Friday Dog : Q2 ended July 31, 2021

CERRO MINING CORP.

Condensed Interim Consolidated Financial Statements

Six Months Ended July 31, 2021

Expressed in Canadian dollars

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited condensed interim consolidated financial statements of Cerro Mining Corp. for the six months ended July 31, 2021 have been prepared by the management of the Company and approved by the Company's board of directors.

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 the condensed interim consolidated financial statements by an entity's auditor.

Cerro Mining Corp.

Condensed Interim Consolidated Statements of Financial Position

Expressed in Canadian dollars

		July 31	January 31,
		2021	2021
	Notes	$	$
ASSETS
Current
Cash		496,985	278,355
Restricted cash	5	10,109,000	-
Marketable securities	3	3,088	4,225
GST receivable		13,548	4,761
Total current assets		10,622,621	287,341
LIABILITIES
Current
Trade payables and accrued liabilities		120,077	51,222
Total current liabilities		120,077	51,222
EQUITY
Share capital	6	42,877,051	42,228,051
Subscription receipts	6	10,060,790	-
Subscriptions receivable	6	(150,000)	-
Share-based payment reserve		9,263,967	9,263,967
Accumulated other comprehensive loss		(878,686)	(877,549)
Deficit		(50,670,578)	(50,378,350)
Total equity		10,502,544	236,119
Total equity and liabilities		10,622,621	287,341

Nature of operations and going concern (note 1)

Subsequent events (note 11)

Approved and authorized for issue by the board of directors on September 29, 2021:

"Andrew Bowering"		"Anthony Paterson"
Andrew Bowering, Director	Anthony Paterson, Director

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Cerro Mining Corp.

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss Expressed in Canadian dollars

		Three Months Ended	Six Months Ended
		July 31,		July 31,
		2021	2020	2021	2020
	Note	$	$	$	$
General and administrative expenses
Exploration and evaluation costs	4	-	-	-	2,765
Financing		-	375	-	3,245
Foreign exchange (gain) loss		-	(1,471)	-	13,724
General and administrative		1,030	1,045	1,240	1,128
Management fees	7	8,165	4,000	10,490	12,191
Professional fees		117,409	25,167	257,059	28,832
Transfer agent and filing fees		10,666	2,828	23,439	7,564
Loss from operations		(137,270)	(31,944)	(292,228)	(69,449)
Other items
Other income (expense)		-	1,774	-	1,774
Gain on settlement of liabilities		-	18,000	-	18,000
Gain on sale of subsidiary	5	-	-	-	132,779
Income (loss) for the period		(137,270)	(12,170)	(292,228)	83,104
Items that will not be reclassified to income (loss):
Unrealized loss on marketable securities		358	(455)	(1,137)	(1,885)
Comprehensive income (loss) for the period		(136,912)	(12,625)	(293,365)	81,219
Income (loss) per share, basic and diluted		(0.01)	(0.00)	(0.01)	0.01
Weighted average common shares outstanding,	25,595,577	15,613,494	21,466,151	11,474,698
basic and diluted

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Cerro Mining Corp.

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency)

Expressed in Canadian dollars

							Accumulated
		Number of		Share	Share		Other
	Number of	Subscription	Common	Subscription Subscription		Comprehensive		Equity
	Shares	Receipts	Shares	Received	Receivable	Reserves	Loss	Deficit	(Deficiency)
			$	$	$	$	$	$	$
Balance - January 31, 2020	7,243,929	-	41,734,214	-	-	9,263,967	(877,224)	(50,436,419)	(315,462)
Issuance of common shares	10,000,000	-	500,000	-	-	-	-	-	500,000
Share issue costs	-	-	(6,163)	-	-	-	-	-	(6,163)
Unrealized loss on marketable securities	-	-	-	-	-	-	(1,885)	-	(1,885)
Income for the period	-	-	-	-	-	-	-	83,104	83,104
Balance - July 31, 2020	17,243,929	-	42,228,051	-	-	9,263,967	(879,109)	(50,353,315)	259,594
							Accumulated
		Number of		Share	Share		Other
	Number of	Subscription	Common	Subscription Subscription		Comprehensive
	Shares	Receipts	Shares	Received	Receivable	Reserves	Loss	Deficit	Equity
			$	$	$	$	$	$	$
Balance - January 31, 2020	17,243,929	-	42,228,051	-	-	9,263,967	(877,549)	(50,378,350)	236,119
Subscription receipts	-	20,218,000	-	10,109,000	(150,000)	-		-	9,959,000
Exercise of warrants	10,000,000	-	650,000	-	-	-	-	-	650,000
Share issue costs	-	-	(1,000)	(48,210)	-	-	-	-	(49,210)
Unrealized loss on marketable securities	-	-	-		-	-	(1,137)	-	(1,137)
Loss for the period	-	-	-	-	-	-	-	(292,228)	(292,228)
Balance - July 31, 2021	27,243,929	20,218,000	42,877,051	10,060,790	(150,000)	9,263,967	(878,686)	(50,670,578)	10,502,544

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