Disclosure of exploration and evaluation assets [text block] | 6. Exploration and Evaluation Assets For the year ended November 30, 2021 2020 ($) ($) Balance at the beginning of year 55,885,728 57,650,312 Mineral rights and property acquired - 2,673,343 Mineral property option payment 48,510 51,927 Write-off of exploration and evaluation assets - (10,091 ) 55,934,238 60,365,491 Change in reclamation estimate 28,025 (11,579 ) Foreign currency translation adjustments (1,486,978 ) (4,468,184 ) Balance at the end of year 54,475,285 55,885,728 Sale of Royalty Interests to GRC On November 27, 2020, 17 third The following is a summary of the royalties and other interests GRC acquired from the Company: Royalties ● a 1.0% NSR on the Whistler Project, located in Alaska, USA, including each of the Whistler, Raintree West and Island Mountain properties; ● a 1.0% NSR on the Yellowknife Project, located in the Northwest Territories, Canada, including each of the Nicholas Lake, Ormsby-Bruce, Goodwin Lake, Clan Lake and Big Sky properties; ● a 2.0% NSR on the Titiribi Project, located Colombia; ● a 2.0% NSR on the La Mina Project, located in Colombia; ● a 1.0% NSR on the São Jorge Project, located in Brazil; ● a 1.0% NSR on the Batistão Project, located in Brazil; ● a 0.5% NSR on the Almaden Project, located in Idaho, USA; ● a 1.0% NSR on the Cachoeira Project, located in Brazil; ● a 1.0% NSR on the Crucero Project, located in Peru; ● a 1.0% NSR on the Surubim Project, located in Brazil; and ● a 1.0% NSR on the Yarumalito Project, located in Colombia. Buyback Rights ● the right to acquire a 2.0% NSR on the Batistão Project for US$1,000,000; ● the right to acquire a 0.5% NSR on the Surubim area of the Surubim Project for US$1,000,000, two million ● the right to acquire a 1.5% NSR on the Surubim area of the Surubim Project for US$1,000,000; ● the right to acquire a 0.65% NSR on the Rio Novo area of the Surubim Project for US$1,500,000; ● the right to acquire a 0.75% NSR on the Whistler Project (including an area of interest) for US$5,000,000; ● the right to acquire a 1.0% NSR on the Yarumalito Project for $1,000,000; ● the right to acquire a 1.0% NSR on the Goodwin Lake property at the Yellowknife Project for $1,000,000; ● the right to acquire a 1.0% NSR on certain portions of the Big Sky property at the Yellowknife Project for $500,000; ● the right to acquire a 0.25% NSR on the Narrow Lake property at the Yellowknife Project for $250,000, fifth As the Company controlled GRC at the time of the initial royalty transfer, the transfer of the royalty interests was a transaction between the Company and its then subsidiary and the effects of these transactions were eliminated on consolidation. Exploration and evaluation assets on a project basis are as follows: November 30, November 30, 2021 2020 ($) ($) La Mina 13,650,091 13,887,224 Titiribi 11,459,581 11,658,660 Yellowknife 7,147,358 7,119,333 Crucero 6,723,268 6,840,067 Cachoeira 5,351,475 5,742,394 São Jorge 4,508,819 4,838,183 Surubim 1,748,595 1,826,865 Yarumalito 1,461,825 1,487,220 Almaden 1,102,483 1,121,635 Whistler 937,132 953,412 Batistão 202,560 217,357 Montes Áureos and Trinta 154,420 165,700 Rea 27,678 27,678 Total 54,475,285 55,885,728 Significant transactions related to the Company's exploration and evaluation assets during the years ended November 30, 2021 2020 Cachoeira On October 14, 2021 ( third March 2018 US$500,000, US$100,000 Settlement Consideration ($) 324,723 GoldMining Shares 526,051 Cash payment 123,693 Total 649,744 During the year ended November 30, 2021, Additionally, the existing 1.33% net profits interest royalty held by the royalty holder was replaced by a 0.5% net smelter return royalty pursuant to a new royalty agreement between the parties. Such royalty does not one US$250,000 seven Yarumalito On December 2, 2019 ( Pursuant to the Yarumalito Agreement, the Company issued 1,118,359 GoldMining Shares, which were subject to customary escrow terms and were released as follows: ● 559,180 GoldMining Shares released on the Yarumalito closing date. ● 559,179 GoldMining Shares released on the date that the assignment of the Mineral Rights was approved by the relevant Colombian Governmental Authority, registered with the National Mining Registry in a form satisfactory to the Company. The assignment of Mineral Rights was completed during the year ended November 30, 2021 The tables below present the purchase cost and the allocation of the purchase price with respect to the valuation of individual asset groups. For the purpose of these consolidated financial statements, the purchase consideration has been allocated to the fair value of assets acquired, based on management's best estimates and all available information at the time of the acquisition of the Yarumalito Project. The GoldMining Shares have been valued at $1.14 per share, the closing GoldMining Share price as traded on the Yarumalito Closing Date. Purchase Price Consideration ($) 1,118,359 GoldMining Shares 1,274,929 Cash payment 200,000 Transaction costs: Cash payment 88,867 Total 1,563,796 Purchase Price Allocation ($) Land 42,715 Exploration and evaluation assets 1,521,081 Net assets acquired 1,563,796 The Yarumalito Project is comprised of one Almaden On March 2, 2020 ( Pursuant to the Almaden Agreement, the Company issued 337,619 GoldMining Shares to Sailfish, which were subject to customary escrow terms and released on the Almaden Closing Date. Unless permitted under securities legislation, the GoldMining Shares could not July 3, 2020. The tables below present the purchase cost and the allocation of the purchase price with respect to the valuation of individual asset groups. For the purpose of these consolidated financial statements, the purchase consideration has been allocated to the fair value of assets acquired, based on management's best estimates and all available information at the time of the acquisition of the Almaden Project. The GoldMining Shares were valued at $1.44 per share, the closing GoldMining Share price as traded on the Almaden Closing Date. Purchase Price Consideration ($) 337,619 GoldMining Shares 486,171 Cash payment 575,000 Transaction costs: Cash payment 91,091 Total 1,152,262 Purchase Price Allocation ($) Exploration and evaluation assets 1,152,262 Net assets acquired 1,152,262 Exploration Expenditures Exploration expenditures on a project basis for the periods indicated are as follows: For the period from For the year ended incorporation, November 30, September 9, 2009, to 2021 2020 November 30, 2021 ($) ($) ($) Whistler 704,915 485,573 2,886,041 La Mina 385,593 153,404 1,224,806 Titiribi 336,792 130,287 1,144,741 Yellowknife 279,499 227,127 1,835,808 Crucero 269,574 287,210 6,740,518 São Jorge 150,736 109,162 1,146,158 Almaden 137,200 45,032 312,386 Cachoeira 114,290 145,118 259,408 Yarumalito 31,140 82,989 114,129 Montes Áureos and Trinta 3,258 - 269,188 Rea - 1,668 1,819,966 Surubim - - 209,772 Batistão - - 30,902 Other Exploration Expenses - 1,642 1,566,198 Total 2,412,997 1,669,212 19,560,021 |