Goldrich Mining (GRMC) 10-Q 29 Jan 21 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Jan. 28, 2021
Details
Registrant CIK	0000059860
Fiscal Year End	--12-31
Registrant Name	GOLDRICH MINING COMPANY
SEC Form	10-Q
Period End date	Sep. 30, 2020
Tax Identification Number (TIN)	91-0742812
Number of common stock shares outstanding		167,926,376
Filer Category	Non-accelerated Filer
Current with reporting	No
Interactive Data Current	No
Shell Company	false
Small Business	true
Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-06412
Entity Incorporation, State or Country Code	AK
Entity Address, Address Line One	2607 Southeast Blvd, Ste. B211
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99223-4942
Entity Address, Address Description	Address of Principal Executive Offices
City Area Code	509
Local Phone Number	535-7367
Phone Fax Number Description	Registrant’s Telephone Number, including Area Code
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

Goldrich Mining Company Consoli

Goldrich Mining Company Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 17,826	$ 1,274
Prepaid expenses	354,957	96,574
Total current assets	372,783	97,848
Property, equipment, and mining claims:
Equipment, net	3	716
Investment in CGL LLC	25,000	0
Mining properties, claims, and royalty option	626,428	626,428
Total property, equipment and mining claims	651,431	627,144
Total assets	1,024,214	724,992
LIABILITIES AND STOCKHOLDERS' DEFICIT
Total liabilities	9,417,635	8,084,670
Total stockholders' deficit	(8,393,421)	(7,359,678)
Current liabilities:
Accounts payable and accrued liabilities	2,006,066	1,656,854
Interest payable	394,693	223,555
Interest payable - related party	825,670	439,121
Related party payable	738,467	600,147
CARES Act PPP loan	21,119	0
Notes payable	1,062,106	1,020,000
Notes payable - related party	3,546,316	3,246,316
Notes payable in gold	502,469	406,319
Dividends payable on preferred stock	30,618	30,618
Total current liabilities	9,127,524	7,622,930
Long-term liabilities:
Interest payable in stock	0	36,813
Interest payable in stock - related party	0	168,976
Remediation and asset retirement obligation	260,630	255,951
CARES Act PPP loan	29,481	0
Total long-term liabilities	290,111	461,740
Stockholders' deficit:
Preferred stock; no par value, 8,998,700 shares authorized; no shares issued or outstanding	0	0
Preferred Stock Series A Value	150,000	150,000
Preferred Stock Series B Value	57,758	57,758
Preferred Stock Series C Value	52,588	52,588
Preferred Stock Series D Value	0	0
Preferred Stock Series E Value	10,829	10,829
Preferred Stock Series F Value	0	0
Common stock; $0.10 par value, 250,000,000 shares authorized; 161,293,043 and 139,573,798 issued and outstanding, respectively	16,129,304	13,957,380
Additional paid-in capital	12,179,406	13,905,542
Accumulated deficit	(36,973,306)	(35,493,775)
Total liabilities and stockholders' deficit	$ 1,024,214	$ 724,992

Goldrich Mining Company Conso_2

Goldrich Mining Company Consolidated Balance Sheets (Unaudited) - Parenthetical - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	8,998,700	8,998,700
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Common Stock, Shares Authorized	250,000,000	250,000,000
Common Stock, Shares, Issued	161,293,043	139,573,798
Common Stock, Shares, Outstanding	161,293,043	139,573,798
Series A
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Outstanding	150,000	150,000
Preferred Stock, Shares Issued	150,000	150,000
Series B
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	300	300
Preferred Stock, Shares Outstanding	200	200
Preferred Stock, Shares Issued	200	200
Series C
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	250	250
Preferred Stock, Shares Outstanding	250	250
Preferred Stock, Shares Issued	250	250
Series D
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	150	150
Preferred Stock, Shares Outstanding	150	150
Preferred Stock, Shares Issued	150	150
Series E
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	300	300
Preferred Stock, Shares Outstanding	300	300
Preferred Stock, Shares Issued	300	300
Series F
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	300	300
Preferred Stock, Shares Outstanding	153	153
Preferred Stock, Shares Issued	153	153

Goldrich Mining Company Conso_3

Goldrich Mining Company Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating expenses (income):
Mine preparation costs	$ (19,561)	$ 132,477	$ 74,450	$ 197,952
Depreciation and amortization	240	328	714	982
Management fees and salaries	66,025	53,469	160,094	170,219
Professional services	36,326	8,970	43,321	49,933
General and administration	83,085	65,744	235,141	177,955
Office supplies and other	5,003	1,096	8,964	4,839
Directors' fees	6,600	6,000	9,600	15,200
Mineral property maintenance	28,764	24,246	83,569	69,581
Arbitration (Note 3)	53,229	140,129	119,227	120,826
Settlement Expense	59,500	0	59,500	0
Total operating expenses (income)	319,211	432,459	794,580	807,487
Other expense (income):
Miscellaneous income	0	0	(2,000)	0
Change in fair value of notes payable in gold	30,761	20,356	96,150	54,104
Interest expense and finance costs	185,625	192,955	590,801	576,577
Loss on foreign exchange	0	0	0	20
Total other expense	216,386	213,311	684,951	630,701
Net loss	535,597	645,770	1,479,531	1,438,188
Preferred dividends	1,917	1,917	5,708	5,688
Net loss available to common stockholders	$ 537,514	$ 647,687	$ 1,485,239	$ 1,443,876
Net loss per common share - basic and diluted	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted average common shares outstanding - basic and diluted	143,422,378	139,573,798	140,866,022	139,573,798

