GoldMining Inc 6-K, filed Oct 11, 2024

GoldMining Inc. (GLDG)

6-K 2024-10-11 For: 2024-10-31

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Added on April 06, 2026

About this 6-K

GoldMining Inc filed this 6-K on October 11, 2024.

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Exhibit Number	Description

99.1	Condensed consolidated interim financial statements for the three and nine months ended August 31, 2024 and 2023 (unaudited).
99.2	Management’s discussion and analysis for the three and nine months ended August 31, 2024.
99.3	Certification of interim filings – CEO, dated October 11, 2024.
99.4	Certification of interim filings – CFO, dated October 11, 2024.

GOLDMINING INC.


By:	/s/ Pat Obara
	Pat Obara
	Chief Financial Officer


Date:	October 11, 2024

			As at August 31,			As at November 30,
			2024			2023
	Notes		($)			($)
Assets
Current assets
Cash and cash equivalents		3		11,105			21,589
Restricted cash		3		119			118
Other receivables				427			594
Prepaid expenses and deposits		4		2,319			1,379
Other assets				121			47
				14,091			23,727
Non-current assets
Reclamation deposits				494			494
Exploration and evaluation assets		5		55,418			56,815
Land, property and equipment		6		3,278			3,233
Investment in associate		7		8,987			6,297
Investment in joint venture				1,194			1,232
Long-term investments		8		38,059			45,080
				121,521			136,878
Liabilities
Current liabilities
Accounts payable and accrued liabilities				1,172			1,757
Due to joint venture				26			30
Due to related parties		12		25			239
Lease liabilities				86			66
Income taxes payable		5		1,810			7
Withholding taxes payable				244			245
				3,363			2,344
Non-current liabilities
Lease liabilities				322			329
Rehabilitation provisions				922			888
Deferred tax liability				261			904
				4,868			4,465
Equity
Issued capital		9		185,909			176,584
Reserves		9		14,322			13,493
Retained earnings				3,735			20,176
Accumulated other comprehensive loss				(89,203	)		(81,010	)
Total equity attributable to shareholders of the Company				114,763			129,243
Non-controlling interests		10		1,890			3,170
				116,653			132,413
				121,521			136,878

			For the three months						For the nine months
			ended August 31,						ended August 31,
			2024			2023			2024			2023
	Notes		($)			($)			($)			($)
Expenses
Consulting fees				49			87			326			217
Depreciation		6		84			51			246			134
Directors' fees, salaries and benefits		12		538			475			1,591			1,421
Exploration expenses		5		5,146			2,629			7,078			3,928
General and administrative				1,416			2,204			6,020			5,940
Professional fees				507			277			1,473			3,033
Share-based compensation		9,10		289			498			2,233			2,402
Share of loss in associate		7		95			66			498			66
Share of loss on investment in joint venture				1			20			69			33
Recovery on the receipt of mineral property option payments		5		-			(1,562	)		(3,200	)		(2,696	)
				8,125			4,745			16,334			14,478
Operating loss				(8,125	)		(4,745	)		(16,334	)		(14,478	)

Other items
Dividend income				-			282			-			856
Loss on recognition of investment in associate				-			(892	)		-			(892	)
Loss on modification of margin loan				-			(163	)		-			(422	)
Interest income				158			288			596			477
Other loss				(61	)		(78	)		(30	)		(165	)
Financing costs				(9	)		(306	)		(27	)		(1,264	)
Impairment of exploration and evaluation assets		5		-			(1,809	)		-			(1,809	)
Net foreign exchange gain (loss)				(46	)		77			(35	)		83
Net loss for the period before taxes				(8,083	)		(7,346	)		(15,830	)		(17,614	)
Current income tax expense		5		(48	)		-			(1,829	)		(15	)
Deferred income tax expense				(1,349	)		(2,278	)		(292	)		(5,181	)
Net loss for the period				(9,480	)		(9,624	)		(17,951	)		(22,810	)

Attributable to:
Shareholders of the Company				(8,580	)		(9,064	)		(16,636	)		(22,100	)
Non-controlling interests				(900	)		(560	)		(1,315	)		(710	)
Net loss for the period				(9,480	)		(9,624	)		(17,951	)		(22,810	)

