Ibero Mining Corp.
(formerly Europacific Metals Inc.)
Condensed Consolidated Interim Financial Statements
For the nine months ended September 30, 2024 and 2023
(Expressed in Canadian dollars)

Notice of No Auditor Review

These unaudited condensed consolidated interim financial statements have not been reviewed by the auditors of the Company. This notice is being provided in accordance with Section 4.3 (3) (a) of National Instrument 51-102 - Continuous Disclosure Obligations.

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS

The accompanying condensed consolidated interim financial statements of Ibero Mining Corp. are the responsibility of the Company's management and are prepared in accordance with International Financial Reporting Standards and reflect management's best estimates and judgment based on information currently available.

Management has developed and maintains a system of internal controls to ensure that the Company's assets are safeguarded, transactions are authorized and properly recorded, and financial information is reliable.

The Board of Directors is responsible for ensuring management fulfills its responsibilities for financial reporting and internal controls through an audit committee, which is comprised primarily of non-management directors. The Audit Committee reviews the financial statements prior to their submission to the Board of Directors for approval.

"Karim Rayani"
"Brian Crawford"

Karim Rayani
Chief Executive Officer

Brian Crawford
Chief Financial Officer

Vancouver, British Columbia
November 29, 2024

Ibero Mining Corp.

(formerly Europacific Metals Inc.)

Condensed Consolidated Interim Statement of Financial Position as at

(Unaudited - expressed in Canadian Dollars)

	Note	September 30		December 31
		2024		2023
ASSETS
Current assets
Cash and cash equivalents	3	$	102,290	$ 504,272
Amounts receivable			109,873	117,443
Advances and prepaid expense			52,308	22,858
Total current assets			264,471	644,573
Equipment	7		55,584	2,950
Long term deposits			134,176	65,817
Investment in and due from associates			-	641,648
Exploration and evaluation assets	6		187,341	83,680
		$	641,572	$ 1,438,668
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	5	$	281,765	$ 75,583
Due to related party			109	-
			281,874	75,583
SHAREHOLDERS' EQUITY
Share capital	4		5,514,180	5,202,660
Contributed surplus	4		637,751	618,571
Deficit			(5,791,684)	(4,458,146)
Non Controlling Interest			(549)	-
			359,698	1,363,085
		$	641,572	$ 1,438,668

Nature of operations and going concern (Note 1)

Subsequent events (Note 9)

These financial statements were approved for issue by the Board of Directors on November 29, 2024 and are signed on its behalf by:

"Karim Rayani"
Director

"Diana Alvarez"
Director

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Ibero Mining Corp.

(formerly Europacific Metals Inc.)

Condensed Consolidated Interim Statement of Loss and Comprehensive Loss

(Unaudited - expressed in Canadian Dollars)

	Note	For the three months ended September 30, 2024	For the three months ended September 30, 2023	For the nine months ended September 30, 2024	For the nine months ended September 30, 2023
EXPENSES
Accounting and corporate secretarial fees	5	11,042	8,750	27,042	39,000
Audit and tax fees		12,500	7,500	47,089	36,800
Consulting and due diligence		18,605	-	23,605	50,122
Corporate development		-	10,561	3,857	133,386
Depreciation	7	369	369	1,106	1,106
Exploration and evaluation	6	779,568	17,736	820,064	86,586
Legal fees		1,196	-	4,785	3,132
Management	5	87,370	10,000	200,143	52,891
Marketing		32,989	-	59,204	713
Office and administration expenses		74,581	5,630	106,228	19,067
Shareholder investor communications		1,688	-	6,316	11,392
Transfer agent and filing fees		14,964	7,440	34,625	29,373
TOTAL EXPENSES		1,034,872	67,986	1,334,064	463,568
OTHER ITEMS
Management fee income		819	(254)	23	(1,322)
Interest income		-	(4,412)	-	(16,128)
Share of associates loss		-	3,474	-	3,705
TOTAL OTHER ITEMS		819	(1,192)	23	(13,745)
NET AND COMPREHENSIVE LOSS FOR THE PERIOD		1,035,691	66,794	1,334,087	449,823
Net loss attributable to:
Owners of Ibero		1,035,142	66,794	1,333,538	449,823
Non-Controlling Interest		549	-	549	-
Loss per share		(0.01)	(0.00)	(0.02)	(0.00)
Weighted average number of shares outstanding		73,392,217	51,967,163	69,815,283	52,142,163

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Ibero Mining Corp.