Goldrich Mining Company Conso_4

Goldrich Mining Company Consolidated Statements of Stockholders' (Deficit) (Unaudited) - USD ($)	Common Stock	Preferred Stock	Additional Paid-in Capital	Retained Earnings	Total
Equity balance at Dec. 31, 2018	$ 13,957,380	$ 271,175	$ 13,832,978	$ (32,890,710)	$ (4,829,177)
Shares outstanding at Dec. 31, 2018	139,573,798	151,053
Warrants issued with notes payable	$ 0	$ 0	7,754	0	7,754
Stock issued value warrants issued finders fees	0	0	25,864	0	25,864
Net Loss	$ 0	$ 0	0	(383,542)	(383,542)
Shares outstanding at Mar. 31, 2019	139,573,798	151,053
Equity balance at Mar. 31, 2019	$ 13,957,380	$ 271,175	13,866,596	(33,274,252)	(5,179,101)
Equity balance at Dec. 31, 2018	$ 13,957,380	$ 271,175	13,832,978	(32,890,710)	(4,829,177)
Shares outstanding at Dec. 31, 2018	139,573,798	151,053
Warrants Exercised					0
Shares outstanding at Sep. 30, 2019	139,573,798	151,053
Equity balance at Sep. 30, 2019	$ 13,957,380	$ 271,175	13,901,626	(34,328,898)	(6,198,717)
Equity balance at Mar. 31, 2019	$ 13,957,380	$ 271,175	13,866,596	(33,274,252)	(5,179,101)
Shares outstanding at Mar. 31, 2019	139,573,798	151,053
Warrants issued with notes payable	$ 0	$ 0	7,845	0	7,845
Stock issued value warrants issued finders fees	0	0	491	0	491
Net Loss	$ 0	$ 0	0	(408,876)	(408,876)
Shares outstanding at Jun. 30, 2019	139,573,798	151,053
Equity balance at Jun. 30, 2019	$ 13,957,380	$ 271,175	13,874,932	(33,683,128)	(5,579,641)
Warrants issued with notes payable	0	0	24,953	0	24,953
Stock issued value warrants issued finders fees	0	0	1,741	0	1,741
Net Loss	$ 0	$ 0	0	(645,770)	(645,770)
Shares outstanding at Sep. 30, 2019	139,573,798	151,053
Equity balance at Sep. 30, 2019	$ 13,957,380	$ 271,175	13,901,626	(34,328,898)	(6,198,717)
Equity balance at Dec. 31, 2019	$ 13,957,380	$ 271,175	13,905,542	(35,493,775)	(7,359,678)
Shares outstanding at Dec. 31, 2019	139,573,798	151,053
Net Loss	$ 0	$ 0		(430,498)	(430,498)
Shares outstanding at Mar. 31, 2020	139,573,798	151,053
Equity balance at Mar. 31, 2020	$ 13,957,380	$ 271,175	13,905,542	(35,924,273)	(7,790,176)
Equity balance at Dec. 31, 2019	$ 13,957,380	$ 271,175	13,905,542	(35,493,775)	(7,359,678)
Shares outstanding at Dec. 31, 2019	139,573,798	151,053
Warrants Exercised					240,000
Shares outstanding at Sep. 30, 2020	161,293,043	151,053
Equity balance at Sep. 30, 2020	$ 16,129,304	$ 271,175	12,179,406	(36,973,306)	(8,393,421)
Equity balance at Mar. 31, 2020	$ 13,957,380	$ 271,175	13,905,542	(35,924,273)	(7,790,176)
Shares outstanding at Mar. 31, 2020	139,573,798	151,053
Net Loss				(513,436)	(513,436)
Shares outstanding at Jun. 30, 2020	139,573,798	151,053
Equity balance at Jun. 30, 2020	$ 13,957,380	$ 271,175	13,905,542	(36,437,709)	(8,303,612)
Warrants Exercised	800,000	0	(560,000)	0	240,000
Shares issued for interest	$ 1,371,924	0	(1,166,136)	0	205,788
Shares issued for interest	13,719,248
Net Loss	$ 0	$ 0	0	(535,597)	(535,597)
Shares outstanding at Sep. 30, 2020	161,293,043	151,053
Equity balance at Sep. 30, 2020	$ 16,129,304	$ 271,175	$ 12,179,406	$ (36,973,306)	$ (8,393,421)
Warrants exercised	7,999,997

Goldrich Mining Company Conso_5

Goldrich Mining Company Consolidated Statements of Cash Flows (Unaudited)	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Cash flows from operating activities:
Net loss	$ (535,597)	$ (1,479,531)	$ (1,438,188)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	240	714	982
Change in fair value of notes payable in gold	30,761	96,150	54,104
Warrants issued for finance costs		0	28,096
Discount on note payable		17,106	70,710
Accretion of asset retirement obligation		4,679	10,433
Change in:
Prepaid expenses		(258,383)	(92,119)
Other current assets		0	6,557
Accounts payable and accrued liabilities		349,211	253,525
Interest payable		171,137	165,910
Interest payable - related party		386,549	185,718
Related party payable		138,320	108,935
Net cash used - operating activities		(574,048)	(645,337)
Cash flows from investing activities:
Purchase of membership units of CGL LLC		(25,000)	0
Net cash used - investing activities		(25,000)	0
Cash flows from financing activities:
Proceeds from CARES Act PPP loan		50,600	0
Warrants Exercised	240,000	240,000	0
Proceeds from notes payable and warrants, net		40,000	64,000
Proceeds from notes payable and warrants - related party, net		285,000	509,000
Net cash provided - financing activities		615,600	573,000
Net (decrease) in cash and cash equivalents		16,552	(72,337)
Cash and cash equivalents, beginning of period		1,274	77,178
Cash and cash equivalents, end of period	17,826	17,826	4,841
Non-cash investing and financing activities:
Issuance of common stock for interest		205,789	0
Warrants issued for debt financing	$ 0	$ 0	$ 40,552

1. Basis of Presentation

1. Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Notes
1. Basis of Presentation	1. BASIS OF PRESENTATION The unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the three- and nine-month periods ended September 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. For further information refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Going Concern The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds. The Company currently has no historical recurring source of revenue and an accumulated deficit of $36,973,306 at September 30, 2020. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company may profitably execute a production business plan, and thereby, its ability to continue as a going concern may improve and become less dependent on the Company’s ability to raise capital to fund its future exploration and working capital requirements. The Company’s plans for the long-term return to and continuation as a going concern include the profitable exploitation of its mining properties and financing the Company’s future operations through sales of its common stock and/or debt. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

