6-K - AVPMF - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 AND 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the Month of November 2023

File No. 000-55193

Avrupa Minerals Ltd .

(Name of Registrant)

410 – 325 Howe Street Vancouver, British Columbia, Canada V6C 1Z7

(Address of principal executive offices)

Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Form 6-K to be signed on its behalf by the undersigned, thereunto duly authorized.

Avrupa Minerals Ltd.

(Registrant)

Dated: December 4, 2023	By: /s/ “Winnie Wong”<br><br><br>Winnie Wong,<br><br><br>Chief Financial Officer

Exhibits:

99.1****News Release dated November 28, 2023

99.2****Interim Financial Statements for the period ended September 30, 2023

99.3****Management Discussion and Analysis

Avrupa News Release

	TSX -V: AVU **<br><br><br>US OTC: AVPMF <br><br><br>FRANKFURT: 8AM**
410 – 325 Howe Street, Vancouver, BC Canada V6C 1Z7		T: (604) 687-3520	F: (888) 889-4874
November 28, 2023			NR 09 – 2023

Avrupa Minerals Updates Drilling Results at the Sesmarias VMS target, Alvalade JV, Portugal

**·**Company completes drilling at Sesmarias for 2023

**·**Five holes drilled in the Sesmarias Central area targeting potentially high-grade hinge zone of Sesmarias synform-shaped VMS target;

**·**One hole drilled to test potential west limb mineralization in the Sesmarias South area.

**·**Company completes IP-Res geophysical survey over Sesmarias Central and North areas: results pending.

**·**Partners Avrupa Minerals and Sandfire Minerals making plans for continued work at Sesmarias in 2024.

Avrupa Minerals Ltd. (TSXV: AVU) is pleased to update the investor community concerning progress at the Sesmarias copper-zinc massive sulfide prospect, located within the Alvalade Joint Venture Project in the Iberian Pyrite Belt of Portugal. The program is a joint venture between Avrupa Minerals (“AVU” or “Company”) and Minas de Aguas Teñidas, S.A. (“Sandfire MATSA” or “MATSA”) through their local subsidiaries. Avrupa continues to operate the project through the JV entity PorMining Lda., and MATSA continues to fund the exploration work. Previously, through the JV, during 2020-2021, the Company drilled 17 diamond drill holes at Sesmarias, totaling 8,900 meters, on six different fences along a strike length of 400 meters in the Sesmarias North Zone.

The JV returned to drilling at Sesmarias in mid-April 2023, targeting the Central Zone, where Avrupa drilled the high-grade discovery hole, SES002, in 2014 (see February 27, 2014 News Release). Follow-up drilling in the immediate discovery area at that time unsuccessfully targeted shallow extensions of the mineralization seen in SES002 at a depth of about 150 meters. Armed with a significantly upgraded targeting model, constructed from 46 holes, totaling nearly 20,000 meters at Sesmarias since 2014, the JV geological team aimed deeper to 400 meters depth to attempt to locate further high-grade mineralization.

As reported in June (see June 12, 2023 News Release), the JV intersected strong copper-zinc massive sulfide mineralization in SES23-047. Since completion of that hole, the JV drilled a further five holes, totaling 2,766 meters, in the Sesmarias Central and South Zones. Total drilling at Sesmarias is now at 22,612 meters in 52 diamond drill holes, over a mineralized strike length of 1,700 meters.

The following general schematic section demonstrates how the target is perceived after 52 drillholes, geological and structural interpretation, surface geochemistry, and a variety of geophysical surveys since the original discovery in 2014. test1

Figure 1. Schematic cross section of the Sesmarias massive sulfide target. Note that the field of view is 500 meters SW to NE and encompasses 1,400 meters of strike length of mineralization from SE to NW. Most of the drilling in the just-completed phase targeted the hinge zone of the Sesmarias synform in the Central area. Due to small, but important, post-mineral structural complications and drilling difficulties, three of five holes intersected the hinge zone massive mineralization and/or stockwork, feeder-style mineralization, while one hole intersected the synform above targeted mineralization, and one hole missed below the hinge zone. The sixth hole targeted massive sulfide mineralization on west limb of the synform in the Sesmarias South area. The schematic section suggests that there is significant, unexplored target area in the hinge zone along strike and in both limbs of the synform, as well, along strike.

Encouraging results continued in the 6-hole phase of drilling in the Central and South areas on five separate fences over 600 meters of mineralized strike length. The following diagram shows the extent of drilling in the Sesmarias North and Central Zones from SES019 northwest to SES21-036 as shown in the general schematic section. The six recently-completed drill holes are highlighted in red. Figure 2. Drill hole locations and sections for Sesmarias North and Central (2014-2023).

The following tables summarize the most important results from the most recent drilling in the Sesmarias massive sulfide target area:

SES23-047 ****

Drillhole		Interval	From	To	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)
SES23-047		26.95	393.80	420.75	2.18	2.58	5.60	88.2	0.33
	w/i	43.40	392.80	436.20	1.51	2.15	4.78	64.1	0.26

Table 1. Previously-reported high-grade results from SES23-047. The hole intersected massive sulfides near the presumed bottom of the hinge zone on Section 650 South.

November 28 2023 Graphics_0003.jpg

Figure 3. Section 650 South showing SES002, SES003, SES23-041, and SES23-047.Note that SES23-041 crossed the Sesmarias synform above the hinge zone, and missed mineralization. It appears that the high grade SES002/003 mineralization may have been displaced from the larger hinge zone target intersected by SES23-047.

SES23-048 ****

Drillhole		Interval	From	To	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)
SES23-048		9.20	419.10	428.30	1.20	1.46	3.05	30.1	0.43
	and	8.30	428.30	436.60	0.31	anom.	0.33	anom.	0.43
	total	17.50	419.10	436.60	0.78	---	---	---	0.43
	also	0.25	348.40	348.65	1.01	0.74	1.32	39.2	0.14

Table 2. New results for SES23-048. The hole intersected 9.2 meters of massive sulfide mineralization, followed by 8.3 meters of stockwork sulfide mineralization near the presumed top of the hinge zone, or possibly on the western, upright limb of the Sesmarias synform on Section 800 South.

November 28 2023 Graphics_0004.jpg

Figure 4. Section 800 South showing SES23-048

SES23-049 ****

Drillhole		Interval	From	To	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)
SES23-049	no significant results
		0.70	332.55	333.25	0.29	0.19	0.32	anom.	anom.

Table 3. SES23-049 did not cut significant mineralization, as the hole crossed too high in the Sesmarias synform, much like SES23-041, drilled in 2021. Fragments of massive sulfide mineralization are present in the major thrust fault that bounds and cuts the eastern, overturned limb of the Sesmarias synform. test1 Figure 5. Section 500 South showing SES23-049 and SES23-051. SES23-049 crossed the synform above the hinge zone, while SES23-051 crossed zinc-rich stockwork sulfide mineralization below the hinge zone. Significant results for SES23-051 are found below in Table 5.

SES23-050 ****

Drillhole		Interval	From	To	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)
SES23-050	samples in lab -- no significant results expected, though crossed faulted east limb at 397.50 to 398.70 meters, below hinge zone

Table 4. SES23-050 did not intersect any significant visible mineralization, as the hole crossed beneath the Sesmarias synform. It did cross the eastern limb fault containing abundant disseminated and fragmented pyrite. test1 Figure 6. Section 950 South showing SES23-050 crossing below the hinge zone. Folding of the hinge zone is possible, as shown in the section, but not yet confirmed.

SES23-051 ****

Drillhole		Interval	From	To	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)
SES23-051		9.00	456.80	465.80	anom.	0.99	2.35	11.7	anom.
	and	8.00	467.80	475.80	anom.	3.04	3.47	50.7	wk <br>anom.
	strong <br>stkwk	19.00	456.80	475.80	---	1.77	2.61	27.3	---
	total <br>stkwk	30.70	456.80	487.50	---	1.18	1.88	17.8	---
	remainder of samples in lab -- no significant results expected, below hinge zone

Table 5. SES23-051 crossed 30.7 meters of zinc-rich stockwork sulfide mineralization beneath the hinge zone. This included an intercept of 9 meters of semi-massive to massive sulfide mineralization and a further zone of 8 meters of semi-massive sulfides, followed by another 11.7 meters of stockwork sulfide mineralization. The cross section for SES23-051 is shown above in Figure 4.

SES23-052 ****

Drillhole		Interval	From	To	Cu (%)	Pb (%)	Zn (%)	Ag <br>(g/t)	Au <br>(g/t)
SES23-052		5.60	358.60	364.20	0.45	---	---	---	0.33
	and	7.00	366.20	373.20	anom.	0.84	2.72	24.8	wk <br>anom.
	incl.	4.00	368.20	372.20	anom.		3.40		wk <br>anom.
		3.00	370.20	373.20	anom.	1.33			wk <br>anom.
		2.00	370.20	372.20	anom.			45.1	wk <br>anom.
	w/i	28.40	358.60	387.00	total zone of sulfides, including insipient stkwk to <br>massive mineralization
now cutting remainder of samples -- no significant intervals of <br>high-grade results expected, though several zones of stkwk exist

Table 6. SES23-52 crossed the western, upright limb of the Sesmarias synform in the Sesmarias South area. This is the first deeper intersection of the western limb in the Central and South zones at Sesmarias. The intersect included 28.4 meters of variable sulfide mineralization from stockwork to massive mineralization. test1 Figure 7. Section 1100 South showing SES022 and SES23-052 cutting the western limb of the Sesmarias synform.

Paul Kuhn, President and CEO of Avrupa Minerals, commented, “Geochemical and geological results from drilling in the Sesmarias Central and South Zones this year are a really positive revelation after nine years of working at Sesmarias. The Team has put together a great, drillable massive sulfide target, and the results are confirming the robustness of that target. It is clearly zoned along strike and proximity to the hinge zone in the central area, yet still has close to 2000 meters of mineralized strike length potential. We are looking forward to continuing upgrade of the mineralization in the coming months.”

The Joint Venture just completed a 6-line, 2100-meter-long IP-Resistivity survey covering the North and Central Zones. The hope is that the survey can assist in identification of stockwork sulfide mineralization in proximity to massive sulfides. We expect final results before the end of the month and these will be reported in due time.