Other comprehensive loss
Items that will not be subsequently reclassified to net income or loss:
Unrealized income (loss) on short-term investments				(5	)		(9	)		9			(11	)
Unrealized loss on long-term investments		8		(9,774	)		(13,532	)		(7,183	)		(33,624	)
Deferred tax recovery on long-term investments				1,324			1,861			971			4,573
Items that may be reclassified subsequently to net income or loss:
Foreign currency translation adjustments				(1,469	)		723			(1,997	)		1,810
Total comprehensive loss for the period				(19,404	)		(20,581	)		(26,151	)		(50,062	)

Attributable to:
Shareholders of the Company				(18,484	)		(19,980	)		(24,829	)		(49,311	)
Non-controlling interests		10		(920	)		(601	)		(1,322	)		(751	)
Total comprehensive loss for the period				(19,404	)		(20,581	)		(26,151	)		(50,062	)

Net loss per share, basic and diluted				(0.05	)		(0.05	)		(0.09	)		(0.13	)

Weighted average number of shares outstanding, basic and diluted				188,992,160			173,490,578			186,229,857			169,720,079

														Accumulated			Attributable
														Other			to Shareholders			Non-
					Issued						Retained			Comprehensive			of the			Controlling
			Number of		Capital			Reserves			Earnings			Loss			Company			Interests			Total
	Notes		Shares		($)			($)			($)			($)			($)			($)			($)
Balance at November 30, 2022				163,669,818		150,879			11,930			27,984			(55,702	)		135,091			-			135,091
Options exercised		9		651,493		1,092			(274	)		-			-			818			-			818
Restricted share rights vested		9		185,676		300			(300	)		-			-			-			-			-
US GoldMining
Net proceeds from Initial Public Offering				-		-			-			20,707			-			20,707			3,402			24,109
Restricted shares vested, warrants exercised, and open market shares purchases by GoldMining				-		-			-			44			-			44			1,163			1,207
At-the-Market offering:
Common shares issued for cash				12,268,936		17,674			-			-			-			17,674			-			17,674
Agents' fees and issuance costs				-		(442	)		-			-			-			(442	)		-			(442	)
Share-based compensation		9		-		-			1,995			336			-			2,331			71			2,402
Deferred tax benefits of share issuance costs				-		39			-			-			-			39			-			39
Other comprehensive loss				-		-			-			-			(27,211	)		(27,211	)		(41	)		(27,252	)
Net loss for the period				-		-			-			(22,100	)		-			(22,100	)		(710	)		(22,810	)
Balance at August 31, 2023				176,775,923		169,542			13,351			26,971			(82,913	)		126,951			3,885			130,836
Options exercised		9		1,720,000		1,901			(531	)		-			-			1,370			-			1,370
Restricted share rights vested		9		80,920		116			(116	)		-			-			-			-			-
US GoldMining
Net proceeds from Initial Public Offering				-		-			-			(193	)		-			(193	)		194			1
Restricted shares vested, warrants exercised, and open market shares purchases by GoldMining				-		-			-			(19	)		-			(19	)		18			(1	)
At-the-Market offering:
Common shares issued for cash				4,681,217		5,095			-			-			-			5,095			-			5,095
Agents' fees and issuance costs				-		(127	)		-			-			-			(127	)		-			(127	)
Share-based compensation		9,10		-		-			789			78			-			867			18			885
Deferred tax benefits of share issuance costs				-		57			-			-			-			57			-			57
Other comprehensive income				-		-			-			-			1,903			1,903			33			1,936
Net loss for the period				-		-			-			(6,661	)		-			(6,661	)		(978	)		(7,639	)
Balance at November 30, 2023				183,258,060		176,584			13,493			20,176			(81,010	)		129,243			3,170			132,413
Options exercised		9		229,588		835			(806	)		-			-			29			-			29
Restricted share rights vested		9		293,679		361			(361	)		-			-			-			-			-
At-the-Market offering:
Common shares issued for cash		9		7,162,918		8,330			-			-			-			8,330			-			8,330
Agents' fees and issuance costs		9		-		(208	)		-			-			-			(208	)		-			(208	)
Share-based compensation		9,10		-		-			1,996			195			-			2,191			42			2,233
Deferred tax benefits of share issuance costs				-		7			-			-			-			7			-			7
Other comprehensive loss				-		-			-			-			(8,193	)		(8,193	)		(7	)		(8,200	)
Net loss for the period				-		-			-			(16,636	)		-			(16,636	)		(1,315	)		(17,951	)
Balance at August 31, 2024				190,944,245		185,909			14,322			3,735			(89,203	)		114,763			1,890			116,653

