GoldMining : Interim Audited Financial Statements

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

FEBRUARY 28, 2022 AND 2021 (Expressed in Canadian Dollars unless otherwise stated)Condensed Consolidated Interim Statements of Financial Position As at February 28, 2022 and November 30, 2021

(Unaudited, expressed in Canadian dollars unless otherwise stated)

As at November 30,
2021
($)
Assets
Current assets
Cash and cash equivalents	6	9,109,258	11,658,308
Other receivables	122,776	40,096
Prepaid expenses and deposits	475,968	528,804
Short-term investment	56,000	50,000
9,764,002	12,277,208
Non-current assets
Reclamation deposits	523,816	523,816
Land, property and equipment	4	1,971,407	1,789,544
Exploration and evaluation assets	5	55,166,177	54,475,285
Investment in joint venture	1,104,079	999,396
Investment in GRC	3	104,188,500	130,090,220
172,717,981	200,155,469
Liabilities
Current liabilities
Accounts payable and accrued liabilities	1,126,224	991,913
Due to joint venture	26,850	24,809
Due to related parties	11	18,446	20,793
Lease liabilities	85,030	54,453
Government loan	40,000	-
Margin loan payable	7	12,572,575	12,481,648
13,869,125	13,573,616
Non-Current Liabilities
Lease liabilities	227,528	69,767
Government loan	-	40,000
Rehabilitation provisions	8	888,375	899,829
Deferred tax liability	3	5,765,377	9,867,859
20,750,405	24,451,071
Equity
Issued capital	9	131,514,915	131,082,494
Reserves	9	10,651,097	10,106,552
Retained earnings	38,110,330	41,183,972
Accumulated other comprehensive loss	(28,308,766)	(6,668,620)
Total equity attributable to shareholders of the Company	151,967,576	175,704,398
172,717,981	200,155,469
Commitments (Note 13)
Subsequent events (Note 14)

As at February 28, 2022

Notes

($)

Approved and authorized for issue by the Board of Directors on April 13, 2022.

/s/ "David Kong"	/s/ "Pat Obara"
David Kong	Pat Obara
Director	Chief Financial Officer

1

Condensed Consolidated Interim Statements of Comprehensive Loss For the three months ended February 28, 2022 and 2021 (Unaudited, expressed in Canadian dollars unless otherwise stated)

For the three months ended February 28, February 28,

Notes
Expenses
Consulting fees	60,349	17,970
Depreciation	4	50,747	45,608
Directors' fees, salaries and benefits	11	267,060	329,490
Exploration expenses	5	347,330	223,702
General and administrative	1,368,486	731,725
Professional fees	541,671	709,079
Share-based compensation	9	683,236	727,103
Share of loss on investment in joint venture	2,219	1,310
3,321,098	2,785,987
Operating loss	(3,321,098)	(2,785,987)
Other items
Interest income	4,154	5,279
Accretion of rehabilitation provisions	8	(2,044)	(643)
Financing costs	7	(392,855)	(2,641)
Net foreign exchange gain (loss)	31,982	(134,615)
Net loss for the period before taxes	(3,679,861)	(2,918,607)
Deferred income tax recovery	3	606,219	-
Net loss for the period	(3,073,642)	(2,918,607)
Attributable to:
Shareholders of the Company	(3,073,642)	(2,855,838)
Non-controlling interests	-	(62,769)
Net loss for the period	(3,073,642)	(2,918,607)
Other comprehensive loss
Items that will not be subsequently reclassified to net income or loss:
Unrealized gain (loss) on short-term investments	6,000	(20,000)
Unrealized loss on investment in GRC	3	(25,901,720)	-
Deferred tax recovery on investment in GRC	3	3,496,732	-
Item that may be reclassified subsequently to net income or loss:
Foreign currency translation adjustments	758,842	(1,596,344)
Total comprehensive loss for the period	(24,713,788)	(4,534,951)
Attributable to:
Shareholders of the Company	(24,713,788)	(4,472,182)
Non-controlling interests	-	(62,769)
Total comprehensive loss for the period	(24,713,788)	(4,534,951)
Net loss per share, basic and diluted	(0.02)	(0.02)
Weighted average number of shares
outstanding, basic and diluted	150,342,635	148,715,493

2022 ($)

2021 ($)

2

GoldMining Inc.

