Condensed Consolidated Interim Financial Statements ... Consolidated Interim Financial Statements ... Summary of Significant ... Notes to the Condensed Consolidated Interim Financial Statements Unaudited

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<ul><li><p>Condensed Consolidated Interim Financial Statements (Unaudited) </p><p>For the three and nine months ended September 30, 2017 </p><p>(Expressed in Canadian Dollars) </p><p>22nd Floor BDO Equitable Tower 8751 Paseo de Roxas St. </p><p>Makati City, 1226 Philippines </p><p>+63.2.889.8176 </p><p>mindoro@mindoro.com www.mindoro.com </p><p>Mindoro trades on the TSX Venture Exchange under the symbol MIO and on the Frankfurt Stock Exchange under the symbol OLM </p><p>mailto:mindoro@mindoro.comhttp://www.mindoro.com/</p></li><li><p>Notice of Non-Review by Auditors Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. </p><p>The accompanying unaudited condensed consolidated interim financial statements of Mindoro Resources Ltd. for the interim reporting period ended September 30, 2017, have been prepared in accordance with IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board, and are the responsibility of the Companys management. </p><p>The Companys independent auditors, MNP LLP, have not performed a review of these interim financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entitys auditor. </p><p>Dated November 28, 2017. </p></li><li><p>Table of Contents </p><p>CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS </p><p>Consolidated Statements of Financial Position ............................................................................................................. 1 </p><p>Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) ........................................................... 2 </p><p>Consolidated Statements of Changes in Equity ............................................................................................................. 3 </p><p>Consolidated Statements of Cash Flows ........................................................................................................................ 4 </p><p>NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1. General Information and Going Concern ........................................................................................................ 5 </p><p>2. Summary of Significant Accounting Policies .................................................................................................... 6 </p><p>3. Financial Risk Management ............................................................................................................................. 8 </p><p>4. Significant Accounting Judgements and Estimates ....................................................................................... 10 </p><p>5. Exploration and Evaluation Assets ................................................................................................................ 11 </p><p>6. Property and Equipment ............................................................................................................................... 16 </p><p>7. Option to purchase contracts ........................................................................................................................ 16 </p><p>8. Investment in Associate ................................................................................................................................ 17 </p><p>9. Trade and Other Payables ............................................................................................................................. 18 </p><p>10. Borrowings .................................................................................................................................................... 19 </p><p>11. Installment Payments to Minimax ................................................................................................................ 20 </p><p>12. Commitments and Contingent Liabilities ...................................................................................................... 20 </p><p>13. Share Capital ................................................................................................................................................. 21 </p><p>14. Other Reserves .............................................................................................................................................. 21 </p><p>15. Warrants ........................................................................................................................................................ 21 </p><p>16. Related Party Transactions ............................................................................................................................ 22 </p><p>17. Subsequent Events ........................................................................................................................................ 