Montero Mining and Exploration : Financial statements for the period ending 31 March 2023

MONTERO MINING AND EXPLORATION

LTD.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended March 31, 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	March 31,	December 31,
	2023	2022
		$	$
ASSETS
Current assets
Cash		3,781	4,718
Other receivables		5,714	4,336
Prepaid expenses and deposits		19,600	29,086
Total current assets		29,095	38,140
Non-current assets
Plant and equipment	4	576	624
Exploration and evaluation assets	5	582,710	559,694
Total non-current assets		583,286	560,318
TOTAL ASSETS		612,381	598,458
LIABILITIES
Current liabilities
Trade and other payables	6, 8	893,366	759,292
Total current liabilities		893,366	759,292
SHAREHOLDERS' DEFICIT
Share capital	7	18,116,063	18,116,063
Share based payment reserve	7	8,836,549	8,836,549
Foreign currency translation reserve		1,047,560	1,047,560
Accumulated deficit		(28,281,157)	(28,161,006)
Total shareholders' deficit		(280,985)	(160,834)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT		612,381	598,458

Note 1 - Nature and continuance of operations

Note 13 - 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
		ended	ended
	Note	March 31,	March 31,
	2023	2022
		$	$
EXPENSES
Consulting, administrative and management fee	8	61,105	52,800
Directors' fee	8	9,875	9,875
Depreciation	4	48	71
General and administrative	8	36,936	26,271
Professional fees		14,428	25,919
Project investigation costs		-	11,613
Shareholder and regulatory		5,227	2,085
OPERATING EXPENSES		(127,619)	(128,634)
OTHER ITEMS
Interest expense	8	(825)	(616)
Foreign exchange gain		8,291	917
TOTAL OTHER ITEMS		7,466	301
NET AND COMPREHENSIVE LOSS		(120,153)	(128,333)
Loss per share, basic and diluted	8	(0.00)	(0.00)
Weighted average number of shares outstanding		38,647,485	38,647,485

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
				Share Based
	Number of			Currency	Accumulated
	Amount	Warrants	Payment		Total Deficit
	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	-	-	-	-	-	(128,333)		(128,333)
Balance, March 31, 2022	38,647,485	18,116,063	756,506	8,080,043	1,047,560	(27,796,084)		204,088
Net loss and comprehensive loss	-	-	-	-	-	(364,922)		(364,922)
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	-	-	-	-	-	(120,151)	-	120,151.0
Balance, March 31, 2023	38,647,485	18,116,063	-	8,836,549	1,047,560	(28,281,157)		(280,985)

See accompanying notes to the condensed interim consolidated financial statements.

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