$USGO

U.S. GoldMining Inc.

CIK:0001947244|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
Exploration expenses	$ 3,041,344	$ 220,129	$ 3,573,184	$ 443,356
General and administrative expenses	1,138,631	666,367	2,548,668	1,722,175
Accretion	5,453	4,952	10,777	9,787
Depreciation	47,023	35,436	83,408	70,870
Total operating expenses	4,232,451	926,884	6,216,037	2,246,188
Loss from operations	(4,232,451)	(926,884)	(6,216,037)	(2,246,188)
Other income (expenses)
Interest income	29,444	29,801	85,354	61,704
Foreign exchange loss	(2,535)	(7,876)	(5,039)	(8,767)
Net loss for the period before tax	(4,205,542)	(904,959)	(6,135,722)	(2,193,251)
Current income tax expense		(61)		(3,365)
Net loss for the period	$ (4,205,542)	$ (905,020)	$ (6,135,722)	$ (2,196,616)
Loss per share
Loss per share Basic	$ (0.36)	$ (0.07)	$ (0.50)	$ (0.18)
Loss per share Diluted	$ (0.36)	$ (0.07)	$ (0.50)	$ (0.18)
Weighted average shares outstanding
Weighted average number of shares, basic	13,414,299	12,509,273	13,363,375	12,483,779
Weighted average shares outstanding Diluted	13,414,299	12,509,273	13,363,375	12,483,779

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Net cash provided by (used in): Operating activities
Net loss for the period	$ (6,135,722)	$ (2,196,616)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion	10,777	9,787
Depreciation	83,408	70,870
Stock-based compensation	857,191	295,065
Non-cash lease expenses	15,135	23,637
Changes in operating assets and liabilities
Inventories	(60,475)
Prepaid expenses	(512,942)	(23,043)
Other receivables	49,985	(16,400)
Accounts payable	(29,296)	14,094
Accrued liabilities	(71,225)	48,376
Lease liabilities	(18,829)	(17,943)
Net cash used in operating activities	(5,811,993)	(1,792,173)
Investing activities
Purchase of equipment	(395,959)
Net cash used in investing activities	(395,959)
Financing activities
Proceeds from At-The-Market offering, net of issuance costs	550,790	1,089,099
Proceeds from common shares issued upon exercise of warrants	1,700,699
Proceeds from registered direct offering	4,000,001
Net cash provided by financing activities	6,251,490	1,089,099
Net change in cash, cash equivalents and restricted cash	43,538	(703,074)
Cash, cash equivalents and restricted cash, beginning of period	7,420,797	3,967,008
Cash, cash equivalents and restricted cash, end of period	$ 7,464,335	$ 3,263,934

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 7,421,773	$ 7,377,562
Restricted cash	42,562	43,235
Other receivables	6,039	56,024
Inventories	89,119	28,644
Prepaid expenses	592,581	79,639
Total current assets	8,152,074	7,585,104
Exploration and evaluation assets	31,392	31,392
Operating lease right-of-use assets, net	72,458	86,224
Property and equipment, net	1,069,545	742,962
Total assets	9,325,469	8,445,682
Current liabilities
Accounts payable	194,525	223,821
Accrued liabilities	112,844	123,914
Current portion of lease liabilities	30,697	30,221
Other payables		180,863
Total current liabilities	338,066	558,819
Lease liabilities	40,235	58,171
Asset retirement obligations	244,391	219,582
Total liabilities	622,692	836,572
Stockholders’ equity
Common stock $0.001 par value: 300,000,000 shares authorized as at June 30, 2026 and December 31, 2025; 13,512,860 shares issued and outstanding as at June 30, 2026 and 13,308,985 shares issued and outstanding as at December 31, 2025	13,513	13,309
Additional paid-in capital	41,613,220	37,784,883
Share issuance obligation	4,000,001
Accumulated deficit	(36,923,957)	(30,189,082)
Total stockholders’ equity	8,702,777	7,609,110
Total liabilities and stockholders’ equity	$ 9,325,469	$ 8,445,682