2. Summary of Significant Accou

2. Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Notes
2. Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reclassifications Certain prior period amounts have been reclassified to conform to the 2020 financial statement presentation. Reclassifications had no effect on net loss, stockholders' deficit, or cash flows as previously reported. Earnings (Loss) Per Share We are authorized to issue 250,000,000 shares of common stock, $0.10 par value per share. At September 30, 2020, there were 161,293,043 shares of our common stock issued and outstanding. Subsequent to September 30, 2020, at the special shareholders meeting on November 13, 2020, the Company’s shareholders authorized the Company to issue up to 750,000,000 shares of common stock, $0.10 par value per share. For the periods ended September 30, 2020 and 2019, the effect of the Company’s outstanding preferred shares, options and warrants, totaling 77,140,505 and 94,042,079, respectively, would have been anti-dilutive. The total of dilutive instruments decreased during the nine-month period ended September 30, 2020 due to the expiration of the Class O, Class P, and Class P-2 warrants, and the exercise of Class Q warrants. Accounting for Investments in Joint Ventures ASC 321 Investments – Equity Securities The Company has an equity interest in Goldrich NyacAU Placer LLC, a 50%-owned joint venture in which the Company does not have joint control or significant influence. See Note 3 Joint Venture The Company has an equity interest in Chandalar Gold, LLC (“CGL”), in which the Company does not have joint control or significant influence. See Note 3 Joint Venture Recent Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2020, the FASB issued ASU No. 2020-06 Debt - Debt With Conversion And Other Options (Subtopic 470-20) And Derivatives And Hedging - Contracts In Entity’s Own Equity (Subtopic 815-40): Accounting For Convertible Instruments And Contracts In An Entity’s Own Equity. The update simplifies the accounting for and disclosures related to company debt that is convertible or can be settled in a company’s own equity securities. The update is effective for fiscal years beginning after December 15, 2021. Management is evaluating the impact of this update on the Company’s debt disclosures. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. Cash and Cash Equivalents For the purposes of the statement of cash flows, we consider all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Significant estimates used in preparing these financial statements include those assumed in estimating the recoverability of the cost of mining claims, joint venture distributions, accrued remediation costs, asset retirement obligations, stock-based compensation, deferred tax assets and related valuation allowances, and uncertainties regarding the outcome of arbitration proceedings. Actual results could differ from those estimates. Mining Properties, Claims, and Royalty Option The Company capitalizes costs for acquiring mineral properties, claims and royalty option and expenses, costs to maintain mineral rights and leases as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mineral properties are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations. Income Taxes Income taxes are recognized in accordance with Accounting Standards Codification (“ASC”) 740 Income Taxes, whereby deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. Uncertain tax positions are evaluated in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized. The Company has assessed its tax positions other than the NOL issue above and has determined that it has taken an uncertain tax position that is probable to affect its federal and state net operating loss carryforwards in amounts by $2.0 million and $1.8 million, respectively, as described above, but does not give rise to an unrecognized tax liability being reported. In the event that the Company is assessed penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. Revenue Recognition The Company does not have joint control or significant influence over the joint venture; therefore, distributions from our joint venture are recognized using the cost less impairment method. The Company has determined that our revenue does not arise from contracts with customers, does not involve satisfaction of any performance obligations on the part of the Company, or require company assets to be recognized or applied to determine costs to obtain or fulfill any contract generating revenue. Other than any distribution the Company is awarded in arbitration (see Note 3 Joint Venture Joint Venture The Company does not have joint control or significant influence over CGL; therefore, distributions from CGL are recognized using the cost less impairment method. The Company has determined that our revenue does not arise from contracts with customers, does not involve satisfaction of any performance obligations on the part of the Company, or require company assets to be recognized or applied to determine costs to obtain or fulfill any contract generating revenue. The Company does not anticipate any distributions from CGL. Stock-Based Compensation The Company periodically issues common shares or options to purchase shares of the Company’s common shares to its officers, directors or other parties. These issuances are recorded at fair value. The Company uses a Black Scholes valuation model for determining fair value of options to purchase shares, and compensation expense is recognized ratably over the vesting periods on a straight-line basis. Compensation expense for grants that vest immediately are recognized in the period of grant. Exploration Costs Exploration costs are expensed in the period in which they occur. Remediation and Asset Retirement Obligation The Company’s operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company records the fair value of an asset retirement obligation as a liability in the period in which the Company incurs a legal obligation for the retirement of tangible long-lived assets. A corresponding asset is also recorded and depreciated over the life of the long-lived asset using a units of production method. After the initial measurement of the asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. Determination of any amounts recognized is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates and the credit-adjusted risk-free interest rates. For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Such costs are based on management’s estimate of amounts expected to be incurred when the remediation work is performed. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. During 2020 and 2019, the Company determined fair value on a recurring basis and non-recurring basis as follows: Balance September 30, 2020 Balance December 31, 2019 Fair Value Hierarchy level Liabilities Recurring: Notes payable in gold (Note 6) $ 502,469 $ 406,319 2 The inputs to the valuation of Level 2 liabilities are described in Note 6 Notes Payable in Gold

3. Joint Venture

3. Joint Venture	9 Months Ended
	Sep. 30, 2020
Notes
3. Joint Venture	3. JOINT VENTURE On April 3, 2012, Goldrich Placer, LLC (“GP”), a subsidiary of Goldrich, entered into a term sheet for a joint venture with NyacAU, LLC (“NyacAU”), an Alaskan private company, to bring Goldrich’s Chandalar placer gold properties into production as defined in the joint venture agreement (the “Operating Agreement”), which was subsequently signed and made effective April 2, 2012. In each case as used herein in reference to the JV, ‘production’ is as defined by the Operating Agreement. As part of the Operating Agreement, GP and NyacAU (together the “Members”) formed a 50:50 joint venture company, Goldrich NyacAU Placer LLC (“GNP”), to operate the Chandalar placer mines, with NyacAU acting as managing partner. Goldrich has no significant control or influence over the JV, and therefore accounts for its investment using the cost less impairment method. As of December 31, 2018, the JV had not achieved commercial production as required under the Operating Agreement. GNP was deemed by the arbitration panel (see Arbitration Under the terms of the joint venture agreement (the “Agreement”), the JV was to make annual Member’s Distributions of 10% of the balance of revenue generated by the Joint Venture after deducting Operating Expenses as defined by the GNP Operating Agreement. Related to these distributions, on June 23, 2015, the Company raised net proceeds of $1.1 million through the sale of 12.5% of the cash flows of GP, Goldrich’s subsidiary, to be received in the future from its interest in GNP (“Distribution Interest”), paid in cash under items #2, to Chandalar Gold, LLC (“CGL”) and GVC Capital, LLC, (“GVC”), both of which are non-related entities. Goldrich retained its ownership of its 50% interest in GNP but, after the transaction, subject to the terms of the GNP Operating Agreement, GP will effectively receive approximately 44%, CGL will effectively receive 6% (12% of Goldrich’s 50% of GNP = 6%) and GVC will effectively receive 0.25% (0.5% of Goldrich’s 50% of GNP = 0.25%) of any distributions produced by GNP. At September 30, 2020 and December 31, 2019, an amount of $35,794 has been accrued for the distribution which is included in accrued liabilities for distributions to the Company that were applied to Loan3. No amount was accrued for the 2018 distribution due to the dissolution of the JV, although during arbitration proceedings, Loan3 was determined and agreed to be paid in full (see Arbitration Concerning Loan3, in 2012, the joint venture purchased, on Goldrich’s behalf, a 2% royalty interest, payable on all production from certain Goldrich mining claims at the Chandalar, Alaska property for $250,000 from Jumbo Basin Corporation. This transaction gave rise to Loan3, which was carried at an interest rate of the greater of prime plus 2% or 10% and is to be repaid from distributions to Goldrich as defined in the Operating Agreement, prior to any distributions in cash to Goldrich. During the year ended December 31, 2019, the arbitration Panel (see Arbitration Arbitration In December 2017, the Company filed an arbitration statement of claim against NyacAU and other parties. The claim challenged certain accounting treatment of capital leases, allocations of tax losses, charges to the JV for funding costs related to the JV manager’s financing, related-party transactions, and other items of dispute in a previous mediation that was unsuccessful in reaching an agreement. As a result, the Company participated in an arbitration before a Panel of three independent arbitrators during 2018 to address these items. Through 2019 and the date of filing of this report in 2021, the Company has continued to respond to Panel inquiries, make motions to prosecute or defend positions, answer motions made by the opposing JV partner and aggressively support the Company’s efforts toward success. The Company records amounts for loss when it is probable that a liability is realizable and can be reasonably estimated. To date, the arbitration proceedings are still in progress, with some rulings being issued for and against the Company’s positions. No assurance can be given that the arbitration will result in a successful outcome for the Company. Due to uncertainties relating to the pending outcome, the financial statements contain only adjustments for the final results of the arbitration that are estimable and probable. See Note 8 Commitments and Contingencies Subsequent Events

4. Related Party Transactions

4. Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Notes
4. Related Party Transactions	4. RELATED PARTY TRANSACTIONS The Company has accrued amounts to the Company’s Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”) and board of directors fees for amounts earned but not yet paid. Beginning in January 2016 and through September 30, 2020, the CEO’s salary has not been paid in full. Salary due to the CFO have been accrued and remain unpaid, as have board of directors fees: CEO Nine Months ended 9/30/20 Year ended 12/31/19 Beginning Balance $ 426,500 $ 295,000 Deferred During Period 121,575 180,000 Cash Paid During Period (2,500) (48,500) Ending Balance $ 545,575 $ 426,500 Beginning Balance Deferred During Period $ 78,644 $ 64,909 Cash Paid During Period 16,886 42,703 Ending Balance (7,240) (28,968) Beginning Balance $ 88,290 $ 78,644 Board fees payable $ 104,602 $ 95,003 Total Related party payables $ 738,467 $ 600,147 See Note 5 for additional related party transactions.

