Nevada Canyon Gold Corp. Files Q1 2024 10-Q Report

TL;DR

<b>Nevada Canyon Gold Corp. has filed its Q1 2024 10-Q report, detailing its financial and operational status for the period ending March 31, 2024.</b>

AI Summary

Nevada Canyon Gold Corp. (NGLD) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Nevada Canyon Gold Corp. filed its Q1 2024 10-Q report on May 6, 2024. The company was formerly known as Tech Foundry Ventures, Inc., with a name change on April 14, 2014. Nevada Canyon Gold Corp. is incorporated in Nevada and operates in the Gold & Silver Ores industry (SIC 1040). The filing covers the period from January 1, 2024, to March 31, 2024. Key agreements mentioned include the Olinghouse Project Agreement and the Palmetto Project Agreement.

Why It Matters

For investors and stakeholders tracking Nevada Canyon Gold Corp., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational activities during the first quarter of 2024. The report includes details on agreements related to its mining projects, offering insight into its development and exploration strategies.

Risk Assessment

Risk Level: low — Nevada Canyon Gold Corp. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new financial data or material events that would indicate a high risk.

Analyst Insight

Monitor future filings for updates on project development and financial performance following the Q1 2024 reporting period.

Key Numbers

• 2024-03-31 — End of Reporting Period (10-Q filing)
• 2024-01-01 — Start of Reporting Period (10-Q filing)
• 2024-05-06 — Filing Date (10-Q filing)
• 1040 — SIC Code (Gold & Silver Ores industry)

Key Players & Entities

• Nevada Canyon Gold Corp. (company) — Filer of the 10-Q report
• Tech Foundry Ventures, Inc. (company) — Former name of Nevada Canyon Gold Corp.
• 2024-05-06 (date) — Filing date of the 10-Q report
• 2024-03-31 (date) — End of the reporting period for the 10-Q
• 2024-01-01 (date) — Beginning of the reporting period for the 10-Q
• Olinghouse Project Agreement (contract) — Mentioned agreement by Nevada Canyon Gold Corp.
• Palmetto Project Agreement (contract) — Mentioned agreement by Nevada Canyon Gold Corp.
• Tarsis Resources US Inc. (company) — Associated with a Lease Agreement

FAQ

Key Dates

• 2024-05-06: 10-Q Filing — Quarterly report for the period ending March 31, 2024
• 2024-03-31: End of Fiscal Quarter — Reporting period for the 10-Q
• 2024-01-01: Start of Fiscal Quarter — Reporting period for the 10-Q

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and operational status during the quarter.)

SIC Code

Standard Industrial Classification code used to classify industries. (Indicates Nevada Canyon Gold Corp. operates in the Gold & Silver Ores sector.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value NGLD OTC Pink Indicate
• $0.0001 — of the issuer's common stock, par value $0.0001 per share, is 25,903,343 . table of c
• $2,000 — alty payments to Tarsis be in excess of $2,000 per year, the Company will not be requi

Filing Documents

• form10q.htm (10-Q) — 581KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001493152-24-017901.txt (&nbsp;) — 3023KB
• ngld-20240331.xsd (EX-101.SCH) — 33KB
• ngld-20240331_cal.xml (EX-101.CAL) — 32KB
• ngld-20240331_def.xml (EX-101.DEF) — 96KB
• ngld-20240331_lab.xml (EX-101.LAB) — 233KB
• ngld-20240331_pre.xml (EX-101.PRE) — 165KB
• form10q_htm.xml (XML) — 378KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flow 6 Notes to the Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Conditions and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations 14 Results of Operations 16 Off-Balance Sheet Arrangements 21

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 22

— OTHER INFORMATION

PART II — OTHER INFORMATION 22

Legal Proceedings

Item 1. Legal Proceedings 22

Risk Factors

Item 1A. Risk Factors 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22

Other Information

Item 5. Other Information 22

Exhibits

Item 6. Exhibits 23

SignatureS

SignatureS 24 2 Part I – FINANCIAL INFORMATION Item 1. Financial Statements Nevada Canyon Gold Corp. Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current Assets Cash $ 9,641,035 $ 9,744,392 Prepaid expenses 417,156 541,034 Total Current Assets 10,058,191 10,285,426 Investment in equity securities 113,303 56,105 Mineral property interests 780,395 780,395 TOTAL ASSETS $ 10,951,889 $ 11,121,926 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 820,215 $ 846,307 Related party payables 460,000 460,000 Total Liabilities 1,280,215 1,306,307 Commitments and Contingencies (Note 4) - - Stockholders' Equity Preferred Stock: Authorized 10,000,000 preferred shares, $ 0.0001 par, none issued and outstanding as of March 31, 2024 and December 31, 2023 - - Common Stock: Authorized 100,000,000 common shares, $ 0.0001 par, 25,762,418 and 25,240,051 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 2,576 2,523 Additional paid-in capital 15,620,144 14,957,547 Obligation to issue shares 50,850 18,000 Accumulated deficit ( 6,001,896 ) ( 5,162,451 ) Total Stockholders' Equity (Deficit) 9,671,674 9,815,619 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,951,889 $ 11,121,926 The accompanying notes are an integral part of these condensed consolidated financial statements 3 Nevada Canyon Gold Corp. Condensed Consolidated Statements of Operations (Unaudited) 2024 2023 For the three months ended March 31, 2024 2023 Operating expenses Investor awareness marketing $ 418,275 $ 6,925 Consulting fees 124,480 55,326 Director and officer compensation 420,767 302,066 General and administrative 16,006 17,789 Professional fees 20,465 6,000 Transfer agent and filing fees 10,715 4,722 Total operating expenses 1,010,708 392,828 Other incom

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED) NOTE 1 - NATURE OF BUSINESS Nevada Canyon Gold Corp. (the "Company") was incorporated under the laws of the state of Nevada on February 27, 2014 . On July 6, 2016, the Company changed its name from Tech Foundry Ventures, Inc. to Nevada Canyon Gold Corp. On December 15, 2021, the Company incorporated two subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC. Both subsidiaries were incorporated under the laws of the state of Nevada. The Company is involved in acquiring and exploring mineral properties and royalty interests in Nevada and Idaho. Going Concern The Company's condensed consolidated financial statements are prepared using accounting principles generally accepted in the United of liabilities in the normal course of business. The Company is in the business of acquiring and exploring mineral properties and royalty interests and has not generated or realized any revenues from these business operations. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. As of March 31, 2024, the Company's management has assessed the Company's ability to continue as a going concern. Management's assessment is based on various factors, including historical and projected financial performance, liquidity, and other relevant circumstances. As of the date of these condensed consolidated financial statements, the Company has sufficient cash including escrowed cash to meet its working capital requirements and fund its exploration programs and general day-to-day operations for at least the next 12 months. This assessment takes into account the Company's current cash balances as a result of the sale of the Company's common shares under offering statement on

View Full Filing

View this 10-Q filing on SEC EDGAR