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Go Metals Corp. — Management Reports 2024
Nov 15, 2024
47035_rns_2024-11-14_2297d010-0eaf-4b2d-b99e-87edb87944fc.pdf
Management Reports
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GO METALS CORP. 1890 – 1075 West Giorgia Street Vancouver, BC V6E 3C9 Tel.: (604) 687-2038 Fax.: (604) 687-3141
FORM 51-102F
MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) AS OF NOVEMBER 14, 2024 TO ACCOMPANY THE CONSOLIDATED FINANCIAL STATEMENTS OF GO METALS CORP. (THE “COMPANY” OR “GO METALS “) FOR THE YEAR ENDED JULY 31, 2024
This management's discussion and analysis (“MD&A”) provides an analysis of our financial situation which will enable the reader to evaluate important variations in our financial situation for the year ended July 31, 2024, compared to the year ended July 31, 2023. This report prepared as at November 14, 2024 intends to complement and supplement our audited consolidated financial statements (the “financial statements”) as at July 31, 2024 which have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). This report should be read in conjunction with the Company’s the financial statements and accompanying notes for the year ended July 31, 2024.
Our consolidated financial statements and the management's discussion and analysis are intended to provide a reasonable base for the investor to evaluate our financial situation.
Our consolidated financial statements have been prepared using accounting policies consistent with IFRS. All dollar amounts contained in this MD&A are expressed in Canadian dollars, unless otherwise specified.
Where we say “we”, “us”, “our”, the “Company”, we mean Go Metals Corp., as it may apply.
This management discussion and analysis may contain forward-looking statements in respect of various matters including upcoming events and include without limitation, statements regarding discussions of the Company’s business strategy, future plans, projections, objectives, estimates and forecasts and statements as to management's expectations with respect to, among other things, the development of the Company’s project. These forward-looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include without limitation, certain transactions, certain approvals, changes in commodity prices, risks inherent in exploration results, timing and success, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and mineral resources), delays in the receipt of government approvals, and changes in general economic conditions or conditions in the financial markets. In making the forward-looking statements in this MD&A, the Company has applied several material assumptions, including without limitation, the assumption that any additional financing needed will be available on reasonable terms.
Additional factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among other factors: (1) weak commodity prices and general metal price volatility; (2) the state of the global economy and economic and political events, including the deterioration of the global capital markets, affecting supply and demand and economic and political events affecting supply and demand; and (3) securing and the nature of regulatory permits and approvals and the costs of complying with environmental, health and safety laws and regulations.
The Company cannot assure you that any of these assumptions will prove to be correct.
The words “expect,” “anticipate,” “estimate,” “may,” “will,” “should,” “intend,” “believe,” “target,” “budget,” “plan,” “projection” and similar expressions are intended to identify forward-looking statements. Information concerning mineral reserve and mineral resource estimates also may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present during operations or if and when an undeveloped project is actually developed.
These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements, including future-oriented financial information, contained in this MD&A and any documents incorporated by reference are reasonable, but no assurance can be given that these expectations will prove to
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, including future-oriented financial information, there may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. The Company undertakes no obligation to disclose publicly any future revisions to forward-looking statements, including future-oriented financial information, to reflect events or circumstances after the date of this MD&A or to reflect the occurrence of unanticipated events, except as expressly required by law.
Additionally, the forward-looking statements, including future-oriented financial information, contained herein are presented solely for the purpose of conveying our reasonable belief of the direction of the Company and may not be appropriate for other purposes.
The results or events predicted in these forward-looking statements may differ materially from the actual results or events. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Overall performance
On September 25, 2024 the Company created a new wholly owned subsidiary, Deep Hydrogen Corp. Hydrogen exploration aligns with the Company’s goal of helping to create a sustainable future. These goals, paired with the Company’s advanced GeoDL suite of augmented exploration tools will guide the Company’s evaluation of natural hydrogen targets across Ontario and Quebec. The Company has teamed up with Enki GeoSolutions in Quebec to help identify prospective targets.
On June 3, 2024, the Company report that it has completed the reconnaissance program at the Company’s wholly owned KM98 critical metals project on the Côte-Nord of Québec. The reconnaissance work aimed to determine favorable geology and mineralization at surface to help explain the presence of the large electromagnetic signal detected in the 2023 AirTEM survey.
On May 15, 2024, the Company closed a non-brokered flow-through common share financing and issued 1,111,111 flow-through common shares at a price of $0.09 per flow-through share for aggregate gross proceeds of $100,000.
In connection with the private placement, the Company paid cash finders’ fees being 7% of total proceeds and issued 77,777 non-transferable finder’s warrants which will entitle the holder thereof to purchase one common share of the Company at a price of $0.10 per finder’s warrant, for a period of 12 months from issuance.
On April 08, 2024, the Company announced the staking of two claim blocks targeting critical metals 80 kilometres southeast of Chibougamau, Quebec in the Nitassinan of Mashteuiatsh, the Oriole property. While the primary focus of the Company remains on advancing the HSP group of projects, this new greenfield project signals our commitment to exploration of critical metals in Quebec. The recent discovery from SOQUEM has shown the potential for magmatic Nickel-Copper systems in this underexplored region. The new Oriole claims follow similar magnetic features seen at the adjacent Cardinal project. The property is road accessible and close to existing infrastructure.
On January 30, 2024, the Company announces the results of the processed airborne geophysical survey from KM98 critical metal project on the Côte-Nord of Québec.
Highlights include:
-
Discovery of 7 new EM targets at HSP and KM98
-
Large 4100 metre by 1600 metre (3.2km2) anomaly at KM98
-
Higher EM amplitudes compared to HSP
-
KM98 anomaly is ten times the footprint of Chamber North
-
Anomalies are clustered along the southern contact of the anorthosite
-
Property is accessible by paved road, year-round
2
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
On January 29, 2024, the Company granted an aggregate of 2,400,000 stock options to directors, officers and consultants. The stock options are exercisable to acquire common shares of the Company at a price of $0.05 for a period of 3 years from grant date and vested immediately.
