Nevada Canyon Gold Corp. Reports $3.56 Million Net Loss for Fiscal Year 2024

Nevada Canyon Gold Corp. reported a net loss of $3.56 million for the fiscal year ending December 31, 2024, an increase of 34% from the previous year's loss of $2.65 million. The company's operating expenses rose by 48% to $3.96 million, primarily driven by a significant increase in investor awareness and marketing expenses, which surged to $1.54 million from $390,662 in 2023. Despite these losses, the company did not generate any revenue during the reporting period, consistent with its focus on exploration rather than production.

The company's total assets decreased to $10.42 million as of December 31, 2024, down from $11.12 million in 2023. This decline was attributed to a reduction in cash reserves, which fell to $7.04 million from $9.74 million. However, Nevada Canyon's mineral property and royalty interests increased significantly to $2.82 million, up from $780,395 in the previous year, reflecting ongoing investments in exploration properties and royalty acquisitions. The company holds various interests, including a 1% production royalty on the Olinghouse Project and multiple net smelter return royalties on other projects.

Strategically, Nevada Canyon has been active in expanding its mineral property portfolio. In 2024, the company acquired a 2% net smelter return royalty on the Lapon Canyon Project for $300,000 and a 2% royalty on the Pikes Peak Project for $150,000. Additionally, the company exercised its option to acquire a 1% production royalty on the Olinghouse Project for $1.5 million. These acquisitions are part of Nevada Canyon's strategy to enhance its revenue-generating potential through royalties while minimizing direct operational risks associated with mining.

As of December 31, 2024, Nevada Canyon had a working capital surplus of $6.23 million, which management believes is sufficient to support its operations and exploration programs for the next 12 months. The company plans to continue seeking additional financing through equity or debt offerings to fund its exploration activities and potential acquisitions. Looking ahead, Nevada Canyon aims to leverage its growing portfolio of mineral interests to capitalize on favorable market conditions and increase shareholder value, although it acknowledges the inherent risks and uncertainties associated with the mining industry.