New Found Gold Corp 6-K, filed Nov 10, 2022

New Found Gold Corp. (NFGC)

6-K 2022-11-10 For: 2022-09-30

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Added on April 11, 2026

About this 6-K

New Found Gold Corp filed this 6-K on November 10, 2022.

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Exhibit

99.1		Unaudited condensed interim financial statements for the three and nine months ended September 30, 2022 and 2021.

99.2		Management’s discussion and analysis of financial condition and results of operations for the three and nine months ended September 30, 2022 and 2021.

	New Found Gold Corp.

	By:	/s/ Michael Kanevsky
Date: November 10, 2022
		Name:	Michael Kanevsky
		Title:	Chief Financial Officer

	Note	September 30, 2022 $			December 31, 2021 $
ASSETS
Current assets
Cash			56,219,273			100,484,576
Investments, at fair value	5		6,687,850			31,942,458
Prepaid expenses and deposits	6		1,507,106			2,179,057
Sales taxes recoverable			2,932,017			1,807,182
Right-of-use assets	8		78,559			-
Other assets			7,485			107,376
Total current assets			67,432,290			136,520,649

Non-current assets
Exploration and evaluation assets	3		8,528,500			8,525,481
Property and equipment	4		6,858,808			2,914,459
Right-of-use assets	8		44,652			97,258
Total non-current assets			15,431,960			11,537,198

Total Assets			82,864,250			148,057,847

LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	10		6,447,615			2,573,200
Flow-through share premium	7		10,242,960			10,129,196
Lease liabilities	8		75,789			54,250
Total current liabilities			16,766,364			12,756,646
Flow-through share premium	7		-			12,600,000
Lease liabilities	8		46,658			46,600
Total non-current liabilities			46,658			12,646,600

Total liabilities			16,813,022			25,403,246

EQUITY
Share capital	9		194,595,095			181,795,493
Reserves	9		26,402,490			30,474,764
Deficit			(154,946,357	)		(89,615,656	)
Total equity			66,051,228			122,654,601

Total Liabilities and Equity			82,864,250			148,057,847

“Collin Kettell”	, Director

“Douglas Hurst”	, Director

		Three months ended September 30,						Nine months ended September 30,
	Note	2022 $			2021 $			2022 $			2021 $
Expenses
Corporate development and investor relations	10		282,618			407,748			903,888			1,032,633
Depreciation	4,8		196,296			189,701			647,397			409,827
Exploration and evaluation expenditures	3,10		19,718,774			11,919,084			50,263,025			30,176,617
Office and sundry			351,917			32,260			1,049,240			126,795
Professional fees			449,343			230,196			969,294			711,770
Salaries and consulting	10		630,075			1,124,630			2,024,307			2,387,069
Share-based compensation	10		895,979			322,042			1,444,667			7,261,383
Transfer agent and regulatory fees			71,529			134,362			403,409			236,767
Travel			84,443			34,964			323,585			73,071
Loss from operating activities			(22,680,974	)		(14,394,987	)		(58,028,812	)		(42,415,932	)
Settlement of flow-through share premium	7		4,930,371			2,122,741			12,486,236			3,700,468
Foreign exchange loss			(17,518	)		(1,497	)		(33,454	)		(3,564	)
Gain on sale of exploration and evaluation assets	3		-			499,415			-			499,415
Gain on lease derecognition	8		2,027			-			2,027			-
Impairment of exploration and evaluation assets	3		-			-			-			(28,604	)
Interest expense	8		(3,865	)		(2,681	)		(9,583	)		(5,557	)
Interest income			471,245			22,808			680,227			84,743
Net realized (losses) gains on disposal of investments	5		(1,037,858	)		-			(4,675,084	)		192,114
Net change in unrealized (losses) gains on investments	5		(290,816	)		(23,535,165	)		(15,752,258	)		1,035,111
Loss and comprehensive loss for the period			(18,627,388	)		(35,289,366	)		(65,330,701	)		(36,941,806	)

Loss per share – basic and diluted ($)			(0.11	)		(0.23	)		(0.39	)		(0.24	)
Weighted average number of shares outstanding – basic and diluted	11		167,865,342			155,344,137			165,748,650			152,512,522

