NeXGold Mining : FS (NEXG Consolidated Financial Statements December 31 2024)

Published: 2025-04-15 12:22:06 ET NEXG.V

Independent Auditor's Report

NEXGOLD MINING CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed In Canadian Dollars)

December 31

($)

2024

2023 (Note 4)

Assets

Current assets

16,356,741

Cash and cash equivalents (Note 7)

9,430,567

Accounts receivable and prepaid expenses (Note 8)

2,041,423

1,586,990

Investments (Note 10)

3,922,349

665,911

Total current assets

22,320,513

11,683,468

Non-current assets

4,517,625

Property and equipment (Note 11)

2,620,606

Restricted cash (Note 9)

1,393,291

Mineral properties (Note 12)

163,243,607

103,379,208

Total non-current assets

169,154,523

105,999,814

Total assets

191,475,036

117,683,282

Liabilities

Current liabilities

3,694,002

Accounts payable and accrued liabilities (Note 13)

1,118,576

Current portion of long-term debt (Note 14)

282,686

109,951

Convertible debt (Note 14)

7,366,850

Derivative liability (Note 14)

59,544

Current portion of SRSR payment obligation (Note 15)

1,092,596

1,860,845

Flow-through premium (Note 17)

959,864

102,578

Total current liabilities

6,029,148

10,618,344

Non-current liabilities

15,972,317

Long-term debt (Note 14)

141,886

Provision for reclamation (Note 16)

2,256,852

SRSR payment obligation (Note 15)

7,947,829

7,462,089

Total non-current liabilities

26,176,998

7,603,975

Total liabilities

32,206,146

18,222,319

Shareholders' Equity

288,833,008

Capital stock (Note 18)

216,257,231

Warrants (Note 19)

6,362,129

918,209

Contributed surplus

29,147,281

27,283,223

Deficit

(163,629,332)

(143,974,139)

Accumulated other comprehensive loss

(1,444,196)

(1,023,561)

159,268,890

99,460,963

Total liabilities and shareholders' equity

191,475,036

117,683,282

Nature of Operations and Going Concern (Note 1)

Commitments and Contractual Obligations and Contingencies (Note 24)

Subsequent Events (Note 26)

SIGNED ON BEHALF OF THE BOARD

(Signed)

"Mary-Lynn Oke"

(Signed)

"James Gowans"

Director

The accompanying notes are an integral part of these consolidated financial statements.

Page 1

NEXGOLD MINING CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed In Canadian Dollars)

For the years ended

December 31

($)

2024

2023

Expenses

7,814,093

Exploration and evaluation (Note 21)

6,928,131

Administrative, office and shareholder services

2,566,304

1,124,337

Professional fees

956,717

605,031

Salary and benefits

3,792,176

2,312,502

Amortization (Note 11)

455,827

202,384

Share-based payments (Note 20)

1,584,715

1,314,458

Accretion of long-term debt (Note 14 & Note 15)

975,056

1,156,111

Finance expense

500,647

227,942

Foreign exchange loss (gain)

1,526,599

(383,584)

Loss (gain) on debt modification/extinguishment (Note 14

(62,283)

and Note 15)

464,995

Gain on debt and derivative liability (Note 14)

(19,660)

(101,696)

Loss before income tax

(20,090,191)

(13,850,611)

Income from recognition of flow-through premium (Note 17)

496,325

464,400

Net Loss for the year

(19,593,866)

(13,386,211)

Loss per share - basic and diluted

(0.30)

(0.37)

Weighted average number of shares outstanding (Note 18)

65,371,457

36,573,576

The accompanying notes are an integral part of these consolidated financial statements.

Page 2

NEXGOLD MINING CORP.

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS (Expressed In Canadian Dollars)

For the years ended

December 31

($)

2024

2023

Net loss for the year

(19,593,866)

(13,386,211)

Other comprehensive income (loss)

Items to be reclassified to profit or loss in subsequent years

Fair value on equity investments, net of taxes (Note 10)

(533,573)

1,478

Loss from sale of investment transferred to retained earnings (Note

61,327

10)

Foreign currency translation adjustment

51,611

Other comprehensive income (loss) for the year

(420,635)

1,478

Total comprehensive loss for the year

(20,014,501)

(13,384,733)

The accompanying notes are an integral part of these consolidated financial statements.

