10-K

U. S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

 X . ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2017

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to _____________

Commission File Number: 000-52413

Mexus Gold US

(Name of small business issuer as specified in its charter)

Nevada	20-4092640
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1805 N. Carson Street, Suite 150 Carson City, NV 89701 ________________________________________________________________________ (Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code:

(916) 776-2166

Securities registered pursuant to Section 12(b) of the Act:

None

Securities registered pursuant to Section 12(g) of the Act:

common stock, $.001par value

___________________

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes . No  X .

Indicate by check mark whether the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes . No  X .

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  X  No .

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  X No .

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment of this Form 10-K. Yes .No.

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act.

Large accelerated filer	.	Accelerated filer	.
Non-accelerated filer	. (Do not check if a smaller reporting company)	Smaller reporting company	X .
Emerging Growth Company	.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. .

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes . No  X  .

The aggregate market value of the voting and non-voting common equity held by non-affiliates on September 30, 2016, based upon the $0.0747 per share closing price for our common stock on the OTC Bulletin Board was approximately $38,209,684.

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Indicate by check mark whether the registrant filed all documents and reports required to be filed by Section 12, 13, or 15(d) of the Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes . No .

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of July 10, 2017, there were 672,578,335 shares of our common stock were issued and outstanding.

DOCUMENTS INCORPORATE BY REFERENCE

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to securities holders for fiscal year ended December 24, 1980).

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PART I

Item 1. Business

Cautionary Statement Concerning Forward-Looking Statements

The following discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and related notes included in this report. This report contains “forward-looking statements.” The statements contained in this report that are not historic in nature, particularly those that utilize terminology such as “may,” “will,” “should,” “expects,” “anticipates,” “estimates,” “believes,” or “plans” or comparable terminology are forward-looking statements based on current expectations and assumptions.

Various risks and uncertainties could cause actual results to differ materially from those expressed in forward-looking statements. Factors that could cause actual results to differ from expectations include, but are not limited to, those set forth under the section “Risk Factors” set forth in this report.

The forward-looking events discussed in this report, the documents to which we refer you and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. For these statements, we claim the protection of the “bespeaks caution” doctrine. All forward-looking statements in this document are based on information currently available to us as of the date of this report, and we assume no obligation to update any forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

The Company

Mexus Gold US is an exploration stage mining company engaged in the evaluation, acquisition, exploration and advancement of gold, silver and copper projects in the State of Sonora, Mexico. Mexus Gold US is dedicated to protect the environment and provide employment and education opportunities for the communities that it operates in.

Our President and CEO, Paul Thompson, brings over 45 years’ experience in mining and mining development to Mexus Gold US. Mr. Thompson is currently recruiting additional management personnel for its Mexico and Nevada mining operations.

Our executive offices are located at, 1805 N. Carson Street, #150, Carson City, Nevada 89701. Our telephone number is (916) 776 2166.

We were originally incorporated under the laws of the State of Colorado on June 22, 1990, as U.S.A. Connection, Inc. On September 18, 2009, we changed our domicile to Nevada and changed our name to Mexus Gold US to better reflect our new business operations. Our fiscal year end is March 31^st.

Description of the Business of Mexus Gold US

Mexus Gold US is engaged in the evaluation, acquisition, exploration and advancement of gold exploration and development projects in the United Mexican States, as well as, the salvage of precious metals from identifiable sources. Our main activities in the near future will be comprised of our mining operations in Mexico. Our mining opportunities located in the State of Sonora, Mexico will provide us with projects to recover gold, silver, copper and other precious metals.

In addition, our management will look for opportunities to improve the value of the gold projects that we own or may acquire knowledge of or may acquire control through exploration drilling, introduction of technological innovations or acquisition with the goal of developing those properties into operating mines. We expect that emphasis on gold project acquisition and development will continue in the future.

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Business Strategy

Our business plan was developed with the overriding goal of maximizing shareholder value through the exploration and development of our mineral properties, utilizing the extensive mining-related background and capabilities of our management consultants and advisors. To achieve this goal, our business plan focuses on the following prospective areas:

Mining Operations

We classify our mineral properties into three categories: “Development Properties”, “Advanced Exploration Properties”, and “Other Exploration Properties”. Development Properties are properties where a decision to develop the property into a producing mine has been made. Advanced Exploration Properties are those properties where we retain a significant ownership interest or joint venture and where there has been sufficient drilling and analysis to identify and report proven and probable reserves or other mineralized material. We currently do not have a Development Property or Advanced Exploration Property. Other Exploration Properties are those that do not fall into the other categories. Please see below for information about our Other Exploration Properties.

Effective March 31, 2011, we acquired Mexus Gold S.A. de C.V. (our wholly owned subsidiary) and began funding mining operations in Mexico. We have instituted a small placer processing operation to evaluate various areas of interest within the project lands.

Material Mining Properties

Santa Elena Prospect, (formerly known as the Caborca Project)

Our Santa Elena Prospect is comprised of early-stage exploration, including limited production operations, on the concessions. Under the terms of the concession agreement we also will acquire the associated surface. This concession is situated in the State of Sonora, Mexico.

Non-Material Mining Properties

Ures Property Prospects

The Ures Prospects, also situated in the State of Sonora, Mexico are the 370 Prospect, San Ramon Prospect, La Platosa Prospect, Edgar Prospect, Edgar II Prospect, Los Lareles Prospect, El Scorpio Prospect, and Ocho Hermanos Prospect. All of the Ures Prospects are early-stage exploration.

San Felix Mine Project (formerly known as the Mexus-Trinidad Joint Venture)

In March, 2014, we sold our 50% interest in the Joint Venture to Atzek Mineral S.A. de C.V. Under the terms of the instrument covering the sale of our interest to Atzek Mineral S.A. de C.V., the purchaser is now considered in default.

Effective January 13, 2017, our wholly owned subsidiary, Mexus Gold Mining, S.A. de C.V., entered into a purchase agreement with Jesus Leopoldo Felix Mazon, Leonardo Elias Jaime Perez, and Elia Lizardi Perez, wherein we purchased a 50% interest in the “San Felix” mining site located in the La Alameda area of Caborca, State of Sonora, Mexico. The remaining 50% of the site is owned jointly by Mar Mar Holdings S.A. de C.V. and Marco Antonio Martinez Mora. The San Felix mining site contains seven (7) concessions over an area of approximately 26,000 acres.

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Other Operations

Cable Salvage Operation

The Company completed the first phase of its Cable Recovery Project in Alaskan waters. The cable which was recovered was smaller diameter cable which was excellent for testing the recovery equipment and vessels. The Company evaluated the project and plans to conduct exploration activities in an attempt to identify larger cable. Presently a mapping project of the large cable is being conducted with further testing of recovering this large diameter cable scheduled soon thereafter. Should those activities identify any cable suitable for salvage operations, the Company would determine the proper title and ownership, if any, of the cable and once such title is determined act accordingly as to whether or not a recovery operation is economically feasible.

At March 31, 2017, the Company ceased cable salvage operations in order to fully concentrate on Mexico operations.

Mergers and Acquisitions

We will routinely review merger and acquisition opportunities. An appropriate merger and acquisition opportunity must be accretive to the overall value of Mexus Gold US. Our primary focus will be on those opportunities involving precious metal production or near-term production with a secondary focus on other resource-based opportunities. Potential acquisition targets would include private and public companies or individual properties. Although our preference would be for candidates located in the United States and Mexico. Mexus Gold US will consider opportunities located in other countries where the geopolitical risk is acceptable.

Description of Mining Projects

The following properties are located in Mexico and owned by Mexus Gold S.A. de C.V., our wholly owned subsidiary:

Santa Elena Prospects (formerly known as the Caborca Project)

The Company executed a revised Mineral Mining and Purchase Agreement, dated December 3, 2015, with the Concession Owners covering 2,225 acres located in the State of Sonora, Mexico. The Agreement is for a term of 25 years and specifies a purchase privilege, at the discretion of the Company, for all concessions in the amount of $2,000,000 absent the exercise of the purchase privilege a royalty of 40% for lode deposits and 25% for placer deposits and is credited to the purchase price. The Agreement specifies a delayed monthly royalty in the amount of $1,000 and the payment of the semi-annual concession tax.

Santa Elena Concessions
No	CONCESSION NAME	TITLE NO	AREA HECTARE	DATE ISSUED	END DATE
1	MARTHA ELENA	221447	339.3811	10/2/2004	9/2/2054
2	JULIO II	221448	59.0401	10/2/2004	9/2/2054
3	JULIO III	231609	99.6381	3/25/2008	3/24/2058
4	JULIO IV	231610	99.9687	3/25/2008	3/24/2058
5	JULIO V	231611	100	3/25/2008	3/24/2058
6	JULIO VI	231612	100	3/25/2008	3/24/2058
7	JULIO VII	231613	100	3/25/2008	3/24/2058
	Total Hectares		898.028
	Total Acres		2,219.0755

The Company has conducted geological evaluation of the Santa Elena Prospects comprised of expanding the existing placer facility for the purpose of mineral evaluation, physical geological evaluations including the drilling of reverse circulation and core holes. Situated on the prospect area are caterpillars, haul trucks, maintenance trucks, power generators, pumps, tractor blade, truck mounted winch, water handling supplies and maintenance trailer with supplies. The prospect area is accessed from a state highway on existing roads. There is access to well water which is available for the current and future operations.

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On January 5, 2011, Mexus Gold Mining S.A. de C.V. entered into a Purchase Agreement to purchase the Santa Elena Prospect, formerly known as the Caborca Project. The Santa Elena Prospect consists of 7,400 acres (3,000 hectares) about 50 kilometers northwest of the City of Caborca, Sonora State, Mexico. The Caborca Project lies on claims filed by the owners of the Santa Elena Ranch, which controls the surface rights over the project claims. The claims lie near 112^o 25' W, 31^o 7.5" N. These claims were visited near the end of January, 2011. On or about July 11, 2011, we acquired five additional claims surrounding the Santa Elena Prospect consisting of approximately 1,000 additional acres.

We have been unable to locate geologic maps of the area from the Government Geological Survey. However, pursuant to our investigation of the project, the claims were found to be underlain by an igneous complex. The rocks observed included many types of granitic rocks, exhibiting porphyrytic textures, gneissic and equigrannular textures. Quartz was variable. At times quartz "eyes" were observed, that is porphyrytic quartz which many workers consider to be indicative of a porphyry environment. In other localities, no quartz was evident. When no quartz was present, the rock was equigrannular. Quartz veining was evident throughout the claim group. A mine was developed along a major quartz vein, called the Julio 2 Mine with the vein being called the Julio Vein.

There are multiple exploration targets on the Santa Elena Prospect. The two most important are the quartz stockwork zone and the Julio vein system. The first target will be the quartz stockwork zone area. A drilling program has been conducted and a limited mining production operation is scheduled to test this area.

Access to the Santa Elena prospect is via dirt road approximately two miles west of paved highway Mexico 1 and approximately 34 miles northwest of the town of Caborca, Sonora, Mexico.

FIGURE 1 – SANTA ELENA PROJECT LOCATION MAP

[Please see Exhibit 99.1]

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Exhibit 99.1 – PRELIMINARY REPORT AND FIRST STAGE MAPPING

Ures Property Prospects, being comprised of the following projects:

Ocho Hermanos – Guadalupe de Ures Project

The Guadalupe de Ures Project is accessed from Hermosillo by driving via good paved road for 60 kilometers to the town of Guadalupe de Ures and then for 15 kilometers over dirt roads to the prospects. A base camp has been established near the town of Guadalupe de Ures using mainly trailers for accommodation, workshops and kitchen facilities.

FIGURE 2 - GUADALUPE DE URES PROJECT LOCATION MAP

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The Ocho Hermanos Project (also called the Guadalupe de Ures Project) consists of the “Ocho Hermanos” and "San Ramon" claims which are covered by the Sales and Production Contract dated the 4^th day of July, 2009 between “Minerales Ruta Dorado de RL de CV” (seller) and “Mexus Gold Mining S.A. de C.V.”, a wholly owned subsidiary of Mexus Gold US (buyer). The Ocho Hermanos Claim consists of 34.9940 hectares (1 acre = 0.4047 hectares) or 86.4690 acres while the San Ramon Claim consists of 80 hectares (197.6773 acres).(Figure 4).

The term of the agreement is 5 years. During the term Mexus must pay 40% of the net revenue received for minerals produced to the seller. At the conclusion of the 5 years, the lease can be purchased for USD 50,000. The agreement has expired July 4, 2014 and the Company is currently in negotiations to extend the agreement.

Minerales Ruta Dorado de RL de CV is a duly constituted Mexican Company and as such can hold mining claims in Mexico.

FIGURE 3 - OCHO HERMANOS PROJECT AREA CLAIM MAP

We did not perform any systematic sampling or any systematic drilling and because of this did not set up a formal QA/QC program. All of the samples were submitted to Certified Laboratories (ALS - Chemex in Hermosillo or American Assay in Reno, Nevada) which insert their own QA/QC samples/duplicates. Also the laboratories run duplicates and blanks from each batch fired. The sequence of events so far are the following:

We located a previously mined area with interesting values – Ocho Hermanos. Mexus began to submit characterization samples to the above noted assay laboratories, in order to determine the range of Au - Ag values present. Mexus then began an investigation into recovery options by using material taken from the areas with the better values.

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The above work was completed before any systematic exploration was done because if no recovery method could be found relatively quickly, the project would move more slowly because of the lead time involved. Mexus began work on an Environmental Impact Statement for the likely operational area (a total of 4 hectares to begin). In order to complete the EIS, figures for estimated tonnages were submitted to cover the hoped for volume. To date, no suitable recovery method was found due primarily to the partial oxidation of the principally sulfide deposit.

The Environmental Permits run for 35 years so there is time for further investigation.

The main geologic feature of this project area is an apparent “manto” sulfide zone composed primarily of galena with some pyrite, arsenopyrite and possibly phyrrotite. Above this zone there is an oxide zone composed of iron and lead oxides. The sulfides themselves are partially oxidized. Reconnaissance and characterization samples taken indicated sporadically high gold and silver values. The deposit occurs in shallow water sediments (principally quartzites, with some limestone and shales) and can be best characterized as a skarn type deposit due to the presence of intrusive rocks within 1 kilometer.

Given the complex nature of the sulfide deposit and the partial oxidization of the material (indicated by the presence of yellow colored lead oxides), a satisfactory recovery method has not yet been found. Consequently, at this time, no further systematic work beyond the initial reconnaissance and characterization sampling has been completed. The entire project was essentially put on hold until a suitable recovery method is found, which is a continuing effort and at this time is being pursued by member of the faculty at the University of Sonora in Hermosillo. The faculty member teaches metallurgy and assay practices at the University. After a suitable recovery method has been identified, the process will need to be confirmed by a certified metallurgical testing laboratory.

The Environmental Permits detail all of the affected flora and fauna. The land is presently used for cattle grazing and the surface rights are owned by the community of Guadelupe de Ures. An agreement is in place with Mexus Gold Mining S.A. de C.V. for surface access and disturbance. The Environmental Permit concludes that no permanent damage or degradation of the present land use will result from the intended activity on the lands. At present, the Environmental Permits cover a total of 4 hectares - 3 hectares cover the initial site of the mineral as presently understood and 1 hectare is permitted for the erection of a suitable extraction plant.

No known contamination from past mining activities was found or is known to locals. The historic workings consisted of a few shallow adits and pits. In the course of obtaining the Environmental Permission the permit stipulated that properly lined ponds etc. must be used to prevent any potential surface or ground water contamination from any proposed activities.

Only separation is proposed to be conducted on site if found to be possible, while final metal recovery will be conducted at a properly licensed and certified metal refining facility. Current efforts to find suitable recovery methods are being conducted off site in a University laboratory. Up sizing the process, if found, will be completed by a licensed, certified metallurgical laboratory.

Figures of the proposed permitted sites are attached. These were extracted from the environmental permit Application.

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FIGURE 4- MICROLOCALIZACION PROYECTO “URES MINING DISTRICT”

FIGURE 5 – LOCALIZACION DE AREAS DE EXTRACCION

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FIGURE 6 - PLANTA DE BENEFICIO AREA DE EXTRACCION

370 Area Project

This zone is composed of a sedimentary sequence (limestone, quartzite, shale) intruded by dacite and diorite as well as rhyolite. The dacite exhibits argillic alterations as well as silicification (quartz veins). The entire area is well oxidized on the surface. This is an area of classic disseminated low grade gold and silver mineralization. Surface grab sample assays show 0.14 grams per ton to as high as 29.490 grams per ton gold. This area is an important area for potentially defining an open pit heap leach project.

El Scorpion Project Area

This area has several shear zones and veins which show copper and gold mineralization. Recent assays of an 84’ drill hole shows 1.750% per ton to .750% per ton of copper and 3.971 grams per ton to 0.072 grams per ton of gold. Another assay of rock sample from the area shows greater than 4.690% per ton copper. This land form distribution appears to be synonymous to the ideal porphyry deposit at Baja La Alumbrera, Argentina.

Los Laureles

Los Laureles is a vein type deposit mainly gold with some silver and copper. Recent assays from grab samples show gold values of 67.730 grams per ton gold, 38.4 grams per ton silver, 2,800 grams per ton copper.

As of the date of this Report, we have opened up old workings at the Los Laureles claim and have discovered a gold carrying vein running north and south into the mountain to the south.

The San Felix Mine Project

The San Felix mining site contains seven (7) concessions over an area of approximately 26,000 acres located in the La Alameda area of Caborca, Sonora, Mexico

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FIGURE 7- SAN FELIX MINE PROJECT LOCATION MAP

Employees

We have no employees at this time in the United States and Mexico. Consultants with specific skills are utilized to assist with various aspects of the requirements of activities such as project evaluation, property management, due diligence, acquisition initiatives, corporate governance and property management. If we complete our planned activation of the operations of the Mexican mining properties, our total workforce will be approximately 20 persons. Mr. Paul D. Thompson is our sole officer and director.

Competition

We compete with other mining companies in connection with the acquisition of gold properties. There is competition for the limited number of gold acquisition opportunities, some of which is with companies having substantially greater financial resources than Mexus Gold US. As a result, Mexus Gold US may have difficulty acquiring attractive gold projects at reasonable prices.

Management of Mexus Gold US believes that no single company has sufficient market power to affect the price or supply of gold in the world market.

Legal Proceedings

There are no legal proceedings to which Mexus Gold US or Mexus Gold S.A. de C.V. is a party or of which any of our properties are the subject thereof.

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Property Interests, Mining Claims and Risk

Property Interests and Mining Claims

Our exploration activities and operations in Mexico are subject to the rules and regulations of the United Mexican States. The Ministry (Secretariat) of Mining is the Federal Mexican Government ministry charged with controlling all mining matters. A concession is granted on the acceptance of an application which identifies the specific minerals to be mined and description of the exact location of the lands to be mined. The concession is subject to a semiannual tax to continue the concession in good standing. Usually, our arrangements with a concessionaire describe specific period payments to be concessionaire and a royalty on the minerals recovered from mining operations. Where prospective mineral properties are identified by the Company, some type of conveyance of the mining rights and property acquisition agreement is necessary in order for us to explore or develop such property. Generally, these agreements take the form of long term mineral leases under which we acquire the right to explore and develop the property in exchange for periodic cash payments during the exploration and development phase and a royalty, usually expressed as a percentage of gross production or net profits derived from the leased properties if and when mines on the properties are brought into production. Other forms of acquisition agreements are exploration agreements coupled with options to purchase and joint venture agreements.

Reclamation

We may be required to mitigate long-term environmental impacts by stabilizing, contouring, re-sloping and re-vegetating various portions of a site after mining and mineral processing operations are completed. These reclamation efforts will be conducted in accordance with detailed plans, which must be reviewed and approved by the appropriate regulatory agencies.

While the Company, as of March 31, 2017, does not have a legal obligation associated with the disposal of certain chemicals used in its leaching process, the Company estimates it will incur costs up to $50,000 to neutralize those chemicals at the close of the leaching pond.

Risk

Our success depends on our ability to recover precious metals, process them, and successfully sell them for more than the cost of production. The success of this process depends on the market prices of metals in relation to our costs of production. We may not always be able to generate a profit on the sale of gold or other minerals because we can only maintain a level of control over our costs and have no ability to control the market prices. The total cash costs of production at any location are frequently subject to great variation from year to year as a result of a number of factors, such as the changing composition of ore grade or mineralized material production, and metallurgy and exploration activities in response to the physical shape and location of the ore body or deposit. In addition costs are affected by the price of commodities, such as fuel and electricity. Such commodities are at times subject to volatile price movements, including increases that could make production at certain operations less profitable. A material increase in production costs or a decrease in the price of gold or other minerals could adversely affect our ability to earn a profit on the sale of gold or other minerals. Our success depends on our ability to produce sufficient quantities of precious metals to recover our investment and operating costs.

Distribution Methods of the Products

The end product of our operations will usually be doré bars. Doré is an alloy consisting of gold, silver and other precious metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% pure gold. Under the terms of refining agreements we expect to execute, the doré bars are refined for a fee and our share of the refined gold, silver and other metals are credited to our account or delivered to our buyers who will then use the refined metals for fabrication or held for investment purposes.

General Market

The general market for gold has two principal categories, being fabrication and investment. Fabricated gold has a variety of end uses, including jewelry, electronics, dentistry, industrial and decorative uses, medals, medallions and official coins. Gold investors buy gold bullion, official coins and jewelry. The supply of gold consists of a combination of current production from mining and the draw-down of existing stocks of gold held by governments, financial institutions, industrial organizations and private individuals.

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Patents, trademarks, licenses, franchises, concessions, royalty agreements, or labor contracts, including duration;

We do not have any designs or equipment which is copyrighted, trademarked or patented.

Effect of existing or probable governmental regulations on the business

Government Regulation

Mining operations and exploration activities in Mexico are subject to the Ministry of Mining federal laws and regulations which govern prospecting, development, mining, production, exports, taxes, labor standards, occupational health, waste disposal, protection of the environment, mine safety, hazardous substances and other matters. We have obtained or have pending applications for those licenses, permits or other authorizations currently required to conduct our exploration and other programs. We believe that Mexus Gold US is in compliance in all material respects with applicable mining, health, safety and environmental statutes and the regulations passed thereunder any jurisdiction in which we will operate. We are not aware of any current orders or directions relating to Mexus Gold US with respect to the foregoing laws and regulations.

Environmental Regulation

Our gold projects are subject to various Mexican federal laws and regulations governing protection of the environment. These laws are continually changing and, in general, are becoming more restrictive. It is our policy to conduct business in a way that safeguards public health and the environment. We believe that the actions and operations of Mexus Gold US will be conducted in material compliance with applicable laws and regulations. Changes to current Mexican federal laws and regulations where we operate currently, or in jurisdictions where we may operate in the future, could require additional capital expenditures and increased operating and/or reclamation costs. Although we are unable to predict what additional legislation, if any, might be proposed or enacted, additional regulatory requirements could impact the economics of our projects.

Research and Development

We do not foresee any immediate future research and development costs.

Costs and effects of compliance with environmental laws

Our gold projects are subject to various federal and state laws and regulations governing protection of the environment. These laws are continually changing and, in general, are becoming more restrictive. It is our policy to conduct business in a way that safeguards public health and the environment. We believe that our operations are and will be conducted in material compliance with applicable laws and regulations. The economics of our current projects consider the costs and expenses associated with our compliance policy.

Changes to current state or federal laws and regulations in Mexico, where we operate currently, or in jurisdictions where we may operate in the future, could require additional capital expenditures and increased operating and/or reclamation costs. Although we are unable to predict what additional legislation, if any, might be proposed or enacted, additional regulatory requirements could impact the economics of our projects.

