Exhibit 99.3
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED
NOVEMBER 30, 2024 AND 2023
(Expressed in thousands of Canadian Dollars unless otherwise stated)
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of GoldMining Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated statements of financial position of GoldMining Inc. and its subsidiaries (the Company) as of November 30, 2024 and 2023, and the related consolidated statements of comprehensive loss, of changes in equity and of cash flows for the years then ended, including the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of November 30, 2024 and 2023, and its financial performance and its cash flows for the years then ended in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/
Chartered Professional Accountants
February 27, 2025
We have served as the Company’s auditor since 2019.
PricewaterhouseCoopers LLP
PwC Place, 250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada V6C 3S7
T.: +1 604 806 7000, F.: +1 604 806 7806, Fax to mail: ca_vancouver_main_fax@pwc.com
PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.
| GoldMining Inc. Consolidated Statements of Financial Position As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
 |
| As at November 30, |
As at November 30, |
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| Notes |
2024 |
2023 |
||||||||
| ($) |
($) |
|||||||||
| Assets |
||||||||||
| Current assets |
||||||||||
| Cash and cash equivalents |
4 | |||||||||
| Restricted cash |
4 | |||||||||
| Other receivables |
||||||||||
| Prepaid expenses and deposits |
||||||||||
| Other assets |
||||||||||
| Non-current assets |
||||||||||
| Reclamation deposits |
||||||||||
| Exploration and evaluation assets |
5 | |||||||||
| Land, property and equipment |
6 | |||||||||
| Investment in associate |
7 | |||||||||
| Investment in joint venture |
||||||||||
| Long-term investments |
8 | |||||||||
| Liabilities |
||||||||||
| Current liabilities |
||||||||||
| Accounts payable and accrued liabilities |
||||||||||
| Due to joint venture |
||||||||||
| Due to related parties |
15 | |||||||||
| Lease liabilities |
||||||||||
| Income taxes payable |
14 | |||||||||
| Withholding taxes payable |
||||||||||
| Non-current liabilities |
||||||||||
| Lease liabilities |
||||||||||
| Rehabilitation provisions |
9 | |||||||||
| Deferred tax liability |
14 | |||||||||
| Equity |
||||||||||
| Issued capital |
10 | |||||||||
| Reserves |
10 | |||||||||
| Share issuance obligation |
||||||||||
| Retained earnings (deficit) |
( |
) | ||||||||
| Accumulated other comprehensive loss |
( |
) | ( |
) | ||||||
| Total equity attributable to shareholders of the Company |
||||||||||
| Non-controlling interests |
11 | |||||||||
Commitments (Note 17)
Subsequent events (Note 18)
Approved and authorized for issue by the Board of Directors on February 27, 2025.
| /s/ "David Kong" |
/s/ "Pat Obara" |
||
| David Kong Director |
Pat Obara Chief Financial Officer |
The accompanying notes are an integral part of these Consolidated Financial Statements
| GoldMining Inc. Consolidated Statements of Comprehensive Loss For the years ended November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
| For the year |
||||||||||
| ended November 30, |
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| Notes |
2024 |
2023 |
||||||||
| ($) |
($) |
|||||||||
| Expenses |
||||||||||
| Consulting fees |
||||||||||
| Depreciation |
6 | |||||||||
| Directors' fees, employee salaries and benefits |
15 | |||||||||
| Exploration expenses |
5 | |||||||||
| General and administrative |
||||||||||
| Professional fees |
||||||||||
| Share-based compensation |
10,11 | |||||||||
| Share of loss in associate |
7 | |||||||||
| Share of loss on investment in joint venture |
||||||||||
| Impairment of exploration and evaluation assets |
5 | |||||||||
| Recovery on the receipt of mineral property option payments |
5 | ( |
) | ( |
) | |||||
| Operating loss |
( |
) | ( |
) | ||||||
| Other items |
||||||||||
| Dividend income |
||||||||||
| Unrealized loss on long-term investments |
( |
) | ||||||||
| Loss on modification of margin loan |
( |
) | ||||||||
| Interest income |
||||||||||
| Other income (loss) |
( |
) | ||||||||
| Financing costs |
( |
) | ( |
) | ||||||
| Net foreign exchange gain (loss) |
( |
) | ||||||||
| Net loss for the year before taxes |
( |
) | ( |
) | ||||||
| Current income tax expense |
14 | ) | ||||||||
| Deferred income tax expense |
14 | ( |
) | ( |
) | |||||
| Net loss for the year |
( |
) | ( |
) | ||||||
| Attributable to: |
||||||||||
| Shareholders of the Company |
( |
) | ( |
) | ||||||
| Non-controlling interests |
( |
) | ( |
) | ||||||
| Net loss for the year |
( |
) | ( |
) | ||||||
| Other comprehensive loss |
||||||||||
| Items that will not be subsequently reclassified to net income or loss: |
||||||||||
| Unrealized income (loss) on short-term investments |
( |
) | ||||||||
| Unrealized loss on long-term investments |
8 | ( |
) | ( |
) | |||||
| Deferred tax recovery on long-term investments |
14 | |||||||||
| Items that may be reclassified subsequently to net income or loss: |
||||||||||
| Foreign currency translation adjustments |
( |
) | ||||||||
| Total comprehensive loss for the year |
( |
) | ( |
) | ||||||
| Attributable to: |
||||||||||
| Shareholders of the Company |
( |
) | ( |
) | ||||||
| Non-controlling interests |
11 | ( |
) | ( |
) | |||||
| Total comprehensive loss for the year |
( |
) | ( |
) | ||||||
| Net loss per share, basic and diluted |
( |
) | ( |
) | ||||||
| Weighted average number of shares outstanding, basic and diluted |
||||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements
| GoldMining Inc. Consolidated Statements of Changes in Equity For the years ended November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
| Accumulated |
Attributable |
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| Retained | Other |
to Shareholders |
Non- |
|||||||||||||||||||||||||||||||||||
| Number of |
Issued |
Share Issuance |
Earnings |
Comprehensive |
of the |
Controlling |
||||||||||||||||||||||||||||||||
| Notes |
Shares |
Capital |
Reserves |
Obligation |
(Deficit) |
Loss |
Company |
Interests |
Total |
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| ($) |
($) |
($) |
($) |
($) |
($) |
($) |
($) |
|||||||||||||||||||||||||||||||
| Balance at November 30, 2022 |
( |
) | ||||||||||||||||||||||||||||||||||||
| Options exercised |
10 | ( |
) | |||||||||||||||||||||||||||||||||||
| Restricted share rights vested |
10 | ( |
) | |||||||||||||||||||||||||||||||||||
| US GoldMining |
||||||||||||||||||||||||||||||||||||||
| Net proceeds from Initial Public Offering |
- | |||||||||||||||||||||||||||||||||||||
| Restricted shares vested, warrants exercised, and open market shares purchases by GoldMining |
- | |||||||||||||||||||||||||||||||||||||
| At-the-Market offering: |
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| Common shares issued for cash |
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| Agents' fees and issuance costs |
- | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
| Share-based compensation |
10 | - | ||||||||||||||||||||||||||||||||||||
| Deferred tax benefits of share issuance costs |
- | |||||||||||||||||||||||||||||||||||||
| Other comprehensive loss |
- | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||
| Net loss for the year |
- | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||
| Balance at November 30, 2023 |
( |
) | ||||||||||||||||||||||||||||||||||||
| Options exercised |
10 | ( |
) | |||||||||||||||||||||||||||||||||||
| Restricted share rights vested |
10 | ( |
) | |||||||||||||||||||||||||||||||||||
| US GoldMining |
||||||||||||||||||||||||||||||||||||||
| Restricted share rights vested |
- | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||
| Warrants exercised |
- | |||||||||||||||||||||||||||||||||||||
| At-the-Market offering: |
||||||||||||||||||||||||||||||||||||||
| Common shares issued for cash |
11 | - | ||||||||||||||||||||||||||||||||||||
| Agents' fees and issuance costs |
11 | - | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
| At-the-Market offering: |
||||||||||||||||||||||||||||||||||||||
| Common shares issued for cash |
10 | |||||||||||||||||||||||||||||||||||||
| Agents' fees and issuance costs |
10 | - | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
| Share-based compensation |
10,11 | - | ||||||||||||||||||||||||||||||||||||
| Other comprehensive loss |
- | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
| Net loss for the year |
- | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||
| Balance at November 30, 2024 |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements
| GoldMining Inc. Consolidated Statements of Cash Flows For the years ended November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
| For the year ended |
||||||||
| November 30, |
||||||||
| 2024 |
2023 |
|||||||
| ($) |
($) |
|||||||
| Operating activities |
||||||||
| Net loss for the year |
( |
) | ( |
) | ||||
| Adjustments for items not involving cash: |