On January 22, 2024 the Company announced RC drill results at HSP. The 2023 RC drill program based on the 2019 airborne EM survey targets continues to point to a significant magmatic sulphide system extending from surface and open at depth. The drill intersected three layers of low-grade mineralization at Chamber North with a combined width of 13.7m ending in disseminated sulphide bearing anorthosite. All drill holes at Chamber North to date have been highly anomalous in nickel, copper and cobalt, indicating proximity to the source of the large EM anomaly.
On December 5, 2023, the Company announced director changes, as Adrian Smith has resigned from the board of directors and Harley Slade has been appointed in his place effective immediately. The Company wishes to thank Mr. Smith for his dedicated service on the board of directors.
On November 14, 2023, the Company completed the late season RC drilling program and processed initial data from the AirTEM at HSP and KM98 nickel-copper projects, north of Havre-Saint-Pierre on the Côte-Nord of Quebec.
On October 16, 2023 the Company reported beginning reverse circulation drill program at the HSP nickelcopper project, north of Havre-Saint-Pierre on the Côte-Nord of Quebec.
On August 29, 2023, the Company announced a mutual data sharing and service agreement with Gama Explorations Inc. to enhance the exploration models and improve targeting across company properties using GeoDL, the Company’s deep learning application designed to enhance a variety of map sets including lineament, bedrock, outcrop and prospectivity. The tool is a next generation mining instrument to help generate higher confidence targets with less ground disturbance.
On May 15, 2023, the Company announced plans for the 2023 field geophysics program at the HSP NickelCopper-Cobalt Project (“HSP”) on the Côte-Nord of Quebec. Initial program highlights:
-
Construction of roadside camp within 20 minutes of the project
-
High resolution ground UTEM over main targets
-
3D visualization with AirTEM geophysics inversion
-
Continued commitment to work with local communities and businesses
On February 7, 2023, the Company announced that the Company is working with contractors and local First Nations to plan the Phase 2 drill program at HSP property. The Company is assessing drill site locations for four priority targets with associated access requirements and logistics. The fully funded Phase 2 diamond drilling will work to expand known mineralization at the 100%-owned HSP Nickel-Copper Sulphide Project, located 130 kilometres north of Havre-Saint-Pierre, Quebec.
The Company also announces that it has issued an aggregate of 900,000 stock options to directors and consultants of the Company pursuant to its stock options plan. The stock options are exercisable to acquire common shares of the Company at a price of $0.10 for a period of 2 years from grant and will vest on issuance.
On January 25, 2023, the Company announced HSP Nickel-Copper-Cobalt Project (“HSP”) on the Côte-Nord of Quebec, has successfully intersected nickel-copper mineralization on all targets as part of the first-ever drilling program.
Phase 1 program highlights
-
All five nickel-copper-cobalt sulphide targets tested have confirmed mineralization
-
9.3m of 0.43% Ni, 0.17% Cu and 0.05% Co at PGE Central (HSP-22-09)
-
12m of 0.28% Ni, 0.46% Cu and 0.05% Co at Chamber South (HSP-22-02)
-
2m of 1.31% Cu and 0.15% Ni at Red Mountain (HSP-22-06)
-
Fully funded phase 2 program for 2023
3
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
On January 9, 2023 the Company announced results from the new PGE zone discovery on the HSP exploration stage nickel-copper-cobalt (Ni-Cu-Co) sulphide project located in Quebec, the “HSP”.
PGE Zone Highlights:
-
9.3m of 0.43% Ni, 0.17% Cu, 0.05% Co, with 0.19 g/t PGE + Au
-
Including 1.35m from 19m: 0.69% Ni, 0.22% Cu, 0.085% Co, with 0.25 g/t PGE + Au
-
And 1.4m from 23.2m: 0.93% Ni, 0.15% Cu, 0.11% Co, with 0.35 g/t PGE + Au
-
Near surface parallel mineralized structures intercepted
The first drill results from the PGE Central zone showed mineralized structures continuous at depth correlating to the AirTEM anomalies. The higher-grade intervals in hole HSP-22-09 highlight good potential for the upcoming phase 2 drill program at HSP. The geophysical modelling will continue to guide the exploration and help to refine the approach as new information learn about each unique HSP target."
On December 5, 2022 the Company announced preliminary results as part of a new discovery on the HSP exploration stage nickel-copper-cobalt (Ni-Cu-Co) sulphide project located in Quebec the “HSP project”. The first assays highlight the potential at HSP with an encouraging interval in hole HSP-22-08. The remaining eight drill holes are being processed by the lab and will be reported when received and interpreted.
On November 22, 2022 the Company announced that it has engaged Haywood Securities Inc. to act as financial advisor to the Company, assisting the Company in its efforts to advance the HSP Project, an exploration stage nickel-copper sulphide prospect located in Quebec. The Company also announces that it has issued an aggregate of 500,000 stock options to directors and consultants of the Company pursuant to its stock options plan. The stock options are exercisable to acquire common shares of the Company at a price of $0.65 for a period of 2 years from grant and will vest on issuance.
On November 17, 2022 the Company closed a non-brokered private placement of 1,745,300 Québec flowthrough units of the Company at a price of $1.254 per Québec FT Unit for aggregate gross proceeds of $2,188,606. Each Québec FT Unit consists of one common share of the Company and one-half of one common share purchase warrant of the Company. Each Warrant entitles the holder thereof to acquire one common share of the Company at a price of $1.00 for a period of 24 months from the closing of the Offering.
On October 13, 2022 the Company announced entering into an agreement to expedite warrant exercises. The Company also announced the initial planning discussions for a follow up winter drill program at the HSP nickelcopper sulphide project in Quebec.
On September 26, 2022, the Company announced increased regional land position to 396 square kilometres. The Company added by staking, the 98-property covering 97 square kilometres and the Clyde property covering 171 square kilometres, to the Nickel Palladium Platinum Property project (“HSP project”).