Item 1A. Risk Factors

As a smaller reporting company, we are not required to provide the information required by this Item number.

Item 1B. Unresolved Staff Comments.

None

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Item 2. Properties

Real Property

At present, we do not own any property. Our business office is located at 13601 East River Road, Sacramento, CA 95690, in a leased facility where we have local access to all commercial freight systems. The current retail facility is approximately 5,000 square feet of building and one acre of concrete padded yard. This facility contains our administrative and sales as well as our manufacturing facility. The current lease runs until May 31, 2016, for rent of $3,800 per month. Starting June 1, 2016 the lease is month to month. The Company is currently in negotiations to renew the lease.

Item 3. Legal Proceedings

We are not a party to any legal proceedings responsive to this Item number.

Item 4. Mining Safety Disclosures

As a smaller reporting company, we are not required to provide the information required by this Item number.

PART II

Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market information

Our common stock has been quoted on the Over-The-Counter Bulletin Board since on or about March 2009, under the symbol “MXSG.” The stock currently trades on the OTCMarkets trading system under the symbol "MXSG." The following table sets forth the high and low bid prices for our common stock for each quarter during the last two fiscal years, so far as information is reported, as quoted on the Over-the-Counter Bulletin Board. These quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.

	High $	Low $
For the Fiscal Year Ended March 31, 2017
Fourth Quarter ended March 31, 2017	0.15	0.092
Third Quarter ended December 31, 2016	0.2078	0.065
Second Quarter ended September 30, 2016	0.08	0.0449
First Quarter ended June 30, 2016	0.0616	0.025
For the Fiscal Year Ended March 31, 2016
Fourth Quarter ended March 31, 2016	0.03	0.009
Third Quarter ended December 31, 2015	0.02	0.009
Second Quarter ended September 30, 2015	0.03	0.01
First Quarter ended June 30, 2015	0.02	0.01

As of July 10, 2017, we had 672,578,335 shares of our common stock issued and outstanding, of which 329,691,103 shares were restricted. The closing price of our common stock on July 10, 2017, was $0.0574.

Holders

At of the date of this report, we have approximately 296 holders of record of our common stock.

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Dividends

We have not declared any cash dividends on any class of our securities and we do not have any restrictions that currently limit, or are likely to limit, our ability to pay dividends now or in the future.

Securities authorized for issuance under equity compensation plans

On August 11, 2016, our Board adopted the Mexus Gold US 2016 Stock Incentive Plan. The total number of shares of stock which may be purchased or granted directly by Options, Stock Awards or Restricted Stock Purchase Offers, or purchased indirectly through exercise of Options granted under the plan shall not exceed thirty million (30,000,000).

Item 6. Selected Financial Data.

As a smaller reporting company, we are not required to provide the information required by this item.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Critical Accounting Policies

Equipment under Construction

Equipment under construction comprises mining equipment that is currently being fabricated and modified by the Company and is not presently in use. Equipment under construction totaled $73,456 and $17,018 as of March 31, 2017 and 2016, respectively. Equipment under construction at March 31, 2017 comprises Gold Recovery Cyanide Plant, Hydraulic Drum 12YD, Skid Mounted Mill and Survey Winch Marine.

Mineral Property Rights

Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs would be based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

Long-Lived Assets

In accordance with ASC 360, Property Plant and Equipment the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

16

Asset Retirement Obligations

In accordance with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a liability for an asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The associated asset retirement costs are supposed to be capitalized as part of the carrying amount of the related mineral properties. As of March 31, 2017 and 2016, the Company has not recorded AROs associated with legal obligations to retire any of the Company’s mineral properties as the settlement dates are not presently determinable.

Revenue Recognition

The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured.

Accounting for Derivative Instruments

Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. A change in the market value of the financial instrument is recognized as a gain or loss in results of operations in the period of change.

Stock-based compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.

ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505.

Results of Operations

The following management’s discussion and analysis of operating results and financial condition of Mexus Gold US is for the years ended March 31, 2017 and 2016. All amounts herein are in U.S. dollars.

Year Ended March 31, 2017 Compared with the Year Ended March 31, 2016

Results of Operations

The following management’s discussion and analysis of operating results and financial condition of Mexus Gold US is for the years ended March 31, 2017 and 2016. All amounts herein are in U.S. dollars.

Year Ended March 31, 2017 Compared with the Year Ended March 31, 2016

We had a net loss during the year ended March 31, 2017 of $3,806,697 compared to a net loss of $2,177,577 during the same period in 2016. The increase in net loss is primarily attributable to (i) a decrease in revenue of $104,179 (ii) an increase in stock-based expenses – consulting services of $1,255,759 (iii) increase in loss of settlement of debt and accounts payable of $308,727 and (iv) a decrease in gain on settlement of warrant liabilities of $303,857. The decrease in the gain on derivative liabilities is due the settlement of convertible promissory notes for shares of common stock of the Company during fiscal 2016. The increase in the net loss is partially offset by (i) an increase in gain on sale of equipment of $147,475 (ii) a decrease of write down of equipment held for sale of $96,827 and (iii) decrease in interest expense of $363,951.

17

Revenue

For the year ended March 31, 2017, we had revenues of $0 compared to $104,179 for the year ended March 31, 2016. Revenue in 2016 is primarily due to $75,000 of cash deposit received for an option agreement which expired.

Operating Expenses

Total operating expenses increased to $3,256,262 during year ended March 31, 2017, compared to $1,750,090 for the year ended March 31, 2016. The increase in operating expenses was primarily due to increases in exploration, stock-based expense – consulting services and loss on settlement of accounts payable.

Other Income (Expense)

We reported $550,435 of other expense during the year ended March 31, 2017 compared to $531,666 other income during the same period in 2016.

Changes in other income (expense) is mainly attributable to a decrease in interest expense and partially offset by a decrease in gain on settlement of warrant liability.

Liquidity and Capital Resources

At March 31, 2017, we had cash of $90,551 compared to cash of $30,461 at March 31, 2016.

Our property and equipment decreased to $505,583 at March 31, 2017, compared to $527,961 at March 31, 2016. The decrease in equipment is largely due to depreciation expense of $226,632 during the year ended March 31, 2017 and partially offset by $164,810 reclassified from held for sale to equipment.

Our mineral properties had no change during the twelve month period.

Equipment under construction increased to $73,456 at March 31, 2017, compared to $17,018 at March 31, 2016. The increase in equipment under construction is due to $55,922 equipment held for sale reclassified as equipment under construction.

Total assets decreased to $1,283,509 at March 31, 2017, compared to $1,364,603 at March 31, 2016. The majority of the decrease in assets relates to a decrease in equipment held for sale.

Our total liabilities decreased to $610,246 at March 31, 2017, compared to $1,025,677 as of March 31, 2016. The decrease in our total liabilities can be primarily attributed to the settlement of accounts payable and notes payable with shares of common stock of the Company.

Our working capital deficit at March 31, 2017 and March 31, 2016 is $486,723 and $995,216, respectively.

Our net cash used in operating activities for the year ended March 31, 2017 and 2016 is $819,230 and $356,892, respectively. Our net loss for the year ended March 31, 2017 of $3,806,697 was the main contributing factor for our negative cash flow offset mainly by depreciation and amortization of $226,632, loss on settlement of debt and accounts payable of $718,216, stock-based compensation – services of $1,848,481 and non-cash interest expense of $170,035.

Our net cash provided by investing activities for the year ended March 31, 2017 and 2016 is $46,952 and $66,890, respectively, mainly due to the sale of equipment.

Our net cash provided by financing activities for the year ended March 31, 2017 and 2016 is $832,368 and $317,716, respectively, mainly due to issuance of notes payable and common stock.

The Company is dependent upon outside financing to continue operations. It is management’s plans to raise necessary funds through a private placement of its common stock to satisfy the capital requirements of the Company’s business plan. There is no assurance that the Company will be able to raise the necessary funds, or that if it is successful in raising the necessary funds, that the Company will successfully execute its business plan.

18

Future goals

The Caborca Properties have become our primary focus after our installation of a small placer recovery plant to conduct tests on prospective placer areas and determine the viability of the placer deposits while we conducted evaluations of the other Mexico properties. We have added additional equipment which will allow the continuation of mining operations of the placer deposits.

The Company has now scheduled the installation of a crushing/milling recovery plant for the high grade Julio quartz deposit as a result of the values of the assay analysis from the deposit which range from .250 to 5.5 ounces of gold per ton.

 Therefore, our goal for the current year is to increase the cash flow of the placer mining operation, continue the drilling program which began during 2011, initialize mining operations on the Julio quartz deposit while we conduct a thorough geological study by an independent geological firm of the future potential of other vein deposits located near the Julio deposit.

Foreign Currency Transactions

The majority of our operations are located in United States and most of our transactions are in the local currency. We plan to continue exploration activities in Mexico and therefore we will be exposed to exchange rate fluctuations. We do not trade in hedging instruments and a significant change in the foreign exchange rate between the United States Dollar and Mexican Peso could have a material adverse effect on our business, financial condition and results of operations.

Off-balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

We currently do not utilize sensitive instruments subject to market risk in our operations.

Item 8. Financial Statements and Supplementary Data.

Our financial statements and related explanatory notes can be found on the “F” Pages at the end of this Report.

Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

We conducted an evaluation, under the supervision and with the participation of management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this annual report.

Based on this evaluation, our chief executive officer and chief financial officer concluded that as of the evaluation date our disclosure controls and procedures were not effective. Our procedures were designed to ensure that the information relating to our company required to be disclosed in our SEC reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow for timely decisions regarding required disclosure. Management is currently evaluating the current disclosure controls and procedures in place to see where improvements can be made.

19

Management Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting has been designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles generally accepted in the United States of America. The Company's internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets of the Company; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures are being made only in accordance with authorization of management and directors of the Company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the Company's financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Company's internal control over financial reporting at March 31, 2017. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control--Integrated Framework. Based on that assessment under those criteria, management has determined that, at March 31, 2017, the Company's internal control over financial reporting was not effective.

This Annual Report on Form 10-K does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management's report in this annual report.

Inherent Limitations of Internal Controls

Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:

● pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

● provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

● provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Our management does not expect that our internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods are subject to the risk that those internal controls may become inadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management has not identified any change in our internal control over financial reporting in connection with its evaluation of our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

20

Item 9B. Other Information.

None

PART III

Item 10.

 Directors, Executive Officers and Corporate Governance.

The following table sets forth, as of the date of this annual report, the name, age and position of our sole director/executive officer.

NAME	AGE	POSITION
Paul D. Thompson	75	President Chief Executive Officer Chief Financial Officer Principle Accounting Officer Secretary Director

The background of our sole director/executive officer is as follows:

Paul D. Thompson

Mr. Paul D. Thompson is our sole director and officer acting in the capacity of Chief Executive Officer, Chief Financial Officer and Secretary. Mr. Thompson is 75 years old and has been involved in mining and the construction of mining equipment since 1959. Past mining companies which Mr. Thompson has established and operated include: Thompson Mining Corp. which developed mining and milling prospects; Thompson Yellow Jacket Mining which performed underground mining and milling; and Golden Eagle Mining Corp. which performed drilling and exploration. Mr. Thompson’s past mining activities include the Centennial Mine Project; the Otter Creek (placer) Project; and the "Big Hole" project on the Cosumnes River all located in El Dorado County, California. In addition, during the late 1980’s Mr. Thompson successfully developed the Crystal Caves Mobil Home Park in South El Dorado County. In Virginia City, Nevada, Mr. Thompson constructed a fully operating 1860's style 2 stamp mill for crushing and processing gold as an ongoing business to educate people on how gold was historically processed. In addition, for the past three years, Mr. Thompson has been conducting mineral exploration in Sonora, Mexico resulting in the acquisition of approximately 9,000 hectares of claims and six mining concessions.

Information about our Board and its Committees.

Audit Committee

We currently do not have an audit committee although we intend to create one as the need arises. Currently, our Board of Directors serves as our audit committee.

Compensation Committee

We currently do not have a compensation committee although we intend to create one as the need arises. Currently, our Board of Directors serves as our Compensation Committee.

Advisory Board

We currently do not have an advisory board although we intend to create one as the need arises.

21

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our directors, executive officers, and stockholders holding more than 10% of our outstanding common stock, to file with the Securities and Exchange Commission initial reports of ownership and reports of changes in beneficial ownership of our common stock. Executive officers, directors and greater-than-10% stockholders are required by SEC regulations to furnish us with copies of all Section 16(a) reports they file. To our knowledge, based solely on review of the copies of such reports furnished to us for the period ended March 31, 2017, the Section 16(a) reports required to be filed by our executive officers, directors and greater-than-10% stockholders were not filed on a timely basis.

Code of Ethics

Effective February 22, 2006, our board of directors adopted the Company’s Code of Business Conduct and Ethics. The board of directors believes that our Code of Business Conduct and Ethics provides standards that are reasonably designed to deter wrongdoing and to promote the following: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submits to, the Securities and Exchange Commission; (3) compliance with applicable governmental laws, rules and regulations; the prompt internal reporting of violations of the Code of Business Conduct and Ethics to an appropriate person or persons; and (4) accountability for adherence to the Code of Business Conduct and Ethics. We will provide a copy of our Code of Business Conduct and Ethics by mail to any person without charge upon written request to us at: 1805 N. Carson Street, Suite 150, Carson City, NV 89701.

Item 11. Executive Compensation

The following table sets forth the compensation paid to executive officers, for services rendered, and to be rendered. No restricted stock awards, long-term incentive plan payouts or other types of compensation, other than the compensation identified in the chart below, were paid to our executive officers during the fiscal years presented. As of the date of this Report, Mr. Thompson is our sole officer and director.

						Non-Equity	Nonqualified
Name and						Incentive	Deferred	All
Principal				Stock	Option	Plan	Compensation	Other
Position	Year	Salary	Bonus	Awards	Awards	Compensation	Earnings	Compensation	Total
Paul D. Thompson	2017	$180,000	$0	$130,400	$0	$0	$0	$0	$310,400
President, Chief Executive Officer, Chief Financial Officer, Secretary, and Director	2016	$135,000	$0	$111,800	$0	$0	$0	$0	$246,800

Employment Agreements

On July 2, 2015, the Company entered into a compensation agreement with Paul D. Thompson, the sole director and officer of the Company. Mr. Thompson is compensated $15,000 per month and has the option to take payment in Company stock valued at an average of 5 days closing price, cash payments or deferred payment in stock or cash. In addition, Mr. Thompson is due 2,000,000 shares of common stock at the end of each fiscal quarter.

Compensation of Director

We currently do not compensate our director. In the future, we may compensate our current director or any additional directors for reasonable out-of-pocket expenses in attending board of directors meetings and for promoting our business. From time to time we may request certain members of the board of directors to perform services on our behalf. In such cases, we will compensate the directors for their services at rates no more favorable than could be obtained from unaffiliated parties.

22

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The following table sets forth certain information regarding the beneficial ownership of the 671,978,335 issued and outstanding shares of our common stock as of June 19, 2017, by the following persons:

• each person who is known to be the beneficial owner of more than five percent (5%) of our issued and outstanding shares of common stock;

• each of our directors and executive officers; and

• all of our Directors and Officers as a group

Name and Address	Number of Shares Beneficially Owned	Percentage Owned
Paul D. Thompson(1)	58,740,998(2)(3)	8.7%(3)
Francis & Alice Stadelman Revocable Living Trust(5)	38,375,075	5.6%
All Officers and Directors as Group	58,740,998	8.7%
Total	97,116,073	14.2%

(1)

1805 N. Carson Street, Suite 150, Carson City, NV 89701.

(2)

Includes 15,944,308 shares of common stock held by Mr. Thompson individually and 42,796,690 shares held by the following companies which Mr. Thompson controls: 42,500,000 shares of common stock are held by Taurus Gold, Inc., 182,918 shares of common stock are held by Mexus Gold Mining S.A. C.V. and 113,772 shares of common stock are held by Mexus Gold International.

(3)

In addition, Mr. Thompson owns 1,000,000 shares of our Series A Convertible Preferred Stock, $.001 par value. Each share of our Series A Convertible Preferred Stock converts into 10 shares of our common stock. Assuming Mr. Thomson converted 100% of the Series A Convertible Preferred Stock held by him into shares of common stock, he would hold an additional 10,000,000 shares of common stock and a grand total of 68,740,998 shares of commons stock which would be approximately 8.7% of our issued and outstanding shares of common stock.

(4)

Holders of our Series A Convertible Preferred Stock have such number of votes as is determined by multiplying: (a) the number of shares of Series A Convertible Preferred Stock held by such holder, (b) the number of issued and outstanding shares of the Corporation’s Series A Convertible Preferred Stock and common stock on a fully-diluted basis; and (c) 0.000006. Accordingly, on any stockholders’ vote, Mr. Thompson has a total of 4,091,870,010 votes, far greater than 50% of the issued and outstanding common stock of the company.

(5)

313 Ohio Ave. SE, Brandon, OR 97411.

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. The number of shares and the percentage beneficially owned by each individual listed above include shares that are subject to options held by that individual that are immediately exercisable or exercisable within 60 days from the date of this annual report and the number of shares and the percentage beneficially owned by all officers and directors as a group includes shares subject to options held by all officers and directors as a group that are immediately exercisable or exercisable within 60 days from the date of this registration statement.

Item 13. Certain Relationships and Related Transactions and Director Independence.

None.

Transactions with Promoters

None.

23

Item 14. Principal Accounting Fees and Services.

Appointment of Auditors

Our Board of Directors selected RBSM LLP (“RBSM LLP”) as our auditors for the years ended March 31, 2017 and 2016.

Audit Fees

RBSM LLP billed us $49,000 in audit fees during the year ended March 31, 2017.

RBSM LLP billed us $45,000 in audit fees during the year ended March 31, 2016.

Audit-Related Fees

We did not pay any fees to RBSM LLP for assurance and related services that are not reported under Audit Fees above, during our fiscal years ending March 31, 2017 and 2016.

Tax and All Other Fees

We did not pay any fees to RBSM LLP for tax compliance, tax advice, tax planning or other work during our fiscal years ending March 31, 2017 and 2016.

Pre-Approval Policies and Procedures

We have implemented pre-approval policies and procedures related to the provision of audit and non-audit services. Under these procedures, our board of directors pre-approves all services to be provided by RBSM LLP and the estimated fees related to these services.

With respect to the audit of our financial statements as of March 31, 2017 and 2016, and for the years then ended, none of the hours expended on RBSM LLP’s engagement to audit those financial statements were attributed to work by persons other than RBSM LLPs full-time, permanent employees.

24

Item 15. Exhibits, Financial Statement Schedules.

Statements

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets at March 31, 2017 and 2016

Consolidated Statements of Operations for the years ended March 31, 2017 and 2016

Consolidated Statements in Stockholders' Equity (Deficit) for the years ended March 31, 2017 and 2016

Consolidated Statements of Cash Flows for the years ended March 31, 2017 and 2016

Notes to Consolidated Financial Statements

Schedules

All schedules are omitted because they are not applicable or the required information is shown in the Financial Statements or notes thereto.

25

	Exhibit	Form	Filing	Filed with
Exhibits	#	Type	Date	This Report
Articles of Incorporation filed with the Secretary of State of Colorado on June 22, 1990	3.1	10-SB	1/24/2007
Articles of Amendment to the Articles of Incorporation filed with the Secretary of State of Colorado on October 17, 2006	3.2	10-SB	1/24/2007
Articles of Amendment to Articles of Incorporation filed with the Secretary of State of the State of Colorado on January 25, 2007	3.3	10KSB	6/29/2007
Articles of Incorporation filed with the Secretary of State of Nevada on October 1, 2009	3.4	10-K	7/27/2016
Certificate of Amendment filed with the Secretary of State of Nevada on March 9, 2016	3.5	10-K	7/27/2016
Certificate of Designation filed with the Secretary of State of Nevada on August 8, 2011	3.6	10-K	7/27/2016
Amended and Restated Bylaws dated December 30, 2005	3.7	10-SB	1/24/2007
Code of Ethics	14.1	10-KSB	6/29/2007
Certification of Paul D. Thompson, pursuant to Rule 13a-14(a)	31.1			X
Certification of Paul D. Thompson pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	32.1			X
Caborca Preliminary Report and First Stage Mapping	99.1			X
XBRL Instance Document	101.INS			X
XBRL Taxonomy Extension Schema Document	101.SCH			X
XBRL Taxonomy Extension Calculation Linkbase Document	101.CAL			X
XBRL Taxonomy Extension Definition Linkbase Document	101.DEF			X
XBRL Taxonomy Extension Label Linkbase Document	101.LAB			X
XBRL Taxonomy Extension Presentation Linkbase Document	101.PRE			X

26

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

MEXUS GOLD US

/s/ Paul D. Thompson

By: Paul D. Thompson

Its: President

Principle Accounting Officer

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant on the capacities and on the dates indicated.

Signatures	Title	Date
/s/ Paul D. Thompson Paul D. Thompson	Chief Executive Officer Chief Financial Officer Principal Accounting Officer President Secretary Director	July 14, 2017

27

MEXUS GOLD US AND SUBSIDARIES
CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2017
AUDITORS’ REPORT	F-2
CONSOLIDATED BALANCE SHEETS	F-3
CONSOLIDATED STATEMENTS OF OPERATIONS	F-4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY	F-5
CONSOLIDATED STATEMENTS OF CASH FLOWS	F-6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	F-7

F-1

F-2

MEXUS GOLD US AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
			March 31, 2017		March 31, 2016
ASSETS
CURRENT ASSETS
	Cash	$	90,551	$	30,461
	Prepaid and other assets		32,972		-
TOTAL CURRENT ASSETS			123,523		30,461
FIXED ASSETS
	Property and equipment, net of accumulated depreciation		505,583		527,961
TOTAL FIXED ASSETS			505,583		527,961
OTHER ASSETS
	Equipment under construction		73,456		17,018
	Equipment held for sale		-		283,216
	Property costs		580,947		505,947
TOTAL OTHER ASSETS			654,403		806,181
TOTAL ASSETS		$	1,283,509	$	1,364,603
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
	Accounts payable and accrued liabilities	$	64,734	$	92,151
	Accounts payable - related party		260,860		150,198
	Notes payable (net unamortized debt discount of $0 and $54,112, respectively)		132,897		281,127
	Note payable - related party		86,755		110,519
	Promissory notes (net of unamortized debt discount of $0 and $88,480, respectively)		65,000		391,682
TOTAL CURRENT LIABILITIES			610,246		1,025,677
TOTAL LIABILITIES			610,246		1,025,677
CONTINGENT LIABILITIES (Note 14)
STOCKHOLDERS' EQUITY
	Capital stock
	Authorized
	9,000,000 shares of Preferred Stock, $0.001 par value per share, nil issued and outstanding		-		-
	1,000,000 shares of Series A Convertible Preferred Stock, $0.001 par value per share		-		-
	850,000,000 shares of Common Stock, $0.001 par value per share issued and outstanding		-		-
	1,000,000 shares of Series A Convertible Preferred Stock (1,000,000 - March 31, 2016)		1,000		1,000
	665,556,526 shares of Common Stock (480,601,620 - March 31, 2016)		665,555		480,607
	Additional paid-in capital		22,379,274		18,380,440
	Share subscription payable		571,467		614,215
	Accumulated deficit		(22,944,033)		(19,137,336)
TOTAL STOCKHOLDERS' EQUITY			673,263		338,926
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	1,283,509	$	1,364,603
The accompanying notes are an integral part of these consolidated financial statements.

