Goldquest Mining : Q2 2023 FINANCIAL STATEMENTS

GOLDQUEST MINING CORP.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 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 six months ended June 30, 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	15
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	June 30,	December 31,
		2023	2022
	Note(s)	$	$
ASSETS
Current assets
Cash and cash equivalents	4	10,332,573	11,796,562
Amounts receivable		73,977	71,456
Prepaid expenses		120,962	127,843
Deposits		24,489	22,077
		10,552,001	12,017,938
Non-current assets
Long-term investments	5	18,000	22,500
Equipment	6	29,488	41,718
Evaluation and exploration assets	7	1	1
		47,489	64,219
TOTAL ASSETS		10,599,490	12,082,157
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	9, 11	192,224	140,719
TOTAL LIABILITIES		192,224	140,719
SHAREHOLDERS' EQUITY
Share capital	10	73,461,074	73,461,074
Stock options reserve	10	2,183,606	2,138,732
Additional paid-in capital	10	18,621,296	18,621,296
Deficit		(83,852,710)	(82,278,164)
Accumulated other comprehensive income (loss)		(6,000)	(1,500)
Equity attributable to owners of the Company		10,407,266	11,941,438
TOTAL SHAREHOLDERS' EQUITY		10,407,266	11,941,438
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		10,599,490	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	For the six months ended
	June 30,	June 30,	June 30,	June 30,
	2023	2022	2023	2022
Note(s)	$	$	$	$

Expenses

Consulting fees Depreciation

Evaluation and exploration costs Foreign exchange (gain) 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	-	12,000	-
6	5,982	6,078	12,230	12,157
7	311,545	77,479	815,741	170,339
	(4,965)	(18,370)	57,632	22,182
	77,040	38,680	140,365	77,238
	7,980	10,961	50,943	33,352
11	143,474	93,000	284,160	186,000
11	73,326	111,117	100,767	142,929
	24,246	33,457	36,168	44,171
	22,891	7,989	44,253	14,492
11	68,720	55,507	136,096	109,877
10, 11	18,415	212,226	44,874	345,939
	218	1,554	4,020	5,819

		(754,872)	(629,678)	(1,739,249)		(1,164,495)
Other income
Interest income		60,495	30,750	164,703		44,445
Net loss		(694,377)	(598,928)	(1,574,546)		(1,120,050)
Other comprehensive income (loss)
Items that may be reclassified
subsequently to profit or loss:
Change in fair value on available-for-sale	5	(3,000)	(16,500)	(4,500)		(10,500)
investments
Total comprehensive loss		(697,377)	(615,428)	(1,579,046)		(1,130,550)
Basic and diluted loss per share for the
period attributable to common		(0.00)	(0.00)	(0.01)		(0.00)
shareholders ($ per common share)
Basic and diluted loss per share for the
period attributable to common		259,442,384	259,442,384	259,442,384	259,442,384
shareholders ($ per common share)

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