On September 13, 2022, the Company reported, intersects wide intervals of Nickel and Copper Sulphides. Program Initial Highlights
-
5 targets with confirmed visual nickel-copper mineralization all beginning near surface
-
Drilling intersected wide intervals of mineralization in 5 zones and all remain open to depth
-
Massive and semi-massive mineralization total of 21 metres in HSP-DDH-22-02
-
Disseminated mineralization intercept of 175 metres in HSP-DDH-22-04
-
Established consistent preliminary structural orientation of mineralized zones
On August 10, 2022, the Company announced the 2022 diamond drilling program has started at the HSP Nickel-Copper PGE Project, Quebec, Canada. Highlight included:
-
First-ever drilling on the HSP Nickel-Copper PGE project now underway
-
All 6 priority targets have confirmed nickel-copper mineralization at surface
-
Initial drill testing on multiple targets is planned to include approximately 2,000 metres
-
Nickel and copper sulphides occur with Platinum Group Elements (“PGE”)
4
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
Discussion of operations
The Company is an exploration stage company and is in the process of exploring its mineral properties in Canada and has not yet determined whether its properties contain ore reserves that are economically recoverable. The recoverability of amounts spent for mineral properties is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of its property, and upon future profitable production or proceeds from disposition of the properties. The operations of the Company will require various licences and permits from various governmental authorities which are or may be granted subject to various conditions and may be subject to renewal from time to time. There can be no assurance that the Company will be able to comply with such conditions and obtain or retain all necessary licences and permits that may be required to carry out exploration, development, and mining operations at its projects. Failure to comply with these conditions may render the licences liable to forfeiture.
On January 30, 2024, the Company announces the results of the processed airborne geophysical survey from KM98 critical metal project on the Côte-Nord of Québec.
Highlights include:
-
Discovery of 7 new targets at HSP and KM98
-
Large 4100 metre by 1600 metre (3.2km2) anomaly at KM98
-
Higher EM amplitudes compared to HSP
-
KM98 anomaly is ten times the footprint of Chamber North
-
Anomalies are clustered along the southern contact of the anorthosite
-
Property is accessible by paved road, year-round
On January 22, 2024 the Company announced RC drill results at HSP. The 2023 RC drill program based on the 2019 airborne EM survey targets continues to point to a significant magmatic sulphide system extending from surface and open at depth. The drill intersected three layers of low-grade mineralization at Chamber North with a combined width of 13.7m ending in disseminated sulphide bearing anorthosite. All drill holes at Chamber North to date have been highly anomalous in nickel, copper and cobalt, indicating proximity to the source of the large EM anomaly.
On October 16, 2023 the Company reported beginning reverse circulation drill program at HSP. The Company has mobilized the drill to the HSP nickel-copper project, north of Havre-Saint-Pierre on the Côte-Nord of Quebec.
Project Summaries and Activities and Outlook
HSP Nickel-Copper Property, Quebec, Canada
On May 16, 2024, the Company announced that it has closed the previously announced non-brokered flowthrough common share financing way of the issuance of 1,111,111 flow-through common shares at a price of $0.09 per flow-through share. Furthermore, the Company announces plans to conduct a reconnaissance program at the KM98 project on the Côte-Nord of Québec.
On January 22, 2024, the Company reported that the 2023 RC drill program based on the 2019 airborne EM survey targets continues to point to a significant magmatic sulphide system extending from surface and open at depth. The drill intersected three layers of low-grade mineralization at Chamber North with a combined width of 13.7m ending in disseminated sulphide bearing anorthosite. All drill holes at Chamber North to date have been highly anomalous in nickel, copper and cobalt, indicating proximity to the source of the large EM anomaly.
Moving into 2024, our goal is to better understand the origin and source of the sulphide mineralization, to determine the conditions required for a deposit-scale system. Gravity geophysics will be used to scan deeper for high density rocks and may help distinguish the presence of sulphide-rich ore bodies from the surrounding anorthosite host. Bulk-rock and magnetite geochemistry will also help to determine the source of the sulphide bearing intrusions, and where they fit in the geology of the region.
5
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
The Company’s flagship HSP project has multiple nickel-copper sulphide targets within a 400 square kilometre land package (including Clyde and 98 properties) north of Havre-Saint Pierre, Quebec in the Nitassinan of the Innu of Ekuanitshit.
The HSP property hosts multiple magmatic sulphide targets within a potential new nickel belt spanning hundreds of kilometres across the Havre-Saint-Pierre anorthosite complex in the Grenville Province.
On January 22, 2024, the Company announced RC drill results at HSP. The 2023 RC drill program based on the 2019 airborne EM survey targets continues to point to a significant magmatic sulphide system extending from surface and open at depth. The drill intersected three layers of low-grade mineralization at Chamber North with a combined width of 13.7m ending in disseminated sulphide bearing anorthosite. All drill holes at Chamber North to date have been highly anomalous in nickel, copper and cobalt, indicating proximity to the source of the large EM anomaly.
Moving into 2024, the Company’s goal is to better understand the origin and source of the sulphide mineralization, to determine the conditions required for a deposit-scale system. Gravity geophysics will be used to scan deeper for high density rocks and may help distinguish the presence of sulphide-rich ore bodies from the surrounding anorthosite host. Bulk-rock and magnetite geochemistry will also help to determine the source of the sulphide bearing intrusions, and where they fit in the geology of the region
On November 14, 2023, the Company completed the late season RC drilling program and processed initial data from the AirTEM at HSP and KM98 nickel-copper projects, north of Havre-Saint-Pierre on the Côte-Nord of Quebec.
Highlights:
-
14 metres of massive sulphide intercepted at Chamber North
-
11 New AirTEM targets
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Three new kilometre scale conductive trends
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37 additional claims staked at KM98 Property
On October 16, 2023 the Company reported beginning reverse circulation drill program at HSP. The Company has mobilized the drill to the HSP nickel-copper project, north of Havre-Saint-Pierre on the Côte-Nord of Quebec.
Highlights
-
Completed 200 square kilometres AirTEM survey
-
RC drill program based on UTEM ground survey
-
Drill targets include Red Mountain, Chamber, and PGE
The AirTEM airborne survey has completed both the north and south contact extensions of the original HSP block. The Company’s focus is now on drilling the UTEM anomalies where the Company confirmed the presence of highly conductive, west-dipping bodies at both Red Mountain and PGE zones. Drilling into the center of the conductors perpendicular to the interpreted dip will give the Company valuable information on each target.
