SAN LORENZO GOLD CORP.

Condensed Interim Consolidated Financial Statements

For the six and three months ended June 30, 2022, and 2021

NOTICE OF NO AUDITOR REVIEW In accordance with National Instrument 51-102 Section 4.3(3)(a) released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the Unaudited Condensed Interim Consolidated Financial Statements for the six and three months ended June 30, 2022, and 2021.

SAN LORENZO GOLD CORP.

Unaudited Condensed Interim Consolidated Statements of Financial Position

(Canadian Dollars)

As at

Notes

June 30,

December 31,

2022

2021

ASSETS

Current

Cash

$

137,581

$

690,355

Receivables

27,228

22,359

Total current assets

164,809

712,714

Mineral properties

4

3,568,958

2,325,421

Total Assets

$

3,733,767

$

3,038,135

LIABILITIES

Current

Trade and other payables

9

$

12,653

$

99,514

Due to shareholder

-

34,161

Due to related parties

9

3,205

2,693

Notes payable

5

978,676

953,088

Total current liabilities

$

994,534

$

1,089,456

Total Liabilities

$

994,534

$

1,089,456

SHAREHOLDERS' EQUITY

Share capital

7

$

4,647,845

$

3,262,895

Contributed surplus

3,078,717

2,794,686

Accumulated other comprehensive loss

(780,408)

(372,048)

Deficit

(4,206,921)

(3,736,854)

Total shareholders' equity (deficit)

$

2,739,233

$

1,948,679

Total liabilities and shareholders' equity (deficit)

$

3,733,767

$

3,038,135

Signed "Kevin R. Baker QC."

Kevin Baker

Signed "Kelly Kimbley"

Kelly Kimbley

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

1

SAN LORENZO GOLD CORP.

Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited)

(Canadian Dollars)

Three months ended

Six months ended

June 30,

June 30,

Notes

2022

2021

2022

2021

Expenses

General and administrative

$

132,125

$

128,469

$

255,482

$

279,063

Unrealized loss (gain) on foreign exchange

(38,354)

2,391

(119,085)

4,911

Public company listing expense

14,244

-

24,051

Loan extension expense

5

12,794

-

25,588

Share-based compensation

7e

72,503

-

284,031

-

Interest

-

14

-

119

Total expenses

$

193,312

$

130,874

$

470,067

$

284,093

Net income (loss)

$

(193,312)

$

(130,874)

$

(470,067)

$

(284,093)

Other Ccmprehensive income (loss)

Foreign exchange translation adjustment

(461,855)

172,512

(408,360)

115,720

Net and Comprehensive Income

$

(655,167)

$

41,638

$

(878,427)

$

(168,373)

Net income (loss) per share - basic and diluted

(0.01)

0.00

(0.02)

(0.00)

Weighted average number of shares outstanding

7c

56,249,887

48,523,368

56,249,887

48,523,368

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

2

SAN LORENZO GOLD CORP.

Condensed Interim Consolidated Statements of Changes in Equity (Deficit)

Unaudited

(Canadian Dollars)

Accumulated

Other

Share

Contributed

Comprehensive

Notes

Capital

Surplus

Income (Loss)

Deficit

Total Equity

Balance, December 31, 2020

$

3,190,395

$

2,302,601

$

4,354

$

(2,676,028)

$

2,821,322

Shares issued to extend loan

5

72,500

-

-

-

72,500

Share-based compensation

-

492,085

-

-

492,085

Net loss and comprehensive loss

-

-

(376,402)

(1,060,826)

(1,437,228)

Balance, December 31, 2021

$

3,262,895

$

2,794,686

$

(372,048)

$

(3,736,854)

$

1,948,679

Private placement March 2022

7b

1,120,000

-

-

-

1,120,000

Private placement April 2022

7b

315,000

-

-

-

315,000

Share issuance costs

7b

(50,050)

-

-

-

(50,050)

Share-based compensation

7e

-

284,031

-

-

284,031

Net loss and comprehensive loss

(408,360)

(470,067)

(878,427)

Balance, June 30, 2022

$

4,647,845

$

3,078,717

$

(780,408)

$

(4,206,921)

$

2,739,233

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

3

SAN LORENZO GOLD CORP.

Condensed Interim Consolidated Statements of Cash Flows For the six and three months ended June 30, 2022 (Canadian Dollars)

Three months ended

Six months ended

June 30,

June 30,

Notes

2022

2021

2022

2021

Cash provided by (used in)

OPERATING

Net loss and comprehensive loss

$

(193,312)

$

41,638

$

(470,067)

$

(168,373)

Add (deduct) items not affecting cash flow:

Other comprehensive income (loss)

-

(172,512)

-

(115,720)

Loan extension cost

5

12,794

-

25,588

-

Foreign exchange loss

(461,856)

3,957

(408,360)

6,920

Stock-based compensation

7e

72,503

-

284,031

-

Trade and other payables

(31,874)

-

(86,861)

-

Other receivables

(2,935)

(220,998)

(4,869)

(220,507)

Cash flow used in operating activities

$

(604,680)

$

(347,915)

$

(660,538)

$

(497,680)

INVESTING

Paid exploration and evaluation expenditures

4

$

(775,244)

$

(88,213)

$

(1,243,537)

$

(88,213)

Cash flow provided by (used in) investing activities

$

(775,244)

$

(88,213)

$

(1,243,537)

$

(88,213)

FINANCING

Advance from shareholder

$

(78,362)

$

28,084

$

(33,649)

$

-

Share issuance gross proceeds

7b

315,000

-

1,435,000

-

Share issuance costs

7b

(1,050)

-

(50,050)

Cash flow provided by financing activities

$

235,588

$

28,084

$

1,351,301

$

-

Increase (decrease) in cash

$

(1,144,336)

$

(408,044)

$

(552,774)

$

(585,893)

Cash, beginning of year

1,281,917

1,435,791

690,355

1,728,810

Cash, end of period

$

137,581

$

1,027,747

$

137,581

$

1,142,917

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

4

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San Lorenzo Gold Corp. published this content on 28 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2022 20:43:38 UTC.