will expire beginning in 2026 through 2035.



The Company’s last tax
return submitted was for the year ended December 31, 2007. The Company’s tax returns for the years ended December 31, 2008
through 2016 are open for examination by the tax federal and state tax authorities.



9







DOMINION MINERALS CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017





| | 7. | Commitments and contingencies– On December
1, 2007, the Company entered into Employment Agreements with its Chief Executive Officer and its Chief Financial Officer. The
agreements have terms of five years and three years, respectively. The agreements are automatically renewed for one-year term
unless the Company or Executive gives 90 days prior written notice to terminate the agreement.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | Legal Proceedings  – On December 5, 2013, the Company notified the Panamanian
                                                                             government of the Company’s intent to initiate arbitration proceedings under the U.S.-Panama Bilateral Investment
                                                                             Treaty (“U.S.-Panama BIT”) and the US.-Panama Trade Promotion Agreement (“U.S.-Panama TPA”).  As
                                                                             the Panamanian government has not responded to the Company’s requests to discuss a negotiated settlement, The
                                                                             Company has filed a formal Request for Arbitration at the International Centre for Settlement of Investment Disputes
                                                                             (“ICSID”) on March 30, 2016.  The Company is seeking relief in the amount of $268.3 million in the
                                                                             arbitration. There can be no assurance that it will be successful or recover any amount.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The dispute involves the Panamanian government’s
interference with the Company’s investment in the mining concession.  Cuprum owns the exploration rights to the Cerro
Chorcha concession.  As discussed above, the Panamanian Ministry of Commerce and Industry (“MICI”) was named as
a defendant in a lawsuit brought by Cesar Salazar in December 2009, which led to the “provisional suspension” on all
actions involving the Cerro Chorcha.  Awaiting resolution of the lawsuit, the Company filed an application for an extension
of its exploration rights in March 2010, one month before the initial exploration concession was to expire.  However, despite
the provisional suspension placed on the Cerro Chorcha, the Panamanian government designated the Cerro Chorcha as a “mining
reserve” in April 2010 without considering the Company’s extension request, with the purpose and intent of reverting
ownership of the concession to the Panamanian government.  Furthermore, the Panamanian government subsequently passed legislation
that annulled existing mining concessions in the area encompassing Cerro Chorcha in March 2013.  The Company believes that
these actions of the Panamanian government are unlawful and contravene Panama’s international obligations under the U.S.-Panama
BIT and the U.S.-Panama TPA.



On June 18, 2015, the Company entered into a Litigation Funding
Agreement (“LFA”) with Therium Capital Management Limited, to fund its litigation against the Republic of Panama. The
terms of the LFA allow for funding of up to $8,000,000 of the Company’s litigation costs and require repayment of 2.5 times
of the amount funded to the Company for such legal costs. In addition, the Company will be required to share a percentage of any
amount awarded to the Company with Therium.



| | 9. | Subsequent Events
| | -- | -----------------



For the purpose of the accompanying consolidated
financial statements, subsequent events have been evaluated through the date these financial statements were issued.



There are no such subsequent events to
report.



10







ITEM 2. MANAGEMENT’S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS



FORWARD-LOOKING STATEMENTS



This Management’s Discussion and Analysis
of Financial Condition and Results of Operations (MD&A) contains forward-looking statements that involve known and unknown
risks, significant uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements
to be materially different from any future results, levels of activity, performance or achievements expressed, or implied, by those
forward-looking statements. You can identify forward-looking statements by the use of the words may, will, should, could, expects,
plans, anticipates, believes, estimates, predicts, intends, potential, proposed, or continue or the negative of those terms. These
statements are only predictions. In evaluating these statements, you should consider various factors which may cause our actual
results to differ materially from any forward-looking statements. Although we believe that the exceptions reflected in the forward-looking
statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Therefore, actual
results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation
to revise or update publicly any forward-looking statements for any reason.



Recent Developments



Panamanian Venture



On December 5, 2013, the Company notified
the Panamanian government of the Company’s intent to initiate arbitration proceedings under the U.S.-Panama Bilateral Investment
Treaty (“U.S.-Panama BIT”) and the U.S.-Panama Trade Promotion Agreement (“U.S.-Panama TPA”).



The dispute involves the Panamanian government’s
interference with the Company’s investment in the mining concession.  Cuprum owns the exploration rights to the Cerro
Chorcha concession.  The Panamanian Ministry of Commerce and Industry (“MICI”) was named as a defendant in a lawsuit
brought by Cesar Salazar in December 2009, which led to the “provisional suspension” on all actions involving the Cerro
Chorcha.  Awaiting resolution of the lawsuit, the Company filed an application for an extension of its exploration rights
in March 2010, one month before the initial exploration concession was to expire.  However, despite the provisional suspension
placed on the Cerro Chorcha, the Panamanian government designated the Cerro Chorcha as a “mining reserve” in April
2010 without considering the Company’s extension request, with the purpose and intent of reverting ownership of the concession
to the Panamanian government.  Furthermore, the Panamanian government subsequently passed legislation that annulled existing
mining concessions in the area encompassing Cerro Chorcha in March 2013.  The Company believes that these actions of the Panamanian
government are unlawful and contravene Panama’s international obligations under the U.S.-Panama BIT and the U.S.-Panama TPA.