Minas de Aguas Teñidas, S.A. (“Sandfire MATSA” or “MATSA”) is a mining company which owns and operates the MATSA Mining Operations in the Huelva province of Spain. With a processing plant located to the north of the Iberian Pyrite Belt that sources ore from three underground mines, Aguas Teñidas and Magdalena Mines in Almonaster la Real and the Sotiel Mine in Calañas, Sandfire MATSA produces copper, zinc and lead mineral concentrates that are sold from the port of Huelva. Sandfire MATSA also holds an extensive portfolio of exploration tenements in both Portugal and Spain. Sandfire MATSA is a wholly-owned company of Sandfire Resources Limited, one of the largest copper-focused companies on the Australian Securities Exchange (ASX: SFR). Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire MATSA in an earn-in joint venture agreement. The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.

For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com.

On behalf of the Board,

“Paul W. Kuhn”

Paul W. Kuhn, President & Director

This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Avrupa Interim Financial Statements

AVRUPA MINERALS LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2023 AND 2022

(Unaudited)

AVRUPA MINERALS LTD.

Contents
	Page
Notice of no Auditor Review of Interim Financial Statements	3
Condensed Consolidated Interim Statements of Financial Position	4
Condensed Consolidated Interim Statements of Comprehensive Loss	5
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity<br><br><br>(Deficiency)	6
Condensed Consolidated Interim Statements of Cash Flows	7
Notes to the Condensed Consolidated Interim Financial Statements	8 – 27

410 – 325 Howe Street, Vancouver, BC V6C 1Z7 T: (604) 687-3520 F: 1 (888) 889-4874 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.

The accompanying unaudited interim financial statements of 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 financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity’s auditor. AVRUPA MINERALS LTD. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(Presented in Canadian Dollars)

	Note	September 30,<br><br><br>2023		December 31,<br><br><br>2022
		(Unaudited)			(Audited)
Assets
Current assets
Cash		$	151,616	$	307,531
Prepaid expenses and advances			333		9,376
Due from optionees	5		37,042		12,811
Advance to related party	9		51,124		22,323
Sales tax receivables			4,725		3,627
Other receivables			9,961		10,713
			254,801		366,381
Non-current assets
Property deposits	6		1,430		1,446
Tax deposits	6		41,201		41,201
Exploration and evaluation assets	5		167,920		167,920
Equipment	4		1,068		2,602
Investment in PorMining	5		765		765
Advance to Akkerman Finland OY	7		282,400		282,400
Investment in Akkerman Finland OY	7		189,532		258,532
			684,316		754,866
Total assets		$	939,117	$	1,121,247
Liabilities
Current liabilities
Accounts payable and accrued liabilities		$	17,329	$	100,930
Due to related parties	9		53,816		108,006
			71,145		208,936
Shareholders' equity
Share capital	8		10,990,255		10,990,255
Reserves	8		7,638,127		7,641,733
Deficit			(17,760,410)		(17,719,677)
			867,972		912,311
Total shareholders' equity and liabilities		$	939,117	$	1,121,247

These condensed consolidated interim financial statements are authorized for issue by the Board of Directors on November 24, 2023. They are signed on the Company's behalf by:

/s/Paul W. Kuhn	/s/Mark T. Brown
Director	Director

See notes to the condensed consolidated interim financial statements

AVRUPA MINERALS LTD.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS

FOR THE NINE MONTHS ENDED SEPTEMBER 30

(Unaudited, Presented in Canadian Dollars)

		Three months ended September 30				Nine months ended September 30
	Note	2023		2022		2023		2022
Mineral exploration expenses
Mineral exploration expenses	5	$	27,756	$	38,346	$	55,176	$	58,737
Reimbursements from optionee	5		(153,471)		(139,517)		(383,394)		(306,698)
			125,715		101,171		328,218		247,961
General administrative expenses
Bank charges			249		106		643		538
Consulting fees, wages and benefits	9		42,638		41,449		138,741		124,300
Depreciation	4		512		867		1,535		1,437
Investor relations			(10,449)		31,350		30,310		76,120
Listing and filing fees			-		79		8,925		14,881
Office and administrative fees			3,112		3,076		8,757		7,205
Professional fees	9		28,500		20,491		91,557		136,757
Rent	9		2,550		3,654		7,650		8,754
Share-based payment	9		-		-		-		98,123
Transfer agent fees			1,170		2,001		3,713		12,720
Travel			2,942		3,703		8,079		5,900
			(71,224)		(106,776)		(299,910)		(486,735)
Other items
Foreign exchange gain			(531)		(69)		(531)		17,698
Interest income and other (loss)			-		1,065		490		1,692
Loss on investment in Akkerman<br><br><br>Finland OY	7		(16,060)		(39,142)		(69,000)		(90,473)
			(16,591)		(38,146)		(69,041)		(71,083)
Net income (loss) for the period			37,900		(43,751)		(40,733)		(309,857)
Exchange difference arising on the translation of foreign subsidiaries			(8,255)		(629)		(3,606)		(26,636)
Comprehensive income (loss) for the period		$	29,645	$	(44,380)	$	(44,339)	$	(336,493)
Basic earnings (loss) per share	10	$	0.00	$	(0.00)	$	(0.00)	$	(0.01)
Diluted earnings (loss) per share	10	$	0.00	$	(0.00)	$	(0.00)	$	(0.01)

See notes to the condensed consolidated interim financial statements

AVRUPA MINERALS LTD. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ (DEFICIENCY)

(Presented in Canadian Dollars)

	Share capital		Reserves
	Number of shares	Amount	Warrants	Finder’s options	Equity-settled employee benefits	Exchange	Subtotal	Deficit	Total shareholders' (deficiency) / equity
Balance as at December 31, 2021 (Audited)	32,738,087	$ 9,994,487	$ 5,405,052	$ 277,893	$ 1,298,472	$ (853)	$ 6,980,564	$ (17,389,888)	$ (414,837)
Share issues:
Shares issued for private placements	16,666,667	695,475	554,525	-	-	-	554,525	-	1,250,000
Share issue costs	-	(80,257)	-	19,841	-	-	19,841	-	(60,416)
Shares issued for debt settlement	3,800,000	285,000	-	-	-	-	-	-	285,000
Shares issued for investment in Akkerman Finland OY	1,470,000	95,550	-	-	-	-	-	-	95,550
Share-based payment	-	-	-	-	98,123	-	98,123	-	98,123
Comprehensive loss	-	-	-	-	-	(26,636)	(26,636)	(309,857)	(336,493)
Balance as at September 30, 2022 (Unaudited)	54,674,754	10,990,255	5,959,577	297,734	1,396,595	(27,489)	7,626,417	(17,699,745)	916,927
Share issues:
Comprehensive loss	-	-	-	-	-	15,316	15,316	(19,932)	(4,616)
Balance as at December 31, 2022 (Audited)	54,674,754	10,990,255	5,959,577	297,734	1,396,595	(12,173)	7,641,733	(17,719,677)	912,311
Comprehensive loss	-	-	-	-	-	(3,606)	(3,606)	(40,733)	(44,339)
Balance as at September 30, 2023 (Unaudited)	54,674,754	$ 10,990,255	$ 5,959,577	$ 297,734	$ 1,396,595	$(15,779)	$ 7,638,127	$ (17,760,410)	$ 867,972

See notes to the condensed consolidated interim financial statements

AVRUPA MINERALS LTD. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30

(Unaudited, Presented in Canadian Dollars)

	Nine months ended September 30
	2023		2022
Cash flows from operating activities
Net loss for the period	$	(40,733)	$	(309,857)
Items not involving cash:
Depreciation		1,535		1,437
Loss on investment in Akkerman Finland OY		69,000		90,473
Share-based payment		-		98,123
Changes in non-cash working capital items:
Sales tax receivables		(1,098)		(5,615)
Due from optionees		(24,231)		(15,789)
Advance to related party		(28,801)		(12,454)
Prepaid expenses and advances		9,043		(9,709)
Other receivables		752		(795)
Accounts payable and accrued liabilities		(83,601)		(42,229)
Due from/to related parties		(54,190)		(251,314)
Exchange difference arising on the translation of foreign subsidiaries		(3,591)		(26,594)
Net cash used in operating activities		(155,915)		(484,323)
Cash flows from investing activities
Investment in Akkerman Finland OY		-		(211,800)
Advance to Akkerman Finland OY		-		(282,400)
Purchase of equipment		-		(4,690)
Net cash used in investing activities		-		(498,890)
Cash flows from financing activities
Proceeds from issuance of common shares		-		1,250,000
Share issue costs		-		(60,416)
Net cash provided by financing activities		-		1,189,584
Change in cash for the period		(155,915)		206,371
Cash, beginning of the period		307,531		139,164
Cash, end of the period	$	151,616	$	345,535

See notes to the condensed consolidated interim financial statements

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Unaudited, Presented in Canadian Dollars)

**1.**NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS Avrupa Minerals Ltd. (the “Company”) was incorporated on January 23, 2008 under the Business Corporations Act of British Columbia and its registered office is 10th floor, 595 Howe Street, Vancouver, BC, Canada, V6C 2T5. The Company changed its name on July 7, 2010 and began trading under the symbol “AVU” on the TSX Venture Exchange (the “Exchange”) on July 14, 2010. On September 20, 2012, the Company listed in Europe on the Frankfurt Stock Exchange under the trading symbol “8AM”. The Company is primarily engaged in the acquisition and exploration of mineral properties in Europe. These condensed consolidated interim financial statements have been prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. There are material uncertainties that cast significant doubt about the appropriateness of the going concern assumption.

If the Company is to advance or develop its mineral properties further, it will be necessary to obtain additional financing and while it has been successful in the past, there can be no assurance that it will be able to do so in the future. Failure to raise sufficient funds would result in the Company’s inability to make future required property payments, which would result in the loss of those property options.

These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary were the going concern assumption inappropriate, and these adjustments could be material.

**2.**BASIS OF PREPARATION

a)Statement of compliance

These condensed consolidated interim financial statements, including comparatives, have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) using accounting policies consistent with IFRS issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).

b)Basis of preparation These condensed consolidated interim financial statements have been prepared on a historical cost basis except forfinancial instruments that have been measured at fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting, except for cash flow information. The preparation of these condensed consolidated interim financial statements in conformity with IAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. These condensed consolidated interim financial statements do not include all of the information required for full annual financial statements.

