Quarterly Report for Quarter Ending March 31, 2024 (Form 10-Q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒quarterly REPORT under SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2024

or

☐TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File No. 000-55600

NEVADA CANYON GOLD CORP.

(Exact Name of Registrant as Specified in its Charter)

Nevada		46-5152859
(State or other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification No.)

5655 Riggins Court, Suite 15
Reno, NV		89502
(Address of Principal Executive Offices)		(Zip Code)

(888)909-5548

Registrant's telephone number, including area code

n/a

(Former name, former address and former fiscal year,

if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value		NGLD		OTC Pink

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§230.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated file," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section l2, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes ☐ No ☐

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of May 6, 2024 the number of shares outstanding of the issuer's common stock, par value $0.0001 per share, is 25,903,343.

table of contents

	Page
Part I - FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
Condensed Consolidated Balance Sheets	3
Condensed Consolidated Statements of Operations	4
Condensed Consolidated Statements of Stockholders' Equity	5
Condensed Consolidated Statements of Cash Flow	6
Notes to the Condensed Consolidated Financial Statements	7
Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations	14
Results of Operations	16
Off-Balance Sheet Arrangements	21
Item 3. Quantitative and Qualitative Disclosures about Market Risk	21
Item 4. Controls and Procedures	22
PART II - OTHER INFORMATION	22
Item 1. Legal Proceedings	22
Item 1A. Risk Factors	22
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3. Defaults Upon Senior Securities	22
Item 4. Mine Safety Disclosures	22
Item 5. Other Information	22
Item 6. Exhibits	23
SignatureS	24

Part I - FINANCIAL INFORMATION

Item 1. Financial Statements

Nevada Canyon Gold Corp.

Condensed Consolidated Balance Sheets

(Unaudited)

		March 31, 2024		December 31, 2023
ASSETS
Current Assets
Cash		$	9,641,035			$	9,744,392
Prepaid expenses			417,156				541,034
		10,058,191				10,285,426
Investment in equity securities			113,303				56,105
Mineral property interests			780,395				780,395
TOTAL ASSETS		$	10,951,889			$	11,121,926
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities		$	820,215			$	846,307
Related party payables			460,000				460,000
Total Liabilities			1,280,215				1,306,307
Commitments and Contingencies (Note 4)
Stockholders' Equity
Preferred Stock: Authorized 10,000,000preferred shares, $0.0001par, noneissued and outstanding as of March 31, 2024 and December 31, 2023			-				-
Common Stock: Authorized 100,000,000common shares, $0.0001par, 25,762,418and 25,240,051issued and outstanding as of March 31, 2024 and December 31, 2023, respectively			2,576				2,523
Additional paid-in capital			15,620,144				14,957,547
Obligation to issue shares			50,850				18,000
Accumulated deficit			(6,001,896	)			(5,162,451	)
		9,671,674				9,815,619
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	10,951,889			$	11,121,926

The accompanying notes are an integral part of these condensed consolidated financial statements

Nevada Canyon Gold Corp.

Condensed Consolidated Statements of Operations

(Unaudited)

		For the three months ended March 31,
		2024		2023
Operating expenses
Investor awareness marketing		$	418,275			$	6,925
Consulting fees			124,480				55,326
Director and officer compensation			420,767				302,066
General and administrative			16,006				17,789
Professional fees			20,465				6,000
Transfer agent and filing fees			10,715				4,722
Total operating expenses			1,010,708				392,828
Other income (expense)
Fair value gain (loss) on equity investments			57,198				(88,738	)
Foreign exchange loss			(6	)			-
Interest income			114,071				6,492
Total other income (expense)			171,263				(82,246	)
Net loss		$	(839,445	)		$	(475,074	)
Net loss per common share - basic and diluted		$	(0.04	)		$	(0.10	)
Weighted average number of common shares outstanding :
Basic and diluted			23,295,821				4,681,760

The accompanying notes are an integral part of these condensed consolidated financial statements

Nevada Canyon Gold Corp.