(formerly Europacific Metals Inc.)

Condensed Consolidated Interim Statement of Changes in Equity

(Unaudited - expressed in Canadian Dollars)

	Shares issued	Share Capital $	Contributed Surplus $	Deficit $	Non-controlling Interest $	Total $
Balance at December 31, 2022	51,967,163	4,801,660	570,955	(3,643,618)	(73,564)	1,655,433
Shares issued for mineral properties	700,000	17,500	-	-	-	17,500
Net and comprehensive loss for the period	-	-	-	(449,823)	-	(449,823)
Non controlling interest	-	-	-	(73,564)	73,564	-
Balance at September 30, 2023	52,667,163	4,819,160	570,955	(4,167,005)	-	1,223,110
Private placements	15,340,000	383,500	-	-	-	383,500
Acquisition of non controlling interest	-	-	-	(67,500)	-	(67,500)
Share based compensation	-	-	47,616	-	-	47,616
Net and comprehensive loss for the period	-	-	-	(223,641)	-	(223,641)
Balance at December 31, 2023	68,007,163	5,202,660	618,571	(4,458,146)	-	1,363,085
Private placements	8,075,000	323,000	-	-	-	323,000
Shares issued for mineral properties	500,000	17,500	-	-	-	17,500
Share issue costs-cash	-	(9,800)	-	-	-	(9,800)
Share issue costs-broker warrants	-	(19,180)	19,180	-	-	-
Net and comprehensive loss for the period	-	-	-	(1,333,538)	(549)	(1,334,087)
Balance at September 30, 2024	76,582,163	5,514,180	637,751	(5,791,684)	(549)	359,698

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

(Unaudited - expressed in Canadian Dollars)

Ibero Mining Corp.
(formerly Europacific Metals Inc.)
Condensed Consolidated Interim Statement of Cash Flows

	For the period ended September 30, 2024	For the period ended September 30, 2023
Cash provided by (used for):
Operating activities
Net and comprehensive loss for the period	$ (1,334,087)	$ (449,823)
Items not affecting cash
Depreciation expense	1,106	1,106
Mineral property acquisitions	(62,805)	-
Share of associates loss	-	3,705
Change in non-cash working capital:
Amounts receivable	7,570	(13,674)
Advances and prepaid expenses	(29,450)	11,771
Accounts payable and accrued liabilities	206,182	(26,653)
	(1,234,840)	(473,568)
Investing activities
Long term deposit (security) exploration property	(68,359)	693
Due to related party	109
Equipment	(53,740)
Investment in associates	641,648	(72,853)
Mineral property acquisition	(23,356)	(50,000)
	496,302	(122,160)
Financing activities
Private placements, net of share issue costs	313,200	-
	313,200	-
Change in cash during the period	$ (401,982)	$ (595,728)
Cash, beginning of the period	504,272	887,995
Cash, end of the period	$ 102,290	$ 292,267

The accompanying notes are an integral part of these condensed consolidated interim financial statements

Ibero Mining Corp.
(formerly Europacific Metals Inc.)
Notes to the Condensed Consolidated Interim Financial Statements
For the nine months ended September 30, 2024 and 2023
(Unaudited - expressed in Canadian dollars)

Nature of operations and going concern

Ibero Mining Corp. (formerly Goldplay Mining Inc. and Ibero Mining Inc.) (the "Company" or "Ibero") was incorporated under the Business Corporations Act (British Columbia) on June 16, 2017, and its principal business activity is acquiring and exploring mineral properties. The Company's registered place of business is located at 650 - 1021 West Hastings Street, Vancouver, British Columbia, V6E 0C3, Canada. The Company is in the startup stage of operations and does not yet have any revenue-generating activities. Ibero has one wholly owned subsidiary, EVX Portugal, Unipessoal, Lda ("EVX Portugal"), a private Portuguese company. The Company is listed on the TSX Venture Exchange (the "TSXV") under the symbol "EUP". Ibero is also listed on the Frankfurt Stock Exchange under the symbol "9FY" and OTCQB Venture Market under the symbol "AUCCF".

These condensed consolidated interim financial statements were prepared on a going concern basis with the assumption that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company incurred significant operating losses since inception, including $1,334,087 during the nine months period ended September 30, 2024 (September 30, 2023 - $449,823), resulting in a deficit of $5,791,684 at September 30, 2024. The Company will require additional financing to continue operations and pursue its projects. While the Company has been successful in obtaining funding in the past through the issuance of additional equity, there is no assurance that such funding will be available in the future. An inability to raise additional funds would adversely impact the future assessment of the Company as a going concern. These factors indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern.

