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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net loss for the period $ (6,795,401) $ (7,104,281)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion 13,489 15,727
Depreciation 90,157 12,743
Share-based compensation [1] 184,127 364,991
Non-cash lease expenses 24,070 9,644
Changes in operating assets and liabilities    
Inventories (8,934) (28,523)
Prepaid expenses (430,548) (844,366)
Other receivables 121,603 (121,082)
Accounts payable 272,917 783,276
Accrued liabilities (82,105) 8,080
Income tax payable (5,036)
Lease liabilities (24,785)
Net cash used in operating activities (6,640,446) (6,903,791)
Investing activities    
Construction of camp structures (866,140)
Purchase of equipment (171,835) (113,383)
Net cash used in investing activities (171,835) (979,523)
Financing activities    
Proceeds from initial public offering, net of underwriters’ fees and issuance costs 19,029,807
Proceeds from common shares issued for warrant exercise 3,363,204
Capital contributions from GoldMining 10,202 30,593
Withholding taxes on return of capital 53,934
Advance from GoldMining 470,805
Repayment of advance from GoldMining (1,680,925)
Net cash provided by financing activities 10,202 21,267,418
Net change in cash, cash equivalents and restricted cash (6,802,079) 13,384,104
Cash, cash equivalents and restricted cash, beginning of period 11,291,649 154,971
Cash, cash equivalents and restricted cash, end of period 4,489,570 13,539,075
Supplemental disclosure of non-cash financing activities:    
Allocation of share-based compensation expenses from GoldMining $ 13,675 $ 39,781
[1] During the three and nine months ended September 30, 2024, and 2023, share-based compensation and management fees, salaries and benefits include costs allocated from GoldMining (Note 13).