Friday Dog : Q2 ended July 31, 2020

CERRO MINING CORP.

Condensed Interim Consolidated Financial Statements

Six Months Ended July 31, 2020

Unaudited - Expressed in Canadian dollars

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited condensed interim consolidated financial statements of Cerro Mining Corp. for the six months ended July 31, 2020 have been prepared by the management of the Company and approved by the Company's board of directors.

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 the condensed interim consolidated financial statements by an entity's auditor

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CERRO MINING CORP.

Condensed Interim Consolidated Statements of Financial Position

Unaudited - Expressed in Canadian dollars

		July 31	January 31,
		2020	2020
	Notes	$	$
ASSETS
Current
Cash		382,001	3,674
Marketable securities	3	2,665	4,550
GST receivable		3,116	849
Prepaids and deposits		-	-
Total assets		387,782	9,073
LIABILITIES
Current
Trade payables and accrued liabilities		68,524	293,121
Loans payable	6	59,664	31,414
Total current liabilities		128,188	324,535
EQUITY (DEFICIENCY)
Share capital	7	42,228,051	41,734,214
Share-based payment reserve		9,263,967	9,263,967
Accumulated other comprehensive loss		(879,109)	(877,224)
Deficit		(50,353,315)	(50,436,419)
Total equity (deficiency)		259,594	(315,462)
Total equity (deficiency) and liabilities		387,782	9,073

Nature of operations and going concern (note 1)

Approved and authorized for issue by the board of directors on September 28, 2020:

"Andrew Bowering"		"Anthony Paterson"
Andrew Bowering, Director		Anthony Paterson, Director

See accompanying notes

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CERRO MINING CORP.

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss

Unaudited - Expressed in Canadian dollars

		Three Months Ended	Six Months Ended
		July 31,		July 31,
		2020	2019	2020	2019
	Note	$	$	$	$
General and administrative expenses
Consulting fees		-	21,170	-	35,990
Exploration and evaluation costs	4	-	7,691	2,765	25,720
Financing		375	-	3,245	-
Foreign exchange (gain) loss		(1,471)	(194)	13,724	(3,290)
General and administrative		1,045	194	1,128	362
Management fees		4,000	-	12,191	-
Professional fees		25,167	10,050	28,832	11,258
Transfer agent and filing fees		2,828	15,013	7,564	16,831
Loss from operations		(31,944)	(53,924)	(69,449)	(86,871)
Other items
Other income (expense)		1,774	(288)	1,774	(288)
Gain on settlement of liabilities		18,000	-	18,000	-
Gain on sale of subsidiary	5	-	-	132,779	-
Income (loss) for the period		(12,170)	(54,212)	83,104	(87,159)
Items that will not be reclassified to income (loss):
Unrealized loss on marketable securities		(455)	(910)	(1,885)	(1,560)
Comprehensive income (loss) for the period		(12,625)	(55,122)	81,219	(88,719)
Income (loss) per share, basic and diluted		(0.00)	(0.01)	0.01	(0.01)
Weighted average common shares outstanding,	15,613,494	7,243,929	11,474,698	7,243,929
basic and diluted

See accompanying notes

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CERRO MINING CORP.

Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency

Unaudited - Expressed in Canadian dollars

				Accumulated
				Other
	Number of	Common		Comprehensive		Equity
	Shares	Shares	Reserves	Income (Loss)	Deficit	(Deficiency)
		$	$	$	$	$
Balance - January 31, 2019	7,243,929	41,734,214	9,263,967	(876,100)	(50,296,093)	(174,012)
Unrealized loss on marketable securities	-	-	-	(1,560)		(1,560)
Loss for the period	-	-	-		(87,159)	(87,159)
Balance - July 31, 2019	7,243,929	41,734,214	9,263,967	(877,660)	(50,383,252)	(262,731)
				Accumulated
				Other
	Number of	Common		Comprehensive		Equity
	Shares	Shares	Reserves	Income (Loss)	Deficit	(Deficiency)
		$	$	$	$	$
Balance - January 31, 2020	7,243,929	41,734,214	9,263,967	(877,224)	(50,436,419)	(315,462)
Issuance of common shares	10,000,000	500,000	-	-	-	500,000
Share issue costs		(6,163)	-	-	-	(6,163)
Unrealized loss on marketable securities	-	-	-	(1,885)	-	(1,885)
Loss for the period	-	-	-	-	83,104	83,104
Balance - July 31, 2020	17,243,929	42,228,051	9,263,967	(879,109)	(50,353,315)	259,594

See accompanying notes

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