	Share capital					Reserves
	Number of shares		Amount $			Equity settled share-based payments $			Warrants $			Deficit $			Total equity $
Balance at December 31, 2020		148,684,523		87,668,764			23,704,337			504,325			(38,975,581	)		72,901,845
Flow-through shares issued in private placements		7,905,500		72,501,665			-			-			-			72,501,665
Share issue costs		-		(3,841,689	)		-			-			-			(3,841,689	)
Flow-through share premium		-		(16,561,495	)		-			-			-			(16,561,495	)
Share-based compensation		-		-			7,261,383			-			-			7,261,383
Stock options exercised		1,267,250		2,053,492			(856,364	)		-			-			1,197,128
Warrants exercised		859,755		1,597,606			-			(475,614	)		-			1,121,992
Total comprehensive loss for the period		-		-			-			-			(36,941,806	)		(36,941,806	)
Balance at September 30, 2021		158,717,028		143,418,343			30,109,356			28,711			(75,917,387	)		97,639,023
Issued pursuant to acquisition of exploration and evaluation assets		458,823		3,505,408			-			-			-			3,505,408
Flow-through shares issued in private placements Share issue costs		5,000,000		48,000,000			-			-			-			48,000,000
Share issue costs		-		(615,965	)		-			-			-			(615,965	)
Flow-through share premium		-		(12,600,000	)		-			-			-			(12,600,000	)
Share-based compensation		-		-			350,831			-			-			350,831
Stock options exercised		5,750		43,490			(4,448	)		-			-			39,042
Warrants exercised		24,099		44,217			-			(9,686	)		-			34,531
Total comprehensive loss for the period		-		-			-			-			(13,698,269	)		(13,698,269	)
Balance at December 31, 2021		164,205,700		181,795,493			30,455,739			19,025			(89,615,656	)		122,654,601
Issuance of common shares in prospectus offering		87,400		440,400			-			-			-			440,400
Share issue costs		-		(862,785	)		-			-			-			(862,785	)
Share-based compensation		-		-			1,444,667			-			-			1,444,667
Stock options exercised		4,341,875		13,151,740			(5,501,834	)		-			-			7,649,906
Warrants exercised		39,960		70,247			-			(15,107	)		-			55,140
Total comprehensive loss for the period		-		-			-			-			(65,330,701	)		(65,330,701	)
Balance at September 30, 2022		168,674,935		194,595,095			26,398,572			3,918			(154,946,357	)		66,051,228

	Newfoundland
Nine months ended September 30, 2022	Queensway⁽ⁱ⁾ $			Other $		Ontario⁽ⁱⁱ⁾ $		Total $
Exploration and evaluation assets
Balance as at December 31, 2021		8,236,181			17,700		271,600		8,525,481
Additions
Claim staking and license renewal cost		2,499			120		400		3,019
Balance at September 30, 2022		8,238,680			17,820		272,000		8,528,500

Exploration and evaluation expenditures
Cumulative exploration expense – December 31, 2021		51,439,957			59,646		2,350,201		53,849,804
Assays		7,285,954			4,994		233,314		7,524,262
Drilling		25,705,255			1,081,599		449,063		27,235,917
Environmental studies		284,644			-		-		284,644
Geochemistry		32,541			-		-		32,541
Geophysics		1,388,844			-		177,916		1,566,760
Imagery and mapping		67,830			-		-		67,830
Office and general		345,429			50		4,004		349,483
Property taxes, mining leases and rent		70,807			-		2,227		73,034
Petrography		9,372			-		-		9,372
Reclamation		280,050			-		-		280,050
Salaries and consulting		7,325,725			16,900		134,329		7,476,954
Supplies and equipment		3,934,174			67,853		27,565		4,029,592
Technical reports		385,786			-		9,567		395,353
Travel and accommodations		988,035			245		8,953		997,233
Exploration cost recovery		(60,000	)		-		-		(60,000	)
		48,044,446			1,171,641		1,046,938		50,263,025
Cumulative exploration expense – September 30, 2022		99,484,403			1,231,287		3,397,139		104,112,829

	Newfoundland
Nine months ended September 30, 2021	Queensway⁽ⁱ⁾ $			Other $		Ontario⁽ⁱⁱ⁾ $			Total $
Exploration and evaluation assets
Balance as at December 31, 2020		685,930			13,100		300,204			999,234
Additions
Staking costs		14,675			-		-			14,675
Impairment of exploration and evaluation assets		-			-		(28,604	)		(28,604	)
Disposals		(585	)		-		-			(585	)
Balance at September 30, 2021		700,020			13,100		271,600			984,720