On May 15, 2023 the Company announced plans for the 2023 field geophysics program at the HSP NickelCopper-Cobalt Project (“HSP”) on the Côte-Nord of Quebec. Initial program highlights:
-
Construction of roadside camp within 20 minutes of the project
-
High resolution ground UTEM over main targets
-
3D visualization with AirTEM geophysics inversion
-
Continued commitment to work with local communities and businesses
6
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
On February 7, 2023 the Company announced that the Company is working with contractors and local First Nations to plan the Phase 2 drill program at HSP property. The Company is assessing drill site locations for four priority targets with associated access requirements and logistics. The fully funded Phase 2 diamond drilling will work to expand known mineralization at the 100%-owned HSP Nickel-Copper Sulphide Project, located 130 kilometres north of Havre-Saint-Pierre, Quebec.
On January 25, 2023 the Company announced HSP Nickel-Copper-Cobalt Project (“HSP”) on the Côte-Nord of Quebec, has successfully intersected nickel-copper mineralization on all targets as part of the first-ever drilling program.
Phase 1 program highlights
-
All five nickel-copper-cobalt sulphide targets tested have confirmed mineralization
-
9.3m of 0.43% Ni, 0.17% Cu and 0.05% Co at PGE Central (HSP-22-09)
-
12m of 0.28% Ni, 0.46% Cu and 0.05% Co at Chamber South (HSP-22-02)
-
2m of 1.31% Cu and 0.15% Ni at Red Mountain (HSP-22-06)
-
Fully funded phase 2 program for 2023
In February 2019, the Company staked the nickel-copper sulphide project located about 100km north of HavreSaint-Pierre in Quebec, Canada in the Nitassinan of the Innu of Ekuanitshit.
On September 26, 2022, the Company announced increased regional land position to 396 square kilometres. The Company added by staking, the 98-property covering 97 square kilometres and the Clyde property covering 171 square kilometres, to the HSP Project.
On December 5, 2022 the company announced that the first assays highlight the potential at HSP with an encouraging interval in hole HSP-22-08. The remaining eight drill holes are being processed by the lab and will be reported when received and interpreted.
On September 13, 2022, the Company reported, intersects wide intervals of Nickel and Copper Sulphides. Program Initial Highlights
-
5 targets with confirmed visual nickel-copper mineralization all beginning near surface
-
Drilling intersected wide intervals of mineralization in 5 zones and all remain open to depth
-
Massive and semi-massive mineralization total of 21 metres in HSP-DDH-22-02
-
Disseminated mineralization intercept of 175 metres in HSP-DDH-22-04
-
Established consistent preliminary structural orientation of mineralized zones
On August 10, 2022, the Company announced the 2022 diamond drilling program has started at the HSP Nickel-Copper PGE Project, Quebec, Canada. Highlight included:
-
First-ever drilling on the HSP Nickel-Copper PGE project now underway
-
All 6 priority targets have confirmed nickel-copper mineralization at surface
-
Initial drill testing on multiple targets is planned to include approximately 2,000 metres
-
Nickel and copper sulphides occur with Platinum Group Elements (“PGE”)
On August 10, 2022, the Company announced the 2022 diamond drilling program has started at the HSP Nickel-Copper PGE Project, Quebec, Canada.
Highlight included:
-
First-ever drilling on the HSP Nickel-Copper PGE project now underway
-
All 6 priority targets have confirmed nickel-copper mineralization at surface
-
Initial drill testing on multiple targets is planned to include approximately 2,000 metres
-
Nickel and copper sulphides occur with Platinum Group Elements (“PGE”)
The HSP project contains several mineral occurrences with elevated nickel, copper, cobalt, gold and PGE. The HSP project is the definition of a potential low carbon Nickel project with the new Hydro- Quebec Romaine hydropower generating station close in proximity to the project site.
7
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
Monster Property , Yukon Territory, Canada
On February 13, 2018, the Company acquired a 100% interest in a copper-cobalt exploration property located in the Yukon by paying $45,000 cash (paid) and issuing 106,667 common shares valued at $192,000 (issued). The Copper Cobalt Monster Property consists of one block of 212 mineral claims totaling a surface area of 43.3 km[2] . The property is in the Dawson Mining District within the traditional territory of the Tr’ondëk Hwëch’in First Nation.
In May 2021, the Company reported that the Company recently collaborated with industry leading AI mining group Windfall Geotek to develop an advanced target model to expand the property prospectively. The project represented the first time an IOCG prospect was targeted using advanced artificial intelligence in Canada. The AI targeting study highlighted several important features of the altered zones which will be the focus of follow up programs. The company holds a 10 year 'Class 3’ exploration permit on the project. Further work is dependent on the final draft of the Dawson Regional Plan.
Oriole Property , Quebec, Canada
On April 8, 2024 the Company announces staking of two claim blocks targeting critical metals 80 kilometres southeast of Chibougamau, Quebec in the Nitassinan of Mashteuiatsh, the Oriole property. While the primary focus of the Company remains on advancing the HSP group of projects, this new greenfield project signals our commitment to exploration of critical metals in Quebec. The recent discovery from SOQUEM has shown the potential for magmatic Nickel-Copper systems in this underexplored region. The new Oriole claims follow similar magnetic features seen at the adjacent Cardinal project. The property is road accessible and close to existing infrastructure.
Qualified Person
Hugues Longuépée, P.Geo. Ph.D., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information from the properties.
New Opportunities
The Company continues to evaluate mineral properties and is focused on deposits in Canada with economic merit and good logistics will be considered for acquisition.