Page 3

NEXGOLD MINING CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Expressed In Canadian Dollars)

Accumulated

Other

Contributed

Comprehensive

($)

Common Shares

Capital Stock

Warrants

Surplus

Deficit

Loss

Total

Balance, January 1, 2023

34,542,023

209,595,606

26,102,719

(130,587,928)

(1,025,039)

104,085,358

Share-based payments - compensation (Note 20)

131,350

Share-based payments - restricted share units

(Note 20)

1,183,108

Restricted share units redeemed (Note 20)

109,308

133,954

(133,954)

Flow-through share issuance (Note 17)

778,816

841,122

Issuance of warrants at fair value (Note 19)

464,995

Share issued for repayment of SRSR obligation

(Note 15)

1,731,364

2,011,273

Returned shares

(4,287)

Shares issued in private placement (Note 18)

7,400,893

4,144,500

Share issue costs

(16,010)

Issuance of warrants at fair value (Note 19)

(453,214)

453,214

Net income (loss) for the year

(13,386,211)

Other comprehensive income (loss) for the year

1,478

Balance, December 31, 2023

44,558,117

216,257,231

918,209

27,283,223

(143,974,139)

(1,023,561)

99,460,963

The accompanying notes are an integral part of these consolidated financial statements.

Page 4

NEXGOLD MINING CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Expressed In Canadian Dollars)

Accumulated

Other

Common

Contributed

Comprehensi

($)

Capital Stock

Warrants

Surplus

Deficit

ve Loss

Total

Balance, December 31, 2023

44,558,117

216,257,231

918,209

27,283,223

(143,974,139)

(1,023,561)

99,460,963

Share-based payments - compensation (Note

20)

277,358

Share-based payments - restricted share units

(Note 20)

1,307,357

Restricted share units redeemed (Note 20)

318,883

296,400

(296,400)

Share units redeemed (Note 20)

509,301

376,886

(376,886)

Share issued for repayment of SRSR obligation

(Note 15)

2,191,942

1,346,173

Share options issued at fair value for Blackwolf

acquisition (Note 6)

72,690

Warrants issued at fair value for Blackwolf

acquisition (Note 6)

293,269

Shares issued for Blackwolf acquisition at fair

value (Note 6)

21,905,950

18,400,998

Advisory fees related to Blackwolf Acquisition

(Note 6)

309,100

250,000

Returned and cancelled shares

(224)

Share units issued at fair value for Signal Gold

acquisition (Note 6)

757,577

757,578

Share options issued at fair value for Signal

Gold acquisition (Note 6)

122,362

Warrants issued at fair value for Signal Gold

acquisition (Note 6)

1,880,230

Shares issued for Signal Gold acquisition at fair

value (Note 6)

47,232,655

34,952,165

Advisory fees related to Signal Gold (Note 6)

1,379,075

1,020,516

Flow-through share issuance (Note 17)

17,062,750

14,484,980

Flow-through share premium (Note 17)

(1,061,833)

Shares issued for Nebari credit facility (Note

14)

8,000,000

5,692,400

Fair value of warrants issued for long-term debt

(Note 14)

821,685

Issuance of warrants at fair value (Note 19)

(2,417,664)

2,417,664

Share issue costs

(796,744)

31,072

(765,673)

Warrants exercised (Note 19)

37,500

31,500

Net income (loss) for the year

(19,593,866)

Foreign currency translation adjustment

51,611

Loss from sale of investments (Note 10)

(61,327)

61,327

Other comprehensive income (loss) for the year

(533,573)

Balance, December 31, 2024

143,505,049

288,833,008

6,362,129

29,147,281

(163,629,332)

(1,444,196)

159,268,890

The accompanying notes are an integral part of these consolidated financial statements.

Page 5

Disclaimer

Nexgold Mining Corp. published this content on April 15, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 15, 2025 at 16:21 UTC.