||||||||
| Depreciation |
||||||||
| Accretion |
||||||||
| Financing costs |
||||||||
| Share of loss on investment in joint venture |
||||||||
| Share-based compensation |
||||||||
| Unrealized loss on short-term investments |
||||||||
| Unrealized loss on long-term investments |
||||||||
| Loss on loan modification |
||||||||
| Share of loss in associate |
||||||||
| Deferred income tax expense |
||||||||
| Impairment of exploration and evaluation assets |
||||||||
| Recovery on the receipt of mineral property option payments |
( |
) | ( |
) | ||||
| Net foreign exchange loss |
||||||||
| Net changes in non-cash working capital items: |
||||||||
| Inventory |
( |
) | ( |
) | ||||
| Other receivables |
( |
) | ||||||
| Prepaid expenses and deposits |
( |
) | ||||||
| Accounts payable and accrued liabilities |
( |
) | ||||||
| Incomes taxes payable |
||||||||
| Withholdings taxes payable |
||||||||
| Due to related parties |
||||||||
| Cash used in operating activities |
( |
) | ( |
) | ||||
| Investing activities |
||||||||
| Investment in exploration and evaluation assets |
( |
) | ( |
) | ||||
| Purchase of securities |
( |
) | ( |
) | ||||
| Construction of camp structures |
( |
) | ||||||
| Investment in joint venture |
( |
) | ( |
) | ||||
| Purchase of equipment |
( |
) | ( |
) | ||||
| Royalty buy-down |
( |
) | ||||||
| Reclamation deposit |
||||||||
| Cash used in investing activities |
( |
) | ( |
) | ||||
| Financing activities |
||||||||
| Net proceeds from At-the-Market offering, net of issuance costs |
||||||||
| Net proceeds from US GoldMining At-the-Market offering, net of issuance costs |
||||||||
| Net proceeds from US GoldMining IPO |
||||||||
| Proceeds from US GoldMining warrant exercises, net of issuance costs |
||||||||
| Proceeds from common shares issued upon exercise of options |
||||||||
| Open market purchases of US GoldMining shares |
( |
) | ||||||
| Payment of lease liabilities |
( |
) | ( |
) | ||||
| Principal payment of margin loan |
( |
) | ||||||
| Interest paid on margin loan |
( |
) | ||||||
| Transaction costs on modification of margin loan |
( |
) | ||||||
| Cash generated from financing activities |
||||||||
| Effect of exchange rate changes on cash |
( |
) | ||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash |
( |
) | ||||||
| Cash and cash equivalents and restricted cash |
||||||||
| Beginning of year |
||||||||
| End of year |
||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
| 1. |
Corporate Information |
GoldMining Inc. was incorporated under the Business Corporations Act (British Columbia) on September 9, 2009, and continued under the Canada Business Corporations Act (Canada) on December 6, 2016. Together with its subsidiaries (collectively, the "Company" or "GoldMining"), the Company is a public mineral exploration company with a focus on the acquisition, exploration and development of projects in Brazil, Colombia, United States, Canada and Peru.
GoldMining Inc.'s common shares (the "GoldMining Shares") are listed on the Toronto Stock Exchange (the "TSX") under the symbol "GOLD", on the NYSE American (the "NYSE") under the symbol "GLDG" and on the Frankfurt Stock Exchange under the symbol "BSR". The head office and principal address of the Company is located at Suite 1830, 1188 West Georgia Street, Vancouver, British Columbia, V6E 4A2, Canada.
On April 24, 2023, the Company's majority owned, Nevada domiciled subsidiary, U.S. GoldMining Inc. ("U.S. GoldMining"), completed its initial public offering (the "Offering") (Note 11.1). U.S. GoldMining owns the Whistler Project located in Alaska, U.S.A. and its common shares and warrants (the "U.S. GoldMining Shares" and "U.S. GoldMining Warrants") are listed on the Nasdaq Capital Market ("Nasdaq") under the symbols "USGO" and "USGOW", respectively.
| 2. | Basis of Preparation |
2.1 Statement of Compliance
The Company's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS accounting standards"). They were authorized for issue by the Company's Board of Directors on February 27, 2025.
2.2 Basis of presentation
The Company's consolidated financial statements have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. The Company's consolidated financial statements and those of its controlled subsidiaries are presented in Canadian dollars ("$" or "dollars"), which is the Company's reporting currency, and all values are rounded to the nearest thousand except where otherwise indicated.
2.3 Basis of consolidation
The consolidated financial statements include the financial statements of GoldMining Inc. and the entities it controls. Control is achieved when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated statements of comprehensive income (loss) from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where the Company's interest in a subsidiary is less than 100%, the Company recognizes non-controlling interests ("NCI").
All inter-company transactions, balances, income and expenses are eliminated through the consolidation process.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
Subsidiaries
The accounts of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. At November 30, 2024, the Company's principal operating subsidiaries are as follows:
| Subsidiary | Place of Incorporation | Ownership Percentage (%) | ||
| 1818403 Alberta Ltd. | Alberta, Canada | | ||
| 507140 N.W.T. Ltd. | Northwest Territories, Canada | | ||
| Bellhaven Copper and Gold Inc. | British Columbia, Canada | |||
| Bellhaven Exploraciones Inc. Sucursal Colombia | Colombia | |||
| Blue Rock Mining S.A.C. | Peru | |||
| Brasil Desenvolvimentos Minerais Ltda. | Brazil | |||
| Brazilian Gold Corporation | British Columbia, Canada | | ||
| Brazilian Resources Mineração Ltda. | Brazil | | ||
| BRI Mineração Ltda. | Brazil | | ||
| GoldMining Exploraciones S.A.S. | Colombia | | ||
| GMI Idaho Corp. | United States | | ||
| Mineração Regent Brasil Ltda. | Brazil | | ||
| Sunward Resources Sucursal Colombia | Colombia | | ||
| U.S. GoldMining Inc. | United States | | ||
| US GoldMining Canada Inc. | British Columbia, Canada | |
Non-controlling interests
Non-controlling interest in any less than wholly owned subsidiary is classified as a separate component of equity. On initial recognition, non-controlling interest is measured at the fair value of the non-controlling party's contribution into the related subsidiary. Subsequent to the original transaction date, adjustments are made to the carrying amount of non-controlling interest for the non-controlling interest's share of changes to the subsidiary's equity.
Changes in the Company's ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interest is adjusted to reflect the change in the non-controlling interest's relative interest in the subsidiary, and the difference between the adjustment to the carrying amount of non-controlling interests and the Company's share of proceeds received and/or consideration paid is recognized directly in equity and attributed to shareholders of the Company.
| 3. | Material Accounting Policies |
Foreign currencies
The reporting currency of the Company and its subsidiaries is the Canadian dollar ("$" or "dollars"). The functional currency of the Company and its subsidiaries in Canada is the Canadian dollar and the functional currency of its subsidiaries in Brazil is the Brazilian Real ("R$") and its subsidiaries in the United States, Colombia and Peru is the United States dollar ("US$"). Foreign operations are translated into Canadian dollars using period end exchange rates as to assets and liabilities and average exchange rates as to income and expenses. All resulting exchange differences are recognized in other comprehensive income (loss).
Investment in joint venture
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
The Company's investment in its joint venture is accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Company's share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
The consolidated statements of comprehensive income (loss) reflects the Company's share of the results of operations of the joint venture. Any change in other comprehensive income (loss) of those investees is presented as part of the Company's other comprehensive income (loss). In addition, when there has been a change recognised directly in the equity of the joint venture, the Company recognises its share of any changes, when applicable, in the consolidated statements of changes in equity. Unrealized gains and losses resulting from transactions between the Company and the joint venture are eliminated to the extent of the interest in the joint venture.
The financial statements of the joint venture are prepared for the same reporting period as the Company. When necessary, adjustments are made to bring the accounting policies in line with those of the Company.
Investments in associates
Investments over which the Company exercises significant influence but which it does not control or jointly control are associates. Investments in associates are accounted for using the equity method, except when classified as held for sale.
