Mexican Gold Mining : FY2022 Q3 Interim Financial Statements

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED

MARCH 31, 2022 AND 2021

(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 interim financial statements they must be accompanied by a notice indicating that these condensed 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 external auditors have not performed a review of these condensed interim financial statements.

Mexican Gold Mining Corp.

Consolidated Interim Statements of Financial Position

(Unaudited - Expressed in Canadian Dollars)

		March 31,	June 30,
		2022	2021
		$	$
	Note
ASSETS
Current assets
Cash		148,238	121,460
Amounts receivable	4	58,487	225,437
Prepaid expenses and deposits		24,475	15,588
Total current assets		231,200	362,485
Total Assets		231,200	362,485
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	7	73,428	149,286
Total current liabilities		73,428	149,286
EQUITY
Share capital	5	32,317,636	31,837,636
Reserves	5	4,411,742	4,314,677
Foreign currency translation		(4,383)	(10,560)
Deficit		(36,567,223)	(35,928,554)
Total equity		157,772	213,199
Total Equity and Liabilities		231,200	362,485

NATURE OF OPERATIONS AND GOING CONCERN UNCERTAINTY (Note 1)

These condensed consolidated interim financial statements are authorized for issue by the Board of Directors on May 27, 2022. They are signed on the Company's behalf by:

"Jack Campbell"	, Director
"Ali Zamani"	, Director

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

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Mexican Gold Mining Corp.

Consolidated Interim Statements of Loss and Comprehensive Loss

(Unaudited - Expressed in Canadian Dollars)

		Three months ended	Nine months ended
		March 31,	March 31,
		2022	2021	2022	2021
	Note	$	$	$	$
Expenses
Exploration and evaluation expenditures	3	30,065	137,010	178,280	1,832,471
General and administrative	6	74,030	255,103	331,951	780,892
Professional fees		-	15,571	32,313	42,120
Share-based payments	5,7	-	99,110	97,065	99,110
Loss before other items		(104,095)	(506,794)	(639,609)	(2,754,593)
Foreign exchange loss		(5)	(3,861)	(853)	(9,930)
Interest income		1,793	-	1,793	8,138
Loss for the period		(102,307)	(510,655)	(638,669)	(2,756,385)
Other comprehensive items
Exchange differences on translation of foreign operations		961	(3,414)	6,177	2,162
Loss and comprehensive loss for the period		(101,346)	(514,069)	(632,492)	(2,754,223)
Loss per share - basic and diluted ($)		(0.00)	(0.00)	(0.01)	(0.03)
Weighted average number of common shares outstanding
- basic and diluted		127,342,758	103,342,508	126,948,597	103,342,633

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

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Mexican Gold Mining Corp.

Consolidated Interim Statements of Cash Flows

(Unaudited - Expressed in Canadian Dollars)

	Nine months ended March 31,
	2022	2021
	$	$
Cash flows from operating activities
Loss for the period	(638,669)	(2,756,385)
Adjustments for:
Share-based payments	97,065	99,110
	(541,604)	(2,657,275)
Change in non-cash working capital items:
Decrease (increase) in amounts receivable	166,950	(175,545)
(Increase) decrease in prepaid expenses and deposits	(8,887)	28,336
(Decrease) increase in accounts payable and accrued liabilities	(75,858)	185,316
Net cash used in operating activities	(459,399)	(2,619,168)
Cash flows from financing activities
Shares issued in private placement	-	1,400,000
Share issuance costs	-	(8,452)
Warrants exercised	480,000	120
Net cash generated from financing activities	480,000	1,391,668
Net increase (decrease) in cash	20,601	(1,227,500)
Cash at beginning of period	121,460	1,861,336
Effect of exchange rate on cash	6,177	2,162
Cash at end of period	148,238	635,998

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

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