	For the nine months ended
	August 31,
	2024			2023
	($)			($)
Operating activities
Net loss for the period		(17,951	)		(22,810	)
Adjustments for items not involving cash:
Depreciation		246			134
Accretion		29			25
Financing costs		27			1,264
Share of loss on investment in joint venture		69			33
Share-based compensation		2,233			2,402
Unrealized loss on short-term investments		25			-
Unrealized loss on long-term investments		-			140
Loss on loan modification		-			422
Loss on recognition of investment in associate		-			892
Share of loss in associate		498			66
Deferred income tax expense		292			5,181
Impairment of exploration and evaluation assets		-			1,809
Recovery on the receipt of mineral property option payments		(3,200	)		(2,696	)
Net foreign exchange loss		-			52
Net changes in non-cash working capital items:
Inventory		(20	)		(43	)
Other receivables		167			(172	)
Prepaid expenses and deposits		(940	)		(2,200	)
Accounts payable and accrued liabilities		(585	)		(823	)
Incomes taxes payable		1,803			-
Withholdings taxes payable		-			88
Due to related parties		(214	)		(138	)
Cash used in operating activities		(17,521	)		(16,374	)

Investing activities
Investment in exploration and evaluation assets		(306	)		(501	)
Purchase of securities		(190	)		(1,903	)
Construction of camp structures		-			(1,272	)
Investment in joint venture		(201	)		(34	)
Purchase of equipment		(243	)		(14	)
Royalty buy-down		(99	)		-
Reclamation deposit		-			30
Cash used in investing activities		(1,039	)		(3,694	)

Financing activities
Net proceeds from At-the-Market offering		8,122			17,232
Net proceeds from US GoldMining IPO		-			24,256
Proceeds from US GoldMining warrant exercises		-			4,523
Proceeds from common shares issued upon exercise of options		29			818
Open market purchases of US GoldMining shares		-			(3,403	)
Payment of lease liabilities		(81	)		(79	)
Principal payment of margin loan		-			(9,595	)
Interest paid on margin loan		-			(884	)
Transaction costs on modification of margin loan		-			(73	)
Cash generated from financing activities		8,070			32,795

Effect of exchange rate changes on cash		7			(247	)

Net increase (decrease) in cash and cash equivalents and restricted cash		(10,483	)		12,480
Cash and cash equivalents and restricted cash
Beginning of period		21,707			8,325
End of period		11,224			20,805

	August 31,		November 30,
	2024		2023
	($)		($)
Cash and cash equivalents consist of:
Cash at bank and on hand		1,348		7,291
Term deposits		9,757		14,298
Total		11,105		21,589

	August 31, 2024		November 30, 2023
	($)		($)
Advances⁽¹⁾		1,121		-
Prepaid insurance		237		419
Prepaid corporate development expenses		510		700
Other prepaid expenses		451		260
Total		2,319		1,379

	For the three months ended						For the nine months ended
	August 31,						August 31,
	2024			2023			2024			2023
	($)			($)			($)			($)

Balance at the beginning of period		56,655			58,232			56,815			56,788
Mineral rights and property acquired		-			-			99			-
Mineral property option payment		-			-			306			501
Impairment of exploration and evaluation assets		-			(1,809	)		-			(1,809	)
		56,655			56,423			57,220			55,480
Change in reclamation estimate		23			(7	)		7			(24	)
Foreign currency translation adjustments		(1,260	)		39			(1,809	)		999
Balance at the end of period		55,418			56,455			55,418			56,455