5. Notes Payable & Notes Payabl

5. Notes Payable & Notes Payable - Related Party	9 Months Ended
	Sep. 30, 2020
Notes
5. Notes Payable & Notes Payable - Related Party	5. NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY At September 30, 2020, the Company had outstanding notes payable of $1,062,106 and outstanding notes payable – related party of $3,546,316, net of all discounts. At December 31, 2019, the Company had outstanding notes payable of $1,020,000 and outstanding notes payable - related party of $3,246,316, net of all discounts. The notes payable and notes payable – related party had matured on October 31, 2018. In November 2019, the Company and the holders of the notes amended the notes, and the notes are now due within 10 days of a demand notice of the holders. There has been no notice of default or demand issued by any holder. During the three and nine months ended September 30, 2020, the Company received additional tranches of the notes payable for $28,421 and $342,105 discounted at 5%, or $1,421 and $17,106 resulting in net proceeds of $27,000 and $325,000, respectively, of which $27,000 and $285,000, respectively, were received from a related party, Nicholas Gallagher, a shareholder and director of the Company, who also holds the full balance of the notes payable – related party described above. During the three and nine months ended September 30, 2019, the Company received additional tranches of notes payable for $318,947 and $603,158, discounted at 5%, or $15,947 and $30,158, resulting in net proceeds of $303,000 and $573,000 for the three and nine months ended September 30, 2019, respectively, of which $303,000 and $509,000 in net proceeds was received from Mr. Gallagher. The notes are due upon demand for the quarters ended September 30, 2019 and 2020; therefore, the discounts and related warrants issued with them were immediately expensed to finance costs. During the three and nine months ended September 30, 2020, the Company incurred cash finders fees related to this debt financing totaling $810 and $9,750, respectively, compared to $9,090 and $54,990 for the three and nine-month periods ended September 20, 2019, and are included in interest expense and finance costs. Interest of $162,671 and $504,457 was expensed during the three and nine months ended September 30, 2020, which is included in interest expense and finance costs on the consolidated statements of operations, compared to $140,419 and $396,286 expensed during the three and nine months ended September 30, 2019, respectively. Total interest of $1,032,853 on notes payable and notes payable – related party is accrued at September 30, 2020 and is included in interest payable, and interest payable – related party on the consolidated balance sheet. Interest due at September 30, 2020 was not timely paid. Class T warrants have been issued to holders and for finders fees in connection with the note issuances. The warrants have an exercise price of $0.03 and expire on various dates from November 30, 2022 through December 19, 2024. During the nine months ended September 30, 2020, the Company issued no warrants in connection with the notes payable. During the three and nine months ended September 30, 2019, the Company issued 1,808,429 and 3,419,899 warrants in connection with the notes payable, respectively, of which 133,958 and 253,326, respectively, were issued for finders fees. The table below summarizes the total senior secured notes due, the amount received with discount, warrants issued for finders fees and cash expensed for finders fees for all periods related to the senior secured notes payable and senior secured notes payable – related party. Tranche Date Note Prior to Discount Balance at December 31, 2018 $ 952,631 Notes Payable Mar. 31, 2019 14,737 Notes Payable June 30, 2019 52,632 Balance at December 31, 2019 $ 1,020,000 Notes Payable Mar. 31, 2020 42,106 Balance at September 30, 2020 $ 1,062,106 Balance at December 31, 2018 $ 2,378,948 Related Party Mar. 31, 2019 74,737 Related Party June 30, 2019 142,105 Related Party Sept. 30, 2019 318,947 Related Party Oct. 31, 2019 52,632 Related Party Dec. 18, 2019 278,947 Balance at December 31, 2019 $ 3,246,316 Related Party Mar. 31, 2020 131,579 Related Party Jun. 30, 2020 140,000 Related Party Sept. 30, 2020 28,421 Balance at September 30, 2020 $ 3,546,316 The fair value of the Class T warrants issued during the nine months ended September 30, 2019, was $46,327 and was calculated on the issue dates using the following assumptions: 9 months ended September 30, 2019 Market price of common stock on date of issuance $0.007 - $0.0275 Risk-free interest rate 1.42% - 2.51% Expected dividend yield 0 Expected term (in years) 5 Expected volatility 154.7% - 172% Effective November 1, 2019, the Company entered into an Amended and Restated Loan, Security, and Intercreditor Agreement (the “Amended Agreement”) with Mr. Gallagher, in his capacity as agent for and on behalf of the holders of the notes payable. No compensation was paid or accrued for Mr. Gallagher, either in cash or warrants, for his services as agent for other holders. Under the Amended Agreement, for each holder of the notes payable, whether or not a related party: 1. 2. a. b. 3. 4. The Company and Mr. Gallagher agreed that Mr. Gallagher, at his option, has the right to convert outstanding but unpaid and future interest on his loan into stock of the Company at $0.015 per share. In a separate agreement dated September 10, 2020, the Company and holders, agreed to convert $36,813 of unpaid interest into stock of the Company at $0.015 per share. During the nine months ended September 30, 2020, a total of 13,719,248 common shares with a basis of $0.015 per share, were issued to the holders, reducing interest payable by $205,789, of which $168,976 was to Mr. Gallagher.

6. Notes Payable in Gold

6. Notes Payable in Gold	9 Months Ended
	Sep. 30, 2020
Notes
6. Notes Payable in Gold	6. NOTES PAYABLE IN GOLD During 2013, the Company issued notes payable in gold totaling $820,000, less a discount of $205,000, for net proceeds of $615,000. Under the terms of the notes, the Company agreed to deliver gold to the holders at the lesser of $1,350 per ounce of fine gold or a 25% discount to market price as calculated on the contract date and specify delivery of gold in November 2014. During the year ended December 31, 2019, the Company renegotiated terms with the holders for a sixth time. A default condition arising from the non-delivery of the gold on March 31, 2019, was alleviated by agreements with the three note holders with the following amended terms: · · · · Through the date of the issuance of these financial statements, the gold notes have not been paid and the note holders have not demanded payment or delivery of gold. At September 30, 2020 and December 31, 2019, 266.788 ounces of fine gold was due and deliverable to the holders of the notes. Due to the change in the delivery terms provided in the sixth amendment, the Company estimated the fair value of the notes, based on the market approach with Level 2 inputs of gold delivery contracts based upon previous contractual delivery dates, using the market price of gold on September 30, 2020 of $1,883 per ounce as quoted on the London PM Fix market or $502,469 in total. The valuation resulted in an increase in gold notes payable of $96,150 during the nine months ended September 30, 2020. At December 31, 2019, the Company had outstanding total notes payable in gold of $406,319. Interest of $28,123 was expensed during the nine months ended September 30, 2020, and $41,604 is accrued at September 30, 2020 and is included in interest payable. Interest of $20,634 was expensed during the nine months ended September 30, 2019, and $8,697 is accrued at September 30, 2019 and is included in interest payable.