F-3

MEXUS GOLD US AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
			Year ended March 31,
			2017		2016
REVENUES
	Revenues	$	-	$	104,179
Total revenues			-		104,179
Expenses
	Exploration		304,634		241,990
	General and administrative		845,605		738,586
	Stock-based expense - consulting services		1,848,481		592,722
	(Gain) loss on sale of equipment		(100,266)		47,209
	Write down of equipment held for sale		12,308		109,135
	Loss on settlement of accounts payable		345,500		20,448
Total operating expenses			3,256,262		1,750,090
OTHER INCOME (EXPENSE)
	Foreign exchange		(5,973)		8,255
	Gain on settlement of warrant liability		-		303,857
	Interest		(171,746)		(535,697)
	Loss on derivative liabilities		-		(17,990)
	Loss on settlement of debt		(372,716)		(389,041)
	Other		-		98,950
	Total other income (expense)		(550,435)		(531,666)
NET LOSS BEFORE PROVISION FOR TAX			(3,806,697)		(2,177,577)
	Income tax		-		-
NET LOSS		$	(3,806,697)	$	(2,177,577)
BASIC AND DILUTED LOSS PER COMMON SHARE		$	(0.01)	$	(0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
BASIC AND DILUTED			571,867,473		386,367,352
The accompanying notes are an integral part of these consolidated financial statements.

F-4

MEXUS GOLD US AND SUBSIDARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
	Preferred Stock			Series A Preferred Stock				Common Stock							Share				Total
	Number of Shares		Amount		Number of Shares		Amount		Number of Shares		Amount		Additional Paid-in Capital		Subscription Payable		Accumulated Deficit		Stockholders' Equity
Balance, March 31, 2015	-	$	-		375,000	$	375		308,236,718	$	308,237	$	16,100,205	$	559,260	$	(16,959,759)	$	8,318
Shares issued for services and supplies	-		-				-		30,923,591		30,924		434,054		127,744		-		592,722
Shares issued for equipment	-		-		-		-		1,103,240		1,103		30,247		-		-		31,350
Shares issued for cash	-		-		-		-		16,286,154		16,286		283,816		(105,252)		-		194,850
Shares issued for accounts payable	-		-		625,000		625		2,900,000		2,900		120,923		-		-		124,448
Shares issued for convertible note principal and interest	-		-		-		-		106,936,243		106,941		1,124,349		(62,537)		-		1,168,753
Shares issued for settlement of warrant	-		-		-		-		13,000,000		13,000		141,700		-		-		154,700
Shares issued for finance costs	-		-		-		-		1,215,674		1,216		35,254		95,000		-		131,470
Beneficial conversion feature	-		-		-		-		-		-		109,892		-		-		109,892
Net loss	-		-		-		-		-		-		-		-		(2,177,577)		(2,177,577)
Balance, March 31, 2016	-		-		1,000,000		1,000		480,601,620		480,607		18,380,440		614,215		(19,137,336)		338,926
Shares issued for services and supplies	-		-		-		-		52,290,066		52,290		1,718,954		77,237		-		1,848,481
Shares issued for equipment	-		-		-		-		-		-		-		10,000		-		10,000
Shares issued for cash	-		-		-		-		74,596,089		74,589		854,532		(28,949)		-		900,172
Shares issued for accounts payable	-		-		-		-		7,185,991		7,186		388,538		-		-		395,724
Shares issued for convertible note principal and interest	-		-		-		-		50,882,760		50,883		1,036,810		(101,036)		-		986,657
Net loss	-		-		-		-		-		-		-		-		(3,806,697)		(3,806,697)
Balance, March 31, 2017	-	$	-		1,000,000	$	1,000		665,556,526	$	665,555	$	22,379,274	$	571,467	$	(22,944,033)	$	673,263
The accompanying notes are an integral part of these consolidated financial statements.

F-5

MEXUS GOLD US AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
		Year ended March 31,
		2017		2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(3,806,697)	$	(2,177,577)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		226,632		265,708
(Gain) loss on sale of equipment		(100,266)		47,209
Loss on settlement of debt and accounts payable		718,216		409,489
Stock-based compensation - services		1,848,481		592,722
Non-cash Interest expense		170,035		508,871
Loss on change in fair value of derivative instrument		-		17,990
Gain on settlement of warrant liability		-		(303,857)
Impairment of equipment held for sale		12,308		109,136
Changes in operating assets and liabilities:
Increase of other assets		(34,442)		-
Accounts payable and accrued liabilities, including related parties		146,503		173,417
NET CASH USED IN OPERTATING ACTIVITIES		(819,230)		(356,892)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment		(41,502)		(1,660)
Purchase of equipment under construction		(516)		-
Proceeds from sale of equipment		163,970		68,550
Purchase of property		(75,000)		-
NET CASH PROVIDED BY INVESTING ACTIVITES		46,952		66,890
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of notes payable		58,404		203,545
Payment of notes payable		(126,208)		(42,264)
Proceeds from the issuance of convertible promissory notes		-		50,000
Payment of convertible promissory notes		-		(6,000)
Advances from related party		-		32,490
Payment of advances from related party		-		(114,905)
Proceeds from issuance of common stock, net		900,172		194,850
NET CASH PROVIDED BY FINANCING ACTIVITIES		832,368		317,716
INCREASE IN CASH		60,090		27,714
CASH, BEGINNING OF PERIOD		30,461		2,747
CASH, END OF PERIOD	$	90,551	$	30,461

F-6

Supplemental disclosure of cash flow information:
Interest paid	$	8,750	$	23,487
Taxes paid	$	-	$	-
Supplemental disclosure of non-cash investing and financing activities:
Shares issued for settlement of notes payable	$	795,746	$	503,960
Shares issued for warrant liability	$	-	$	154,700
Shares issued for equipment purchase	$	10,000	$	31,350
Shares issued to settle accounts payable	$	364,224	$	124,448
Shares issued to settle convertible note	$	-	$	611,773
Shares issued to settle interest payable	$	-	$	36,470
Discount for derivative liability recognized on issuance of convertible notes	$	-	$	67,604
Discount for beneficial conversion feature recognized on issuance of notes payable	$	-	$	109,892
Settlement of note and interest by related party	$	-	$	6,142
Notes payable settled on issuance of convertible promissory note	$	-	$	181,001
Stock payable settled on issuance of convertible promissory note	$	-	$	168,029
Reclassification of equipment held for sale of property and equipment	$	230,732	$	322,861
Sale of equipment for notes receivable	$	(1,470)	$	-
Reclassification of property and equipment under construction from held for sale	$	55,922	$	-
Notes payable issued to settle accounts payable	$	-	$	77,150
The accompanying notes are an integral part of these consolidated financial statements.

F-7

MEXUS GOLD US AND SUBSIDARIES

Notes to Consolidated Financial Statements

March 31, 2017 and 2016

1. ORGANIZATION AND BUSINESS OF COMPANY

Mexus Gold US (the “Company”) was originally incorporated under the laws of the State of Colorado on June 22, 1990, as U.S.A. Connection, Inc. On October 28, 2005, the Company changed its’ name to Action Fashions, Ltd. On September 18, 2009, the Company changed its’ domicile to Nevada and changed its’ name to Mexus Gold US to better reflect the Company’s new planned principle business operations. The Company has a fiscal year end of March 31.

The Company is a mining company engaged in the evaluation, acquisition, exploration and advancement of gold, silver and copper projects in the State of Sonora, Mexico and the Western United States, as well as, the salvage of precious metals from identifiable sources.

2.

GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the year ended March 31, 2017, the Company incurred a net loss of $3,806,697 and used cash in operating activities of $819,230, and at March 31, 2017, had a accumulated deficit of $22,944,033. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The Company’s independent registered public accounting firm, in their report on the Company’s financial statements for the year ending March 31, 2017, expressed substantial doubt about the Company’s ability to continue as a going concern.

The Company is dependent upon outside financing to continue operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plans to raise necessary funds through a private placement of its common stock to satisfy the capital requirements of the Company’s business plan. There is no assurance that the Company will be able to raise the necessary funds, or that if it is successful in raising the necessary funds, that the Company will successfully execute its business plan.

The consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and/or liabilities that might be necessary should the Company be unable to continue as a going concern. The continuation as a going concern is dependent upon the ability of the Company to meet our obligations on a timely basis, and, ultimately to attain profitability.

3. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s consolidated financial statements. The consolidated financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. Certain 2016 financial statement amounts have been reclassified to conform to the financial statement presentation adopted in the current year.

These accounting policies conform to accounting principles generally accepted in the United States of America and are presented in U.S. dollars.

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and controlled subsidiaries, Mexus Gold Mining, S.A. de C.V. (“Mexus Gold Mining) and Mexus Enterprises S.A. de C.V. (“Mexus Gold Enterprises”). Significant intercompany accounts and transactions have been eliminated.

F-8

Use of Estimates

The preparation of audited consolidatedfinancial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Management believes that the estimates used are reasonable.

Cash and cash equivalents

The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.

Equipment

Equipment consists of mining tools and equipment, watercraft and vehicles which are depreciated on a straight-line basis over their expected useful lives as follows (see Note 6):

Mining tools and equipment	7 years
Watercrafts	7 years
Vehicles	3 years

Equipment under Construction

Equipment under construction comprises mining equipment that is currently being fabricated and modified by the Company and is not presently in use. Equipment under construction totaled $73,456 and $17,018 as of March 31, 2017 and 2016, respectively. Equipment under construction at March 31, 2017 comprises a Gold Recovery Cyanide Plant, Hydraulic Drum 12YD, Skid Mounted Mill and Survey Winch Marine.

Exploration and Development Costs

Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.

Mineral Property Rights

Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

F-9

Long-Lived Assets

In accordance with ASC 360, Property Plant and Equipment the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

Fair Value of Financial Instruments

ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item.

The Company's financial instruments consist of cash, accounts payable, accrued liabilities, advances, notes payable, and a loan payable. The carrying amount of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The notes payable, loans payable and secured convertible promissory notes have fixed interest rates therefore the Company is exposed to interest rate risk in that they could not benefit from a decrease in market interest rates. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities.

Foreign Currency Translation

The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 740, Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income.

To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Mexican Pesos. The Company has not, as of the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

Comprehensive Loss

ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at March 31, 2017 and 2016, the Company had no items that represent a comprehensive loss, and therefore has not included a schedule of comprehensive loss in the consolidated financial statements.

F-10

Income Taxes

The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Tax”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

Exploration and Development Costs

Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.

Mineral Property Rights

Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs would be based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

Asset Retirement Obligations

In accordance with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a liability for an asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The associated asset retirement costs are supposed to be capitalized as part of the carrying amount of the related mineral properties. As of March 31, 2017 and 2016, the Company has not recorded AROs associated with legal obligations to retire any of the Company’s mineral properties as the settlement dates are not presently determinable.

Revenue Recognition

The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured.

Accounting for Derivative Instruments

Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. A change in the market value of the financial instrument is recognized as a gain or loss in results of operations in the period of change.

F-11

Stock-based Compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.

ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505.

Per Share Data

Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share". Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In addition, during 2016 the FASB issued ASU 2016-08, ASU 2016-10 and ASU 2016-12, all of which clarify certain implementation guidance within ASU 2014-09, and ASU 2016-11, which rescinds certain SEC guidance effective upon an entity’s adoption of ASU 2014-09. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. The standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently in the process of evaluating the impact of ASU 2014-09 on the Company’s financial statements and disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the expected impact that the standard could have on its financial statements and related disclosures.

In March 2016, the FASB issued the ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The amendments in this ASU require, among other things, that all income tax effects of awards be recognized in the income statement when the awards vest or are settled. The ASU also allows for an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting and allows for a policy election to account for forfeitures as they occur. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted for any entity in any interim or annual period. The Company is currently evaluating the expected impact that the standard could have on its financial statements and related disclosures.

F-12

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

4.

DEPOSIT

Option and Joint Venture Agreement

On July 6, 2015, Mexus Gold Mining, S.A. de C.V., a wholly owned Mexican subsidiary of the Company (“Mexus”), entered into an Option and Joint Venture Agreement (“Agreement”) with Minera Real Del Oro, S.A. De C.V., a wholly owned Mexican subsidiary of Argonaut Gold, Inc., a Canadian gold company engaged in exploration, mine development and production activities (“Argonaut”). Pursuant to the Agreement, Mexus granted Argonaut an exclusive and irrevocable option to acquire all rights to Mexus’ mining concessions located in Caborca, Mexico, Sonora State described as the Marta Elena, Julio II-VII and Mexus III Claims (the “Mining Concessions”).

According to the Agreement, Mexus will transfer its Mining Concessions into a newly formed Mexican Company (“Newco”), and Argonaut will have the sole option to purchase up to 80% ownership of Newco in accordance with the terms of the Agreement. The initial option period expired on December 31, 2015.

A summary of Argonaut’s required payments to Mexus for the option and required expenditures relating to the Mining Concessions were as follows:

1.

Argonaut will make a cash payment to Mexus of US$75,000 upon execution of the Agreement plus incur required expenditures relating to the Mining Concessions of not less than US$300,000 by December 31, 2015.

2.

In the event that Argonaut desires to extend the option period to June 30, 2016, Argonaut shall pay a cash payment to Mexus of US$125,000 plus incur required expenditures relating to the Mining Concessions of not less than US$500,000.

3.

In the event that Argonaut desires to extend the option period to December 31, 2016, Argonaut shall pay a cash payment to Mexus of US$350,000 plus incur required expenditures relating to the Mining Concessions of not less than US$1,000,000.

4.

In the event that Argonaut desires to extend the option period to December 31, 2017, Argonaut shall pay a cash payment to Mexus of US$400,000 plus incur required expenditures relating to the Mining Concessions of not less than US$3,300,000.

5.

Argonaut is responsible for paying all land taxes, annual concessions or permit fees and the monthly lease of US$1,000 during the term of the Agreement. In addition, prior to July 6, 2016, Argonaut must expend a minimum of US$600,000 in expenditures relating to drilling Reverse Circulation and/or Core or a combination of both drill holes in relation to the Mining Concessions.

6.

At any time prior to December 31, 2018, Argonaut may exercise the option, provided that it has incurred minimal expenditures on the project of US$5,000,000 and made cash payments to Mexus equal to US$950,000.

Once the option is exercised, Argonaut will hold an 80% interest of Newco and Mexus will hold a 20% interest in Newco. All mining operations will be funded by Argonaut at no cost to Mexus. Newco will be managed by three board members, one of which will be Mexus. Argonaut reserves the right to terminate the Agreement at any time with 30 days written notice provided that the required payments to Mexus have been made in accordance with the terms of the Agreement.

On July 7, 2015, Mexus deposited $75,000 of cash received from Argonaut in accordance with this Agreement. The proceeds from the issue of the option is accounted for using the option method. If the option is exercised, the Company will include the option proceeds in the sales value of the property. If the option is not exercised, the Company will recognize the option proceeds as income at the time the option expires.

F-13

On December 4, 2015, Argonaut notified the Company that it will not exercise its option for the Mining Concessions and the Agreement was terminated. The $75,000 cash deposit received by Mexus on July 7, 2015 is recognized as revenue in the consolidated statement of operations.

5.

MINERAL PROPERTIES AND EXPLORATION COSTS

The following is a continuity of mineral property acquisition costs capitalized on the consolidated balance sheets during the years ended March 31, 2017 and 2016:

		Balance March 31, 2016		Cash Payments		Share-based Payments		Impairment		Balance March 31, 2017
Ures Property (a)	$	-	$	-	$	-	$	-	$	-
Santa Elena Mine (b)		505,947		-		-		-		505,947
San Felix Project (c)		-		75,000		-		-		75,000
	$	505,947	$	75,000	$	-	$	-	$	580,947

		Balance March 31, 2015		Cash Payments		Share-based Payments		Impairment		Balance March 31, 2016
Ures Property (a)	$	-	$	-	$	-	$	-	$	-
Santa Elena Mine (b)		505,947		-		-		-		505,947
	$	505,947	$	-	$	-	$	-	$	505,947

The following is a continuity of exploration costs expensed in the consolidated statements of operation:

		Balance March 31, 2016		Cash Payments		Share-based Payments		Balance March 31, 2017
Ures Property (a)	$	1,910,649	$	19,335	$	-	$	1,929,984
Santa Elena Mine (b)		2,786,147		285,299		869,315		3,940,761
	$	4,696,796	$	304,634	$	869,315	$	5,870,745

		Balance March 31, 2015		Cash Payments		Share-based Payments		Balance March 31, 2016
Ures Property (a)	$	1,910,649	$	-	$	-	$	1,910,649
Santa Elena Mine (b)		2,331,867		241,990		212,290		2,786,147
	$	4,242,516	$	241,990	$	212,290	$	4,696,796

(a)

Ures Property

On May 25, 2010, the Company entered into a Mineral Exploration and Mining Lease with Option to Purchase mineral rights approximately 80 km NE of Hermosillo, Sonora, Mexico. The properties comprise approximately 10,000 acres over 9 concessions (including Ocho Hermanos, 370, San Ramon, Plat Osa, Edgar 1, Edgar 2, El Scorpio, Los Laureles and MexusGold). These property rights are owned by Mexus Gold S.A. de C.V. The properties were fully impaired at March 31, 2013 as the reserves were deemed not to be sufficient to warrant further work.

F-14

(b)

Santa Elena Mine

Santa Elena Mine (also known as Caborca or Julio) comprise seven concessions with a total of 898.028 hectares of exploration properties located 54km NW of Caborca, State of Sonora, Mexico. These property rights are owned by Mexus Gold Mining S.A. de C.V. At March 31, 2017, a total of $505,947 have been capitalized on the consolidated balance sheet for these property costs.

On May 19, 2016, Mexus entered into a new joint venture agreement to continue the exploration program under the Exploration, Exploitation and Mining Concessions Agreement (“Marmar Agreement”) with Marmar Holdings SA de CV (“Marmar”) for the Santa Elena property (title 221448) and Marta Elena property (title 221447). The Marmar Agreement requires Mexus to contribute its interest in the Santa Elena and Marta Elena properties and Marmar will bear all costs associated with operations and administration. Profits from net revenues will be distributed 5% Mexus and 95% Marmar until Marmar recovers its operating and administration costs. Thereafter, net revenues with be distributed 50% Mexus and 50% Marmar.

(c)

San Felix Project

Effective January 13, 2017, Mexus Gold Mining, S.A. de C.V., a wholly owned Mexican subsidiary of the Company, entered into a purchase agreement with Jesus Leopoldo Felix Mazon, Leonardo Elias Jaime Perez, and Elia Lizardi Perez, wherein the Company purchased a 50% interest in the “San Felix” mining site located in the La Alameda area of Caborca, State of Sonora, Mexico. The remaining 50% of the site is owned jointly by Mar Holdings S.A. de C.V. and Marco Antonio Martinez Mora.

The San Felix mining site contains seven (7) concessions over an area of approximately 26,000 acres.

The total purchase price is US$2,000,000 of which the Company is 50% responsible. The required payment schedule is a follows: $150,000 by January 30, 2017, $500,000 by August 13, 2017, $500,000 by March 13, 2018, $500,000 by October 13, 2018, and $350,000 by May 13, 2019. On January 30, 2017, the Company paid $75,000 (50% of $150,000).

6.

PROPERTY & EQUIPMENT

		Cost		Accumulated Depreciation		March 31, 2017 Net Book Value		March 31, 2016 Net Book Value
Mining tools and equipment	$	1,357,585	$	866,697	$	490,888	$	526,311
Vehicles		134,918		120,223		14,695		1,650
	$	1,492,503	$	986,920	$	505,583	$	527,961

During the year ended March 31, 2017, equipment held for sale with a carrying value of $133,216 was reclassified as mining tools and equipment with carrying value of $220,732 resulting in gain on sale of equipment of $99,824 and write down of equipment held for sale of $12,308.

During the year ended March 31, 2016, mining tools and equipment with a carrying value of $322,861 was reclassified as held for sale resulting in an impairment of equipment held for sale of $39,645. In addition, equipment with carrying value of $69,490 was written off with no proceeds.

During the year ended March 31, 2017 and 2016 equipment of total cost net of accumulated depreciation of $12,942 and $115,759 were sold and a gain of $442 and loss of $47,209 was recognized, respectively.

Depreciation expense for the years ended March 31, 2017 and 2016 was $226,632 and $265,708, respectively.

7.

ACCOUNTS PAYABLE – RELATED PARTIES

During the years ended March 31, 2017 and 2016, the Company incurred rent expense to Paul D. Thompson, the sole director and officer of the Company, of $45,600 and $45,600, respectively. At March 31, 2017 and 2016, $65,203 and $33,798 for this obligation is outstanding, respectively.

F-15

Compensation

On July 2, 2015, the Company entered into a compensation agreement with Paul D. Thompson, the sole director and officer of the Company. Mr. Thompson is compensated $15,000 per month and has the option to take payment in Company stock valued at an average of 5 days closing price, cash payments or deferred payment in stock or cash. In addition, Mr. Thompson is due 2,000,000 shares of common stock at the end of each fiscal quarter. At March 31, 2017 and 2016, $195,657 and $116,400 of compensation due is included in accounts payable – related party, respectively and $32,600 for 2,000,000 shares of common stock due is included in share subscriptions payable, respectively.

8.

NOTES PAYABLE – RELATED PARTIES

Notes due to Taurus Gold, Inc. are unsecured, non-interest bearing and due on demand. These notes were accumulated through a series of cash advances to the Company. Taurus Gold, Inc. is controlled by Paul D. Thompson, the sole director and officer of the Company. As of March 31, 2017 and 2016, notes payable due to Taurus Gold Inc. totaled $67,223 and $101,428, respectively.

Notes due to North Pacific Gold were accumulated through a series of cash advances to the Company. North Pacific Gold is controlled by Paul Thompson, Jr., an immediate family member of Paul D. Thompson, the sole director and officer of the Company. This loan was due in 90 days and is in default, unsecured and bears interest of 6% per annum and is repayable in cash or Company common stock at market value at the option of the Company. As of March 31, 2017 and 2016, notes payable due to North Pacific Gold totaled $19,531 and $9,091, respectively.

9.

NOTES PAYABLE

During the year ended March 31, 2014, the Company received cash advances of $164,502 from three unrelated shareholders of the Company. These advances are non-interest bearing, unsecured and have no specific terms of repayment. On August 19, 2014, the Company issued 1,750,020 shares of common stock valued at $70,000. The shares were issued in settlement of the convertible promissory note ($0.04 per share) to settle $87,501 in advances. As a result, the Company recorded a gain on settlement of debt of $17,501. On February 28, 2015, the Company issued 2,272,727 shares of common stock valued at $48,636 ($0.0214 per share) to settle $25,000 in advances. As a result, the Company recorded a loss on settlement of debt of $23,636. On August 24, 2015, $37,001 of these advances were settled on issuance of the convertible promissory note. At March 31, 2017 and 2016, the balance of these advances totaled $15,000 and $15,000, respectively.

During the years ended March 31, 2017, 2016 and 2015, the Company received no advances, received various advances totaling $290,300 from nineteen investors and received various advances totaling $286,757 from twenty-two investors, respectively. These advances are unsecured and are due within 30 to 180 days of issue. Upon receipt of the cash advances, the Company paid a majority of the investors the value of their investment in shares of common stock of the Company as a finance fee. The investor has the option to be repaid when due by one of the following: (i) In cash (ii) One-half in cash and one—half in shares converted into common stock of the Company or (iii) The entire amount of the investment converted into shares of common stock of the Company. The conversion prices range from $0.0018 per share to $0.040 per share. For one promissory note with principal of $15,000 payments equal to 20% of cash proceeds received by the Company are due when equipment held for sale is sold.

