10-Q - NGLD - Equibles

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

10-Q

☒quarterly REPORT under SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Forthe quarterly period ended: September 30, 2021

☐ TRANSITION REPORT UNDER SECTION 13OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For

the transition period from ______ to ______

Commission

File No. 000-55600

NEVADA

CANYON GOLD CORP.

(Exact Name of Registrant as Specified in its Charter)

Nevada	46-5152859
(State<br> or other Jurisdiction of	(I.R.S.<br> Employer
Incorporation<br> or Organization)	Identification<br> No.)
316<br> California Avenue, Suite 543
Reno,<br> NV	89509
(Address<br> of Principal Executive Offices)	(Zip<br> Code)

Registrant’s

telephone number, including area code: (888) 909-5548

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§230.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated file,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large<br> accelerated filer ☐	Accelerated<br> filer ☐
Non-accelerated<br> filer ☐ (Do not check if a smaller reporting company)	Smaller<br> reporting company ☒

Securities registered pursuant to Section 12(b) of the Act:

Title<br> of each class	Trading<br> Symbol(s)	Name<br> of each exchange on which registered
NA	NA	NA

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

APPLICABLE

ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS

DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section l2, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes ☐ No ☐

APPLICABLE

ONLY TO CORPORATE ISSUERS

Indicate

the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of November 15, 2021, the number of shares outstanding of the issuer’s common stock, par value $0.0001 per share, is 4,455,093.

table

of contents

	Page
Part I – FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
Condensed Balance Sheets	3
Condensed Statements of Operations	4
Condensed Statements of Cash Flow	5
Condensed Statements of Stockholders’ Equity (Deficit)	6
Notes to the Condensed Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations	12
Results of Operations	15
Off-Balance Sheet Arrangements	20
Item 3. Quantitative and Qualitative Disclosures about Market Risk	21
Item 4. Controls and Procedures	21
PART II — OTHER INFORMATION	22
Item 1. Legal Proceedings	22
Item 1A. Risk Factors	22
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3. Defaults Upon Senior Securities	22
Item 4. Mine Safety Disclosures	22
Item 5. Other Information	22
Item 6. Exhibits	23
SignatureS	24

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Part

I – FINANCIAL INFORMATION

Item1. Financial Statements

Nevada

Canyon Gold Corp.

Balance

Sheets

(Presentedin US Dollars)

(Unaudited)

			December 31, 2020
ASSETS
Current Assets
Cash	992,891		$	893,823
Prepaid expenses	3,679			1,283
Total Current Assets	996,570			895,106
Equity investment	475,341			794,542
Mineral property interest	50,395			10,395
TOTAL ASSETS	1,522,306		$	1,700,043
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	386,600		$	353,600
Related party payables	1,062,232			1,062,232
Notes and advances payable	16,164			16,164
Convertible notes payable	3			-
Total liabilities	1,464,999			1,431,996
Stockholders’ Equity
Preferred Stock: Authorized 10,000,000 preferred shares, 0.0001 par, none issued and outstanding as<br> of September 30, 2021 and December 31, 2020	-			-
Common Stock: Authorized 100,000,000 common shares, 0.0001 par, 4,455,093 issued and<br> outstanding as of September 30, 2021 and December 31, 2020	445			445
Additional paid-in capital	676,655			526,655
Deficit	(619,793	)		(259,053	)
Total Stockholders’ Equity (Deficit)	57,307			268,047
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	1,522,306		$	1,700,043

All values are in US Dollars.

The

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

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Nevada

Canyon Gold Corp.

Statements

of Operations

(Presentedin US Dollars)

(Unaudited)

	2021			2020			2021			2020
	For the three months ended<br> <br>September 30,						For the nine months ended<br> <br>September 30,
	2021			2020			2021			2020
Operating<br> expenses
Exploration<br> expenses	$	2,543		$	7,349		$	2,543		$	7,349
General<br> and administrative expenses		2,828			2,988			30,983			8,719
Professional<br> fees		2,500			5,200			8,500			10,200
Transfer<br> agent and filing fees		1,924			3,475			7,039			8,287
Total<br> operating expenses		(9,795	)		(19,012	)		(49,065	)		(34,555	)
Other<br> items
Accretion<br> expense		(3	)		-			(3	)		-
Fair<br> value gain/(loss) on equity investments		(94,775	)		237,226			(317,364	)		246,593
Foreign<br> exchange gain/(loss)		(13,725	)		8,811			4,683			(9,615	)
Interest<br> income		63			481			694			2,363
Realized<br> gain on equity investment		-			86,586			315			168,866
Net<br> income (loss)	$	(118,235	)	$	314,092		$	(360,740	)	$	373,652
Net<br> income (loss) per common share; basic and diluted	$	(0.03	)	$	0.07		$	(0.08	)	$	0.08
Weighted<br> average number of common shares outstanding
Basic<br> and diluted		4,455,093			4,455,093			4,455,093			4,455,093

The

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

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Nevada

Canyon Gold Corp.

Statements

of Cash Flow

(Presentedin US Dollars)

(Unaudited)

	2021			2020
	Forthe nine months ended September 30,
	2021			2020
OPERATING ACTIVITIES
Net income/(loss)	$	(360,740	)	$	373,652
Adjustment to reconcile net income/(loss) to net cash used by operating activities
Accretion of convertible debt		3			-
Fair value loss/(gain) on equity investments		317,049			(415,459	)
Foreign exchange loss/(gain)		(4,683	)		9,615
Changes in operating assets and liabilities
Accounts payable and accrued liabilities		(7,000	)		(4,500	)
Prepaid expenses		(2,396	)		(4,150	)
Net cash used in operating activities		(57,767	)		(40,842	)
INVESTING ACTIVITIES
Sale of equity investments		2,152			540,579
Net cash provided by investing activities		2,152			540,579
FINANCING ACTIVITIES
Convertible notes payable		150,000			-
Net cash provided by financing activities		150,000			-
Effect of foreign currency translation on cash		4,683			(9,615	)
Net increase in cash		99,068			490,122
Cash, beginning		893,823			367,201
Cash, ending	$	992,891		$	857,323
Supplemental cash flow information
Cash received for interest	$	694		$	2,363
Cash paid for income taxes	$	-		$	-
Significant non-cash transactions
Fair value (gain)/loss on equity investments	$	317,364		$	(246,593	)

The

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

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Nevada

Canyon Gold Corp.

