Xtra-Gold Resources Corp. Files Annual Report on Form 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Xtra-Gold Resources Corp. has filed its annual 20-F report for the fiscal year ending December 31, 2023, detailing its corporate structure and share information.</b>

AI Summary

XTRA-GOLD RESOURCES CORP (XTGRF) filed a Foreign Annual Report (20-F) with the SEC on April 25, 2024. Xtra-Gold Resources Corp. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company is incorporated in the British Virgin Islands. Its principal executive offices are located in Nassau, Bahamas. As of December 31, 2023, Xtra-Gold Resources Corp. had 46,201,217 common shares outstanding. The filing indicates the company is not a well-known seasoned issuer.

Why It Matters

For investors and stakeholders tracking XTRA-GOLD RESOURCES CORP, this filing contains several important signals. This filing provides a formal update on the company's status and financial reporting for the past fiscal year, which is crucial for investors and regulatory compliance. The disclosure of outstanding shares and issuer status is important for understanding the company's market capitalization and public trading profile.

Risk Assessment

Risk Level: low — XTRA-GOLD RESOURCES CORP shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain new financial performance data or significant operational updates, indicating a routine disclosure rather than a material event.

Analyst Insight

Investors should review the full 20-F filing for any detailed financial statements or management discussion and analysis that may be included in the complete document.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 46,201,217 — Outstanding Common Shares (As of December 31, 2023)
• 2024-04-25 — Filing Date (Filed as of Date)

Key Players & Entities

• XTRA-GOLD RESOURCES CORP (company) — Filer name
• 0001288770 (company) — Central Index Key
• 2024-12-04 (date) — Conformed Submission Date
• 2023-12-31 (date) — Conformed Period of Report
• 2024-04-25 (date) — Filed as of Date
• British Virgin Islands (jurisdiction) — Jurisdiction of incorporation or organization
• Nassau, Bahamas (location) — Address of principal executive offices
• 46,201,217 (dollar_amount) — Outstanding common shares as of December 31, 2023

FAQ

Industry Context

Xtra-Gold Resources Corp. operates in the Metal Mining industry, as indicated by its SIC code.

Regulatory Implications

The company is filing a Form 20-F, which is an annual report required by the U.S. Securities and Exchange Commission (SEC) for foreign private issuers.

What Investors Should Do

1. Review the full Form 20-F for detailed financial statements and operational disclosures.
2. Monitor future filings for any updates on the company's mining activities and financial performance.
3. Verify the company's listing status and trading information on relevant exchanges.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the annual 20-F filing.
• 2024-04-25: Filing Date — Date the Form 20-F was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ended December 31, 2023, and serves as a standard update to previous filings.

Key Financial Figures

• $21,511,326 — r company had an accumulated deficit of $21,511,326. It is anticipated that our company cou

Filing Documents

• form20f.htm (20-F) — 858KB
• exhibit12-1.htm (EX-12.1) — 6KB
• exhibit12-2.htm (EX-12.2) — 3KB
• exhibit13-1.htm (EX-13.1) — 6KB
• exhibit13-2.htm (EX-13.2) — 3KB
• exhibit99-1.htm (EX-99.1) — 834KB
• exhibit99-2.htm (EX-99.2) — 162KB
• exhibit99-1xz001.jpg (GRAPHIC) — 12KB
• exhibit99-1xz002.jpg (GRAPHIC) — 136KB
• exhibit99-1xz003.jpg (GRAPHIC) — 187KB
• exhibit99-1xz004.jpg (GRAPHIC) — 12KB
• exhibit99-1xz005.jpg (GRAPHIC) — 45KB
• form20fxz002.jpg (GRAPHIC) — 136KB
• form20fxz003.jpg (GRAPHIC) — 187KB
• form20fxz004.jpg (GRAPHIC) — 12KB
• form20fxz005.jpg (GRAPHIC) — 45KB
• 0001062993-24-008783.txt (&nbsp;) — 8842KB
• xtgr-20231231.xsd (EX-101.SCH) — 73KB
• xtgr-20231231_cal.xml (EX-101.CAL) — 36KB
• xtgr-20231231_def.xml (EX-101.DEF) — 179KB
• xtgr-20231231_lab.xml (EX-101.LAB) — 722KB
• xtgr-20231231_pre.xml (EX-101.PRE) — 330KB
• form20f_htm.xml (XML) — 979KB

Selected Financial Data

Selected Financial Data 7 B. Capitalization and Indebtedness 8 C. Reasons for the Offer and Use of Proceeds 8 D.

Risk Factors

Risk Factors 8 ITEM 4 INFORMATION ON XTRA-GOLD 16 A. History and Development of Xtra-Gold 16 B. Business Overview 16 C. Organizational Structure 20 D. Property, Plants and Equipment 20 ITEM 4A UNRESOLVED STAFF COMMENTS 41 ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS 41 A. Operating Results 41 B. Liquidity and Capital Resources 46 C. Research and Development, Patents and Licenses 48 D. Trend Information 48 E. Off-Balance Sheet Arrangements 48 F. Tabular Disclosure of Contractual Obligations 49 G. Safe Harbor 49 ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 50 A. Directors and Senior Management 50 B. Compensation 53 C. Board Practices 55 D. Employees 58 E. Share Ownership 58 ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 61 A. Major Shareholders 61 B. Related Party Transactions 62 C. Interests of Experts and Counsel 62 ITEM 8 FINANCIAL INFORMATION 62 A. Consolidated Statements and Other Financial Information 62 B. Significant Changes 63 ITEM 9 THE OFFERING AND LISTING 63 A. Offer and Listing Details 63 B. Plan of Distribution 64 C. Markets 64 D.