7. CARES Act PPP Loan

7. CARES Act PPP Loan	9 Months Ended
	Sep. 30, 2020
Notes
7. CARES Act PPP Loan	7. CARES Act PPP Loan On April 15, 2020, the Company was granted a loan (the “Loan”) from Washington Trust Bank, in the aggregate amount of $50,600, pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the Cares Act, which was enacted March 27, 2020. The Loan, which was in the form of a Note dated April 15, 2020 issued by the Borrower, matures on April 15, 2022 and bears interest at a rate of 1% per annum, payable monthly commencing on November 15, 2020. The Note may be prepaid by the Borrower at any time prior to maturity with no prepayment penalties. Funds from the Loan may only be used for payroll costs, costs used to continue group health care benefits, mortgage payments, rent, utilities, and interest on other debt obligations incurred before February 15, 2020. The Company intends to use the entire Loan amount for qualifying expenses. Under the terms of the PPP, certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. On October 22, 2020, the Loan had a change in terms. Under the new terms, the maturity date was changed to May 1, 2022 and the first payment was deferred to June 1, 2021 to allow additional time to prepare the forgiveness application. If the application is denied, the first monthly payment of $4,284 will be due the first of the month following the denial. Additionally, if the forgiveness application is denied, the Company will have the option to extend the loan to May 1, 2025 instead of the current maturity date of May 1, 2022. As of January 29, 2021, the Company has not submitted its forgiveness application but plans to do so within the first quarter of 2021.

8. Commitments and Contingencie

8. Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Notes
8. Commitments and Contingencies	8. COMMITMENTS AND CONTINGENCIES We are subject to Alaska state annual claims rental fees in order to maintain our non-patented claims. In addition to the annual claims rental fees of approximately $125,945 due November 30 of each year, we are also required to meet annual labor requirements of approximately $61,100 due November 30 of each year. The Company is able to carry forward costs for annual labor that exceed the required yearly totals for four years. The Company has significant carryovers to 2020 to satisfy its annual labor requirements. This carryover expires in the years 2020 through 2024 if unneeded to satisfy requirements in those years. Subsequent to September 30, 2020, the Alaska Department of Natural Resources approved an extension to delay the payment of the approximately $125,945 of state annual claims rental fees due November 30, 2020 to September 1, 2021. Arbitration In 2017, the Company, its subsidiary and the joint venture, as claimants, filed an arbitration statement of claim before a three-member Arbitration Panel (“the Panel”), against our JV partner and its affiliates; NyacAU, LLC (“NyacAU”), BEAR Leasing, LLC, and Dr. J. Michael James, as respondents. In 2018, the respondents filed a counter-claim against the Company, its subsidiaries and certain members of the Company’s current and former management, the counterclaim respondents. The arbitration claim alleged, amongst other things, claims concerning related-party transactions, accounting issues including capital vs. operating leases, interpretation of the joint venture operating agreement, allocation of tax losses between the joint venture partners, and unpaid amounts due Goldrich relating to the Chandalar Mine. It is possible that there could be either adverse or favorable developments in the arbitration pending with the Company and its JV partner. The Company records provisions in the consolidated financial statements for pending arbitration results when it determines that an outcome is probable, and the amount of loss can be reasonably estimated. At the present time, except as stated otherwise, while it is reasonably possible that a favorable or unfavorable outcome in the arbitration may occur, after assessing the information available, management is unable to estimate the possible loss, or range of losses, for the pending arbitration; and accordingly, no estimated losses have been accrued in the consolidated financial statements for favorable or unfavorable outcomes. Legal defense costs are expensed as incurred. Favorable rulings would not result in the recognition of gains prior to offsetting against losses, due to the ruling being an estimate which must be constructively received prior to recognition. During the year ended December 31, 2019 and the year ended December 31, 2020, the Panel released various awards relating to the allegations of both parties. Some of which have been in favor of the Company’s positions and some have been in favor of our JV partner and its affiliates. The arbitration is ongoing and the various parties to the claims and counterclaims continue to disagree on several matters. On May 25, 2019, the Panel issued an Interim Award, which requested input from the parties on a small number of discrete issues, all input to be supported by references to the arbitration record. On November 30, 2019, the Panel ordered the Partial Final Award and concurrently the Second Interim Award RE Dissolution/Liquidation of GNP and Related Issues (“the Second Interim Award”). The Partial Final Award The Partial Final Award addressed several matters including leases and the impact of their characterization on interim distributions. As a result, the Panel determined that the Company is entitled to an additional $214,797 in distributions for 2016 and an additional $198,644 for 2017, for a total of $413,442 from GNP. In like manner, the Panel determined that NyacAU is entitled to an additional $413,442 in distributions for these years. As the Company is uncertain as to the collectability of these distributions, no recognition of these revenues is included in its Statement of Operations for the three and nine months ended September 30, 2020. See Note 9 Subsequent Events, Supplemental Orders 5-8. The Partial Final Award also addressed the Company’s claim for payment of interest earned by LOC 1. The Panel determined that NyacAU should pay the Company 50% of the interest earned on LOC 1 actually received by NyacAU, or $126,666. NyacAU challenged this award and subsequent to September 30, 2020, the Panel issued additional rulings stating the amount owed to be $120,883 to Goldrich plus 5% prejudgment interest on unpaid LOC1 interest as it fell due (see Note 9 Subsequent Events) The Panel ruled Goldrich was responsible to pay NyacAU for the 2012 reclamation work and NyacAU is also entitled to 5% interest on the award from the date the first invoice was sent to Goldrich in 2014. Goldrich has accrued a liability for this ruling on its consolidated balance sheet of $433,721 included in accounts payable and interest payable; however, Goldrich has contested the party to whom payment should be made and whether additional amounts not invoiced by GNP should be included in the award. The Partial Final Award found the Company liable for an act of negligent misrepresentation regarding the concealment of certain technical information from NyacAU. The Company has vigorously disputed the concealment and the finding of negligence. Nevertheless, as a result of the Panel’s determination, the Panel awarded Dr. J. Michael James a reimbursement of 17% of his previous $350,000 stock investment in the Company or $59,500 plus prejudgment interest of 5% and legal fees. In addition, the Panel awarded Dr. James $9,858, plus prejudgment interest at 5% and legal fees, for personal expenses incurred relating to GNP’s operations. These amounts plus additional interest have been included in accounts payable and interest payable on the consolidated balance sheet, respectively, at September 30, 2020. The Second Interim Award The Second Interim Award was necessitated by the fact that the dissolution/liquidation of the joint venture had not yet run its course. In the Second Interim Award the Panel ordered that: a) b) Neither order from the Second Interim Award was successfully executed by the parties on the dates specified by the Panel. The Second Interim Award confirmed the dissolution of GNP and noted that “no provision of the Claims Lease or the Operating Agreement speaks directly to the rights or obligations of GNP to transfer its mining permit, which is held in the name of the manager, NyacAU. Although GNP no longer has the right to mine, GNP and specifically NyacAU have the liability of reclamation. Balance and payment of LOC1 The Panel calculated a tentative balance of LOC1 at $16,483,271 as of June 2019. This balance will be adjusted for any additional costs incurred by GNP in the liquidation or awards and/or adjustments made by the arbitration Panel. Upon liquidation of GNP, 50% of the LOC1 liability in addition to 50% of all other assets and liabilities of GNP may be recorded on Goldrich’s balance sheet. The Panel ruled in the Final Post Award that LOC1 cannot be increased for costs incurred after mining operations have ceased, including costs for reclamation. This deprives NyacAU of a security interest in 50% of future placer gold production at the site to repay reclamation expenses which it advances. Further, the Panel ruled that the Operating Agreement does not impose an obligation on the Company to pay 50% of the reclamation fee, but that the reclamation obligation resides with the permit holder, see Final Post Award Orders Right to Offset Damages or Distributions The Panel granted the request that any damages awarded to one party can be an offset to distributions (or damages) due to the other party. Judgements issued by Superior Court On April 29, 2020, the Superior Court of the State of Alaska issued a judgement in favor of Dr. James, in the total amount of $13,713 (for the 2012 reclamation costs personally incurred, including interest) and $83,588 (for the adjustment to Dr. James’ stock purchase, including interest). On June 9, 2020 and June 20, 2020, the Court awarded additional costs and attorney’s fees. The Court ordered both Goldrich and NyacAU to submit a status report to the Court in September 2020 regarding the Panel’s clarification of the payable for the 2012 reclamation, including interest, and to clarify the party for the award, NyacAU or GNP. The status report has been filed by both parties, and these judgements remain unpaid and in force before the Superior Court. These amounts related to these judgements were accrued for at December 31, 2019. As of September 30, 2020, a total amount of $100,370 is included for the judgement and post judgement interest in accounts payable and interest payable on the consolidated balance sheet. Final Post Award Orders On September 4, 2020, the arbitration Panel issued Final Post Award Orders, wherein the Panel issued rulings on multiple material issues: · Reclamation: The Company had previously filed a motion to compel NyacAU to correct accruals for certain expenses including reclamation, demobilization, equipment rental and utilities. Most notably, the Company contended that an accrual for reclamation liability was short of a much larger estimate prepared by independent professionals as engaged by Goldrich. The Panel denied the Company’s motion and ruled that Goldrich does not have the authority to compel the establishment of any reserves on the GNP financial records. The Company had previously filed a motion to compel NyacAU to reclaim the disturbed acres as required under the Operating Agreement and the mining permit issued to NyacAU in 2013, and to require NyacAU to fund the reclamation reserve from cash that had been distributed to NyacAU. The Panel denied the Company’s motion and ruled that while there was express provision in the Operating Agreement to establish reserves necessary for contingent or unforeseen liabilities or obligations, which could conceivably include reclamation reserves, the agreement does not impose an express obligation to reclaim the project site. · Mining Claims All of the Company’s mining claims remain the property of the Company; however, NyacAU staked several claims contiguous to the claims owned by the Company. The Company had previously filed a motion to compel the transfer of NyacAU’s claims from NyacAU to the Company. The motion was granted in part in that the claims held in NyacAU’s name were ruled to be owned by the Company, but would not be transferred immediately. They would remain in the possession of NyacAU as manager of the liquidation until the property covered by the claims was not being used for liquidation activities and could be transferred without disruption to the liquidation activity. Other Contingencies During the year ended December 31, 2016, the Company filed amended tax returns to correct allocations of Joint Venture losses reported to the Company for the years ending 2012 through 2015, resulting in an increase in losses reported on its federal and state tax returns of $7.5 million and $6.8 million, respectively. For each year since 2015, the Company filed its federal and state tax returns with corrected allocations of losses from the Joint Venture. The Company’s and the Joint Venture’s federal returns for the 2015, 2016 and 2017 tax years were audited by the Internal Revenue Service (“IRS”) to determine correct allocation of losses for the Joint Venture and its partners. In August 2020, the IRS issued an unfavorable ruling as it affects the Company in regard to the audit of the joint venture which, when the individual partners’ effects are communicated to the Company by the IRS, is probable to decrease the Company’s net federal and state net operating loss carryforwards (“NOL”) by totals of $2.0 million and $1.8 million, respectively for the years under audit. The change would not result in any current tax liability or refund unless and until the Company could utilize its net operating loss carryforwards.