Statements

of Stockholders’ Equity

(Presentedin US Dollars)

(Unaudited)

	Common Stock				Additional Paid-in		Accumulated			Total<br><br> <br>Stockholders’
	Shares		Amount		Capital		Deficit			Equity
Balance, December 31, 2019		4,455,093	$	445	$	526,655	$	(547,211	)	$	(20,111	)
Beneficial conversion on convertible notes payable
Net loss for the period ended March 31, 2020		-		-		-		(193,209	)		(193,209	)
Balance, March 31, 2020		4,455,093		445		526,655		(740,420	)		(213,320	)
Net income for the period ended June 30, 2020		-		-		-		252,769			252,769
Balance, June 30, 2020		4,455,093		445		526,655		(487,651	)		39,449
Net income for the period ended September 30, 2020		-		-		-		314,092			314,092
Balance, September 30, 2020		4,455,093	$	445	$	526,655	$	(173,559	)	$	353,541
Balance, December 31, 2020		4,455,093	$	445	$	526,655	$	(259,053	)	$	268,047
Net income for the period ended March 31, 2021		-		-		-		92,350			92,350
Balance, March 31, 2021		4,455,093		445		526,655		(166,703	)		360,397
Net loss for the period ended June 30, 2021		-		-		-		(334,855	)		(334,855	)
Balance, June 30, 2021		4,455,093		445		526,655		(501,558	)		25,542
Beneficial conversion on convertible notes payable		-		-		150,000		-			150,000
Net loss for the period ended September 30, 2021		-		-		-		(118,235	)		(118,235	)
Net income (loss)		-		-		-		(118,235	)		(118,235	)
Balance, September 30, 2021		4,455,093	$	445	$	676,655	$	(619,793	)	$	57,307

The

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

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NEVADA

CANYON GOLD CORP.

NOTES

TO THE CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

SEPTEMBER

30, 2021

NOTE

1 - NATURE OF BUSINESS

Nevada Canyon Gold Corp. (the “Company”) was incorporated under the laws of the state of Nevada on February 27, 2014. The Company is involved in acquiring and exploring mineral properties in Nevada and Idaho.

GoingConcern

The Company’s unaudited interim condensed financial statements are prepared using accounting principles generally accepted in the United States of America (“US GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has only recently begun its exploration operations and has not generated or realized any revenues from these business operations. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

ContinuedUncertainty due to Global Outbreak of COVID-19

In March of 2020, the World Health Organization declared an outbreak of COVID-19 Global pandemic. The COVID-19 has impacted vast array of businesses through the restrictions put in place by most governments internationally, including the USA federal government as well as provincial and municipal governments, regarding travel, business operations and isolation/quarantine orders. At this time, it is unknown to what extent the impact of the COVID-19 outbreak may have on the Company as this will depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place world-wide to fight the virus. While the extent of the impact is unknown, the COVID-19 outbreak may hinder the Company’s ability to raise financing for exploration or operating costs due to uncertain capital markets, supply chain disruptions, increased government regulations and other unanticipated factors, all of which may also negatively impact the Company’s business and financial condition.

NOTE

2 - BASIS OF PRESENTATION

The unaudited interim condensed financial statements of the Company have been prepared in accordance with US GAAP for interim condensed financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by US GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K, filed with the SEC. The unaudited interim condensed financial statements should be read in conjunction with those financial statements included in Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three and nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

RecentAccounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

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NOTE

3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ConvertibleDebt with Beneficial Conversion Feature

The Company accounts for beneficial conversion options (“BCF”) embedded in convertible notes in accordance with ASC 470-20. ASC 470-20 generally requires companies to recognize an embedded beneficial conversion feature present in a convertible instrument separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of that feature to additional paid-in capital, resulting in a discount on the convertible instrument. This discount on convertible debt is accreted from the date on which the BCF is first recognized through the stated maturity date. The intrinsic value is calculated at the commitment date being the difference between the conversion price and the fair value of the common stock or other securities into which the security is convertible, multiplied by the number of shares into which the security is convertible. If the intrinsic value of the BCF is greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the beneficial conversion feature shall be limited to the amount of the proceeds allocated to the convertible instrument.

NOTE

4 – RELATED PARTY TRANSACTIONS

Amounts due to related parties at September 30, 2021 and December 31, 2020:

SCHEDULE OF RELATED PARTY TRANSACTIONS

	September 30, 2021		December 31, 2020
Advances due to the Chief Executive Officer (“CEO”) ^(a)^	$	170,232	$	170,232
Amounts due to a company controlled by the CEO^(a)^		360,000		360,000
Advances due to a director^(a)^		271,000		271,000
Amounts due to a company controlled by a director^(a)^		240,000		240,000
Advances due to a major shareholder^(a)^		21,000		21,000
Related party advances	$	1,062,232	$	1,062,232
(a)	These amounts are<br>non-interest bearing, unsecured and due on demand.
---	---

During the nine-month periods ended September 30, 2021 and 2020, the Company did not have any transactions with its related parties.

NOTE

5 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

	September 30, 2021		December 31, 2020
Trade<br> payables	$	382,900	$	345,400
Accrued<br> liabilities		3,700		8,200
Accounts<br> payable and accrued liabilities	$	386,600	$	353,600

NOTE

6 – MINERAL PROPERTY INTERESTS

As of September 30, 2021, the Company’s mineral property interests are comprised of the Lazy Claims Property, the Loman Property, and the Agai-Pah Property located in Mineral County, Nevada, and Belshazzar Property located in Quartzburg mining district, Boise County, Idaho.

LazyClaims Property

On August 2, 2017, the Company entered into an exploration lease agreement (the “Lazy Claims Agreement”) with Tarsis Resources US Inc. (“Tarsis”), a Nevada corporation, to lease the Lazy Claims, consisting of three claims. The term of the Lazy Claims Agreement is ten years, and is subject to extension for additional two consecutive 10-year terms. Full consideration of the Lazy Claims Agreement consists of the following: an initial cash payment of $1,000 to Tarsis, paid upon the execution of the Lazy Claims Agreement, with $2,000 payable to Tarsis on each subsequent anniversary of the effective date. The Company agreed to pay Tarsis a 2% production royalty (the “Lazy Claims Royalty”) based on the gross returns from the production and sale of minerals from the Lazy Claims. Should the Lazy Claims Royalty payments to Tarsis be in excess of $2,000 per year, the Company will not be required to pay a $2,000 annual minimum payment.

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During

the three and nine months ended September 30, 2021 and 2020, the Company paid $2,543 (2020 - $2,543) for its mineral property interests in Lazy Claims, of which $2,000 (2020 - $2,000) represented annual minimum payment required under the Lazy Claims Agreement and $543 (2020 - $543) was associated with the annual mining claim fees paid to the Bureau of Land Management.

LomanProperty

In

December 2019 the Company acquired 27 mining claims for a total of $10,395. The claims were acquired by the Company from a third-party.

During

the three and nine months ended September 30, 2021, the Company did not incur any expenses associated with the Loman Claims. During the three and nine months ended September 30, 2020, the Company paid $4,806 for its mineral property interests in Loman Claims.