Condensed Consolidated Interim Statements of Changes in Equity For the three months ended February 28, 2022 and 2021 (Unaudited, expressed in Canadian dollars unless otherwise stated)

Accumulated	Attributable
Retained	Other	to Shareholders	Non-
Issued	Earnings	Comprehensive	of the	controlling
Notes	Shares	Capital	Reserves	(Deficit)	Loss	Company	Interests	Total
($)	($)	($)	($)	($)	($)	($)
Balance at November 30, 2020	148,699,191	128,181,627	9,102,695	(59,934,831)	(13,046,696)	64,302,795	1,204,414	65,507,209
Options exercised	9	32,951	79,490	(36,490)	-	-	43,000	-	43,000
Gold Royalty private placement	-	-	-	84,592	-	84,592	52,836	137,428
Share-based compensation	9	-	-	451,944	258,062	-	710,006	17,097	727,103
Other comprehensive loss	-	-	-	-	(1,616,344)	(1,616,344)	-	(1,616,344)
Net loss for the period	-	-	-	(2,855,838)	-	(2,855,838)	(62,769)	(2,918,607)
Balance at February 28, 2021	148,732,142	128,261,117	9,518,149	(62,448,015)	(14,663,040)	60,668,211	1,211,578	61,879,789
Options exercised	9	1,148,705	1,803,831	(715,237)	-	-	1,088,594	-	1,088,594
Restricted share rights vested	9	36,540	105,190	(105,190)	-	-	-	-	-
Issued capital pursuant to:	-	-	-
Settlement of litigation	324,723	526,051	-	-	-	526,051	-	526,051
Issuance cost	-	(6,941)	-	-	-	(6,941)	-	(6,941)
Gold Royalty restricted shares	-	-	-	(402,112)	-	(402,112)	402,112	-
Share-based compensation	9	-	-	1,408,830	823,021	-	2,231,851	54,525	2,286,376
Initial recognition of deferred tax benefits of share issuance costs	-	393,246	-	-	-	393,246	-	393,246
Other comprehensive income	-	-	-	-	7,994,420	7,994,420	-	7,994,420
Net income for the period	-	-	-	103,211,078	-	103,211,078	(108,287)	103,102,791
Deconsolidation of the non-controlling interests	-	-	-	-	-	-	(1,559,928)	(1,559,928)
Balance at November 30, 2021	150,242,110	131,082,494	10,106,552	41,183,972	(6,668,620)	175,704,398	-	175,704,398
Options exercised	9	192,751	410,015	(115,816)	-	-	294,199	-	294,199
Restricted share rights vested	9	12,500	22,875	(22,875)	-	-	-	-	-
Share-based compensation	9	-	-	683,236	-	-	683,236	-	683,236
Deferred tax benefits of share issuance costs	-	(469)	-	-	-	(469)	-	(469)
Other comprehensive loss	-	-	-	-	(21,640,146)	(21,640,146)	-	(21,640,146)
Net loss for the period	-	-	-	(3,073,642)	-	(3,073,642)	-	(3,073,642)
Balance at February 28, 2022	150,447,361	131,514,915	10,651,097	38,110,330	(28,308,766)	151,967,576	-	151,967,576

Number of

3

Condensed Consolidated Interim Statements of Cash Flows For the three months ended February 28, 2022 and 2021 (Unaudited, expressed in Canadian dollars unless otherwise stated)

For the three months ended

February 28,	February 28,
2022	2021
($)	($)
Operating activities
Net loss for the period	(3,073,642)	(2,918,607)
Adjustments for items not involving cash:
Depreciation	50,747	45,608
Accretion	2,044	643
Financing costs	392,855	2,641
Equity losses of joint venture	2,219	1,310
Share-based compensation	683,236	727,103
Deferred income tax recovery	(606,219)	-
Net unrealized foreign exchange loss (gain)	(101,556)	63,921
Net changes in non-cash working capital items:
Other receivables	(82,680)	(36,255)
Prepaid expenses and deposits	52,836	(33,852)
Accounts payable and accrued liabilities	134,311	(116,216)
Due to related parties	(2,347)	7,674
Cash used in operating activities	(2,548,196)	(2,256,030)
Investing activities
Investment in royalty	-	(212,098)
Investment in joint venture	(24,804)	-
Purchase of equipment	(34,791)	-
Reclamation deposit	-	30,000
Cash used in investing activities	(59,595)	(182,098)
Financing activities
Proceeds from shares issued	294,199	43,000
Payment of lease liabilities	(29,511)	(28,134)
Interest paid on margin loan	(197,926)	-
Payment of short-term credit facility	-	(89,599)
Proceeds from GRC private placement	-	137,428
Cash generated from financing activities	66,762	62,695
Effect of exchange rate changes on cash	(8,021)	89,683
Net decrease in cash and cash equivalents	(2,549,050)	(2,285,750)
Cash and cash equivalents
Beginning of period	11,658,308	9,193,089
End of period	9,109,258	6,907,339

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