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Commitments and Contingencies | 6 Months Ended
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May 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Note 13. Commitments and Contingencies Payments Required to Maintain the Whistler Project The Company is required to make annual land payments to the Department of Natural Resources of Alaska in the amount of $224,583 in 2023 and $230,605 thereafter, to keep the Whistler Project in good standing. Additionally, we have an annual labor requirement of $106,000 for 2023 and $135,200 thereafter, for which a cash-in-lieu payment equal to the value of the annual labor requirement may be made instead. The Company has excess labor carry forwards of $273,674 expiring in 2026, of which up to $106,000 can be applied each year to the Company’s annual labor requirements. Future Commitments On November 27, 2020, GoldMining agreed to cause us to issue a 1.0% net smelter return (“NSR”) royalty on our Whistler Project to Gold Royalty Corp. (“GRC”). The Company also assigned certain buyback rights relating to an existing third party royalty on the Project such that GRC has a right to acquire a 0.75% NSR (including an area of interest) on the Project for $5,000,000 pursuant to such buyback rights. In August 2015, the Company acquired rights to the Whistler Project and associated equipment pursuant to an asset purchase agreement by and among the Company, GoldMining, Kiska Metals Corporation (“Kiska”) and Geoinformatics Alaska Exploration Inc (“Geoinformatics”). Pursuant to such agreement, the Company assumed an obligation on the Whistler Project pursuant to a royalty purchase agreement between Kiska, Geoinformatics, and MF2, LLC (“MF2”), dated December 16, 2014. This agreement granted MF2 a 2.75% NSR royalty over the Project area, and, extending outside the current claims, over an area of interest defined by certain maximum historical extent of claims held on the Project. On May 11, 2023, US GoldMining Canada Inc. entered into an office sublease agreement with Coromandel Properties Ltd. for office space in Vancouver, British Columbia with a term of 5 years, 3 months and 29 days commencing August 1, 2023 and expiring on November 29, 2028. The monthly payment pursuant to the sublease agreement is $5,330 per month. Subsequent to May 31, 2023, the Company entered into an agreement with Equity Geoscience, Ltd. for the management of an exploration program for the Whistler Project. The agreement includes an approved work order totaling $5,255,500, for the period of June 1, 2023 to February 29, 2024. Pursuant to the agreement, the Company paid $1,392,243 in June 2023 to cover fees incurred and expected to incur until July 25, 2023.

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