During the years ended March 31, 2017 and 2016, note principal and interest of $132,000 and $503,960 was paid through the issuance of shares of common stock, respectively, and $26,500 and $42,264 in cash, respectively.

At March 31, 2017 and 2016, the balance of these advances totaled $43,600 and $243,089, respectively. At March 31, 2017 and 2016, debt discount of $0 and $54,112, respectively has been recorded on the consolidated balance sheet related to these cash advances. At March 31, 2017, $43,600 of these notes were in default. There are no default provisions stated in the notes.

On January 19, 2016, the Company issued a promissory note (“Note”) with a principal of amount of $77,150 bearing interest of 10% per annum to settle $77,150 in accounts payable due for accounting fees. Payments equal to 15% of cash proceeds received by the Company are due when equipment held for sale is sold. Any unpaid principal and interest is due in full on July 19, 2016. At March 31, 2017 and 2016, the balance of this note was $74,297 and $77,150, respectively. At March 31, 2017, this note was in default.

F-16

Amortization of debt discount was $54,112 and $70,702 for the years ended March 31, 2017 and 2016, respectively.

The amount by which the if-converted value of notes payable exceeds principal of notes payable at March 31, 2017 is $419,118.

10.

PROMISSORY NOTES

On April 18, 2013, the Company issued Promissory Notes for $255,000 in cash. The Notes bear interest of 4% per annum and are due on December 31, 2013. The Notes are secured by all of Mexus Gold US shares of stock in Mexus Resources S.A. de C.V. and a personal guarantee of Paul D. Thompson. In addition, a fee of 2,550,000 shares of common stock of the Company valued at $501,075 ($0.1965 per share) was paid to the Note holders on April 18, 2013. These financing fees were capitalized in the consolidated balance sheet as deferred finance expense and were being amortized on a straight-line basis, which approximates the effective interest rate method, as interest expense over the life of the Promissory Notes. On August 24, 2015, $100,000 of these Promissory Notes were settled on issuance of a convertible promissory note. On December 1, 2015, $60,000 of these Promissory Notes were settled on issuance of a convertible promissory note. On September 19, 2016, the Company issued 570,750 shares of common stock with a fair value $44,234 ($0.0775 per share) to settle a promissory note with principal of $20,000. On March 31, 2017, a promissory note with principal of $10,000 was settled for no consideration and recorded as a gain on the consolidated statement of operations. At March 31, 2017 and 2016, outstanding Promissory Notes were $65,000 and $95,000, respectively. As of March 31, 2017, the Company has not made the scheduled payments and is in default on these promissory notes. The default rate on the notes is seven percent. At March 31, 2017 and 2016 accrued interest of $25,399 and $18,013, respectively, is included in accounts payable and accrued liabilities.

On August 24, 2015, the Company issued a convertible promissory note (“Note”) for a total amount of $343,973 due on February 24, 2017 to William H. Brinker (“Holder”). The total amount of the Note is due in three equal payments plus any accrued interest at 180 days, 360 days and 540 days from the issuance date. The Holder upon annual election may elect to be paid in cash or stock (but not both) as follows: (a) in cash, with interest at 4% per annum (b) in shares of common stock of the Company, with interest at 12% per annum (“Stock Payment”). For a Stock Payment, the number of shares is determined by multiplying the outstanding principal of the Note by 12% divided by 100% of the average of the closing price of the Stock for ten trading days immediately preceding the payment date. This Note has been accounted for in accordance with ASC 480 Distinguishing Liabilities from Equity. In consideration of the Company issuing the Note, the Holder agreed to cancel all other notes, contracts or other agreements with a carrying value totaling $458,402 prior to the issuance of the Note comprising unsecured promissory note dated January 8, 2013 of $140,000, promissory note of $100,000 dated April 18, 2013, various notes payable of $41,001, interest payable of $9,372 and share subscriptions payable of $168,029. In conjunction with the Note, on September 2, 2015, the Company issued the Holder 8,732,880 shares of common stock with a fair value of $134,486 ($0.0154 per share) which was recorded as debt discount. The issuance of the Note resulted in gain on settlement of $114,429. On September 19, 2016, the Company issued 6,665,786 shares of common stock with a fair value $516,597 ($0.0775 per share) to fully settle the Note with principal of $343,973 and a note payable (see Note 9) with principal of $30,000. At March 31, 2017 and 2016 the Note is recorded net of debt discount of $0 and $82,187, respectively. The net note balance as of March 31, 2017 and 2016 was $0 and $261,786, respectively.

On December 1, 2015, the Company issued a convertible promissory note (“Note”) dated August 24, 2015 for a total amount of $41,189 due on February 24, 2017 to David Long (“Holder”). The total amount of the Note is due in three equal payments plus any accrued interest at 180 days, 360 days and 540 days from the date of the Note. The Holder upon annual election may elect to be paid in cash or stock (but not both) as follows: (a) in cash, with interest at 4% per annum (b) in shares of common stock of the Company, with interest at 12% per annum (“Stock Payment”). For a Stock Payment, the number of shares is determined by multiplying the outstanding principal of the Note by 12% divided by 100% of the average of the closing price of the Stock for ten trading days immediately preceding the payment date. This Note has been accounted for in accordance with ASC 480 Distinguishing Liabilities from Equity. In consideration of the Company issuing the Note, the Holder agreed to cancel all other notes, contracts or other agreements with a carrying value totaling $60,000 prior to the issuance of the Note comprising a promissory note of $60,000 dated April 18, 2013. In conjunction with the Note, on September 2, 2015, the Company issued the Holder 686,475 shares of common stock with a fair value of $10,297 ($0.015 per share) which as recorded as debt discount. The issuance of the Note resulted in gain on settlement of $18,811. On September 19, 2016, the Company issued 800,000 shares of common stock with a fair value $62,000 ($0.0775 per share) to fully settle the promissory note with principal of $41,189. At March 31, 2017 and 2016, the Note is recorded net of debt discount of $0 and $6,293, respectively. The net note balance as of March 31, 2017 and 2016 was $0 and $34,896, respectively.

F-17

Amortization of debt discount was $88,480 and $54,302 for the years ended March 31, 2017 and 2016, respectively.

11.

SECURED CONVERTIBLE PROMISSORY NOTES

Typenex Co-Investment, LLC

On June 12, 2013, the Company entered into a Securities Purchase Agreement with Typenex Co-Investment, LLC (“Typenex”), for the sale of an 8% Secured Convertible Promissory Note (“Notes”) in the principal amount of $557,500 consisting of an initial tranche of $307,500 comprising of $250,000 of cash at closing, Typenex legal expenses in the amount of $7,500 and a $50,000 original issue discount and an additional tranche $250,000 in cash. On June 12, 2013, the Company closed on the initial tranche and received $250,000 in cash. On August 8, 2013, the Company closed on the second tranche and received $125,000 in cash. The Company has not closed on the final tranche for $125,000 in cash. The Company has no obligation to pay Typenex any amounts on the unfunded portion of the Note. The Notes have a maturity date that is thirteen months after the issuance date. Typenex has been granted a security interest in the property of the Company. At the option of the holder, all principal, costs, charges and interest amounts outstanding under all of the Notes shall be exchanged for shares of the Company’s common stock at the Conversion Price of $0.23 per share. The Conversion Price is subject to an anti-dilution adjustment in the event the Company at any time, while the Notes are outstanding, issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.23 a share.

In conjunction with the issuance of the Notes on June 12, 2013, the Company issued a variable number of warrants of the Company’s common stock equal to $278,750 divided by the Market Price. Market Price is defined as the higher of (i) the closing price of the common stock of the Company on June 12, 2013, and (ii) the VWAP of the common stock for the trading day that is two days prior to the exercise date. The Exercise Price of the warrants are $0.24 per share. The Exercise Price is subject to an anti-dilution adjustment in the event the Company at any time, while the Warrants are outstanding, issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.24 a share.

The anti-dilution protection for the Note and Warrants excludes (a) the Company’s issuance of securities in connection with strategic license agreements and other partnering arrangements so long as any such issuances are not for the purpose of raising capital and in which holders of such securities or debt are not at any time granted registration rights, and (b) the Company’s issuance of Common Stock or the issuance or grant of options to purchase Common Stock to employees, directors, officers and consultants, authorized by the Company’s board of directors in place on June 12, 2013. After nine months after the issuance date, monthly installments are due on the Note payable at the option of the Company (i) in cash (ii) in shares of common stock of the Company discounted depending on the Company’s share price at either 30% or 35%, or (iii) in any combination of cash or shares.

On June 12, 2013, the Company recorded a discount on the Note equal to the fair value of the warrant derivative liability and convertible promissory note derivative liability. This discount is amortized using the effective interest rate method over the term of the Note.

		Year Ended March 31, 2016
Opening balance	$	102,842
Conversion of principal into shares of common stock		(105,623)
Amortization of discount on Note and accrued interest		2,781
Closing balance	$	-

On April 18, 2015, May 1, 2015, July 28, 2015 and September 2, 2015, the Company issued a total of 12,370,789 shares of common stock valued at $242,400 ($0.0196 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $96,336 and loss on settlement of debt of $146,064.

F-18

JMJ Financial

On January 28, 2015, the Company issued a Convertible Promissory Note (“Note”) to JMJ Financial (“Holder”), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. The Company may repay the Note any time and if repaid within 90 days of date of issue, the interest rate is 0%. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holder’s option at a variable conversion price calculated as lessor of (a) $0.029 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On January 28, 2015, the Company received cash of $50,000 in the first tranche, which was net of original issue discount of $5,000. During the year ended March 31, 2017, the Holder converted 9,195,604 shares of common stock of the Company with a fair value of $152,689 to settle $61,600 of principal and interest. At March 31, 2015, the first tranche of the Note is recorded at a fully accreted value of $85,056 less unamortized debt discount of $67,802. At March 31, 2016 the principal and interest outstanding for the first tranche of the Note was paid in full.

LGH Investments, Inc.

On April 6, 2015, the Company issued a Convertible Promissory Note (“Note”) to LGH Investments, Inc. (“Holder”), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holder’s option at a variable conversion price calculated as lessor of (a) $0.019 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On April 6, 2015, the Company received cash of $25,000 in the first tranche, which was net of original issue discount of $2,500. During the year ended March 31, 2016, the Holder converted 9,146,736 shares of common stock of the Company with a fair value of $116,682 to settle $41,800 of principal and interest. At March 31, 2016, the principal and interest outstanding for the first tranche of the Note was paid in full.

Lucas Hoppel

On June 11, 2015, the Company issued a Convertible Promissory Note (“Note”) to Lucas Hoppel (“Holder”), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holder’s option at a variable conversion price calculated as lessor of (a) $0.018 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On June 11, 2015, the Company received cash of $25,000 in the first tranche, which was net of original issue discount of $2,500. During the year ended March 31, 2016, the Company issued 20,000,000 shares of common stock of the Company with a fair value of $100,000 and paid $6,000 in cash to settle the Note in full.

12.

 WARRANT DERIVATIVE LIABILITY

The Warrants are subject to anti-dilution adjustments that allow for the reduction in the Exercise Price in the event the Company subsequently issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.24 a share. The Company accounted for the warrants in accordance with ASC Topic 815. Accordingly, the Warrants are not considered to be solely indexed to the Company’s own stock and, as such, recorded as a liability.

The Company’s warrant derivative liability has been measured at fair value at March 31, 2017 and 2016 using a binomial model. Since the Exercise Price contains an anti-dilution adjustment, the probability that the Exercise Price of the Notes would decrease as the share price decreased was incorporated into the valuation calculation. After June 12, 2013, the Company issued common stock for cash at a price of $0.01 per share and the conversion price has been adjusted accordingly.

F-19

The inputs into the binomial model are as follows:

		November 12, 2015		March 31, 2015
Market price	$	0.0125	$	0.0194
Conversion price	$	0.0046	$	0.0110
Risk free rate		1.20%		0.89%
Expected volatility		145%		121%
Dividend yield		0%		0%
Expected life		32 months		38 months

On November 13, 2015, the Company entered into a Warrant Settlement Agreement whereby the Company agreed to issue 30,000,000 shares of common stock of the Company with a fair value of $357,000 ($0.0119 per share) for full settlement and cancelation of the Warrant issued in conjunction with the 8% Secured Convertible Promissory Note on June 12, 2013 to Typenex Co-Investment, LLC. As a result a warrant liability of $660,857 was settled and a gain on settlement of debt of $303,857 is recorded in the consolidated statement of operations for the year ended March 31, 2016.

The fair value of the warrant derivative liability is $0 at March 31, 2016. The increase (decrease) in the fair value of the warrant liability of $0 and $253,272 has been recorded as a (gain) loss in the consolidated statements of operations for the year ended March 31, 2017 and 2016, respectively.

13.

CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITIES

The Convertible Promissory Note with Typenex is subject to anti-dilution adjustments that allow for the reduction in the Conversion Price in the event the Company subsequently issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.23 a share. The Company accounted for the conversion option in accordance with ASC Topic 815. Accordingly, the Conversion Option is not considered to be solely indexed to the Company’s own stock and, as such, recorded as a liability.

The Company’s convertible promissory note derivative liabilities have been measured at fair value at March 31, 2015 using a binomial model. Since the Conversion Price contains an anti-dilution adjustment, the probability that the Conversion Price of the Notes would decrease as the share price decreased was incorporated into the valuation calculation. After June 12, 2013, the Company issued common stock for cash at a price of $0.01 per share and the conversion price has been adjusted accordingly. At March 31, 2016, the Convertible Promissory Note with Typenex was paid in full. As such, the fair value of the conversion feature at March 31, 2016 is $0 (See Note 11).

The inputs into the binomial model are as follows:

		March 31, 2015
Closing share price	$	0.0194
Conversion price	$	0.011
Risk free rate		0.14%
Expected volatility		180%
Dividend yield		0%
Expected life		0.5 years

Additionally, the Convertible Promissory Notes with JMJ Financial with an issue date of January 28, 2015, LGH Investments, Inc. with an issue date of April 6, 2015 and Lucas Hoppel with an issue date of June 11, 2015 was accounted for under ASC 815. The variable conversion price is not considered predominately based on a fixed monetary amount settleable with a variable number of shares due to the volatility and trading volume of the Company’s common stock. The Company’s convertible promissory note derivative liabilities has been measured at fair value at September 30, 2015, June 11, 2015, April 6, 2015 and March 31, 2015 using the Black-Scholes model.

F-20

The inputs into the Black-Scholes models are as follows:

		September 30, 2015		March 31, 2015
Closing share price	$	0.0149	$	0.0194
Conversion price	$	0.0160	$	0.019
Risk free rate		0.050%		0.050%
Expected volatility		143% - 151%		129%
Dividend yield		0%		0%
Expected life		1.58 years – 1.95 years		1.83 years

The fair value of the conversion option derivatives is $0 at March 31, 2016. The increase (decrease) in the fair value of the convertible promissory note derivative liabilities of $0 and $(235,282) has been recorded as a (gain) loss in the consolidated statements of operations for the year ended March 31, 2017 and 2016, respectively.

At December 31, 2015, the Company determined that it did not have sufficient authorized and unissued shares to settle contractual obligations for stock payable, Series A Convertible Preferred Stock and convertible notes. After allocating available shares of common stock to various contracts, there was a shortfall of 82,731,750 shares to satisfy obligations for convertible notes. As a result, the obligation to deliver shares was reclassified from equity to liabilities and a $198,088 promissory note obligation is recorded on the consolidated balance sheet at December 31, 2015.

The inputs into the Black-Scholes models are as follows:

		December 31, 2015
Closing share price	$	0.0035
Conversion price	$	0.0046 to 0.0110
Risk free rate		0.050%
Expected volatility		209% to 271%
Dividend yield		0%
Expected life		0.12 to1.15 years

At February 4, 2016, the Company approved an amendment of the Company’s articles of incorporation to increase the number of authorized common shares of the Company from 500,000,000 to 850,000,000 shares of common stock. As a result the Company, had sufficient shares of the common stock to settle contractual obligations for stock payable, Series A Convertible Preferred Stock and convertible notes and the obligation to deliver shares was reclassified from liabilities to equity.

14.

CONTINGENT LIABILITIES

An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. While the Company, as of March 31, 2017, does not have a legal obligation associated with the disposal of certain chemicals used in its leaching process, the Company estimates it will incur costs up to $50,000 to neutralize those chemicals at the close of the leaching pond.

15.

STOCKHOLDERS’ EQUITY (DEFICIT)

The stockholders’ equity of the Company comprises the following classes of capital stock as of March 31, 2017 and 2016:

Preferred Stock, $0.001 par value per share; 9,000,000 shares authorized, 0 issued and outstanding at March 31, 2017 and 2016.

Series A Convertible Preferred Stock (‘Series A Preferred Stock”), $0.001 par value share; 1,000,000 shares authorized: 1,000,000 shares issued and outstanding at March 31, 2017 and 2016.

Holders of Series A Preferred Stock may convert one share of Series A Preferred Stock into one share of Common Stock. Holders of Series A Preferred Stock have the number of votes determined by multiplying (a) the number of Series A Preferred Stock held by such holder, (b) the number of issued and outstanding Series A Preferred Stock and Common Stock on a fully diluted basis, and (c) 0.000006.

F-21

Common Stock, par value of $0.001 per share; 850,000,000 shares authorized: 665,556,526 and 480,601,620 shares issued and outstanding at March 31, 2017 and 2016, respectively. Holders of Common Stock have one vote per share of Common Stock held.

Series A Preferred Stock

During the year ended March 31, 2016, the Company issued subscriptions payable for 625,000 shares of Series A Preferred Stock valued at $75,000 and classified as Series A Preferred Stock of $625 and additional paid-in capital of $74,375 ($0.12 per share) to Paul Thompson Sr., Chief Executive Officer and sole director of the Company, for $75,000 for settlement of accounts payable – related party.

Common Stock

(i)

Year Ended March 31, 2017

On May 19, 2016, the Company issued 19,027,777 shares of common stock to satisfy obligations under share subscription agreements for $35,300 in cash receipts included in share subscriptions payable.

On April 21, 2016, the Company issued 17,791,176 shares of common stock to satisfy obligations under share subscription agreements for $75,000 for settlement of interest, $47,400 in services and $5,000 in cash receipts included in share subscriptions payable.

On May 13, 2016, the Company issued 17,141,176 shares of common stock to satisfy obligations under share subscription agreements for $306,000 for settlement of accounts payable, $2,000 in equipment and $20,000 in cash receipts included in share subscriptions payable.

On July 6, 2016, the Company cancelled 1,830,600 shares of common stock previously issued to satisfy obligations under share subscription agreements for $27,459 for settlement of notes payable.

On August 12, 2016, the Company issued 8,150,000 shares of common stock to satisfy obligations under share subscription agreements for $305,000 for services and $41,000 in cash receipts included in share subscriptions payable.

On August 24, 2016, the Company issued 14,633,333 shares of common stock to satisfy obligations under share subscription agreements for $205,800 for services, $30,000 for settlement of accounts payable, $51,666 for settlement of notes payable and $114,500 in cash receipts included in share subscriptions payable.

On August 30, 2016, the Company issued 6,025,000 shares of common stock to satisfy obligations under share subscription agreements for $120,500 in cash receipts included in share subscriptions payable.

On September 26, 2016, the Company issued 8,710,000 shares of common stock to satisfy obligations under share subscription agreements for $176,600 for services and $14,200 in cash receipts included in share subscriptions payable.

On October 10, 2016, the Company issued 21,283,782 shares of common stock to satisfy obligations under share subscription agreements for $704,539 for settlement of notes payable, $394,265 in services and $93,000 in cash receipts included in share subscriptions payable.

On November 11, 2016, the Company issued 2,916,667 shares of common stock to satisfy obligations under share subscription agreements for $2,000 for settlement of notes payable, $8,037 for settlement of accounts payable, $29,463 in services and $10,000 in cash receipts included in share subscriptions payable.

On December 2, 2016, the Company issued 14,055,555 shares of common stock to satisfy obligations under share subscription agreements for $5,000 for settlement of notes payable, $20,000 for interest, $44,900 in services and $91,000 in cash receipts included in share subscriptions payable.

F-22

On December 12, 2016, the Company issued 33,918,729 shares of common stock to satisfy obligations under share subscription agreements for $44,000 for settlement of notes payable, $190,909 for interest, $1,687 for settlement of accounts payable, $22,499 for replacement of cancellation of shares, $251,650 in services and $36,436 in cash receipts included in share subscriptions payable.

On December 12, 2016, the Company cancelled 2,248,100 shares of common stock previously issued to satisfy obligations under share subscription agreements for $22,481 for settlement of notes payable.

On December 29, 2016, the Company issued 2,583,333 shares of common stock to satisfy obligations under share subscription agreements for $11,700 for services and $24,625 in cash receipts included in share subscriptions payable.

On February 6, 2017, the Company issued 2,534,136 shares of common stock to satisfy obligations under share subscription agreements for $61,425 in services and $38,000 in cash receipts included in share subscriptions payable.

On February 24, 2017, the Company issued 2,282,378 shares of common stock to satisfy obligations under share subscription agreements for $4,500 for settlement of accounts payable, $33,500 in services and $127,728 in cash receipts included in share subscriptions payable.

On February 28, 2017, the Company issued 6,100,000 shares of common stock to satisfy obligations under share subscription agreements for $104,500 in services included in share subscriptions payable.

On March 14, 2017, the Company issued 4,207,777 shares of common stock to satisfy obligations under share subscription agreements for $5,000 for settlement of notes payable and $63,000 in cash receipts included in share subscriptions payable.

On March 21, 2017, the Company issued 2,086,667 shares of common stock to satisfy obligations under share subscription agreements for $2,000 for settlement of notes payable and $21,000 in cash receipts included in share subscriptions payable.

On March 28, 2017, the Company issued 5,586,120 shares of common stock to satisfy obligations under share subscription agreements for $45,500 for settlement of accounts payable, $92,000 in services and $71,832 in cash receipts included in share subscriptions payable.

(ii)

Year Ended March 31, 2016

On April 14, 2015, the Company issued 1,840,908 shares of common stock to satisfy obligations under share subscription agreements for $21,318 for settlement of notes payable and $7,500 in services included in share subscriptions payable.

On April 21, 2015, the Company issued 4,745,452 shares of common stock to satisfy obligations under share subscription agreements for $36,441 for settlement of notes payable, $12,000 in services and $18,800 in cash receipts included in share subscriptions payable.

On May 13, 2015, the Company issued 3,176,134 shares of common stock to satisfy obligations under share subscription agreements for $30,289 for settlement of notes payable, $10,000 in equipment and $9,000 in cash receipts included in share subscriptions payable.

On June 10, 2015, the Company issued 625,000 shares of Series A Preferred Stock to Paul Thompson Sr., the CEO and sole director of the Company, to satisfy obligations under share subscription agreements for $75,000 for settlement of accounts payable receipts included in share subscriptions payable.

On June 10, 2015, the Company issued 5,830,863 shares of common stock to satisfy obligations under share subscription agreements for $49,448 for settlement of accounts payable, $9,534 in services and $22,500 in cash receipts included in share subscriptions payable.

On June 23, 2015, the Company issued 1,800,000 shares of common stock to satisfy obligations under share subscription agreements for $12,000 in services and $20,000 in cash receipts included in share subscriptions payable.

F-23

On July 9, 2015, the Company issued 7,796,966 shares of common stock to satisfy obligations under share subscription agreements for $63,000 for settlement of notes payable, $14,200 in services and $12,500 in cash receipts included in share subscriptions payable.