The equity method involves recording the initial investment at cost and subsequently adjusting the carrying value of the investment for the Company's proportionate share of the profit (loss), other comprehensive income (loss) and any other changes in the associate's or joint venture's net assets, such as further investment. Adjustments are made to align any inconsistencies between the Company's accounting policies and its associate's policies before applying the equity method. Adjustments are also made to account for depreciable assets based on their fair values at the acquisition date of the investment and for any impairment losses recognized by the associate. The equity method requires shares of losses to be recognized only until the carrying amount of an interest in an associate is nil. Any further losses are not recognized unless the entity has a legal or constructive obligation in respect of the liabilities associated with those losses. Unrealized gains on transactions between the group and its associates are eliminated to the extent of the group's interest in these entities. Unrealized losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred.
At each statement of financial position date, the Company considers whether there is objective evidence of impairment of its investments in associates. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the investee's operations. A significant or prolonged decline in the fair value of an equity investment below its cost is also objective evidence of impairment. If there is such evidence, the Company determines the amount of impairment to record, if any, in relation to the associate.
Where the Company loses control of an entity and it is reclassified as an associate the Company will remeasure the value of its retained investment at fair market value. A gain or loss will be recognized for the difference between the net amount of the change in interest and the fair value of a retained interest or any consideration received or paid. As of the date of loss of control, the Company will cease to consolidate the results of the entity and report its results as an associate using the equity method of accounting.
Mineral exploration, evaluation and development expenditures
All direct costs related to the acquisition of exploration rights are capitalized on a property-by-property basis. The Company assesses the carrying costs for impairment when indicators of impairment exist. All other exploration and evaluation expenditures are charged to operations until such time as it has been determined that a property has economically recoverable reserves, in which case subsequent exploration and evaluation costs and the costs incurred to develop a property are capitalized into mineral properties. On the commencement of production, depletion of each mineral property will be provided on a units-of-production basis using estimated reserves as the depletion base.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
Mineral property option agreements
When the Company acts as the farmee in a farm-in mineral property option agreement, the direct costs related to the acquisition of exploration rights are capitalized to exploration and evaluation assets. All exploration and evaluation expenditures incurred by the Company in fulfilling the terms of the agreement are expensed as incurred, until such time as the option is exercised or lapses.
When the Company acts as the farmor in an agreement, it does not record any expenditures made by the farmee. It does not recognize any gain or loss on its exploration and evaluation farm out mineral property option agreements, and instead records any proceeds received as a credit to the amounts previously capitalized as mineral property acquisition costs. Any amounts received in excess of amounts capitalized are taken as a gain to the consolidated statement of comprehensive income (loss).
Income taxes
Income tax expense represents the sum of tax currently payable and deferred tax. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of each reporting period. Deferred income tax is provided using the liability method on temporary differences, at the end of each reporting period, between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognized for all taxable temporary differences, except:
| ● | where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and |
| ● | in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. |
Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized except:
| ● | where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and |
| ● | in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. |
The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of each reporting period. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the consolidated statement of comprehensive income (loss).
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
Deferred income tax assets and deferred income tax liabilities are offset if, and only if, a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to either settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.
Financial instruments
Financial instruments are recognized on the consolidated statements of financial position on the trade date, being the date on which the Company becomes a party to the contractual provisions of the financial instrument. At initial recognition, the Company classifies its financial instruments as one the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive income ("FVTOCI"), or at amortized cost according to the financial instruments' contractual cash flow characteristics and the business models under which they are held.
Financial assets are measured at amortized cost if they are held for the collection of contractual cash flows where those cash flows solely represent payments of principal and interest. The Company's intent is to hold these financial assets in order to collect contractual cash flows and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. Financial assets are measured at FVTOCI if they are held for the collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in OCI. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the statement of income (loss). Investments in equity securities are held for strategic purposes and not held for trading. The Company has made an irrevocable election at initial recognition to classify these investments as FVTOCI, with all subsequent changes in value being recognized in OCI. Cumulative gains and losses in equity securities are not subsequently reclassified to profit or loss.
Financial assets are measured at FVTPL if they do not qualify as financial assets at amortized cost or FVTOCI. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in the statement of loss. Financial liabilities are measured at amortised cost unless they are required to be measured at FVTPL.
The Company's financial assets include cash and cash equivalents, restricted cash, short-term investment, reclamation deposits, and long-term investments. The Company's financial liabilities include accounts payable and accrued liabilities, due to joint venture, and due to related parties. All financial instruments are initially recorded at fair value and classified as follows:
| ● | Cash and cash equivalents, restricted cash, and reclamation deposits are classified as financial assets at amortized cost. Accounts payable and accrued liabilities, due to joint venture and due to related parties are classified as financial liabilities at amortized cost. Both financial assets at amortized cost and financial liabilities at amortized cost are subsequently measured using the effective interest method; and |
| ● | Short-term and long-term investments in equity securities are classified as fair value through other comprehensive income ("FVTOCI"). Such investments are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement recognized as a component of other comprehensive income or loss. Realized gains or losses on investments in equity securities classified as FVTOCI remain in OCI. |
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
Impairment of financial assets
The Company assesses at the end of each reporting period whether a financial asset is impaired.
At each reporting date, the Company assesses the expected credit loss associated with its financial assets carried at amortized cost and debt instruments measured at FVTOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Changes in allowances for expected credit losses are recognized as impairment gains or losses on the statement of loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognized when the rights to receive cash flows from the assets expire or, the financial assets are transferred and the Company has transferred substantially all the risks and rewards of ownership of the financial assets. On derecognition of a financial asset, the difference between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized directly in equity is recognized in profit or loss.
For financial liabilities, they are derecognized when the obligation specified in the relevant contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.
Fair value of financial instruments
The fair value of financial instruments that are traded in active markets at each reporting date are determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs.
For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include using recent arm's length market transactions; reference to the current fair value of another instrument that is substantially the same; a discounted cash flow analysis or other valuation models.
Impairment of non-financial assets
Exploration and evaluation assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly. An impairment loss is charged to profit or loss.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash flows (cash-general units). As a result, some assets may be tested individually for impairment and some may be tested at a cash-generating unit level.
Impairment reviews for exploration and evaluation stage mineral properties are carried out on a property by property basis, with each property representing a single cash generating unit. An impairment review is undertaken when indicators of impairment arise, but typically when one of the following circumstances apply:
| ● | The right to explore the area has expired or will expire in the near future with no expectation of renewal; |
| ● | Substantive expenditure on further exploration for and evaluation of mineral resources in the area is neither planned nor budgeted; |
| ● | No commercially viable deposits have been discovered, and the decision had been made to discontinue exploration in the area; and |
| ● | Sufficient work has been performed to indicate that the carrying amount of the expenditure carried as an asset will not be fully recovered. |
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
Rehabilitation provisions
The Company recognizes liabilities for statutory, contractual, constructive or legal obligations, including those associated with the reclamation of exploration and evaluation assets and property and equipment, when those obligations result from the acquisition, construction, development or normal operation of the asset. Rehabilitation provisions are measured at the present value of the expected expenditures required to settle the obligation using a discount rate reflecting the time value of money and risks specific to the liability. Upon initial recognition of the liability, the present value of the estimated cost is capitalized by increasing the carrying amount of the related assets. Over time, the discounted liability is increased based on the unwind of the discount rate. The periodic unwinding of the discount is recognized in profit or loss as a finance cost. Additional disturbances or changes in rehabilitation costs will be recognized as additions or charges to the corresponding assets and rehabilitation liability when they occur. Changes in the estimated timing of rehabilitation or changes to the estimated future costs are dealt with prospectively by recognising an adjustment to the rehabilitation liability and a corresponding adjustment to the asset to which it relates.
Cash and cash equivalents
Cash and cash equivalents comprise cash on deposit with banks and highly liquid short-term interest-bearing investments with a term to maturity at the date of purchase of three months or less which are subject to an insignificant risk of change in value.
Related party transactions
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
Net income (loss) per share
Basic net income (loss) per share includes no potential dilution and is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period.
Diluted income per share is computed in a manner similar to basic net income (loss) per share except that the weighted average number of common shares outstanding are increased to include additional shares from the assumed exercise of share options and warrants, if dilutive.
