Lincoln Gold Mining : 2023 Interim Financial Statements and MD&A as of March 31, 2023

LINCOLN GOLD MINING INC.

UNAUDITED CONDENSED INTERIM

CONSOLIDATED FINANCIAL STATEMENTS

for the three months ended March 31, 2023

Table of Contents
Notice to Reader	3
Condensed Interim Consolidated Statements of Financial Position	4
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss	5
Condensed Interim Consolidated Statements of Cash Flows	6
Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency	7
Notes to the Condensed Interim Consolidated Financial Statements	8

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, 2023.

LINCOLN GOLD MINING INC.

Condensed Interim Consolidated Statements of Financial Position

(Unaudited)

As at March 31, 2023 and December 31, 2022

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

	Note	March 31,	December 31,
	s	2023	2022
		$	$
Assets
Current assets
Cash		64,058	18,279
Receivables	12	9,481	12,229
Prepaid expenses		6,900	1,377
		80,439	31,885
Non-current assets
Equipment	4	25,945	29,041
Right-of-use asset	5	27,969	41,954
Deposits		12,250	12,250
Mineral properties	6	874,467	870,380
		940,631	953,625
Total assets		1,021,070	985,510
Liabilities and shareholders' deficiency
Current liabilities
Accounts payable and accrued liabilities	7	730,713	755,228
Due to related parties and former related parties	12	1,642,651	1,559,855
Lease liability	9	30,439	45,099
Loans payable	10	94,853	101,958
Promissory notes	11	1,262,860	998,479
		3,761,516	3,460,619
Non-current liability
Provision for environmental rehabilitation	8	87,965	88,036
Total liabilities		3,849,481	3,548,655
Shareholders' deficiency
Share capital	13	26,964,223	26,964,223
Capital reserves	13	3,404,250	3,404,250
Deficit		(33,196,884)	(32,931,618)
Total shareholders' deficiency		(2,828,411)	(2,563,145)
Total liabilities and shareholders' deficiency		1,021,070	985,510

Nature of operations (Note 1)

Approved and authorized by the Board on May 30, 2023.

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

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

4

LINCOLN GOLD MINING INC.

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss

(Unaudited)

For the three months ended March 31, 2023 and 2022

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

	Notes		2023		2022
Exploration expenses	6, 12	$	47,313	$	49,347
Administrative expenses
Consulting and management fees	12		80,180		40,110
Depreciation	4,5		17,081		17,081
Foreign exchange loss (gain)			7,135		(27,622)
Investor relations and shareholder services			19,726		3,594
Office maintenance			21,758		30,375
Professional fees	12		26,307		11,084
Travel			6,772		41
			178,959		74,663
Other expenses
Interest expense	7, 10, 12		38,994		39,088
			38,994		39,088
Loss and comprehensive loss for the period		$	(265,266)	$	(163,098)
Basic and diluted loss per common share		$	(0.07)	$	(0.04)
Weighted average number of common
shares outstanding - basic and diluted			3,866,324		3,819,475

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

5