Friday Dog : Q3 ended October 31, 2021

CERRO MINING CORP.

Condensed Interim Consolidated Financial Statements

Nine Months Ended October 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 nine months ended October 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 Chartered Professional Accountants of Canada 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

		October 31	January 31,
		2021	2021
	Notes	$	$
ASSETS
Current
Cash		564,180	278,355
Restricted cash	5	9,276,000	-
Marketable securities	3	2,113	4,225
GST receivable		16,968	4,761
Total current assets		9,859,261	287,341
LIABILITIES
Current
Trade payables and accrued liabilities		70,627	51,222
Total current liabilities		70,627	51,222
EQUITY
Share capital	6	42,877,051	42,228,051
Subscription receipts	6	9,227,790	-
Share-based payment reserve		9,263,967	9,263,967
Accumulated other comprehensive loss		(879,661)	(877,549)
Deficit		(50,700,513)	(50,378,350)
Total equity		9,788,634	236,119
Total equity and liabilities		9,859,261	287,341

Nature of operations and going concern (note 1)

Approved and authorized for issue by the board of directors on December 15, 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	Nine Months Ended
		October 31,		October 31,
		2021	2020	2021	2020
	Note	$	$	$	$
General and administrative expenses
Exploration and evaluation costs	4	-	-	-	2,765
Financing		-	-	-	3,245
Foreign exchange (gain) loss		-	-	-	13,724
General and administrative		1,292	14	1,502	1,142
Management fees	7	10,623	3,850	12,948	16,041
Professional fees		149,682	7,054	289,332	35,886
Transfer agent and filing fees		16,130	6,613	28,903	14,177
Loss from operations		(177,727)	(17,531)	(332,685)	(86,980)
Other items
Other income		-	-	-	1,774
Gain on settlement of liabilities		-	6,006	-	24,006
Gain on dissolution of subsidiary		10,522	-	10,522	-
Gain on sale of subsidiary	5	-	-	-	132,779
Income (loss) for the period		(167,205)	(11,525)	(322,163)	71,579
Items that will not be reclassified to income (loss):
Unrealized gain (loss) on marketable securities		(617)	1,300	(2,112)	(585)
Comprehensive income (loss) for the period		(167,822)	(10,225)	(324,275)	70,994
Income (loss) per share, basic and diluted		(0.01)	(0.00)	(0.01)	0.01
Weighted average common shares outstanding,	27,243,929	17,243,929	23,434,405	13,411,812
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		Other
	Number of	Subscription	Common	Subscription		Comprehensive		Equity
	Shares	Receipts	Shares	Received	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	-	-	-	-	-	(585)	-	(585)
Income for the period	-	-	-	-	-	-	71,579	71,579
Balance - October 31, 2020	17,243,929	-	42,228,051	-	9,263,967	(877,809)	(50,364,840)	249,369
						Accumulated
		Number of		Share		Other
	Number of	Subscription	Common	Subscription		Comprehensive
	Shares	Receipts	Shares	Received	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	-	9,276,000	-	-	-	9,276,000
Exercise of warrants	10,000,000	-	650,000	-	-	-	-	650,000
Share issue costs	-	-	(1,000)	(48,210)	-	-	-	(49,210)
Unrealized loss on marketable securities	-	-	-		-	(2,112)	-	(2,112)
Loss for the period	-	-	-	-	-	-	(322,163)	(322,163)
Balance - October 31, 2021	27,243,929	20,218,000	42,877,051	9,227,790	9,263,967	(879,661)	(50,700,513)	9,788,634

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