Agai-PahProperty

On May 19, 2021, the Company entered into exploration lease with option to purchase agreement (the “Agai-Pah Property Agreement”) with MSM Resource, L.L.C., (“MSM”) a

Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20 unpatented

mining claims totaling 400 acres, located in sections 32 & 33, T4N, R34E, MDM, Mineral County, Nevada about 10 miles northeast of the town of Hawthorne (the “Agai-Pah Property”).

The term of the Agai-Pah Agreement commenced on May 19, 2021, and continues for ten years, subject to the Company’s right to extend the Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Property.

Full

consideration of the Agai-Pah Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90 days from the execution of the Agai-Pah Agreement on May 19, 2021 (the “Effective Date”), and (ii) annual payments of $20,000 to be paid on the anniversary of the Effective Date while the Agai-Pah Agreement remains in effect. The Company has the exclusive option and right to acquire 100% ownership of the Agai-Pah Property (the “Agai-Pah Purchase Option”).To exercise the Agai-Pah Purchase Option, the Company will be required to pay $750,000 (the “Agai-Pah Purchase Price”). The Agai-Pah Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of MSM. The annual payments paid by the Company to MSM, shall not be applied or credited against the Purchase Price.

During the three- and nine-month periods ended September 30, 2021, the Company did not incur any expenses associated with the Agai-Pah Property. As of the date of this quarterly report on Form 10-Q, the initial cash payment remains outstanding pursuant to a verbal extension granted to the Company by MSM.

BelshazzarProperty

On June 4, 2021, the Company entered exploration lease with option to purchase agreement (the “Belshazzar Property Agreement”) with Belshazzar Holdings, L.L.C., (“BH”) a

Nevada limited liability Corporation on the Belshazzar Property, consisting of

ten unpatented lode mining claims and seven unpatented placer mineral claim totaling 200 acres, within Quartzburg mining district, in Boise County, Idaho (the “Belshazzar Property”) .

The term of the Agreement commences on June 4, 2021, and continues for ten years, subject to the Company’s right to extend the Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Belshazzar Property.

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Full consideration of the Belshazzar Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90 days from the execution of the Belshazzar Agreement on June 4, 2021 (the “effective date”), and (ii) annual payments of $20,000 to be paid on the anniversary of the Effective Date while the Belshazzar Agreement remains in effect. The Company has the exclusive option and right to acquire 100% ownership of the Belshazzar Property (the “Belshazzar Purchase Option”). To exercise the Belshazzar Purchase Option, the Company will be required to pay $800,000 (the “Belshazzar Purchase Price”). The Belshazzar Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of BH. The annual payments paid by the Company to BH, shall not be applied or credited against the Belshazzar Purchase Price. The Belshazzar Property is subject to a 1% Gross Returns Royalty payable to the property owner, from the commencement of commercial production subject to certain terms.

During the three- and nine-month periods ended September 30, 2021, the Company did not incur any expenses associated with the Belshazzar Property. As of the date of this quarterly report on Form 10-Q, the initial cash payment remains outstanding pursuant to a verbal extension granted to the Company by BH.

NOTE

7 – EQUITY INVESTMENT

As

at September 30, 2021, the Company’s equity investments consist of 8,197,000 common shares of Walker River Resources Corp. (“WRR”) and warrants to acquire an additional 1,900,000 WRR common shares (the “WRR Warrants”).

The WRR Warrants expire on July 18, 2022 and can be exercised without further consideration into 1,900,000 common shares in the capital of WRR (the “WRR Shares”). The terms of the WRR Warrants contain a provision which prevents the Company from exercising any part of the WRR Warrants which would result in the Company owning 10% or more of the issued and outstanding shares of WRR. Because these warrants can be exercised for no further consideration they have been accounted for as being equivalent to shares and classified as available for sale.

At

September 30, 2021, the fair market value of the equity investment was calculated to be $475,341 (2020 - $794,542) based on the market price of WRR Shares at September 30, 2021.

During

the nine-month period ended September 30, 2021, the Company sold 21,000 WRR Shares for net proceeds of $2,152. The Company recorded a net realized gain of $315 on the sale of WRR Shares. During the nine-month period ended September 30, 2020, the Company sold 5,640,000 WRR Shares for net proceeds of $540,579. The Company recorded a net realized gain of $168,866 on the sale of WRR Shares. The Company did not sell any WRR Shares during the three-month period ended September 30, 2021, as opposed to having sold 4,371,000 WRR Shares for net proceeds of $375,249 during the three-month period ended September 30, 2020, which resulted in $86,586 net realized gain on this sale.

The

revaluation of the equity investment in WRR Shares resulted in a $94,775 loss for the three-month period ended September 30, 2021. The loss resulted from the decrease of the market price of WRR Shares from CAD$0.07 per share at June 30, 2021, to CAD$0.06 per share at September 30, 2021. In comparison, during the three-month period ended September 30, 2020, the market price of WRR Shares increased from CAD$0.09 per share at June 30, 2020, to CAD$0.125 per share at September 30, 2020, resulting in a $237,226 gain.

The

revaluation of the equity investment in WRR Shares resulted in a $317,364 loss for the nine-month period ended September 30, 2021. The loss resulted from the decrease of the market price of WRR Shares from CAD$0.10 per share at December 31, 2020, to CAD$0.06 per share at September 30, 2021. In comparison, during the nine-month period ended September 30, 2020, the market price of WRR Shares increased from CAD$0.085 per share at December 31, 2019, to CAD$0.125 per share at September 30, 2020, resulting in a $246,593 gain.

NOTE

8 – NOTES AND ADVANCES PAYABLE

At

September 30, 2021, the Company’s liability associated with notes and advances payable consisted of $15,064 the Company received as an advance for its operating activities during the year ended December 31, 2018, and $1,100 the Company received from WRR as a payment of its vendor payable. The advances are non-interest bearing, unsecured and due on demand.

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NOTE

9 – CONVERTIBLE NOTES PAYABLE

During

the quarter ended September 30, 2021, the Company received $150,000 in proceeds under the convertible promissory notes financing, the Company arranged.

The

convertible promissory notes (the “Notes”) are due in twelve months after their issuances (the “Maturity Date”) and accrue interest at a rate of 15% per annum. At the option of the Note Holder, the Company may either (i) pay the interest quarterly in arrears, or (ii) allow the interest to accrue until the Maturity Date. In addition, at the Company’s sole discretion, the Company may either (i) repay the principal amount of the Notes on the Maturity Date, or (ii) commencing one month from the issue date repay 1/12 of the outstanding principal amount of the Notes in any given month until the Maturity Date. At the option of the Note Holder the Notes can be converted into the Shares of the Company at a conversion price equal to the lesser of (i) $0.375 per Share, or (ii) a 25% discount to the price per Share in a qualified public offering that occurs subsequent to the issuance of the Notes and results in gross offering proceeds to the Company of at least $5,000,000.