Exploration and evaluation expenditures
Cumulative exploration expense – December 31, 2020		10,245,545			45,851		1,286,951			11,578,347
Assays		4,250,068			-		17,955			4,268,023
Drilling		13,728,322			-		-			13,728,322
Environmental studies		268,387			-		-			268,387
Geophysics		2,763,740			-		219,248			2,982,988
Mapping and imaging		104,665			-		-			104,665
Office and general		342,495			-		329			342,824
Property taxes, mining leases and rent		46,787			-		132			46,919
Petrography		-			-		7,996			7,996
Reclamation		276,983			-		-			276,983
Salaries and consulting		4,254,222			12,295		99,813			4,366,330
Supplies and equipment		2,665,634			483		36,896			2,703,013
Technical reports		600,156			-		22,479			622,635
Travel and accommodations		481,263			577		3,692			485,532
Trenching		9,860			-		38,640			48,500
Exploration cost recovery		(76,500	)		-		-			(76,500	)
		29,716,082			13,355		447,180			30,176,617
Cumulative exploration expense – September 30, 2021		39,961,627			59,206		1,734,131			41,754,964

	Property and Buildings		Computer Equipment		Geological Equipment and Other Facilities		Vehicles		Total
	$		$		$		$		$
Cost
Balance at January 1, 2021		836,009		15,860		336,020		304,500		1,492,389
Additions		1,291,476		16,532		487,102		226,740		2,021,850
Balance at December 31, 2021		2,127,485		32,392		823,122		531,240		3,514,239
Additions		3,637,379		39,489		592,354		248,648		4,517,870
Balance at September 30, 2022		5,764,864		71,881		1,415,476		779,888		8,032,109

Accumulated Depreciation
Balance at January 1, 2021		6,998		4,090		45,474		58,698		115,260
Depreciation		46,656		13,017		288,000		136,847		484,520
Balance at December 31, 2021		53,654		17,107		333,474		195,545		599,780
Depreciation		41,430		19,379		359,741		152,971		573,521
Balance at September 30, 2022		95,084		36,486		693,215		348,516		1,173,301

Carrying Amount
At December 31, 2021		2,073,831		15,285		489,648		335,695		2,914,459
At September 30, 2022		5,669,780		35,395		722,261		431,372		6,858,808

	September 30, 2022		December 31, 2021
	$		$
Equities held (i)		6,669,299		28,578,556
Warrants held (ii)		18,551		3,363,902
Total Investments		6,687,850		31,942,458

	Quantity		Cost $		Fair Value September 30, 2022 $
Exploits Discovery Corp.		13,229,466		8,462,704		2,778,188
Labrador Gold Corp.		12,555,556		8,850,000		3,641,111
Long Range		5,000,000		500,000		250,000
Total Equities				17,812,704		6,669,299

	Quantity		Cost $		Fair Value December 31, 2021 $
Exploits Discovery Corp.		13,229,466		8,462,704		7,276,206
Labrador Gold Corp.		12,555,556		8,850,000		11,300,000
Long Range		5,000,000		500,000		500,000
Novo Resources Corp.		6,645,000		16,014,450		9,502,350
Total Equities				33,827,154		28,578,556

	September 30, 2022 $		December 31, 2021 $
Prepaid expenses		1,281,679		1,966,959
Mineral license deposits		225,427		212,098
Prepaid expenses and deposits		1,507,106		2,179,057

	Issued June 4, 2020 $			Issued June 10, 2020 $			Issued April 8, 2021 $			Issued August 24, 2021 $			Issued November 25, 2021 $			Total $
Balance at December 31, 2020		160,811			24,620			-			-			-			185,431
Liability incurred on flow-through shares issued		-			-			1,971,330			14,590,165			12,600,000			29,161,495
Settlement of flow-through share premium on expenditures incurred		(160,811	)		(24,620	)		(1,971,330	)		(4,460,969	)		-			(6,617,730	)
Balance at December 31, 2021		-			-			-			10,129,196			12,600,000			22,729,196
Settlement of flow-through share premium on expenditures incurred		-			-			-			(10,129,196	)		(2,357,040	)		(12,486,236	)
Balance at September 30, 2022		-			-			-			-			10,242,960			10,242,960