Selected Annual Information
| Year Ended: | July 31, 2024 | July 31, 2023 | July 31, 2022 | |||
|---|---|---|---|---|---|---|
| Financial Results: | ||||||
| Exploration expenses | $ | 859,591 | $ | 2,720,362 | $ | 196,935 |
| Net loss for the year | (815,045) | (2,822,709) | (642,163) | |||
| Basic and diluted loss per share | (0.03) | (0.12) | (0.06) | |||
| Balance Sheet Data: | ||||||
| Cash | $ | 382,947 | $ | 2,003,988 | $ | 1,560,339 |
| Total assets | 1,045,553 | 2,661,474 | 2,195,947 | |||
| Accounts payable and accrued liabilities | 54,783 | 932,164 | 57,933 | |||
| Lease Liabilities | 1,482 | 17,896 | 852 | |||
| Shareholders’ equity | $ | 939,522 | $ | 1,581,383 | $ | 1,777,072 |
| Cash Flow Data: | ||||||
| Increase (decrease) in cash for the year | $ | (1,621,041) | $ | 443,649 | $ | 1,212,255 |
8
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
The Company did not have any sales, discontinued operations, extraordinary items, and cash dividends during the years. Material factors affecting operations and mineral property expenditures are described elsewhere in the MD&A.
There are no general trends regarding the Company’s annual results and the Company’s business is not seasonal, as it can develop and progress on a year-round basis, funding permitting. Annual results may vary significantly depending mainly on whether the Company has engaged in new activities or abandoned any projects and these factors which may account for material variations in the Company’s annual losses are not predictable. See also the results of operations discussion below.
The Company charges to operations all exploration and evaluation expenses incurred prior to the determination of economically recoverable reserves. The effect of this policy is that the net loss for the year increases, as the exploration expenses increase.
Net loss for the year increased from $642,163 for the year ending July 31, 2022 to $2,822,709 in the year ending July 31, 2023, and decreased to $815,045 in the year ending July 31, 2024. These movements have a direct correlation with the exploration activity as $2,720,362 was spent on exploration in the year ending July 31, 2023 and $859,591 was spent during the year ending July 31, 2024. As mentioned above, exploration expenses were charged to operations.
The level of exploration activity is also influenced by the amount of available cash, as can be seen in the table above, with cash levels being $2,003,988 on July 31, 2023 and $382,947 in July 31, 2024. The increase in cash levels on the other hand are mainly influenced by financing activities.
Cash flow analysis
Operating Activities
During the year ended July 31, 2024, cash used in operating activities was $1,690,181 (2023 - $2,196,557) for the activities as described below, including exploration expenses.
Investing activities
During the year ended July 31, 2024, the Company paid $5,860 (2023 - $16,087) in claim staking and $18,000 (2023 - $18,486) in lease payments.
Financing activities
During the year ended July 31, 2024, the Company received net $93,000 from share issuances in financing activities. During the year ended July 31, 2023, the Company received net $2,030,880 from share issuances, $641,213 from warrant exercises, $41,750 from option exercises and paid $38,364 on loans.
9
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
Results of Operations – For the year ended July 31, 2024
For the year ended July 31, 2024, the Company incurred a net loss of $815,045 compared to the year ended July 31, 2023 of $2,822,709. The current period includes $859,591 spending on exploration expenses compared to $2,720,362 for the same period during the prior year. The overall administration expenses were $402,664 compared to $791,272 for prior year. The net loss for the year ending July 31, 2024 included a Quebec income tax credit of $364,204 (2023 - $Nil) and a flow-through share premium recovery of $107,937 (2023 - $715,745).
Some of the significant charges to operations are as follows:
-
Exploration expenses of $859,591 (2023 - $2,720,362) as the Company expends exploration expenses as they are incurred, and were mainly incurred on the Nickel Palladium property. The majority of the Company’s exploration efforts incurred in the first half of 2023.
-
General and administrative expenses decreased to $402,664 (2023 - $791,272) and is primarily attributed to the decrease in non-cash stock-based compensation expense of $85,740 (2023 - $438,774).
-
Management fees of $150,000 (2023 - $160,053). The expenses remained relatively consistent and relates to services rendered by senior management.
-
Marketing decreased to $Nil (2023 - $11,886) as Company preserves cash for exploration purposes.
-
Audit and accounting expenses of $66,432 (2023 - $63,805) was expensed in the process to maintain accounting records and financial statements up to date and remained relatively consistent.
-
Transfer agent, filing and stock exchange fees of $16,835 (2023 - $19,566). The Company incur these expenses mainly as required by regulatory authorities, to remain in good standing. The Company incurred less transfer agent fees due a reduction in share activity, period over period.
-
The Company have a Quebec income tax credit of $364,204, relating to the exploration expenses incurred in Quebec.
-
The Company incurred a part X.II tax expense of $39,070 related to its flow-through financing.
Summary of Quarterly Results
| 2024/2023 Quarterly Results: Revenue $ Income (Loss) and comprehensive Income (loss) Basic and diluted loss per share Total assets Working capital 2023/2022 Quarterly Results: Revenue $ Loss and comprehensive loss Basic and diluted loss per share Total assets Working capital |
4rd Quarter 3rd Quarter 2nd Quarter - $ - $ - $ 205,604 (94,065) (601,758) 0.01 (0.00) (0.02) 1,045,553 772,738 853,120 660,978 363,947 454,028 4th Quarter 3rd Quarter 2nd Quarter - $ - $ - $ (1,040,474) (138,318) (389,112) (0.04) (0.01) (0.02) 2,661,474 3,196,844 3,296,417 1,294,246 2,347,151 2,417,805 |
1st Quarter |
|---|---|---|
| - (324,826) (0.01) 1,401,546 971,923 1st Quarter |
||
| - (1,236,805) (0.06) 1,371,673 952,016 |
- No exercise or conversion is assumed during the quarters in which a net loss is incurred, as the effect is anti-dilutive.
There are no general trends regarding the Company’s quarterly results and the Company’s business is not seasonal, as it can develop and progress on a year-round basis, funding permitting. Quarterly results may vary significantly depending mainly on whether the Company has engaged in new activities or abandoned any projects and these factors which may account for material variations in the Company’s quarterly losses are not predictable. See also the results of operations discussion above.