Condensed Consolidated Statement of Stockholders' Equity

(Unaudited)

		Common Stock		Obligation to Issue		Additional Paid-in		Accumulated		Total Stockholders'
		Shares		Amount		Shares		Capital		Deficit		Equity
Balance, December 31, 2022			11,077,394			$	1,107			$	-			$	3,073,447			$	(2,507,501	)		$	567,053
Stock-based compensation - consultants			-				-				38,889				-				-				38,889
Stock-based compensation - officer			-				-				58,333				-				-				58,333
Stock-based compensation - directors and CEO			-				-				-				243,733				-				243,733
Net loss for the three months ended March 31, 2023			-				-				-				-				(475,074	)			(475,074	)
Balance, March 31, 2023			11,077,394			$	1,107			$	97,222			$	3,317,180			$	(2,982,575	)		$	432,934
Balance, December 31, 2023			25,240,051			$	2,523			$	18,000			$	14,957,547			$	(5,162,451	)		$	9,815,619
Shares issued on exercise of warrants			105,700				11				(6,000	)			126,829				-				120,840
Shares to be issued on exercise of warrants			-				-				38,850				-				-				38,850
Share issuance costs			-				-				-				(1,624	)			-				(1,624	)
Stock-based compensation - consultants			166,667				17				-				116,650				-				116,667
Stock-based compensation - officer			250,000				25				-				174,975				-				175,000
Stock-based compensation - directors and CEO			-				-				-				245,767				-				245,767
Net loss for the three months ended March 31, 2024			-				-				-				-				(839,445	)			(839,445	)
Balance, March 31, 2024			25,762,418			$	2,576			$	50,850			$	15,620,144			$	(6,001,896	)		$	9,671,674

The accompanying notes are an integral part of these condensed consolidated financial statements

Nevada Canyon Gold Corp.

Condensed Consolidated Statements of Cash Flow

(Unaudited)

		For the three months ended March 31,
		2024		2023
OPERATING ACTIVITIES:
Cash flows used in operating activities
Net loss		$	(839,445	)		$	(475,074	)
Adjustment to reconcile net loss to net cash used in operating activities:
Fair value loss (gain) on equity investments			(57,198	)			88,738
Stock-based compensation - directors and CEO			245,767				243,733
Stock-based compensation - consultants			116,667				38,889
Stock-based compensation - officer			175,000				58,333
Changes in operating assets and liabilities:
Prepaid expenses			123,878				(20,714	)
Accounts payable			(6,092	)			8,275
Related party payables			-				(17,031	)
Net cash used in operating activities			(241,423	)			(74,851	)
INVESTING ACTIVITIES:
Acquisition of mineral property interests			(20,000	)			(20,000	)
Net cash used in investing activities			(20,000	)			(20,000	)
FINANCING ACTIVITIES:
Cash received on exercise of warrants			159,690				-
Share issuance cash costs			(1,624	)			-
Net cash provided by financing activities			158,066				-
Net decrease in cash			(103,357	)			(94,851	)
Cash at beginning of period			9,744,392				1,007,018
Cash at end of period		$	9,641,035			$	912,167

The accompanying notes are an integral part of these condensed consolidated financial statements

NEVADA CANYON GOLD CORP.

NOTES TO THE CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

MARCH 31, 2024 AND 2023

(UNAUDITED)

NOTE 1 - NATURE OF BUSINESS

Nevada Canyon Gold Corp. (the "Company") was incorporated under the laws of the state of Nevadaon February 27, 2014. On July 6, 2016, the Company changed its name from Tech Foundry Ventures, Inc. to Nevada Canyon Gold Corp. On December 15, 2021, the Company incorporated two subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC. Both subsidiaries were incorporated under the laws of the state of Nevada. The Company is involved in acquiring and exploring mineral properties and royalty interests in Nevada and Idaho.

Going Concern

The Company's condensed consolidated financial statements are prepared using accounting principles generally accepted in the United States of America ("US GAAP") applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company is in the business of acquiring and exploring mineral properties and royalty interests and has not generated or realized any revenues from these business operations. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable.

As of March 31, 2024, the Company's management has assessed the Company's ability to continue as a going concern. Management's assessment is based on various factors, including historical and projected financial performance, liquidity, and other relevant circumstances. As of the date of these condensed consolidated financial statements, the Company has sufficient cash including escrowed cash to meet its working capital requirements and fund its exploration programs and general day-to-day operations for at least the next 12 months. This assessment takes into account the Company's current cash balances as a result of the sale of the Company's common shares under offering statement on Form 1-A (the "Offering"), and expected future cash inflows from the Offering and future financing the management is planning to undertake.

While the Company believes it has the financial resources to continue its operations for the next 12 months, it is important to note that there are inherent uncertainties in projecting future cash flows, and there can be no assurance that these projections will be realized. The Company continues to closely monitor its financial position, market conditions, and other factors that may impact its ability to continue as a going concern. Management's assessment is based on the information available as of the date of this report. If unforeseen events, adverse market conditions, or other factors negatively affect the Company's financial position in the future, there may be a need to adjust the going concern assessment. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. In the event that the Company's ability to continue as a going concern becomes doubtful, adjustments to the carrying values of assets and liabilities, as well as additional disclosures, would be necessary.