										Right-of-
										Use Assets
				Buildings and			Office			(Office and)			Exploration
	Land			Camp Structures			Equipment			warehouse space)			Equipment			Vehicles			Total
	($)			($)			($)			($)			($)			($)			($)
Cost
Balance at November 30, 2022		1,060			1,163			186			516			240			365			3,530
Additions		-			1,174			16			830			72			82			2,174
Disposition		-			-			-			(800	)		-			-			(800	)
Change in reclamation estimate		-			6			-			-			-			-			6
Impact of foreign currency translation		12			13			10			2			4			5			46
Balance at November 30, 2023		1,072			2,356			212			548			316			452			4,956
Additions		-			-			11			63			75			156			305
Disposition		-			-			-			(162	)		-			-			(162	)
Impact of foreign currency translation		(5	)		(12	)		(7	)		2			(6	)		(7	)		(35	)
Balance at August 31, 2024		1,067			2,344			216			451			385			601			5,064

Accumulated Depreciation
Balance at November 30, 2022		-			674			170			255			240			365			1,704
Depreciation		-			78			25			94			2			3			202
Disposition		-			-			-			(205	)		-			-			(205	)
Impact of foreign currency translation		-			8			4			1			4			5			22
Balance at November 30, 2023		-			760			199			145			246			373			1,723
Depreciation		-			119			12			77			14			24			246
Disposition		-			-			-			(162	)		-			-			(162	)
Impact of foreign currency translation		-			(5	)		(8	)		1			(5	)		(4	)		(21	)
Balance at August 31, 2024		-			874			203			61			255			393			1,786


Net Book Value
At November 30, 2023		1,072			1,596			13			403			70			79			3,233
At August 31, 2024		1,067			1,470			13			390			130			208			3,278

Balance at November 30, 2022	$	-
Investment in NevGold - July 13, 2023		6,335
Share of loss in NevGold		(147	)
Share of OCI in NevGold		78
Gain on dilution of ownership interest in NevGold		31
Balance at November 30, 2023	$	6,297
Investment in NevGold - January 18, 2024		3,200
Share of loss in NevGold		(807	)
Share of OCI in NevGold		(12	)
Gain on dilution of ownership interest in NevGold		309
Balance at August 31, 2024	$	8,987

					As at November 30,														As at November 30,
						2022														2023
	Number of warrants⁽⁴⁾		Number of shares⁽⁴⁾			Fair value ($)		Additions ($)		Unrealized Gains (Losses) (FVTOCI) ($)			Unrealized Gains (Losses) (FVTPL) ($)			Derecognition of investment measured at FVTOCI ($)				Fair Value ($)
Investment in GRC		-		21,433,125			75,557		654		(31,159	)		-			-				45,052
Investment in NevGold - shares⁽³⁾		-		16,670,250			2,282		3,737		316						(6,335	)			-
Investment in NevGold - warrants		1,488,100		-			-		208		-			(180	)		-				28
							77,839		4,599		(30,843	)		(180	)		(6,335	)			45,080

	Restricted Shares ($)			Share Options ($)			Warrants ($)		Total ($)
Balance at November 30, 2022		35			8,354			3,541		11,930
Options exercised		-			(274	)		-		(274	)
Restricted share rights vested		(300	)		-			-		(300	)
Share-based compensation		318			1,677			-		1,995
Balance at August 31, 2023		53			9,757			3,541		13,351
Options exercised		-			(531	)		-		(531	)
Restricted share rights vested		(116	)		-			-		(116	)
Share-based compensation		63			726			-		789
Balance at November 30, 2023		-			9,952			3,541		13,493
Options exercised		-			(806	)		-		(806	)
Restricted share rights vested		(361	)		-			-		(361	)
Share-based compensation		434			1,562			-		1,996
Balance at August 31, 2024		73			10,708			3,541		14,322

