FINANCIAL REVIEW

First Quarter Ended March 31, 2023

(An Exploration Stage Company)

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2023

(Unaudited - Prepared by Management)

(Expressed in Canadian Dollars)

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

In accordance with National Instrument 51-102 of the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2023. These condensed interim consolidated financial statements have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company.

Medgold Resources Corp.

(Exploration Stage Company)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Expressed in Canadian Dollars)

March 31,

December 31,

2023

2022

ASSETS

Current assets

Cash

$

64,182

$

87,009

Amounts receivable

10,274

6,526

Prepaid expenses and deposits

12,153

2,087

Total current assets

86,609

95,622

Non-current assets

Long-term deposits

61,000

61,000

Property and equipment (Note 4)

10,049

14,072

Deferred acquisition costs (Note 1)

142,132

32,888

Exploration and evaluation assets (Note 5)

43,020

43,020

Total non-current assets

256,201

150,980

$

342,810

$

246,602

LIABILITIES AND SHAREHOLDERS' DEFICIENCY

Current liabilities

Accounts payable and accrued liabilities

$

293,250

$

150,785

Due to related party (Note 10)

284,279

235,179

Total current liabilities

577,529

385,964

Non-current liability

Convertible debenture - liability component (Note 6)

62,208

-

Total liabilities

639,737

385,964

Shareholders' deficiency

Share capital (Note 7)

15,751,347

15,751,347

Other equity reserves (Note 6)

1,739,121

1,726,467

Accumulated other comprehensive loss

(157,952)

(157,952)

Deficit

(17,629,443)

(17,459,224)

Total shareholders' deficiency

(296,927)

(139,362)

$

342,810

$

246,602

APPROVED ON BEHALF OF THE BOARD ON MAY 26, 2023:

"Jeremy Crozier"

"Ralph Rushton"

Jeremy Crozier, Director

Ralph Rushton, Director

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

1

Medgold Resources Corp.

(Exploration Stage Company)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (UNAUDITED)

(Expressed in Canadian Dollars)

Three months ended March 31,

2023

2022

Exploration expenditures (Notes 9 and 10)

$

42,031

$

93,952

General and administrative expenses

Accretion expense (Note 6)

1,440

-

Depreciation (Note 4)

4,023

7,002

Foreign exchange loss

216

4,375

Legal and accounting

1,191

3,231

Management fees (Note 10)

43,500

21,750

Office and administration

26,219

17,081

Salaries and benefits (Note 10)

32,278

17,870

Shareholder communications

1,365

235

Share-based payments (Notes 8 and 10)

5,513

19,362

Transfer agent and regulatory fees

6,970

7,123

Travel and accommodation

5,781

1,633

128,496

99,662

(170,527)

(193,614)

Interest and other income (Note 5)

308

25,975

Net loss and comprehensive loss for the period

$

(170,219)

$

(167,639)

Loss per share, basic and diluted

$(0.00)

$(0.00)

Weighted average number of shares outstanding

134,789,032

134,789,032

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

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Medgold Resources Corp. published this content on 02 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2023 00:02:08 UTC.