These condensed consolidated interim financial statements, including comparatives, have been prepared on the basis of IFRS standards that are published at the time of preparation.

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

**3.**SIGNIFICANT ACCOUNTING POLICIES

These unaudited condensed consolidated interim financial statements have been prepared in accordance with IFRS as issued by the IASB on a basis consistent with those followed in the Company’s most recent annual financial statements for the year ended December 31, 2022. These unaudited condensed consolidated interim financial statements do not include all note disclosures required by IFRS for annual financial statements, and therefore should be read in conjunction with the annual financial statements for the year ended December 31, 2022. In the opinion of management, all adjustments considered necessary for fair presentation of the Company’s financial position, results of operations and cash flows have been included. Operating results for the nine-month period endedSeptember 30, 2023 are not necessarily indicative of the results that may be expected for the current fiscal year ending December 31, 2023. **4.**EQUIPMENT

	Furniture and other equipment	Vehicles	Other assets	Total
Cost
As at January 1, 2022	$ 114,795	$ 38,712	$ 21,479	$ 174,986
Additions during the year	2,531	-	-	2,531
Exchange adjustment	535	180	100	815
As at December 31, 2022	117,861	38,892	21,579	178,332
Exchange adjustment	(1,255)	(414)	(230)	(1,899)
As at September 30, 2023	$ 116,606	$ 38,478	$ 21,349	$ 176,433
Accumulated depreciation
As at January 1, 2022	$ 112,705	$ 38,712	$ 21,479	$ 172,896
Depreciation for the year	1,923	-	-	1,923
Exchange adjustment	631	180	100	911
As at December 31, 2022	115,259	38,892	21,579	175,730
Depreciation for the period	1,535	-	-	1,535
Exchange adjustment	(1,256)	(414)	(230)	(1,900)
As at September 30, 2023	$ 115,538	$ 38,478	$ 21,349	$ 175,365
Net book value
As at January 1, 2022	$ 2,090	$ -	$ -	$ 2,090
As at December 31, 2022	$ 2,602	$ -	$ -	$ 2,602
As at September 30, 2023	$ 1,068	$ -	$ -	$ 1,068

AVRUPA MINERALS LTD. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES

	Portugal		Kosovo		Others
	Alvalade	Others	Slivova	Others	****	Total
Exploration and evaluation assets
Acquisition costs
As of January 1, 2023	$ 167,920	$ -	$ -	$ -	$ -	$ 167,920
As of September 30, 2023	$ 167,920	$ -	$ -	$ -	$ -	$ 167,920
Mineral exploration expenses for the period ended September 30, 2023
Geological salaries and consulting	$ 18,006	$ -	$ 13,587	$ -	$ -	$ 31,593
Insurance	148	-	-	-	-	148
Office and administrative fees	-	-	903	-	-	903
Rent	-	-	3,483	-	-	3,483
Report	-	-	15,767	-	-	15,767
Site costs	158	-	1,320	-	-	1,478
Travel	1,804	-	-	-	-	1,804
Reimbursements from optionees	(275,602)	-	(107,792)	-	-	(383,394)
	$ (255,486)	$ -	$ (72,732)	$ -	$ -	$ (328,218)
Cumulative mineral exploration expenses since acquisition
Assaying	$ -	$ -	$ 297,975	$ 65,936	$ 10,846	$ 374,757
Concession fees and taxes	361,864	693,608	20,505	206,975	4	1,282,956
Depreciation	17,178	98,722	-	-	-	115,900
Drilling	610,197	472,513	1,180,217	-	-	2,262,927
Geological salaries and consulting	6,578,887	6,317,147	157,936	720,879	12,359	13,787,208
Geology work	-	32,377	891,582	402,515	364,525	1,690,999
Insurance	25,468	52,112	14,604	15,007	-	107,191
Legal and accounting	1,020	1,244	58,158	13,958	-	74,380
Office and administrative fees	254,058	279,739	82,131	101,624	68,446	785,998
Rent	606,084	596,896	39,573	88,221	20,560	1,351,334
Report	-	-	39,999	-	-	39,999
Site costs	194,363	244,377	188,570	194,582	8,865	830,757
Travel	243,248	247,277	63,047	22,478	15,326	591,376
Trenching and road work	-	-	34,339	-	-	34,339
Reimbursements from optionees	(9,236,651)	(4,890,826)	(2,996,844)	(45,158)	-	(17,169,479)
	$ (344,284)	$ 4,145,186	$ 71,792	$ 1,787,017	$ 500,931	$ 6,160,642

AVRUPA MINERALS LTD. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES

	Portugal		Kosovo		Others	Total
	Alvalade	Others	Slivovo	Others	****
Exploration and evaluation assets
Acquisition costs
As of January 1, 2022	$ 167,920	$ -	$ -	$ -	$ -	$ 167,920
As of December 31, 2022	$ 167,920	$ -	$ -	$ -	$ -	$ 167,920
Mineral exploration expenses for the year ended December 31, 2022
Concession fees and taxes	$ -	$ -	$ 8,666	$ -	$ -	$ 8,666
Geological salaries and consulting	23,066	-	24,548	-	-	47,614
Insurance	698	-	-	-	-	698
Office and administrative fees	108	-	1,005	-	-	1,113
Rent	-	-	7,396	-	-	7,396
Site costs	2	-	2,123	-	-	2,125
Travel	1,777	-	2,940	-	-	4,717
Reimbursements from optionee	(348,277)	-	(56,066)	-	-	(402,343)
	$ (322,626)	$ -	$ (7,388)	$ -	$ -	$ (330,014)
Cumulative mineral exploration expenses since acquisition
Assaying	$ -	$ -	$ 297,975	$ 65,936	$ 10,846	$ 374,757
Concession fees and taxes	361,864	693,608	20,505	206,975	4	1,282,956
Depreciation	17,178	98,722	-	-	-	115,900
Drilling	610,197	472,513	1,180,217	-	-	2,262,927
Geological salaries and consulting	6,560,881	6,317,147	144,349	720,879	12,359	13,755,615
Geology work	-	32,377	891,582	402,515	364,525	1,690,999
Insurance	25,320	52,112	14,604	15,007	-	107,043
Legal and accounting	1,020	1,244	58,158	13,958	-	74,380
Office and administrative fees	254,058	279,739	81,228	101,624	68,446	785,095
Rent	606,084	596,896	36,090	88,221	20,560	1,347,851
Report	-	-	24,232	-	-	24,232
Site costs	194,205	244,377	187,250	194,582	8,865	829,279
Travel	241,444	247,277	63,047	22,478	15,326	589,572
Trenching and road work	-	-	34,339	-	-	34,339
Reimbursements from optionee	(8,961,049)	(4,890,826)	(2,889,052)	(45,158)	-	(16,786,085)
	$ (88,798)	$ 4,145,186	$ 144,524	$ 1,787,017	$ 500,931	$ 6,488,860

AVRUPA MINERALS LTD. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

**5.**EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES (Continued)

Portugal

Licenses have varying required work commitments and carry a 3% Net Smelter Return (“NSR”) payable to the government of Portugal.

Alvalade:

On November 19, 2019, the Company and MAEPA (collectively the “Company”) and Minas de Aguas Teñidas, S.A. (“Sandfire MATSA” or “MATSA”) and its wholly-owned subsidiary Sandfire Mineira Portugal,Unipessoal Lda. (“SMP”), formerly “EUL”, collectively “Sandfire MATSA” entered into an Earn-In Joint Venture Agreement (the “Agreement”) with respect to the Alvalade Project. Pursuant to the Agreement, PorMining, Unipessoal Lda. (“PorMining”) was incorporated on December 17, 2019 to hold assets and develop mineral rights (both as defined) and SMP can earn up to an 85% interest in PorMining. The earning of this interest, subsequent arrangements that may be entered into to explore the assets and, if warranted, the development of one or more projects are referred to as the “Transaction”.

On March 27, 2020, MAEPA and SMP entered into a Quota Transfer Agreement pursuant to which MAEPA split its 100% interest in the share capital of PorMining into two quotas, representing 51% and 49% of the company’s share capital, and sold the 51% quota to SMP for the nominal value of €510.

On March 27, 2020, the Company, MAEPA, Sandfire MATSA and SMP entered into the PorMining Lda. Shareholders’ Agreement (the “Agreement”). Pursuant to the Agreement:

·PorMining has five directors. From the effective date until the second option exercise date, three will be nominated by SMP and two by MAEPA. Thereafter, four will be nominated by SMP and one will be nominated by MAEPA. Upon the occurrence of the 51/49 Phase and thereafter, SMP is entitled to nominate three directors and MAEPA two directors. In the event of dilution of the interest of SMP or MAEPA, each will be entitled to proportional representation (as described) equal to its then interest;

·In the event that SMP and/or MAEPA wish to sell or transfer their shares in PorMining, PorMining has a right of first refusal to purchase all or a portion of the shares. To the extent that PorMining does not exercise its right of first refusal to all the shares, each of SMP and/or MAEPA has a right of first refusal; and

·The Agreement will terminate at such time as there is a final decision regarding the dissolution and liquidation of PorMining, the parties mutually agree on the termination of the Agreement or as provided for under the Earn-In Joint Venture Agreement.

The effective date of the Transaction is the date that PorMining receives (received on June 15, 2020) the mineral rights in its name from the General Directorate of Energy and Geology of Portugal (“DGEG”). The Transaction is comprised of the following phases:

·Phase I – First Option;

·Phase II – Second Option;

·51/49 Phase; and

·Phase III – Development and Operation.