	Number of Options			Weighted Average Exercise Price ($)
Balance at November 30, 2022		14,003,075			1.61
Granted		125,000			1.38
Exercised⁽¹⁾		(657,000	)		1.26
Cancelled/Forfeited		(17,500	)		1.83
Expired		(293,380	)		1.61
Balance at August 31, 2023		13,160,195			1.63
Granted		3,575,000			1.09
Exercised		(1,720,000	)		0.80
Expired		(70,000	)		0.78
Balance at November 30, 2023		14,945,195			1.60
Granted		323,234			1.21
Exercised⁽²⁾		(1,811,750	)		1.05
Expired		(147,500	)		1.02
Balance at August 31, 2024		13,309,179			1.67

	Nine months ended August 31, 2024			Nine months ended August, 2023
Risk-free interest rate		3.61	%		3.98	%
Expected life (years)		2.88			2.83
Expected volatility		49.80	%		55.97	%
Expected dividend yield		0.00	%		0.00	%
Estimated forfeiture rate		1.34	%		0.13	%

	August 31,		November 30,
	2024		2023
	($)		($)
La Mina		15,154		14,926
Titiribi		12,099		12,161
Crucero		7,196		7,135
Yellowknife		7,057		7,061
Cachoeira		5,665		6,489
São Jorge		4,773		5,467
Yarumalito		1,678		1,685
Whistler		1,082		1,076
Surubim		309		354
Batistão		214		246
Montes Áureos and Trinta		163		187
Rea		28		28
Total		55,418		56,815

	For the three months ended				For the nine months ended
	August 31,				August 31,
	2024		2023		2024		2023
	($)		($)		($)		($)
Whistler		4,273		1,982		5,271		2,433
São Jorge		364		174		832		307
Crucero		278		181		298		182
Titiribi		107		70		272		180
Yarumalito		25		84		180		205
La Mina		50		110		123		476
Rea		27		5		68		65
Yellowknife		19		16		21		34
Cachoeira		3		7		13		44
Other Exploration Expenses		-		-		-		2
Total		5,146		2,629		7,078		3,928

			Options Outstanding						Options Exercisable
Exercise Prices			Number of Options Outstanding		Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (years)		Number of Options Exercisable		Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (years)
$1.05	-	$1.09		3,750,250		1.09		3.99		1,962,750		1.09		3.83
$1.10	-	$1.59		703,234		1.30		3.53		514,559		1.33		3.26
$1.60	-	$1.82		4,083,000		1.60		3.23		4,083,000		1.60		3.23
$1.83	-	$2.00		2,657,695		1.83		2.20		2,657,695		1.83		2.20
$2.01	-	$3.38		2,115,000		2.77		1.26		2,115,000		2.77		1.26
				13,309,179		1.67		2.94		11,333,004		1.77		2.73

	Number of RSRs			Weighted Average Value ($)
Balance at November 30, 2022		229,426			1.61
Vested		(185,676	)		1.62
Balance at August 31, 2023		43,750			1.60
Granted		403,700			1.23
Vested		(80,920	)		1.43
Balance as at November 30, 2023		366,530			1.23
Granted		6,098			1.23
Vested		(293,679	)		1.23
Balance at August 31, 2024		78,949			1.23

	August 31,
	2024
	($)
Assets
Cash and cash equivalents		7,372
Restricted cash		119
Prepaid expenses and deposits		1,318
Other receivables		118
Other assets		57
Land, property and equipment		1,574
Exploration and evaluation assets		93
		10,651

Liabilities
Accounts payable and accrued liabilities		299
Withholdings taxes payable		244
Rehabilitation provisions		438
Lease liability		168
Due to related parties		2
		1,151

	Number of Options			Weighted Average Exercise Price (US$)
Balance at November 30, 2022		-			-
Granted		82,500			10.00
Balance at August 31, 2023 and November 30, 2023		82,500			10.00
Granted		106,050			10.00
Balance at August 31, 2024		188,550	⁽¹⁾		10.00

	Nine months ended August 31, 2024			Nine months ended August 31, 2023
Risk-free interest rate		4.45	%		3.47	%
Expected life (years)		3.00			3.00
Expected volatility⁽¹⁾		54.94	%		61.34	%
Expected dividend yield		0.00	%		0.00	%
Estimated forfeiture rate		0.00	%		0.00	%

