Pucara Gold : 2022 Q1 FS

Pucara Gold Ltd.

(An Exploration Stage Company)

Interim Condensed Consolidated Financial Statements

(expressed in Canadian dollars)

March 31, 2022

(Unaudited - Prepared by Management)

Pucara Gold Ltd.

2110 - 650 West Georgia Street

Vancouver, BC V6B 4N9

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Pucara Gold Ltd.

(An Exploration Stage Company)

Interim Condensed Consolidated Statements of Financial Position (Expressed in Canadian dollars)

(Unaudited - Prepared by Management)

					March 31,	December 31,
			Note	2022		2021
ASSETS
Current assets
Cash		$		2,140,077	$	2,870,258
Receivables				78,053		42,907
Prepaid expenses				78,502		61,356
Total current assets				2,296,632		2,974,521
Non‐current assets		3
Exploration and evaluation assets			269,791		257,437
Equipment				72,634		77,584
Right of use asset				14,417		20,127
Total non‐current assets				356,842		355,148
TOTAL ASSETS		$	2,653,474	$	3,329,669
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	$	235,376	$	230,094
Lease liability				15,054		20,210
TOTAL LIABILITIES				250,430		250,304
EQUITY
Share capital		4		18,705,894		18,705,894
Share‐based payment reserve		4		1,725,800		1,652,605
Accumulated other comprehensive income			107,383		85,293
Deficit				(18,136,033)		(17,364,427)
TOTAL EQUITY				2,403,044		3,079,365
TOTAL LIABILITIES AND EQUITY		$	2,653,474	$	3,329,669
Nature of operations		1
Continuance of operations		2 (C)
Approved on behalf of the Board of Directors
"David Awram"		Director	"Greg Davis"		Director

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

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Pucara Gold Ltd.

(An Exploration Stage Company)

Interim Condensed Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars, except for the number of shares)

(Unaudited - Prepared by Management)

		Three Months Ended	Three Months Ended
			March 31,		March 31,
	Note		2022		2021
Exploration expenditures	3,5	$	280,278	$	524,360
General and administration	5
Accounting and legal		61,689		69,903
Accretion			492		748
Amortization			5,394		9,737
Office and miscellaneous			61,156		26,683
Investor relations	5		30,714		82,464
Management and consulting fees		321,757		167,404
Share‐based payments	4,5		73,195		82,322
Travel			17,973		871
Total general and administrative expenses			572,370		440,132
Loss before other items			852,648		964,492
Other items
Foreign exchange loss			17,833		39,907
Interest income			(1,298)		(1,730)
Other income			(97,577)		(95,146)
Net loss			771,606		907,523
Other comprehensive loss/(gain)			(22,090)		16,198
Total comprehensive loss		$	749,516	$	923,721
Loss per common share
Basic and fully diluted			$ 0.01		$ 0.01
Weighted average number of common shares			62,591,960
outstanding				62,572,960

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

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Pucara Gold Ltd.

(An Exploration Stage Company)

Interim Condensed Consolidated Statements of Changes in Equity

March 31, 2022

(Expressed in Canadian dollars) (Unaudited - Prepared by Management)

					Accumulated
				Share‐based	other
	Note			payment	comprehensive
	Share capital	reserve	income (loss)	Deficit	Total
		Number of	$	$	$	$	$
		shares
Balance at December 31, 2020		62,576,960	18,698,544	1,464,862	118,773	(14,247,029)	6,035,150
Net loss for the period		‐	‐	‐	‐	(907,523)	(907,523)
Share‐based payments		‐	‐	82,322	‐	‐	82,322
Other comprehensive loss		‐	‐	‐	(16,198)	‐	(16,198)
Balance at March 31, 2021		62,576,960	18,698,544	1,547,184	102,575	(15,154,552)	5,193,751
Balance at December 31, 2021		62,591,960	18,705,894	1,652,605	85,293	(17,364,427)	3,079,365
Net loss for the period		‐	‐	‐	‐	(771,606)	(771,606)
Share‐based payments	4	‐	‐	73,195	‐	‐	73,195
Other comprehensive gain		‐	‐	‐	22,090	‐	22,090
Balance at March 31, 2022		62,591,960	18,705,894	1,725,800	107,383	(18,136,033)	2,403,044

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

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Pucara Gold Ltd.

(An Exploration Stage Company)

Interim condensed Consolidated Statements of Cash Flows (Expressed in Canadian dollars)

(Unaudited - Prepared by Management)

	Three Months	Three Months
		Ended		Ended
		March 31,	March 31,
		2022		2021
Operating activities
Net loss	$	(771,606)	$	(907,523)
Items not affecting cash
Accretion		492		748
Amortization of right‐of‐use asset		5,394		9,737
Depreciation of equipment		7,684		10,070
Foreign exchange loss		1,463		54
Loss on disposal		1,559		‐
Share‐based payments		73,195		82,322
		(681,819)		(804,592)
Change in non‐cash operating working capital
Receivables and prepared expenses		(52,292)		(16,291)
Accounts payable and accrued liabilities		5,282		(309,745)
Cash used in operating activities		(728,829)	(1,130,628)
Investing activities
Payments for exploration and evaluation assets		(412)		(446)
Cash used in investing activities		(412)		(446)
Financing activities
Lease payments		(6,796)		(10,392)
Cash used in financing activities		(6,796)		(10,392)
Effect of exchange rate changes on cash		5,856		9,179
Decrease in cash		(730,181)	(1,132,287)
Cash ‐ beginning of period		2,870,258		6,058,585
Cash ‐ end of period	$	2,140,077	$	4,926,298

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

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