·

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Unaudited, Presented in Canadian Dollars)

**5.**EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES (Continued)

Alvalade: (Continued)

Phase I – First Option During Phase I, MAEPA granted SMP the sole and exclusive right to hold an undivided 51% interest in PorMining (the first option) for at least three years from the effective date or the issue (issued on June 15, 2020) of the Experimental Exploitation License (the “EEL”) by DGEG to PorMining. SMP’s right to maintain its 51% interest is conditional upon Sandfire MATSA: ·Paying €400,000 to the Company on or before the effective date (€200,000 was received in December 2019 and the remaining €200,000 was received in June 2020);

·Funding or providing the necessary financial instrument to cover the guarantee, which will be returned to Sandfire MATSA following the release of the guarantee by DGEG (funded €100,000 in June 2020); and

·Funding expenditures (the first option expenditures) on the mineral rights in an aggregate amount of €2,400,000 (€1,200,000 within the first 12 months following the effective date [met] and €1,200,000 in the next 24 months [met]) on or before three years from the effective date or the issue of the EEL. Effectively in March 2022, Sandfire MATSA completed the Phase I First Option by funding a total of €2,500,000 on the Alvalade project, including the €100,000 guarantee with DGEG, and SMP unconditionally earned the 51% interest in PorMining. During Phase I, MAEPA acted as the operator of the mineral rights with PorMining paying MAEPA an operator’s fee equal to €100,000 per year, paid monthly starting June 16, 2020, funded by Sandfire MATSA and which formed part of the first option expenditures. In all other phases, PorMining will be the operator unless it appoints another person to act as operator. The operator is responsible for developing and submitting work programs to the technical committee or the board of directors for consideration and approval and to implement work programs when approved according to the approved budget. The technical committee is comprised of two representatives from each of SMP and MAEPA and will be in effect until the first option exercise date. Thereafter, the board of directors will make all decisions with respect to the mineral rights. Upon the completion of Phase I, Sandfire MATSA and PorMining continued with having MAEPA acting as the operator and PorMining continued paying the operator’s fee. During the nine months ended September 30, 2023, MAEPA received €75,000 ($109,320) (2022 - €75,000 ($102,345)) operator’s fee where the fund was included in reimbursements from optionee.

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

**5.**EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES (Continued)

Alvalade: (Continued)

Phase II – Second Option Phase II commenced on the first option exercise date and continues until the first to occur of the secondoption exercise date and the termination of the second option. On the first option exercise date, the Company granted SMP the sole and exclusive right and option to acquire an additional 34% (for an aggregate 85% interest) in PorMining (the second option). SMP’s right to exercise the second option is conditional on Sandfire MATSA satisfying the second option conditions as follows: ·Preparing, funding and delivering to PorMining a feasibility study on the mineral rights within five years of the issuance of the EEL or, provided that DGEG grants an extension to all or part of the EEL, the time period for when the second option conditions must be met shall be extended to a maximum of two additional years, for a total of seven years after the issuance of the original EEL;

·Making proper application for a mining license before the end of the term of the EEL; and

·Making all progress payments to Antofagasta as set out in the Debt Cancellation Agreement dated June 12, 2017 as follows:

oUS$250,000 within 60 days after the date of a news release announcing a NI 43-101 compliant technical report having been completed and with results as defined;

oUS$500,000 within 60 days after the date of a news release announcing completion of a feasibility study with results as defined;

oUS$500,000 on the one-year anniversary of the date of the news release announcing the feasibility study noted above;

oUS$750,000 within 60 days of the commencement of commercial production;

oUS$750,000 on the one-year anniversary of commencement of commercial production;

oUS$750,000 on the second anniversary of commencement of commercial production; and

oUS$750,000 on the third anniversary of commencement of commercial production.

The satisfaction of the second option conditions is solely at Sandfire MATSA’s discretion and Sandfire MATSA may elect to terminate the second option at any time by delivering notice (the second option termination notice) to the Company. If the second option is terminated, SMPL will be entitled to retain its 51% interest in PorMining, plus an additional 1% interest for every €735,294 of expenditures funded during Phase II and the 51/49 Phase will commence.

Upon Sandfire MATSA satisfying the second option conditions, SMP automatically earns an additional 34% interest in PorMining for an aggregate interest of 85%.

During Phase II, SMP will fund 100% of all maintenance payments and approved work programs.

As of September 30, 2023, Sandfire MATSA funded €2,589,000 on the Alvalade project Phase II – Second Option. Subsequently, Sandfire MATSA funded another €245,000 on the Alvalade project in Phase II.

51/49 Phase

The 51/49 Phase commences on termination of the second option and continues until the deemed conversion of the interest of a party to a royalty. During the 51/49 Phase, PorMining will remain the operator subject to the terms of the Agreement and the shareholders’ agreement and the activities of the parties with respect to the mineral rights will continue to be governed by the shareholder’s agreement.

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

**5.**EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES (Continued)

Alvalade: (Continued) If at any time after the 51/49 Phase has commenced SMP’s interest is reduced to below 10% as a result of dilution calculations, its interest will be deemed to be converted to a 1.5% royalty, which royalty shall only be payable up to a maximum total payment of €13,000,000 after which it will no longer be applicable. Upon conversion to the royalty, SMP will have no further rights or interest in respect of the assets under the Agreement or the shareholders’ agreement except for the royalty and the termination provisions apply. If at any time during the 51/49 Phase MAEPA’s interest is reduced to 15% as a result of dilution calculations, then its interest will be deemed to be converted to a 15% “carried interest” following which MAEPA will not be required to contribute to any further work programs and will not be subject to any further dilution until such time as a feasibility study has been prepared, at which point Phase III will have been deemed to have commenced and MAEPA will have to sell the option.

During the 51/49 Phase, the parties will fund the maintenance payments and contribute to the costs of any approved work and/or development programs in proportion to their proportionate share.

Phase III – Development and Operation

Phase III commences on the second option exercise date and continues until the deemed conversion of the interest of a party to a royalty. Within 90 days of the commencement of Phase III, the Company will transfer its 15% interest in PorMining to Sandfire MATSA in consideration for €10,000,000 to be paid as follows:

·€3,000,000 upon a construction decision being made by PorMining and all permits having been received from DGEG;

·€3,000,000 upon commencement of commercial production; and

·€4,000,000 upon the first anniversary of commencement of commercial production.

During Phase III, the parties will contribute their respective pro rata share of all approved work programs and budgets.

If at any time after Phase III has commenced MAEPA’s interest is reduced to below 10% as a result of dilution calculations, its interest will be deemed to be converted to a 1.5% royalty as described above for SMP.

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

**5.**EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES (Continued)

Kosovo

Slivova (formerly Slivovo) license: Byrnecut International Limited (“Byrnecut”) earned an 85% interest in the Slivovo property after forwarding $2,834,986 (€2,000,000) for the Slivovo property to the Company and completing a Preliminary Feasibility Study (“PFS”) by April 10, 2017. Byrnecut and the Company set up a joint venture entity known as Peshter Mining J.S.C. (“Peshter Mining”) to reflect the 85:15 ownership and transferred the Slivovo license into Peshter Mining with Byrnecut being the operator. Avrupa’s interest in Peshter Mining was subsequently diluted to below 10%, resulting in the Company’s interest in Peshter Mining being converted into a 2% Net Smelter Return.

On December 31, 2019, the Company wrote down its interest in Slivovo by $143,154 to $1 as the Company was in negotiations with the Kosovo Mining Bureau, along with Byrnecut and Peshter Miningas to how to possibly extend the life of this license. During fiscal 2020, Byrnecut decided not to proceed with advancing Slivovo. Rather than dropping the license and potentially allowing a third party to stake the open land, Innomatik Exploration Kosovo LLC (“IEK”), Byrnecut and Peshter Mining entered into a binding term sheet (the “TS”) whereby the parties set out the terms on which Peshter Mining would surrender the existing tenements, thereby enabling IEK to apply, as sole beneficial owner, for one or more tenements over the entirety of the tenement area. The license was officially released back to the government. As of December 31, 2020, the Company wrote off $1. Subsequently on November 2, 2023, Peshter Mining was deregistered and dissolved. In March 2021, the Company incorporated a wholly-owned subsidiary, AVU Kosova LLC, to apply for a new Slivovo exploration permit. In May 2022, the Company received a seven-year exploration permit known as the Slivova license.

As consideration for Byrnecut ensuring that Peshter Mining complies with its obligations under the TS, IEK must pay to Byrnecut milestone cash payments totaling €375,000 and milestone gold payments totaling 850 troy ounces of gold (together known as “Success Payments”) as follows:

Cash

·€125,000 within 30 days of the first to occur of the completion of a positive bankable feasibility study or the board of directors of IEK making a decision to proceed with the development of a commercial mining operation in respect of all or any part of the tenement area;

·€125,000 within 30 days of issue of a mining license in respect of all or any party of the tenement area; and

·€125,000 within 30 days of commencement of construction of a mine within the tenement area.

Gold

·100 troy ounces within 30 days of commencement of commercial production (“CCP”);

·175 troy ounces within 30 days of the one-year anniversary of CCP;

·250 troy ounces within 30 days of the two-year anniversary of CCP; and

·325 troy ounces within 30 days of the three-year anniversary of CCP.

On August 24, 2022, the Company and Western Tethyan Resources (“WTR”) entered into an Option Agreement (the “Agreement”) in respect of the Slivova project. WTR is a private exploration company and is 75% owned by London AIM-listed Ariana Resources PLC. Pursuant to the Agreement, WTR can earn up to an 85% interest in the Slivova project.

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

**5.**EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES (Continued)

Kosovo **** (Continued)

Slivova (formerly Slivovo) license: (Continued)

Date/Period	Expenditures	Option Payment
On September 1, 2022<br><br><br>(Effective Date)	None	35,000 (received)
On or before March 1, 2023	€100,000 (spent)	None
On March 1, 2023	None	35,000 (received)
On or before September 1, 2023	€150,000 (spent)	30,000 (received)
On or before September 1, 2024	€650,000	None
On or before September 1, 2025	€1,000,000	None

All values are in Euros.

During fourth and fifth year from the Effective Date (Stage 3), WTR must complete the Environmental Impact Study (“EIS”), Feasibility Study (“FS”), and Mining License application to earn-in 85% interest in the project.

During Stage 4, WTR will complete Success Payments to previous JV partner, Byrnecut (see “TS” above).

During Stage 5, the Company will participate in the mine build or dilute to 1% Net Smelter Return (“NSR”). On May 2, 2023, the Company completed the Definitive Agreement with WTR. The terms of the Agreement are: On Closing

·€35,000 cash payment upon signing the Definitive Agreement on/about March 1, 2023. (Completed)

Earn-In Phase

Stage 1:

·€30,000 cash payment on September 1, 2023;

·If WTR elects to enter the Definitive Agreement, it will invest €800,000, during first two years from the effective date (minimum of €150,000 must be spent by September 1, 2023, post DD Phase) for exploration, drilling, baseline environmental and social surveys, landowners, etc., for 51% of the Project. (Underway)

Stage 2:

·After completion of Stage 1, during the third year from the Effective Date, WTR will invest €1,000,000 for NI 43-101 resource estimation, commencement of full Environmental Impact Statement (“EIS”), etc., for 75% of the Project.