9. Subsequent Events

9. Subsequent Events	9 Months Ended
	Sep. 30, 2020
Notes
9. Subsequent Events	9. SUBSEQUENT EVENTS Subsequent to the nine months ended September 30, 2020, the Company entered into additional notes payable totaling $113,000, net of discounts from Mr. Gallagher. Subsequent to the nine months ended September 30, 2020, the Company received $199,000 cash as a result of exercise of Class Q, Class S, and Class T warrants at an exercise price of $0.03 per common share. Ownership of these warrants had been in the hands of Mr. Gallagher and were sold by him personally to unrelated parties. The unrelated parties then exercised the warrants for cash, resulting in the issuance of 6,633,333 common shares. Arbitration rulings subsequent to September 30, 2020 Supplemental Orders 5-8 On December 4, 2020, the arbitration Panel issued Supplemental Orders 5-8, wherein the Panel issued rulings on multiple material issues: · 2018 Profitability and 2018 Interim Distributions Under the GNP Operating Agreement, Goldrich was entitled to receive certain interim distributions based on GNP’s profitability. Goldrich received such distributions for 2016 and 2017. Goldrich challenged the Panel’s understanding of facts related to GNP’s profitability for 2018 as presented in the arbitration proceedings and made a motion for GNP to distribute interim distributions for 2018 after applying the arbitration rulings made to date. Goldrich submitted a claim to the arbitration Panel for approximately $680,000 plus prejudgment interest thereon at 5%. The arbitration Panel denied Goldrich’s claim. Based on the Panel’s ruling, the paydown by NyacAU, as manager of GNP, of Line of Credit 1 (“LOC1”) with GNP funds, rather than the payment of a 2018 interim distribution to Goldrich, is not considered a misappropriation of funds. LOC1 is a related party loan between GNP and NyacAU. The Panel ruled that GNP was dissolved at the end of the 2018 mining season (September 28, 2018) by failing to meet the Minimum Production Requirement of the GNP Operating Agreement rather than May 2019, when NyacAU published a formal notice of dissolution to the State of Alaska and to creditors. Based on this and other evidence, the Panel found that GNP was dissolved by no later than October 9, 2018, which precedes the date by which any interim distribution would otherwise have been due under the GNP Operating Agreement (October 31 - December 31, 2018). Accordingly, the Panel ruled that Goldrich is precluded from receiving any interim distributions for 2018 under the GNP Operating Agreement. · Goldrich’s Portion of Interest Paid on LOC1 Under the GNP Operating Agreement, Goldrich is to receive 50% of any interest on LOC1 paid by GNP to NyacAU. Goldrich made a claim to the arbitration Panel that GNP had paid interest to NyacAU and that Goldrich was entitled to 50% of the amount paid. The Panel ruled that NyacAU is obligated to pay Goldrich 50% of $241,797 in interest “received” by NyacAU up to October 2018, when GNP was dissolved and commenced liquidation, in the total principal amount of $120,883. Goldrich is also entitled to recover 5% prejudgment interest on unpaid LOC1 interest as it fell due through October 1, 2018, after which date no interest would be shared with Goldrich. · Clarification of Award In the Partial Final Award given in 2019, the arbitration Panel made an award to NyacAU of $377,253 in damages and pre-award interest relating to 2012 reclamation expenses incurred on Goldrich’s behalf. Goldrich made an “Application for Modification and Correction of Arbitration Award, for Vacation of Award, or for Resubmission to Arbitration Panel for Clarification”, requesting an order from the Alaska court, under the Alaska Arbitration Act, that the damages awarded for unpaid 2012 reclamation expenses were to be paid to GNP, not NyacAU, and that the Panel clarify the appropriate amount of damages and interest to be paid. The Panel ruled that it will resolve these issues after the parties submit evidence and argument supporting their respective positions on the merits.