23 </p></li><li><p>Condensed Consolidated Interim Statements of Financial Position </p><p>Unaudited (Expressed in thousands of Canadian Dollars) </p><p>The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 1 </p><p>As at Sept December</p><p>Note 2017 2016</p><p>ASSETS</p><p>Current assets</p><p>Cash and cash equivalents 17 93 </p><p>Trade and other receivables 140 205 </p><p>Prepaid expenses and other current assets 123 85 </p><p>280 383 </p><p>Non-current assets</p><p>Exploration and evaluation assets - - </p><p>Property and equipment 6 2 1 </p><p>Option to purchase contracts 7 - - </p><p>Investment in associates 8 8,444 8,612 </p><p>8,446 8,613 </p><p>TOTAL ASSETS 8,726 8,996 </p><p>LIABILITIES</p><p>Current liabilities</p><p>Trade and other payables 9 2,573 2,722 </p><p>Borrowings 10 2,360 2,002 </p><p>Installment payments to Minimax 11 2,945 3,201 </p><p>Warrants l iability 15 - - </p><p>7,878 7,925 </p><p>Non-current liabilities</p><p>Borrowings 10 25 - </p><p>Installment payments to Minimax 11 1,891 1,959 </p><p>Defined benefit retirement obligation 131 146 </p><p>2,047 2,105 </p><p>TOTAL LIABILITIES 9,925 10,030 </p><p>EQUITY</p><p>Share capital 13 52,409 52,403 </p><p>Share obligation 14 1 1 </p><p>Other reserves 14 12,726 12,947 </p><p>Accumulated losses (66,335) (66,385) </p><p>(1,199) (1,034) </p><p>Non-controlling interests - - </p><p>TOTAL EQUITY (1,199) (1,034) </p><p>TOTAL LIABILITIES AND EQUITY 8,726 8,996 Going concern (Note 1) Commitments and contingent liabilities (Note 12) These condensed consolidated interim financial statements were authorised for issue by the board of directors on November 28, 2017 and are signed on its behalf. </p><p>"Signed" "Signed" </p><p>Federico C. Zarate, Jr., Director Arturo P. Delos Santos, Director </p></li><li><p>Condensed Consolidated Interim Statements of Income (Loss) &amp; Comprehensive Income (Loss) </p><p>Unaudited (Expressed in thousands of Canadian Dollars) </p><p>The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 2 </p><p>Note 2017 2016 2017 2016</p><p>Operating Expenses</p><p>General and administration expenses (12) (65) (135) (138) </p><p>Salaries and other employee benefits (41) (61) (162) (201) </p><p>Interest expense 10,11 (67) (71) (215) (200) </p><p>Stock based compensation - - - - </p><p>Share of net income of associate 8 246 217 704 (638) </p><p>Depreciation and amortization 6 (1) (1) (1) (1) </p><p>Provision for doubtful accounts - - - - </p><p>Provision for impairment of investment - - - - </p><p>Impairment of exploration and evaluation assets - (1) - (3) </p><p>Operating Income (loss) 125 18 191 (1,181) </p><p>Finance income - - - - </p><p>Remeasurement of warrants l iability - 52 - 48 </p><p>Gain on sale of Red Mountain shares - - - - </p><p>Other Income - - - - </p><p>Loss on disposal of property and equipment - - - - </p><p>Foreign exchange gain (loss) (107) (141) (141) (116) </p><p>Loss before income tax 18 (71) 50 (1,249) </p><p>Income tax expense - - - </p><p>NET INCOME (LOSS) 18 (71) 50 (1,249) </p><p>Basic and diluted net loss per share 0$ (0)$ 0 (0) </p><p>Weighted average number of common shares outstanding </p><p>(thousands)297,437 297,437 297,437 297,437 </p><p>Net Income (loss) 18 (71) 50 (1,249) </p><p>Other comprehensive income</p><p>Items that will not be reclassified to profit and loss</p><p>E &amp; E adustment</p><p>Items that may be reclassified to profit and loss</p><p>Exchange differences on translation of foreign operations (57) (74) (221) (411) </p><p>Other comprehensive income (57) (74) - (221) (411) </p><p>TOTAL COMPREHENSIVE INCOME (LOSS) (39) (145) - (171) (1,660) </p><p> Period ended Sept 30 Three months ended Sept</p></li><li><p>Condensed Consolidated Interim Statements of Changes in Equity </p><p>Unaudited (Expressed in thousands of Canadian Dollars) </p><p>The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 3 </p><p>Note</p><p>Share </p><p>capital</p><p>Share </p><p>obligation</p><p>Other </p><p>reserves </p><p>(note 15)</p><p>Accumulated </p><p>losses</p><p>Non-</p><p>controlling </p><p>interests</p><p>Total</p><p>equity</p><p>Balance as at </p><p>December 31, 201652,403 1 12,947 (66,385) - (1,034) </p><p>Net loss - - - 50 - 50 </p><p>Actuarial gains (losses) - - - - - - </p><p>Re-measurement of financial assets available for sale - - - - - - </p><p>Impairment of E &amp; E - </p><p>Share of other comprehensive loss of associate - - - - - - </p><p>Translation adjustments - - (221) - - (221) </p><p>Comprehensive income (loss) - - (221) 50 - (171) </p><p>Common shares issued for:</p><p>Private placement 6 - - 6 </p><p>Transactions with owners 6 - - - - 6 </p><p>Balance as at Sept. 30, 2017 52,409 1 12,726 (66,335) - (1,199) </p><p>Attributable to owners of the parent</p></li><li><p>Condensed Consolidated Interim Statements of Cash Flows </p><p>Unaudited (Expressed in thousands of Canadian Dollars) </p><p>The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 4 </p><p>Note 2017 2016 2017 2016</p><p>Cash flows from operating activities</p><p>Net Income (loss) 18 (71) 50 (1,249) </p><p>Items in net loss not affecting cashprovision for doubtful accounts - - - </p><p>provision for impairment of investment - - retirement benefit expense (recovery) - - - </p><p>Interest expense 10,11 67 71 215 200 </p><p>Stock based compensation - - - - </p><p>Share of equity earnings of associate 8 (246) (217) (704) 638 </p><p>Depreciation and amortization 6 1 1 1 1 </p><p>Impairment of exploration and evaluation assets - 1 3 </p><p>Remeasurement of warrants l iability - (52) - (48) </p><p>Gain on sale of RMX shares - - - - </p><p>Gain on reversal of Batangas provision - - - </p><p>Income tax benefit (expense) - - - </p><p>Accounts receivable (22) (85) (88) (275) </p><p>Prepaid expenses 7 (1) (50) (4) </p><p>Accounts payable and accrued liabilities 81 11 103 (152) </p><p>Exchange differences not affecting cash 63 106 146 269 </p><p>Interest paid - - - </p><p>Income tax paid - - - </p><p>Net cash used in operating activities (31) (236) (327) (617) </p><p>Cash flows from investing activitiesProceeds from sale of Red Mountain shares - - - </p><p>Expenditure on exploration and evaluation assets - (1) - (3) </p><p>Cost recoveries from associate - - - </p><p>Gain from other income - - - Purchase of equipment (0) - (0) </p><p>Purchase of option to purchase contract - - - </p><p>Investment in associate - 117 - 117 </p><p>Net cash received from (used in) investing activities (0) 116 - (0) 114 </p><p>Cash flows from financing activitiesCash rec...</p></li></ul>

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