Property and equipment
Property and equipment are recorded at cost and are depreciated using the straight-line method over their estimated useful lives. Property and equipment are depreciated over an estimated useful life as follows:
| (years) | ||||||
| Buildings and Camp Structures | - | |||||
| Exploration equipment | ||||||
| Vehicles | ||||||
| Furniture and fixtures | ||||||
| Computer equipment | ||||||
| Computer software |
When an item of property and equipment has different useful lives, the components are accounted for as separate items of property and equipment. Expenditures incurred to replace a component of an item of property and equipment that is accounted for separately, including major inspection and overhaul expenditures are capitalized if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in the consolidated statement of comprehensive loss as incurred.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
Share-based payments
Restricted share rights
The Company grants restricted share rights (the "RSRs") to certain directors, officers, employees and consultants to receive shares of the Company. The Company classifies RSRs as equity instruments since the Company has the ability and intent to settle the awards in common shares.
The fair value of RSRs granted is recognized as an expense over the vesting period with a corresponding increase in equity. The fair value is measured at grant date and recognized over the period during which the RSRs vest.
The vesting of RSRs and issuance of common shares in the Company is recorded as issued capital and the related share-based compensation reserve is transferred to issued capital.
Share options
The Company grants share options to certain directors, officers, employees, and consultants of the Company. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of share-based awards. The fair value of share options granted to employees is recognized as an expense over the vesting period with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes, provides services that could be provided by a direct employee, or has authority and responsibility for planning, directing and controlling the activities of the Company, including non-executive directors. For employees, the fair value is measured at grant date and recognized over the period during which the options vest.
For consultants, the fair value of the award is recorded in profit or loss over the term of the service provided, and the fair value of the unvested amounts are revalued at each reporting period over the service period.
Consideration received on the exercise of share options is recorded as issued capital and the related share-based compensation reserve is transferred to issued capital.
Significant Accounting Judgments and Estimates
The preparation of these consolidated financial statements requires management to make accounting policy judgments, make estimates and form assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. On an ongoing basis, management evaluates its judgments and estimates in relation to assets, liabilities, income and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual outcomes may differ from these estimates under different assumptions and conditions.
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the consolidated financial statements is as follows:
Existence of impairment indicators for exploration and evaluation assets
In accordance with the Company's accounting policy, all direct costs related to the acquisition of exploration rights are capitalized on a property-by-property basis. There is no certainty that costs incurred to acquire exploration rights will result in discoveries of commercial quantities of minerals. The Company applies judgment to determine whether indicators of impairment exist for these capitalized costs.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
Management uses several criteria in making this assessment, including the period for which the Company has the right to explore, expected renewals of exploration rights, whether substantive expenditures on further exploration and evaluation of mineral properties are budgeted, and evaluation of the results of exploration and evaluation activities up to the reporting date. During the year ended November 30, 2024 the Company has concluded no impairment indicators exist for any of its exploration and evaluation assets, except for its Surubim Project, which was written down by $
| |
3.2 | Changes in, and Initial Adoption of, Accounting Policies |
The Company adopted the following amendment to IFRS, which was effective for the accounting period beginning on or after December 1, 2023:
Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting Policies – The amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy. To support the amendment, the International Accounting Standards Board has also developed guidance and examples to explain and demonstrate the application of the 'fourstep materiality process' described in IFRS Practice Statement 2. This amendment did not have a material impact on the Company's consolidated financial statements.
The following are amendments to the accounting standards that have been issued but are not mandatory for the current period and have not been early adopted by the Company:
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) – The amendments to IAS 1, clarifies the presentation of liabilities. The classification of liabilities as current or noncurrent is based on contractual rights that are in existence at the end of the reporting period and is affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of 'settlement' to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. The implementation of this amendment is not expected to have a material impact on the Company.
Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments. In May 2024, the International Accounting Standards Board ("IASB") issued Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). These amendments updated classification and measurement requirements in IFRS 9 Financial Instruments and related disclosure requirements in IFRS 7 Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs and amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. Management is currently assessing the effect of these amendments on our financial statements.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
IFRS 18 – Presentation and Disclosure in Financial Statements - In April 2024, the IASB issued IFRS 18 Presentation and Disclosure of Financial Statements (IFRS 18), which replaces IAS 1, Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals. Where company specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required, and early application is permitted. Management is currently assessing the effect of this new standard on our financial statements.
| 4. | Cash and Cash Equivalents and Restricted Cash |
| November 30, | November 30, | |||||||
| 2024 | 2023 | |||||||
| ($) | ($) | |||||||
| Cash and cash equivalents consist of: | ||||||||
| Cash at bank and on hand | ||||||||
| Term deposits | ||||||||
| Total | ||||||||
Restricted cash in the amount of $
| 5. | Exploration and Evaluation Assets |
| For the year ended | ||||||||
| November 30, | ||||||||
| 2024 | 2023 | |||||||
| ($) | ($) | |||||||
| Balance at the beginning of year | ||||||||
| Mineral rights and property acquired | ||||||||
| Mineral property option payment | ||||||||
| Impairment of exploration and evaluation assets | ( | ) | ( | ) | ||||
| Change in reclamation estimate | ||||||||
| Foreign currency translation adjustments | ( | ) | ||||||
| Balance at the end of year | ||||||||
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
Exploration and evaluation assets on a project basis are as follows:
| November 30, | November 30, | |||||||
| 2024 | 2023 | |||||||
| ($) | ($) | |||||||
| La Mina | ||||||||
| Titiribi | ||||||||
| Crucero | ||||||||
| Yellowknife | ||||||||
| Cachoeira | ||||||||
| São Jorge | ||||||||
| Yarumalito | ||||||||
| Whistler | ||||||||
| Surubim | ||||||||
| Batistão | ||||||||
| Montes Áureos and Trinta | ||||||||
| Rea | ||||||||
| Total | ||||||||
Almaden
On June 13, 2022, the Company and its subsidiary entered into an option agreement (the "Option Agreement") with NevGold and a subsidiary of NevGold, pursuant to which, among other things, it agreed to grant an option to acquire
On January 1, 2023 and July 13, 2023, pursuant to the Option Agreement, the Company received
On January 18, 2024, pursuant to the Option Agreement, the Company received
As a result, the Company completed the sale of the Almaden Project to a subsidiary of NevGold. The fair value of shares received to date pursuant to the Option Agreement are taxable in fiscal 2024, resulting in a current income tax expense of $
In addition to the option payments made, NevGold is required to make success-based contingent payments totaling up to $
| o | $ |
| o | on completion of a positive Preliminary Feasibility Study |
| o | $ |
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
Surubim
The Company's Surubim Project consists of the Surubim and Rio Novo concessions located in Pará State, Brazil. During the year ended November 30, 2023, the Company continued efforts to negotiate an extension for its Rio Novo concessions under the Jarbas Agreement, however, was unable to come to acceptable terms and provided the property vendor with a notice of termination. As a result, the Company wrote-off exploration and evaluation assets associated with the Rio Novo concessions in the amount of $
Exploration Expenses
Exploration expenditures on a project basis for the periods indicated are as follows:
| For the year ended | ||||||||
| November 30, | ||||||||
| 2024 | 2023 | |||||||
| ($) | ($) | |||||||
| Whistler | ||||||||
| São Jorge | ||||||||
| Titiribi | ||||||||
| Crucero | ||||||||
| Yarumalito | ||||||||
| La Mina | ||||||||
| Rea | ||||||||
| Yellowknife | ||||||||
| Cachoeira | ||||||||
| Other Exploration Expenses | ||||||||
| Total | ||||||||
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
| 6. |
Land, Property and Equipment |
| Right-of- |
||||||||||||||||||||||||||||
| Use Assets |
||||||||||||||||||||||||||||
| Buildings and |
Office |
(Office and) |
Exploration |
|||||||||||||||||||||||||
| Land |
Camp Structures |
Equipment |
warehouse space) |
Equipment |
Vehicles |
Total |
||||||||||||||||||||||
| ($) |
($) |
($) |
($) |
($) |
($) |
($) |
||||||||||||||||||||||
| Cost |
||||||||||||||||||||||||||||
| Balance at November 30, 2022 |
||||||||||||||||||||||||||||
| Additions |
||||||||||||||||||||||||||||
| Disposition |
( |
) | ( |
) | ||||||||||||||||||||||||
| Change in reclamation estimate |
||||||||||||||||||||||||||||
| Impact of foreign currency translation |
||||||||||||||||||||||||||||
| Balance at November 30, 2023 |
||||||||||||||||||||||||||||
| Additions |
||||||||||||||||||||||||||||
| Disposition |
( |
) | ( |
) | ||||||||||||||||||||||||
| Impact of foreign currency translation |
( |
) | ||||||||||||||||||||||||||
| Balance at November 30, 2024 |
||||||||||||||||||||||||||||
| Accumulated Depreciation |
||||||||||||||||||||||||||||
| Balance at November 30, 2022 |
||||||||||||||||||||||||||||
| Depreciation |
||||||||||||||||||||||||||||
| Disposition |
( |
) | ( |
) | ||||||||||||||||||||||||
| Impact of foreign currency translation |
||||||||||||||||||||||||||||
| Balance at November 30, 2023 |
||||||||||||||||||||||||||||
| Depreciation |
||||||||||||||||||||||||||||
| Disposition |
( |
) | ( |
) | ||||||||||||||||||||||||
| Impact of foreign currency translation |
( |
) | ||||||||||||||||||||||||||
| Balance at November 30, 2024 |
||||||||||||||||||||||||||||
| Net Book Value |
||||||||||||||||||||||||||||
| At November 30, 2023 |
||||||||||||||||||||||||||||
| At November 30, 2024 |
||||||||||||||||||||||||||||
| 7. | Investment in Associate |
On July 13, 2023, pursuant to the Option Agreement signed with NevGold on the Almaden Project, the Company received
During the year ended November 30, 2024, the Company acquired
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
The following outlines the movement in investment in associate during the years ended November 30, 2024 and 2023:
| Balance at November 30, 2022 | $ | - | ||
| Investment in NevGold - July 13, 2023 | ||||
| Share of loss in NevGold | ( | ) | ||
| Share of OCI in NevGold | ||||
| Gain on dilution of ownership interest in NevGold | ||||
| Balance at November 30, 2023 | $ | |||
| Addition pursuant to Option Agreement - January 18, 2024 | ||||
| Share of loss in NevGold | ( | ) | ||
| Share of OCI in NevGold | ||||
| Gain on dilution of ownership interest in NevGold | ||||
| Balance at November 30, 2024 | $ |
The equity accounting for NevGold is based on its published results to September 30, 2024, and an estimate of results for the period of October 1, 2024 to November 30, 2024.