The

Company determined the embedded beneficial conversion feature present in the Notes to be equal to the face value of the principal of the Notes, and therefore recognized $150,000 in additional paid-in capital. The discount that resulted from the intrinsic value of the Notes is being accreted over a 12-month period based on the implied interest rate calculated on each Note separately. The table below provides the details of the Notes as at September 30, 2021:

SCHEDULE

OF CONVERTIBLE NOTES PAYABLE

Principal		Fair Value on Commitment Date		Intrinsic Value of Beneficial Conversion Feature		Discount recorded as part of Additional Paid-in Capital				Present Value of the<br> <br>Notes
$	100,000	$	0.79/Share	$	110,667	$	100,000	2,081	%	$	2
	50,000	$	0.77/Share		52,667		50,000	1,903	%		1
$	150,000			$	163,333	$	150,000			$	3

All values are in US Dollars.

During the period ended September 30, 2021, the Company recorded $3 in accretion expense associated with the discount on the Notes.

NOTE

10 – STOCKHOLDERS’ EQUITY

The Company was formed with one class of common stock, $0.0001 par value and is authorized to issue 100,000,000 common shares and one class of preferred stock, $0.0001 par value and is authorized to issue 10,000,000 preferred shares. Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company.

During the nine-month period ended September 30, 2021, and for the year ended December 31, 2020, the Company did not have any transactions that would have resulted in issuance of the shares of its common stock**.**

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Item2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations

ForwardLooking Statements

This Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of Part I of this report include forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 (collectively, the “Reform Act”). The Reform Act provides a safe harbor for forward-looking statements to encourage companies to provide prospective information about themselves so long as they identify these statements as forward-looking and provide meaningful cautionary statements identifying important factors that could cause actual results to differ from the projected results. All statements, other than statements of historical fact that we make in this Quarterly Report on Form 10-Q are forward-looking. The words “anticipates,” “believes,” “expects,” “intends,” “will continue,” “estimates,” “plans,” “projects,” the negative of these terms and similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean the statement is not forward-looking.

Forward-looking statements involve risks, uncertainties or other factors which may cause actual results to differ materially from the future results, performance or achievements expressed or implied by the forward-looking statements. These statements are based on our management’s beliefs and assumptions, which in turn are based on currently available information. Certain risks, uncertainties or other important factors are detailed in this Quarterly Report on Form 10-Q and may be detailed from time to time in other reports we file with the Securities and Exchange Commission, including on Forms 8-K and 10-K.

Examples of forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, our expectations regarding our ability to generate operating cash flows and to fund our working capital and capital expenditure requirements. Important assumptions relating to the forward-looking statements include, among others, assumptions regarding demand for our future products, the timing and cost of capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect. Important factors that could cause actual results to differ materially from the results and events anticipated or implied by such forward-looking statements include:

●	management’s plans, objectives and budgets for its future operations and future economic performance;
●	capital budget and future capital requirements;
●	meeting future capital needs;
●	our dependence on management and the need to recruit additional personnel;
●	limited trading for our common stock;
●	the level of future expenditures;
●	impact of recent accounting pronouncements;
●	the outcome of regulatory and litigation matters; and
●	the assumptions described in this report underlying such forward-looking statements.

Actual results and developments may materially differ from those expressed in, or implied by, such statements due to a number of factors, including:

●	those described in the context of such forward-looking statements;
●	future product development and marketing costs;
●	the markets of our domestic operations;
●	the impact of competitive products and pricing;
●	the political, social and economic climate in which we conduct operations; and
●	the risk factors described in other documents and reports filed with the Securities and Exchange Commission, including our Registration Statement on Form S-1/A (SEC File No. 333-196075).

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We operate in an extremely competitive environment. New risks emerge from time to time. It is not possible for us to predict all of those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual results to differ materially from those contained in any forward-looking statement. We believe these forward-looking statements are reasonable. However, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and unless required by law, we expressly disclaim any obligation or undertaking to update publicly any of them in light of new information or future events.

The following is management’s discussion and analysis of financial condition and results of operations and is provided as a supplement to the accompanying unaudited interim condensed financial statements and notes to help provide an understanding of our financial condition, results of operations and cash flows during the periods included in the accompanying unaudited interim condensed financial statements.

In this Quarterly Report on Form 10-Q, “Company,” “the Company,” “us,” and “our” refer to Nevada Canyon Gold Corp., a Nevada corporation, unless the context requires otherwise.

We intend the following discussion to assist in the understanding of our financial position and our results of operations for the three- and nine-month periods ended September 30, 2021 and 2020. You should refer to the Financial Statements and related Notes in conjunction with this discussion.

ContinuedUncertainty due to Global Outbreak of COVID-19

General

We were incorporated under the laws of the state of Nevada on February 27, 2014. We are involved in acquiring and exploring mineral properties in Nevada and Idaho, however, as of the date of this Quarterly Report on Form 10-Q we have not generated or realized any revenues from these business operations.

We were a party to an exploration agreement (the “Agreement”) with an option to form a joint venture with Walker River Resources Corp. (“WRR”) on its wholly-owned Lapon Canyon Gold Project (“Lapon Canyon Project”) located approximately 40 miles southeast of Yerington, Nevada. On July 5, 2017, we entered into a property purchase agreement with WRR on the Lapon Canyon Project, pursuant to which WRR agreed to buy back our interest in the Lapon Canyon Project in exchange for 9,100,000 common shares of WRR (the “WRR Shares”) and warrants to acquire an additional 11,900,000 WRR Shares (the “WRR Warrants”). Each WRR Warrant is exercisable for a period of five years without further consideration into one WRR Share. The terms of the WRR Warrants contain a provision which prevents us from exercising any WRR Warrants which would result in us owning 10% or more of the issued and outstanding shares of WRR. We exercised 10,000,000 WRR Warrants on January 9, 2020. As at September 30, 2021, we held 8,197,000 WRR Shares and 1,900,000 WRR Warrants, valued at $475,341.

On June 7, 2017, we entered into an exploration lease and option to purchase agreement (the “Garfield Agreement”) with Goodsprings Development LLC (“Goodsprings”), a Nevada limited liability corporation on the Garfield Flats Project (the “Garfield Property”), consisting of six Orsa Claims and six Lazy Claims totaling 240 acres located in sections 27 and 28 of T 7 N, R 32 E, Mineral County, Nevada about 18 miles southeast of the town of Hawthorne. During our Fiscal 2017, we staked an additional 69 Orsa Claims and 75 Lazy Claims which we added to the Garfield Flats Project.

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On July 11, 2018, we entered into a definitive purchase agreement with WRR for the sale of the Garfield Agreement. Full consideration for the Garfield Agreement consisted of a one-time cash payment of $55,000 (the “Cash Consideration”). In lieu of the Cash Consideration, WRR agreed to extinguish the $55,000 note payable we issued to WRR during our fiscal 2017.