On July 29, 2015, the Company issued 2,078,333 shares of common stock to satisfy obligations under share subscription agreements for $8,490 in services and $15,000 in cash receipts included in share subscriptions payable.

On August 6, 2015, the Company issued 2,125,000 shares of common stock to satisfy obligations under share subscription agreements for $25,500 in services included in share subscriptions payable.

On August 14, 2015, the Company issued 1,500,000 shares of common stock to satisfy obligations under share subscription agreements for $38,150 in services included in share subscriptions payable.

On August 24, 2015, $168,029 of share subscriptions payable for 2,517,040 shares of common stock due William H. Brinker were settled on issuance of the convertible promissory note.

On September 2, 2015, the Company issued 10,207,799 shares of common stock to satisfy obligations under share subscription agreements for $207,998 for settlement of notes payable, $29,000 in services and $12,776 in cash receipts included in share subscriptions payable.

On September 18, 2015, the Company issued 1,109,090 shares of common stock to satisfy obligations under share subscription agreements for $10,000 for settlement of notes payable and $2,000 in cash receipts included in share subscriptions payable.

On September 21, 2015, the Company issued 6,500,000 shares of common stock to satisfy obligations under share subscription agreements $97,250 in services and $10,000 in cash receipts included in share subscriptions payable.

On September 30, 2015, the Company issued 750,000 shares of common stock to satisfy obligations under share subscription agreement for $45,000 in services.

On April 18, 2015, May 1, 2015, July 28, 2015 and September 2, 2015, the Company issued a total of 12,370,789 shares of common stock valued at $242,400 ($0.0196 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $96,336 and loss on settlement of debt of $146,064.

On December 7, 2015, the Company issued 7,005,194 shares of common stock to satisfy obligations under share subscription agreements for $56,000 in services and $30,122 in cash receipts included in share subscriptions payable.

On December 18, 2015, the Company issued 13,896,345 shares of common stock to satisfy obligations under share subscription agreements for $148,804 for settlement of notes payable, $26,325 in services, $21,350 in equipment and $12,500 in cash receipts included in share subscriptions payable.

On December 23, 2015, the Company issued 8,669,993 shares of common stock to satisfy obligations under share subscription agreements for $21,297 for settlement of notes payable, $59,800 in services and $11,000 in cash receipts included in share subscriptions payable.

On July 28, 2015, August 10, 2015, August 24, 2015, September 1, 2015, September 15, 2015 and September 24, 2015, October 2, 2015 and October 20, 2015, the Company issued a total of 9,195,604 shares of common stock valued at $152,689 ($0.0166 per share) to JMJ Financial for conversion of principal and interest of $61,600 and loss on settlement of debt of $91,089.

On October 15, 2015, October 26, 2015, November 4, 2015, November 11, 2015 and November 13, 2015, the Company issued a total of 9,146,739 shares of common stock valued at $116,682 ($0.0128 per share) to LGH Investments, Inc. for conversion of principal and interest of $41,800 and loss on settlement of debt of $74,882.

F-24

On November 13, 2015, the Company entered into a Warrant Settlement Agreement whereby the Company agreed to issue 30,000,000 shares of common stock of the Company with a fair value of $357,000 ($0.0119 per share) for full settlement and cancelation of the Warrant issued in conjunction with the 8% Secured Convertible Promissory Note on June 12, 2013 to Typenex Co-Investment, LLC. On November 13, 2015, the Company issued 17,000,000 shares of common stock in accordance with the Warrant Settlement Agreement. On January 18, 2016, the obligation of the remaining 13,000,000 shares due were issued.

On December 16, 2015, the Company issued a total of 20,000,000 shares of common stock valued at $100,000 ($0.005 per share) and paid $6,000 in cash to Lucas Hoppel for conversion of principal and interest of $31,980 and loss on settlement of debt of $74,020.

On January 15, 2016, the Company issued 9,256,711 shares of common stock to satisfy obligations under share subscription agreements for $30,000 in services and $51,750 in cash receipts included in share subscriptions payable.

On February 9, 2016, the Company issued 9,112,985 shares of common stock to satisfy obligations under share subscription agreements for $18,430 in services, $30,818 for settlement in notes payable and $14,000 in cash receipts included in share subscriptions payable.

On March 15, 2016, 5,750,000 shares of common stock previously issued to satisfy obligations under share subscription agreements for $24,200 in services and $58,125 in cash receipts were returned to treasury and included in share subscriptions payable.

Common Stock Payable

(i)

Year Ended March 31, 2017

As at March 31, 2017, the Company had total subscriptions payable for 26,024,576 shares of common stock for $260,287 in cash, shares of common stock for equipment valued at $10,500, shares of common stock for interest valued at $5,000, shares of common stock for services valued at $286,680 and common stock for settlement of notes payable valued at $9,000.

(ii)

Year Ended March 31, 2016

Aa at March 31, 2016, the Company had total subscriptions payable for 81,781,794 shares of common stock for $282,589 in cash, shares of common stock for services valued at $213,453, stock for purchase of equipment valued at $500, common stock for settlement of notes payable valued at $13,673, stock for settlement of interest payable valued at $104,000.

16.

RELATED PARTY TRANSACTIONS

During the years ended March 31, 2017 and 2016, the Company entered into the following transactions with related parties:

Paul D. Thompson, sole director and officer of the Company

Taurus Gold, Inc., controlled by Paul D. Thompson

Accounts payable – related parties – Note 7

Notes payable – related parties – Note 8

F-25

17.

INCOME TAXES

The Company had no income tax expense due to operating loss incurred for the years ended March 31, 2017 and 2016.

The tax effects of temporary differences and tax loss and credit carry forwards that give rise to significant portions of deferred tax assets and liabilities at March 31, 2017 and 2016 are comprised of the following:

		Year Ended March 31, 2017			Year Ended March 31, 2016
Deferred tax assets:
Net-operating loss carryforward	$	5,465,982	$	5,060,710
Total deferred tax assets		5,465,982		5,060,710
Valuation allowance		(5,465,982)		(5,060,710)
Deferred tax assets, net of allowance	$	-	$	-

		Year Ended March 31, 2017		Year Ended March 31, 2016
Federal
Current	$	-	$	-
Deferred		5,465,982		5,060,710
State
Current		-		-
Deferred		-		-
Change in valuation allowance		(5,465,982)		(5,060,710)
Income tax provision	$	-	$	-

At March 31, 2017, the Company had net operating loss carry forwards for federal tax purposes of approximately $15.6 million which expires in years 2030 through 2036. It appears that the Company had generated net operating losses, since 2010, which the Company’s preliminary analysis indicates would be subject to significant limitations pursuant to Internal Revenue Code Section 382. The Company has not completed its IRC Section 382 Valuation, as required and the NOL’s because of potential Change of Ownerships might be completely worthless. Therefore, Management of the Company has recorded a Full Valuation Reserve; since it is more likely than not that no benefit will be realized for the Deferred Tax Assets.

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and taxing strategies in making this assessment. In case the deferred tax assets will not be realized in future periods, the Company has provided a valuation allowance for the full amount of the deferred tax assets at March 31, 2017. The valuation allowance increased by approximately $0.4 million as of March 31, 2017.

Corporations resident in Mexico are taxable on their worldwide income from all sources, including profits from business and property. The Company is subject to Mexico tax at a rate of 30% on taxable income, if any, from Mexico operations.

The expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows:

		Year Ended March 31, 2017		Year Ended March 31, 2016
Statutory Federal Income Tax Rate		35%		35%
Change in valuation allowance		(35%)		(35%)
Income tax provision	$	-	$	-

The Company has not identified any uncertain tax positions requiring a reserve as of March 31, 2017.

F-26

18.

SUBSEQUENT EVENTS

Common Stock Payable

From the period of April 1, 2017 to July 10, 2017, the Company issued subscriptions payable for 1,550,000 shares of common stock ($0.0406 per share) for $63,000 in cash.

From the period of April 1, 2017 to July 10, 2017, the Company issued subscriptions payable for 1,800,000 shares of common stock ($0.1079 per share) for $189,260 in cash in services.

From the period of April 1, 2017 to July 10, 2017, the Company issued subscriptions payable for 500,000 shares of common stock ($0.0650 per share) for $32,485 in settlement of notes payable.

Common Stock

On April 11, 2017, the Company issued 1,097,826 shares of common stock to satisfy obligations under share subscription agreements for $9,000 in equipment and $50,000 in cash receipts included in share subscriptions payable.

On April 17, 2017, the Company issued 621,954 shares of common stock to satisfy obligations under share subscription agreements for $15,000 in services and $25,000 in cash receipts included in share subscriptions payable.

On May 15, 2017, the Company issued 108,696 shares of common stock to satisfy obligations under share subscription agreements for $10,000 in services included in share subscriptions payable.

On June 2, 2017, the Company issued 4,593,333 shares of common stock to satisfy obligations under share subscription agreements for $41,100 in services and $36,500 in cash receipts included in share subscriptions payable.

On July 5, 2017, the Company issued 600,000 shares of common stock to satisfy obligations under share subscription agreements for $5,760 in services and $32,485 in settlement of notes payable included in share subscriptions payable.

F-27

EX-31.1

Exhibit 31.1

I, Paul D. Thompson, certify that:

1.

I have reviewed this Report on Form 10-K for Mexus Gold US;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

July 14, 2017

/s/ Paul D. Thompson

Paul D. Thompson

Chief Executive Officer

Chief Financial Officer

Principal Accounting Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Mexus Gold US, a Nevada Corporation, (the “Company”) on Form 10-K for the year ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certify the following pursuant to Section 18, U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Paul D. Thompson

Paul D. Thompson

Chief Executive Officer

Chief Financial Officer

Principal Accounting Officer

July 14, 2017

EX-99.1

Exhibit 99.1

XML

Document and Entity Information - USD ($)		12 Months Ended
	Sep. 30, 2016	Mar. 31, 2017	Jun. 19, 2017
Details
Registrant Name		Mexus Gold US
Registrant CIK		0001355677
SEC Form		10-K
Period End date		Mar. 31, 2017
Fiscal Year End		--03-31
Trading Symbol		mxsg
Tax Identification Number (TIN)		204092640
Number of common stock shares outstanding			672,578,335
Public Float	$ 38,209,684
Filer Category		Smaller Reporting Company
Current with reporting		Yes
Voluntary filer		No
Well-known Seasoned Issuer		No
Amendment Flag		false
Document Fiscal Year Focus		2017
Document Fiscal Period Focus		FY
Entity Incorporation, State Country Name		Nevada
Entity Address, Address Line One		1805 N. Carson Street, Suite 150
Entity Address, City or Town		Carson City
Entity Address, State or Province		NV
Entity Address, Postal Zip Code		89701
City Area Code		(916)
Local Phone Number		776-2166
Entity Listing, Par Value Per Share	$ 0.0747

XML

Consolidated Balance Sheets - USD ($)		Mar. 31, 2017	Mar. 31, 2016
CURRENT ASSETS
Cash		$ 90,551	$ 30,461
Prepaid and other assets		32,972	0
TOTAL CURRENT ASSETS		123,523	30,461
FIXED ASSETS
Property and equipment, net of accumulated depreciation		505,583	527,961
TOTAL FIXED ASSETS		505,583	527,961
OTHER ASSETS
Equipment under construction		73,456	17,018
Equipment held for sale		0	283,216
Property costs		580,947	505,947
Other Assets, Noncurrent		654,403	806,181
TOTAL ASSETS		1,283,509	1,364,603
CURRENT LIABILITIES
Accounts payable and accrued liabilities		64,734	92,151
Accounts payable - related party		260,860	150,198
Notes Payable (net of unamortized debt discount)		132,897	281,127
Notes payable - related parties		86,755	110,519
Promissory Notes (net of unamortized debt discount)		65,000	391,682
TOTAL CURRENT LIABILITIES		610,246	1,025,677
TOTAL LIABILITIES		610,246	1,025,677
CONTINGENT LIABILITIES (Note 14)	[1]
STOCKHOLDERS' EQUITY
Preferred shares		0	0
Common Stock, Value, Issued		665,555	480,607
Additional paid-in capital		22,379,274	18,380,440
Share subscription payable		571,467	614,215
Accumulated deficit		(22,944,033)	(19,137,336)
TOTAL STOCKHOLDERS' EQUITY		673,263	338,926
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		1,283,509	1,364,603
Series A Convertible
STOCKHOLDERS' EQUITY
Preferred shares		$ 1,000	$ 1,000

[1] Note 14.

XML

Consolidated Balance Sheets - Parenthetical - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Notes Payable, unamortized debt discount	$ 0	$ 54,112
Promissory notes, unamortized debt discount	$ 0	$ 88,480
Preferred Stock, Shares Authorized	9,000,000	9,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares Authorized	850,000,000	850,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	665,556,526	480,601,620
Common Stock, Shares, Outstanding	665,556,526	480,601,620
Series A Convertible
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Issued	1,000,000	1,000,000
Preferred Stock, Shares Outstanding	1,000,000	1,000,000

XML

Consolidated Statement of Operations - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES
Revenues	$ 0	$ 104,179
Total revenues	0	104,179
Expenses
Exploration	304,634	241,990
General and administrative	845,605	738,586
Stock-based expense - consulting services	1,848,481	592,722
(Gain) loss on sale of equipment	(100,266)	47,209
Write down of equipment held for sale	12,308	109,135
Loss on settlement of accounts payable	345,500	20,448
Total operating expenses	3,256,262	1,750,090
OTHER INCOME (EXPENSE)
Foreign exchange	(5,973)	8,255
Gain on settlement of warrant liability	0	303,857
Interest	(171,746)	(535,697)
Loss on derivative liabilities	0	(17,990)
Loss on settlement of debt	(372,716)	(389,041)
Other	0	98,950
Total other income (expense)	(550,435)	(531,666)
NET LOSS BEFORE PROVISION FOR TAX	(3,806,697)	(2,177,577)
Income Tax Expense (Benefit)	0	0
Net Income (Loss) Attributable to Parent	$ (3,806,697)	$ (2,177,577)
Earnings Per Share, Basic and Diluted	$ (0.01)	$ (0.01)

XML

Consolidated Statements of Stockholders' Equity - USD ($)	Preferred Stock	Preferred Class A	Common Stock	Additional Paid-in Capital	Subscription Payable	Retained Earnings	Total
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance at Mar. 31, 2015	$ 0	$ 375	$ 308,237	$ 16,100,205	$ 559,260	$ (16,959,759)	$ 8,318
Shares, Outstanding, Beginning Balance at Mar. 31, 2015	0	375,000	308,236,718
Stock Issued During Period, Value, Issued for Services	$ 0	$ 0	$ 30,924	434,054	127,744	0	592,722
Stock Issued During Period, Shares, Issued for Services	0		30,923,591
Stock Issued During Period, Value, Purchase of Assets	$ 0	$ 0	$ 1,103	30,247	0	0	31,350
Stock Issued During Period, Shares, Purchase of Assets	0	0	1,103,240
Stock Issued During Period, Value, New Issues	$ 0	$ 0	$ 16,286	283,816	(105,252)	0	194,850
Stock Issued During Period, Shares, New Issues	0	0	16,286,154
Stock Issued During Period, Value, Other	$ 0	$ 625	$ 2,900	120,923	0	0	124,448
Stock Issued During Period, Shares, Other	0	625,000	2,900,000
Shares issued for convertible note principal and interest	$ 0	$ 0	$ 106,941	1,124,349	(62,537)	0	1,168,753
Shares issued for convertible note principal and interest, shares	0	0	106,936,243
Shares issued for settlement of warrant	$ 0	$ 0	$ 13,000	141,700	0	0	154,700
Shares issued for settlement of warrant, shares	0	0	13,000,000
Shares issued for finance costs	$ 0	$ 0	$ 1,216	35,254	95,000	0	131,470
Shares issued for finance costs, shares	0	0	1,215,674
Debt Instrument, Convertible, Beneficial Conversion Feature	$ 0	$ 0	$ 0	109,892	0	0	109,892
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	0	0	0	0	0	(2,177,577)	(2,177,577)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance at Mar. 31, 2016	$ 0	$ 1,000	$ 480,607	18,380,440	614,215	(19,137,336)	338,926
Shares, Outstanding, Ending Balance at Mar. 31, 2016	0	1,000,000	480,601,620
Stock Issued During Period, Value, Issued for Services	$ 0	$ 0	$ 52,290	1,718,954	77,237	0	1,848,481
Stock Issued During Period, Shares, Issued for Services	0	0	52,290,066
Stock Issued During Period, Value, Purchase of Assets	$ 0	$ 0	$ 0	0	10,000	0	10,000
Stock Issued During Period, Shares, Purchase of Assets	0	0	0
Stock Issued During Period, Value, New Issues	$ 0	$ 0	$ 74,589	854,532	(28,949)	0	900,172
Stock Issued During Period, Shares, New Issues	0	0	74,596,089
Stock Issued During Period, Value, Other	$ 0	$ 0	$ 7,186	388,538	0	0	395,724
Stock Issued During Period, Shares, Other	0	0	7,185,991
Shares issued for convertible note principal and interest	$ 0	$ 0	$ 50,883	1,036,810	(101,036)	0	986,657
Shares issued for convertible note principal and interest, shares	0	0	50,882,760
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 0	$ 0	$ 0	0	0	(3,806,697)	(3,806,697)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance at Mar. 31, 2017	$ 0	$ 1,000	$ 665,555	$ 22,379,274	$ 571,467	$ (22,944,033)	$ 673,263
Shares, Outstanding, Ending Balance at Mar. 31, 2017	0	1,000,000	665,556,526

XML

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Cash Provided by (Used in) Operating Activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (3,806,697)	$ (2,177,577)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities
Depreciation and amortization	226,632	265,708
(Gain) loss on sale of equipment	(100,266)	47,209
Loss on settlement of debt and accounts payable	718,216	409,489
Stock-based compensation - services	1,848,481	592,722
Non-cash Interest expense	170,035	508,871
Loss on change in fair value of derivative instrument	0	17,990
Gain on settlement of warrant liability	0	(303,857)
Impairment of equipment held for sale	12,308	109,136
Changes in operating assets and liabilities:
Increase of other assets	(34,442)	0
Increase (Decrease) in Accounts Payable and Accrued Liabilities	146,503	173,417
Net Cash Provided by (Used in) Operating Activities, Continuing Operations	(819,230)	(356,892)
Net Cash Provided by (Used in) Investing Activities
Purchase of equipment	(41,502)	(1,660)
Purchase of equipment under construction	(516)	0
Proceeds from sale of equipment	163,970	68,550
Purchase of property	(75,000)	0
Net Cash Provided by (Used in) Investing Activities	46,952	66,890
Net Cash Provided by (Used in) Financing Activities
Proceeds from issuance of notes payable	58,404	203,545
Payment of notes payable	(126,208)	(42,264)
Proceeds from the issuance of convertible promissory notes	0	50,000
Payment of convertible promissory notes	0	(6,000)
Advances from related party	0	32,490
Payment of advances from related party	0	(114,905)
Proceeds from issuance of common stock, net	900,172	194,850
Net Cash Provided by (Used in) Financing Activities	832,368	317,716
Cash and Cash Equivalents, Period Increase (Decrease)	60,090	27,714
Supplemental Cash Flow Information
Interest Paid	8,750	23,487
Income Taxes Paid, Net	0	0
Cash Flow, Noncash Investing and Financing Activities Disclosure
Shares issued for settlement of notes payable	795,746	503,960
Shares issued for warrant liability	0	154,700
Shares issued for equipment purchase	10,000	31,350
Shares issued to settle accounts payable	364,224	124,448
Shares issued to settle convertible note	0	611,773
Shares issued to settle interest payable	0	36,470
Discount for derivative liability recognized on issuance of convertible notes	0	67,604
Discount for beneficial conversion feature recognized on issuance of notes payable	0	109,892
Settlement of note and interest by related party	0	6,142
Notes payable settled on issuance of convertible promissory note	0	181,001
Stock payable settled on issuance of convertible promissory note	0	168,029
Reclassification of equipment held for sale of property and equipment	230,732	322,861
Sale of equipment for notes receivable	(1,470)	0
Reclassification of property and equipment under construction from held for sale	55,922	0
Notes payable issued to settle accounts payable	$ 0	$ 77,150

XML

Organization and Business of Company

12 Months Ended

Mar. 31, 2017

Notes

Organization and Business of Company

1.   ORGANIZATION AND BUSINESS OF COMPANY

Mexus Gold US (the “Company”) was originally incorporated under the laws of the State of Colorado on June 22, 1990, as U.S.A. Connection, Inc. On October 28, 2005, the Company changed its’ name to Action Fashions, Ltd. On September 18, 2009, the Company changed its’ domicile to Nevada and changed its’ name to Mexus Gold US to better reflect the Company’s new planned principle business operations. The Company has a fiscal year end of March 31.

The Company is a mining company engaged in the evaluation, acquisition, exploration and advancement of gold, silver and copper projects in the State of Sonora, Mexico and the Western United States, as well as, the salvage of precious metals from identifiable sources.

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Going Concern

12 Months Ended

Mar. 31, 2017

Notes

Going Concern

2.   GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the year ended March 31, 2017, the Company incurred a net loss of $3,806,697 and used cash in operating activities of $819,230, and at March 31, 2017, had a accumulated deficit of $22,944,033. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The Company’s independent registered public accounting firm, in their report on the Company’s financial statements for the year ending March 31, 2017, expressed substantial doubt about the Company’s ability to continue as a going concern.

The Company is dependent upon outside financing to continue operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plans to raise necessary funds through a private placement of its common stock to satisfy the capital requirements of the Company’s business plan. There is no assurance that the Company will be able to raise the necessary funds, or that if it is successful in raising the necessary funds, that the Company will successfully execute its business plan.

The consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and/or liabilities that might be necessary should the Company be unable to continue as a going concern. The continuation as a going concern is dependent upon the ability of the Company to meet our obligations on a timely basis, and, ultimately to attain profitability.

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Summary of Significant Accounting Principles

12 Months Ended

Mar. 31, 2017

Notes

Summary of Significant Accounting Principles

3.   SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s consolidated financial statements. The consolidated financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. Certain 2016 financial statement amounts have been reclassified to conform to the financial statement presentation adopted in the current year.

These accounting policies conform to accounting principles generally accepted in the United States of America and are presented in U.S. dollars.

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and controlled subsidiaries, Mexus Gold Mining, S.A. de C.V. (“Mexus Gold Mining) and Mexus Enterprises S.A. de C.V. (“Mexus Gold Enterprises”). Significant intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of audited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Management believes that the estimates used are reasonable.

Cash and cash equivalents

The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.

Equipment

Equipment consists of mining tools and equipment, watercraft and vehicles which are depreciated on a straight-line basis over their expected useful lives as follows (see Note 6):

Mining tools and equipment	7 years
Watercrafts	7 years
Vehicles	3 years

Equipment under Construction

Equipment under construction comprises mining equipment that is currently being fabricated and modified by the Company and is not presently in use. Equipment under construction totaled $73,456 and $17,018 as of March 31, 2017 and 2016, respectively. Equipment under construction at March 31, 2017 comprises a Gold Recovery Cyanide Plant, Hydraulic Drum 12YD, Skid Mounted Mill and Survey Winch Marine.

Exploration and Development Costs

Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.

Mineral Property Rights

Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

Long-Lived Assets

In accordance with ASC 360, Property Plant and Equipment the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

Fair Value of Financial Instruments

ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item.