10
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
During the fourth quarter ended July 31, 2024, the Company incurred an income of $205,604 compared to a loss of $1,040,474 during the fourth quarter in the prior year. The main reason for the decreased loss and turning into an income during the current quarter, is because the Company recorded $89,335 in exploration expenses in the fourth quarter of 2024 compared to $1,332,637 in the fourth quarter of the prior year and the Company recorded $364,204 Quebec income tax credit in the fourth quarter of 2024. The total assets of $1,045,553 recorded in the fourth quarter of 2024, also display an increase from the $772,738 total assets recorded during the prior quarter, mainly because of the $364,204 Quebec income tax credit recorded in the fourth quarter of 2024.
During the third quarter ended April 30, 2024, compared to the fourth quarter in 2023, the Company had working capital of $363,947 compared to $1,294,246 recorded at the fourth quarter for 2023. The reason being that there were no financing activities during the current three quarters. Overall, total assets decreased due to on-going cash requirements to maintain the Company’s operations.
During the second quarter ended January 31, 2024, the Company incurred a loss of $601,758 compared to a loss of $389,112 during the second quarter in the prior year. The main reason for the increased loss during the current quarter, is because the Company spent $411,069 on exploration expenses compared to a recovery of $42,918 during the second quarter in the prior year. The Company also incurred less share-based compensation, from $357,345 in the comparative period to $85,740 in the current period.
During the first quarter ended October 31, 2023, the Company incurred a loss of $324,826 compared to a loss of $1,236,805 during the first quarter in the prior year. The main reason for the decreased loss during the current quarter, is because the Company spent $318,457 on exploration expenses compared to $1,430,643 during the first quarter in the prior year of which it was the end of season work for this 2023 project. Total assets of $1,405,546 in the first quarter ended October 31 2023 decreased by $1,259,928 from the year ended July 31 2023 due to a decrease in cash from $1,068,377 from $2,003,988.
During the fourth quarter of 2023, the Company incurred a loss of $1,040,474 compared to $181,653 for the same quarter during the prior year. The increase in expenses in the fourth quarter of 2023 compared to the fourth quarter of 2022 was mainly due to the increased exploration expenses of $1,332,637 compared to $27,123 for the same quarter during the prior year. This increase in exploration expenses, is also the main reason for the decrease in working capital, compared to the third quarter of 2023.
During the third quarter of 2023, the Company incurred a loss of $138,317 compared to $252,724 for the same quarter during the prior year. The decrease in expenses in the third quarter of 2023 compared to the third quarter of 2022 was mainly due to a decrease in stock-based compensation of $81,429 (2022 - $158,680) and exploration expenses of $Nil (2022 – expenditures of $37,881).
Liquidity and Capital Resources
The financial statements have been prepared on a going-concern basis, which assumes the realization of assets and liquidation of liabilities in the normal course of business. Continuing operations, as intended, are dependent on management’s ability to raise required funding through future equity issuances, its ability to acquire resource property or business interests and develop profitable operations or a combination thereof, which is not assured, given today’s volatile and uncertain financial markets. The Company may revise programs depending on its working capital position.
As at July 31, 2024 the Company had a working capital of $660,978 (2023 - $1,294,246) which primarily consisted of cash of $382,947 (2023 - $2,003,988), GST and other tax credits receivables of $378,608 (2023 - $98,231), and prepaid expenses of $5,454 (2023 - $270,637).
Current liabilities of $106,031 (2023 - $1,078,610), mainly consisting of accounts payable and accrued liabilities of $54,783 (2023 - $932,164), due to related parties of $49,087 (2023 - $26,971), flow-through premium liability of $679 (2023 - $103,060) and lease liabilities of $1,482 (2023 - $16,415). As at July 31, 2024 the Company had total assets of $1,045,553 (2023 - $2,661,474).
11
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
On May 15, 2024, the Company closed a non-brokered flow-through common share financing by way of the issuance of 1,111,111 flow-through common shares at a price of $0.09 per flow-through share for aggregate gross proceeds of $100,000.
In connection with the private placement, the Company paid cash finders’ fees being 7% of total proceeds and issued 77,777 non-transferable finder’s warrants which will entitle the holder thereof to purchase one common share of the Company at a price of $0.10 per finder’s warrant, for a period of 12 months from issuance.
Other than the above-mentioned current liabilities, the Company has an obligation to maintaining its mineral properties in good standing. The Company has no short-term capital spending requirements and future plans and expectations are based on the assumption that the Company will realize its assets and discharge its liabilities in the normal course of business rather than through a process of forced liquidation. There can be no assurance that the Company will be able to obtain adequate financing in the future or if available that such financing will be on acceptable terms. If adequate financing is not available when required, the Company may be required to delay, scale back or eliminate various programs and may be unable to continue in operation. The Company may seek such additional financing through debt or equity offerings. Any equity offering will result in dilution to the ownership interests of the Company’s shareholders and may result in dilution to the value of such interests.
Historically, the Company's sole source of funding has been loans from related parties, private placements and debt financings. The Company’s access to financing is always uncertain. There can be no assurance of continued access to significant equity funding. Management and the Board of Directors are actively involved in the review, planning and approval of significant expenditures and commitments. The Company’s liabilities are predominantly due within 90 days of July 31, 2024 and lease liabilities of $1,482 (2023 - $16,415) due within 12 months, and $Nil (2023 - $1,481) beyond 12 months.
The following table summarizes the Company’s cash on hand, working capital and cash flow activities:
| As at | July 31, 2024 | July 31, 2023 |
|---|---|---|
| Cash | $ 382,947 | $ 2,003,988 |
| Working capital | 660,978 | 1,294,246 |
| Period ended | July 31, 2024 | July 31, 2023 |
| Cash used in operating activities | $ (1,690,181) | $ (2,196,557) |
| Cash used in investing activities | (23,860) | (35,273) |
| Cashprovided byfinancingactivities | 93,000 | 2,675,479 |
| Change in cash | $ (1,621,041) | $443,649 |
The Company is dependent on the sale of treasury shares to finance its exploration activities, property acquisition payments and general and administrative costs. The Company will have to raise additional funds in the future to continue its operations. There can be no assurance, however, that the Company will be successful in its efforts. If such funds are not available or other sources of financing cannot be obtained, then the Company will be forced to curtail its activities.