Stage 3:

·During fourth and fifth year from the Effective Date, WTR must complete the EIS, Feasibility Study (“FS”), and Mining License application, for 85% of the Project.

Stage 4:

·WTR completes success payments to previous JV partner, Byrnecut International Ltd., accordingly:

·

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

**5.**EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES (Continued)

Kosovo **** (Continued)

Slivova (formerly Slivovo) license: (Continued) o€125,000 in cash within 30 days of the first to occur of: 1) Completion of a positive FS (minimum 15% IRR) or; 2) Avrupa or related party making a decision to proceed with development of a mining operation within the license area; o€125,000 within 30 days of issuance of a mining license for the Project;

o€125,000 within 30 days of commencement of mine construction within the license area; o100 troy ounces of gold within 30 days of commencement of commercial production (“CCP”), then increasing by 75 troy ounces per year until and including the third anniversary of commercial production when 325 troy ounces will be delivered. Stage 5:

·Avrupa participates in the mine build or dilutes to 1% NSR.

	September 30, 2023	December 31, 2022
Due from optionees
Alvalade – PorMining	$ 32,774	$ 12,811
Slivova - WTR	4,268	-
	$ 37,042	$ 12,811

6. PROPERTY DEPOSITS / TAX DEPOSITS Property deposits:

As of September 30, 2023, the Company had a total of $1,430 (€1,000) (December 31, 2022: $1,446 (€1,000)) of cash pledged for its exploration licenses in Portugal. The advances to the Portuguese regulatory authorities are refundable to the Company, subject to completion of the work obligations described in the exploration license applications. Tax deposits: In November 2018, MAEPA paid €56,505 ($88,201) in lieu of bank guarantees of €77,918 ($121,625) to the Directora de Finanças de Braga in Portugal. This amount was comprised of €51,920 ($81,044) in respect of stamp tax and €4,585 ($7,157) in respect of VAT. The stamp tax portion relates to the interpretation that intercompany advances received by MAEPA are financing loans and, accordingly, are subject to stamp tax. The VAT portion relates to certain invoices for vehicle usage and construction services. As of December 31, 2019, the Company estimated that the judicial review process would take approximately one year for the VAT claim and three to five years for the stamp tax claim and that the likelihood of success for each was 50%. As a result, tax deposits were written down by $41,200 (€28,252) during the year ended December 31, 2019.During 2020, the judicial review ruled that approximately €1,971 VAT remained to be paid while the rest were annulled. The Company accepted this ruling. The Company is still waiting for a trial date regarding the stamp tax and it is estimated that the process can take another three to four years. AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

7. ADVANCE AND INVESTMENT IN AKKERMAN FINLAND OY

On February 25, 2022, the Company signed a Share Purchase Agreement with Akkerman Exploration B.V. (“AEbv”) to acquire up to a 100% ownership interest in Akkerman Finland OY (“AFOy”), an entity holding certain mineral rights (the “Property”) in Finland.

The acquisition terms are as follow:

·The Company can earn an initial 49% interest in AFOy in Stage One by issuing 1,470,000 common shares (issued at a value of $95,550), paying €150,000 ($211,800) into AFOy for the purpose of paying existing shareholder loans (paid), and depositing €200,000 ($282,400) into a dedicated account (paid), to be spent on exploration expenditures during the period between the completion of Stage One and the completion of Stage Two. The €200,000 ($282,400) was recorded as an advance to AFOy as of September 30, 2023.

·As a Stage Two earn-in, the Company has the option, for a period of 12 months from the date of completion of Stage One, to acquire the remaining 51% interest in AFOy, bringing their total interest to 100%. The Company can exercise the Stage Two option by issuing a further 1,530,000 common shares, paying an additional €15,000 for the purposes of paying existing shareholder loans and accrued interest, and depositing an additional €200,000 into a dedicated account for further exploration expenditures. The option to acquire additional 51% interest expired on March 3, 2023. The Company is currently working with AEbv to defer the payments and share issuances regarding this Stage Two earn-in.

During the period between Stage One and Stage Two, the Company will be the operator for all mining work conducted on the Property. During this same period, the Company and AEbv will form a technical committee comprised of one representative from each party, with AEbv’s representative having the casting vote.

As at September 30, 2023, the Company holds a 49% interest in AFOy (December 31, 2022 – 49%). The investment in associate was assessed for impairment indicators relating to the underlying assets of AFOy in accordance with IAS 36 and IFRS 6.

Investment in AFOy as at January 1, 2022		$	14,155
Payment – initial 49% interest			211,800
Issued shares – initial 49% interest	Note 8(b)(iii)		95,550
Loss on investment in AFOy			(62,973)
Investment in AFOy as at December 31, 2022		$	258,532
Loss on investment in AFOy			(69,000)
Investment in AFOy as at September 30, 2023		$	189,532

The nine months ended September 30, 2023 and 2022 calculation for the Investment in AFOy is as follows:

		2023		2022
AFOy’s net loss	$	140,817	$	184,639
The Company’s ownership %		49%		49%
Share of loss of an associate	$	69,000	$	90,473

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

7. ADVANCE AND INVESTMENT IN AKKERMAN FINLAND OY (Continued)

The following table illustrates the summarized financial information of AFOy:

		September 30, 2023		December 31, 2022
Current assets	$	33,597	$	101,996
Non-current assets		260,986		263,796
Current liabilities		3,575		4,264
Non-current liabilities		593,616		527,717
Loss for the period		140,817		128,517

8. CAPITAL AND RESERVES

(a)Authorized: At September 30, 2023, the authorized share capital was comprised of an unlimited number of common shares. The common shares do not have a par value. All issued shares are fully paid. (b)Share issuances:

i.On February 28, 2022, the Company completed a non-brokered private placement by issuing 16,666,667 units (“Unit”) at a price of $0.075 per Unit for gross proceeds of $1,250,000. Each Unit consists of one common share and one non-transferable warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.125 until February 28, 2025. The warrants were ascribed a value of $554,525. The Company paid finder’s fee of $30,938 and issued 412,500 finder’s warrants. Each finder’s warrant is exercisable into one common share at $0.075 until August 28, 2023. These finder’s warrants were ascribed a value of $19,841. The Company incurred additional share issue costs in the amount of $29,478 in connection with the financing.

ii.On February 28, 2022, the Company issued 3,800,000 shares at a price of $0.075 per share to settle outstanding debt for $285,000. iii.On March 3, 2022, the Company issued 1,470,000 shares to earn an initial 49% interest in AFOy (Note 7). (c)Share Purchase Option Compensation Plan:

The Company has established a stock option plan whereby the Company may grant options to directors, officers, employees and consultants of up to 10% of the common shares outstanding at the time of grant. The exercise price, term and vesting period of each option are determined by the board of directors within regulatory guidelines.

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

8. CAPITAL AND RESERVES (Continued)

(c)Share Purchase Option Compensation Plan: (Continued)

Stock option transactions and the number of stock options for the nine months ended September 30, 2023 are summarized as follows:

	Exercise	December 31,			Expired/	September 30,
Expiry date	price	2022	Granted	Exercised	cancelled	2023
March 14, 2023	$0.40	450,000	-	-	(450,000)	-
March 26, 2023	$0.40	10,000	-	-	(10,000)	-
January 7, 2024	$0.20	45,750	-	-	-	45,750
March 14, 2027	$0.08	1,575,000	-		-	1,575,000
Options outstanding		2,080,750	-	-	(460,000)	1,620,750
Options exercisable		2,080,750	-	-	(460,000)	1,620,750
Weighted average exercise price		$0.15	$Nil	$Nil	$0.40	$0.08

As of September 30, 2023, the weighted average contractual remaining life is 3.36 years (December 31, 2022 – 3.25 years).

Stock option transactions and the number of stock options for the year ended December 31, 2022 are summarized as follows:

	Exercise	December 31,			Expired/	December 31,
Expiry date	price	2021	Granted	Exercised	cancelled	2022
April 26, 2022	$0.40	327,500	-	-	(327,500)	-
March 14, 2023	$0.40	450,000	-	-	-	450,000
March 26, 2023	$0.40	10,000	-	-	-	10,000
January 7, 2024	$0.20	45,750	-	-	-	45,750
March 14, 2027	$0.08	-	1,575,000			1,575,000
Options outstanding		833,250	1,575,000	-	(327,500)	2,080,750
Options exercisable		833,250	1,575,000	-	(327,500)	2,080,750
Weighted average exercise price		$0.39	$0.08	$Nil	$0.40	$0.15

The weighted average assumptions used to estimate the fair value of options for the nine months ended September 30, 2023, and 2022 were:

	2023	2022
Risk-free interest rate	n/a	1.34%
Expected life	n/a	5 years
Expected volatility	n/a	144.13%
Expected dividend yield	n/a	Nil

Option pricing models require the input of highly subjective assumptions including the expected price volatility. Changes in the subjective input assumptions can materially affect the fair value estimate, and therefore the existing models do not necessarily provide a reliable measure of the fair value of the Company’s share purchase options.

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

8. CAPITAL AND RESERVES (Continued)

(d)Finder’s Options:

The continuity of finder’s options for the nine months ended September 30, 2023 is as follows:

	Exercise	December 31,				September 30,
Expiry date	price	2022	Issued	Exercised	Expired	2023
August 28, 2023	$0.075	412,500	-	-	(412,500)	-
Outstanding		412,500	-	-	(412,500)	-
Weighted average<br><br><br>exercise price		$0.075	$Nil	$Nil	$0.075	$Nil

As of September 30, 2023, the weighted average contractual remaining life is Nil years (December 31, 2022 – 0.66 years).