2. Summary of Significant Acc_2

2. Summary of Significant Accounting Policies: Reclassifications (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the 2020 financial statement presentation. Reclassifications had no effect on net loss, stockholders' deficit, or cash flows as previously reported.

2. Summary of Significant Acc_3

2. Summary of Significant Accounting Policies: Earnings (loss) Per Common Share (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Earnings (loss) Per Common Share	Earnings (Loss) Per Share We are authorized to issue 250,000,000 shares of common stock, $0.10 par value per share. At September 30, 2020, there were 161,293,043 shares of our common stock issued and outstanding. Subsequent to September 30, 2020, at the special shareholders meeting on November 13, 2020, the Company’s shareholders authorized the Company to issue up to 750,000,000 shares of common stock, $0.10 par value per share.

2. Summary of Significant Acc_4

2. Summary of Significant Accounting Policies: Accounting For Investments in Joint Ventures (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Accounting For Investments in Joint Ventures	Accounting for Investments in Joint Ventures ASC 321 Investments – Equity Securities The Company has an equity interest in Goldrich NyacAU Placer LLC, a 50%-owned joint venture in which the Company does not have joint control or significant influence. See Note 3 Joint Venture The Company has an equity interest in Chandalar Gold, LLC (“CGL”), in which the Company does not have joint control or significant influence. See Note 3 Joint Venture

2. Summary of Significant Acc_5

2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2020, the FASB issued ASU No. 2020-06 Debt - Debt With Conversion And Other Options (Subtopic 470-20) And Derivatives And Hedging - Contracts In Entity’s Own Equity (Subtopic 815-40): Accounting For Convertible Instruments And Contracts In An Entity’s Own Equity. The update simplifies the accounting for and disclosures related to company debt that is convertible or can be settled in a company’s own equity securities. The update is effective for fiscal years beginning after December 15, 2021. Management is evaluating the impact of this update on the Company’s debt disclosures. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.

2. Summary of Significant Acc_6

2. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Cash and Cash Equivalents	Cash and Cash Equivalents For the purposes of the statement of cash flows, we consider all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents.

2. Summary of Significant Acc_7

2. Summary of Significant Accounting Policies: Use of Estimates (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Significant estimates used in preparing these financial statements include those assumed in estimating the recoverability of the cost of mining claims, joint venture distributions, accrued remediation costs, asset retirement obligations, stock-based compensation, deferred tax assets and related valuation allowances, and uncertainties regarding the outcome of arbitration proceedings. Actual results could differ from those estimates.

2. Summary of Significant Acc_8

2. Summary of Significant Accounting Policies: Mining Properties, Claims and Royalty Option (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Mining Properties, Claims and Royalty Option	Mining Properties, Claims, and Royalty Option The Company capitalizes costs for acquiring mineral properties, claims and royalty option and expenses, costs to maintain mineral rights and leases as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mineral properties are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.

2. Summary of Significant Acc_9

2. Summary of Significant Accounting Policies: Income Taxes (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Income Taxes	Income Taxes Income taxes are recognized in accordance with Accounting Standards Codification (“ASC”) 740 Income Taxes, whereby deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. Uncertain tax positions are evaluated in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized. The Company has assessed its tax positions other than the NOL issue above and has determined that it has taken an uncertain tax position that is probable to affect its federal and state net operating loss carryforwards in amounts by $2.0 million and $1.8 million, respectively, as described above, but does not give rise to an unrecognized tax liability being reported. In the event that the Company is assessed penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense.

2. Summary of Significant Ac_10

2. Summary of Significant Accounting Policies: Revenue Recognition (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Revenue Recognition	Revenue Recognition The Company does not have joint control or significant influence over the joint venture; therefore, distributions from our joint venture are recognized using the cost less impairment method. The Company has determined that our revenue does not arise from contracts with customers, does not involve satisfaction of any performance obligations on the part of the Company, or require company assets to be recognized or applied to determine costs to obtain or fulfill any contract generating revenue. Other than any distribution the Company is awarded in arbitration (see Note 3 Joint Venture Joint Venture The Company does not have joint control or significant influence over CGL; therefore, distributions from CGL are recognized using the cost less impairment method. The Company has determined that our revenue does not arise from contracts with customers, does not involve satisfaction of any performance obligations on the part of the Company, or require company assets to be recognized or applied to determine costs to obtain or fulfill any contract generating revenue. The Company does not anticipate any distributions from CGL.

2. Summary of Significant Ac_11

2. Summary of Significant Accounting Policies: Stock-based Compensation (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Stock-based Compensation	Stock-Based Compensation The Company periodically issues common shares or options to purchase shares of the Company’s common shares to its officers, directors or other parties. These issuances are recorded at fair value. The Company uses a Black Scholes valuation model for determining fair value of options to purchase shares, and compensation expense is recognized ratably over the vesting periods on a straight-line basis. Compensation expense for grants that vest immediately are recognized in the period of grant.

2. Summary of Significant Ac_12

2. Summary of Significant Accounting Policies: Exploration Costs (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Exploration Costs	Exploration Costs Exploration costs are expensed in the period in which they occur.

2. Summary of Significant Ac_13

2. Summary of Significant Accounting Policies: Remediation and Asset Retirement Obligation (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Remediation and Asset Retirement Obligation	Remediation and Asset Retirement Obligation The Company’s operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company records the fair value of an asset retirement obligation as a liability in the period in which the Company incurs a legal obligation for the retirement of tangible long-lived assets. A corresponding asset is also recorded and depreciated over the life of the long-lived asset using a units of production method. After the initial measurement of the asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. Determination of any amounts recognized is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates and the credit-adjusted risk-free interest rates. For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Such costs are based on management’s estimate of amounts expected to be incurred when the remediation work is performed.

2. Summary of Significant Ac_14

2. Summary of Significant Accounting Policies: Fair Value Measurements (Policies)	9 Months Ended
	Sep. 30, 2020
Policies
Fair Value Measurements	Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. During 2020 and 2019, the Company determined fair value on a recurring basis and non-recurring basis as follows: Balance September 30, 2020 Balance December 31, 2019 Fair Value Hierarchy level Liabilities Recurring: Notes payable in gold (Note 6) $ 502,469 $ 406,319 2 The inputs to the valuation of Level 2 liabilities are described in Note 6 Notes Payable in Gold

2. Summary of Significant Ac_15

2. Summary of Significant Accounting Policies: Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables)	9 Months Ended
	Sep. 30, 2020
Tables/Schedules
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Balance September 30, 2020 Balance December 31, 2019 Fair Value Hierarchy level Liabilities Recurring: Notes payable in gold (Note 6) $ 502,469 $ 406,319 2

4. Related Party Transactions_

4. Related Party Transactions: Schedule of Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2020
Tables/Schedules
Schedule of Related Party Transactions	CEO Nine Months ended 9/30/20 Year ended 12/31/19 Beginning Balance $ 426,500 $ 295,000 Deferred During Period 121,575 180,000 Cash Paid During Period (2,500) (48,500) Ending Balance $ 545,575 $ 426,500 Beginning Balance Deferred During Period $ 78,644 $ 64,909 Cash Paid During Period 16,886 42,703 Ending Balance (7,240) (28,968) Beginning Balance $ 88,290 $ 78,644 Board fees payable $ 104,602 $ 95,003 Total Related party payables $ 738,467 $ 600,147

