U.S. GoldMining Inc. reported a net loss of $1.29 million for the three months ending March 31, 2025, compared to a loss of $962,449 during the same period in 2024. This translates to a loss per share of $0.10, up from $0.08 in the previous year. The increase in net loss is attributed primarily to a rise in general and administrative expenses, which totaled $1.06 million, compared to $662,901 in the prior year. Exploration expenses decreased significantly to $223,227 from $414,497, reflecting a strategic shift in operational focus.
The company's total assets decreased to $4.20 million as of March 31, 2025, down from $5.15 million at the end of 2024. Current liabilities also rose to $588,209 from $420,241, driven by increases in accounts payable and accrued liabilities. Cash and cash equivalents fell to $2.96 million from $3.88 million, primarily due to higher operational costs. The company reported working capital of $2.62 million, down from $3.70 million at the end of the previous fiscal year.
In terms of strategic developments, U.S. GoldMining has been actively engaged in exploration activities at its Whistler Project in Alaska. Recent announcements include the commencement of an initial economic assessment and metallurgical testwork aimed at optimizing metal recovery processes. The company has not yet generated revenue from operations, relying on financing through advances from its parent company, GoldMining Inc., and an At-The-Market (ATM) equity program, which has not yet seen any sales in the current quarter.
Operationally, U.S. GoldMining has maintained its focus on the Whistler Project, with ongoing exploration efforts that include diamond core drilling and assay results. The company has also made commitments to maintain the project, including annual land payments and labor requirements. As of March 31, 2025, the company had 12,462,174 shares of common stock outstanding, with no preferred stock issued. The outlook remains cautious, as the company emphasizes the need for additional financing to support its exploration activities and operational commitments.
About U.S. GoldMining Inc.
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