As the Panamanian government has not responded
to the Company’s requests to discuss a negotiated settlement, The Company filed a formal request for arbitration at the International
Centre for Settlement of Investment Disputes (“ICSID”) on March 29, 2016. This request was filed with the Secretary-General
of the ICSID under the terms of the U.S.-Panama Bilateral Investment Treaty (the U.S.-Panama BIT). The Request for Arbitration
is the result of the above mentioned longstanding dispute arising from Panama’s expropriation of Dominion’s substantial
investment in the Cerro Chorcha mining concession. The status of the case today is pending. The Company and the Republic of
Panama have selected a panel and awaiting dates for future hearings.



The Request for Arbitration sets forth
Dominion’s claims as follows:



| | · | Panama’s actions amounted to an expropriation of Dominion’s investment within the meaning
of Article IV of the U.S.-Panama BIT, as they had the effect of depriving Dominion of all or substantially all of its investment
in Cerro Chorcha; and
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Panama’s actions breached its obligations under Article II of the U.S.-Panama BIT to accord
fair and equitable treatment to Dominion with respect to its investment in Cerro Chorcha.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



11







The amount of relief that the Company is
seeking in the Request of Arbitration is $268,300,000. There can be no assurance that it will be successful or recover any amount.



Current Status of the Company



The Company currently has two employees,
which are its Chief Executive Officer and Chief Financial Officer. As of the date of filing of this Quarterly Report, neither of
the employees is receiving the full amount of compensation due to them, due to a lack of available funds. The majority of
the salaries due to the employees have been deferred by mutual agreement between the Company and the employees. The Company is
negotiating funding arrangements from several existing investors.



Results of Operations for the three months ended March 31,
2017 and 2016



The following gives a summary of the most
recent Statement of Operations data of Dominion Minerals Corp. for the three months ended March 31, 2017 and 2016.



|                        |  | Three Months  Ended |          |   | Three Months  Ended |  
|----------------------- |  | ------------------- | -------- | - | ------------------- | -
|                        |  | March 31,  2017     |          |   | March 31,  2016     |  
|Statement of Operations |  |                     |          |   |                     |  
|                        |  |                     |          |   |                     |  
|Revenue                 |  | $                   | -        |   |                     | $
|Net Loss                |  |                     | (156,880 | ) |                     |  
|Net Loss Per Share      |  | $                   | (0.00    | ) |                     | $



Revenue and Gross Profit



During the three months ended March 31,
2017 and 2016 the Company had no revenue, no costs affiliated with earning revenue and gross profit for the three months ended
March 31, 2017 and 2016 was $0.



Operating Expenses



Operating expenses for the three months
ended March 31, 2017 and 2016 consisted primarily of compensation to officers of $143,750.  Other operating expenses for the
three months ended March 31, 2017 and 2016 consisted of general and administrative expenses of $1,539 and $954, respectively.  General
& administrative expenses consisted of travel, transfer agent, office, telephone, internet and supplies expense to support
the day to day operations.



Loss from Operations



Loss from operations for the three months
ended March 31, 2017 and 2016 was $145,289 and $144,704, respectively. The losses for the three months ended March 31, 2017 and
2016 were primarily attributable to the officer compensation and general and administrative expenses described above of $145,289
and $144,704, respectively.



Net Loss



Net loss from operations for the three
months ended March 31, 2017 and 2016 was $156,880 and $156,295, respectively. The net losses were primarily attributable to the
loss from operations and interest expense for the Convertible Promissory Notes entered into by the Company and various investors.
Inflation did not have a material impact on the Company’s operations for the period. Management knows of no trends, demands,
or uncertainties that are reasonably likely to have a material impact on the Company’s results of operations.



12







Liquidity and Capital Resources



Cash and Working Capital



As of March 31, 2017 and December 31,
2016, we had a working capital deficit of $6,339,253 and $6,214,998, respectively.  Our current liabilities as of
March 31, 2017 and December 31, 2016 of $6,339,253 and $6,214,998, respectively, exceeded our current assets as of March 31,
2017 and December 31, 2016 of $0.  We had an accumulated deficit of $42,442,652 and 42,285,772 on March 31, 2017
and March 31, 2016, respectively.



We had a cash balance of $0 on March 31,
2017 and December 31, 2016, respectively.  Net cash used for operating activities for the three months ended March 31,
2017 and 2016 was $32,625 and $64, respectively. The net loss for the three months ended March 31, 2017 and 2016 was $156,880 and
$156,295, respectively. Cash used in operating activities was for compensation, professional fees and general and administrative
expenses.



Net cash provided by all financing activities
for the three months ended March 31, 2017 and 2016 was $32,625 and $0, respectively. This consisted of $32,625 and $0 for the three
months ended March 31, 2017 and 2016, respectively, in proceeds  from the litigation funding company recorded as a contingent
liability.  For the three months ended March 31, 2017 and 2016, we had net cash flows of $0 and $(64), respectively.





