Mexican Gold Mining : FY2022 Q1 Interim Financial Statements

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020

(Unaudited - Expressed in Canadian Dollars)

NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed interim financial statements they must be accompanied by a notice indicating that these condensed interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's external auditors have not performed a review of these condensed interim financial statements.

Mexican Gold Mining Corp.

Consolidated Interim Statements of Financial Position

(Unaudited - Expressed in Canadian Dollars)

		September 30,	June 30,
		2021	2021
		$	$
	Note
ASSETS
Current assets
Cash		307,398	121,460
Amounts receivable	4	162,235	225,437
Prepaid expenses and deposits		25,281	15,588
Total current assets		494,914	362,485
Total Assets		494,914	362,485
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	7	105,484	149,286
Total current liabilities		105,484	149,286
EQUITY
Share capital	5	32,317,636	31,837,636
Reserves	5	4,314,677	4,314,677
Foreign currency translation		(7,997)	(10,560)
Deficit		(36,234,886)	(35,928,554)
Total equity		389,430	213,199
Total Equity and Liabilities		494,914	362,485

NATURE OF OPERATIONS AND GOING CONCERN UNCERTAINTY (Note 1)

These condensed consolidated interim financial statements are authorized for issue by the Board of Directors on November 12, 2021. They are signed on the Company's behalf by:

"Jack Campbell"	, Director
"Ali Zamani"	, Director

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

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Mexican Gold Mining Corp.

Consolidated Interim Statements of Loss and Comprehensive Loss

(Unaudited - Expressed in Canadian Dollars)

		Three months ended September 30,
		2021	2020
	Note	$	$
Expenses
Exploration and evaluation expenditures	3	136,302	871,510
General and administrative	6	169,074	294,092
Professional fees		631	11,766
Loss before other items		(306,007)	(1,177,368)
Foreign exchange loss		(325)	(4,023)
Interest income		-	7,982
Loss for the period		(306,332)	(1,173,409)
Other comprehensive items
Exchange differences on translation of foreign operations		2,563	10,911
Comprehensive loss for the period		(303,769)	(1,162,498)
Loss per share - basic and diluted ($)		(0.00)	(0.01)
Weighted average number of common shares outstanding
- basic and diluted		126,168,845	103,342,497

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

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Mexican Gold Mining Corp.

Consolidated Interim Statements of Cash Flows

(Unaudited - Expressed in Canadian Dollars)

	Three months ended September 30,
	2021	2020
	$	$
Cash flows from operating activities
Loss for the period	(306,332)	(1,173,409)
Change in non-cash working capital items:
Decrease (increase) in amounts receivable	63,202	(34,184)
(Increase) decrease in prepaid expenses and deposits	(9,693)	22,497
(Decrease) increase in accounts payable and accrued liabilities	(43,802)	361,003
Net cash used in operating activities	(296,625)	(824,093)
Cash flows from financing activities
Warrants exercised	480,000	120
Net cash generated from financing activities	480,000	120
Net increase (decrease) in cash	183,375	(823,973)
Cash at beginning of period	121,460	1,861,336
Effect of exchange rate on cash	2,563	10,911
Cash at end of period	307,398	1,048,274
Supplemental cash flow information
Cash paid for income taxes	-	-
Cash paid for interest	-	-

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

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