The continuity of finder’s options for the year ended December 31, 2022 is as follows:

	Exercise	December 31,				December 31,
Expiry date	price	2021	Issued	Exercised	Expired	2022
August 28, 2023	$0.075	-	412,500	-	-	412,500
Outstanding		-	412,500	-	-	412,500
Weighted average<br><br><br>exercise price		$Nil	$0.075	$Nil	$Nil	$0.075

The weighted average assumptions used to estimate the fair value of finder’s options for the nine months ended September 30, 2023 and 2022 were:

	2023	2022
Risk-free interest rate	n/a	0.49%
Expected life	n/a	1.5 years
Expected volatility	n/a	149.50%
Expected dividend yield	n/a	Nil

(e)Warrants:

The continuity of warrants for the nine months ended September 30, 2023 is as follows:

	Exercise	December 31,				September 30,
Expiry date	price	2022	Issued	Exercised	Expired	2023
October 23, 2023 *	$0.20	4,219,641	-	-	-	4,219,641
February 28, 2025	$0.125	16,666,667	-	-	-	16,666,667
Outstanding		20,886,308	-	-	-	20,886,308
Weighted average exercise price		$0.14	$Nil	$Nil	$Nil	$0.14

* Subsequent to September 30, 2023, 4,219,641 warrants expired unexercised.

As of September 30, 2023, the weighted average contractual life is 1.14 years (December 31, 2022 – 1.894 years).

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

8. CAPITAL AND RESERVES (Continued)

(e)Warrants: (Continued)

The continuity of warrants for the year ended December 31, 2022 is as follows:

	Exercise	December 31,				December 31,
Expiry date	price	2021	Issued	Exercised	Expired	2022
February 25, 2022 ^(1)^	$0.40	500,000	-	-	(500,000)	-
October 23, 2023	$0.20	4,219,641	-	-	-	4,219,641
February 28, 2025	$0.125	-	16,666,667	-	-	16,666,667
Outstanding		4,719,641	16,666,667	-	(500,000)	20,886,308
Weighted average exercise price		$0.22	$0.125	$Nil	$0.40	$0.14

^(1)^These warrants have a forced exercise price. If the closing price of the Company’s shares is $0.80 or greater for a period of 20 consecutive trading days, the warrants will expire on the earlier of the 30^th^ day after such notice is given and the original expiry date.

The weighted average assumptions used to estimate the fair value of warrants for the nine months ended September 30, 2023 and 2022 were:

	2023	2022
Risk-free interest rate	n/a	0.88%
Expected life	n/a	3 years
Expected volatility	n/a	161.98%
Expected dividend yield	n/a	Nil

9. RELATED PARTY TRANSACTIONS AND BALANCES

The aggregate value of transactions and outstanding balances relating to key management personnel and entities over which they have control or significant influence were as follows: For the nine months ended September 30, 2023

	Short-term employee benefits	Post-employment benefits	Other long-term benefits	Termination benefits	Other expenses	Share-based payments	Total
Paul W. Kuhn ^(c)^<br>Chief Executive Officer, Director	$ 112,500	$ Nil	$ Nil	$ Nil	$ Nil	$ Nil	$ 112,500

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

9. RELATED PARTY TRANSACTIONS AND BALANCES (continued)

	For the nine months ended September 30, 2023
	Short-term employee benefits	Post-employment benefits	Other long-term benefits	Termination benefits	Other expenses	Share-based payments	Total
Paul W. Kuhn ^(c)^<br>Chief Executive Officer, Director	$ 115,912	$ Nil	$ Nil	$ Nil	$ Nil	$ 12,460	$ 128,372
Winnie Wong<br><br><br>Chief Financial Officer	$ Nil	$ Nil	$ Nil	$ Nil	$ Nil	$ 12,460	$ 12,460
Mark T. Brown<br><br><br>Director	$ Nil	$ Nil	$ Nil	$ Nil	$ Nil	$ 12,460	$ 12,460
Paul L. Nelles ^(b)^<br>Director	$ Nil	$ Nil	$ Nil	$ Nil	$ Nil	$ 12,460	$ 12,460
Paul Dircksen<br><br><br>Director	$ Nil	$ Nil	$ Nil	$ Nil	$ Nil	$ 12,460	$ 12,460
Frank Hogel<br>Director	$ Nil	$ Nil	$ Nil	$ Nil	$ Nil	$ 12,460	$ 12,460

Related party liabilities

		Nine months ended
	Services / Advances	September 30,<br><br><br>2023		September 30,<br><br><br>2022		As at<br><br><br>September 30, <br>2023		As at<br><br><br>December 31, <br>2022
Amounts due to:
Pacific Opportunity<br><br><br>Capital Ltd. ^(a)^	Rent, management, accounting, marketing and financing services	$	89,650	$	113,343	$	52,002	$	64,632
Paul W. Kuhn ^(c)^	Consulting and share-based payment	$	112,500	$	128,372	$	-	$	28,916
Mark T. Brown ^(d)^	Expense reimbursement	$	Nil	$	Nil	$	1,814	$	Nil
Paul L. Nelles ^(b)^	Salaries and share-based payment	$	Nil	$	12,460	$	-	$	14,458
TOTAL:		$	202,150	$	254,175	$	53,816	$	108,006
Amounts due from:
Paul W. Kuhn ^(c)^	Consulting services	$	Nil	$	Nil	$	51,124 ^(d)^	$	22,323 ^(d)^

(a)Pacific Opportunity Capital Ltd., a company controlled by a director of the Company.

(b)Paul L. Nelles is a director of Innomatik.

(c)On June 1, 2019, the Company entered into a Contract for Services (the “Contract”) with a contractor to serve as the Company’s president and chief executive officer. The contractor is responsible for providing technical oversight and guidance, establishing corporate goals and objectives and setting and implementing corporate strategies. Pursuant to the Contract:

·The contractor will receive a fee of $12,500 per month and a rent allowance of €4,000 for the first four months; ·If the Company is substantially sold or has a change of control (as defined), the contractor will receive a payment equal to two years of fees; and The contract remains effective until terminated in writing by either the Company or the contractor. The Company may terminate the contract at any time without notice or payment in lieu thereof for cause or at any time without cause by providing six months’ written notice or by paying the contractor in lieu of notice. The contractor may terminate the contract at any time by providing the Company with three months’ written notice.

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

9. RELATED PARTY TRANSACTIONS AND BALANCES (continued) (d)This amount relates to PorMining paying Paul Kuhn for his technical services consulting in excess of the Contract (defined above in Note 9(c)). Such amount will be used to offset and reduce the Company's monthly fee payable to Paul Kuhn per the Contract. 10. LOSS PER SHARE

Basic and diluted loss per share

The calculation of basic and diluted loss per share for the nine months ended September 30, 2023 was based on the loss attributable to common shareholders of $40,733 (2022 – $309,857) and a weighted average number of common shares outstanding of 54,674,754 (2022 – 49,917,709).

Diluted loss per share did not include the effect of 1,620,750 share purchase options and 20,886,308 warrants outstanding at nine months end September 30, 2023 (2022 – 2,080,750 share purchase options, 20,886,308 warrants and 412,500 finder’s options) as they are anti-dilutive.

11. FINANCIAL INSTRUMENTS The fair values of the Company’s cash, sales tax receivable, other receivables,advance to related party, due from optionees, property deposits, accounts payables and accrued liabilities and due to related parties approximate their carrying values because of the short-term nature of these instruments. The Company’s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, interest risk, commodity price risk and currency risk.

(a)Credit risk

The Company’s cash is held in financial institutions in Canada, Portugal and Kosovo and property deposits are held by Portuguese regulatory authorities. Amounts are receivable from optionees and a related party.

(b)Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure.

As at September 30, 2023, the Company had cash of $151,616 (December 31, 2022 - $307,531), advance to related party of $51,124 (December 31, 2022 - $22,323), sales tax receivables of $4,725 (December 31, 2022 - $3,627) and other receivables of $9,961 (December 31, 2022 -$10,713) to settle current liabilities of $71,145 (December 31, 2022 - $208,936). Accounts payable and accrued liabilities are due within the current operating period. (c)Interest rate risk

Interest rate risk is not material as the Company does not have any significant financial assets or liabilities subject to fluctuation in interest rates.

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

11. FINANCIAL INSTRUMENTS (Continued)

(d)Equity market price risk

The Company is exposed to price risk with respect to equity market prices. Price risk as it relates to the Company is defined as the potential adverse impact on the Company’s ability to finance due to movements in individual equity prices or general movements in the level of the stock market. The Company closely monitors individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company.

(e)Currency risk The Company’s property interests in Portugal, Finland and Kosovo make it subject to foreign currency fluctuations and inflationary pressures which may adversely affect the Company’s financial position, results of operations and cash flows. The Company is affected by changes in exchange rates between the Canadian Dollar and foreign functional currencies. The Company does not invest in foreign currency contracts to mitigate the risks. The Company has net monetaryassets of $150,700 dominated in Euros. A 1% change in the absolute rate of exchange in Euros would affect its net income by $2,000. IFRS 7 establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows:

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Company does not have any financial instruments that are measured at fair value.

12. MANAGEMENT OF CAPITAL RISK

The Company manages its cash, common shares, warrants and share purchase options as capital (see Note 8). The Company’s objectives when managing capital are to safeguard its ability to continue as a going concern and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk.

The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, acquire or dispose of assets or adjust the amount of cash and cash equivalents held. In order to maximize ongoing operating efforts, the Company does not pay out dividends. The Company’s investment policy is to invest its short-term excess cash in highly liquid short-term interest-bearing investments with maturities of 90 days or less from the original date of acquisition, selected with regards to the expected timing of expenditures from continuing operations. The Company expects its current capital resources will be sufficient to carry out its exploration or operations in the near term.

AVRUPA MINERALS LTD.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited, Presented in Canadian Dollars)

13. SEGMENTED FINANCIAL INFORMATION

The Company operates in one industry segment, being the acquisition and exploration of mineral properties. Geographic information is as follows:

	September 30, 2023	December 31, 2022
Non-current assets
Portugal	$ 212,384	$ 213,934
Finland	471,932	540,932
	$ 684,316	$ 754,866
	Nine months ended
	September 30, 2023	September 30, 2022
Mineral exploration expenses
Portugal	$ 20,116	$ 18,760
Kosovo	35,060	39,977
	$ 55,176	$ 58,737

Avrupa Management Discussion and Analysis test1

AVRUPA MINERALS LTD.

(An Exploration Stage Company)

MANAGEMENT’S DISCUSSION AND ANALYSIS – QUARTERLY HIGHLIGHTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

OVERVIEW AND INTRODUCTORY COMMENT

Avrupa Minerals Ltd. (“Avrupa” or the “Company”) is a growth-oriented junior exploration and development company listed on the TSX Venture Exchange under the trading symbol “AVU”. The Company is currently focusing on discovering economic mineral deposits, using a hybrid prospect generator model (getting other partners to fund our properties to minimize dilution as well as funding our own exploration programs on our top projects), in politically stable and prospective regions of Europe, including Portugal, Kosovo and Finland.