Lease liability	September 30, 2022		December 31, 2021
Current portion	$	75,789	$	54,250
Non-current portion		46,658		46,600
Total lease liabilities	$	122,447	$	100,850

	September 30, 2022			December 31, 2021
Lease liabilities beginning of year	$	100,850		$	53,201
Additions to lease liabilities		101,704			141,633
Derecognition of lease liabilities		(3,902	)		-
Principal payments on lease liabilities		(76,205	)		(93,984	)
	$	122,447		$	100,850

Maturity analysis	September 30, 2022		December 31, 2021
Less than one year	$	88,117	$	62,517
One to five years		22,677		22,130
More than five years		101,502		106,188
Total undiscounted lease liabilities	$	212,296	$	190,835

Amounts recognized in profit or loss	September 30, 2022		September 30, 2021
Interest on lease liabilities	$	9,583	$	5,557
Expenses related to short-term leases	$	-	$	-

Amounts recognized in the statement of cash flows	September 30, 2022		September 30, 2021
Principal payments on lease liabilities	$	76,205	$	70,260
Total cash outflows for leases	$	85,788	$	75,817

	Nine months ended September 30, 2022				Nine months ended September 30, 2021
	Number of shares		Gross proceeds		Number of shares		Gross proceeds
ATM program⁽¹⁾		87,400	$	440,400		-		-
Total		87,400	$	440,400		-		-

Expiry date	Exercise Price		Outstanding December 31, 2021		Granted		Exercised			Cancelled/ Expired			Outstanding September 30, 2022		Exercisable September 30, 2022
September 30, 2023	$	0.40		150,000		-		-			-			150,000		150,000
December 17, 2024	$	0.50		1,925,000		-		(200,000	)		-			1,725,000		1,725,000
April 18, 2025	$	1.00		1,450,000		-		(1,350,000	)		-			100,000		100,000
May 23, 2025	$	1.075		200,000		-		(125,000	)		-			75,000		75,000
August 11, 2025	$	1.40		2,900,000		-		(1,775,000	)		-			1,125,000		1,125,000
September 3, 2025	$	2.07		115,000		-		(40,000	)		-			75,000		75,000
October 1, 2025	$	2.15		25,000		-		-			-			25,000		25,000
December 31, 2025	$	4.10		6,155,000		-		(850,000	)		-			5,305,000		5,305,000
April 29, 2026	$	6.79		1,294,250		-		(1,875	)		(21,000	)		1,271,375		1,148,375
May 17, 2026	$	8.62		200,000		-		-			-			200,000		200,000
September 27, 2026	$	8.70		125,000		-		-			-			125,000		50,000
November 26, 2026	$	8.04		55,750		-		-			(750	)		55,000		13,750
January 4, 2027	$	8.98		-		30,000		-			-			30,000		7,500
August 19, 2027	$	5.75		-		340,000		-			-			340,000		169,000
September 8, 2027	$	5.00		-		20,000		-			-			20,000		10,000
				14,595,000		390,000		(4,341,875	)		(21,750	)		10,621,375		10,178,625
Weighted average exercise price $				3.01		5.96		1.76			6.83			3.66		3.52
Weighted average contractual remaining life (years)				3.71		5.00		-			-			3.12		3.07

Expiry Date	Exercise Price		Outstanding December 31, 2020		Granted		Exercised			Cancelled/ Expired			Outstanding September 30, 2021		Exercisable September 30, 2021
February 20, 2022	$	0.15		75,000		-		(75,000	)		-			-		-
September 30, 2023	$	0.40		250,000		-		(100,000	)		-			150,000		150,000
December 17, 2024	$	0.50		2,685,000		-		(760,000	)		-			1,925,000		1,925,000
April 18, 2025	$	1.00		1,500,000		-		(50,000	)		-			1,450,000		1,450,000
May 23, 2025	$	1.075		225,000		-		(25,000	)		-			200,000		200,000
August 11, 2025	$	1.40		2,965,000		-		(65,000	)		-			2,900,000		2,900,000
September 3, 2025	$	2.07		215,000		-		(100,000	)		-			115,000		115,000
October 1, 2025	$	2.15		25,000		-		-			-			25,000		25,000
December 31, 2025	$	4.10		6,242,500		-		(87,500	)		-			6,155,000		6,155,000
April 29, 2026	$	6.79		-		1,369,000		(4,750	)		(48,500	)		1,315,750		1,086,250
May 17, 2026	$	8.62		-		200,000		-			-			200,000		200,000
September 27, 2026	$	8.70		-		125,000		-			-			125,000		12,500
				14,182,500		1,694,000		(1,267,250	)		(48,500	)		14,560,750		14,218,750
Weighted average exercise price $				2.36		5.44		0.94			6.79			2.92		2.92
Weighted average contractual remaining life (years)				4.58		5.00		-			-			3.98		3.96

