NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
The accompanying unaudited interim consolidated financial statements of Montero Mining and Exploration Ltd. (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 condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of condensed interim consolidated financial statements by an entity's auditor.
MONTERO MINING AND EXPLORATION LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars - unaudited)
Notes
March 31,
December 31,
2023
2022
$
$
ASSETS
Current assets
Cash
3,781
4,718
Other receivables
5,714
4,336
Prepaid expenses and deposits
19,600
29,086
Total current assets
29,095
38,140
Non-current assets
Plant and equipment
4
576
624
Exploration and evaluation assets
5
582,710
559,694
Total non-current assets
583,286
560,318
TOTAL ASSETS
612,381
598,458
LIABILITIES
Current liabilities
Trade and other payables
6, 8
893,366
759,292
Total current liabilities
893,366
759,292
SHAREHOLDERS' DEFICIT
Share capital
7
18,116,063
18,116,063
Share based payment reserve
7
8,836,549
8,836,549
Foreign currency translation reserve
1,047,560
1,047,560
Accumulated deficit
(28,281,157)
(28,161,006)
Total shareholders' deficit
(280,985)
(160,834)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
612,381
598,458
Note 1 - Nature and continuance of operations
Note 13 - Subsequent event
On behalf of the Board:
"Antony Harwood"
"Andrew Thomson"
Antony Harwood, Director
Andrew Thomson, Director
See accompanying notes to the condensed interim consolidated financial statements.
3
MONTERO MINING AND EXPLORATION LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Expressed in Canadian dollars - unaudited)
Three Months
Three Months
ended
ended
Note
March 31,
March 31,
2023
2022
$
$
EXPENSES
Consulting, administrative and management fee
8
61,105
52,800
Directors' fee
8
9,875
9,875
Depreciation
4
48
71
General and administrative
8
36,936
26,271
Professional fees
14,428
25,919
Project investigation costs
-
11,613
Shareholder and regulatory
5,227
2,085
OPERATING EXPENSES
(127,619)
(128,634)
OTHER ITEMS
Interest expense
8
(825)
(616)
Foreign exchange gain
8,291
917
TOTAL OTHER ITEMS
7,466
301
NET AND COMPREHENSIVE LOSS
(120,153)
(128,333)
Loss per share, basic and diluted
8
(0.00)
(0.00)
Weighted average number of shares outstanding
38,647,485
38,647,485
See accompanying notes to the condensed interim consolidated financial statements
4
MONTERO MINING AND EXPLORATION LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (Expressed in Canadian dollars - unaudited)
Share Capital
Foreign
Share Based
Number of
Currency
Accumulated
Amount
Warrants
Payment
Total Deficit
shares
Reserve
Translation
Deficit
Reserve
$
$
$
$
$
$
Balance, December 31, 2021
38,647,485
18,116,063
756,506
8,080,043
1,047,560
(27,667,751)
332,421
Net loss and comprehensive loss
-
-
-
-
-
(128,333)
(128,333)
Balance, March 31, 2022
38,647,485
18,116,063
756,506
8,080,043
1,047,560
(27,796,084)
204,088
Net loss and comprehensive loss
-
-
-
-
-
(364,922)
(364,922)
Expired warrants
-
-
(756,506)
756,506
-
-
-
Balance, December 31, 2022
38,647,485
18,116,063
-
8,836,549
1,047,560
(28,161,006)
(160,834)
Net loss and comprehensive loss
-
-
-
-
-
(120,151)
-
120,151.0
Balance, March 31, 2023
38,647,485
18,116,063
-
8,836,549
1,047,560
(28,281,157)
(280,985)
See accompanying notes to the condensed interim consolidated financial statements.
5
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Montero Mining and Exploration Ltd. published this content on 31 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2023 08:47:09 UTC.
Montero Mining and Exploration Ltd. is a Canada-based junior exploration company focused on finding, exploring, and advancing gold, silver, and base metal deposits in Chile. The Company has staked approximately 476 square kilometers copper-molybdenum exploration concession in northern Chile. Its Avispa Copper-Molybdenum Project (Avispa Project) is located in the Atacama region of northern Chile, west of the town of Calama and about 220 kilometers (km) north-east of Antofagasta. The Avispa project occurs within the north-south trending Paleocene Porphyry Copper Belt, which is also termed the Sierra Gorda-Spence-Cerro Colorado Porphyry Copper-Molybdenum Belt. The project area is 40 km north of BHPâs Spence Cu-Mo mine, 50 km north of KGHM/South32âs Sierra Gorda Cu-Mo mine, and 50 km west of Codelcoâs super-giant Chuquicamata Cu-Mo mine. It also focuses on the Talca Gold Project Area and the Wigu Hill rare earth element project.