ITEM 3. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK



Disclosure in response to this item is
not required of a smaller reporting company.



ITEM 4. CONTROLS AND PROCEDURES



Disclosures Control and Procedures





Our management, including our principal
executive officer and principal financial officer, evaluated the disclosure controls and procedures related to the recording,
processing, summarization and reporting of information in the periodic reports that we file with the SEC. These disclosure controls
and procedures have been designed to ensure that information required to be disclosed by the Company in the reports that it files
or submits under the Exchange Act is (a) recorded, processed, summarized and reported, within the time periods specified in the
SEC’s rules and forms and (b) accumulated and communicated to our management, including our principal executive officer
and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation,
our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective
at the reasonable assurance level as of March 31, 2017.





Changes in internal controls over financial
reporting



There was no change in our internal
controls over financial reporting that occurred during the period covered by this Report, which has materially affected, or is
reasonably likely to materially affect, our internal controls over financial reporting:



This quarterly report does not include
an attestation report of the Company’s registered independent public accounting firm regarding internal control over financial
reporting.  Management’s report was not subject to attestation by the Company’s registered independent public
accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s
report in this Quarterly Report on Form 10-Q.





13







PART II  – OTHER INFORMATION



ITEM 1. LEGAL PROCEEDINGS



Neither the Company or the Nevada Subsidiary
nor any of their property is a party or subject to any pending legal proceeding. The Company is not aware of any contemplated or
threatened legal proceeding against it or the Nevada Subsidiary by any governmental authority or other party.



On December 5, 2013, the Company notified
the Panamanian government of the Company’s intent to initiate arbitration proceedings under the U.S.-Panama Bilateral Investment
Treaty (“U.S.-Panama BIT”) and the U.S.-Panama Trade Promotion Agreement (“U.S.-Panama TPA”).



The dispute involves the Panamanian government’s
interference with the Company’s investment in the mining concession.  Cuprum owns the exploration rights to the Cerro
Chorcha concession.  The Panamanian Ministry of Commerce and Industry (“MICI”) was named as a defendant in a lawsuit
brought by Cesar Salazar in December 2009, which led to the “provisional suspension” on all actions involving the Cerro
Chorcha.  Awaiting resolution of the lawsuit, the Company filed an application for an extension of its exploration rights
in March 2010, one month before the initial exploration concession was to expire.  However, despite the provisional suspension
placed on the Cerro Chorcha, the Panamanian government designated the Cerro Chorcha as a “mining reserve” in April
2010 without considering the Company’s extension request, with the purpose and intent of reverting ownership of the concession
to the Panamanian government.  Furthermore, the Panamanian government subsequently passed legislation that annulled existing
mining concessions in the area encompassing Cerro Chorcha in March 2013.  The Company believes that these actions of the Panamanian
government are unlawful and contravene Panama’s international obligations under the U.S.-Panama BIT and the U.S.-Panama TPA.



As the Panamanian government has not responded
to the Company’s requests to discuss a negotiated settlement, The Company filed a formal request for arbitration at the International
Centre for Settlement of Investment Disputes (“ICSID”) on March 29, 2016. This request was filed with the Secretary-General
of the ICSID under the terms of the U.S.-Panama Bilateral Investment Treaty (the U.S.-Panama BIT). The Request for Arbitration
is the result of the above mentioned longstanding dispute arising from Panama’s expropriation of Dominion’s substantial
investment in the Cerro Chorcha mining concession.



The Request for Arbitration sets forth
Dominion’s claims as follows:



| | · | Panama’s actions amounted to an expropriation of Dominion’s investment within the meaning
of Article IV of the U.S.-Panama BIT, as they had the effect of depriving Dominion of all or substantially all of its investment
in Cerro Chorcha; and
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Panama’s actions breached its obligations under Article II of the U.S.-Panama BIT to accord
fair and equitable treatment to Dominion with respect to its investment in Cerro Chorcha.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The amount of relief that the Company is seeking in the Request
of Arbitration is $268,300,000. There can be no assurance that it will be successful or recover any amount.



ITEM 6.  EXHIBITS



|ExhibitNumber |  | Description of Exhibit                                                       |  | FilingReference
|------------- |  | ---------------------------------------------------------------------------- |  | ---------------
|              |  |                                                                              |  |                
|31.1          |  | Certification of Principal Executive Officer Pursuant to Rule 13a-14.        |  | Filed herewith.
|              |  |                                                                              |  |                
|31.2          |  | Certification of Principal Executive Officer Pursuant to Rule 13a-14.        |  | Filed herewith.
|              |  |                                                                              |  |                
|32.1          |  | CRO and COO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act. |  | Filed herewith.



14







SIGNATURES



Pursuant to the requirements of Section 13 or 15(d) of
the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.



|                      | DOMINION MINERALS CORP.        | 
|--------------------- | ------------------------------ | 
|                      |                                | 
|                      |                                | 
|Dated: August 4, 2017 | /s/ Diego E. Roca              | 
|                      | By: Diego E. Roca              | 
|                      | Title: Chief Financial Officer | 



15