NOTE 2 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The condensed consolidated financial statements of the Company have been prepared in accordance with US GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). They do not include all information and footnotes required by US GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K, filed with the SEC. The condensed consolidated financial statements should be read in conjunction with those consolidated financial statements included in Form 10-K, as amended. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

Earnings per Share

The Company's basic earnings per share ("EPS") is calculated by dividing its net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period, excluding unvested portion of restricted stock. Restricted stock that has been distributed but not yet vested and thus excluded from the weighted average shares calculation, was 2,001,667at March 31, 2024 and December 31, 2023.

The Company's diluted EPS is calculated by dividing its net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the period. Dilutive earnings per share includes any additional dilution from common stock equivalents, such as stock options, warrants, and convertible instruments, if the impact is not antidilutive. At March 31, 2024 and December 31, 2023, all of the Company's outstanding warrants and restricted stock awards are excluded from the diluted earnings per share calculation because their impact would be anti-dilutive.

Recent Accounting Pronouncements

In August 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-05 Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. The new guidance addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The objectives of the amendments are to (1) provide decision useful information to investors and other allocators of capital in a joint venture's financial statements and (2) reduce diversity in practice. The guidance is applied prospectively and effective for all newly formed joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 (Topic 740) Improvements to Income Tax Disclosures. The new guidance requires additional disclosures of disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of this disclosure guidance on its condensed consolidated financial statements.

Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

NOTE 3 - RELATED PARTY TRANSACTIONS

Amounts due to related parties at March 31, 2024 and December 31, 2023:

		March 31, 2024		December 31, 2023
Amounts due to the Chairman of the Board and Chief Financial Officer ("CFO") (a)		$	100,000			$	100,000
Amounts due to a company controlled by the Chairman of the Board and CFO (a)			360,000				360,000
Total related party payables		$	460,000			$	460,000

(a)	These amounts are non-interest bearing, unsecured and due on demand.

During the three-month periods ended March 31, 2024 and 2023, the Company had the following transactions with its related parties:

		Three months ended March 31,
		2024		2023
Director stock-based compensation incurred to the Chairman of the Board and CFO		$	82,059			$	81,380
Director stock-based compensation incurred to a director			40,927				40,588
Director stock-based compensation incurred to CEO, President, and director			122,781				121,765
Officer stock-based compensation incurred to VP of Operations			175,000				58,333
Total related party transactions		$	420,767			$	302,066

See Note 4 - Mineral Property Interests for further information on related party transactions and Note 6 - Stockholders' Equity for further information regarding stock issued to related parties.

NOTE 4 - MINERAL PROPERTY INTERESTS

As of March 31, 2024, the Company's mineral property interests are comprised of the Lazy Claims Property, the Loman Property, and the Agai-Pah Property located in Mineral County, Nevada, the Swales Property located in Elko County, Nevada, and the Belshazzar Property located in Quartzburg mining district, Boise County, Idaho. In addition, the Company acquired an option to acquire 100% interest of Target Minerals, Inc's ("Target") 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County, Nevada, and acquired 2% net smelter returns royalty ("NSR") on the Palmetto Project (the "Project"), located in Esmeralda County, Nevada.

Property/Project		March 31, 2024		December 31, 2023
Lazy Claims		$	-			$	-
Loman			10,395				10,395
Agai-Pah			60,000				60,000
Belshazzar			60,000				60,000
Swales			60,000				60,000
Olinghouse			240,000				240,000
Palmetto Project			350,000				350,000
Total		$	780,395			$	780,395

Lazy Claims Property

On August 2, 2017, the Company entered into an exploration lease agreement (the "Lazy Claims Agreement") with Tarsis Resources US Inc. ("Tarsis"), a Nevada corporation, to lease the Lazy Claims, consisting of three claims. The term of the Lazy Claims Agreement is ten years, and is subject to extension for additional two consecutive 10-year terms. Full consideration of the Lazy Claims Agreement consists of the following: an initial cash payment of $1,000to Tarsis, paid upon the execution of the Lazy Claims Agreement, with $2,000payable to Tarsis on each subsequent anniversary of the effective date. The Company agreed to pay Tarsis a 2% production royalty (the "Lazy Claims Royalty") based on the gross returns from the production and sale of minerals from the Lazy Claims. Should the Lazy Claims Royalty payments to Tarsis be in excess of $2,000 per year, the Company will not be required to pay a $2,000annual minimum payment.

During the three-month periods ended March 31, 2024 and 2023, the Company did not incur any expenses associated with the Lazy Claims.