	Number of Warrants			Weighted Average Exercise Price (US$)
Balance at November 30, 2022		-			-
Common stock purchase warrants issued at the IPO		2,000,000			13.00
Exercised		(258,708	)		13.00
Balance at August 31, 2023, November 30, 2023 and August 31, 2024		1,741,292	⁽¹⁾		13.00

	Total non-current assets
	As at August 31,		As at November 30,
	2024		2023
	($)		($)
Canada		55,155		59,488
Colombia		30,271		30,139
Brazil		12,318		13,977
Peru		7,196		7,135
United States		2,490		2,412
Total		107,430		113,151

	Total operating loss				Total operating loss
	For the three months ended				For the nine months ended
	August 31, 2024		August 31, 2023		August 31, 2024		August 31, 2023
	($)		($)		($)		($)
Canada		2,152		2,108		9,787		7,493
United States		4,815		1,735		3,712		4,839
Brazil		536		375		1,456		861
Colombia		341		341		1,059		1,071
Peru		281		186		320		214
Total		8,125		4,745		16,334		14,478

	Total assets				Total liabilities
	As at August 31,		As at November 30,		As at August 31,		As at November 30,
	2024		2023		2024		2023
	($)		($)		($)		($)
U.S. GoldMining⁽¹⁾		11,640		18,862		1,151		1,272
Others⁽²⁾		109,881		118,016		3,717		3,193
Total		121,521		136,878		4,868		4,465

	For the three months ended August 31, 2024									For the three months ended August 31, 2023
	U.S. GoldMining⁽¹⁾			Others⁽²⁾			Total			U.S. GoldMining⁽¹⁾			Others⁽²⁾			Total
	($)			($)			($)			($)			($)			($)
Expenses
Consulting fees		3			46			49			4			83			87
Depreciation		61			23			84			13			38			51
Directors' fees, salaries and benefits		116			422			538			79			396			475
Exploration expenses		4,273			873			5,146			1,982			647			2,629
General and administrative		253			1,163			1,416			1,149			1,055			2,204
Professional fees		351			156			507			99			178			277
Share-based compensation		62			227			289			169			329			498
Share of loss on investment in associate		-			95			95			-			66			66
Share of loss on investment in joint venture		-			1			1			-			20			20
Recovery on the receipt of mineral property option payments		-			-			-			-			(1,562	)		(1,562	)
		5,119			3,006			8,125			3,495			1,250			4,745
Operating loss		(5,119	)		(3,006	)		(8,125	)		(3,495	)		(1,250	)		(4,745	)

Other items
Dividend income		-			-			-			-			282			282
Loss on recognition of investment in associate		-			-			-			-			(892	)		(892	)
Loss on modification of margin loan		-			-			-			-			(163	)		(163	)
Interest income		136			22			158			263			25			288
Other loss		(6	)		(55	)		(61	)		(4	)		(74	)		(78	)
Financing costs		(4	)		(5	)		(9	)		-			(306	)		(306	)
Impairment of exploration and evaluation assets		-			-			-			-			(1,809	)		(1,809	)
Net foreign exchange gain (loss)		(1	)		(45	)		(46	)		(6	)		83			77
Net loss for the year before taxes		(4,994	)		(3,089	)		(8,083	)		(3,242	)		(4,104	)		(7,346	)
Current income tax expense		(2	)		(46	)		(48	)		-			-			-
Deferred income tax expense		-			(1,349	)		(1,349	)		-			(2,278	)		(2,278	)
Net loss for the period		(4,996	)		(4,484	)		(9,480	)		(3,242	)		(6,382	)		(9,624	)