	Nine months ended September 30,
	2022			2021
Risk-free interest rate		3.01	%		0.96	%
Expected option life in years		5.0			5.0
Expected share price volatility(i)		88.36	%		90.52	%
Grant date share price	$	5.66		$	7.27
Expected forfeiture rate		-			-
Expected dividend yield		Nil			Nil

	Salaries and Consulting $		Share-based compensation $		Bonus $		Nine months ended September 30, 2022 $
Executive Chairman and Chief Executive Officer		270,000		-		90,000		360,000
Former Chief Executive Officer		105,000		-		-		105,000
President		189,000		-		63,000		252,000
Chief Financial Officer		81,000		-		27,000		108,000
Chief Operating Officer		175,500		-		58,500		234,000
Chief Development Officer		104,000		-		-		104,000
Non-executive directors		78,400		-		-		78,400
Total		1,002,900		-		238,500		1,241,400

			Level 1 $		Level 2 $		Level 3 $		Total $
Recurring measurements	Carrying amount		Fair value
Investments, at fair value
September 30, 2022		6,687,850		6,419,299		18,551		250,000		6,687,850
December 31, 2021		31,942,458		28,078,556		3,363,902		500,000		31,942,458

	Balance at January 1 $		Additions $		Net unrealized gains/losses $			Balance at September 30 $
2022		500,000		-		(250,000	)		250,000
2021		-		-		-			-

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)

KEATS HW
NFGC-21-254	136.85	139.55	2.70	9.35
Including	138.6	139.55	0.95	22.70
NFGC-21-392	47.15	52.90	5.75	7.21
Including	47.15	48.70	1.55	20.59
KEATS MAIN
NFGC-21-256A	127.15	129.40	2.25	15.07
And	157.00	166.75	9.75	47.82
Including	158.00	161.65	3.65	125.49
NFGC-21-263	189.70	195.25	5.55	28.16
Including	193.10	195.25	2.15	71.86
NFGC-21-272	152.00	155.10	3.1	43.78
NFGC-21-297	219.5	227.75	8.25	8.79
Including	219.5	224.35	4.85	14.29
NFGC-21-306	113.85	117.00	3.15	10.66
NFGC-21-318	141.00	143.00	2.00	16.03
Including	141.00	142.00	1.00	31.60
NFGC-21-364A	216.25	218.30	2.05	56.3
Including	217.05	217.85	0.80	140.5
NFGC-21-376	191.00	193.05	2.05	13.65
NFGC-21-385	69.60	72.80	3.20	55.61

NFGC-21-387	444.40	446.40	2.00	62.30
NFGC-21-388	123.00	128.65	5.65	9.0
Including	126.95	128.30	1.35	31.5
NFGC-21-407²	393.55	396.00	2.45	56.69
NFGC-21-413A²	463.05	467.55	4.50	28.20
Including	463.05	466.00	2.95	41.02
NFGC-21-448	200.50	205.60	5.10	55.1
Including	200.50	200.95	0.45	609.0
NFGC-21-464	138.00	145.20	7.20	21.12
Including	139.55	141.80	2.25	61.36
NFGC-21-466	169.70	172.05	2.35	10.9
NFGC-22-491	92.00	95.00	3.00	79.81
Including	92.45	94.35	1.90	124.56
NFGC-22-593	8.80	17.00	8.20	9.12
Including	11.15	11.45	0.30	25.9
Including	13.80	14.80	1.00	32.4
Including	16.20	16.60	0.40	55.3
And	20.50	32.25	11.75	42.59
Including	20.50	21.00	0.50	111
Including	21.90	22.20	0.30	338
Including	22.90	23.30	0.40	733
Including	29.60	30.10	0.50	25.8
Including	31.35	32.25	0.90	21.8
And	36.60	42.90	6.30	1.88
KEATS FW
NFGC-21-342	138.65	144.55	5.90	6.66
Including	142.00	143.00	1.00	30.60
NFGC-21-375	181.60	184.00	2.40	119.45
Including	182.20	182.70	0.50	570.71
421
NFGC-21-421	19.00	22.55	3.55	4.49
And	26.30	31.15	4.85	7.85
Including	28.60	29.50	0.90	35.51
NFGC-21-467	66.15	68.40	2.25	4.31
Including	67.00	67.60	0.60	13.85
And	70.00	80.40	10.40	2.58
NFGC-22-486	35.90	38.00	2.10	11.2
Including	36.60	37.30	0.70	32.0
And	371.40	373.60	2.20	10.1
Including	371.75	372.45	0.70	30.0