The Company is dependent upon its ability to finance its operations and exploration programs through financing activities that may include issuances of additional debt or equity securities. The recoverability of the carrying value of accounts receivable and exploration and evaluation assets and, ultimately, the Company's ability to continue as a going concern, is dependent upon the Company's ability to raise financing to complete exploration on a mineral property, the outcome of which is uncertain. The consolidated financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations. Such adjustments could be material.

Summary of significant accounting policies

Basis of compliance

These unaudited condensed consolidated interim financial statements have been prepared in accordance International Accounting Standard ("IAS") 34 Interim Financial Reporting, are in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB") and they are consistent with interpretations of the IFRS Interpretations Committee ("IFRIC").

The accounting policies adopted in these unaudited condensed consolidated interim financial statements are based on IFRS in effect at September 30, 2024. The disclosures which follow do not include all disclosures required for the annual financial statements. These unaudited condensed interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereon for the period ended December 31, 2023 and the unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2024.

2. Summary of significant accounting policies (continued)

Basis of measurement

These unaudited condensed consolidated interim financial statements have been prepared on the historical cost basis. In addition, these unaudited condensed consolidated interim financial statements have been prepared using the accrual basis of accounting, except for the cash flow information.

Basis of consolidation

These unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiary. A subsidiary is an entity in which the Company has control, directly or indirectly, where control is defined as the power to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities. All material intercompany transactions and balances have been eliminated on consolidation. Subsidiaries are deconsolidated from the date control ceases.

Name	Place of Incorporation	Interest %	Principal Activity
EVX Portugal, Unipessoal, LDA	Portugal	100%	Exploration company
Indice Crucial, LDA	Portugal	80%	Exploration company

Significant accounting estimates and judgments

The preparation of these unaudited condensed consolidated interim financial statements require management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the unaudited condensed interim financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates and judgments, which, by their nature, are uncertain. The impact of estimates and judgments is pervasive throughout the unaudited condensed interim financial statements and may require accounting adjustments based on future occurrences. Revisions to accounting estimates, or changes to judgments, are recognized in the period in which the estimate is revised and may affect both the period of revision and future periods.

New standards, amendments and interpretations

These condensed interim financial statements have been prepared following the same accounting policies as disclosed in Note 4 of the annual audited consolidated financial statements for the year ended December 31, 2023.

3. Risk management and financial instruments

Financial instruments are agreements between two parties that give rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Company classifies its financial instruments as follows: cash is classified as FVTPL; accounts receivable (excluding taxes receivable) are classified as amortized cost; and accounts payable and accrued liabilities are classified as amortized cost. The carrying values of these instruments approximate their fair values due to their short term to maturity.

Risk management and financial Instruments (continued)

Capital management

The Company does not generate cash flows from operations. The Company's primary source of funds comes from the issuance of share capital and loans or advances from its related parties. The Company does not use other sources of financing that require fixed payments of interest and principal due to lack of cash flow from current operations and is not subject to any externally imposed capital requirements.

The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern.

The Company defines its capital as shareholders' equity (deficiency). Capital requirements are driven by the Company's general operations. To effectively manage the Company's capital requirements, the Company monitors expenses and overhead to ensure costs and commitments are being paid. There were no changes to the Company's capital management approach during the period ended June 30, 2024.

Management of financial risk

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3 - Inputs that are not based on observable market data.

The Company's financial instruments classified as level 1 in the fair value hierarchy are cash, accounts receivables, accounts payable and accrued liabilities and due from associate. The carrying values approximates fair value due to the short-term nature of these financial instruments. The types of risk exposure and the Company's methods of managing the risk remain consistent and are as follows:

The Company's risk exposure and the impact on the Company's financial instruments are summarized below:

Credit risk

Credit losses are measured using a present value and probability-weighted model that considers all reasonable and supportable information available without undue cost or effort along with the information available concerning past defaults, current conditions and forecasts at the reporting date. IFRS 9 requires the recognition of 12 month expected credit losses (the portion of lifetime expected credit losses from default events that are expected within 12 months of the reporting date) if credit risk has not significantly increased since initial recognition (stage 1), and lifetime expected credit losses for financial instruments for which the credit risk has increased significantly since initial recognition (stage 2) or which are credit impaired (stage 3). There are no expected credit losses with respect to the Company's financial instruments held at amortized cost.

