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Exploration and Evaluation Assets | 12 Months Ended
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Nov. 30, 2023
Exploration And Evaluation Assets |
Exploration and Evaluation Assets | Note 8: Exploration and Evaluation Assets Exploration and evaluation assets for our Whistler Project consist of the following: Schedule of Exploration and Evaluation Assets
|  | November 30, 2023 |  |  | November 30, 2022 |
Balance, beginning of year |  | $ | - |  |  | $ | 417,123 |
Settlement of Funding Commitment |  |  | - |  |  |  | (417,123 | )
Change in ARO estimate |  |  | 31,392 |  |  |  | - |
Balance, end of year |  | $ | 31,392 |  |  | $ | - |
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 Whistler Project such that GRC has right to acquire a 0.75% NSR (including an area of interest) on the Whistler Project for $5,000,000 pursuant to such buyback rights. Due to this transaction and our agreements with GoldMining, GoldMining received shares of GRC with a fair value of $2,570,700, and in turn GoldMining agreed to provide $2,570,700 (the “Funding Commitment”) to the Company for future qualifying expenditures under a funding agreement in consideration for us issuing the royalty to GRC. On September 26, 2022 we agreed to fully settle the outstanding Funding Commitment of $2,254,486 against certain amounts previously advanced by GoldMining to us in the amount of $1,158,143 and a promissory note issued by us in the amount of $1,096,343 in connection with a return of capital of $1,096,343 declared by us in September 2022 to GoldMining. As a result, the exploration and evaluation asset was reduced to $nil and the remaining amount of the Funding Commitment in the amount of $1,837,163 was recorded to additional paid-in capital. U.S. GOLDMINING INC. (formerly BRI Alaska Corp.) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in U.S. Dollars) During the year ended November 30, 2023, exploration and evaluation assets increased $31,392 due to the change in ARO estimate (Note 10). The following table presents costs incurred for exploration activities at the Whistler Project for the year ended November 30, 2023 and 2022: Schedule of Exploration and Evaluation Expenses
|  | 2023 |  |  | 2022 |
|  | Year ended November 30, |
|  | 2023 |  |  | 2022 |
Drilling |  | $ | 1,694,952 |  |  | $ | - |
Consulting fees |  |  | 1,499,000 |  |  |  | 256,275 |
Land fee, camp maintenance expenses |  |  | 945,751 |  |  |  | 254,910 |
Transportation and travel |  |  | 547,942 |  |  |  | 29,887 |
Other exploration expenses |  |  | 366,855 |  |  |  | 2,250 |
Total |  | $ | 5,054,500 |  |  | $ | 543,322 |

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