Over the course of 14 years, Avrupa has brought in partners on its exploration projects that have invested approximately $27 million in exploration in addition to funds spent by Avrupa. That exploration has led to two discoveries – one gold deposit in Kosovo and one area of VMS mineralization in the prolific Iberian Pyrite Belt famous for large copper-zinc deposits in southern Portugal.

While Avrupa has been focused on advancing its exploration projects with funds from partners who can earn an interest in its projects by spending exploration funds thereby reducing dilution for shareholders, the Company completed its own exploration program at the Alvalade property. This resulted in the Company entering into an Earn-in Joint Venture Agreement for the Alvalade project with Minas de Aguas Teñidas, S.A. (“Sandfire MATSA” or “MATSA”) and its wholly-owned subsidiary Sandfire Mineira Portugal, Unipessoal Lda. (“SMP”), formerly Emisurmin Unipessoal Lda. (“EUL”) in November 2019.

On December 14, 2021, the Company signed a binding letter agreement (the “Letter Agreement”) with Dutch holding company, Akkerman Exploration B.V. (“AEbv”) to acquire 100% ownership of Akkerman Finland OY (“AFOy”). AFOy owns three mineral reservations in the past-producing and highly prospective Vihanti-Pyhäsalmi VMS district in central Finland and one gold project in the Oijarvi greenstone belt Finland. On February 25, 2022, the Letter Agreement was superseded by the Share Purchase Agreement. The Company currently owns 49% of AFOy.

Avrupa continues to upgrade its precious and base metal targets to JV-ready status in a variety of districts, with the idea of attracting potential partners to project-specific and/or regional exploration programs, and to look for new projects in certain mineral belts in Europe, or nearby.

This MD&A is dated November 24, 2023 and discloses specified information up to that date. Unless otherwise noted, all currency amounts are expressed in Canadian dollars. The following information should be read in conjunction with the unaudited condensed consolidated interim financial statements and the related notes for the nine months ended September 30, 2023 and the Company’s audited consolidated financial statements for the year ended December 31, 2022 and the related notes thereto.

Additional information relevant to the Company and the Company’s activities can be found on SEDAR at www.sedar.com, and/or on the Company’s website at www.avrupaminerals.com.

MAJOR QUARTERLY OPERATING MILESTONES

Alvalade Project (Portugal):

On March 3, 2023, the Company provided an update on progress at the Alvalade Project. The Company completed four exploration holes, totaling 2,693 meters, in the current phase of drilling, and started a fifth hole. The first two holes tested possible NW strike extension of the Lousal massive sulfide deposit (LNW22-001) and electromagnetic anomalism on a parallel trend to Lousal mineralization (LNW22-002). The third hole targeted a strong geophysical anomaly in mineral-host black shales, located about 4 kilometers further north of the Lousal NW holes (RAI22-001). The fourth hole tested another geophysical anomaly in the Casas Novas target sector, two kilometers south of the Caveira Mine area (INC22-001). All four holes cut through weakly mineralized, strongly folded and faulted, target black shales. Geochemical results from sampling of the first three holes suggested proximity to potential massive sulfide systems, particularly in the two Lousal NW drill holes.

test1 Figure 1. Location map for Phase 9 drilling locations, as well as drill hole locations for two historic drill holes included in following interpretative geological and targeting cross section. test1 Figure 2. Schematic cross section showing Lousal NW drilling results, along with historic drilling at Monte da Bela Vista. There is no previous drilling in the western portion of the section, thus the geological interpretation is only predictive.

Subsequent to completing the two LNW holes, the Company performed a stationary-loop SQUID TEM electromagnetic survey to further attempt to identify potential massive sulfide mineralization in this sector. The survey identified an electrical conductor located west of the drilling in favorable geological target area, supported by anomalous base metal results from previous soil sampling work. Further electromagnetic studies, using a moving electrical loop for more detail, supported the presence of a strong conductor. The schematic location of the conductor was shown in red cross-hatch in the Lousal NW cross section, which would be tested by a new drill hole, LNW23-003. Furthermore, geochemical results from sampling of the first two LNW holes suggested the possibility of nearby sulfide mineralization. The Joint Venture continued detailed geochemical studies and interpretation covering the use of low-level results from elements including gold, silver, arsenic, antimony, manganese, molybdenum, thallium, tin, copper, lead, and zinc, to determine potential proximity to massive sulfide mineralization. In this case, while drilling did not intercept massive sulfide mineralization, the results from sampling of the weakly mineralized black shales, typically the host rock material for mineral deposits in this portion of the Iberian Pyrite Belt (“IPB”), suggested the presence of the kind of hydrothermal system that forms massive sulfide deposits in the IPB.

The Company and Sandfire MATSA drilled a number of exploration holes without hitting significant mineralization. To date, interpretation of the geophysical anomalism suggests that mineral horizon black shales are probably the source of the anomalies. The company is trying to ascertain how to differentiate the black shales from zones of potential massive sulfide mineralization.

On June 12, 2023, the Company provided new assay results from the Sesmarias massive sulfide target area, Alvalade JV Project. Armed with a significantly upgraded targeting model constructed after a total of 46 holes and nearly 20,000 meters of drilling at Sesmarias since 2014, the JV geological team aimed deeper to 400 meters depth to attempt to locate further high-grade mineralization.

Results from SES23-047 are:

**·**26.95 meters of 2.18% copper; 2.58% lead; 5.60% zinc; and 88.2 g/t silver from 393.80 to 420.75 meters depth, within a wider interval of:

**·**43.40 meters of 1.51% copper; 2.15% lead; 4.78% zinc; and 64.1 g/t silver from 392.80 to 436.20 meters depth.

At this time, with only one drill hole in the new zone, the true thickness of the massive sulfide mineralization is unknown. The drill hole intercepted at least part of the eastern limb of the target mineralized syncline, and possibly part of the hinge of the syncline. Further drilling is clearly necessary to search for both extension and shape of the mineral body. The Company is currently drilling a follow-up hole, collared approximately 150 meters southeast of SES23-047, with five more holes planned.

Previous JV drilling demonstrated the potential for significant thicknesses of massive sulfide mineralization, and the Company recognized the potential for higher grade mineralization as it moved south towards the Central Zone, perhaps the center of the mineral system. The Company now recognizes that the SES002 lens could be part of the new discovery lens, separated by faulting.

The following summary cross section demonstrates the potential for further mineralization on this section line, in the middle of the Central Zone.

test1

Figure 3. SES23-047 cross section showing previous drilling and discovery hole SES002. The mineralized syncline seen here is a continuation from the previously-reported, more northerly sections that show development of an eastern overturned limb, a western normal limb, and development of a robust hinge zone. Further drilling is warranted to develop a potential high grade central zone to the developing system.

Potential for further higher-grade mineralization lies from the present 650S section to the 350S section, north of the present drilling, and possibly for another 300 to 400 meters to the south of the 650S section. We are presently drilling at SES23-048, collared approximately 150 SE of SES23-047, on the 800S section. test1 Figure 4. Simplified, schematic diagram of Sesmarias massive sulfide “lenses”, actually the limbs of the synclinal mineralization. Note that the Central Zone appears to be open and untested for at least 300 meters in either direction from the 650S section. Presently drilling on the 800S section line at SES23-048.

Notes on analytical methods and quality control. The JV analyzed the mineralized material at two different laboratories, as the table below demonstrates. For certified, NI43-101 – acceptable assay results, the Company selected the ME-MS61 method performed by ALS Global at their Seville sample preparation facility and Loughrea, Ireland analytical laboratory. For in-house reasons and desire to have overnight results, the Company authorized preliminary analytical procedures at the non-certified, MATSA laboratory facilities at the Aguas Teñidas Mine.

test1

Table 1. Fully accredited, NI 43-101 compliant, certified analytical results from ALS Global laboratory highlighted in yellow. Overnight analytical results from MATSA mine lab at Aguas Teñidas, Spain.

Slivova Project (Kosovo)

On March 2, 2023, the Company reported that presumptive Slivova Gold Project partner, Western Tethyan Resources (“WTR”), completed its detailed due diligence study of the Slivova Gold Deposit and elected to continue with Stage 1 of the earn-in joint venture program at Slivova.

During the 6-month due diligence period, WTR developed a small mine concept for the Slivova Project, studying “feasible access, mining, processing, and tailings management options”. At this level of investigation, WTR found that the Slivova Project demonstrates “potential for low initial capex, moderate operating costs, and attractive NPV and IRR in the context of the low initial capex and the current estimated mine life” (from WTR news release of March 2, 2023).

WTR further added that as a result of their studies, they would initiate a Preliminary Economic Assessment and Scoping Study for the Slivova Project, and that they have engaged UK-based consultants Bara Consulting UK and Knight Piesold to do the study. The two companies conducted the due diligence studies and are already duly familiar with the Slivova Project.

On May 9, 2023, the Company announced that it entered into a definitive option agreement with WTR to advance the Slivova Project. WTR can earn-in to 75% of the Project by funding exploration and development for €1,800,000 over three years, and then a further 10% by making certain milestone and success payments, producing an Environmental Impact Statement, delivering a Feasibility Study, and completing a Mining License application.

WTR spent more than €275,000 for Due Diligence, development of a Concept Study, and continuing work on a PEA.

On May 2, 2023, the Company completed the Definitive Agreement with WTR. The terms of the Agreement are:

On Closing

·€35,000 cash payment upon signing the Definitive Agreement on/about March 1, 2023. (Completed)

Earn-In Phase

Stage 1:

·€30,000 cash payment on September 1, 2023 (received);

·If WTR elects to enter the Definitive Agreement, it will invest €800,000, during first two years from the effective date (minimum of €150,000 must be spent by September 1, 2023, post DD Phase) (spent) for exploration, drilling, baseline environmental and social surveys, landowners, etc., for 51% of the Project. (Underway)

Stage 2:

Stage 3:

·During fourth and fifth year from the Effective Date, WTR must complete the EIS,

Feasibility Study (“FS”), and Mining License application, for 85% of the Project.