The Company's financial instruments consist of cash, accounts payable, accrued liabilities, advances, notes payable, and a loan payable. The carrying amount of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The notes payable, loans payable and secured convertible promissory notes have fixed interest rates therefore the Company is exposed to interest rate risk in that they could not benefit from a decrease in market interest rates. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities.

Foreign Currency Translation

The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 740, Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income.

To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Mexican Pesos. The Company has not, as of the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

Comprehensive Loss

ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at March 31, 2017 and 2016, the Company had no items that represent a comprehensive loss, and therefore has not included a schedule of comprehensive loss in the consolidated financial statements.

Income Taxes

The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Tax”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

Exploration and Development Costs

Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.

Mineral Property Rights

Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs would be based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

Asset Retirement Obligations

In accordance with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a liability for an asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The associated asset retirement costs are supposed to be capitalized as part of the carrying amount of the related mineral properties. As of March 31, 2017 and 2016, the Company has not recorded AROs associated with legal obligations to retire any of the Company’s mineral properties as the settlement dates are not presently determinable.

Revenue Recognition

The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured.

Accounting for Derivative Instruments

Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. A change in the market value of the financial instrument is recognized as a gain or loss in results of operations in the period of change.

Stock-based Compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.

ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505.

Per Share Data

Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share". Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In addition, during 2016 the FASB issued ASU 2016-08, ASU 2016-10 and ASU 2016-12, all of which clarify certain implementation guidance within ASU 2014-09, and ASU 2016-11, which rescinds certain SEC guidance effective upon an entity’s adoption of ASU 2014-09. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. The standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently in the process of evaluating the impact of ASU 2014-09 on the Company’s financial statements and disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the expected impact that the standard could have on its financial statements and related disclosures.

In March 2016, the FASB issued the ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The amendments in this ASU require, among other things, that all income tax effects of awards be recognized in the income statement when the awards vest or are settled. The ASU also allows for an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting and allows for a policy election to account for forfeitures as they occur. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted for any entity in any interim or annual period. The Company is currently evaluating the expected impact that the standard could have on its financial statements and related disclosures.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

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Deposit

12 Months Ended

Mar. 31, 2017

Notes

Deposit

4.       DEPOSIT

Option and Joint Venture Agreement

On July 6, 2015, Mexus Gold Mining, S.A. de C.V., a wholly owned Mexican subsidiary of the Company (“Mexus”), entered into an Option and Joint Venture Agreement (“Agreement”) with Minera Real Del Oro, S.A. De C.V., a wholly owned Mexican subsidiary of Argonaut Gold, Inc., a Canadian gold company engaged in exploration, mine development and production activities (“Argonaut”). Pursuant to the Agreement, Mexus granted Argonaut an exclusive and irrevocable option to acquire all rights to Mexus’ mining concessions located in Caborca, Mexico, Sonora State described as the Marta Elena, Julio II-VII and Mexus III Claims (the “Mining Concessions”).

According to the Agreement, Mexus will transfer its Mining Concessions into a newly formed Mexican Company (“Newco”), and Argonaut will have the sole option to purchase up to 80% ownership of Newco in accordance with the terms of the Agreement. The initial option period expired on December 31, 2015.

A summary of Argonaut’s required payments to Mexus for the option and required expenditures relating to the Mining Concessions were as follows:

1.       Argonaut will make a cash payment to Mexus of US$75,000 upon execution of the Agreement plus incur required expenditures relating to the Mining Concessions of not less than US$300,000 by December 31, 2015.

2.       In the event that Argonaut desires to extend the option period to June 30, 2016, Argonaut shall pay a cash payment to Mexus of US$125,000 plus incur required expenditures relating to the Mining Concessions of not less than US$500,000.

3.       In the event that Argonaut desires to extend the option period to December 31, 2016, Argonaut shall pay a cash payment to Mexus of US$350,000 plus incur required expenditures relating to the Mining Concessions of not less than US$1,000,000.

4.       In the event that Argonaut desires to extend the option period to December 31, 2017, Argonaut shall pay a cash payment to Mexus of US$400,000 plus incur required expenditures relating to the Mining Concessions of not less than US$3,300,000.

5.       Argonaut is responsible for paying all land taxes, annual concessions or permit fees and the monthly lease of US$1,000 during the term of the Agreement. In addition, prior to July 6, 2016, Argonaut must expend a minimum of US$600,000 in expenditures relating to drilling Reverse Circulation and/or Core or a combination of both drill holes in relation to the Mining Concessions.

6.       At any time prior to December 31, 2018, Argonaut may exercise the option, provided that it has incurred minimal expenditures on the project of US$5,000,000 and made cash payments to Mexus equal to US$950,000.

Once the option is exercised, Argonaut will hold an 80% interest of Newco and Mexus will hold a 20% interest in Newco. All mining operations will be funded by Argonaut at no cost to Mexus. Newco will be managed by three board members, one of which will be Mexus. Argonaut reserves the right to terminate the Agreement at any time with 30 days written notice provided that the required payments to Mexus have been made in accordance with the terms of the Agreement.

On July 7, 2015, Mexus deposited $75,000 of cash received from Argonaut in accordance with this Agreement. The proceeds from the issue of the option is accounted for using the option method. If the option is exercised, the Company will include the option proceeds in the sales value of the property. If the option is not exercised, the Company will recognize the option proceeds as income at the time the option expires.

On December 4, 2015, Argonaut notified the Company that it will not exercise its option for the Mining Concessions and the Agreement was terminated. The $75,000 cash deposit received by Mexus on July 7, 2015 is recognized as revenue in the consolidated statement of operations.

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Mineral Properties and Exploration Costs

12 Months Ended

Mar. 31, 2017

Notes

Mineral Properties and Exploration Costs

5.       MINERAL PROPERTIES AND EXPLORATION COSTS

The following is a continuity of mineral property acquisition costs capitalized on the consolidated balance sheets during the years ended March 31, 2017 and 2016:

		Balance March 31, 2016		Cash Payments		Share-based Payments		Impairment		Balance March 31, 2017
Ures Property (a)	$	-	$	-	$	-	$	-	$	-
Santa Elena Mine (b)		505,947		-		-		-		505,947
San Felix Project (c)		-		75,000		-		-		75,000
	$	505,947	$	75,000	$	-	$	-	$	580,947

		Balance March 31, 2015		Cash Payments		Share-based Payments		Impairment		Balance March 31, 2016
Ures Property (a)	$	-	$	-	$	-	$	-	$	-
Santa Elena Mine (b)		505,947		-		-		-		505,947
	$	505,947	$	-	$	-	$	-	$	505,947

The following is a continuity of exploration costs expensed in the consolidated statements of operation:

		Balance March 31, 2016		Cash Payments		Share-based Payments		Balance March 31, 2017
Ures Property (a)	$	1,910,649	$	19,335	$	-	$	1,929,984
Santa Elena Mine (b)		2,786,147		285,299		869,315		3,940,761
	$	4,696,796	$	304,634	$	869,315	$	5,870,745

		Balance March 31, 2015		Cash Payments		Share-based Payments		Balance March 31, 2016
Ures Property (a)	$	1,910,649	$	-	$	-	$	1,910,649
Santa Elena Mine (b)		2,331,867		241,990		212,290		2,786,147
	$	4,242,516	$	241,990	$	212,290	$	4,696,796

(a)     Ures Property

On May 25, 2010, the Company entered into a Mineral Exploration and Mining Lease with Option to Purchase mineral rights approximately 80 km NE of Hermosillo, Sonora, Mexico. The properties comprise approximately 10,000 acres over 9 concessions (including Ocho Hermanos, 370, San Ramon, Plat Osa, Edgar 1, Edgar 2, El Scorpio, Los Laureles and MexusGold). These property rights are owned by Mexus Gold S.A. de C.V. The properties were fully impaired at March 31, 2013 as the reserves were deemed not to be sufficient to warrant further work.

(b)    Santa Elena Mine

Santa Elena Mine (also known as Caborca or Julio) comprise seven concessions with a total of 898.028 hectares of exploration properties located 54km NW of Caborca, State of Sonora, Mexico. These property rights are owned by Mexus Gold Mining S.A. de C.V. At March 31, 2017, a total of $505,947 have been capitalized on the consolidated balance sheet for these property costs.

On May 19, 2016, Mexus entered into a new joint venture agreement to continue the exploration program under the Exploration, Exploitation and Mining Concessions Agreement (“Marmar Agreement”) with Marmar Holdings SA de CV (“Marmar”) for the Santa Elena property (title 221448) and Marta Elena property (title 221447). The Marmar Agreement requires Mexus to contribute its interest in the Santa Elena and Marta Elena properties and Marmar will bear all costs associated with operations and administration. Profits from net revenues will be distributed 5% Mexus and 95% Marmar until Marmar recovers its operating and administration costs. Thereafter, net revenues with be distributed 50% Mexus and 50% Marmar.

(c)     San Felix Project

Effective January 13, 2017, Mexus Gold Mining, S.A. de C.V., a wholly owned Mexican subsidiary of the Company, entered into a purchase agreement with Jesus Leopoldo Felix Mazon, Leonardo Elias Jaime Perez, and Elia Lizardi Perez, wherein the Company purchased a 50% interest in the “San Felix” mining site located in the La Alameda area of Caborca, State of Sonora, Mexico. The remaining 50% of the site is owned jointly by Mar Holdings S.A. de C.V. and Marco Antonio Martinez Mora.

The San Felix mining site contains seven (7) concessions over an area of approximately 26,000 acres.

The total purchase price is US$2,000,000 of which the Company is 50% responsible. The required payment schedule is a follows: $150,000 by January 30, 2017, $500,000 by August 13, 2017, $500,000 by March 13, 2018, $500,000 by October 13, 2018, and $350,000 by May 13, 2019. On January 30, 2017, the Company paid $75,000 (50% of $150,000).

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Property and Equipment

12 Months Ended

Mar. 31, 2017

Notes

Property and Equipment

6.       PROPERTY & EQUIPMENT

		Cost		Accumulated Depreciation		March 31, 2017 Net Book Value		March 31, 2016 Net Book Value
Mining tools and equipment	$	1,357,585	$	866,697	$	490,888	$	526,311
Vehicles		134,918		120,223		14,695		1,650
	$	1,492,503	$	986,920	$	505,583	$	527,961

During the year ended March 31, 2017, equipment held for sale with a carrying value of $133,216 was reclassified as mining tools and equipment with carrying value of $220,732 resulting in gain on sale of equipment of $99,824 and write down of equipment held for sale of $12,308.

During the year ended March 31, 2016, mining tools and equipment with a carrying value of $322,861 was reclassified as held for sale resulting in an impairment of equipment held for sale of $39,645. In addition, equipment with carrying value of $69,490 was written off with no proceeds.

During the year ended March 31, 2017 and 2016 equipment of total cost net of accumulated depreciation of $12,942 and $115,759 were sold and a gain of $442 and loss of $47,209 was recognized, respectively.

Depreciation expense for the years ended March 31, 2017 and 2016 was $226,632 and $265,708, respectively.

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Accounts Payable - Related Parties

12 Months Ended

Mar. 31, 2017

Notes

Accounts Payable - Related Parties

7.       ACCOUNTS PAYABLE – RELATED PARTIES

During the years ended March 31, 2017 and 2016, the Company incurred rent expense to Paul D. Thompson, the sole director and officer of the Company, of $45,600 and $45,600, respectively. At March 31, 2017 and 2016, $65,203 and $33,798 for this obligation is outstanding, respectively.

Compensation

On July 2, 2015, the Company entered into a compensation agreement with Paul D. Thompson, the sole director and officer of the Company. Mr. Thompson is compensated $15,000 per month and has the option to take payment in Company stock valued at an average of 5 days closing price, cash payments or deferred payment in stock or cash. In addition, Mr. Thompson is due 2,000,000 shares of common stock at the end of each fiscal quarter. At March 31, 2017 and 2016, $195,657 and $116,400 of compensation due is included in accounts payable – related party, respectively and $32,600 for 2,000,000 shares of common stock due is included in share subscriptions payable, respectively.

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Notes Payable - Related Parties

12 Months Ended

Mar. 31, 2017

Notes

Notes Payable - Related Parties

8.         NOTES PAYABLE – RELATED PARTIES

Notes due to Taurus Gold, Inc. are unsecured, non-interest bearing and due on demand. These notes were accumulated through a series of cash advances to the Company. Taurus Gold, Inc. is controlled by Paul D. Thompson, the sole director and officer of the Company. As of March 31, 2017 and 2016, notes payable due to Taurus Gold Inc. totaled $67,223 and $101,428, respectively.

Notes due to North Pacific Gold were accumulated through a series of cash advances to the Company. North Pacific Gold is controlled by Paul Thompson, Jr., an immediate family member of Paul D. Thompson, the sole director and officer of the Company. This loan was due in 90 days and is in default, unsecured and bears interest of 6% per annum and is repayable in cash or Company common stock at market value at the option of the Company. As of March 31, 2017 and 2016, notes payable due to North Pacific Gold totaled $19,531 and $9,091, respectively.

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Notes Payable

12 Months Ended

Mar. 31, 2017

Notes

Notes Payable

9.         NOTES PAYABLE

During the year ended March 31, 2014, the Company received cash advances of $164,502 from three unrelated shareholders of the Company. These advances are non-interest bearing, unsecured and have no specific terms of repayment. On August 19, 2014, the Company issued 1,750,020 shares of common stock valued at $70,000. The shares were issued in settlement of the convertible promissory note ($0.04 per share) to settle $87,501 in advances. As a result, the Company recorded a gain on settlement of debt of $17,501. On February 28, 2015, the Company issued 2,272,727 shares of common stock valued at $48,636 ($0.0214 per share) to settle $25,000 in advances. As a result, the Company recorded a loss on settlement of debt of $23,636. On August 24, 2015, $37,001 of these advances were settled on issuance of the convertible promissory note. At March 31, 2017 and 2016, the balance of these advances totaled $15,000 and $15,000, respectively.

During the years ended March 31, 2017, 2016 and 2015, the Company received no advances, received various advances totaling $290,300 from nineteen investors and received various advances totaling $286,757 from twenty-two investors, respectively. These advances are unsecured and are due within 30 to 180 days of issue. Upon receipt of the cash advances, the Company paid a majority of the investors the value of their investment in shares of common stock of the Company as a finance fee. The investor has the option to be repaid when due by one of the following: (i) In cash (ii) One-half in cash and one—half in shares converted into common stock of the Company or (iii) The entire amount of the investment converted into shares of common stock of the Company. The conversion prices range from $0.0018 per share to $0.040 per share. For one promissory note with principal of $15,000 payments equal to 20% of cash proceeds received by the Company are due when equipment held for sale is sold.

During the years ended March 31, 2017 and 2016, note principal and interest of $132,000 and $503,960 was paid through the issuance of shares of common stock, respectively, and $26,500 and $42,264 in cash, respectively.

At March 31, 2017 and 2016, the balance of these advances totaled $43,600 and $243,089, respectively. At March 31, 2017 and 2016, debt discount of $0 and $54,112, respectively has been recorded on the consolidated balance sheet related to these cash advances. At March 31, 2017, $43,600 of these notes were in default. There are no default provisions stated in the notes.

On January 19, 2016, the Company issued a promissory note (“Note”) with a principal of amount of $77,150 bearing interest of 10% per annum to settle $77,150 in accounts payable due for accounting fees. Payments equal to 15% of cash proceeds received by the Company are due when equipment held for sale is sold. Any unpaid principal and interest is due in full on July 19, 2016. At March 31, 2017 and 2016, the balance of this note was $74,297 and $77,150, respectively. At March 31, 2017, this note was in default.

Amortization of debt discount was $54,112 and $70,702 for the years ended March 31, 2017 and 2016, respectively.

The amount by which the if-converted value of notes payable exceeds principal of notes payable at March 31, 2017 is $419,118.

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Promissory Notes

12 Months Ended

Mar. 31, 2017

Notes

Promissory Notes

10.    PROMISSORY NOTES

On April 18, 2013, the Company issued Promissory Notes for $255,000 in cash. The Notes bear interest of 4% per annum and are due on December 31, 2013. The Notes are secured by all of Mexus Gold US shares of stock in Mexus Resources S.A. de C.V. and a personal guarantee of Paul D. Thompson. In addition, a fee of 2,550,000 shares of common stock of the Company valued at $501,075 ($0.1965 per share) was paid to the Note holders on April 18, 2013. These financing fees were capitalized in the consolidated balance sheet as deferred finance expense and were being amortized on a straight-line basis, which approximates the effective interest rate method, as interest expense over the life of the Promissory Notes. On August 24, 2015, $100,000 of these Promissory Notes were settled on issuance of a convertible promissory note. On December 1, 2015, $60,000 of these Promissory Notes were settled on issuance of a convertible promissory note. On September 19, 2016, the Company issued 570,750 shares of common stock with a fair value $44,234 ($0.0775 per share) to settle a promissory note with principal of $20,000. On March 31, 2017, a promissory note with principal of $10,000 was settled for no consideration and recorded as a gain on the consolidated statement of operations. At March 31, 2017 and 2016, outstanding Promissory Notes were $65,000 and $95,000, respectively. As of March 31, 2017, the Company has not made the scheduled payments and is in default on these promissory notes. The default rate on the notes is seven percent. At March 31, 2017 and 2016 accrued interest of $25,399 and $18,013, respectively, is included in accounts payable and accrued liabilities.

On August 24, 2015, the Company issued a convertible promissory note (“Note”) for a total amount of $343,973 due on February 24, 2017 to William H. Brinker (“Holder”). The total amount of the Note is due in three equal payments plus any accrued interest at 180 days, 360 days and 540 days from the issuance date. The Holder upon annual election may elect to be paid in cash or stock (but not both) as follows: (a) in cash, with interest at 4% per annum (b) in shares of common stock of the Company, with interest at 12% per annum (“Stock Payment”). For a Stock Payment, the number of shares is determined by multiplying the outstanding principal of the Note by 12% divided by 100% of the average of the closing price of the Stock for ten trading days immediately preceding the payment date. This Note has been accounted for in accordance with ASC 480 Distinguishing Liabilities from Equity. In consideration of the Company issuing the Note, the Holder agreed to cancel all other notes, contracts or other agreements with a carrying value totaling $458,402 prior to the issuance of the Note comprising unsecured promissory note dated January 8, 2013 of $140,000, promissory note of $100,000 dated April 18, 2013, various notes payable of $41,001, interest payable of $9,372 and share subscriptions payable of $168,029. In conjunction with the Note, on September 2, 2015, the Company issued the Holder 8,732,880 shares of common stock with a fair value of $134,486 ($0.0154 per share) which was recorded as debt discount. The issuance of the Note resulted in gain on settlement of $114,429. On September 19, 2016, the Company issued 6,665,786 shares of common stock with a fair value $516,597 ($0.0775 per share) to fully settle the Note with principal of $343,973 and a note payable (see Note 9) with principal of $30,000. At March 31, 2017 and 2016 the Note is recorded net of debt discount of $0 and $82,187, respectively. The net note balance as of March 31, 2017 and 2016 was $0 and $261,786, respectively.

On December 1, 2015, the Company issued a convertible promissory note (“Note”) dated August 24, 2015 for a total amount of $41,189 due on February 24, 2017 to David Long (“Holder”). The total amount of the Note is due in three equal payments plus any accrued interest at 180 days, 360 days and 540 days from the date of the Note. The Holder upon annual election may elect to be paid in cash or stock (but not both) as follows: (a) in cash, with interest at 4% per annum (b) in shares of common stock of the Company, with interest at 12% per annum (“Stock Payment”). For a Stock Payment, the number of shares is determined by multiplying the outstanding principal of the Note by 12% divided by 100% of the average of the closing price of the Stock for ten trading days immediately preceding the payment date. This Note has been accounted for in accordance with ASC 480 Distinguishing Liabilities from Equity. In consideration of the Company issuing the Note, the Holder agreed to cancel all other notes, contracts or other agreements with a carrying value totaling $60,000 prior to the issuance of the Note comprising a promissory note of $60,000 dated April 18, 2013. In conjunction with the Note, on September 2, 2015, the Company issued the Holder 686,475 shares of common stock with a fair value of $10,297 ($0.015 per share) which as recorded as debt discount. The issuance of the Note resulted in gain on settlement of $18,811. On September 19, 2016, the Company issued 800,000 shares of common stock with a fair value $62,000 ($0.0775 per share) to fully settle the promissory note with principal of $41,189. At March 31, 2017 and 2016, the Note is recorded net of debt discount of $0 and $6,293, respectively. The net note balance as of March 31, 2017 and 2016 was $0 and $34,896, respectively.

Amortization of debt discount was $88,480 and $54,302 for the years ended March 31, 2017 and 2016, respectively.

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Secured Convertible Promissory Notes

12 Months Ended

Mar. 31, 2017

Notes

Secured Convertible Promissory Notes

11.    SECURED CONVERTIBLE PROMISSORY NOTES

Typenex Co-Investment, LLC

On June 12, 2013, the Company entered into a Securities Purchase Agreement with Typenex Co-Investment, LLC (“Typenex”), for the sale of an 8% Secured Convertible Promissory Note (“Notes”) in the principal amount of $557,500 consisting of an initial tranche of $307,500 comprising of $250,000 of cash at closing, Typenex legal expenses in the amount of $7,500 and a $50,000 original issue discount and an additional tranche $250,000 in cash. On June 12, 2013, the Company closed on the initial tranche and received $250,000 in cash. On August 8, 2013, the Company closed on the second tranche and received $125,000 in cash. The Company has not closed on the final tranche for $125,000 in cash. The Company has no obligation to pay Typenex any amounts on the unfunded portion of the Note. The Notes have a maturity date that is thirteen months after the issuance date. Typenex has been granted a security interest in the property of the Company. At the option of the holder, all principal, costs, charges and interest amounts outstanding under all of the Notes shall be exchanged for shares of the Company’s common stock at the Conversion Price of $0.23 per share. The Conversion Price is subject to an anti-dilution adjustment in the event the Company at any time, while the Notes are outstanding, issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.23 a share.

In conjunction with the issuance of the Notes on June 12, 2013, the Company issued a variable number of warrants of the Company’s common stock equal to $278,750 divided by the Market Price. Market Price is defined as the higher of (i) the closing price of the common stock of the Company on June 12, 2013, and (ii) the VWAP of the common stock for the trading day that is two days prior to the exercise date. The Exercise Price of the warrants are $0.24 per share. The Exercise Price is subject to an anti-dilution adjustment in the event the Company at any time, while the Warrants are outstanding, issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.24 a share.

The anti-dilution protection for the Note and Warrants excludes (a) the Company’s issuance of securities in connection with strategic license agreements and other partnering arrangements so long as any such issuances are not for the purpose of raising capital and in which holders of such securities or debt are not at any time granted registration rights, and (b) the Company’s issuance of Common Stock or the issuance or grant of options to purchase Common Stock to employees, directors, officers and consultants, authorized by the Company’s board of directors in place on June 12, 2013. After nine months after the issuance date, monthly installments are due on the Note payable at the option of the Company (i) in cash (ii) in shares of common stock of the Company discounted depending on the Company’s share price at either 30% or 35%, or (iii) in any combination of cash or shares.

On June 12, 2013, the Company recorded a discount on the Note equal to the fair value of the warrant derivative liability and convertible promissory note derivative liability. This discount is amortized using the effective interest rate method over the term of the Note.

		Year Ended March 31, 2016
Opening balance	$	102,842
Conversion of principal into shares of common stock		(105,623)
Amortization of discount on Note and accrued interest		2,781
Closing balance	$	-

On April 18, 2015, May 1, 2015, July 28, 2015 and September 2, 2015, the Company issued a total of 12,370,789 shares of common stock valued at $242,400 ($0.0196 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $96,336 and loss on settlement of debt of $146,064.