3. Risk management and financial Instruments (continued)

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk consists of interest rate risk, foreign currency risk and other price risk. As at September 30, 2024, the Company is not exposed to significant market risk.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due. The Company's approach to managing liquidity risk is to attempt to ensure that it will have sufficient cash or credit available to meet liabilities when due. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities, and by maintaining its lending arrangement with a related party. Management and the Board of Directors are actively involved in the review, planning and approval of significant expenditures and commitments.

All of the liabilities presented as accounts payable and accrued liabilities are due within 90 days of September 30, 2024.

Categories of financial assets and financial liabilities

The carrying values of the Company's financial instruments are classified into the following categories:

Financial instrument	Category	September 30 2024	December 31 2023
Cash and cash equivalents	FVPTL	$ 102,290	$ 504,272
Accounts payable and accrued liabilities	Amortized cost	281,765	75,583

The Company's cash and cash equivalents consist of cash held of $102,290 (December 31, 2023 - $504,272) and redeemable guaranteed investment certificates totaling $Nil (December 31, 2023 - $Nil).

4. Share Capital

(a) Authorized

The Company's authorized share capital consists of an unlimited number of common shares without par value.

(b) Reconciliation of changes in share capital

On April 11, 2022, Ibero completed a private placement financing and issued 1,000,000 common shares for total proceeds of $150,000 ($0.15 per share). No compensation was paid in connection with this financing.

c) Stock Option Plan

The Company adopted a stock option plan on December 5, 2019 under which the aggregate number of common shares to be reserved for exercise of all options granted under the plan and any other share compensation arrangement shall not exceed 10% of the issued shares of the Company at the time of granting of options. The stock option plan provides for the granting of stock options to regular employees and persons

4. Share Capital (continued)

c) Stock Option Plan (continued)

providing investor relations or consulting services up to a limit of 5% and 2%, respectively, of the Company's total number of issued and outstanding shares per year. Options granted to consultants providing investor relations services shall vest at a minimum over a period of twelve months with no more than one-quarter of such options vesting in any three-month period. Options, other than options granted to consultants providing investor relations services, shall vest immediately.

The Company uses the Black-Scholes option pricing model in order to calculate a value for share options issued to officers, directors and consultants. The Black-Scholes option pricing model requires the use of estimates and assumptions, including expected volatility rates. As the Company has a short trading history on stock exchange, the expected volatility is based on volatility percentages used historically by comparable listed companies. Changes in the underlying assumptions used in the Black-Scholes option pricing model could materially affect the fair value estimates.

Stock options transactions during the year ended December 31, 2023 and the nine months ended September 30, 2024 were as follows:

	Number of options	Weighted average exercise price
Outstanding, December 31, 2022	4,880,000	$ 0.10
Outstanding, September 30, 2023	4,880,000	$ 0.10
Issued	2,000,000	$ 0.05
Cancelled	(80,000)	$ 0.05
Outstanding, December 31, 2023	6,800,000	$ 0.09
Outstanding, September 30, 2024	6,800,000	$ 0.09

The following is a summary of stock options outstanding and exercisable at September 30, 2024:

Expiry date	Number of options	Exercise price
January 11, 2026	2,100,000	$ 0.05
March 1, 2026	290,000	$ 0.15
May 25, 2026	600,000	$ 0.18
August 6, 2026	190,000	$ 0.15
January 20, 2027	1,400,000	$ 0.15
July 4, 2027	300,000	$ 0.07
December 13, 2028	1,920,000	$ 0.05
	6,800,000	$ 0.09

4. Share Capital (continued)

c) Stock Option Plan (continued)

The fair value of stock options awarded was estimated on the dates of award using the Black-Scholes option pricing model with the following assumptions:

	September 30, 2024
Stock Price	0.03
Exercise Price	0.05
Expected Life in Years	5
Annualized Volatility	130.00%
Annual Rate of Quarterly Dividends	0.00%
Discount Rate - Bond Equivalent Yield	3.40%

The weighted average remaining contractual life for stock options outstanding at September 30, 2024 is 2.21 years (December 31, 2023 – 3.19 years).

d) Share purchase warrants

Warrant transactions during the year ended December 31, 2023 and the nine month period ended September 30, 2024 are as follows:

	Number of warrants	Weighted average exercise price
Outstanding, December 31, 2022	876,474	0.17
Expired	(336,466)	0.16
Outstanding, September 30, 2023	540,008	0.17
Expired	(540,008)	0.17
Issued	15,340,000	0.05
Outstanding, December 31, 2023	15,340,000	0.05
Issued	8,820,000	0.05-0.08
Outstanding, September 30, 2024	24,160,000	$ 0.05

4. Share Capital (continued)

As at September 30, 2024 the following share purchase warrants were outstanding and exercisable:

Expiry date	Number of warrants	Exercise price
November 15, 2025	8,420,000	$ 0.05
December 5, 2025	2,500,000	$ 0.05
December 8, 2025	4,420,000	$ 0.05
August 2, 2026	5,312,500	$ 0.05
August 2, 2026 - broker warrants	245,000	$ 0.05
August 29, 2026	2,762,500	$ 0.05
August 23, 2029	500,000	$ 0.08
	24,160,000	$ 0.05

The weighted average remaining contractual life for warrants outstanding at September 30, 2024 is 2.0 years (December 31, 2023 – 1.9 years).

5. Related party disclosures

Key management compensation

Key management personnel include the Chief Executive Officer, Chief Financial Officer, VP of Exploration, and directors of the Company. The remuneration of key management for the nine month periods ended September 30, 2024 and 2023 was as follows:

	Period ended September 30 2024	Period ended September 30 2023
Director remuneration^{1}	$ 65,143	$ 43,000
Officer remuneration^{1}	$ 158,500	$ 193,207

¹Remuneration consists exclusively of salaries, bonuses, health benefits if applicable and consulting fees for key management personnel. Other than the amounts disclosed above, there were no short-term employee benefits granted to key management personnel during the nine months ended September 30, 2024.

Due to related parties

Included in accounts payable and accrued liabilities at September 30, 2024 is $11,500 (2023 - $21,687) due for management services and rent provided by a related party. Included in accounts payable and accrued liabilities at September 30, 2024 is $2,825 (2023 - $Nil) due for accounting services provided by a related party.

Exploration and evaluation assets

The table below provides a breakdown of the mineral property assets of the Company as at September 30, 2024:

	Borba 2 (Portugal)	Barrancos (Portugal)	Scottie West (Canada)	Big Frank (Canada)	Goldstorm South (Canada)	Scottie Gold (Canada)	Total
Balance, December 31, 2022 and 2023	83,680	-	-	-	-	-	83,680
Acquisition of interest	-	103,661	-	-	-	-	103,661
Balance, September 30, 2024	83,680	103,661	-	-	-	-	187,341

The following tables provide a breakdown of the exploration expenses of the Company for the nine months ended September 30, 2024 and 2023:

September 30, 2024	Borba 2 (Portugal)	Barrancos (Portugal)	Scottie West (Canada)	Big Frank (Canada)	Goldstorm South (Canada)	Scottie Gold (Canada)	Total
Concession	18,543	-	-	-	-	-	18,543
Geology consulting	165,758	66,719	-	-	-	-	232,477
Other	-	568,853	-	-	-	-	568,853
Overhead, management and administrative	-	191	-	-	-	-	191
Nine months ended September 30, 2024	184,301	635,763	-	-	-	-	820,064
September 30, 2023	Borba 2 (Portugal)	Barrancos (Portugal)	Scottie West (Canada)	Big Frank (Canada)	Goldstorm South (Canada)	Scottie Gold (Canada)	Total
---	---	---	---	---	---	---	---
Concession	18,038	-	-	-	-	-	18,038
Geological consulting	30,193	30,193	-	-	-	-	60,386
Other	21,167	21,265	-	-	-	-	42,432
Overhead, management and administrative	17,052	17,198	-	-	-	-	34,250
Recovery of recharged expenses	-	(70,053)	-	-	-	-	(70,053)
Travel and accommodation	136	1,397	-	-	-	-	1,533
Nine months ended September 30, 2023	86,586	-	-	-	-	-	86,586

Exploration and evaluation assets (continued)

EVX Portugal

On April 15, 2021, the Company finalized the acquisition of 70% of EVX Portugal, a private based Portuguese company who has the legal rights to an exploration license application with the Portugal Government to the Borba 2 exploration property (the "Exploration Application"), covering approximately 230 square kilometres in the Alentejo region in Southern Portugal. On October 28, 2021, the Exploration Application was approved by the Portuguese government. Ibero, through its subsidiary, EVX Portugal, entered into an exploration/concession agreement with the Portuguese government in relation to the Borba 2 property.