On August 2, 2017, we entered into an exploration lease agreement (the “Lazy Claims Agreement”) with Tarsis Resources US Inc. (“Tarsis”), a Nevada corporation, to lease rights to three additional Lazy claims totaling 60 acres and located in the vicinity of the Garfield Property. The term of the Lazy Claims Agreement is ten years and is subject to extension for an additional two consecutive 10-year terms. Full consideration of the Lazy Claims Agreement consists of the following: an initial cash payment of $1,000 to Tarsis, which we paid upon the execution of the Lazy Claims Agreement, with $2,000 payable to Tarsis on each subsequent anniversary of the effective date. We agreed to pay Tarsis a 2% production royalty (the “Lazy Claims Royalty”) based on the gross returns from the production and sale of minerals from the Lazy Claims Property. Should the Lazy Claims Royalty payments be in excess of $2,000 per year, we will not be required to pay a $2,000 annual minimum payment.

In December 2019 we acquired 27 unpatented mining claims for a total of $10,395 from a third-party (the “Loman Property”). As at the date of this Quarterly Report on Form 10-Q, the Loman Property claims are yet to be re-registered into the Company’s name, as due to COVID-19 pandemic certain regulatory requirements cannot be finalized. The Company intends to finalize the re-registration once the current world health crisis has passed and all local regulatory services are operating at full capacity.

On May 19, 2021, we entered into exploration lease with option to purchase agreement (the “Agai-Pah Agreement”) with MSM Resource, L.L.C., (“MSM”) a Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20 unpatented mining claims totaling 400 acres, located in sections 32 & 33, T4N, R34E, MDM, Mineral County, Nevada about 10 miles northeast of the town of Hawthorne (the “Agai-Pah Property”). The term of the Agai-Pah Agreement commenced on May 19, 2021, and continues for ten years, subject to our right to extend the Agai-Pah Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Agai-Pah Property.

Full consideration of the Agai-Pah Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90 days from the execution of the Agai-Pah Agreement on May 19, 2021 (the “Effective Date”), and (ii) annual payments of $20,000 to be paid on the anniversary of the Effective Date while the Agai-Pah Agreement remains in effect. We retain the exclusive option and right to acquire 100% ownership of the Agai-Pah Property (the “Agai-Pah Purchase Option”). To exercise the Agai-Pah Purchase Option, we will be required to pay $750,000 (the “Agai-Pah Purchase Price”). The Agai-Pah Purchase Price can be paid in either cash and/or equity, or a combination thereof, at the election of MSM. The annual payments paid by us, shall not be applied or credited against the Purchase Price.

As of the date of this quarterly report on Form 10-Q, the initial cash payment remains outstanding pursuant to a verbal extension granted to us by MSM.

On June 4, 2021, we entered into exploration lease with option to purchase agreement (the “Belshazzar Agreement”) with Belshazzar Holdings, L.L.C., (“BH”) a Nevada limited liability Corporation on the Belshazzar Property, consisting of ten unpatented lode mining claims and seven unpatented placer mineral claim totaling 200 acres, within Quartzburg mining district, in Boise County, Idaho (the “Belshazzar Property”).

The term of the Belshazzar Agreement commences on June 4, 2021, and continues for ten years, subject to our right to extend the Belshazzar Agreement for two additional terms of ten years each, and subject to our option to purchase the Belshazzar Property.

Full consideration of the Belshazzar Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90 days from the execution of the Belshazzar Agreement on June 4, 2021 (the “effective date”), and (ii) annual payments of $20,000 to be paid on the anniversary of the Effective Date while the Belshazzar Agreement remains in effect. We retain the exclusive option and right to acquire 100% ownership of the Belshazzar Property (the “Belshazzar Purchase Option”). To exercise the Belshazzar Purchase Option, we will be required to pay $800,000 (the “Belshazzar Purchase Price”). The Belshazzar Purchase Price can be paid in either cash and/or equity, or a combination thereof, at the election of BH. The annual payments paid by us to BH, shall not be applied or credited against the Belshazzar Purchase Price. The Belshazzar Property is subject to a 1% Gross Returns Royalty payable to the property owner, from the commencement of commercial production subject to certain terms.

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As of the date of this quarterly report on Form 10-Q, the initial cash payment remains outstanding pursuant to a verbal extension granted to us by BH.

ConvertibleDebt Financing

During the quarter ended September 30, 2021, we organized a convertible debt financing of up to $1,000,000 worth of convertible promissory notes (each, a “Note”, and collectively, the “Notes”) due twelve (12) months after issuance (the “Maturity Date”) to accredited investors only (the “Holders”). The Notes accrue interest at a rate of 15% per annum. At the option of the Note Holder, the Company may either (i) pay the interest quarterly in arrears, or (ii) allow the interest to accrue until the Maturity Date. In addition, at the Company’s sole discretion, we may either (i) repay the principal amount of the Notes on the Maturity Date, or (ii) commencing one month from the issue date, we may repay 1/12 of the outstanding principal amount of the Notes in any given month until the Maturity Date. At the discretion of the Holder the Note may be converted into common stock of the Company (the “Common Stock”) at a conversion price equal to the lesser of (i) $0.375 per Share, or (ii) a 25% discount to the price per Share in a Qualified Public Offering. The term “Qualified Public Offering” shall mean a debt or equity offering that occurs subsequent to the sale of the Notes in an aggregate amount of $5,000,000 that results in gross offering proceeds to the Company of at least $5,000,000. The Holder(s) will be limited to converting to a number of Shares of Common Stock that shall not exceed 4.99% of the issued and outstanding Shares of the Company at time of conversion. The Company closed the convertible debt financing on October 14, 2021.

CriticalAccounting Policies and Estimates

Our financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States of America (“GAAP”) and are presented in US dollars. GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenues and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.

The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited interim condensed financial statements for the three- and nine-month periods ended September 30, 2021, together with notes thereto, which are included in this Quarterly Report on Form 10-Q, as well as our most recent audited financial statements on Form 10-K for the year ended December 31, 2020.