The following summary of the Condensed Consolidated Interim Statements of Financial Position of NevGold at September 30, 2024 on a 100% basis, adjusted for differences in the accounting policy between the Company and the associate was: current assets of $
The following is a summary of the Condensed Consolidated Interim Statement of loss and comprehensive loss of NevGold for the nine months ended September 30, 2024 on a 100% basis, adjusted for differences in the accounting policy between the Company and the associate was: operating loss of $
The Company's equity share of NevGold's estimated net loss for the year ended November 30, 2024 was $
| 8. | Long-term Investments |
As at November 30, 2024, the Company's long-term investments consist of equity securities in Gold Royalty Corp. ("GRC"), measured at FVTOCI. Long-term investments in equity securities are recorded at fair value based on quoted market prices, with unrealized gains or losses excluded from earnings and reported as other comprehensive income or loss. Refer to tables below for movement in long-term investments measured at FVTOCI.
Investment in Gold Royalty Corp.
During the year ended November 30, 2024, the Company acquired
NevGold Corp.
During the year ended November 30, 2023, the Company's investment in NevGold common shares was reclassified from long-term investments to investment in associate (Note 7).
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
The following tables outline the movement of the Company's long-term investments in GRC and NevGold during the years ended November 30, 2024 and 2023:
| As at November 30, | As at November 30, | |||||||||||||||||||||||||||||||
| 2023 | 2024 | |||||||||||||||||||||||||||||||
| Number of | Number of | Fair value | Additions | Unrealized Gains (Losses) (FVTOCI) | Unrealized Losses | Reclassification to Short-term Investments | Fair Value | |||||||||||||||||||||||||
| Investment in GRC | - | ( | ) | - | - | |||||||||||||||||||||||||||
| Investment in NevGold - warrants(2) | - | - | ( | ) | ||||||||||||||||||||||||||||
| ( | ) | ( | ) | |||||||||||||||||||||||||||||
| As at November 30, | As at November 30, | |||||||||||||||||||||||||||||||
| 2022 | 2023 | |||||||||||||||||||||||||||||||
| Number of | Number of | Fair value | Additions | Unrealized Gains (Losses) | Unrealized Losses | Derecognition of investment measured at FVTOCI | Fair Value | |||||||||||||||||||||||||
| Investment in GRC | - | ( | ) | - | - | |||||||||||||||||||||||||||
| Investment in NevGold - shares(3) | - | ( | ) | - | ||||||||||||||||||||||||||||
| Investment in NevGold - warrants | - | - | - | ( | ) | - | ||||||||||||||||||||||||||
| ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||
(1) As of November 30, 2024.
(2) Amounts were reclassified to short-term investments during the year ended November 30, 2024, as the warrants have an expiry date of December 5, 2024. Subsequent to year end the warrants expired unexercised.
(3) During the year ended November 30, 2023, the Company's investment in NevGold, which was initially measured at FVTOCI, was derecognized and reclassified to investment in associate (Note 7).
(4) As of November 30, 2023.
| 9. | Rehabilitation Provisions |
The Whistler Project's exploration activities are subject to State of Alaska laws and regulations governing the protection of the environment. The Whistler Project rehabilitation provision is valued under the following assumptions:
| November 30, | November 30, | |||||||
| 2024 | 2023 | |||||||
| Undiscounted amount of estimated cash flows (US$) | ||||||||
| Life expectancy (years) | ||||||||
| Inflation rate | % | % | ||||||
| Discount rate | % | % | ||||||
In July 2017, the Company acquired the Yellowknife Project and assumed a provision for reclamation of $
| November 30, | November 30, | |||||||
| 2024 | 2023 | |||||||
| Undiscounted amount of estimated cash flows (CA$) | ||||||||
| Life expectancy (years) | ||||||||
| Inflation rate | % | % | ||||||
| Discount rate | % | % | ||||||
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
The following table summarizes the movements in the rehabilitation provisions:
| November 30, | November 30, | |||||||
| 2024 | 2023 | |||||||
| ($) | ($) | |||||||
| Balance at the beginning of year | ||||||||
| Accretion | ||||||||
| Change in estimate | ||||||||
| Foreign currency translation adjustments | ||||||||
| Total | ||||||||
| 10. | Share Capital |
10.1 Authorized
The authorized share capital of the Company is comprised of an unlimited number of common shares without par value.
At-the-Market Equity Program
On December 30, 2022, the Company entered into an equity distribution agreement with a syndicate of agents for an at-the-market equity distribution program (the "2022 ATM Program"). The 2022 ATM Program replaced the previous ATM program which expired on January 1, 2023 in accordance with its terms. Pursuant to the 2022 ATM Program, the Company could distribute up to million (or the equivalent in Canadian dollars) of ATM Shares. The ATM Shares sold under the 2022 ATM Program were sold at the prevailing market price on the TSX or the NYSE, as applicable, at the time of sale. Sales of ATM Shares were made pursuant to the terms of an equity distribution agreement dated December 30, 2022 (the "2022 Distribution Agreement"). Unless earlier terminated by the Company or the agents as permitted therein, the 2022 ATM Program was to terminate upon the earlier of: (a) the date that the aggregate gross sales proceeds of the ATM Shares sold under the 2022 ATM Program reached the aggregate amount of million (or the equivalent in Canadian dollars); or (b) November 27, 2023.
On November 24, 2023, the Company entered into a new ATM Program (the "2023 ATM Program") which replaced the 2022 ATM program which expired on November 27, 2023 in accordance with its terms. Pursuant to the 2023 ATM Program, the Company could distribute up to million (or the equivalent in Canadian dollars) of ATM Shares. The ATM Shares sold under the 2023 ATM Program were sold at the prevailing market price on the TSX or the NYSE, as applicable, at the time of sale. Sales of ATM Shares were made pursuant to the terms of an equity distribution agreement dated November 24, 2023. Unless earlier terminated by the Company or the agents as permitted therein, the 2023 ATM Program was to terminate upon the earlier of: (a) the date that the aggregate gross sales proceeds of the ATM Shares sold under the 2023 ATM Program reaches the aggregate amount of million (or the equivalent in Canadian dollars); or (b) December 31, 2024.
