Goldquest Mining : Q1 2023 FINANCIAL STATEMENTS

GOLDQUEST MINING CORP.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2023

(UNAUDITED)

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 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.

The accompanying unaudited interim financial statements of GoldQuest Mining Corp. for the three months ended March 31, 2023 have been prepared by the management of the Company and approved by the Company's Audit Committee and the Company's Board of Directors.

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

Table of Contents
Condensed Consolidated Interim Statements of Financial Position (unaudited)	4
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (unaudited)	5
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (unaudited)	6
Condensed Consolidated Interim Statements of Cash Flows (unaudited)	7
Notes to the Condensed Consolidated Interim Financial Statements (unaudited)	8
1.	Corporate information and continuance of operations	8
2.	Significant accounting standards and basis of preparation	9
3.	Joint operation	9
4.	Cash and cash equivalents	9
5.	Long-term investments	10
6.	Equipment	10
7.	Evaluation and exploration assets	11
8.	Evaluation and exploration costs	12
9.	Accounts payable and accrued liabilities	12
10.	Share capital	13
11.	Related party transactions and balances	14
12.	Commitment	14
13.	Segmented information	15
14.	Capital management	15
15.	Financial instruments	16

GoldQuest Mining Corp.

Condensed Consolidated Interim Statements of Financial Position (unaudited) (Expressed in Canadian Dollars)

	As at	March 31,	December 31,
		2023	2022
	Note(s)	$	$
ASSETS
Current assets
Cash and cash equivalents	4	11,005,859	11,796,562
Amounts receivable		78,744	71,456
Prepaid expenses		131,261	127,843
Deposits		23,249	22,077
		11,239,113	12,017,938
Non-current assets
Long-term investments	5	21,000	22,500
Equipment	6	35,470	41,718
Evaluation and exploration assets	7	1	1
		56,471	64,219
TOTAL ASSETS		11,295,584	12,082,157
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	9, 11	209,356	140,719
TOTAL LIABILITIES		209,356	140,719
SHAREHOLDERS' EQUITY
Share capital	10	73,461,074	73,461,074
Stock options reserve	10	2,165,191	2,138,732
Additional paid-in capital	10	18,621,296	18,621,296
Deficit		(83,158,333)	(82,278,164)
Accumulated other comprehensive income (loss)		(3,000)	(1,500)
TOTAL SHAREHOLDERS' EQUITY		11,086,228	11,941,438
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		11,295,584	12,082,157
Corporate information and continuance of operations	1
Commitments	12
Segmented information	13

These unaudited condensed consolidated interim financial statements were approved for issue by the Board of Directors and signed on its behalf by:

/s/ Luis SantanaDirector

/s/ Florian SiegfriedDirector

See accompanying notes to these unaudited condensed consolidated interim financial statements.

GoldQuest Mining Corp.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (unaudited) (Expressed in Canadian Dollars)

	For the three months ended
	March 31,	March 31,
	2023	2022
Note(s)	$	$

Expenses

Consulting fees Depreciation

Evaluation and exploration costs Foreign exchange loss General and administrative Investor relations and promotion Management and directors' fees Professional fees

Regulatory and filing fees Rent

Salaries and wages Share-based payments Travel

	6,000	-
6	6,248	6,079
7	504,196	92,860
	62,597	40,552
	63,325	38,558
	42,963	22,391
11	140,686	93,000
	27,441	31,812
	11,922	10,714
	21,362	6,503
11	67,376	54,370
10, 11	26,459	133,713
	3,802	4,265

		(984,377)	(534,817)
Other income
Interest income		104,208	13,695
Net loss		(880,169)	(521,122)
Other comprehensive income (loss)
Change in fair value on available-for-sale investments	5	(1,500)	6,000
Total comprehensive loss		(881,669)	(515,122)

Basic and diluted loss per share for the period attributable to common shareholders ($ per common share)

Weighted average number of common shares outstanding - basic and diluted

(0.00) (0.00)

259,442,384 259,442,384

See accompanying notes to these unaudited condensed consolidated interim financial statements.