Montero Mining and Exploration : Financial statements for the period ending 30 June 2023

MONTERO MINING AND EXPLORATION LTD.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Six Months Ended June 30, 2023 and 2022

Expressed in Canadian Dollars

NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

The accompanying unaudited interim consolidated financial statements of Montero Mining and Exploration Ltd. (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 the standards established by the Chartered Professional Accountants of Canada for a review of condensed interim consolidated financial statements by an entity's auditor.

MONTERO MINING AND EXPLORATION LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars - unaudited)

			Notes	June 30,	December 31,
			2023	2022
				$	$
ASSETS
Current assets
Cash		7,747	4,718
Other receivables		3,924	4,336
Prepaid expenses and deposits		38,889	29,086
Total current assets		50,560	38,140
Non-current assets
Plant and equipment	4	528	624
Exploration and evaluation assets	5	760,957	559,694
Total non-current assets		761,485	560,318
TOTAL ASSETS		812,045	598,458
LIABILITIES
Current liabilities
Trade and other payables	6,9	1,063,074	702,530
Loans payable	7,9	179,418	56,762
Total current liabilities		1,242,492	759,292
SHAREHOLDERS' DEFICIT
Share capital	8	18,116,063	18,116,063
Share based payment reserve	8	8,836,549	8,836,549
Foreign currency translation reserve		1,047,560	1,047,560
Accumulated deficit		(28,430,619)	(28,161,006)
Total shareholders' deficit		(430,447)	(160,834)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT		812,045	598,458
	Note 1 - Nature and continuance of operations
Note 14 - Subsequent event
On behalf of the Board:
	"Antony Harwood"			"Andrew Thomson"
	Antony Harwood, Director		Andrew Thomson, Director

See accompanying notes to the condensed interim consolidated financial statements.

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MONTERO MINING AND EXPLORATION LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Expressed in Canadian dollars - unaudited)

		Three months	Three months	Six months	Six months
		ended	ended	ended	ended
	Note	June 30,	June 30,	June 30,	June 30,
	2023	2022	2023	2022
				$	$
EXPENSES
Consulting, administrative and	9	59,902	50,852	121,009	103,652
management fee
Directors' fee	9	9,875	9,875	19,750	19,750
Depreciation	4	48	70	96	141
General and administrative	9	32,323	49,027	69,259	75,298
Professional fees		23,142	29,038	37,568	54,957
Project investigation costs		18,333	401	18,333	12,014
Shareholder and regulatory		3,875	4,904	9,102	6,989
OPERATING EXPENSES		(147,498)	(144,167)	(275,117)	(272,801)
OTHER ITEMS
Interest expense	9	(1,814)	(624)	(2,639)	(1,240)
Foreign exchange gain		(148)	1,954	8,143	2,871
TOTAL OTHER ITEMS		(1,962)	1,330	5,504	1,631
NET AND COMPREHENSIVE LOSS		(149,460)	(142,837)	(269,613)	(271,170)
Loss per share, basic and diluted	8	(0.00)	(0.00)	(0.01)	(0.01)
Weighted average number of shares		38,647,485	38,647,485	38,647,485	38,647,485
outstanding

See accompanying notes to the condensed interim consolidated financial statements

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MONTERO MINING AND EXPLORATION LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (Expressed in Canadian dollars - unaudited)

		Share Capital		Foreign
	Number of			Share Based	Accumulated
	Amount	Warrants	Currency	Total Deficit
	Payment
	shares			Reserve	Translation	Deficit
				Reserve
		$	$	$	$	$	$
Balance, December 31, 2021	38,647,485	18,116,063	756,506	8,080,043	1,047,560	(27,667,751)	332,421
Net loss and comprehensive loss	-	-	-	-	-	(271,170)	(271,170)
Balance, June 30, 2022	38,647,485	18,116,063	756,506	8,080,043	1,047,560	(27,938,921)	61,251
Net loss and comprehensive loss	-	-	-	-	-	(222,085)	(222,085)
Expired warrants	-	-	(756,506)	756,506	-	-	-
Balance, December 31, 2022	38,647,485	18,116,063	-	8,836,549	1,047,560	(28,161,006)	(160,834)
Net loss and comprehensive loss	-	-	-	-	-	(269,613)	(269,613)
Balance, June 30, 2023	38,647,485	18,116,063	-	8,836,549	1,047,560	(28,430,619)	(430,447)

See accompanying notes to the condensed interim consolidated financial statements.

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