Mirasol Resources : Q3 Financial Statements and MD&A for March 31, 2024

MIRASOL RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

March 31, 2024

(Unaudited Expressed in Canadian Dollars)

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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

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

The Company's auditors have not performed a review of these condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

Mirasol Resources Ltd.

Condensed Consolidated Interim Statements of Financial Position

As of March 31, 2024, and June 30, 2023

(Expressed in Canadian Funds, except where indicated)

		March 31,		June 30,
ASSETS		2024		2023
Current Assets
Cash and cash equivalents (Note 3)	$	2,173,574	$	8,123,682
Prepaid, receivables and advances (Note 4)		164,048		203,786
Current portion of lease receivable (Note 7)		37,843		38,064
Due from JV partner		30,078		16,693
Marketable securities (Note 5)		98,590		155,669
		2,504,133		8,537,894
Non-Current Assets
Equipment		102,141		116,596
Right-of-use assets (Note 6)		29,545		46,966
Non-current portion of lease receivable (Note 7)		-		22,618
Exploration and evaluation assets (Note 8)		1,506,700		1,467,378
		1,638,386		1,653,558
Total Assets	$	4,142,519	$	10,191,452
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities	$	507,935	$	744,547
Current portion of lease liabilities (Note 7)		88,612		87,690
		596,547		832,237
Long-Term Liabilities
Non-current portion of lease liabilities (Note 7)		-		53,115
Total Liabilities	$	596,597	$	885,352
EQUITY
Share Capital (Note 10)	$	67,703,753	$	67,592,500
Reserves		20,301,510		19,578,061
Accumulated Other Comprehensive Loss		(34,515)		(29,756)
Deficit		(84,424,776)		(77,834,705)
		3,545,972		9,306,100
Total Liabilities and Equity	$	4,142,519	$	10,191,452
Nature of business (Note 1)
Commitments (Note 12)
On Behalf of the Board:

" Timothy Heenan "	,	Director
" Nick DeMare "	,	Director

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

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Mirasol Resources Ltd.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

For the Three and Nine Months Ended March 31,

(Expressed in Canadian Funds, except where indicated)

		For the Three Months Ended		For the Nine Months Ended
		March 31,		March 31,
		2024		2023		2024		2023
Expenses
Exploration expenditures		1,194,493		1,610,316		4,653,847		4,081,828
Business development		50,513		90,762		191,156		163,908
Marketing and investor communications		68,972		41,139		167,017		85,616
Management fees (Note 9a i)		105,191		115,091		479,593		462,464
Office and miscellaneous		71,741		66,207		197,097		174,239
Professional fees		101,170		42,976		285,166		125,401
Director fees (Note 9a iii)		25,200		25,200		75,600		75,600
Travel		25,225		45,429		44,904		63,204
Transfer agent and filing fees		510		3,315		9,312		11,672
Share-based payments (Note 9a ii, 10b ii)		181,421		150,790		832,577		800,102
Depreciation		14,877		18,188		44,631		51,267
		(1,839,313)		(2,209,413)		(6,980,900)		(6,095,301)
Loss before other items		(1,839,313)		(2,209,413)		(6,980,900)		(6,095,301)
Interest income		73,466		103,528		381,898		424,478
Interest expense (note 7)		(3,773)		(6,187)		(13,296)		(20,116)
Foreign exchange gain (loss)		24,798		(20,082)		(45,112)		190,280
Unrealized (loss) gain on marketable
securities fair value (Note 5)		(5,189)		(103,779)		(57,079)		(518,897)
Other (expenses) income		(1,745)		13,613		124,418		40,963
Write-off expenses		-		(20,166)		-		(20,166)
		87,557		(33,073)		390,829		96,542
Net Loss for the Period	$	(1,751,756)	$	(2,242,486)	$	(6,590,071)	$	(5,998,759)
Other Comprehensive Gain
Exchange differences on translation of
foreign operations		(9,487)		(2,233)		(4,974)		161
Loss and Comprehensive Loss for the
Period	$	(1,761,243	$	(2,244,719)	$	(6,595,045)	$	(5,998,598)
Loss per Share (Basic and Diluted)	$	(0.03)	$	(0.04)	$	(0.10)	$	(0.11)
Weighted Average Number of Shares
Outstanding (Basic and Diluted)		65,804,964		54,760,097		65,703,410		55,946,174

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

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Mirasol Resources Ltd.

