Lincoln Gold Mining : 2021 Interim Financial Statements and MD&A as of March 31, 2021

LINCOLN GOLD MINING INC.

UNAUDITED CONDENSED INTERIM

CONSOLIDATED FINANCIAL STATEMENTS

for the three months ended March 31, 2021

Table of Contents
Notice to Reader...............................................................................................................................................	3
Condensed Interim Consolidated Statements of Financial Position ................................................................	6
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss ...........................................	7
Condensed Interim Consolidated Statements of Cash Flows ..........................................................................	8
Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency .................................	9
Notes to the Condensed Interim Consolidated Financial Statements ...........................................................	10

Notice to Reader

Management has prepared the unaudited condensed interim consolidated financial statements for Lincoln Gold Mining Inc. (the "Company") in accordance with National Instrument 51-102 released by the Canadian Securities Administration. The Company discloses that its auditors have not reviewed the unaudited consolidated interim financial statements for the three-month period ended March 31, 2021.

LINCOLN GOLD MINING INC.

Condensed Interim Consolidated Statements of Financial Position

(Unaudited)

As at March 31, 2021, and December 31, 2020

(All amounts are in Canadian Dollars, unless otherwise stated)

		March 31,	December 31,
	Notes	2021	2020
Assets		$	$
Current assets
Cash		17,308	113,895
Receivables	11	37,127	34,529
Prepaid expenses		11,127	17,353
Non-current assets		65,562	165,777
Equipment		3,349	3,697
Right-of-use asset	4	25,173	37,759
Deposits		14,010	14,032
Mineral properties	5	485,005	455,005
		527,537	510,493
Total assets		593,099	676,270
Liabilities and shareholders' deficiency
Current liabilities
Accounts payable and accrued liabilities	6	309,548	329,954
Due to related parties	11	436,331	263,467
Lease liability	8	29,182	43,237
Loans payable	9	24,240	13,856
Promissory notes	10	595,865	591,663
Non-current liabilities		1,395,166	1,242,177
Accounts payable and accrued liabilities	6	166,042	171,276
Due to related parties	11	613,125	718,741
Lease liability	8	-	-
Loans payable	9	23,955	33,120
Provision for environmental rehabilitation	7	81,738	82,758
		884,860	1,005,895
Total liabilities		2,280,026	2,248,072
Shareholders' deficiency
Share capital	12	25,566,362	25,536,362
Capital reserves	12	3,391,037	3,386,465
Deficit		(30,644,326)	(30,494,629)
Total shareholders' deficiency		(1,686,927)	(1,571,802)
Total liabilities and shareholders' deficiency		593,099	676,270

Nature of operations (Note 1)

Subsequent events (Note 16)

Approved and authorized by the Board on May 28, 2021.

"Paul Saxton"	Director	"Andrew Milligan"	Director
Paul Saxton		Andrew Milligan

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

6

LINCOLN GOLD MINING INC.

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

(Unaudited)

For the three months ended March 31, 2021 and 2020

(All amounts are in Canadian Dollars, unless otherwise stated)

	Notes		2021		2020
Exploration expenses	5, 11	$	19,782	$	13,250
Administrative expenses
Consulting and management fees	11		39,830		40,690
Depreciation			12,934		12,586
Foreign exchange gain (loss)			(22,877)		223,344
Investor relations and shareholder services			8,712		10,672
Office maintenance			39,376		28,385
Professional fees	11		11,170		37,514
Share-based compensation	12		4,572		-
Travel			157		2,954
Other expenses (income)			93,874		356,145
Interest expense	6, 9, 11		36,041		16,359
			36,041		16,359
Loss and comprehensive loss for the period		$	(149,697)	$	(385,754)
Basic and diluted loss per common share		$	(0.01)	$	(0.02)
Weighted average number of common
shares outstanding		29,517,193	16,196,464

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

7