	For the nine months ended August 31, 2024									For the nine months ended August 31, 2023
	U.S. GoldMining⁽¹⁾			Others⁽²⁾			Total			U.S. GoldMining⁽¹⁾			Others⁽²⁾			Total
	($)			($)			($)			($)			($)			($)
Expenses
Consulting fees		9			317			326			17			200			217
Depreciation		157			89			246			19			115			134
Directors' fees, salaries and benefits		344			1,247			1,591			244			1,177			1,421
Exploration expenses		5,271			1,807			7,078			2,433			1,495			3,928
General and administrative		1,060			4,960			6,020			2,507			3,433			5,940
Professional fees		706			767			1,473			2,172			861			3,033
Share-based compensation		237			1,996			2,233			400			2,002			2,402
Share of loss on investment in associate		-			498			498			-			66			66
Share of loss on investment in joint venture		-			69			69			-			33			33
Recovery on the receipt of mineral property option payments		-			(3,200	)		(3,200	)		-			(2,696	)		(2,696	)
		7,784			8,550			16,334			7,792			6,686			14,478
Operating loss		(7,784	)		(8,550	)		(16,334	)		(7,792	)		(6,686	)		(14,478	)

Other items
Dividend income		-			-			-			-			856			856
Loss on recognition of investment in associate		-			-			-			-			(892	)		(892	)
Loss on modification of margin loan		-			-			-			-			(422	)		(422	)
Interest income		519			77			596			354			123			477
Other loss		(14	)		(16	)		(30	)		(11	)		(154	)		(165	)
Financing costs		(14	)		(13	)		(27	)		-			(1,264	)		(1,264	)
Impairment of exploration and evaluation assets		-			-			-			-			(1,809	)		(1,809	)
Net foreign exchange gain (loss)		(2	)		(33	)		(35	)		1			82			83
Net loss for the year before taxes		(7,295	)		(8,535	)		(15,830	)		(7,448	)		(10,166	)		(17,614	)
Current income tax expense		(5	)		(1,824	)		(1,829	)		-			(15	)		(15	)
Deferred income tax expense		-			(292	)		(292	)		-			(5,181	)		(5,181	)
Net loss for the period		(7,300	)		(10,651	)		(17,951	)		(7,448	)		(15,362	)		(22,810	)

	Amount ($)
Due within 1 year		236
1 – 3 years		191
3 – 5 years		104
More than 5 years		-
Total		531	⁽¹⁾

	August 31,
	2024
(in thousands of dollars)	($)
Assets
Cash and cash equivalents		7,372
Restricted cash		119
Prepaid expenses and deposits		1,318
Other receivables		118
Other assets		57
Land, property and equipment		1,574
Exploration and evaluation assets		93
		10,651

Liabilities
Accounts payable and accrued liabilities		299
Withholdings taxes payable		244
Rehabilitation provisions		438
Lease liability		168
Due to related parties		2
		1,151

Selected Operating Results	U.S. GoldMining⁽¹⁾									Others⁽²⁾									Consolidated
	For the three months ended									For the three months ended									For the three months ended
	August 31,			August 31,						August 31,			August 31,						August 31,			August 31,
(in millions of dollars)	2024 ($)			2023 ($)			Change ($)			2024 ($)			2023 ($)			Change ($)			2024 ($)			2023 ($)			Change ($)
Operating loss		5.1			3.5			1.6			3.0			1.2			1.8			8.1			4.7			3.4
Consulting fees		-			-			-			-			0.1			(0.1	)		-			0.1			(0.1	)
Directors' fees, salaries and benefits		0.1			0.1			-			0.4			0.4			-			0.5			0.5			-
Exploration expenses		4.3			2.0			2.3			0.8			0.6			0.2			5.1			2.6			2.5
General and administrative expenses		0.3			1.1			(0.8	)		1.1			1.1			-			1.4			2.2			(0.8	)
Professional fees		0.4			0.1			0.3			0.1			0.2			(0.1	)		0.5			0.3			0.2
Share-based compensation		0.1			0.2			(0.1	)		0.2			0.3			(0.1	)		0.3			0.5			(0.2	)
Share of loss on investment in associate		-			-			-			0.1			0.1			-			0.1			0.1			-
Recovery on receipt of mineral property option payments		-			-			-			-			(1.6	)		1.6			-			(1.6	)		1.6
Dividend income		-			-			-			-			(0.3	)		0.3			-			(0.3	)		0.3
Loss on modification of margin loan		-			-			-			-			0.2			(0.2	)		-			0.2			(0.2	)
Impairment of exploration and evaluation assets		-			-			-			-			1.8			(1.8	)		-			1.8			(1.8	)
Interest income		(0.1	)		(0.3	)		0.2			(0.1	)		-			(0.1	)		(0.2	)		(0.3	)		0.1
Other loss		-			-			-			0.1			0.1			-			0.1			0.1			-
Financing costs		-			-			-			-			0.3			(0.3	)		-			0.3			(0.3	)
Deferred income tax expense		-			-			-			1.3			2.3			(1.0	)		1.3			2.3			(1.0	)
Net loss		5.0			3.2			1.8			4.5			6.4			(1.9	)		9.5			9.6			(0.1	)