Condensed Consolidated Interim Statement of Changes in Equity

As at March 31

(Expressed in Canadian Funds, except where indicated)

	Share Capital
				Accumulated
	Number of	Common		Other
	Common	Shares		Comprehensive		Total
	Shares	Amount	Reserves	Loss	Deficit	Equity
Balance - June 30, 2022	54,015,043	$57,502,177	$18,362,103	$(24,558)	$(68,037,878)	$7,801,844
Treasury shares cancelled	(35,000)	(37,259)	23,609	-	-	(13,650)
Shares issued Private Placement	5,076,667	3,046,000	-	-	-	3,046,000
Share issue costs	-	(152,020)	-	-	-	(152,020)
Options exercised (Note 10a i)	200,500	68,170	-	-	-	68,170
Share-based payments (Note 10b iii & c)	-	-	800,102	-	-	800,102
Foreign currency translation adjustment	-	-	-	(9,501)	-	(9,501)
Loss for the period	-	-	-	-	(5,998,759)	(5,998,759)
Balance - March 31, 2023	59,257,210	$60,427,068	$19,185,814	$(34,059)	$(74,036,637)	$5,542,186
Balance - June 30, 2023	65,650,060	$67,592,500	$19,578,061	$(29,756)	$(77,834,705)	$9,306,100
Options exercised (Note 10a i)	6,250	3,628	(1,503)	-	-	2,125
Restricted share units issued (Note 10c)	153,750	107,625	(107,625)	-	-	-
Share-based payments (Note 10b iii & c)	-	-	832,577	-	-	832,577
Foreign currency translation adjustment	-	-	-	(4,759)	-	(4,759)
Loss for the period	-	-	-	-	(6,590,071)	(6,590,071)
Balance - March 31, 2024	65,810,060	$67,703,753	$20,301,510	$(34,515)	$(84,424,776)	$3,545,972

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

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Mirasol Resources Ltd.

Condensed Consolidated Interim Statement of Changes in Cash Flows

For the Nine Months Ended March 31 (Expressed in Canadian Funds, except where indicated)

		2024		2023
Operating Activities
Loss for the period	$	(6,590,071)	$	(5,998,759)
Adjustments for:
Interest income		(381,898)		(424,478)
Interest expense		13,296		20,116
Depreciation		44,631		51,267
Other (expense) income		(76,460)		2,979
Share-based payments		832,577		800,102
Unrealized loss on marketable securities fair value		57,079		518,897
Unrealized foreign exchange		23,404		(220,248)
Write-off of exploration and evaluation assets		-		20,166
		(6,077,442)		(5,229,958)
Changes in non-cash working capital items:
Receivables and advances		118,144		(53,702)
Accounts payable and accrued liabilities		(236,612)		(71,100)
Advance from joint venture partner		13,385		65,993
Cash used in operating activities		(6,182,525)		(5,288,767)
Investing Activities
Purchase of equipment		(12,755)		(19,357)
Acquisition of exploration and evaluation assets		(39,322)		(68,025)
Interest received		374,243		404,192
Cash provided by investing activities		322,166		316,810
Financing Activity
Lease payments		(36,941)		(35,200)
Stock options exercised for cash		2,125		68,170
Shares issued, net of issuance costs		-		2,893,980
Treasury shares repurchased		-		(13,650)
Cash (used) provided in operating activities		(34,816)		2,913,300
Effect of Exchange Rate Change on Cash and Cash Equivalents		(54,933)		201,118
Change in Cash and Cash Equivalents		(5,950,108)		(1,857,539)
Cash and Cash Equivalents - Beginning of the period		8,123,682		5,698,539
Cash and Cash Equivalents - End of the period	$	2,173,574	$	3,841,000
Cash and Cash Equivalents Consist of:
Cash	$	1,627,574	$	2,041,000
Cash equivalents	$	546,000	$	1,800,000
	$	2,173,574	$	3,841,000
Supplemental Schedule of Non-Cash Investing and Financing
Transactions:
Cash paid during the period for interest	$	13,296	$	20,116
Cash paid during the period for income taxes	$	-	$	-

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

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Mirasol Resources Ltd.

Notes to the Condensed Consolidated Interim Financial Statements

For the Nine Months Ended March 31, 2024

(Expressed in Canadian Funds, except where indicated)

1. Nature of Business
   Mirasol Resources Ltd. ("Mirasol" or the "Company") is incorporated under the laws of the Province of British Columbia, Canada. The Company's corporate registered and records office is located at 400 - 725 Granville Street, Vancouver, British Columbia and the head office is located at 1150-355 Burrard Street, Vancouver, British Columbia.
   Mirasol engages in the acquisition and exploration of mineral properties, principally located in Chile and Argentina, with the objective of identifying mineralized deposits economically worthy of subsequent development, mining or sale.
   The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company has no source of revenue and has significant cash requirements to meet its administrative overhead and maintain its exploration and evaluation assets. The recovery of the Company's exploration and evaluation assets is dependent on the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of these properties, and future profitable production or proceeds from disposition of exploration and evaluation assets. While the Company has been successful in the past with its financing efforts, there can be no assurance that it will be able to do so in the future.
   Recent global issues, including the ongoing COVID-19 pandemic and geo-political conflicts have adversely affected workplaces, economies, supply chains, and financial markets globally. It is not possible for the Company to predict the duration or magnitude of the adverse results of these issues and their effects on the Company's business or results of operations this time.
2. Basis of Presentation Statement of compliance
   The condensed consolidated interim financial statements of the Company have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). These condensed consolidated interim financial statements were prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements. These condensed consolidated interim financial statements should be read in conjunction with the Company's annual consolidated financial statements for the year ended June 30, 2023.
   The Board of Directors approved the condensed consolidated interim financial statements on May 27th, 2024. Basis of measurement
   These condensed consolidated interim financial statements have been prepared on a historical cost basis. Financial instruments classified as financial instruments at fair value through profit or loss are stated at their fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for the cash flow information.

