GoldMining(GLDG) - 2024 Q2 - Quarterly Report

Financial Performance - The company reported an operating loss of $5,835 million for the three months ended May 31, 2024, compared to a loss of$5,999 million for the same period in 2023, showing an improvement of approximately 2.7%[3] - Net loss for the period attributable to shareholders was $5,470 million for the three months ended May 31, 2024, down from$6,924 million in the same period of 2023, representing a reduction of about 21%[3] - The total comprehensive loss for the period was $6,772 million for the three months ended May 31, 2024, compared to$12,678 million for the same period in 2023, showing a significant improvement of approximately 46%[3] - For the six months ended May 31, 2024, Goldmining Inc. reported a net loss of CAD 8,471,000, a decrease from a net loss of CAD 13,186,000 for the same period in 2023, representing a 35% improvement[25] - The company reported a net loss of CAD 15,725,000 for the period ended May 31, 2024, compared to a net loss of CAD 13,036,000 for the same period in 2023, indicating a worsening of approximately 20.6%[169] Assets and Liabilities - As of May 31, 2024, total assets amounted to $138,924 million, a slight increase from$136,878 million as of November 30, 2023, reflecting a growth of approximately 1.5%[2] - Current liabilities decreased from $3,850 million as of November 30, 2023, to$3,850 million as of May 31, 2024, indicating a reduction of about 0.1%[2] - The company's cash and cash equivalents decreased from $21,589 million as of November 30, 2023, to$17,246 million as of May 31, 2024, a decline of about 20%[2] - Total equity attributable to shareholders increased to $130,784 million as of May 31, 2024, from$129,243 million as of November 30, 2023, reflecting a growth of approximately 1.2%[2] - The total assets as of May 31, 2024, amount to $138.9 million, compared to$136.9 million as of November 30, 2023[147] Exploration and Evaluation Expenses - Exploration expenses increased to $1,217 million for the three months ended May 31, 2024, compared to$700 million for the same period in 2023, marking an increase of approximately 74%[3] - The total exploration and evaluation expenses for the six months ended May 31, 2024, amounted to CAD 1,932,000, an increase from CAD 1,299,000 for the same period in 2023[37] - The Company completed qualifying expenditures on the Almaden Project totaling $2,250, with$1,500 completed by June 1, 2023, and a further $750 by December 31, 2023[56] Share-Based Compensation - Share-based compensation expenses for the six months ended May 31, 2024, totaled$1,944 million, compared to $1,904 million for the same period in 2023, indicating an increase of about 2$377, compared to $286 for the same period in 2023, reflecting a 31.8$12,413,000, with restricted cash of $118,000[104] Shareholder Information - The weighted average number of shares outstanding increased to 186,030,955 for the three months ended May 31, 2024, compared to 168,724,064 for the same period in 2023, reflecting a growth of approximately 10.2$1.59, compared to 13,237,695 options at a price of $1.63 as of May 31, 2023[81] Investments - As of May 31, 2024, Goldmining Inc. held 26,670,250 shares of NevGold, with a fair value of approximately CAD 11.6 million, representing a 28.4$724, compared to $nil for the same period in 2023[64] Other Financial Metrics - The company recognized a current income tax expense of$1,781 million related to the sale of the Almaden Project during the six months ended May 31, 2024[16] - The company incurred a deferred income tax recovery of CAD 1,057,000 for the six months ended May 31, 2024, compared to an expense of CAD 2,903,000 for the same period in 2023[25] - A 10% change in the equity prices of long-term investments would impact the other comprehensive loss by approximately $4,137 thousand for the six months ended May 31, 2024[122]