Nevada Canyon Gold Corp. Reports Financial Results for Q3 2024, Reflecting Increased Operating Expenses and Investments in Mineral Properties

Nevada Canyon Gold Corp. reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in its financial position and operational activities compared to the previous fiscal period. The company continues to focus on acquiring and exploring mineral properties and royalty interests primarily in Nevada and Idaho.

As of September 30, 2024, the company had total assets of $10.8 million, a slight decrease from $11.1 million at the end of 2023. Total current assets also fell to $7.9 million from $10.3 million, while cash reserves decreased to $7.4 million from $9.7 million. Total liabilities decreased marginally to $1.3 million from $1.3 million, and total stockholders' equity declined to $9.5 million from $9.8 million. The accumulated deficit increased to $(7.7 million) from $(5.2 million).

The company reported no revenues for the periods ended September 30, 2024, and 2023, consistent with its exploration-focused business model. Operating expenses for the three months ended September 30, 2024, rose to $922,695, a 39% increase from $663,100 in the same period of 2023. For the nine-month period, operating expenses surged to $2.9 million, up 66% from $1.7 million in 2023. Notably, investor awareness and marketing expenses increased significantly, reflecting a strategic push to enhance visibility and attract investment.

Net loss for the three months ended September 30, 2024, was $828,915, compared to a loss of $675,228 in the same period of 2023. For the nine months, the net loss expanded to $2.5 million from $1.8 million in the prior year. The increase in losses was attributed to higher operating costs, particularly in marketing and consulting fees.

In terms of strategic developments, the company made substantial investments in mineral properties and royalty interests, totaling $2.0 million for the nine months ended September 30, 2024, compared to only $60,000 in the same period of 2023. This included significant acquisitions such as a 1% production royalty on the Olinghouse Project for $1.5 million and various net smelter return royalties on other projects.

The company also entered into a common stock purchase agreement on October 3, 2024, allowing for the sale of up to $25 million of common stock to an institutional investor, indicating plans for future financing to support ongoing operations and exploration activities.