KEATS NORTH
NFGC-22-515³	198.50	200.65	2.15	9.21
Including	199.25	199.75	0.50	38.9
And	209.00	212.85	3.85	43.9
Including	209.00	210.65	1.65	76.0
Including	211.35	212.35	1.00	43.1
NFGC-22-538³	32.45	34.60	2.15	275
Including	33.10	33.90	0.80	738
NFGC-22-559³	131.95	134.00	2.05	13.2
Including	133.00	134.00	1.00	24.7
And	148.00	150.70	2.70	10.7
Including	148.00	149.70	1.70	14.9
NFGC-22-570³	23.6	26.2	2.6	10.72
Including	25	26.2	1.2	22.8
NFGC-22-577³	34.20	36.80	2.60	12.9
Including	36.15	36.80	0.65	48.9
NFGC-22-578³	22.55	25.30	2.75	45.9
Including	22.55	23.35	0.80	142.0
NFGC-22-580³	52.00	54.20	2.20	24.1
Including	53.20	53.70	0.50	105.5
NFGC-22-586³	48.00	50.00	2.00	40.6
Including	49.45	50.00	0.55	147.5
NFGC-22-610³	46.55	48.60	2.05	19.3
Including	47.75	48.30	0.55	65.6
NFGC-22-665³	46.6	52.35	5.75	18.95
Including	48.25	48.85	0.6	162.5
And	70.5	73.15	2.65	1.12
And	75.45	77.45	2	1.05
KEATS WEST
NFGC-22-533³	98.25	105.00	6.75	8.70
Including	100.65	101.50	0.85	53.3
And	127.40	129.55	2.15	1.60
NFGC-22-681³	116.80	121.00	4.20	17.87
Including	116.80	117.25	0.45	15.90
And including	120.30	121.00	0.70	68.80
NFGC-22-686³	100.50	111.00	10.50	10.36
Including	101.30	102.55	1.25	43.84
And including	103.05	103.45	0.40	88.20

Hole No.	Azimuth (°)	Dip (°)	Length (m)	UTM E	UTM N
NFGC-21-254	299	-46	293	658119	5427290
NFGC-21-256A	299	-46	257	658197	5427374
NFGC-21-263	118	-72	334	657952	5427310
NFGC-21-272	298.5	-45.5	227	658187	5427380
NFGC-21-297	300	-45	377	658126	5427228
NFGC-21-306	299	-45.5	179	658100	5427358
NFGC-21-318	300	-45	200	658089	5427335
NFGC-21-342	300	-45	260	658018	5427377
NFGC-21-364A	120	-80	299	657971	5427338
NFGC-21-375	300	-45	278	658011	5427352
NFGC-21-376	120	-72	351	657972	5427337
NFGC-21-385	299	-45.5	290	657961	5427265
NFGC-21-387	299	-45.5	635	657936	5426877
NFGC-21-388	120	-71	242	657988	5427370
NFGC-21-392	300	-42	281	657939	5427279
NFGC-21-407	296	-57	467	658109	5427123
NFGC-21-413A	296	-57	515	658086	5427134
NFGC-21-421	325	-56	452	657830	5427099
NFGC-21-448	299	-45.5	329	658074	5427257
NFGC-21-466	300	-45	338	657943	5427161
NFGC-21-467	325	-56	494	657825	5427070
NFGC-21-464	299	-46	320	658193	5427391
NFGC-22-486	30	-65	419	657815	5427088
NFGC-22-491	299	-46	206	658300	5427503
NFGC-22-515	299	-46	281	658344	5428026
NFGC-22-538	300	-45	386	658193	5427710
NFGC-22-533	120	-45	320	657951	5427748
NFGC-22-593	300	-45	119	658214	5427523
NFGC-22-559	300	-45	333	658233	5427628
NFGC-22-570	300	-45	71.5	658199	5427720
NFGC-22-577	300	-45	260	658244	5427852
NFGC-22-578	300	-45	117	658258	5427556
NFGC-22-580	300	-45	110	658188	5427698
NFGC-22-586	300	-45	332	658162	5427669
NFGC-22-610	300	-45	312	658283	5427571
NFGC-22-665	300	-45	158.7	658226	5427762
NFGC-22-681	120	-63	131	658053	5427905
NFGC-22-686	70	-60	206	658053	5427905