On December 20, 2024, the Company entered into a new ATM Program (the "2024 ATM Program") which replaced the 2023 ATM program which expired on December 31, 2024 in accordance with its terms. Pursuant to the 2024 ATM Program, the Company may distribute up to million (or the equivalent in Canadian dollars) of ATM Shares. The ATM Shares sold under the 2024 ATM Program, if any, will be sold at the prevailing market price on the TSX or the NYSE, as applicable, at the time of sale. Sales of ATM Shares will be made pursuant to the terms of an equity distribution agreement dated December 20, 2024. Unless earlier terminated by the Company or the agents as permitted therein, the 2024 ATM Program will terminate upon the earlier of: (a) the date that the aggregate gross sales proceeds of the ATM Shares sold under the 2024 ATM Program reaches the aggregate amount of million (or the equivalent in Canadian dollars); or (b) December 24, 2025.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
During the year ended November 30, 2024, the Company issued
| 10.2 | Reserves |
| Restricted Share Rights | Share Options | Warrants | Total | |||||||||||||
| Balance at November 30, 2022 | ||||||||||||||||
| Options exercised | ( | ) | ( | ) | ||||||||||||
| Restricted share rights vested | ( | ) | ( | ) | ||||||||||||
| Share-based compensation | ||||||||||||||||
| Balance at November 30, 2023 | ||||||||||||||||
| Options exercised | ( | ) | ( | ) | ||||||||||||
| Restricted share rights vested | ( | ) | ( | ) | ||||||||||||
| Share-based compensation | ||||||||||||||||
| Balance at November 30, 2024 | ||||||||||||||||
10.3 Share Options
The Company's share option plan (the "Option Plan") was approved by the Board of Directors of the Company (the "Board") on January 28, 2011, and amended and restated on October 30, 2012, October 11, 2013, October 18, 2016, April 5, 2019 and March 14, 2022. The Option Plan, as amended and restated, was affirmed, ratified and approved by the Company's shareholders in accordance with its terms at the Annual General and Special Meeting held on May 19, 2022.
The following outlines movements of the Company's Options:
| Number of Options | Weighted Average Exercise Price ($) | |||||||
| Balance at November 30, 2022 | ||||||||
| Granted | ||||||||
| Exercised(1) | ( | ) | ||||||
| Cancelled/Forfeited | ( | ) | ||||||
| Expired | ( | ) | ||||||
| Balance at November 30, 2023 | ||||||||
| Granted | ||||||||
| Exercised(2) | ( | ) | ||||||
| Expired | ( | ) | ||||||
| Balance at November 30, 2024 | ||||||||
| (1) | During the year ended November 30, 2023, the Company issued |
| (2) | During the year ended November 30, 2024, the Company issued |
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
The fair value of Options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
| Year ended November 30, 2024 | Year ended November 30, 2023 | |||||||
| Risk-free interest rate | % | % | ||||||
| Expected life (years) | ||||||||
| Expected volatility | % | % | ||||||
| Expected dividend yield | % | % | ||||||
| Estimated forfeiture rate | % | % | ||||||
A summary of Options outstanding and exercisable as of November 30, 2024, are as follows:
| Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||
| Exercise Prices | Number of Options Outstanding | Weighted Average Exercise Price ($) | Weighted Average Remaining Contractual Life (years) | Number of Options Exercisable | Weighted Average Exercise Price ($) | Weighted Average Remaining Contractual Life (years) | |||||||||||||||||||||
| $1.05 | $ | ||||||||||||||||||||||||||
| $1.10 | $ | ||||||||||||||||||||||||||
| $1.60 | $ | ||||||||||||||||||||||||||
| $1.83 | $ | ||||||||||||||||||||||||||
| $2.01 | $ | ||||||||||||||||||||||||||
The fair value of the Options recognized as share-based compensation expense during the year ended November 30, 2024, was $
10.4 Restricted Share Rights
The Company's restricted share plan (the "RSP") was approved by the Board of Directors of the Company (the "Board") on November 27, 2018. Pursuant to the terms of the RSP, the Board may designate directors, senior officers, employees and consultants of the Company, eligible to receive RSRs to acquire such number of GoldMining Shares as the Board may determine, in accordance with the restricted periods schedule during the recipient's continual service with the Company. There are no cash settlement alternatives. The RSP was approved by the Company's shareholders in accordance with its term at the Company's annual general meeting held on May 25, 2019.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
The RSRs vest in accordance with the vesting schedule during the recipient's continual service with the Company. The Company classifies RSRs as equity instruments since the Company has the ability and intent to settle the awards in common shares. The compensation expense for standard RSRs is calculated based on the fair value of each RSR as determined by the closing value of the Company's common shares at the date of the grant. The Company recognizes compensation expense over the vesting period of the RSR. The Company expects to settle RSRs, upon vesting, through the issuance of common shares from treasury.
The following outlines movements of the Company's RSRs:
| Number of RSRs | Weighted Average Value ($) | |||||||
| Balance at November 30, 2022 | ||||||||
| Granted | ||||||||
| Vested | ( | ) | ||||||
| Balance as at November 30, 2023 | ||||||||
| Granted | ||||||||
| Vested(1) | ( | ) | ||||||
| Balance at November 30, 2024 | ||||||||
| (1) | Common shares pertaining to |
The fair value of the RSRs recognized as share-based compensation expense during the year ended November 30, 2024 was $
| 11. | Non-Controlling Interests |
11.1 U.S. GoldMining equity transactions
As at November 30, 2024, GoldMining held
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
The following table shows the assets and liabilities of U.S. GoldMining:
| November 30, | ||||
| 2024 | ||||
| ($) | ||||
| Assets | ||||
| Cash and cash equivalents | ||||
| Restricted cash | ||||
| Prepaid expenses and deposits | ||||
| Other receivables | ||||
| Other assets | ||||
| Land, property and equipment | ||||
| Exploration and evaluation assets | ||||
| Liabilities | ||||
| Accounts payable and accrued liabilities | ||||
| Withholdings taxes payable | ||||
| Rehabilitation provisions | ||||
| Lease liability | ||||
| Due to related parties | ||||
Refer to segmented information Note 16 for the breakdown of U.S. GoldMining's net loss.
The following table summarizes U.S. GoldMining's cash flow activities during the years ended November 30, 2024 and 2023:
| For the year ended | For the year ended | |||||||
| November 30, | November 30, | |||||||
| 2024 | 2023 | |||||||
| ($) | ($) | |||||||
| Cash used in operating activities | ( | ) | ( | ) | ||||
| Cash used in investing activities | ( | ) | ( | ) | ||||
| Cash generated from financing activities | ||||||||
| Effect of exchange rate changes on cash | ||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | ( | ) | ||||||
| Cash and cash equivalents and restricted cash | ||||||||
| Beginning of year | ||||||||
| End of year | ||||||||
U.S. GoldMining Initial Public Offering
On April 19, 2023, U.S. GoldMining entered into an underwriting agreement for an offering of
On April 24, 2023, U.S. GoldMining issued
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
As a result of the transaction, the Company recorded a dilution gain in equity of $
U.S. GoldMining At-the-Market Equity Program
On May 15, 2024, U.S. GoldMining entered into an At-the-Market Offering Agreement with a syndicate of agents for an ATM facility (the "U.S. GoldMining ATM Program"). Pursuant to the U.S. GoldMining ATM Program, U.S. GoldMining may sell up to million of U.S. GoldMining Shares from time to time through the sales agents. A fixed cash commission rate of
The securities that may be offered under the U.S. GoldMining ATM Program have not been and will not be qualified by a prospectus for the offer or sale to the public in Canada under applicable Canadian securities laws.
During the year ended November 30, 2024, U.S. GoldMining sold
| 11.2 | U.S. GoldMining Stock Options |
On February 6, 2023, U.S. GoldMining adopted a long-term incentive plan ("2023 Incentive Plan"). The 2023 Incentive Plan provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock units, performance awards, restricted stock awards and other cash and equity-based awards.