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Mirasol Resources Ltd.

Notes to the Condensed Consolidated Interim Financial Statements

For the Nine Months Ended March 31, 2024

(Expressed in Canadian Funds, except where indicated)

Significant Accounting Estimates and Judgments

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, profit and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended June 30, 2023.

Recent Accounting Pronouncements and Adoptions

Recently adopted accounting standards

Classification of liabilities as current or non-current (to IAS 1)

The IASB has published Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) which clarified the guidance on whether a liability should be classified as either current or non-current. The amendments:

1. Clarify that the classification of liabilities as current or non-current should only be based on rights that are in place "at the end of the reporting period";
2. Clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and
3. Make clear that settlement includes transfers to the counterparty of cash, equity instruments, other assets or services that result in extinguishment of the liability.

This amendment was effective for annual periods beginning on or after January 1, 2023. The adoption of the amendment did not have a material impact on the Company's financial statements.

Definition of Accounting Estimates (Amendments to IAS 8)

The IASB proposed clarifying the definitions of "accounting policies" and "accounting estimates" in (Amendments to IAS 8), by making those two definitions more distinct and concise. The IASB also proposed clarifying, through additional guidance and examples, how accounting policies and accounting estimates relate to each other and how companies decide whether a change in valuation technique or a change in estimation technique is a change in an accounting estimate.

This amendment was effective for annual periods beginning on or after January 1, 2023. The adoption of the amendment did not have a material impact on the Company's financial statements.

Insurance contracts IFRS 17

IFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts.

IFRS 17 supersedes IFRS 4 and applies to annual reporting periods beginning on or after 1 January 2023. The adoption of the amendment did not have a material impact on the Company's financial statements.

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Mirasol Resources Ltd.

Notes to the Condensed Consolidated Interim Financial Statements

For the Nine Months Ended March 31, 2024

(Expressed in Canadian Funds, except where indicated)

3. Cash and Cash Equivalents

Cash and cash equivalents comprise of cash and short-term redeemable Guaranteed Investment Certificates ("GIC") placed with major Canadian financial institutions. Maturity dates of these GIC's are within one year.

4. Prepaid expenses, Receivables and Advances
		March 31,		June 30,
		2024		2023
Goods and services tax receivable	$	9,264	$	6,848
Interest receivable		18,197		18,123
Other receivable and advances		92,187		123,970
Prepaid expenses		44,400		54,845
	$	164,048	$	203,786

5. Marketable Securities
Common shares:
Balance June 30, 2022 and 2023		1,037,794
Additions		-
Balance March 31, 2024		1,037,794
Fair value change:
At June 30, 2022	$	726,456
Additions		-
Fair value change		(570,787)
At June 30, 2023	$	155,669
Additions		-
Fair value change		(57,079)
At March 31, 2024	$	98,590

The Company holds 1,037,794 common shares (June 30, 2023 - 1,037,794) of Silver Sands Resources Corp. ("Silver") that were received as partial consideration on an option agreement. In September 2023, Silver completed a consolidation of 10 old shares for one new share.

As at March 31, 2024, the market price of the shares was $0.095 per share (March 31, 2023 - $0.02). Accordingly, the Company recorded an unrealized fair value loss of $57,079 (2023 - $518,897) in the condensed consolidated interim financial statements.

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Mirasol Resources Ltd.

Notes to the Condensed Consolidated Interim Financial Statements

For the Nine Months Ended March 31, 2024

(Expressed in Canadian Funds, except where indicated)

6. Right of Use of Assets and Lease Liabilities Right of Use Assets

Cost:
At June 30, 2022 and 2023	$	220,739
Additions		-
At March 31, 2024	$	220,739
Depreciation:
At June 30, 2022	$	150,545
Charge for the year		23,228
At June 30, 2023		173,773
Charge for the period		17,421
At March 31, 2024	$	191,194
Net Book Value:
At June 30, 2022	$	70,194
At June 30, 2023	$	46,966
At March 31, 2024	$	29,545

Depreciation of right-of-use assets is calculated using the straight-line method of the remaining lease term.

7. Lease Liabilities and Lease Receivable Lease liabilities

		March 31,		June 30,
		2024		2023
Beginning balance	$	140,805	$	197,188
Lease payments made		(65,489)		(82,141)
Interest expense		13,296		25,758
	$	88,612	$	140,805
Less: current portion		(88,612)		(87,690)
Non-current portion	$	-	$	53,115

The following are the minimum lease payments for the remaining of the lease:

Period	Amount
In 1 year	$88,612

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