5. Notes Payable & Notes Paya_2

5. Notes Payable & Notes Payable - Related Party: Schedule of senior secured notes (Tables)	9 Months Ended
	Sep. 30, 2020
Tables/Schedules
Schedule of senior secured notes	Tranche Date Note Prior to Discount Balance at December 31, 2018 $ 952,631 Notes Payable Mar. 31, 2019 14,737 Notes Payable June 30, 2019 52,632 Balance at December 31, 2019 $ 1,020,000 Notes Payable Mar. 31, 2020 42,106 Balance at September 30, 2020 $ 1,062,106 Balance at December 31, 2018 $ 2,378,948 Related Party Mar. 31, 2019 74,737 Related Party June 30, 2019 142,105 Related Party Sept. 30, 2019 318,947 Related Party Oct. 31, 2019 52,632 Related Party Dec. 18, 2019 278,947 Balance at December 31, 2019 $ 3,246,316 Related Party Mar. 31, 2020 131,579 Related Party Jun. 30, 2020 140,000 Related Party Sept. 30, 2020 28,421 Balance at September 30, 2020 $ 3,546,316

5. Notes Payable & Notes Paya_3

5. Notes Payable & Notes Payable - Related Party: Fair value of warrants (Tables)	9 Months Ended
	Sep. 30, 2020
Tables/Schedules
Fair value of warrants	9 months ended September 30, 2019 Market price of common stock on date of issuance $0.007 - $0.0275 Risk-free interest rate 1.42% - 2.51% Expected dividend yield 0 Expected term (in years) 5 Expected volatility 154.7% - 172%

1. Basis of Presentation (Detai

1. Basis of Presentation (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Details
Going Concern	The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds.
Accumulated deficit	$ 36,973,306	$ 35,493,775

2. Summary of Significant Ac_16

2. Summary of Significant Accounting Policies: Earnings (loss) Per Common Share (Details) - $ / shares	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Common Stock, Shares Authorized	250,000,000	250,000,000
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Common Stock, Shares, Outstanding	161,293,043	139,573,798
Increase in authorized stock
Subsequent Event, Description	Subsequent to September 30, 2020, at the special shareholders meeting on November 13, 2020, the Company’s shareholders authorized the Company to issue up to 750,000,000 shares of common stock, $0.10 par value per share.

2. Summary of Significant Ac_17

2. Summary of Significant Accounting Policies (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Details
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	77,140,505	94,042,079

2. Summary of Significant Ac_18

2. Summary of Significant Accounting Policies: Accounting For Investments in Joint Ventures (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Details
Investment in CGL LLC	$ 25,000	$ 0	$ 0

2. Summary of Significant Ac_19

2. Summary of Significant Accounting Policies: Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Details
Notes payable in gold	$ 502,469	$ 406,319

3. Joint Venture (Details)

3. Joint Venture (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Details
Cost-method Investments, Description	On April 3, 2012, Goldrich Placer, LLC (“GP”), a subsidiary of Goldrich, entered into a term sheet for a joint venture with NyacAU, LLC (“NyacAU”), an Alaskan private company, to bring Goldrich’s Chandalar placer gold properties into production as defined in the joint venture agreement (the “Operating Agreement”), which was subsequently signed and made effective April 2, 2012.
Other Expenses		$ 220,844

4. Related Party Transactions_2

4. Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Total Related party payables	$ 738,467	$ 600,147
Chief Executive Officer
Officers Compensation beginning balance	426,500	295,000
Officer compensation, deferred during period	121,575	180,000
Officers Compensation, cash paid during period	(2,500)	(48,500)
Officers compensation, ending balance	545,575	426,500
Officers compensation, ending balance	(545,575)	(426,500)
Chief Financial Officer
Officers Compensation beginning balance	88,290	78,644
Officer compensation, deferred during period	78,644	64,909
Officers Compensation, cash paid during period	16,886	42,703
Officers compensation, ending balance	7,240	28,968
Officers compensation, ending balance	(7,240)	(28,968)
Board Fees
Officer compensation, deferred during period	$ 104,602	$ 95,003

5. Notes Payable & Notes Paya_4

5. Notes Payable & Notes Payable - Related Party (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Details
Notes payable	$ 1,062,106	$ 1,020,000
Notes payable - related party	$ 3,546,316	$ 3,246,316
Fair value of warrants estimated on issue dates			$ 46,327

5. Notes Payable & Notes Paya_5

5. Notes Payable & Notes Payable - Related Party: Fair value of warrants (Details)	9 Months Ended
	Sep. 30, 2019$ / shares
Details
Stock price on date of grant, minimum	$ 0.007
Stock price on date of grant, maximum	$ 0.0275
Risk free interest rate, minimum	1.42%
Risk free interest rate, maximum	2.51%
Expected term simplified	5
Expected volatility rate, minimum	154.70%
Expected volatility rate, maximum	172.00%

6. Notes Payable in Gold (Detai

6. Notes Payable in Gold (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2013
Principal amount of notes payable in gold					$ 820,000
Discount on notes payable in gold					205,000
Proceeds from notes payable in gold and warrants, net					$ 615,000
Interest expense and finance costs	$ 185,625	$ 192,955	$ 590,801	$ 576,577
Interest expense - notes payable in gold
Interest expense and finance costs			28,123	20,634
Interest accrued - notes payable in gold
Interest expense and finance costs			$ 41,604	$ 8,697

7. CARES Act PPP Loan (Details)

7. CARES Act PPP Loan (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Details
Proceeds from CARES Act PPP loan	$ 50,600	$ 0

8. Commitments and Contingenc_2

8. Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Details
Claims rental	$ 125,945
Annual labor requirement	$ 61,100
Legal Matters and Contingencies	In 2017, the Company, its subsidiary and the joint venture, as claimants, filed an arbitration statement of claim before a three-member Arbitration Panel (“the Panel”), against our JV partner and its affiliates; NyacAU, LLC (“NyacAU”), BEAR Leasing, LLC, and Dr. J. Michael James, as respondents. In 2018, the respondents filed a counter-claim against the Company, its subsidiaries and certain members of the Company’s current and former management, the counterclaim respondents. The arbitration claim alleged, amongst other things, claims concerning related-party transactions, accounting issues including capital vs. operating leases, interpretation of the joint venture operating agreement, allocation of tax losses between the joint venture partners, and unpaid amounts due Goldrich relating to the Chandalar Mine.

9. Subsequent Events (Details)

9. Subsequent Events (Details)	9 Months Ended
	Sep. 30, 2020
Notes payable related party
Subsequent Event, Description	Subsequent to the nine months ended September 30, 2020, the Company entered into additional notes payable totaling $113,000, net of discounts
Warrant Exercises
Subsequent Event, Description	Subsequent to the nine months ended September 30, 2020, the Company received $199,000 cash as a result of exercise of Class Q, Class S, and Class T warrants at an exercise price of $0.03 per common share.
Arbitration Final POst Award Orders
Subsequent Event, Description	On December 4, 2020, the arbitration Panel issued Supplemental Orders 5-8, wherein the Panel issued rulings on multiple material issues