On the acquisition date, EVX Portugal had net assets of approximately $NIL, as such, for the purpose of purchase price allocation, the entire amount ($17,994) paid by Ibero to acquire the 70% interest in EVX Portugal was recorded as the acquisition cost on Ibero's Consolidated Statement of Financial Position, part of the Exploration and evaluation assets. As per the purchase agreement, when the exploration license to Borba 2 was granted by the Portuguese government, Ibero paid an additional cash of $45,686 and issued common shares valued at $20,000 to the sellers. Both amounts recorded as the acquisition cost on Ibero's Consolidated Statement of Financial Position, part of the Exploration and evaluation assets. For accounting purposes, the acquisition has been recorded as an asset acquisition as EVX Portugal did not meet the definition of a business, as defined in IFRS 3 Business Combinations.

Barrancos

On September 19, 2024, Ibero finalised the acquisiton of 80% of Indice Crucial, private Portuguese company which holds exploration rights on several past producing copper and gold projects as well as other advanced gold exploration applications in Portugal.

On the acquisition date, Indice Crucial had net assets of approximately $NIL, as such, for the purpose of purchase price allocation, the entire amount ($103,661) paid by Europacific to acquire the 80% interest in Indice Crucial was recorded as the acquisition cost on Europacific's Consolidated Statement of Financial Position, part of the exploration and evaluation assets. For accounting purposes, the acquisition has been recorded as an asset acquisition as Indice Crucial did not meet the definition of a business, as defined in IFRS 3 Business Combinations.

Timing	Cash in Ibero	Ibero Shares	Ibero ownership
Upon Signing	100,000 (paid June 23, 2021)	100,000 (issued July 19, 2021)	20%
May 2024	15,000 (paid May 30, 2024)	500,000 (issued Aug 23, 2024)	40%
August 2024	15,000 (paid September 19, 2024)		20%

Ibero, can acquire the remaining 20% equity interest, for a total of 100%, at any time within 5 years of receiving the mining license, for 400,000 Euro and 400,000 shares.

Equipment

Equipment is stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of property and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and an initial estimate of the costs of dismantling and removing the item.

Depreciation is provided at rates calculated to write off the cost of equipment, less estimated residual value, using the straight-line method over the following expected useful lives. As of June 30, 2024, the Company had the following equipment:

	Cost	Amortization	Accumulated amortization	September 30, 2024 Net book value	December 30, 2023 Net book value
Computer equipment	5,898	1,106	4,054	1,844	2,950
Transportation equipment	52,253	-	-	52,253	-
Total	58,151	1,106	4,054	54,097	2,950

AI assistant

Ibero Mining Corp. Interim / Quarterly Report 2024

47469_rns_2024-11-29_e2f0f26d-82b7-48e7-85ab-1946ee7cb148.pdf

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS

Ibero Mining Corp.

Ibero Mining Corp.

Ibero Mining Corp.

2. Summary of significant accounting policies (continued)

Basis of measurement

Basis of consolidation

Significant accounting estimates and judgments

New standards, amendments and interpretations

3. Risk management and financial instruments

3. Risk management and financial Instruments (continued)

Market risk

Liquidity risk

Categories of financial assets and financial liabilities

4. Share Capital

(a) Authorized

(b) Reconciliation of changes in share capital

c) Stock Option Plan

4. Share Capital (continued)

c) Stock Option Plan (continued)

4. Share Capital (continued)

c) Stock Option Plan (continued)

d) Share purchase warrants

4. Share Capital (continued)

5. Related party disclosures

AI assistant

Ibero Mining Corp. — Interim / Quarterly Report 2024

47469_rns_2024-11-29_e2f0f26d-82b7-48e7-85ab-1946ee7cb148.pdf

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS

Ibero Mining Corp.

Ibero Mining Corp.

Ibero Mining Corp.

2. Summary of significant accounting policies (continued)

Basis of measurement

Basis of consolidation

Significant accounting estimates and judgments

New standards, amendments and interpretations

3. Risk management and financial instruments

3. Risk management and financial Instruments (continued)

Market risk

Liquidity risk

Categories of financial assets and financial liabilities

4. Share Capital

(a) Authorized

(b) Reconciliation of changes in share capital

c) Stock Option Plan

4. Share Capital (continued)

c) Stock Option Plan (continued)

4. Share Capital (continued)

c) Stock Option Plan (continued)

d) Share purchase warrants

4. Share Capital (continued)

5. Related party disclosures

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Ibero Mining Corp. Interim / Quarterly Report 2024