GoldMining(GLDG) - 2024 Q3 - Quarterly Report

Financial Performance - The company experienced a net loss of CAD 9,480,000 for the three months ended August 31, 2024, compared to a net loss of CAD 9,624,000 for the same period in 2023, representing a decrease of 1.5%[6] - GoldMining Inc. recorded a total comprehensive loss of CAD 19,404,000 for the three months ended August 31, 2024, compared to CAD 20,581,000 for the same period in 2023, a decrease of 5.7%[6] - For the nine months ended August 31, 2024, GoldMining reported a net loss of CAD 17,951,000 compared to a net loss of CAD 22,810,000 for the same period in 2023, representing a 21% improvement in net loss[10] - The total operating loss for the three months ended August 31, 2024, is CAD 8,125,000, compared to CAD 4,745,000 for the same period in 2023, indicating an increase of 71.1%[102] - The net loss for the period ended August 31, 2024, is CAD 9,480,000, compared to CAD 9,624,000 for the same period in 2023, showing a slight improvement of 1.5%[102] Assets and Equity - As of August 31, 2024, GoldMining Inc. reported current assets of CAD 14,091,000, a decrease of 40.5% from CAD 23,727,000 as of November 30, 2023[3] - Total equity attributable to shareholders decreased to CAD 114,763,000 as of August 31, 2024, down from CAD 129,243,000 as of November 30, 2023, a decline of 11.2%[3] - GoldMining's total equity as of August 31, 2024, was CAD 116,653,000, an increase from CAD 130,836,000 as of August 31, 2023[9] - The company's long-term investments decreased to CAD 38,059,000 as of August 31, 2024, down from CAD 45,080,000 as of November 30, 2023, a decline of 15.0%[3] - The company's cash and cash equivalents decreased to CAD 11,105,000 as of August 31, 2024, down 48.5% from CAD 21,589,000 as of November 30, 2023[3] Exploration and Expenses - Exploration expenses for the nine months ended August 31, 2024, totaled CAD 7,078,000, an increase of 80.0% from CAD 3,928,000 in the same period of 2023[6] - Exploration expenditures for the three months ended August 31, 2024, amounted to CAD 5,146,000, representing a 95.8% increase from CAD 2,629,000 in the same period of 2023[34] - The company reported a significant increase in directors' fees, salaries, and benefits, totaling CAD 1,591,000 for the nine months ended August 31, 2024, compared to CAD 1,421,000 for the same period in 2023, an increase of 12.0%[6] - Share-based compensation expenses for the nine months ended August 31, 2024, were CAD 2,233,000, a decrease from CAD 2,402,000 in the previous year[10] Investments and Shareholder Information - The company raised CAD 8,122,000 from At-the-Market offerings during the nine months ended August 31, 2024, compared to CAD 17,232,000 in the same period of 2023[10] - The company issued 7,162,918 common shares under the 2023 ATM Program, generating gross proceeds of CAD 8,330,000 during the nine months ended August 31, 2024[51] - The weighted average number of shares outstanding increased to 188,992,160 for the three months ended August 31, 2024, compared to 173,490,578 for the same period in 2023[7] - The company reported a total of 190,944,245 shares outstanding as of August 31, 2024, compared to 176,775,923 shares as of August 31, 2023[9] Foreign Exchange and Related Party Transactions - The company incurred related party transactions amounting to CAD 89 and CAD 379 for the three and nine months ended August 31, 2024, respectively[95] - A 10% change in the Canadian dollar against the U.S. dollar would impact the company's net loss by approximately CAD 750 for the nine months ended August 31, 2024[86] U.S. GoldMining Operations - U.S. GoldMining Inc. completed its initial public offering on April 24, 2023, with shares listed on Nasdaq under symbols "USGO" and "USGOW"[14] - U.S. GoldMining held cash and cash equivalents of CAD 7,372,000 as of August 31, 2024[64] - U.S. GoldMining reported a net decrease in cash and cash equivalents of CAD 8,088,000 for the nine months ended August 31, 2024[65] - U.S. GoldMining's total foreign currency denominated monetary assets amounted to CAD 45,976 as of August 31, 2024, down from CAD 61,228 as of November 30, 2023[85] Project Developments - The company holds an 84.05% interest in the Boa Vista Gold Project located in Brazil, which is a key asset for future development[105] - The La Mina Gold-Copper Project has received approval to integrate the La Mina and La Garrucha concession contracts into a single concession as of December 2023[110] - U.S. GoldMining entered into an agreement for the Whistler Project with a total approved work order of CAD 4.8 million (US$3.5 million) for 2024, with an option for additional expenditures up to US$2.0 million[113]