	Newfoundland
Nine months ended September 30, 2022	Queensway $			Other $		Ontario $		Total $
Exploration and evaluation assets
Balance as at December 31, 2021		8,236,181			17,700		271,600		8,525,481
Additions
Claim staking and license renewal cost		2,499			120		400		3,019
Balance at September 30, 2022		8,238,680			17,820		272,000		8,528,500

Exploration and evaluation expenditures
Cumulative exploration expense – December 31, 2021		51,439,957			59,646		2,350,201		53,849,804
Assays		7,285,954			4,994		233,314		7,524,262
Drilling		25,705,255			1,081,599		449,063		27,235,917
Environmental studies		284,644			-		-		284,644
Geochemistry		32,541			-		-		32,541
Geophysics		1,388,844			-		177,916		1,566,760
Imagery and mapping		67,830			-		-		67,830
Office and general		345,429			50		4,004		349,483
Property taxes, mining leases and rent		70,807			-		2,227		73,034
Petrography		9,372			-		-		9,372
Reclamation		280,050			-		-		280,050
Salaries and consulting		7,325,725			16,900		134,329		7,476,954
Supplies and equipment		3,934,174			67,853		27,565		4,029,592
Technical reports		385,786			-		9,567		395,353
Travel and accommodations		988,035			245		8,953		997,233
Exploration cost recovery		(60,000	)		-		-		(60,000	)
		48,044,446			1,171,641		1,046,938		50,263,025
Cumulative exploration expense –September 30, 2022		99,484,403			1,231,287		3,397,139		104,112,829

	2022									2021												2020
	Sep. 30 $			Jun. 30 $			Mar. 31 $			Dec. 31 $			Sep. 30 $			Jun. 30 $			Mar. 31 $			Dec. 31 $
Revenues		-			-			-			-			-			-			-			-
Income (loss) and comprehensive income (loss) for the period		(18,627,388	)⁽²⁾		(24,294,494	)⁽³⁾		(22,408,819	)⁽⁴⁾		(13,698,269	)⁽⁵⁾		(35,289,366	)⁽⁶⁾		3,738,904	⁽⁷⁾		(5,391,344	)⁽⁸⁾		(25,639,722	)
Earnings (loss) per Common Share Basic⁽¹⁾		(0.11	)		(0.15	)		(0.14	)		(0.09	)		(0.23	)		0.02			(0.04	)		(0.18	)
Earnings (loss) per Common Share Diluted⁽¹⁾		(0.11	)		(0.15	)		(0.14	)		(0.09	)		(0.23	)		0.02			(0.04	)		(0.18	)

	Total $		1 Year $		1-3 Years $		4-5 Years $		After 5 Years $
Lease obligations		212,296		88,117		11,034		11,643		101,502
Drilling contract termination fees ⁽¹⁾		123,012		123,012		-		-		-
Total contractual obligations		335,308		211,129		11,034		11,643		101,502

Uses of Funds:		Intended Use of Proceeds (Estimated) $
Exploration and drilling at the Queensway Project and commissioning of mineral resource estimate		US$50,000,000 to US$83,000,000
Exploration and drilling at the Lucky Strike Project		US$1,000,000 to US$2,000,000
General, corporate and administrative expenses		US$10,000,000 to US$15,000,000
Total Uses		US$100,000,000 (less commission)

Uses of Funds:	Intended Use of Proceeds (Estimated) $		Actual Use of Proceeds $		Over/(Under)- Expenditure at September 30, 2022 $
Queensway Project work program		21,735,000		13,349,939		(8,385,061	)
General and administrative expenses		4,505,000		4,505,000		-
Working Capital to fund ongoing operations		5,155,000		4,709,466		(445,534	)
Total Uses		31,395,000		22,564,405		(8,830,595	)