Capital Resources
The Company has no operations that generate cash flow and its long-term financial success is dependent on discovering properties that contain mineral reserves that are economically recoverable. The Company’s primary capital asset is mineral properties. Exploration expenditures are expensed as incurred.
The Company’s resource property agreement is an option agreement and the exercise thereof is at the discretion of the Company. To earn its interest in the properties, the Company must incur certain expenditures in accordance with the agreements (see “Project Summaries and Activities” in this MD&A for more information).
The Company depends on equity sales to finance its exploration programs and to cover general and administrative expenses.
12
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
Off-Balance Sheet Arrangements
The Company does not utilize off-balance sheet transactions.
Outstanding Share Data
As at the date of this report, 26,660,615 common shares and 706,292 Class A preferred shares were issued and outstanding.
The Company has 1,082,123 common share purchase warrants exercisable at $0.10 to $1.00 per common share expiring between November 17, 2024 to May 15, 2025.
The Company has 3,900,000 stock options outstanding exercisable at $0.05 to $0.31 per stock option expiring between February 7, 2025 to January 29, 2027.
Directors and officers
The Directors, Executive Officers, and related companies of the Company are as follows:
| Scott Sheldon | - | Director, President and CEO | |
|---|---|---|---|
| Robert Murray | - | Director and CFO | |
| Donald Sheldon | - | Director | |
| Harley Slade | - | Director | |
| Michael Woods | - | Corporate Secretary | |
| Adrian Smith | - | Former director | |
| Flow Metals Corp. | - | Management and directors in common | |
| Caveman Exploration | - | Company owned by Harley Slade | |
| Surgenia Productions | - | Company owned by Scott Sheldon (Director, President and CEO) | |
| Sayonara Holdings | - | Company owned by Donald Sheldon (Director) | |
| Woods & Company | - | Company owned by Michael Woods (Secretary) | |
| Divitiae Resources Ltd | - | Company owned by Adrian Smith (Former Director) |
Related Party Transactions
During the year ended July 31, 2024 and 2023, the Company incurred the following related party transactions.
| Purpose of | July 31, | July 31, | |||
|---|---|---|---|---|---|
| Name | Relationship | Transaction | 2024 | 2023 | |
| Harley Slade | Company controlled by a director | Exploration expenses | $ | 68,000 | $ - |
| Surgenia | |||||
| Productions | Company controlled by the CEO | Management fees | 150,000 | 130,000 | |
| Sayonara | |||||
| Holdings | A company controlled by a director | Interest paid on loan | - | 223 | |
| Woods & | |||||
| Company | A company controlled by a director | Legal fees | 781 | 2,358 | |
| Share Based Compensation | 82,168 | 271,900 | |||
| $ | 300,949 | $ 404,481 |
13
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
As at July 31, 2024 and July 31, 2023, the Company has the following payables and receivables.
| July 31, | July 31, | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Company controlled by the CEO | Accounts payable | $ - | $ 26,971 |
| Company controlled by a director | Accounts payable | $ 49,087 | $ - |
| 49,087 | 26,971 |
Accounts payable are non-interest bearing, unsecured and repayable on demand.
Proposed Transactions
There are no other proposed transactions that will materially affect the performance of the Company.
Fourth Quarter Results
The Company incurred a net income of $205,604 for the current three-months period ending July 31, 2024 compared to a net loss of $1,040,474 for the same three-month period during the prior year. During the threemonth period ended July 31, 2024, expenditures decreased mainly due to a decrease in exploration expenditures to $89,335 from $1,332,637 during the three-month period in the prior year ending July 31, 2023.
Some of the significant charges to operations are as follows:
-
Exploration expenses of $89,335 (Q4 2023 - $1,332,637) as the Company expends less exploration expenses as they are incurred, and were incurred on the Nickel Palladium properties. The Company’s exploration activities decreased as less liquidity was available
-
General and administrative expenses decreased to $74,146 (Q4 2023 - $78,854).
-
Management fees of $37,500 (Q4 2023 - $45,053) decreased and was incurred as an incentive to management.
-
Audit and accounting of $15,025 (Q4 2023 - $13,750) was expensed in the process to maintain accounting records and financial statements up to date.
-
Transfer agent, filing and stock exchange fees of $7,608 (Q4 2023 - $2,250) was incurred to comply with regulatory requirements.
-
The Company also recorded a non-cash flow-through premium recovery of $4,877 (Q4 2023 - $417,748) as the company complied with flow-through exploration expenses requirements, from flow through money raised.
-
The Company recorded $364,204 Quebec income tax credit (Q4 2023 - $Nil) resulting in a net gain for the fourth quarter ended July 31, 2024
Accounting Policies
The accounting policies and methods employed by the Company determine how it reports its financial condition and results of operations, and may require management to make judgements or rely on assumptions about matters that are inherently uncertain. The Company’s results of operations are reported using policies and methods in accordance with IFRS. In preparing consolidated financial statements in accordance with IFRS, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses for the period. Management reviews its estimates and assumptions on an ongoing basis using the most current information available.
14
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
Critical Accounting Estimates
The Company prepares its consolidated financial statements in accordance with IFRS, which require management to estimate various matters that are inherently uncertain as of the date of the consolidated financial statements. Accounting estimates are deemed critical when a different estimate could have reasonably been used or where changes in the estimate are reasonably likely to occur from period to period, and would materially impact the Company’s consolidated financial statements. The Company’s significant accounting policies are discussed in the annual consolidated financial statements. Critical estimates in these accounting policies are discussed below.
Fair value estimates of equity instruments
The fair value of each stock option granted is estimated at the grant date using the Black-Scholes option pricing model. The estimated life of the stock options and conversion at grant date is based on the expected life of the options and assumptions about the expected exercise pattern. Expected volatility of stock options is estimated based on the volatility of companies comparable in size and operations to the Company.
