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
June 30,
December 31,
2023
2022
$
$
ASSETS
Current assets
Cash
7,747
4,718
Other receivables
3,924
4,336
Prepaid expenses and deposits
38,889
29,086
Total current assets
50,560
38,140
Non-current assets
Plant and equipment
4
528
624
Exploration and evaluation assets
5
760,957
559,694
Total non-current assets
761,485
560,318
TOTAL ASSETS
812,045
598,458
LIABILITIES
Current liabilities
Trade and other payables
6,9
1,063,074
702,530
Loans payable
7,9
179,418
56,762
Total current liabilities
1,242,492
759,292
SHAREHOLDERS' DEFICIT
Share capital
8
18,116,063
18,116,063
Share based payment reserve
8
8,836,549
8,836,549
Foreign currency translation reserve
1,047,560
1,047,560
Accumulated deficit
(28,430,619)
(28,161,006)
Total shareholders' deficit
(430,447)
(160,834)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
812,045
598,458
Note 1 - Nature and continuance of operations
Note 14 - 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
Six months
Six months
ended
ended
ended
ended
Note
June 30,
June 30,
June 30,
June 30,
2023
2022
2023
2022
$
$
EXPENSES
Consulting, administrative and
9
59,902
50,852
121,009
103,652
management fee
Directors' fee
9
9,875
9,875
19,750
19,750
Depreciation
4
48
70
96
141
General and administrative
9
32,323
49,027
69,259
75,298
Professional fees
23,142
29,038
37,568
54,957
Project investigation costs
18,333
401
18,333
12,014
Shareholder and regulatory
3,875
4,904
9,102
6,989
OPERATING EXPENSES
(147,498)
(144,167)
(275,117)
(272,801)
OTHER ITEMS
Interest expense
9
(1,814)
(624)
(2,639)
(1,240)
Foreign exchange gain
(148)
1,954
8,143
2,871
TOTAL OTHER ITEMS
(1,962)
1,330
5,504
1,631
NET AND COMPREHENSIVE LOSS
(149,460)
(142,837)
(269,613)
(271,170)
Loss per share, basic and diluted
8
(0.00)
(0.00)
(0.01)
(0.01)
Weighted average number of shares
38,647,485
38,647,485
38,647,485
38,647,485
outstanding
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
Number of
Share Based
Accumulated
Amount
Warrants
Currency
Total Deficit
Payment
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
-
-
-
-
-
(271,170)
(271,170)
Balance, June 30, 2022
38,647,485
18,116,063
756,506
8,080,043
1,047,560
(27,938,921)
61,251
Net loss and comprehensive loss
-
-
-
-
-
(222,085)
(222,085)
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
-
-
-
-
-
(269,613)
(269,613)
Balance, June 30, 2023
38,647,485
18,116,063
-
8,836,549
1,047,560
(28,430,619)
(430,447)
See accompanying notes to the condensed interim consolidated financial statements.
5
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Montero Mining and Exploration Ltd. published this content on 01 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2023 12:43:04 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.