	For the three months ended				For the six months ended
	August 31,				August 31,
	2024		2023		2024		2023
(in thousands of dollars)	($)		($)		($)		($)
Whistler		4,273		1,982		5,271		2,433
São Jorge		364		174		832		307
Crucero		278		181		298		182
Titiribi		107		70		272		180
Yarumalito		25		84		180		205
La Mina		50		110		123		476
Rea		27		5		68		65
Yellowknife		19		16		21		34
Cachoeira		3		7		13		44
Other Exploration Expenses		-		-		-		2
Total		5,146		2,629		7,078		3,928

	Estimated Use of Proceeds		Actual Use of Proceeds
	(US$)		(US$)
Exploration and development activities on Whistler Project, including infill and exploration drilling, metallurgical sampling, economic studies and consultation		6,220,000		7,899,000
Permitting and Reporting		1,175,000		854,000
Repayment of current liabilities, including advance from GoldMining⁽¹⁾		2,381,000		1,759,000
General and administrative expenses		3,240,000		3,966,000
Other general working capital purposes		4,284,000		1,151,000
Total		17,300,000		15,629,000

For the quarter ended				Basic			Diluted
	Net loss			net loss per share			net loss per share
(in thousands of dollars, except per share amounts)	($)			($)			($)
August 31, 2024		(9,480	)		(0.05	)		(0.05	)
May 31, 2024		(5,692	)		(0.03	)		(0.03	)
February 29, 2024		(2,779	)		(0.01	)		(0.01	)
November 30, 2023		(7,639	)		(0.04	)		(0.04	)
August 31, 2023		(9,624	)		(0.05	)		(0.05	)
May 31, 2023		(7,074	)		(0.04	)		(0.04	)
February 28, 2023		(6,112	)		(0.04	)		(0.04	)
November 30, 2022		(4,385	)		(0.03	)		(0.03	)

Contractual Obligations (in thousands of dollars)	Payments Due by Period
Contractual Obligations (in thousands of dollars)	Total ($)		Less than 1 year ($)		1 – 3 years ($)		3 – 5 years ($)		After 5 years ($)
Office and Storage Leases		1,009		354		434		221		-
Total Contractual Obligations		1,009		354		434		221		-

Expiry Date	Exercise/Grant Price ($)		Number Outstanding
November 25, 2024		1.05		175,250
July 8, 2025		2.28		50,000
August 1, 2025		2.22		150,000
August 31, 2025		3.38		50,000
September 24, 2025		2.86		200,000
November 19, 2025		2.88		1,515,000
August 25, 2026		1.52		100,000
November 11, 2026		1.83		2,498,750
November 24, 2026		1.84		140,000
December 7, 2026		1.57		25,000
January 17, 2027		1.98		18,945
January 18, 2027		2.01		50,000
April 7, 2027		2.07		100,000
June 20, 2027		1.46		25,000
July 15, 2027		1.18		75,000
November 24, 2027		1.60		4,083,000
May 8, 2028		1.45		50,000
May 24, 2028		1.34		75,000
October 31, 2028		1.09		50,000
November 4, 2028		1.09		3,467,500
December 1, 2028		1.22		240,000
January 16, 2029		1.14		50,000
March 13, 2029		1.23		33,234
				13,221,679