JMJ Financial

On January 28, 2015, the Company issued a Convertible Promissory Note (“Note”) to JMJ Financial (“Holder”), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. The Company may repay the Note any time and if repaid within 90 days of date of issue, the interest rate is 0%. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holder’s option at a variable conversion price calculated as lessor of (a) $0.029 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On January 28, 2015, the Company received cash of $50,000 in the first tranche, which was net of original issue discount of $5,000. During the year ended March 31, 2017, the Holder converted 9,195,604 shares of common stock of the Company with a fair value of $152,689 to settle $61,600 of principal and interest. At March 31, 2015, the first tranche of the Note is recorded at a fully accreted value of $85,056 less unamortized debt discount of $67,802. At March 31, 2016 the principal and interest outstanding for the first tranche of the Note was paid in full.

LGH Investments, Inc.

On April 6, 2015, the Company issued a Convertible Promissory Note (“Note”) to LGH Investments, Inc. (“Holder”), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holder’s option at a variable conversion price calculated as lessor of (a) $0.019 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On April 6, 2015, the Company received cash of $25,000 in the first tranche, which was net of original issue discount of $2,500. During the year ended March 31, 2016, the Holder converted 9,146,736 shares of common stock of the Company with a fair value of $116,682 to settle $41,800 of principal and interest. At March 31, 2016, the principal and interest outstanding for the first tranche of the Note was paid in full.

Lucas Hoppel

On June 11, 2015, the Company issued a Convertible Promissory Note (“Note”) to Lucas Hoppel (“Holder”), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holder’s option at a variable conversion price calculated as lessor of (a) $0.018 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On June 11, 2015, the Company received cash of $25,000 in the first tranche, which was net of original issue discount of $2,500. During the year ended March 31, 2016, the Company issued 20,000,000 shares of common stock of the Company with a fair value of $100,000 and paid $6,000 in cash to settle the Note in full.

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Warrant Derivative Liability

12 Months Ended

Mar. 31, 2017

Notes

Warrant Derivative Liability

12.     WARRANT DERIVATIVE LIABILITY

The Warrants are subject to anti-dilution adjustments that allow for the reduction in the Exercise Price in the event the Company subsequently issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.24 a share. The Company accounted for the warrants in accordance with ASC Topic 815. Accordingly, the Warrants are not considered to be solely indexed to the Company’s own stock and, as such, recorded as a liability.

The Company’s warrant derivative liability has been measured at fair value at March 31, 2017 and 2016 using a binomial model. Since the Exercise Price contains an anti-dilution adjustment, the probability that the Exercise Price of the Notes would decrease as the share price decreased was incorporated into the valuation calculation. After June 12, 2013, the Company issued common stock for cash at a price of $0.01 per share and the conversion price has been adjusted accordingly.

The inputs into the binomial model are as follows:

		November 12, 2015		March 31, 2015
Market price	$	0.0125	$	0.0194
Conversion price	$	0.0046	$	0.0110
Risk free rate		1.20%		0.89%
Expected volatility		145%		121%
Dividend yield		0%		0%
Expected life		32 months		38 months

On November 13, 2015, the Company entered into a Warrant Settlement Agreement whereby the Company agreed to issue 30,000,000 shares of common stock of the Company with a fair value of $357,000 ($0.0119 per share) for full settlement and cancelation of the Warrant issued in conjunction with the 8% Secured Convertible Promissory Note on June 12, 2013 to Typenex Co-Investment, LLC. As a result a warrant liability of $660,857 was settled and a gain on settlement of debt of $303,857 is recorded in the consolidated statement of operations for the year ended March 31, 2016.

The fair value of the warrant derivative liability is $0 at March 31, 2016. The increase (decrease) in the fair value of the warrant liability of $0 and $253,272 has been recorded as a (gain) loss in the consolidated statements of operations for the year ended March 31, 2017 and 2016, respectively.

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Convertible Promissory Note Derivative Liabilities

12 Months Ended

Mar. 31, 2017

Notes

Convertible Promissory Note Derivative Liabilities

13. CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITIES

The Convertible Promissory Note with Typenex is subject to anti-dilution adjustments that allow for the reduction in the Conversion Price in the event the Company subsequently issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.23 a share. The Company accounted for the conversion option in accordance with ASC Topic 815. Accordingly, the Conversion Option is not considered to be solely indexed to the Company’s own stock and, as such, recorded as a liability.

The Company’s convertible promissory note derivative liabilities have been measured at fair value at March 31, 2015 using a binomial model. Since the Conversion Price contains an anti-dilution adjustment, the probability that the Conversion Price of the Notes would decrease as the share price decreased was incorporated into the valuation calculation. After June 12, 2013, the Company issued common stock for cash at a price of $0.01 per share and the conversion price has been adjusted accordingly. At March 31, 2016, the Convertible Promissory Note with Typenex was paid in full. As such, the fair value of the conversion feature at March 31, 2016 is $0 (See Note 11).

The inputs into the binomial model are as follows:

		March 31, 2015
Closing share price	$	0.0194
Conversion price	$	0.011
Risk free rate		0.14%
Expected volatility		180%
Dividend yield		0%
Expected life		0.5 years

Additionally, the Convertible Promissory Notes with JMJ Financial with an issue date of January 28, 2015, LGH Investments, Inc. with an issue date of April 6, 2015 and Lucas Hoppel with an issue date of June 11, 2015 was accounted for under ASC 815. The variable conversion price is not considered predominately based on a fixed monetary amount settleable with a variable number of shares due to the volatility and trading volume of the Company’s common stock. The Company’s convertible promissory note derivative liabilities has been measured at fair value at September 30, 2015, June 11, 2015, April 6, 2015 and March 31, 2015 using the Black-Scholes model.

The inputs into the Black-Scholes models are as follows:

		September 30, 2015		March 31, 2015
Closing share price	$	0.0149	$	0.0194
Conversion price	$	0.0160	$	0.019
Risk free rate		0.050%		0.050%
Expected volatility		143% - 151%		129%
Dividend yield		0%		0%
Expected life		1.58 years – 1.95 years		1.83 years

The fair value of the conversion option derivatives is $0 at March 31, 2016. The increase (decrease) in the fair value of the convertible promissory note derivative liabilities of $0 and $(235,282) has been recorded as a (gain) loss in the consolidated statements of operations for the year ended March 31, 2017 and 2016, respectively.

At December 31, 2015, the Company determined that it did not have sufficient authorized and unissued shares to settle contractual obligations for stock payable, Series A Convertible Preferred Stock and convertible notes. After allocating available shares of common stock to various contracts, there was a shortfall of 82,731,750 shares to satisfy obligations for convertible notes. As a result, the obligation to deliver shares was reclassified from equity to liabilities and a $198,088 promissory note obligation is recorded on the consolidated balance sheet at December 31, 2015.

The inputs into the Black-Scholes models are as follows:

		December 31, 2015
Closing share price	$	0.0035
Conversion price	$	0.0046 to 0.0110
Risk free rate		0.050%
Expected volatility		209% to 271%
Dividend yield		0%
Expected life		0.12 to 1.15 years

At February 4, 2016, the Company approved an amendment of the Company’s articles of incorporation to increase the number of authorized common shares of the Company from 500,000,000 to 850,000,000 shares of common stock. As a result the Company, had sufficient shares of the common stock to settle contractual obligations for stock payable, Series A Convertible Preferred Stock and convertible notes and the obligation to deliver shares was reclassified from liabilities to equity.

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Contingent Liabilities

12 Months Ended

Mar. 31, 2017

Notes

Contingent Liabilities

14.    CONTINGENT LIABILITIES

An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. While the Company, as of March 31, 2017, does not have a legal obligation associated with the disposal of certain chemicals used in its leaching process, the Company estimates it will incur costs up to $50,000 to neutralize those chemicals at the close of the leaching pond.

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Stockholders' Equity (Deficit)

12 Months Ended

Mar. 31, 2017

Notes

Stockholders' Equity (Deficit)

15.      STOCKHOLDERS’ EQUITY (DEFICIT)

The stockholders’ equity of the Company comprises the following classes of capital stock as of March 31, 2017 and 2016:

Preferred Stock, $0.001 par value per share; 9,000,000 shares authorized, 0 issued and outstanding at March 31, 2017 and 2016.

Series A Convertible Preferred Stock (‘Series A Preferred Stock”), $0.001 par value share; 1,000,000 shares authorized:1,000,000 shares issued and outstanding at March 31, 2017 and 2016.

Holders of Series A Preferred Stock may convert one share of Series A Preferred Stock into one share of Common Stock. Holders of Series A Preferred Stock have the number of votes determined by multiplying (a) the number of Series A Preferred Stock held by such holder, (b) the number of issued and outstanding Series A Preferred Stock and Common Stock on a fully diluted basis, and (c) 0.000006.

Common Stock, par value of $0.001 per share; 850,000,000 shares authorized:665,556,526 and 480,601,620 shares issued and outstanding at March 31, 2017 and 2016, respectively. Holders of Common Stock have one vote per share of Common Stock held.

Series A Preferred Stock

During the year ended March 31, 2016, the Company issued subscriptions payable for 625,000 shares of Series A Preferred Stock valued at $75,000 and classified as Series A Preferred Stock of $625 and additional paid-in capital of $74,375 ($0.12 per share) to Paul Thompson Sr., Chief Executive Officer and sole director of the Company, for $75,000 for settlement of accounts payable – related party.

Common Stock

(i)                  Year Ended March 31, 2017

On May 19, 2016, the Company issued 19,027,777 shares of common stock to satisfy obligations under share subscription agreements for $35,300 in cash receipts included in share subscriptions payable.

On April 21, 2016, the Company issued 17,791,176 shares of common stock to satisfy obligations under share subscription agreements for $75,000 for settlement of interest, $47,400 in services and $5,000 in cash receipts included in share subscriptions payable.

On May 13, 2016, the Company issued 17,141,176 shares of common stock to satisfy obligations under share subscription agreements for $306,000 for settlement of accounts payable, $2,000 in equipment and $20,000 in cash receipts included in share subscriptions payable.

On July 6, 2016, the Company cancelled 1,830,600 shares of common stock previously issued to satisfy obligations under share subscription agreements for $27,459 for settlement of notes payable.

On August 12, 2016, the Company issued 8,150,000 shares of common stock to satisfy obligations under share subscription agreements for $305,000 for services and $41,000 in cash receipts included in share subscriptions payable.

On August 24, 2016, the Company issued 14,633,333 shares of common stock to satisfy obligations under share subscription agreements for $205,800 for services, $30,000 for settlement of accounts payable, $51,666 for settlement of notes payable and $114,500 in cash receipts included in share subscriptions payable.

On August 30, 2016, the Company issued 6,025,000 shares of common stock to satisfy obligations under share subscription agreements for $120,500 in cash receipts included in share subscriptions payable.

On September 26, 2016, the Company issued 8,710,000 shares of common stock to satisfy obligations under share subscription agreements for $176,600 for services and $14,200 in cash receipts included in share subscriptions payable.

On October 10, 2016, the Company issued 21,283,782 shares of common stock to satisfy obligations under share subscription agreements for $704,539 for settlement of notes payable, $394,265 in services and $93,000 in cash receipts included in share subscriptions payable.

On November 11, 2016, the Company issued 2,916,667 shares of common stock to satisfy obligations under share subscription agreements for $2,000 for settlement of notes payable, $8,037 for settlement of accounts payable, $29,463 in services and $10,000 in cash receipts included in share subscriptions payable.

On December 2, 2016, the Company issued 14,055,555 shares of common stock to satisfy obligations under share subscription agreements for $5,000 for settlement of notes payable, $20,000 for interest, $44,900 in services and $91,000 in cash receipts included in share subscriptions payable.

On December 12, 2016, the Company issued 33,918,729 shares of common stock to satisfy obligations under share subscription agreements for $44,000 for settlement of notes payable, $190,909 for interest, $1,687 for settlement of accounts payable, $22,499 for replacement of cancellation of shares, $251,650 in services and $36,436 in cash receipts included in share subscriptions payable.

On December 12, 2016, the Company cancelled 2,248,100 shares of common stock previously issued to satisfy obligations under share subscription agreements for $22,481 for settlement of notes payable.

On December 29, 2016, the Company issued 2,583,333 shares of common stock to satisfy obligations under share subscription agreements for $11,700 for services and $24,625 in cash receipts included in share subscriptions payable.

On February 6, 2017, the Company issued 2,534,136 shares of common stock to satisfy obligations under share subscription agreements for $61,425 in services and $38,000 in cash receipts included in share subscriptions payable.

On February 24, 2017, the Company issued 2,282,378 shares of common stock to satisfy obligations under share subscription agreements for $4,500 for settlement of accounts payable, $33,500 in services and $127,728 in cash receipts included in share subscriptions payable.

On February 28, 2017, the Company issued 6,100,000 shares of common stock to satisfy obligations under share subscription agreements for $104,500 in services included in share subscriptions payable.

On March 14, 2017, the Company issued 4,207,777 shares of common stock to satisfy obligations under share subscription agreements for $5,000 for settlement of notes payable and $63,000 in cash receipts included in share subscriptions payable.

On March 21, 2017, the Company issued 2,086,667 shares of common stock to satisfy obligations under share subscription agreements for $2,000 for settlement of notes payable and $21,000 in cash receipts included in share subscriptions payable.

On March 28, 2017, the Company issued 5,586,120 shares of common stock to satisfy obligations under share subscription agreements for $45,500 for settlement of accounts payable, $92,000 in services and $71,832 in cash receipts included in share subscriptions payable.

(ii)                Year Ended March 31, 2016

On April 14, 2015, the Company issued 1,840,908 shares of common stock to satisfy obligations under share subscription agreements for $21,318 for settlement of notes payable and $7,500 in services included in share subscriptions payable.

On April 21, 2015, the Company issued 4,745,452 shares of common stock to satisfy obligations under share subscription agreements for $36,441 for settlement of notes payable, $12,000 in services and $18,800 in cash receipts included in share subscriptions payable.

On May 13, 2015, the Company issued 3,176,134 shares of common stock to satisfy obligations under share subscription agreements for $30,289 for settlement of notes payable, $10,000 in equipment and $9,000 in cash receipts included in share subscriptions payable.

On June 10, 2015, the Company issued 625,000 shares of Series A Preferred Stock to Paul Thompson Sr., the CEO and sole director of the Company, to satisfy obligations under share subscription agreements for $75,000 for settlement of accounts payable receipts included in share subscriptions payable.

On June 10, 2015, the Company issued 5,830,863 shares of common stock to satisfy obligations under share subscription agreements for $49,448 for settlement of accounts payable, $9,534 in services and $22,500 in cash receipts included in share subscriptions payable.

On June 23, 2015, the Company issued 1,800,000 shares of common stock to satisfy obligations under share subscription agreements for $12,000 in services and $20,000 in cash receipts included in share subscriptions payable.

On July 9, 2015, the Company issued 7,796,966 shares of common stock to satisfy obligations under share subscription agreements for $63,000 for settlement of notes payable, $14,200 in services and $12,500 in cash receipts included in share subscriptions payable.

On July 29, 2015, the Company issued 2,078,333 shares of common stock to satisfy obligations under share subscription agreements for $8,490 in services and $15,000 in cash receipts included in share subscriptions payable.

On August 6, 2015, the Company issued 2,125,000 shares of common stock to satisfy obligations under share subscription agreements for $25,500 in services included in share subscriptions payable.

On August 14, 2015, the Company issued 1,500,000 shares of common stock to satisfy obligations under share subscription agreements for $38,150 in services included in share subscriptions payable.

On August 24, 2015, $168,029 of share subscriptions payable for 2,517,040 shares of common stock due William H. Brinker were settled on issuance of the convertible promissory note.

On September 2, 2015, the Company issued 10,207,799 shares of common stock to satisfy obligations under share subscription agreements for $207,998 for settlement of notes payable, $29,000 in services and $12,776 in cash receipts included in share subscriptions payable.

On September 18, 2015, the Company issued 1,109,090 shares of common stock to satisfy obligations under share subscription agreements for $10,000 for settlement of notes payable and $2,000 in cash receipts included in share subscriptions payable.

On September 21, 2015, the Company issued 6,500,000 shares of common stock to satisfy obligations under share subscription agreements $97,250 in services and $10,000 in cash receipts included in share subscriptions payable.

On September 30, 2015, the Company issued 750,000 shares of common stock to satisfy obligations under share subscription agreement for $45,000 in services.

On April 18, 2015, May 1, 2015, July 28, 2015 and September 2, 2015, the Company issued a total of 12,370,789 shares of common stock valued at $242,400 ($0.0196 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $96,336 and loss on settlement of debt of $146,064.

On December 7, 2015, the Company issued 7,005,194 shares of common stock to satisfy obligations under share subscription agreements for $56,000 in services and $30,122 in cash receipts included in share subscriptions payable.

On December 18, 2015, the Company issued 13,896,345 shares of common stock to satisfy obligations under share subscription agreements for $148,804 for settlement of notes payable, $26,325 in services, $21,350 in equipment and $12,500 in cash receipts included in share subscriptions payable.

On December 23, 2015, the Company issued 8,669,993 shares of common stock to satisfy obligations under share subscription agreements for $21,297 for settlement of notes payable, $59,800 in services and $11,000 in cash receipts included in share subscriptions payable.

On July 28, 2015, August 10, 2015, August 24, 2015, September 1, 2015, September 15, 2015 and September 24, 2015, October 2, 2015 and October 20, 2015, the Company issued a total of 9,195,604 shares of common stock valued at $152,689 ($0.0166 per share) to JMJ Financial for conversion of principal and interest of $61,600 and loss on settlement of debt of $91,089.

On October 15, 2015, October 26, 2015, November 4, 2015, November 11, 2015 and November 13, 2015, the Company issued a total of 9,146,739 shares of common stock valued at $116,682 ($0.0128 per share) to LGH Investments, Inc. for conversion of principal and interest of $41,800 and loss on settlement of debt of $74,882.

On November 13, 2015, the Company entered into a Warrant Settlement Agreement whereby the Company agreed to issue 30,000,000 shares of common stock of the Company with a fair value of $357,000 ($0.0119 per share) for full settlement and cancelation of the Warrant issued in conjunction with the 8% Secured Convertible Promissory Note on June 12, 2013 to Typenex Co-Investment, LLC. On November 13, 2015, the Company issued 17,000,000 shares of common stock in accordance with the Warrant Settlement Agreement. On January 18, 2016, the obligation of the remaining 13,000,000 shares due were issued.

On December 16, 2015, the Company issued a total of 20,000,000 shares of common stock valued at $100,000 ($0.005 per share) and paid $6,000 in cash to Lucas Hoppel for conversion of principal and interest of $31,980 and loss on settlement of debt of $74,020.

On January 15, 2016, the Company issued 9,256,711 shares of common stock to satisfy obligations under share subscription agreements for $30,000 in services and $51,750 in cash receipts included in share subscriptions payable.

On February 9, 2016, the Company issued 9,112,985 shares of common stock to satisfy obligations under share subscription agreements for $18,430 in services, $30,818 for settlement in notes payable and $14,000 in cash receipts included in share subscriptions payable.

On March 15, 2016, 5,750,000 shares of common stock previously issued to satisfy obligations under share subscription agreements for $24,200 in services and $58,125 in cash receipts were returned to treasury and included in share subscriptions payable.

Common Stock Payable

(i)                  Year Ended March 31, 2017

As at March 31, 2017, the Company had total subscriptions payable for 26,024,576 shares of common stock for $260,287 in cash, shares of common stock for equipment valued at $10,500, shares of common stock for interest valued at $5,000, shares of common stock for services valued at $286,680 and common stock for settlement of notes payable valued at $9,000.

(ii)                Year Ended March 31, 2016

Aa at March 31, 2016, the Company had total subscriptions payable for 81,781,794 shares of common stock for $282,589 in cash, shares of common stock for services valued at $213,453, stock for purchase of equipment valued at $500, common stock for settlement of notes payable valued at $13,673, stock for settlement of interest payable valued at $104,000.

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Related Party Transactions

12 Months Ended

Mar. 31, 2017

Notes

Related Party Transactions

16.      RELATED PARTY TRANSACTIONS

During the years ended March 31, 2017 and 2016, the Company entered into the following transactions with related parties:

Paul D. Thompson, sole director and officer of the Company

Taurus Gold, Inc., controlled by Paul D. Thompson

Accounts payable – related parties – Note 7

Notes payable – related parties – Note 8

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Income Taxes

12 Months Ended

Mar. 31, 2017

Notes

Income Taxes

17.      INCOME TAXES

The Company had no income tax expense due to operating loss incurred for the years ended March 31, 2017 and 2016.

The tax effects of temporary differences and tax loss and credit carry forwards that give rise to significant portions of deferred tax assets and liabilities at March 31, 2017 and 2016 are comprised of the following:

		Year Ended March 31, 2017		Year Ended March 31, 2016
Deferred tax assets:
Net-operating loss carryforward	$	5,465,982	$	5,060,710
Total deferred tax assets		5,465,982		5,060,710
Valuation allowance		(5,465,982)		(5,060,710)
Deferred tax assets, net of allowance	$	-	$	-

		Year Ended March 31, 2017		Year Ended March 31, 2016
Federal
Current	$	-	$	-
Deferred		5,465,982		5,060,710
State
Current		-		-
Deferred		-		-
Change in valuation allowance		(5,465,982)		(5,060,710)
Income tax provision	$	-	$	-

At March 31, 2017, the Company had net operating loss carry forwards for federal tax purposes of approximately $15.6 million which expires in years 2030 through 2036. It appears that the Company had generated net operating losses, since 2010, which the Company’s preliminary analysis indicates would be subject to significant limitations pursuant to Internal Revenue Code Section 382. The Company has not completed its IRC Section 382 Valuation, as required and the NOL’s because of potential Change of Ownerships might be completely worthless. Therefore, Management of the Company has recorded a Full Valuation Reserve; since it is more likely than not that no benefit will be realized for the Deferred Tax Assets.

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and taxing strategies in making this assessment. In case the deferred tax assets will not be realized in future periods, the Company has provided a valuation allowance for the full amount of the deferred tax assets at March 31, 2017. The valuation allowance increased by approximately $0.4 million as of March 31, 2017.

Corporations resident in Mexico are taxable on their worldwide income from all sources, including profits from business and property. The Company is subject to Mexico tax at a rate of 30% on taxable income, if any, from Mexico operations.

The expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows:

		Year Ended March 31, 2017		Year Ended March 31, 2016
Statutory Federal Income Tax Rate		35%		35%
Change in valuation allowance		(35%)		(35%)
Income tax provision	$	-	$	-

The Company has not identified any uncertain tax positions requiring a reserve as of March 31, 2017.

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Subsequent Events

12 Months Ended

Mar. 31, 2017

Notes

Subsequent Events

18.      SUBSEQUENT EVENTS

Common Stock Payable

From the period of April 1, 2017 to June 19, 2017, the Company issued subscriptions payable for 1,550,000 shares of common stock ($0.0406 per share) for $63,000 in cash.

From the period of April 1, 2017 to June 19, 2017, the Company issued subscriptions payable for 1,800,000 shares of common stock ($0.1079 per share) for $189,260 in cash.

From the period of April 1, 2017 to July 10, 2017, the Company issued subscriptions payable for 500,000 shares of common stock ($0.0650 per share) for $32,485 in settlement of notes payable.

Common Stock

On April 11, 2017, the Company issued 1,097,826 shares of common stock to satisfy obligations under share subscription agreements for $9,000 in equipment and $50,000 in cash receipts included in share subscriptions payable.

