Mundoro Capital : Earning Document

Condensed Interim Consolidated Financial Statements

For the Six-Month Periods Ended June 30, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

NOTICE TO READER

NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited condensed interim consolidated financial statements of 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 standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements.

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Table of Contents
CONDENSED CONSOLIDATED BALANCE SHEETS	4
CONDENSED CONSOLIDATED STATEMENTS OF (EARNINGS) LOSS	5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	6
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	8
1.	NATURE OF OPERATIONS	8
2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION	8
3.	THIRD PARTY FUNDED EXPLORATION PROGRAMS	8
4.	AMOUNTS RECEIVABLE	9
5.	DEPOSITS	9
6.	INVESTMENTS	9
7.	PROPERTY, PLANT AND EQUIPMENT	9
8.	MINERAL INTERESTS	10
9.	EXPLORATION AND PROJECT EVALUATION	12
10.	ACCOUNTS PAYABLE, ADVANCES AND ACCRUED LIABILITIES	12
11.	SHARE CAPITAL	13
12.	RELATED PARTY TRANSACTIONS AND BALANCES	14
13.	SEGMENTED INFORMATION	15

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MUNDORO CAPITAL INC.

Six-Month Period Ended June 30, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

	CONDENSED CONSOLIDATED BALANCE SHEETS
		Notes		June 30, 2023		December 31, 2022
	ASSETS
	Current assets
	Cash and cash equivalents		$	8,398,601	$	4,843,844
	Amounts receivable	4		491,291		168,581
	Amounts receivable from partners	3		105,592		510,877
	Deposits	5		217,176		464,261
	Prepaid expenses			249,502		110,816
			$	9,462,162	$	6,098,379
	Non-current assets
	Investments	6		213,236		273,820
	Equipment and vehicles	7		444,662		151,988
	Mineral interests	8		107,323		92,986
				765,221		518,794
	TOTAL ASSETS			$ 10,277,383	$	6,617,173
	LIABILITIES
	Current liabilities
	Accounts payable and accrued liabilities	10,13	$	1,391,562	$	575,451
	Advances from joint venture partners	3		4,611,151		3,154,951
	TOTAL LIABILITIES			6,002,713		3,730,402
	EQUITY
	Share capital	11		53,956,381	$	53,894,547
	Contributed surplus			9,094,652		9,094,652
	Stock options reserve			1,770,843		1,676,780
	Accumulated other comprehensive income			185,785		82,870
	Deficit			(61,782,991)		(61,862,078)
	TOTAL EQUITY			4,224,670		2,886,771
	TOTAL EQUITY AND LIABILITIES			$10,227,383	$	6,617,173

The condensed interim consolidated financial statements are approved and authorized for issue by the Board of Directors on August 28, 2023.

/s/ Michael Calyniuk, Director

/s/ Teodora Dechev, Director

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

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MUNDORO CAPITAL INC.

Six-Month Period Ended June 30, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

CONDENSED CONSOLIDATED STATEMENTS OF (EARNINGS) LOSS

			For the three months ended		For the six months ended
	Notes		June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Exploration and project evaluation	9	$	3,680,456	$	975,851	$	5,367,336	$	1,924,627
Less: recoveries			(4,071,664)		(969,915)		(5,621,322)		(1,744,245)
			(391,208)		5,936		(253,986)		180,382
Fees earned	3		(629,026)		(323,441)		(1,464,598)		(367,809)
EXPENSES
Corporate governance			109,937		77,635		234,681		160,632
General and administrative			23,582		55,650		68,011		72,215
Accounting and audit			98,212		60,795		178,669		105,626
Corporate communication			52,234		72,690		143,803		115,028
			283,965		266,770		625,164		453,231
LOSS BEFORE OTHER EXPENSES			(736,269)		(50,735)		(839,434)		265,804

OTHER (INCOME) EXPENSES

Interest and other income Share-based payments Depreciation

Decrease (Increase) in fair value of investments

Foreign exchange (gain) loss

	(5,776)	(1,430)	(5,776)
	44,725	-	94,063
7	12,767	10,492	22,705
6	82,767	160,765	60,584
	(161,330)	(67,928)	(163,019)

(2,084)

123,887

20,344

131,771

(57,928)

		(26,847)		101,899		8,557		215,990
NET (INCOME) / LOSS FOR THE PERIOD	$	(763,116)	$	51,164	$	(1,084,863)	$	481,794
OTHER COMPREHENSIVE (INCOME)
LOSS WHICH MAY BE RECLASSIFIED
TO PROFIT OR LOSS IN SUBSEQUENT
PERIODS
Foreign currency translation differences		(130,080)		454,391		(102,916)		141,951
from foreign operations
COMPREHENSIVE (INCOME) / LOSS FOR	$	(893,196)	$	505,555	$	(1,187,729)	$	623,745
THE PERIOD
BASIC AND DILUTED (INCOME) / LOSS	$	(0.01)	$	(0.01)	$	(0.01)	$	(0.01)
PER SHARE

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

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