Dilution

Dilution 65 E. Expenses of the Issue 65 ITEM 10 ADDITIONAL INFORMATION 65 A. Share Capital 65 B. Memorandum and Articles of Association 65 C. Material Contracts 65 D. Exchange Controls 65 E. Taxation 65 F. Dividends and Paying Agents 71 G. 71 H. Documents on Display 72 I. Subsidiary Information 72 - 3 - ITEM 11

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 72 ITEM 12

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 72 PART II ITEM 13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 72 ITEM 14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDER S AND USE OF PROCEEDS 72 ITEM 15

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 72 A. Disclosure Controls and Procedures 72 B. Management's Annual Report on Internal Control over Financial Reporting 72 C. Attestation Report on of the Registered Public Accounting Firm 73 D. Changes in Internal Control over Financial Reporting 73 ITEM 16 [RESERVED] 73 A. Audit Committee Financial Expert 73 B. Code of Ethics 73 C. Principal Accountant Fees and Services 74 D. Exemptions from the Listing Standards for Audit Committees 74 E. Purchase of Equity Securities by the Issuer and Affiliated Purchasers 74 F. Change in Registrant's Certifying Accountant 76 G. Corporate Governance 77 H. Mine Safety Disclosure 78 PART III 79 ITEM 17

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 79 ITEM 18 F INANCIAL STATEMENTS 79 ITEM 19 EXHIBITS 79

SIGNATURES

SIGNATURES 80 - 4 - GENERAL MATTERS Use of Names In this annual report filed on Form 20-F, the terms "Xtra-Gold", "Company", "we", and "our" refers to Xtra-Gold Resources Corp., a British Virgin Islands company, and our wholly-owned subsidiaries, Xtra-Gold Exploration Limited and Xtra Oil & Gas (Ghana) Limited and our 90% owned subsidiary, Xtra-Gold Mining Limited. Currency Unless otherwise specified, all dollar amounts in this annual report are expressed in United States dollars. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This annual report, including all exhibits hereto, contains forward-looking statements and forward-looking information. Forward-looking statements are with reference to our financial condition, results of operations, business prospects, plans, objectives, goals, strategies, future events, capital expenditure, and exploration and development efforts. Words such as "anticipates", "expects", "intends", "plans", "forecasts", "projects", "budgets", "believes", "seeks", "estimates", "could", "might", "should", and similar expressions identify forward-looking statements. Although we believe that our plans, intentions and expectations reflected in these forward-looking statements are reasonable, we cannot be certain that these plans, intentions or expectations will be achieved. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements. These statements include comments regarding the establishment and estimates of mineral reserves and mineral resources, production, production commencement dates, productions costs, cash operating costs per ounce, total cash costs per ounce, grade, processing capacity, potential mine life, feasibility studies, development costs, capital and operating expenditures, exploration, the closing of certain transactions including acquisitions and offerings. All statements, other than statements of historical fact

Identity of Directors, Senior Management and Advisors

Item 1 Identity of Directors, Senior Management and Advisors This Form 20-F is being filed as an annual report under the Securities Exchange Act of 1934 and, as such, there is no requirement to provide any information under this item.

Offer Statistics and Expected Timetable

Item 2 Offer Statistics and Expected Timetable This Form 20-F is being filed as an annual report under the Securities Exchange Act of 1934 and, as such, there is no requirement to provide any information under this item.

Key Information

Item 3 Key Information A. Selected Financial Data The following financial information has been extracted from our consolidated financial statements for the years indicated and is expressed in United States dollars. Our consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ( "U.S. GAAP" ). The historical data included below and elsewhere in this annual report is not necessarily indicative of our future performance. The financial information should be read in conjunction with our consolidated financial statements and related notes included in this annual report and "Item 5. Operating and Financial Review and Prospects - A. Operating Results and B. Liquidity and Capital Resources" of this annual report. In this annual report, all currency refers to United States Dollars (US$) unless indicated otherwise. The following table summarizes information relating to the operations of Xtra-Gold for the last five fiscal years ended December 31. For the Year Ended December 31 2023 2022 2021 2020 2019 $ $ $ $ $ Operating revenues Nil Nil Nil Nil Nil Consolidated pre tax income for the year 876,539 1,564,849 2,045,713 2,297,023 2,388,347 Net gain attributable to non-controlling interest (180,652) (133,082) (121,545) (141,782) (140,390) Income tax (861,815) (800,000) (1,088,192) (294,992) Nil Net income (loss) Xtra-Gold Resources Corp. (165,928) 631,767 835,976 1,860,249 2,247,957 Basic and diluted income (loss) attributable to common shareholders per common share 0.00 0.01 0.02 0.04 0.05 Total current assets 10,286,645 10,178,896 9,127,160 7,739,823 5,438,857 Total assets 11,860,586 11,881,013 10,758,031 9,340,942 6,875,325 Total current liabilities 1,519,103 1,406,679 1,122,483 426,819 443,540 Total liabilities 1,519,103 1,406,679 1,122,483 426,819 443,540 Working capital 8,767,542 8,772,217 8,004,677 7,313,004 4,995,317 Cap

View Full Filing

View this 20-F filing on SEC EDGAR