Recoverable value of asset carrying values
The carrying value of mineral properties and the likelihood of future economic recoverability is subject to significant management estimates and judgments. The application of the Company’s accounting policy for and determination of recoverability of capitalized assets is based on assumptions about future events or circumstances. New information may change estimates and assumptions made. If information becomes available indicating that recovery of expenditures is unlikely, the amounts capitalized are impaired and recognized as a loss in the period that the new information becomes available. A change in estimate could result in the carrying amount of capitalized assets being materially different from their presented carrying costs.
Income taxes
In assessing the probability of realizing income tax assets, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.
Designation and Valuation of Financial Instruments
The Company’s financial instruments consist of cash, accounts payable and accrued liabilities, due to/from related parties, accounts payable and accrued liabilities, convertible debentures, lease liabilities and loan payable. Receivables are classified as loans and receivables, and accounts payable and accrued liabilities, due to/from related parties, lease liabilities and loans payable are classified as other financial liabilities, and recorded at amortized cost using the effective interest rate method. The Company does not hold any derivative financial instruments.
As at July 31, 2024, the fair values of accounts payable and accrued liabilities, due to/from related parties, loan payable and lease liabilities, approximate their carrying values due to the relatively short-term maturity of these instruments.
Risks
Foreign exchange risk
The Company currently has no significant operations denominated in foreign currencies. Management believes there is no significant foreign currency exchange rate risk.
15
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
Credit risk
The Company’s cash is largely held in large Canadian financial institutions. The Company does not have any asset-backed commercial paper. The Company’s receivables consist of GST/HST receivable due from the Federal Government of Canada and Quebec income tax credit. The Company maintains cash deposits with Schedule A financial institutions, which from time to time may exceed federally insured limits. The Company has not experienced any significant credit losses and believes it is not exposed to any significant credit risk.
With respect to its due from related parties, the Company assesses the credit rating of all debtors and maintains provisions for potential credit losses, and any such losses to date have been within management’s expectations. The Company’s credit risk with respect to amounts due from related parties and maximum exposure thereto as at July 31, 2024 is $Nil (July 31, 2023 - $Nil).
Interest rate risk
Interest rate risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Financial assets and liabilities with variable interest rates expose the Company to cash flow interest rate risk. The Company does not hold any financial liabilities with variable interest rates. The Company does maintain bank accounts which earn interest at variable rates but it does not believe it is currently subject to any significant interest rate risk.
Liquidity risk
The Company’s ability to continue as a going concern is dependent on management’s ability to raise required funding through future equity issuances and through short-term borrowing. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities. Management and the Board of Directors are actively involved in the review, planning and approval of significant expenditures and commitments.
Price risk
The Company is exposed to price risk with respect to commodity prices. The Company’s ability to raise capital to fund exploration and development activities is subject to risks associated with fluctuations in the market price of commodities.
Risks and Uncertainties
The Company’s principal activity is mineral exploration and development. Companies in this industry are subject to many and varied kinds of risk, including but not limited to, environmental, metal prices, political and economic.
The mineral exploration business is risky and most exploration projects will not become mines. The Company may offer an opportunity to a mining company to acquire an interest in a property in return for funding all or part of the exploration and development of the property. For the funding of property acquisitions and exploration that the Company conducts, the Company depends on the issue of shares from the treasury to investors. These stock issues depend on numerous factors including a positive mineral exploration environment, positive stock market conditions, a company’s track record and the experience of management.
The Company has no significant source of operating cash flow and no revenues from operations. The Company has not yet determined whether its mineral property contains mineral reserves that are economically recoverable. The Company has limited financial resources. Substantial expenditures are required to be made by the Company to establish reserves.
There is no guarantee that the Company will be able to contribute or obtain all necessary resources and funds for the exploration and exploitation of its permits, and may fail to meet its exploration commitments.
16
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
The property that the Company has an option to earn an interest in is in the exploration stages only, are without known bodies of commercial mineralization and have no ongoing mining operations. Mineral exploration involves a high degree of risk and few properties, that are explored, are ultimately developed into producing mines.
Exploration of the Company’s mineral property may not result in any discoveries of commercial bodies of mineralization. If the Company’s efforts do not result in any discovery of commercial mineralization, the Company will be forced to look for other exploration projects or cease operations.
The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters.
Trends
Trends in the industry can materially affect how well any junior exploration company is performing and by the capital markets which have made the raising of finance difficult. Under the current economic conditions, the Company is advancing its property as quickly as possible while still remaining prudent when considering large cost items such as drilling and geophysics.
Financial and Disclosure Controls and Procedures
During the year ended July 31, 2024, there has been no significant change in the Company’s internal control over financial reporting since last year.
The Chief Executive Officer and Chief Financial Officer of the Company are responsible for establishing and maintaining appropriate information systems, procedures and controls to ensure that information used internally and disclosed externally is complete, reliable and timely. They are also responsible for establishing adequate internal controls over financial reporting to provide sufficient knowledge to support the representations made in this MD&A and the consolidated financial statements of the Company for the year ended July 31, 2024.
The Chief Executive Officer and Chief Financial Officer of the Company have filed the Venture Issuer Basic Certificate with the Interim and Annual Filings on SEDAR+ at www.sedarplus.ca.
In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (“NI 52-109”), the venture issuer basic certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (“DC&P”) and internal control over financial reporting (“ICFR”), as defined in NI 52-109. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost-effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency, and timeliness of interim and annual filings and other reports provided under securities legislation.
Other
Additional information relating to the Company’s operations and activities can be found by visiting the Company’s website at www.gometals.ca and www.sedarplus.com.
Outlook
The outlook for precious metals is good and this is reflected in the Company’s ongoing activity. The capital markets are prospect for financing the Companies are challenging but management believes the Company will continue as a viable entity. The Properties will require significant investment as it transitions into development stage projects.
17
GO METALS CORP. Management discussion and analysis For the period ended July 31, 2024 and 2023
Cautionary Statement
This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and our other future plans and objectives are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates of exploration investment and scope of exploration programs, and (ii) estimates of stock-based compensation expense. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statement. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date of statements are made, and the Company endeavours to update corporate information and material facts on a timely basis. Forward-looking statements are subject to risks, uncertainties and other actors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks.
18