Resultsof Operations

Three- and nine-month periods ended September 30, 2021, compared to the three- and nine-month periods ended September 30, 2020:

	Three months<br> <br>ended September 30,						Changes<br> <br>between<br> <br>the			Nine months<br> <br>ended September 30,						Changes<br> <br>between<br> <br>the
	2021			2020			periods			2021			2020			periods
Operating expenses
Exploration expenses	$	2,543		$	7,349		$	(4,806	)	$	2,543		$	7,349		$	(4,806	)
General and administrative expenses		2,828			2,988			(160	)		30,983			8,719			22,264
Professional fees		2,500			5,200			(2,700	)		8,500			10,200			(1,700	)
Transfer agent and filing fees		1,924			3,475			(1,551	)		7,039			8,287			(1,248	)
Total operating expenses		(9,795	)		(19,012	)		(9,217	)		(49,065	)		(34,555	)		14,510
Other items
Accretion expense		(3	)		-			(3	)		(3	)		-			(3	)
Fair value gain/(loss) on equity investments		(94,775	)		237,226			(332,001	)		(317,364	)		246,593			(563,957	)
Foreign exchange gain/(loss)		(13,725	)		8,811			(22,536	)		4,683			(9,615	)		14,298
Interest income		63			481			(418	)		694			2,363			(1,669	)
Realized gain on equity investment		-			86,586			(86,586	)		315			168,866			(168,551	)
Net and comprehensive income/(loss)	$	(118,235	)	$	314,092		$	(432,327	)	$	(360,740	)	$	373,652		$	(734,392	)

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Revenues

We had no revenues for the three- and nine-month periods ended September 30, 2021 and 2020. Due to the exploration rather than the production nature of our business, we do not expect to have significant operating revenue in the foreseeable future.

OperatingExpenses

Our operating expenses for the three-month periods ended September 30, 2021 and 2020 included exploration expenses, general and administrative expenses, professional fees and transfer agent and filing fees. During the three-month period ended September 30, 2021, our operating expenses decreased by $9,217, or 48%, to $9,795 for the three months ended September 30, 2021, compared to $19,012 for the three months ended September 30, 2020. This change was associated with $4,806 decrease in mineral exploration expenses from $7,349 we incurred during the three-month period ended September 30, 2020, to $2,543 we incurred during the three-month period ended September 30, 2021. The exploration expenses during the current period were associated with annual payments for the Lazy Claims, whereas during the comparative period we paid annual fees on the Lazy Claims as well as on the Loman Claims. Our professional fees decreased by $2,700, from $5,200 we incurred during the three-month period ended September 30, 2020 to $2,500 we incurred during the three-month period ended September 30, 2021; and our transfer agent and filing fees decreased by $1,551, from $3,475 we incurred during the three-month period ended September 30, 2020, to $1,924 we incurred during the three-month period ended September 30, 2021. Our general and administrative fees decreased by $160 to $2,828 for the three-month period ended September 30, 2021.

On a year-to-date basis, our operating expenses increased by $14,510, or 42%, to $49,065 for the nine months ended September 30, 2021, compared to $34,555 we incurred for the nine months ended September 30, 2020. This change was associated with $30,983 we incurred in general and administrative expenses, of which $20,700 we paid for redesigning of our website and corporate presentation materials, the expense we did not have during the nine months ended September 30, 2020. This increase was in part offset by decreases in our professional fees of $1,700, which amounted to $8,500 as comparted to $10,200 we incurred during the nine months ended September 30, 2020; $4,806 decrease in mineral exploration expenses from $7,349 we incurred during the nine-month period ended September 30, 2020, to $2,543 we incurred during the nine-month period ended September 30, 2021, and $1,248 decrease to our transfer agent and filing fees from $8,287 we incurred during the nine-month period ended September 30, 2020, to $7,039 we incurred during the nine-month period ended September 30, 2021.

OtherItems

During the three-month period ended September 30, 2021, we recognized $94,775 loss on fair value of equity investments (2020 – $237,226 gain). The loss resulted from revaluation of WRR Shares and WRR warrants and was caused mainly by decreased market price of WRR’s shares from CAD$0.07 per share at June 30, 2021, to CAD$0.06 per share at September 30, 2021, and to a smaller degree from fluctuation of exchange rates between the US and Canadian dollars. We earned $63 in interest revenue (2020 - $481). Since the funds generated from the sale of equity investments are held in Canadian dollars, we incurred $13,725 loss associated with foreign exchange fluctuation rates (2020 - $8,811 gain). During the comparative three-month period ended September 30, 2020, we recorded $86,586 gain on equity investments which was associated with the sale of 4,371,000 WRR Shares for net proceeds of $375,249. We did not sell any WRR Shares during the three-month period ended September 30, 2021. In addition, during the three-month period ended September 30, 2021, we recorded $3 in accretion expenses associated with the beneficial conversion discount we recognized on our convertible notes payable we issued in September of 2021.

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During the nine-month period ended September 30, 2021, we recognized $317,364 loss on fair value of equity investments (2020 – $246,593 gain). The loss resulted from revaluation of WRR Shares and WRR warrants and was caused mainly by decreased market price of WRR’s shares from CAD$0.10 per share at December 31, 2020, to CAD$0.06 per share at September 30, 2021, and to a smaller degree from fluctuation of exchange rates between the US and Canadian dollars. We earned $694 in interest revenue (2020 - $2,363). Since the funds generated from the sale of equity investments are held in Canadian dollars, we incurred $4,683 gain associated with foreign exchange fluctuation rates (2020 - $9,615 loss). During the nine-month period ended September 30, 2021, we recorded $315 (2020 - $168,866) gain on equity investments which was associated with the sale of 21,000 WRR Shares for net proceeds of $2,152. During the comparative period ended September 30, 2020, we sold a total of 5,640,000 WRR Shares for net proceeds of $540,579. In addition, during the nine-month period ended September 30, 2021,we recorded $3 in accretion expenses associated with the beneficial conversion discount we recognized on our convertible notes payable we issued in September of 2021.

NetIncome (Loss)

During the three months ended September 30, 2021, we incurred net loss of $118,235, as compared to net income of $314,092 we generated during the three-month period ended September 30, 2020. This change mainly resulted from $94,775 loss on revaluation of our equity investments in WRR Shares, as opposed to $237,226 gain we recognized in the comparative period.

During the nine months ended September 30, 2021, we incurred net loss of $360,740, as compared to net income of $373,652 we generated during the nine-month period ended September 30, 2020. This change mainly resulted from $317,364 loss on revaluation of our equity investments in WRR Shares, as opposed to $246,593 gain we recognized in the comparative period. In addition, during the comparative nine-month period we recorded $168,866 gain on equity investments which was associated with the sale of 5,640,000 WRR Shares for net proceeds of $540,579.

Liquidityand Capital Resources

	September 30, 2021			December 31, 2020
Current assets	$	996,570		$	895,106
Current liabilities		1,464,999			1,431,996
Working capital deficit	$	(468,429	)	$	(536,890	)

As of September 30, 2021, we had a cash balance of $992,891 and working capital deficit of $468,429 with cash flows used in operations totaling $57,767 for the period then ended. During the nine months ended September 30, 2021, our operations were funded with cash on hand.

The cash that we had on hand at September 30, 2021, was generated by selling our investment in WRR shares and from the proceeds we generated from issuing convertible notes payable due in 12 months from the issuance date. Our operating activities did not generate sufficient cash flows to satisfy our cash requirements for the nine-month period ended September 30, 2021. Due to the exploration rather than the production nature of our business, there is no assurance that we will be able to generate sufficient cash from our operations. If we are unable to generate sufficient cash flow from our operations to repay the amounts owing when due, we may be required to continue selling our equity investments in WRR or raise additional financing by borrowing funds or issuing our equity. There can be no assurance that we will be successful in our efforts to raise additional capital.

