Minco Capital : Q3 Financials

Minco Capital Corp.

Condensed Interim Financial Statements

For the three and nine months ended September 30, 2021

(Unaudited, expressed in Canadian dollars, unless otherwise stated)

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NOTICE TO READER

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

The accompanying unaudited condensed interim financial statements of Minco Capital Corp. have been prepared by, and are the responsibility of, the Company's management. The accompanying unaudited condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB") applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting.

Minco Capital Corp.'s independent auditor has not performed a review of these condensed interim financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of condensed interim financial statements by an entity's auditor.

Dr. Ken Cai	Melinda Hsu, CPA, CGA
Chief Executive Officer	Chief Financial Officer
Vancouver, Canada
November 22, 2021

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Minco Capital Corp.

Condensed Interim Statements of Financial Position

(Unaudited, expressed in Canadian dollars, unless otherwise stated)

	September 30,	December 31,
	2021	2020
Assets	$	$
Current assets
Cash and cash equivalents (note 3)	718,056	2,501,687
Short-term investment (note 4)	20,000	20,000
Investments at fair value (note 5)	8,736,444	8,722,010
Receivables	2,874	2,726
Due from related parties (note 8)	219,791	34,196
Prepaid expenses and deposits	25,154	30,800
	9,722,319	11,311,419
Non-current assets
Long-term deposit	13,148	8,765
Property and equipment	13,657	18,870
Right-of-use assets (note 6)	46,516	69,588
Total assets	9,795,640	11,408,642
Liabilities
Current liabilities
Accounts payable and accrued liabilities	55,026	54,411
Due to related party (note 8)	15,308	729
Lease obligation, current (note 6)	35,019	32,934
	105,353	88,074
Lease obligation, non-current (note 6)	21,984	49,191
	127,337	137,265
Shareholders' Equity
Share capital (note 7)	39,210,722	39,777,711
Contributed surplus	10,381,846	10,319,231
Deficits	(39,924,265)	(38,825,565)
	9,668,303	11,271,377
Total liabilities and shareholders' equity	9,795,640	11,408,642

Approved by the Board of Directors

(signed) Malcolm Clay Director

(signed) Mike Doggett Director

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

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Minco Capital Corp.

Condensed Interim Statements of Loss and Comprehensive Loss

For the three and nine months ended September 30, 2021 and 2020

(Unaudited, expressed in Canadian dollars, unless otherwise stated)

	Three months ended	Nine months ended
		September 30,		September 30,
	2021	2020	2021	2020
	$	$	$	$
Dividend and interest income	6,454	7,052	15,373	33,819
Realized (loss) / gain from investments
(note 5)	(112)	-	116,945	189,368
Unrealized loss from investments (note 5)	(1,256,373)	(395,736)	(1,389,190)	(2,547,656)
	(1,250,031)	(388,684)	(1,256,872)	(2,324,469)
Operating expenses
Accounting and audit	6,090	5,758	16,214	19,434
Amortization	9,367	9,541	28,100	28,775
Consulting	13,125	13,125	39,375	49,819
Directors' fees (note 8)	5,500	5,500	17,500	28,667
Interest expense (note 6)	1,187	1,836	4,046	5,950
Investment evaluation and management	8,709	10,964	28,407	46,935
Legal and regulatory	6,900	15,465	26,310	46,357
Office and administration	12,794	9,621	27,564	37,540
Salaries and benefits	26,268	21,218	87,747	210,126
Share-based compensation (note 7)	13,889	99,507	62,615	163,186
Travel	1,371	2,222	2,924	7,413
	105,200	194,757	340,802	644,202
Operating loss	(1,355,231)	(583,441)	(1,597,674)	(2,968,671)
Foreign exchange gain (loss)	9,878	(28,842)	(9,755)	32,336
Net loss and comprehensive
loss for the period	(1,345,353)	(612,283)	(1,607,429)	(2,936,335)
Net loss per share
Basic and diluted	(0.03)	(0.01)	(0.03)	(0.06)
Weighted average number of common
shares outstanding
Basic and diluted	47,615,359	48,056,881	47,793,255	48,451,071

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

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Minco Capital Corp.

Condensed Interim Statements of Changes in Shareholders' Equity

For the nine months ended September 30, 2021 and 2020

(Unaudited, expressed in Canadian dollars, unless otherwise stated)

	Number of	Treasury	Share	Contributed
	shares	shares	capital	surplus	Deficits	Subtotal
	#	#	$	$	$	$
Balance - January 1, 2020	48,842,881	1,182,000	40,412,683	10,182,186	(37,432,319)	13,162,550
Net loss for the period	-	-	-	-	(2,936,335)	(2,936,335)
Shares cancelled (note 7)	(786,000)	(1,182,000)	(634,972)	-	571,489	(63,483)
Share-based compensation	-	-	-	163,186	-	163,186
Balance - September 30,
2020	48,056,881	-	39,777,711	10,345,372	(39,797,165)	10,325,918
Balance - January 1, 2021	48,056,881	-	39,777,711	10,319,231	(38,825,565)	11,271,377
Net loss for the period	-	-	-	-	(1,607,429)	(1,607,429)
Share-based compensation	-	-	-	62,615	-	62,615
Shares cancelled (note 7)	(685,000)	-	(566,989)	-	508,729	(58,260)
Balance - September 30,
2021	47,371,881	-	39,210,722	10,381,846	(39,924,265)	9,668,303

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

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