Millennium Silver : Financials

MILLENNIUM SILVER CORP.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31, 2023 AND 2022

(Expressed in Canadian Dollars)

(unaudited)

NOTICE OF NO AUDITOR REVIEW OF CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited condensed consolidated financial statements of Millennium Silver 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.

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 an auditor has not reviewed the financial statements.

The accompanying unaudited condensed consolidated financial statements of 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 Chartered Professional Accountants of Canada for a review of the interim financial statements by an entity's auditor.

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Millennium Silver Corp.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in Canadian Dollars)

	March 31,	December 31,
	2023	2022
	$	$
	(unaudited)
Assets
Current
Cash	19,215	3,431
Amounts receivable	1,824	1,524
Prepaid expenses	125	125
Total current assets	21,164	5,080
Non-current assets
Exploration and evaluation assets (Note 5)	6,641,255	6,643,945
Total assets	6,662,419	6,649,025
Current
Accounts payable and accrued liabilities	102,636	77,806
Loan payable (Note 6)	160,281	160,323
Due to related parties (Note 8)	114,448	100,262
Convertible debentures	-	-
Total liabilities	377,365	338,391
Shareholders' equity
Share capital (Note 7)	20,476,468	20,476,468
Equity reserves	1,356,904	1,336,404
Accumulated other comprehensive income	1,454,131	1,459,471
Deficit	(17,002,449)	(16,961,709)
Total shareholders' equity	6,285,054	6,310,634
Total liabilities and shareholders' equity	6,662,419	6,649,025

Nature of operations (Note 1)

Approved and authorized for issuance on behalf of the Board of Directors on May 29, 2023:

"John A. Versfelt"		Director
" Robert Drago"		Director

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

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Millennium Silver Corp.

CONDENSED CONSOLIDATED STATEMENTS ON OPERATIONS AND COMPREHENSIVE LOSS (Expressed in Canadian Dollars)

(unaudited)

For the three months ended

March 31,

	2023	2022
	$	$
Expenses
Accounting and legal	19,500	26,037
Administration fees (Note 8)	6,000	6,503
Consulting fees (Note 8)	-	45
Directors' fees (Note 8)	4,500	4,875
Foreign exchange loss (gain)	(247)	627
Office and miscellaneous	400	691
Rent	3,000	3,000
Share-based compensation (Note 7 and 8)	-	-
Transfer agent and filing fees	6,629	6,028
Total expenses	39,782	47,806
Loss before other expense	(39,782)	(47,806)
Other expense
Accretion of discount on convertible debentures	-	(339)
Interest expense	(958)	(600)
Total other expense	(958)	(939)
Net loss for the period	(40,740)	(48,745)
Other comprehensive income (loss)
Foreign currency translation gain (loss)	(5,340)	(100,142)
Comprehensive loss for the period	(46,080)	(148,887)
Loss per share, basic and diluted	-	-
Weighted average number of shares outstanding, basic and diluted	221,433,004	221,433,004

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

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Millennium Silver Corp.

CONDENSED CONSOLIDATED STATEMENTS ON CHANGES IN EQUITY (Expressed in Canadian Dollars)

(unaudited)

				Accumulated		Total
				other
	Share Capital	Equity	comprehensive		shareholders'
	Number of	Amount	reserves	income	Deficit	equity
	shares	$	$	$	$	$
Balance, December 31, 2022	221,505,226	20,476,468	1,336,404	1,459,471	(16,961,709)	6,310,634
Share subscriptions received	-	-	20,500	-	-	20,500
Foreign currency translation adjustment	-	-	-	(5,340)	-	(5,340)
Net loss for the period	-	-	-	-	(40,740)	(40,740)
Balance, March 31, 2023	221,505,226	20,476,468	1,356,904	1,454,131	(17,002,449)	6,285,054
Balance, December 31, 2021	221,005,226	20,468,968	1,336,404	1,035,039	(16,766,417)	6,073,994
Shares issued for exploration and evaluation	500,000	7,500	-	-	-	7,500
Foreign currency translation adjustment			-	(100,142)	-	(100,142)
Net loss for the period	-	-	-	-	(48,745)	(48,745)
Balance, March 31, 2022	221,505,226	20,476,468	1,336,404	934,897	(16,815,162)	5,932,607

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

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