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CashFlow

	Nine Months Ended<br> September 30,
	2021			2020
Cash flows used in operating activities	$	(57,767	)	$	(40,842	)
Cash flows provided by investing activities		2,152			540,579
Cash flows provided by financing activities		150,000			-
Effects of foreign currency translation on cash		4,683			(9,615	)
Net increase in cash during the period	$	99,068		$	490,122

Netcash used in operating activities

Our net cash used in operating activities increased by $16,925, or 41%, to $57,767 for the nine months ended September 30, 2021, compared with $40,842 for the comparative period in 2020. During the nine months ended September 30, 2021, we used $48,371 to cover our cash operating costs, $7,000 to decrease our accounts payable and accrued liabilities, and $2,396 to increase our prepaid expenses.

Our net cash used in operating activities decreased by $15,753, or 28%, to $40,842 for the nine months ended September 30, 2020, compared with $56,595 for the comparative period in 2019. During the nine months ended September 30, 2020, we used $32,192 to cover our cash operating costs, $4,150 to increase our prepaid expenses, and $4,500 to reduce our accounts payable and accrued liabilities.

Adjustmentsto reconcile net income/(loss) to net cash used in operating activities

During the nine months ended September 30, 2021, we recognized $317,364 loss on revaluation of fair value of equity investments associated with WRR Shares and WRR Warrants and recorded $315 gain on sale of 21,000 WRR Shares for net proceeds of $2,152 (CAD$2,659). In addition, we recognized $4,683 gain on foreign exchange fluctuations associated with cash we held in high-interest savings account at a major Canadian bank, and recorded $3 in accretion expense associated with the discount on the convertible notes payable we issued in September 2021.

During the nine months ended September 30, 2020, we recognized $246,593 gain on revaluation of fair value of equity investments associated with WRR Shares and WRR Warrants and recorded $168,866 gain on sale of 5,640,000 WRR Shares for net proceeds of $540,579 (CAD$719,045). In addition, we recognized $9,615 loss on foreign exchange fluctuations.

Netcash generated by investing activities

During the nine-month period ended September 30, 2021, we generated $2,152 from the sale of 21,000 WRR Shares.

During the nine-month period ended September 30, 2020, we generated $540,579 on the sale of 5,640,000 WRR Shares.

Netcash generated by financing activities

During the nine-month period ended September 30, 2021, we received $150,000 on issuance of convertible notes payable due 12 months from the issuance date (the “Notes”). The Notes accrue interest at a rate of 15% per annum and are unsecured. At the option of the Note Holder, the Company may either (i) pay the interest quarterly in arrears, or (ii) allow the interest to accrue until the Maturity Date. In addition, at the Company’s sole discretion, the Company may either (i) repay the principal amount of the Notes on the Maturity Date, or (ii) commencing one month from the issue date repay 1/12 of the outstanding principal amount of the Notes in any given month until the Maturity Date. At the option of the Note Holder the Notes can be converted into the Shares of the Company at a conversion price equal to the lesser of (i) $0.375 per Share, or (ii) a 25% discount to the price per Share in a qualified public offering that occurs subsequent to the sale of the Notes and results in gross offering proceeds to the Company of at least $5,000,000.

During the nine-month period ended September 30, 2020, we did not generate any funds from our financing activities.

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GoingConcern

At September 30, 2021, we had a working capital deficit of $468,429 and cash on hand of $992,891, which is sufficient enough to support our current plan of operations for the next 12-month period. Our equity investments include 8,197,000 WRR Shares and 1,900,000 WRR Warrants, which we have been using and are planning to continue to use as a source of additional cash inflow. Subsequent to September 30, 2021, we raised an additional $850,000 from our convertible debt financing which is due in 12 months. To support our operations beyond the 12-month period we may require additional funds; therefore, we continue to actively pursue other means of financing our operations through equity and/or debt financing. There can be no assurance that we will be able to procure funds sufficient to support our day-to-day operations and exploration programs. If operating difficulties or other factors (many of which are beyond our control) delay our realization of revenues or cash flows from operations, we may be limited in our ability to pursue our business plan. Moreover, if our resources from obtaining additional capital or cash flows from operations, once we commence them, do not satisfy our operational needs or if unexpected expenses arise due to unanticipated pressures or if we decide to expand our business plan beyond its currently anticipated level or otherwise, we will require additional financing to fund our operations, in addition to anticipated cash generated from our operations. Additional financing might not be available on terms favorable to us, or at all. If adequate funds were not available or were not available on acceptable terms, our ability to fund our operations, take advantage of unanticipated opportunities, develop or enhance our business or otherwise respond to competitive pressures would be significantly limited. In a worst-case scenario, we might not be able to fund our operations or to remain in business, which could result in a total loss of our stockholders’ investment. If we raise additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our stockholders would be reduced, and these newly issued securities might have rights, preferences or privileges senior to those of existing stockholders.

Impactof Inflation

We believe that inflation has had a negligible effect on operations over the past fiscal quarter.

CapitalExpenditures

The Company expended no amounts on capital expenditures for the nine months ended September 30, 2021.

UnprovedMineral Properties

As of the date of this quarterly report on Form 10-Q, our mineral interests are comprised of the Lazy Claims Property, the Loman Property, and the Agai-Pah Property located in Mineral County, Nevada, and the Belshazzar Property located in Quartzburg mining district, Boise County, Idaho.

LazyClaims Property

We acquired the Lazy Claims Property through an exploration lease agreement with Tarsis Resources US Inc. (“Tarsis”), a Nevada corporation, dated for reference August 2, 2017 (the “Lazy Claims Agreement”). The Lazy Claims Agreement grants us a right to conduct exploratory work for minerals on three Lazy Claims totaling 60 acres located in Mineral County, Nevada about 18 miles southeast of the town of Hawthorne (the “Lazy Claims”).

The term of the Lazy Claims Agreement is ten years and is subject to extension for an additional two consecutive 10-year terms. Full consideration for the Lazy Claims Agreement consists of the following: an initial cash payment of $1,000 to Tarsis, which we paid upon the execution of the Lazy Claims Agreement, with $2,000 payable to Tarsis on each subsequent anniversary of the effective date. We agreed to pay Tarsis a 2% production royalty (the “Lazy Claims Royalty”) based on the gross returns from the production and sale of minerals from the Lazy Claims Property. Should the Lazy Claims Royalty payments to Tarsis be in excess of $2,000 per year, we will not be required to pay a $2,000 annual minimum payment.

LomanProperty

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Agai-PahProperty

As of the date of this quarterly report on Form 10-Q, the initial cash payment remains outstanding pursuant to a verbal extension granted to the Company by MSM.

