QcX Gold : June 30, 2022 - Financial Statements

(formerly First Mexican Gold Corp.)

Condensed Interim Consolidated Financial Statements

For the Three and Six Months Ended June 30, 2022 and 2021

(Stated in Canadian Dollars)

(Unaudited)

Under National Instrument 51-102, part 4, subsection 4.3(3), 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 accompanying unaudited interim consolidated financial statements of QcX Gold Corp. (formerly First Mexican Gold Corp.) have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company. These statements have not been reviewed by the Company's external auditors.

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QcX GOLD CORP.

(formerly FIRST MEXICAN GOLD CORP.)

Condensed Interim Consolidated Statements of Financial Position

(Stated in Canadian Dollars)

			June 30,		December 31,
	Note		2022		2021
			(Unaudited)		(Audited)
Assets
Current
Cash		$	8,701	$	111,036
Amounts receivable	3		205,450		213,288
Prepaid expenses			15,326		39,519
			229,477		363,843
Exploration and evaluation assets	4		3,899,584		3,871,248
TOTAL ASSETS		$	4,129,061	$	4,235,091
Liabilities
Current
Accounts payable and accrued liabilities	5 & 8	$	69,153	$	85,002
Deferred gain on sale of flow-through rights	6		-		5,810
Due to related parties	8		103,366		103,366
Total liabilities			172,519		194,178
Equity
Share Capital	7		16,946,856		16,946,856
Reserves	7		2,545,095		2,545,095
Deficit			(15,535,409)		(15,451,038)
Total equity			3,956,542		4,040,913
TOTAL LIABILITIES AND EQUITY		$	4,129,061	$	4,235,091
Nature of Operations and Going Concern (Note 1)

These condensed interim consolidated financial statements were authorized for issue by the Board of Directors on August 10, 2022:

"Kelly Malcolm"		"Daniel Nauth"
Director		Director

The accompanying notes are integral part of these unaudited condensed interim financial statements.

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QcX GOLD CORP.

(formerly FIRST MEXICAN GOLD CORP.)

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

(Unaudited)

			THREE MONTHS ENDED		SIX MONTHS ENDED
	Note		June 30,		June 30,	June 30,		June 30,
			2022		2021		2022		2021
Expenses
Management and consulting fees		$	15,000	$	15,000	$	30,000	$	30,000
Professional fees			12,190		20,917		22,065		40,558
Office and administration			6,812		8,764		13,477		19,875
Regulatory and transfer agent fees			11,674		17,970		24,639		40,947
Stock-based compensation	6		-		-		-		-
Loss before the following items:			(45,676)		(62,651)		(90,181)		(131,380)
Gain on sale of flow-through rights			-		-		5,810		-
Net loss and comprehensive loss		$	(45,676)	$	(62,651)	$	(84,371)	$	(131,380)
Basic and diluted loss per common share		$	(0.00)	$	(0.00)	$	(0.00)	$	(0.00)
Basic and Diluted Weighted Average Number of			65,586,312		60,554,050	65,586,312	60,428,993
Common Shares Outstanding

The accompanying notes are integral part of these unaudited condensed interim financial statements.

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QcX GOLD CORP.

(formerly FIRST MEXICAN GOLD CORP.)

Condensed Interim Consolidated Statements of Equity (Deficiency)

(Stated in Canadian Dollars)

(Unaudited)

	SHARE CAPITAL
	Number	Amount	Equity	Warrant	Total	Deficit	TOTAL
			settled
			employee
			benefits
Balance, December 31, 2020	60,065,318	16,188,669	2,252,473	237,285	2,489,758	(15,293,763)	3,384,664
Exercise of warrants	613,661	52,459	-	(2,463)	(2,463)	-	49,996
Net loss for the period	-	-	-	-	-	(131,380)	(131,380)
Balance, June 30, 2021	60,678,979	16,241,128	2,252,473	234,822	2,487,295	(15,425,143)	3,303,280
Private placement - Flow-through units	3,733,333	560,000	-	-	-	-	560,000
Shares issued on property acquisition	150,000	19,500	-	-	-	-	19,500
Shares issued on exercise of warrants	24,000	4,454	-	(554)	(554)	-	3,900
Shares issued on exercise of options	1,000,000	275,382	(125,382)	-	(125,382)	-	150,000
Flow-through feature on shares issued	-	(96,788)	-	-	-	-	(96,788)
Share issue cost - cash	-	(39,981)	-	-	-	-	(39,981)
Share issue costs - broker warrants	-	(16,839)	-	16,839	16,839	-	-
Stock-based compensation	-	-	166,897	-	166,897	-	166,897
Net loss for the period	-	-	-	-	-	(25,895)	(25,895)
Balance, December 31, 2021	65,586,312	16,946,856	2,293,988	251,107	2,545,095	(15,451,038)	4,040,913
Net loss for the period	-	-	-	-	-	(84,371)	(84,371)
Balance, June 30, 2022	65,586,312	16,946,856	2,293,988	251,107	2,545,095	(15,535,409)	3,956,542

The accompanying notes are integral part of these unaudited condensed interim financial statements.

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QcX GOLD CORP.

(formerly FIRST MEXICAN GOLD CORP.)

Condensed Interim Consolidated Statements of Cash Flows (Stated in Canadian Dollars)

(Unaudited)

			Six months ended
			June 30,
			2022		2021
Cash provided by (used in):
	Operating Activities
	Net loss for the period	$	(84,371)	$	(131,380)
	Items not involving cash:
	Gain on sale of flow-through rights		(5,810)		-
	Changes in non-cash working capital:
	Amounts receivable		7,838		(164,845)
	Prepaid expenses		24,193		(204,925)
	Accounts payable and accrued liabilities		(15,849)		880,297
	Cash used in operating activities		(73,999)		379,147
	Financing Activities
	Capital stock issue for cash, net		-		49,996
	Cash provided in financing activities		-		49,996
	Investing Activities
	Addition to exploration and evaluation assets		(28,336)		(1,457,112)
	Cash used in investing activities		(28,336)		(1,457,112)
	Decrease in cash		(102,335)		(1,027,969)
	Cash, beginning of period		111,036		1,899,712
	Cash, end of period	$	8,701	$	871,743

SUPPLEMENTAL CASH FLOW DISCLOSURE AND NON-CASH

FINANCING AND INVESTING ACTIVITY:

Cash paid for income taxes	$	-	$	-
Amortization capitalized to mineral properties	$	-	$	-

The accompanying notes are integral part of these unaudited condensed interim financial statements.

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