The following outlines the movements in U.S. GoldMining's stock options:
| Number of Options | Weighted Average Exercise Price (US$) | |||||||
| Balance at November 30, 2022 | ||||||||
| Granted | ||||||||
| Balance at November 30, 2023 | ||||||||
| Granted | ||||||||
| Forfeited | ( | ) | ||||||
| Balance at November 30, 2024 | (1) | |||||||
(1) As at November 30, 2024, outstanding U.S. GoldMining stock options have a weighted average remaining contractual life of
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
The fair value of U.S. GoldMining stock options granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
| Year ended November 30, 2024 | Year ended November 30, 2023 | |||||||
| Risk-free interest rate | % | % | ||||||
| Expected life (years) | ||||||||
| Expected volatility(1) | % | % | ||||||
| Expected dividend yield | % | % | ||||||
| Estimated forfeiture rate | % | % | ||||||
(1) As there is limited trading history of U.S. GoldMining's common shares prior to the date of grant, the expected volatility is based on the historical share price volatility of a group of comparable companies in the sector U.S. GoldMining operates over a period similar to the expected life of the stock options.
During the year ended November 30, 2024, U.S. GoldMining recognized share-based compensation expense of $
| 11.3 | U.S. GoldMining Restricted Shares |
On September 23, 2022, U.S. GoldMining adopted an equity incentive plan (the "Legacy Incentive Plan"). The Legacy Incentive Plan provides for the grant of restricted stock awards.
On September 23, 2022, U.S. GoldMining granted awards of an aggregate of
The Restricted Shares are subject to restrictions that, among other things, prohibit the transfer thereof until certain performance conditions are met. In addition, if such conditions are not met within applicable periods, the restricted shares will be deemed forfeited and surrendered by the holder thereof to U.S. GoldMining without the requirement of any further consideration. During the year ended November 30, 2024, performance conditions were met for
During the year ended November 30, 2024, U.S. GoldMining recognized share-based compensation expense of $
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
| 11.4 | U.S. GoldMining Warrants |
The following outlines the movements in U.S. GoldMining's common stock purchase warrants:
| Number of Warrants | Weighted Average Exercise Price (US$) | |||||||
| Balance at November 30, 2022 | ||||||||
| Common stock purchase warrants issued at the IPO | ||||||||
| Exercised | ( | ) | ||||||
| Balance at November 30, 2023 | ||||||||
| Exercised | ( | ) | ||||||
| Balance at November 30, 2024 | (1) | |||||||
(1) As at November 30, 2024, outstanding U.S. GoldMining common stock purchase warrants have a weighted average remaining contractual life of
| 12. | Capital Risk Management |
The Company's objectives are to safeguard the Company's ability to continue as a going concern in order to support the Company's normal operating requirements, continue the exploration of its mineral properties and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk.
The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares, issue new debt, or acquire or dispose of assets, including long-term investments.
At November 30, 2024, the Company's capital structure consists of the equity of the Company (Note 10). The Company is not subject to any externally imposed capital requirements. In order to maximize ongoing development efforts, the Company does not pay dividends.
| 13. | Financial Instruments |
The Company's financial assets include cash and cash equivalents, restricted cash, other receivables, short-term investment, reclamation deposits and long-term investments. The Company's financial liabilities include accounts payable and accrued liabilities, due to joint venture and due to related parties. The Company uses the following hierarchy for determining and disclosing fair value of financial instruments:
| ● | Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. |
| ● | Level 2: other techniques for which all inputs have a significant effect on the recorded fair value which are observable, either directly or indirectly. |
| ● | Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. |
The Company's cash and cash equivalents, restricted cash, other receivables, accounts payable and accrued liabilities, due to joint venture and due to related parties approximate fair value due to their short terms to settlement. The Company's short-term investments and long-term investments in common shares of equity securities are measured at fair value on a recurring basis and classified as Level 1 within the fair value hierarchy. The fair value of short-term and long-term investments is based on the quoted market price of the short-term and long-term investments. The fair value of warrants to purchase shares in NevGold were initially determined on a residual basis and subsequently measured using the Black-Scholes valuation model. The significant inputs used are readily available in public markets and therefore have been classified as level 2. Inputs used in the Black-Scholes model for the valuation of the warrants include risk-free interest rate, volatility, and dividend yield.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
| 13.1 | Financial Risk Management Objectives and Policies |
The financial risk arising from the Company's operations are currency risk, interest rate risk, credit risk, liquidity risk and equity price risk. These risks arise from the normal course of operations and all transactions undertaken are to support the Company's ability to continue as a going concern. The risks associated with the Company's financial instruments and the policies on how the Company mitigates these risks are set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner.
| 13.2 | Currency Risk |
The Company's operating expenses and acquisition costs are denominated in United States dollars, the Brazilian Real, the Colombian Peso and Canadian dollars. The exposure to exchange rate fluctuations arises mainly on foreign currencies against the Company and its subsidiaries functional currencies. The Company has not entered into any derivative instruments to manage foreign exchange fluctuations; however, management monitors foreign exchange exposure.
The Canadian dollar equivalents of the Company's foreign currency denominated monetary assets are as follows:
| As at November 30, | As at November 30, | |||||||
| 2024 | 2023 | |||||||
| ($) | ($) | |||||||
| Assets | ||||||||
| United States Dollar | ||||||||
| Brazilian Real | ||||||||
| Colombian Peso | ||||||||
| Total | ||||||||
The Canadian dollar equivalent of the Company's foreign currency denominated monetary liabilities are solely in United States Dollars and total $
The impact of a Canadian dollar change against the United States dollar on the investment in GRC by 10% at November 30, 2024 would have an impact, net of tax, of approximately $
| 13.3 | Interest Rate Risk |
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in interest rates. The Company's exposure to interest rate risk is limited as it has no long-term debt. The Company's exposure to interest rate risk arises from the impact of interest rates on its cash and cash equivalents, restricted cash and term deposits, which bear interest at fixed rates. The interest rate risks on the Company's cash and cash equivalents and restricted cash are minimal. The Company has not entered into any derivative instruments to manage interest rate fluctuations.
| 13.3 | Credit Risk |
Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. Credit risk for the Company is primarily associated with the Company's bank balances.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
The Company mitigates credit risk associated with its bank balances by holding cash and cash equivalents and restricted cash in excess of the amount of government deposit insurance with Schedule I chartered banks in Canada and their United States affiliates. Substantially all of our cash and cash equivalents held with financial institutions exceeds government-insured limits. The Company's maximum exposure to credit risk is equivalent to the carrying value of its cash and cash equivalents and restricted cash in excess of the amount of government deposit insurance coverage for each financial institution. In order to mitigate its exposure to credit risk, the Company closely monitors its financial institutions.
| 13.5 | Liquidity Risk |
Liquidity risk is the risk that the Company will not be able to settle or manage its obligations associated with financial liabilities. To manage liquidity risk the Company closely monitors its liquidity position and ensures it has adequate sources of funding to finance its projects and operations. As at November 30, 2024, the Company has working capital (current assets less current liabilities) of $
The Company has current cash and cash equivalent balances, access to its 2024 ATM Program, whereby the Company has the ability to issue shares for cash, and ownership of liquid assets at its disposal.
As of November 30, 2024, the Company owns
| Equity Holdings | Fair Value |
| U.S. GoldMining | $ |
| Gold Royalty Corp. | $ |
| NevGold | $ |
(1)Includes fair value of
GoldMining believes that its cash on hand, ability to enter into future borrowings collateralized by the U.S. GoldMining, GRC and NevGold shares and access to its 2024 ATM Program will enable the Company to meet its working capital requirements for the next twelve months commencing from the date that the consolidated financial statements are issued.
| 13.6 | Equity Price Risk |
The Company is exposed to equity price risk as a result of holding its long-term investments. The Company does not actively trade its long-term investments. The equity prices of its long-term investments are impacted by various underlying factors including commodity prices. Based on the Company's long-term investments held as at November 30, 2024, a 10% change in the equity prices of its long-term investments would have an impact, net of tax, of approximately $
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
| 14. | Income Tax |
| 14.1 | Income taxes |
| For the year ended | ||||||||
| November 30, 2024 | November 30, 2023 | |||||||
| ($) | ($) | |||||||
| Current income tax expense | ||||||||
| Deferred income tax expense | ||||||||
| Income tax expense | ||||||||
A reconciliation of the provision for income taxes computed at the combined Canadian federal and provincial statutory rate to the provision for income taxes as shown in the consolidated statements of comprehensive loss for the years ended November 30, 2024 and 2023 is as follows:
| For the year ended | ||||||||
| November 30, 2024 | November 30, 2023 | |||||||
| ($) | ($) | |||||||
| Net loss for the year | ( | ) | ( | ) | ||||
| Canadian statutory income tax rate | % | % | ||||||
| Expected tax recovery | ( | ) | ( | ) | ||||
| Non-deductible permanent differences | ||||||||
| Future withholding taxes | ||||||||
| Change in unrecognized deferred tax assets | ||||||||
| Other | ( | ) | ||||||
| Tax expense for the year | ||||||||
| 14.2 | Deferred Income Tax Assets and Liabilities |
Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following:
| As at November 30, | As at November 30, | |||||||
| 2024 | 2023 | |||||||
| ($) | ($) | |||||||
| Non-capital loss carry-forward | ||||||||
| Mineral properties | ||||||||
| Others | ||||||||
| Unrecognized deferred tax assets | ||||||||
| As at November 30, | As at November 30, | |||||||
| 2024 | 2023 | |||||||
| ($) | ($) | |||||||
| Deferred tax assets (liabilities) | ||||||||
| Long-term investments | ( | ) | ( | ) | ||||
| Non-capital losses carry-forward | ||||||||
| Future withholding tax | ( | ) | ||||||
| Others | ( | ) | ||||||
| Net deferred tax liabilities | ( | ) | ( | ) | ||||
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
Deferred tax assets that can not be offset against deferred tax liabilities have not been recognized in the consolidated financial statements, as management does not consider it more likely than not that those assets will be realized in the near future.
