YUKON ZINC CORPORATION

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Yukon Zinc Corporation Consolidated Statements of Operations and Deficit For the Years ended December 31, 2006 and 2005 2006 2005 $ $ Expenses Stock based compensation (Note 14) 1,400,928 488,715 Salaries and benefits 899,415 409,812 Travel and investor communications 341,410 300,124 Office and general 264,789 193,905 Professional fees 231,710 118,463 Financial advisory fees 180,952 75,000 Amortization 123,778 60,786 Consulting 95,161 35,593 Regulatory fees 79,488 40,872 Insurance 74,214 27,866 Directors' fees 35,783 - Loss before the following 3,727,628 1,751,135 Tax on unspent flow-through funds 11,680 55,125 Write off equipment, technology costs and other 9,030 10,871 Write off mineral property costs (Note 10) 4,456,200 - Gain on sale of investments (Notes 6 and 8) (694,661) - Interest and other income (234,208) (193,394) Loss before tax 7,275,669 1,623,737 Future income tax recovery (Note 15) (4,083,086) (1,199,563) Net loss for the year 3,192,583 424,174 Deficit, beginning of year 21,245,574 20,821,400 Deficit, end of the year $24,438,157 $21,245,574 Loss per share - basic and diluted $0.01 $0.00 Weighted average number of shares outstanding 251,819,778 178,858,389 The accompanying notes are an integral part of these consolidated financial statements. - 4 -
Yukon Zinc Corporation Consolidated Statements of Cash Flow For the Years ended December 31, 2006 and 2005 2006 2005 $ $ CASH PROVIDED BY (USED FOR): Operating Activities Net loss for the year (3,192,583) (424,174) Items not involving cash: Amortization 123,778 60,786 Stock based compensation 1,400,928 488,715 Write down equipment, technology costs and other 9,030 10,871 Write off mineral property costs (Note 10) 4,456,200 - Gain on sale of investment (694,661) - Future income tax recovery (4,083,086) (1,199,563) (1,980,394) (1,063,365) Change in non-cash working capital items: Receivables (114,444) (113,837) Due from related parties (18,384) 15,848 Prepaid expenses (42,273) 16,670 Accounts payable and accrued liabilities (2,134) 91,262 Due to related parties (7,429) (5,510) (2,165,058) (1,058,932) Investing Activities Expenditures on mineral properties, net (13,072,780) (20,411,911) Accounts payable for deferred mineral property costs 205,219 589,751 Yukon Mineral Exploration Tax Credit received 1,121,624 744,909 Expenditures on property and equipment (400,634) (156,709) Deposit - (64,000) Exercise of warrants in Pacifica Resources Ltd. (Note 8) (960,000) - Proceeds on sale of investments (Notes 6 and 8) 1,012,104 - (12,094,467) (19,297,960) Financing Activities Pacifica Resources Ltd. commitment (Note 7) (289,923) (16,104) Shares issued for cash 11,009,628 15,504,974 Shares issue cash costs (414,890) (1,303,947) 10,304,815 14,184,923 Decrease in cash and cash equivalents (3,954,710) (6,171,969) Cash and cash equivalents, beginning of the year 7,303,111 13,475,080 Cash and cash equivalents, end of the year 3,348,401 7,303,111 Cash and cash equivalents consists of the following: Cash and cash equivalents 3,347,129 3,374,504 Cash reserved for flow-through expenditures 1,272 3,928,607 Cash and cash equivalents, end of the year $3,348,401 $7,303,111 The accompanying notes are an integral part of these consolidated financial statements. - 5 -
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YUKON ZINC CORPORATION

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