Montero Mining and Exploration : Financial statements for the period ending September 2022

MONTERO MINING AND EXPLORATION LTD.

CONDENSED INTERIM FINANCIAL STATEMENTS

September 30, 2022 and 2021

Expressed in Canadian Dollars

The accompanying unaudited interim 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 interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

MONTERO MINING AND EXPLORATION LTD.

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

		Notes	September 30,	December 31,
		2022		2021
				$		$
ASSETS
Current assets
Cash			14,871		241,178
Other receivables			3,507		4,924
Prepaid expenses and deposits			37,780		49,547
Total current assets			56,158		295,649
Non-current assets
Plant and equipment	4	694		906
Exploration and evaluation assets	5	830,293		474,835
Total non-current assets			830,987		475,741
TOTAL ASSETS			887,145		771,390
LIABILITIES
Current liabilities
Trade and other payables	6	964,403		438,969
Total current liabilities			964,403		438,969
SHAREHOLDERS' EQUITY
Share capital	7	18,116,063		18,116,063
Warrants	7	756,506		756,506
Share based payment reserve	7	8,080,043		8,080,043
Foreign currency translation reserve			1,047,560		1,047,560
Accumulated deficit			(28,077,430)		(27,667,751)
Total shareholders' equity			(77,258)		332,421
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			887,145		771,390
Note 1 - Nature and continuance of operations
On behalf of the Board:
"Antony Harwood"			"Andrew Thomson"
Antony Harwood, Director			Andrew Thomson, Director

See accompanying notes to the condensed interim financial statements

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MONTERO MINING AND EXPLORATION LTD.

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

		Three months	Three months	Nine months	Nine months
	Notes	ended	ended	ended	ended
	September 30,	September 30,	September 30,	September 30,
		2022	2021	2022	2021
		$	$	$	$
EXPENSES
Consulting, administrative and	8	57,876	50,930	161,528	185,271
management fee
Directors' fee	8	9,875	9,500	29,625	29,250
Depreciation	4	71	104	212	313
General and administrative	8	57,144	5,431	132,442	57,471
Other expenses		-	529	-	1,562
Professional fees		11,333	9,875	66,290	66,441
Project investigation costs	8	-	-	12,014	2,029
Shareholder and regulatory		1,901	2,630	8,890	16,568
OPERATING EXPENSES		(138,200)	(78,999)	(411,001)	(358,905)
OTHER ITEMS
Writing-off payables		-	7,052	-	7,052
Interest expense		(630)	-	(1,870)	-
Foreign exchange gain		321	1,286	3,192	4,782
		(309)	8,338	1,322	11,834
NET LOSS		(138,509)	(70,661)	(409,679)	(347,071)
OTHER COMPREHENSIVE INCOME
Exchange difference on	3	-	10,903	-	5,189
translating foreign operations
COMPREHENSIVE LOSS		(138,509)	(59,758)	(409,679)	(341,882)
Loss per share, basic and diluted	7	$0.00	$(0.01)	$(0.01)	$0.00

See accompanying notes to the condensed interim financial statements

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MONTERO MINING AND EXPLORATION LTD.

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

	Share Capital				Foreign
				Share Based	Currency
	Number of			Payment	Translation	Accumulated	Total
	shares	Amount	Warrants	Reserve	Reserve	Deficit	Equity
		$	$	$	$	$	$
Balance, December 31, 2020	38,547,485	18,050,471	756,506	8,110,635	1,047,560	(26,298,226)	1,666,946
Net loss and comprehensive loss	-	-	-	-	5,189	(347,071)	(341,882)
Stock options exercised	100,000	65,592	-	(30,591)	-	-	35,001
Stock options cancelled	-	-	-	(10,705)	-	10,705	-
Balance, September 30, 2021	38,647,485	18,116,063	756,506	8,069,339	1,052,749	(26,634,592)	1,360,065
Net loss and comprehensive loss	-	-	-	-	(5,189)	(1,022,455)	(1,027,644)
Stock options cancelled	-	-	-	10,704	-	(10,704)	-
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	-	-	-	-	-	(409,679)	(409,679)
Balance, September 30, 2022	38,647,485	18,116,063	756,506	8,080,043	1,047,560	(28,077,430)	(77,258)

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MONTERO MINING AND EXPLORATION LTD. CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian dollars - unaudited)

		Nine months		Nine months
		ended		ended
		September 30,		September 30,
		2022		2021
		$		$
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period		(409,679)		(347,071)
Adjustments for non-cash items
Depreciation		212		313
Writing-off payables		0		(7,052)
Net changes in non-cash working capital items
Trade and other receivables		1,417		4,456
Prepaid expenses and deposits		25,554		(10,029)
Trade and other payables		468,656		58,449
Net cash used in operating activities		86,160		(300,934)
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures on exploration and evaluation assets		(312,467)		(1,025,628)
Net cash used in investing activities		(312,467)		(1,025,628)
CASH FLOWS FROM FINANCING ACTIVITIES
Stock option exercise funds received		-		35,000
Net cash provided by financing activities		-		35,000
NET DECREASE IN CASH		(226,307)		(1,291,562)
CASH, BEGINNING OF PERIOD		241,178		1,704,095
CASH, END OF PERIOD		14,871		412,533
Cash paid during the period for interest	$	-	$	-
Cash paid during the period for income taxes	$	-	$	-

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