On April 17, 2017, the Company issued 621,954 shares of common stock to satisfy obligations under share subscription agreements for $15,000 in services and $25,000 in cash receipts included in share subscriptions payable.

On May 15, 2017, the Company issued 108,696 shares of common stock to satisfy obligations under share subscription agreements for $10,000 in services included in share subscriptions payable.

On June 2, 2017, the Company issued 4,593,333 shares of common stock to satisfy obligations under share subscription agreements for $41,100 in services and $36,500 in cash receipts included in share subscriptions payable.

On July 5, 2017, the Company issued 600,000 shares of common stock to satisfy obligations under share subscription agreements for $5,760 in services and $32,485 in settlement of notes payable included in share subscriptions payable.

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Summary of Significant Accounting Principles: Basis of Consolidation (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Basis of Consolidation

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and controlled subsidiaries, Mexus Gold Mining, S.A. de C.V. (“Mexus Gold Mining) and Mexus Enterprises S.A. de C.V. (“Mexus Gold Enterprises”). Significant intercompany accounts and transactions have been eliminated.

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Summary of Significant Accounting Principles: Use of Estimates (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Use of Estimates

Use of Estimates

The preparation of audited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Management believes that the estimates used are reasonable.

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Summary of Significant Accounting Principles: Cash and Cash Equivalents (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Cash and Cash Equivalents

Cash and cash equivalents

The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.

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Summary of Significant Accounting Principles: Equipment (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Equipment

Equipment

Equipment consists of mining tools and equipment, watercraft and vehicles which are depreciated on a straight-line basis over their expected useful lives as follows (see Note 6):

Mining tools and equipment	7 years
Watercrafts	7 years
Vehicles	3 years

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Summary of Significant Accounting Principles: Equipment under Construction (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Equipment under Construction

Equipment under Construction

Equipment under construction comprises mining equipment that is currently being fabricated and modified by the Company and is not presently in use. Equipment under construction totaled $73,456 and $17,018 as of March 31, 2017 and 2016, respectively. Equipment under construction at March 31, 2017 comprises a Gold Recovery Cyanide Plant, Hydraulic Drum 12YD, Skid Mounted Mill and Survey Winch Marine.

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Summary of Significant Accounting Principles: Exploration and Development Costs, Policy (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Exploration and Development Costs, Policy

Exploration and Development Costs

Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.

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Summary of Significant Accounting Principles: Mineral Property Rights, Policy (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Mineral Property Rights, Policy

Mineral Property Rights

Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

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Summary of Significant Accounting Principles: Long-Lived Assets (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Long-Lived Assets

Long-Lived Assets

In accordance with ASC 360, Property Plant and Equipment the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

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Summary of Significant Accounting Principles: Fair Value of Financial Instruments (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Fair Value of Financial Instruments

Fair Value of Financial Instruments

ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item.

The Company's financial instruments consist of cash, accounts payable, accrued liabilities, advances, notes payable, and a loan payable. The carrying amount of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The notes payable, loans payable and secured convertible promissory notes have fixed interest rates therefore the Company is exposed to interest rate risk in that they could not benefit from a decrease in market interest rates. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities.

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Summary of Significant Accounting Principles: Foreign Currency Translation (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Foreign Currency Translation

Foreign Currency Translation

The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 740, Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income.

To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Mexican Pesos. The Company has not, as of the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

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Summary of Significant Accounting Principles: Comprehensive Loss (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Comprehensive Loss

Comprehensive Loss

ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at March 31, 2017 and 2016, the Company had no items that represent a comprehensive loss, and therefore has not included a schedule of comprehensive loss in the consolidated financial statements.

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Summary of Significant Accounting Principles: Income Taxes (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Income Taxes

Income Taxes

The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Tax”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

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Summary of Significant Accounting Principles: Exploration and Development Costs (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Exploration and Development Costs

Exploration and Development Costs

Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.

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Summary of Significant Accounting Principles: Mineral Property Rights (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Mineral Property Rights

Mineral Property Rights

Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs would be based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.

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Summary of Significant Accounting Principles: Asset Retirement Obligations (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Asset Retirement Obligations

Asset Retirement Obligations

In accordance with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a liability for an asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The associated asset retirement costs are supposed to be capitalized as part of the carrying amount of the related mineral properties. As of March 31, 2017 and 2016, the Company has not recorded AROs associated with legal obligations to retire any of the Company’s mineral properties as the settlement dates are not presently determinable.

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Summary of Significant Accounting Principles: Revenue Recognition (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Revenue Recognition

Revenue Recognition

The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured.

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Summary of Significant Accounting Principles: Accounting for Derivative Instruments (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Accounting for Derivative Instruments

Accounting for Derivative Instruments

Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. A change in the market value of the financial instrument is recognized as a gain or loss in results of operations in the period of change.

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Summary of Significant Accounting Principles: Stock-based Compensation (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Stock-based Compensation

Stock-based Compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.

ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505.

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Summary of Significant Accounting Principles: Per Share Data (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Per Share Data

Per Share Data

Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share". Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

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Summary of Significant Accounting Principles: Recently Issued Accounting Pronouncements (Policies)

12 Months Ended

Mar. 31, 2017

Policies

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In addition, during 2016 the FASB issued ASU 2016-08, ASU 2016-10 and ASU 2016-12, all of which clarify certain implementation guidance within ASU 2014-09, and ASU 2016-11, which rescinds certain SEC guidance effective upon an entity’s adoption of ASU 2014-09. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. The standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently in the process of evaluating the impact of ASU 2014-09 on the Company’s financial statements and disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the expected impact that the standard could have on its financial statements and related disclosures.

In March 2016, the FASB issued the ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The amendments in this ASU require, among other things, that all income tax effects of awards be recognized in the income statement when the awards vest or are settled. The ASU also allows for an employer to repurchase more of an employee's shares than it can today for tax withholding purposes without triggering liability accounting and allows for a policy election to account for forfeitures as they occur. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted for any entity in any interim or annual period. The Company is currently evaluating the expected impact that the standard could have on its financial statements and related disclosures.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

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Mineral Properties and Exploration Costs: Schedule of Mineral Property Acquisition Costs capitalized on the Consolidated Balance Sheets (Tables)

12 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Mineral Property Acquisition Costs capitalized on the Consolidated Balance Sheets

		Balance March 31, 2016		Cash Payments		Share-based Payments		Impairment		Balance March 31, 2017
Ures Property (a)	$	-	$	-	$	-	$	-	$	-
Santa Elena Mine (b)		505,947		-		-		-		505,947
San Felix Project (c)		-		75,000		-		-		75,000
	$	505,947	$	75,000	$	-	$	-	$	580,947

		Balance March 31, 2015		Cash Payments		Share-based Payments		Impairment		Balance March 31, 2016
Ures Property (a)	$	-	$	-	$	-	$	-	$	-
Santa Elena Mine (b)		505,947		-		-		-		505,947
	$	505,947	$	-	$	-	$	-	$	505,947

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Mineral Properties and Exploration Costs: Schedule of Mineral Property Acquisition Costs capitalized on the Consolidated Statements of Operation (Tables)

12 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Mineral Property Acquisition Costs capitalized on the Consolidated Statements of Operation

		Balance March 31, 2016		Cash Payments		Share-based Payments		Balance March 31, 2017
Ures Property (a)	$	1,910,649	$	19,335	$	-	$	1,929,984
Santa Elena Mine (b)		2,786,147		285,299		869,315		3,940,761
	$	4,696,796	$	304,634	$	869,315	$	5,870,745

		Balance March 31, 2015		Cash Payments		Share-based Payments		Balance March 31, 2016
Ures Property (a)	$	1,910,649	$	-	$	-	$	1,910,649
Santa Elena Mine (b)		2,331,867		241,990		212,290		2,786,147
	$	4,242,516	$	241,990	$	212,290	$	4,696,796

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Property and Equipment: Property, Plant and Equipment (Tables)

12 Months Ended

Mar. 31, 2017

Tables/Schedules

Property, Plant and Equipment

		Cost		Accumulated Depreciation		March 31, 2017 Net Book Value		March 31, 2016 Net Book Value
Mining tools and equipment	$	1,357,585	$	866,697	$	490,888	$	526,311
Vehicles		134,918		120,223		14,695		1,650
	$	1,492,503	$	986,920	$	505,583	$	527,961

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Secured Convertible Promissory Notes: Schedule of Discount on Note (Tables)

12 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Discount on Note

		Year Ended March 31, 2016
Opening balance	$	102,842
Conversion of principal into shares of common stock		(105,623)
Amortization of discount on Note and accrued interest		2,781
Closing balance	$	-

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Warrant Derivative Liability: Schedule of Inputs to Binomial Model (Tables)

12 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Inputs to Binomial Model

		November 12, 2015		March 31, 2015
Market price	$	0.0125	$	0.0194
Conversion price	$	0.0046	$	0.0110
Risk free rate		1.20%		0.89%
Expected volatility		145%		121%
Dividend yield		0%		0%
Expected life		32 months		38 months

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Convertible Promissory Note Derivative Liabilities: Schedule of Convertible Promissory Note Inputs into the Binomial Model (Tables)

12 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Convertible Promissory Note Inputs into the Binomial Model

		March 31, 2015
Closing share price	$	0.0194
Conversion price	$	0.011
Risk free rate		0.14%
Expected volatility		180%
Dividend yield		0%
Expected life		0.5 years

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Convertible Promissory Note Derivative Liabilities: Schedule of Convertible Promissory Note Inputs into the Black Scholes Models (Tables)

12 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Convertible Promissory Note Inputs into the Black Scholes Models

		September 30, 2015		March 31, 2015
Closing share price	$	0.0149	$	0.0194
Conversion price	$	0.0160	$	0.019
Risk free rate		0.050%		0.050%
Expected volatility		143% - 151%		129%
Dividend yield		0%		0%
Expected life		1.58 years – 1.95 years		1.83 years

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Convertible Promissory Note Derivative Liabilities: Schedule of Convertible Promissory Note Inputs into the Black Scholes Models after obligation to deliver shares was reclassified (Tables)

12 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Convertible Promissory Note Inputs into the Black Scholes Models after obligation to deliver shares was reclassified

		December 31, 2015
Closing share price	$	0.0035
Conversion price	$	0.0046 to 0.0110
Risk free rate		0.050%
Expected volatility		209% to 271%
Dividend yield		0%
Expected life		0.12 to 1.15 years

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Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)

12 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Deferred Tax Assets and Liabilities

		Year Ended March 31, 2017		Year Ended March 31, 2016
Deferred tax assets:
Net-operating loss carryforward	$	5,465,982	$	5,060,710
Total deferred tax assets		5,465,982		5,060,710
Valuation allowance		(5,465,982)		(5,060,710)
Deferred tax assets, net of allowance	$	-	$	-

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Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables)

12 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Components of Income Tax Expense (Benefit)

		Year Ended March 31, 2017		Year Ended March 31, 2016
Federal
Current	$	-	$	-
Deferred		5,465,982		5,060,710
State
Current		-		-
Deferred		-		-
Change in valuation allowance		(5,465,982)		(5,060,710)
Income tax provision	$	-	$	-

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Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)

12 Months Ended

Mar. 31, 2017

Tables/Schedules

Schedule of Effective Income Tax Rate Reconciliation

		Year Ended March 31, 2017		Year Ended March 31, 2016
Statutory Federal Income Tax Rate		35%		35%
Change in valuation allowance		(35%)		(35%)
Income tax provision	$	-	$	-

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Organization and Business of Company: Common Stock (Details)	12 Months Ended
	Mar. 31, 2017
Details
Registrant Name	Mexus Gold US
Entity Incorporation, Date of Incorporation	Jun. 22, 1990
Entity Information, Former Legal or Registered Name	U.S.A. Connection, Inc
Entity Information, Date to Change Former Legal or Registered Name	Sep. 18, 2009
Entity Incorporation, State Country Name	Nevada

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Going Concern: Common Stock (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Details
Net Income (Loss) Attributable to Parent	$ (3,806,697)	$ (2,177,577)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations	(819,230)	(356,892)
Accumulated deficit	$ (22,944,033)	$ (19,137,336)

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Summary of Significant Accounting Principles: Equipment under Construction: Common Stock (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Details
Equipment under construction	$ 73,456	$ 17,018

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Deposit: Common Stock (Details)	12 Months Ended
	Mar. 31, 2016 USD ($)
Details
Business Acquisition, Pro Forma Revenue	$ 75,000

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Mineral Properties and Exploration Costs: Common Stock (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Ures Property
Property, Capitalized on Consolidated Balance Sheets, Balance	$ 0	$ 0
Property, Capitalized on Consolidated Blance Sheets, Cash Payments	0	0
Property, Capitalized on Consolidated Blance Sheets, Share-based Payments	0	0
Property, Capitalized on Consolidated Balance Sheets, Impairment	0	0
Property, Capitalized on Consolidated Balance Sheets, Balance	0	0
Property, Capitalized on Consolidated Statement of Operations, Balance	1,910,649	1,910,649
Property, Capitalized on Consolidated Statement of Operations, Cash Payments	19,335	0
Property, Capitalized on Consolidated Statements of Operations, Share-based Payments	0	0
Property, Capitalized on Consolidated Statement of Operations, Balance	1,929,984	1,910,649
Santa Elena Mine
Property, Capitalized on Consolidated Balance Sheets, Balance	505,947	505,947
Property, Capitalized on Consolidated Blance Sheets, Cash Payments	0	0
Property, Capitalized on Consolidated Blance Sheets, Share-based Payments	0	0
Property, Capitalized on Consolidated Balance Sheets, Impairment	0	0
Property, Capitalized on Consolidated Balance Sheets, Balance	505,947	505,947
Property, Capitalized on Consolidated Statement of Operations, Balance	2,786,147	2,331,867
Property, Capitalized on Consolidated Statement of Operations, Cash Payments	285,299	241,990
Property, Capitalized on Consolidated Statements of Operations, Share-based Payments	869,315	212,290
Property, Capitalized on Consolidated Statement of Operations, Balance	3,940,761	2,786,147
San Felix Project
Property, Capitalized on Consolidated Balance Sheets, Balance	0
Property, Capitalized on Consolidated Blance Sheets, Cash Payments	75,000
Property, Capitalized on Consolidated Blance Sheets, Share-based Payments	0
Property, Capitalized on Consolidated Balance Sheets, Impairment	0
Property, Capitalized on Consolidated Balance Sheets, Balance	75,000	0
Property, Capitalized on Consolidated Balance Sheets, Balance	505,947	505,947
Property, Capitalized on Consolidated Blance Sheets, Cash Payments	75,000	0
Property, Capitalized on Consolidated Blance Sheets, Share-based Payments	0	0
Property, Capitalized on Consolidated Balance Sheets, Impairment	0	0
Property, Capitalized on Consolidated Balance Sheets, Balance	580,947	505,947
Property, Capitalized on Consolidated Statement of Operations, Balance	4,696,796	4,242,516
Property, Capitalized on Consolidated Statement of Operations, Cash Payments	304,634	241,990
Property, Capitalized on Consolidated Statements of Operations, Share-based Payments	869,315	212,290
Property, Capitalized on Consolidated Statement of Operations, Balance	$ 5,870,745	$ 4,696,796

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Property and Equipment: Common Stock (Details)	12 Months Ended
	Mar. 31, 2017 USD ($)
Equipment
Property, Net Book Value	$ 526,311
Property, Cost	1,357,585
Property, Accumulated Depreciation	866,697
Property, Net Book Value	490,888
Vehicles
Property, Net Book Value	1,650
Property, Cost	134,918
Property, Accumulated Depreciation	120,223
Property, Net Book Value	14,695
Property, Net Book Value	527,961
Property, Cost	1,492,503
Property, Accumulated Depreciation	986,920
Property, Net Book Value	$ 505,583

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Accounts Payable - Related Parties: Common Stock (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Details
Rent expense - related party	$ 45,600	$ 45,600
Rent outstanding - related party	$ 65,203	$ 33,798

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Notes Payable - Related Parties: Common Stock (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Taurus Gold, Inc.
Notes Payable	$ 67,223	$ 101,428
North Pacific Gold
Notes Payable	$ 19,531	$ 9,091

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Secured Convertible Promissory Notes: Common Stock (Details)	12 Months Ended
	Mar. 31, 2016 USD ($)
Details
Note Balance	$ 102,842
Conversion of principal into shares of common stock	(105,623)
Amortization of discount on Note and accrued interest	2,781
Note Balance	$ 0

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Convertible Promissory Note Derivative Liabilities: Common Stock (Details) - $ / shares	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2015
Closing share price	$ 0.0035	$ 0.0149	$ 0.0194
Conversion price		$ 0.0160	$ 0.019
Risk free rate	0.05%	0.05%	0.05%
Expected volatility			129.00%
Dividend yield	0.00%	0.00%	0.00%
Expected life			1 year 9 months 29 days
Minimum
Conversion price	$ 0.0046
Expected volatility	209.00%	143.00%
Expected life	1 month 13 days	1 year 6 months 29 days
Maximum
Conversion price	$ 0.0110
Expected volatility	271.00%	151.00%
Expected life	1 year 1 month 24 days	1 year 11 months 12 days

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Stockholders' Equity (Deficit): Preferred Stock (Details) - $ / shares	Mar. 31, 2017	Mar. 31, 2016
Details
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	9,000,000	9,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

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Stockholders' Equity (Deficit): Series A Convertible Preferred Stock (Details) - $ / shares	Mar. 31, 2017	Mar. 31, 2016
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	9,000,000	9,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Series A Convertible
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	1,000,000	1,000,000
Preferred Stock, Shares Outstanding	1,000,000	1,000,000

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Stockholders' Equity (Deficit): Common Stock (Details) - $ / shares	Mar. 31, 2017	Mar. 31, 2016
Details
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	850,000,000	850,000,000
Common Stock, Shares, Issued	665,556,526	480,601,620
Common Stock, Shares, Outstanding	665,556,526	480,601,620

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Stockholders' Equity (Deficit) (Details) - shares	Mar. 31, 2017	Mar. 31, 2016
Common Stock, Shares, Issued	665,556,526	480,601,620
On May 19, 2016
Common Stock, Shares, Issued	19,027,777
On April 21, 2016
Common Stock, Shares, Issued	17,791,176
On May 13, 2016
Common Stock, Shares, Issued	17,141,176
On July 6, 2016
Common Stock, Shares, Issued	1,830,600
On August 12, 2016
Common Stock, Shares, Issued	8,150,000
On August 24, 2016
Common Stock, Shares, Issued	14,633,333
On August 30, 2016
Common Stock, Shares, Issued	6,025,000
On September 26, 2016
Common Stock, Shares, Issued	8,710,000
On October 10, 2016
Common Stock, Shares, Issued	21,283,782
On November 11, 2016
Common Stock, Shares, Issued	2,916,667
On December 2, 2016
Common Stock, Shares, Issued	14,055,555
On December 12, 2016
Common Stock, Shares, Issued	33,918,729
On December 29, 2016
Common Stock, Shares, Issued	2,583,333
On February 6, 2017
Common Stock, Shares, Issued	2,534,136
On February 24, 2017
Common Stock, Shares, Issued	2,282,378
On February 28, 2017
Common Stock, Shares, Issued	6,100,000
On March 14, 2017
Common Stock, Shares, Issued	4,207,777
On March 21, 2017
Common Stock, Shares, Issued	2,086,667
On March 28, 2017
Common Stock, Shares, Issued	5,586,120
On April 14, 2015
Common Stock, Shares, Issued	1,840,908
On April 21, 2015
Common Stock, Shares, Issued	4,745,452
On May 13, 2015
Common Stock, Shares, Issued	3,176,134
On June 10, 2015 (a)
Common Stock, Shares, Issued	625,000
On June 10, 2015 (b)
Common Stock, Shares, Issued	5,830,863
On June 23, 2015
Common Stock, Shares, Issued	1,800,000
On July 9, 2015
Common Stock, Shares, Issued	7,796,966
On July 29, 2015
Common Stock, Shares, Issued	2,078,333
On August 6, 2015
Common Stock, Shares, Issued	2,125,000
On August 14, 2015
Common Stock, Shares, Issued	1,500,000
On September 2, 2015
Common Stock, Shares, Issued	10,207,799
On September 18, 2015
Common Stock, Shares, Issued	1,109,090
On September 21, 2015
Common Stock, Shares, Issued	6,500,000
On September 30, 2015
Common Stock, Shares, Issued	750,000
On April 18, 2015, May 1, 2015, July 28, 2015 and September 2, 2015
Common Stock, Shares, Issued	12,370,789
On December 7, 2015
Common Stock, Shares, Issued	7,005,194
On December 18, 2015
Common Stock, Shares, Issued	13,896,345
On December 23, 2015
Common Stock, Shares, Issued	8,669,993
On July 28, 2015, August 10, 2015, August 24, 2015, September 1, 2015, September 15, 2015 and September 24, 2015, October 2, 2015 and October 20, 2015
Common Stock, Shares, Issued	9,195,604
On October 15, 2015, October 26, 2015, November 4, 2015, November 11, 2015 and November 13, 2015
Common Stock, Shares, Issued	9,146,739
On November 13, 2015
Common Stock, Shares, Issued	30,000,000
On December 16, 2015
Common Stock, Shares, Issued	20,000,000
On January 15, 2016
Common Stock, Shares, Issued	9,256,711
On February 9, 2016
Common Stock, Shares, Issued	9,112,985

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Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Deferred Tax Assets, Gross
Deferred Tax Assets, Operating Loss Carryforwards	$ 5,465,982	$ 5,060,710
Deferred Tax Assets, Gross	5,465,982	5,060,710
Deferred Tax Assets, Valuation Allowance	(5,465,982)	(5,060,710)
Deferred Tax Assets, Net of Valuation Allowance	$ 0	$ 0

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Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Details
Current Federal Tax Expense (Benefit)	$ 0	$ 0
Deferred Federal Income Tax Expense (Benefit)	5,465,982	5,060,710
Current State and Local Tax Expense (Benefit)	0	0
Deferred State and Local Income Tax Expense (Benefit)	0	0
Deferred Tax Assets, Valuation Allowance	(5,465,982)	(5,060,710)
Income Tax Expense (Benefit)	$ 0	$ 0

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Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Details
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	35.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	(35.00%)	(35.00%)
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent	0.00%	0.00%

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Subsequent Events: Common Stock Payable (Details)	12 Months Ended
	Mar. 31, 2017
Event 1
Subsequent Event, Description	the Company issued subscriptions payable for 1,550,000 shares of common stock ($0.0406 per share)
Event 2
Subsequent Event, Description	the Company issued subscriptions payable for 1,800,000 shares of common stock ($0.1079 per share)
Event 7
Subsequent Event, Description	the Company issued subscriptions payable for 500,000 shares of common stock ($0.0650 per share)

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Subsequent Events: Common Stock (Details)	12 Months Ended
	Mar. 31, 2017
Event 3
Subsequent Event, Date	Apr. 11, 2017
Subsequent Event, Description	the Company issued 1,097,826 shares of common stock
Event 4
Subsequent Event, Date	Apr. 17, 2017
Subsequent Event, Description	the Company issued 621,954 shares of common stock
Event 5
Subsequent Event, Date	May 15, 2017
Subsequent Event, Description	the Company issued 108,696 shares of common stock
Event 6
Subsequent Event, Date	Jun. 02, 2017
Subsequent Event, Description	the Company issued 4,593,333 shares of common stock
Event 8
Subsequent Event, Date	Jul. 05, 2017
Subsequent Event, Description	the Company issued 600,000 shares of common stock