Stage 4:

·WTR completes success payments to previous JV partner, Byrnecut International Ltd., accordingly:

o€125,000 in cash within 30 days of the first to occur of: 1) Completion of a positive FS (minimum 15% IRR) or; 2) Avrupa or related party making a decision to proceed with development of a mining operation within the license area;

o€125,000 within 30 days of issuance of a mining license for the Project;

·Avrupa participates in the mine build or dilutes to 1% NSR.

On July 17, 2013, the Company announced that WTR provided a new Mineral Resource Estimate and general near-term work plan for the gold-silver deposit. The following information is a Summary of the Mineral Resource Estimate, provided by Mr. Richard Siddle, MAIG, of Addison Mining Services Ltd., an Independent Qualified Person, as defined by Canadian NI 43101 regulations. With the publication of this document, the full MRE must be publicly filed within 45 days.

Introduction

Between October 2022 and June 2023, the Western Tethyan and Ariana teams completed detailed field, drill core and digital data reviews of all information attributed to the Slivova Project and its Mineral Resources. Mineral Resources have been estimated by Mr. Richard Siddle, MAIG, of Addison Mining Services Ltd., an Independent Qualified Person as defined by Canadian NI 43-101.

The Slivova gold and silver deposit, consists of intrusive-related, stratiform massive to disseminated gold-bearing and base metal mineralogy hosted in Cretaceous-aged calcareous sediments. The mineralisation occurs as disseminated to massive replacement of calcareous sandstone to pebble conglomerate and minor replacement of limestone, associated with pyrite, pyrrhotite, arsenopyrite, and base-metal sulphides. Lithological control and structural features appear to have played a major role in focusing the alteration and mineralisation, both as fluid pathways and fluid retardants.

The Slivova Project exploration license is located along the Vardar Trend, approximately 30km SE of Pristina, the capital city of Kosovo (Figure 5).

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Figure 5: The Slivova deposit (Peshter Target), and its associated license boundary.

For further information about the most recent Slivova mineral resource estimate, please see the news release dated July 17, 2023: https://avrupaminerals.com/avrupa-minerals-announces-updated-slivova-mineral-resource-estimate-mre/. On September 6, 2023, the Company announced that WTR provided a positive, independent Preliminary Economic Assessment (“PEA”) study based on the NI 43-101 Mineral Resources Estimate (“MRE”) previouslyreported by Avrupa on July 17, 2023. Bara Consulting completed the PEA in accordance with CIM standards, and Avrupa has publicly disclosed the document under NI 43-101 reporting requirements. Highlights from the PEA include:

·Slivova provides a conceptual pre-tax Net Present Value (NPV 8%) of US$27 million, and an internal rate of return (“IRR”) of 29% at a gold price of US$1,835/oz.

·Capital expenditure is estimated at $33.4 million and sustaining capital requirements of $9.4 million are envisaged in the study.

·Average production of 13,000 ounces of gold per annum projected over a seven-year mine life from a combined open-pit and underground mining operation is estimated from the study.

·Gold recovery by the Carbon-in-Leach (“CIL”) method, with recovery of gold at 92-94.5% Au (based on current testwork) and a processing rate of 142,000 tpa is estimated from the study.

The full PEA document, which includes the NI 43-101 Mineral Resource Estimate, may be accessed on SEDAR+ or via the Avrupa Minerals website: Slivova PEA

For further information about the summary discussion of important points from the PEA, please see the news release dated September 6, 2023: https://avrupaminerals.com/positive-preliminary-economic-assessment-completed-for-the-slivova-gold-project-kosovo/.

Kangasjärvi Project (Finland)

On May 11, 2023, the Company reported that Tukes (Finland’s mineral exploration licensing authority) approved the Kangasjärvi application, and following no appeals during the 37-day comment period. The exploration license is fully in force. AFOy has started to fulfill obligations related to the issuance of the new license, including payment of the annual fees directly to the landowners within the permit area, as well as planning the next phase of exploration. AFOy and Avrupa plan to initiate drill testing of a promising deep EM anomaly adjacent to the historic Kangasjärvi zinc mine, along with continued review and compilation of substantial amounts of historic geological and drilling data from around the license area.

Kolima Project (Finland)

On May 11, 2023, the Company reported that Tukes also approved the Kolima application, but three appeals which must be reviewed before an exploration license can be granted were filed. Consequently, AFOy and Avrupa decided to temporarily suspend exploration work at Kolima until the outcome of the court proceedings is established.

QUARTERLY FINANCIAL CONDITION

Capital Resources

The Company is aware of the current conditions in the financial markets and has planned accordingly. The Company’s current treasury and the future cash flows from warrants and options, along with the planned developments within the Company as well as with its JV partner might not be sufficient to carry out its activities throughout 2023. The Company might have to raise additional financing under difficult financial conditions. If the market conditions prevail or improve, the Company will make adjustment to budgets accordingly.

Liquidity

As at September 30, 2023, the Company had a working capital of $183,656 (December 31, 2022 – $157,445). With respect to working capital, $151,616 was held in cash (December 31, 2022 - $307,531). The decrease in cash was due to the general administrative expenses and exploration work expenses totaling $155,915.

Operations For the three months ended September 30, 2023 compared with the three months ended September 30, 2022: Excluding the non-cash depreciation of $512 (2022 - $867), the Company’s third quarter general and administrative expenses amounted to $70,712 (2022 - $105,909), a decrease of $35,197 mainly due to investor relations of a negative amount of $10,449 as a result of the cancellation of an invoice (2022 - $31,350). The Company has been closely monitoring its use of cash.

During the three months ended September 30, 2023, the Company incurred exploration costs totaling $27,756 including $8,901 on Alvalade in Portugal and $18,855 on Slivova in Kosovo. During the three months ended September 30, 2022, the Company expensed exploration costs totaling $38,346 including $6,305 on Alvalade in Portugal and $32,041 on Slivovo in Kosovo.

During the three months ended September 30, 2023, the Company recorded a loss of investment in AFOy of $16,060 (2022 - $39,142) for its share of operating loss in AFOy.

During the three months ended September 30, 2023, the Company reported a net income of $37,900 (2022 – a net loss of $43,751), a decrease of net loss of $81,651 as a result of reimbursements from optionees.

For the nine months ended September 30, 2023 compared with the nine months ended September 30, 2022:

Excluding the non-cash depreciation of $1,535 (2022 - $1,437) and share-based payment of $Nil (2022 - $98,123), the Company’s general and administrative expenses amounted to $298,375 (2022 - $387,175), a decrease of $88,800 mainly due to (a) investor relations of $30,310 (2022 - $76,120) and (b) professional fees of $91,557 (2022 - $136,757) as the Company incurred consulting fees related to acquisition of the ownership of AFOy in 2022. The Company has been closely monitoring its use of cash.

During the nine months ended September 30, 2023, the Company expensed exploration costs totaling $55,176 including $20,116 on Alvalade in Portugal and $35,060 on Slivovo in Kosovo. During the nine months ended September 30, 2022, the Company expensed exploration costs totaling $58,737 including $18,760 on Alvalade in Portugal and $39,977 on Slivovo in Kosovo.

During the nine months ended September 30, 2023, the Company recorded a loss of investment in AFOy of $69,000 (2022 - $90,473) for its share of operating loss in AFOy.

During the nine months ended September 30, 2023, the Company reported a loss of $40,733 (2022 –$309,857), a decrease of $269,124 as a result of reimbursements from optionees.

SIGNIFICANT RELATED PARTY TRANSACTIONS

During the quarter, there was no significant transaction between related parties.

COMMITMENTS, EXPECTED OR UNEXPECTED, OR UNCERTAINTIES

As of the date of the MD&A, the Company has no outstanding commitments.

Property deposits:

As of September 30, 2023, the Company had a total of $1,430 (€1,000) (December 31, 2021: $1,446 (€1,000)) of cash pledged for its exploration licenses in Portugal. The advances to the Portuguese regulatory authorities are refundable to the Company, subject to completion of the work obligations described in the exploration license applications.

Tax deposits: In November 2018, MAEPA paid €56,505 ($88,201) in lieu of bank guarantees of €77,918 ($121,625) to the Directora de Finanças de Braga in Portugal. This amount was comprised of €51,920 ($81,044) in respect of stamp tax and €4,585 ($7,157) in respect of VAT. The stamp tax portion relates to the interpretation that intercompany advances received by MAEPA are financing loans and, accordingly, are subject to stamp tax. The VAT portion relates to certain invoices for vehicle usage and construction services. As of December 31, 2019, the Company estimated that the judicial review process would take approximately one year for the VAT claim and three to five years for the stamp tax claim and that the likelihood of success for each was 50%. As a result, tax deposits were written down by $41,200 (€28,252) during the year ended December 31, 2019. During 2020, the judicial review ruled that approximately €1,971 VAT remained to be paid while the rest were annulled. The Company accepted this ruling. The Company is still waiting for a trial date regarding the stamp tax and it is estimated that the process can take another two to three years. Other than disclosed in this MD&A – Quarterly Highlights, the Company does not have any commitments, expected or unexpected, or uncertainties.

RISK FACTORS

In our MD&A filed on SEDAR April 28, 2023 in connection with our annual financial statements (the “Annual MD&A”), we have set out our discussion of the risk factors Exploration risks, Market risks and Financing risk which we believe are the most significant risks faced by Avrupa. An adverse development in any one risk factor or any combination of risk factors could result in material adverse outcomes to the Company’s undertakings and to the interests of stakeholders in the Company including its investors. Readers are cautioned to take into account the risk factors to which the Company and its operations are exposed. To the date of this document, there have been no significant changes to the risk factors set out in our Annual MD&A.

DISCLOSURE OF OUTSTANDING SHARE DATA

The authorized share capital of the Company consists of an unlimited number of common shares without par value. The following is a summary of the Company’s outstanding share data as at September 30, 2023:

	Issued and Outstanding
	September 30, 2023	November 24, 2023
Common shares outstanding	54,674,754	54,674,754
Stock options	1,620,750	1,620,750
Warrants	20,886,308	16,666,667
Fully diluted common shares outstanding	77,181,812	72,962,171

Cautionary Statements

This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration results and plans, and our other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, our estimates of exploration investment, the scope of our exploration programs, and our expectations of ongoing administrative costs. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change, except as required by law. Forward-looking statements are subject to risks, uncertainties and other factors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks. Readers are cautioned not to place undue reliance on forward-looking statements.