BelshazzarProperty

Full consideration of the Belshazzar Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90 days from the execution of the Belshazzar Agreement on June 4, 2021 (the “effective date”), and (ii) annual payments of $20,000 to be paid on the anniversary of the Effective Date while the Belshazzar Agreement remains in effect. We retain the exclusive option and right to acquire 100% ownership of the Belshazzar Property (the “Belshazzar Purchase Option”). To exercise the Belshazzar Purchase Option, we will be required to pay $800,000 (the “Belshazzar Purchase Price”). The Belshazzar Purchase Price can be paid in either cash and/or equity, or a combination thereof, at the election of BH. The annual payments paid by us to BH, shall not be applied or credited against the Belshazzar Purchase Price. The Belshazzar Property is subject to a 1% Gross Returns Royalty payable to the property owner, from the commencement of commercial production subject to certain terms.

As of the date of this quarterly report on Form 10-Q, the initial cash payment remains outstanding pursuant to a verbal extension granted to the Company by BH.

Off-BalanceSheet Arrangements

None.

Useof Estimates

Areas where significant estimation judgments are made and where actual results could differ materially from these estimates are the carrying value of certain assets and liabilities which are not readily apparent from other sources and the classification of net operating loss and tax credit carry forwards.

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We evaluate impairment of our long-lived assets by applying the provisions of ASC No. 360. In applying those provisions, we have not recognized any impairment charge on our long-lived assets during the three-month period ended September 30, 2021.

Item3. Quantitative and Qualitative Disclosures about Market Risk

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this item.

Item4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

We conducted an evaluation, under the supervision and with the participation of the Chief Executive Officer, who is also our Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(f) under the Securities Exchange Act of 1934 as amended (the “Exchange Act”)). Based on this evaluation, the Chief Executive Officer, who is also our Chief Financial Officer, concluded that our disclosure controls and procedures as of the end of the fiscal quarter covered by this quarterly report on Form 10-Q were not effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.

(b) Changes in Internal Controls over Financial Reporting

During the quarter ended September 30, 2021, there has been no change in internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

InherentLimitations of Internal Controls

Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the U.S. GAAP. Our internal control over financial reporting includes those policies and procedures that:

●	pertain<br> to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our<br> assets;
●	provide<br> reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with<br> the U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and<br> directors; and
●	provide<br> reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that<br> could have a material effect on the financial statements.

Management does not expect that our internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods are subject to the risk that those internal controls may become inadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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PART

II — OTHER INFORMATION

Item1. Legal Proceedings

None.

Item1A. Risk Factors

We incorporate by reference the Risk Factors included as Item 1A of our Annual Report on Form 10-K we filed with the Securities and Exchange Commission on March 3, 2021.

Item2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item3. Defaults Upon Senior Securities

None.

Item4. Mine Safety Disclosures

None.

Item5. Other Information

None.

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Item6. Exhibits

(a)	The<br> following exhibits are filed with this quarterly report on Form 10-Q or are incorporated herein by reference:
Exhibit<br><br> <br>Number	Description
---	---
10.01.1	Definitive Agreement, dated December 17, 2015 (1)
10.01.2	Exploration and Option Agreement, dated September 15, 2015 (1)
10.02	Exploration Lease and Option to Purchase Agreement, dated June 7, 2017 (2)
10.03	Option Purchase Agreement, dated July 5, 2017 (3)
10.04	Exploration Lease Agreement, dated August 2, 2017 (4)
10.05	Definitive Purchase Agreement dated July 11, 2018 (5)
10.06	Exploration Lease with Option to Purchase Agreement, dated May 19, 2021 (6)
10.07	Exploration Lease with Option to Purchase Agreement, dated June 4, 2021 (7)
10.08	Convertible Note Agreement (8)
10.09	Subscription Agreement (8)
31.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*.
32.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*.
101.INS	Inline<br> XBRL Instance Document.
101.SCH	Inline<br> XBRL Taxonomy Extension Schema.
101.CAL	Inline<br> XBRL Taxonomy Extension Calculation Linkbase.
101.DEF	Inline<br> XBRL Taxonomy Extension Definition Linkbase.
101.LAB	Inline<br> XBRL Taxonomy Extension Label Linkbase.
101.PRE	Inline<br> XBRL Taxonomy Extension Presentation Linkbase.
104	Cover<br> Page Interactive Data File (embedded within the Inline XBRL document)
(1)	Incorporated<br> by reference herein from the Form 8-K filed by the Company on December 22, 2015.
---	---
(2)	Incorporated<br> by reference herein from the Form 8-K filed by the Company on June 8, 2017.
(3)	Incorporated<br> by reference herein from the Form 8-K filed by the Company on July 7, 2017.
(4)	Incorporated<br> by reference herein from the Form 8-K filed by the Company on August 7, 2017.
(5)	Incorporated<br> by reference herein from the Form 8-K filed by the Company on July 12, 2018.
(6)	Incorporated<br> by reference herein from the Form 8-K filed by the Company on May 19, 2021.
(7)	Incorporated<br> by reference herein from the Form 8-K filed by the Company on June 7, 2021.
(8)	Incorporated<br> by reference herein from the Form 8-K filed by the Company on September 13, 2021.
*	Filed<br> herewith.

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SignatureS

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

	NEVADA CANYON GOLD CORP.
November<br> 15, 2021	/s/ Jeffrey A. Cocks
	Jeffrey<br> A. Cocks
	Chief<br> Executive Officer (Principal Executive Officer),
	Chief<br> Financial Officer (Principal Accounting Officer),
	President<br> and Member of the Board of Directors

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Exhibit31.1

CERTIFICATIONPURSUANT TO SECTION 302 (a) OF THE SARBANES-OXLEY ACT OF 2002

I, Jeffrey A. Cocks, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Nevada Canyon Gold Corp. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements and other financial information included in this quarterly report fairly presents in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within the entity, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Dated:<br> November 15, 2021	/s/ Jeffrey A. Cocks
	Jeffrey<br> A. Cocks
	Chief<br> Executive Officer
	(Principal<br> Executive Officer)
	Chief<br> Financial Officer
	(Principal<br> Accounting Officer)

Exhibit32.1

Certificationpursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-oxley act of 2002

In connection with the Quarterly Report of Nevada Canyon Gold Corp. (the “Company”) on Form 10-Q for the period ending September 30, 2021, as filed with the Securities and Exchange Commission on or about the date hereof (“Report”), I, Jeffrey A. Cocks, the Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:<br> November 15, 2021	/s/ Jeffrey A. Cocks
	Jeffrey<br> A. Cocks
	Chief<br> Executive Officer
	(Principal<br> Executive Officer)
	Chief<br> Financial Officer
	(Principal<br> Accounting Officer)