Mundoro Capital : Earning Document

Condensed Interim Consolidated Financial Statements

For the Three-Month Periods Ended March 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

Table of Contents
CONDENSED CONSOLIDATED BALANCE SHEETS	4
CONDENSED CONSOLIDATED STATEMENTS OF (EARNINGS) LOSS	5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	6
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	8
1.	NATURE OF OPERATIONS	8
2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION	8
3.	THIRD PARTY FUNDED EXPLORATION PROGRAMS	8
4.	AMOUNTS RECEIVABLE	9
5.	DEPOSITS	9
6.	INVESTMENTS	9
7.	PROPERTY, PLANT AND EQUIPMENT	9
8.	MINERAL INTERESTS	10
9.	EXPLORATION AND PROJECT EVALUATION	11
10.	ACCOUNTS PAYABLE, ADVANCES AND ACCRUED LIABILITIES	12
11.	SHARE CAPITAL	12
12.	RELATED PARTY TRANSACTIONS AND BALANCES	13
13.	SEGMENTED INFORMATION	14
14.	SUBSEQUENT EVENTS	14

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NOTICE TO READER

NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited condensed interim consolidated financial statements of 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 standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements.

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MUNDORO CAPITAL INC.

Three-Month Period Ended March 31, 2022 and 2023

	CONDENSED CONSOLIDATED BALANCE SHEETS			(Unaudited - Expressed in Canadian Dollars)
		Notes		March 31, 2023		December 31, 2022
	ASSETS
	Current assets
	Cash and cash equivalents	4	$	7,290,012	$	4,843,844
	Amounts receivable		250,087		168,581
	Amounts receivable from partners	3		1,592,305		510,877
	Deposits	5		215,158		464,261
	Prepaid expenses			196,640		110,816
			$	9,544,202	$	6,098,379
	Non-current assets	6
	Investments		296,003		273,820
	Equipment and vehicles	7		399,192		151,988
	Mineral interests	8		93,880		92,986
				789,075		518,794
	TOTAL ASSETS			$ 10,333,277	$	6,617,173
	LIABILITIES
	Current liabilities	10,13
	Accounts payable and accrued liabilities	$	812,743	$	575,451
	Advances from joint venture partners	3		6,289,840		3,154,951
	TOTAL LIABILITIES			7,102,583		3,730,402
	EQUITY	11
	Share capital		53,894,547	$	53,894,547
	Contributed surplus			9,094,652		9,094,652
	Stock options reserve			1,726,118		1,676,780
	Accumulated other comprehensive income			55,707		82,870
	Deficit			(61,540,330)		(61,862,078)
	TOTAL EQUITY			3,230,694		2,886,771
	TOTAL EQUITY AND LIABILITIES			$10,333,277	$	6,617,173

The condensed interim consolidated financial statements are approved and authorized for issue by the Board of Directors on May 29, 2023.

/s/ Michael Calyniuk, Director

/s/ Teodora Dechev, Director

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

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MUNDORO CAPITAL INC.

Three-Month Period Ended March 31, 2022 and 2023

	CONDENSED CONSOLIDATED STATEMENTS OF (EARNINGS) LOSS	(Unaudited - Expressed in Canadian Dollars)
				For the three months ended
		Note		March 31, 2023	March 31, 2022
	Exploration and project evaluation	9	$	1,686,880	$	948,776
	Less: recoveries			(1,549,658)		(774,330)
				137,222		174,446
	Fees earned	3		(835,572)		(45,022)
	EXPENSES			124,744
	Corporate governance				82,727
	General and administrative			44,429		16,565
	Accounting and audit			80,457		44,831
	Corporate communication			91,569		42,338
				341,199		186,461
	LOSS BEFORE OTHER EXPENSES			(357,152)		315,885
	OTHER (INCOME) EXPENSES
	Share-based payments			49,338		123,887
	Depreciation	7		9,938		9,852
	Decrease (Increase) in fair value of investments	6		(22,183)		(28,994)
	Foreign exchange (gain) loss			(1,689)		10,000
				35,404		114,745
	NET (INCOME) / LOSS FOR THE PERIOD		$	(321,748)	$	430,630
	OTHER COMPREHENSIVE (INCOME) LOSS WHICH
	MAY BE RECLASSIFIED TO PROFIT OR LOSS IN
	SUBSEQUENT PERIODS			27,162
	Foreign currency translation differences from foreign operations				(312,440)
	COMPREHENSIVE (INCOME) / LOSS FOR THE PERIOD		$	(294,586)	$	118,192
	BASIC AND DILUTED (INCOME) / LOSS PER SHARE		$	0.00	$	(0.00)

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

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