The Company has non-capital losses which may be carried-forward to reduce taxable income in future years. As at November 30, 2024, the Company has non-capital losses of $
| 15. | Related Party Transactions |
| 15.1 | Related Party Transactions |
Related party transactions not disclosed elsewhere in the consolidated financial statements are as follows:
| ● | During the year ended November 30, 2024, the Company incurred $ |
Related party transactions are based on the amounts agreed to by the parties. During the year ended November 30, 2024, the Company did not enter into any contracts or undertake any commitment or obligation with any related parties other than as disclosed herein.
| 15.2 | Transactions with Key Management Personnel |
Key management personnel are persons responsible for planning, directing and controlling the activities of an entity and include management and directors' fees and share-based compensation, which are described below for the year ended November 30, 2024:
| For the year ended | ||||||||
| November 30, | November 30, | |||||||
| 2024 | 2023 | |||||||
| ($) | ($) | |||||||
| Management fees | ||||||||
| Director and officer fees | ||||||||
| Share-based compensation | ||||||||
| Total | ||||||||
As at November 30, 2024, $
| 16. | Segmented Information |
The Company conducts its business in the acquisition, exploration and development of mineral properties as operating segments, with U.S. GoldMining being one distinct operating segment, and all other subsidiaries, or "Others" being the second operating segment. The Company operates in five principal geographical areas: Canada (country of domicile), Brazil, United States, Colombia and Peru.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
The Company's total non-current assets, total liabilities and operating loss by geographical location are detailed below:
| Total non-current assets | ||||||||
| As at November 30, | As at November 30, | |||||||
| 2024 | 2023 | |||||||
| ($) | ($) | |||||||
| Canada | ||||||||
| Colombia | ||||||||
| Brazil | ||||||||
| Peru | ||||||||
| United States | ||||||||
| Total | ||||||||
| Total operating loss | ||||||||
| For the year ended | ||||||||
| November 30, 2024 | November 30, 2023 | |||||||
| ($) | ($) | |||||||
| Canada | ||||||||
| United States | ||||||||
| Brazil | ||||||||
| Colombia | ||||||||
| Peru | ||||||||
| Total | ||||||||
The Company's total assets, liabilities, operating loss and net loss for its two operating segments, U.S. GoldMining and others are detailed below:
| Total assets | Total liabilities | |||||||||||||||
| As at November 30, | As at November 30, | As at November 30, | As at November 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| ($) | ($) | ($) | ($) | |||||||||||||
| U.S. GoldMining(1) | ||||||||||||||||
| Others(2) | ||||||||||||||||
| Total | ||||||||||||||||
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
|
| For the year ended November 30, 2024 | For the year ended November 30, 2023 | |||||||||||||||||||||||
| U.S. GoldMining(1) | Others(2) | Total | U.S. GoldMining(1) | Others(2) | Total | |||||||||||||||||||
| ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||
| Expenses | ||||||||||||||||||||||||
| Consulting fees | ||||||||||||||||||||||||
| Depreciation | ||||||||||||||||||||||||
| Directors' fees, employee salaries and benefits | ||||||||||||||||||||||||
| Exploration expenses | ||||||||||||||||||||||||
| General and administrative | ||||||||||||||||||||||||
| Professional fees | ||||||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| Share of loss on investment in associate | ||||||||||||||||||||||||
| Share of loss on investment in joint venture | ||||||||||||||||||||||||
| Impairment of exploration and evaluation assets | ||||||||||||||||||||||||
| Recovery on the receipt of mineral property option payments | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
| Operating loss | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
| Other items | ||||||||||||||||||||||||
| Dividend income | ||||||||||||||||||||||||
| Unrealized loss on long-term investments | ( | ) | ( | ) | ||||||||||||||||||||
| Loss on modification of margin loan | ( | ) | ( | ) | ||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||
| Other income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
| Financing costs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Net foreign exchange gain (loss) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
| Net loss for the year before taxes | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
| Current income tax expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
| Deferred income tax expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
| Net loss for the year before taxes | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
(1) Consists of U.S. GoldMining Inc. and its wholly owned subsidiary US GoldMining Canada Inc.
(2) Others consists of GoldMining Inc. and all of its subsidiaries, excluding U.S. GoldMining Inc. and US GoldMining Canada.
| 17. | Commitments |
Boa Vista Joint Venture Project
The Company holds an
Pursuant to the terms of a shareholder's agreement among Brazilian Gold Corp ("BGC"), a subsidiary of the Company, D'Gold Mineral Ltda. ("D'Gold"), a former joint venture partner of BVG, and Majestic D&M Holdings LLC ("Majestic"), dated January 21, 2010, as amended on May 25, 2011, June 24, 2011 and November 15, 2011, a
Pursuant to a mineral rights acquisition agreement, as amended, relating to the project, Golden Tapajós Mineração Ltda. ("GT"), a subsidiary of BVG, was required to pay in September 2018 to the counterparty thereunder. This was subsequently amended, whereby GT paid ($
In addition, GT must make a bonus payment of if GT defines NI 43-101 compliant proven and probable gold reserves in excess of gold ounces, with the payment payable within 30 days of the commencement of mine production in accordance with its terms.
| GoldMining Inc. Notes to Consolidated Financial Statements As at November 30, 2024 and 2023 (Expressed in thousands of Canadian dollars unless otherwise stated) |
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Surubim Project
Altoro Agreement– Surubim Property
Pursuant to an option agreement between the Company's subsidiary and Altoro Mineração Ltda. dated November 5, 2010, as amended on December 3, 2010 and December 14, 2012, the Company's subsidiary was granted the option to acquire certain exploration licenses for aggregate consideration of Pursuant to this agreement, a cash payment of is payable upon the National Mining Agency (Agência Nacional de Mineração or ANM) granting a mining concession over certain exploration concessions.
La Mina Project
The La Mina Gold-Copper Project hosts the La Mina concession contract and the contiguous La Garrucha concession contract. In December 2023, the Company received the fully executed resolution from the mining authority approving the integration of both concession contracts into a single concession. Surface rights over a portion of the La Garrucha concession contract are subject to a surface rights lease agreement and an option agreement. The Company completed the terms of the agreement required to lease the surface rights over a portion of the La Garrucha concession contract in December 2022.
In addition, pursuant to an option agreement entered into by the Company's subsidiary on November 18, 2016, amended April 4, 2017, November 5, 2018, July 10, 2020, September 27, 2022, May 10, 2024 and September 13, 2024, the Company's subsidiary can acquire surface rights over a portion of the La Garrucha concession by making a final payment of on or before October 15, 2025.
The following table summarizes the Company's contractual obligations (excluding commitments for long-term leases disclosed as lease liabilities) as at November 30, 2024, including payments due for each of the next five years and thereafter.
| Amount ($) | ||||
| Due within 1 year | ||||
| 1 – 3 years | ||||
| 3 – 5 years | ||||
| More than 5 years | ||||
| Total | (1) | |||
(1) Includes $
The Company's commitments related to long-term leases at the date of initial application, that do not relate to low value assets or non-lease components of operating leases, are disclosed as lease liabilities.
| 18. | Subsequent Events |
Subsequent to November 30, 2024, the Company had sales of
Subsequent to November 30, 2024, U.S. GoldMining granted