Loman Property

In December 2019, the Company acquired 27mining claims for a total of $10,395. The claims were acquired by the Company from a third-party.

During the three-month periods ended March 31, 2024 and 2023, the Company did not incur any expenses associated with the Loman Claims.

Agai-Pah Property

On May 19, 2021, the Company entered into exploration lease with option to purchase agreement (the "Agai-Pah Property Agreement") with MSM Resource, L.L.C. ("MSM"), a Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20unpatented mining claims totaling 400acres, located in sections 32 & 33, T4N, R34E, MDM, Mineral County, Nevada about 10 miles northeast of the town of Hawthorne (the "Agai-Pah Property").Alan Day, the managing member of MSM, is the CEO, President, and director of the Company.

The term of the Agreement commenced on May 19, 2021, and continues for ten years, subject to the Company's right to extend the Agai-Pah Property Agreement for two additional terms of ten years each, and subject to the Company's option to purchase the Property.

Full consideration of the Agai-Pah Property Agreement consists of the following: (i) an initial cash payment of $20,000to be paid within 90 days from the execution of the Agai-Pah Property Agreement on May 19, 2021 (the "Effective Date"), and (ii) annual payments of $20,000to be paid on the anniversary of the Effective Date while the Agai-Pah Property Agreement remains in effect. The Company has the exclusive option and right to acquire 100% ownership of the Agai-Pah Property (the "Agai-Pah Purchase Option").To exercise the Agai-Pah Purchase Option, the Company will be required to pay $750,000(the "Agai-Pah Purchase Price"). The Agai-Pah Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of MSM. The annual payments paid by the Company to MSM, shall not be applied or credited against the Purchase Price.

During the three-month periods ended March 31, 2024 and 2023, the Company did not incur any expenses associated with the Agai-Pah Property.

Belshazzar Property

On June 4, 2021, the Company entered into exploration lease with option to purchase agreement (the "Belshazzar Property Agreement") with Belshazzar Holdings, L.L.C. ("Belshazzar"), a Nevada Limited Liability Corporation on the Belshazzar Property, consisting of ten unpatented lode mining claims and seven unpatented placer mineral claims totaling 200 acres, within Quartzburg mining district, in Boise County, Idaho (the "Belshazzar Property"). Alan Day, the managing member of Belshazzar, is the CEO, President, and director of the Company.

The term of the Belshazzar Property Agreement commenced on June 4, 2021, and continues for ten years, subject to the Company's right to extend the Belshazzar Property Agreement for two additional terms of ten years each, and subject to the Company's option to purchase the Belshazzar Property.

Full consideration of the Belshazzar Property Agreement consists of the following: (i) an initial cash payment of $20,000to be paid within 90 days from the execution of the Belshazzar Property Agreement on June 4, 2021 (the "effective date"), and (ii) annual payments of $20,000to be paid on the anniversary of the Effective Date while the Belshazzar Property Agreement remains in effect. The Company has the exclusive option and right to acquire 100% ownership of the Belshazzar Property (the "Belshazzar Purchase Option").To exercise the Belshazzar Purchase Option, the Company will be required to pay $800,000(the "Belshazzar Purchase Price"). The Belshazzar Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of Belshazzar. The annual payments paid by the Company to BH, shall not be applied or credited against the Belshazzar Purchase Price. The Belshazzar Property is subject to a 1% Gross Returns Royalty payable to the property owner, from the commencement of commercial production subject to certain terms.

During the three-month periods ended March 31, 2024 and 2023, the Company did not incur any expenses associated with the Belshazzar Property.

Swales Property

On December 27, 2021, the Company entered into exploration lease with option to purchase agreement (the "Swales Property Agreement") with Mr. W. Wright Parks III., ("Mr. Parks") on the Swales Property, consisting of 40 unpatented lode mining claims totaling 800 acres, within Swales Mountain Mining District in Elko County, Nevada (the "Swales Property").

The term of the Swales Property Agreement commenced on December 27, 2021, and continues for ten years, subject to the Company's right to extend the Swales Property Agreement for two additional terms of ten years each, and subject to the Company's option to purchase the Swales Property.

Full consideration of the Swales Property Agreement consists of the following: (i) an initial cash payment of $20,000to be paid within 90 days from the execution of the Swales Property Agreement on December 27, 2021 (the "Effective Date"), and (ii) annual payments of $20,000to be paid on the anniversary of the Effective Date while the Swales Property Agreement remains in effect. The Company has the exclusive option and right to acquire 100% ownership of the Swales Property (the "Swales Purchase Option").To exercise the Swales Purchase Option, the Company will be required to pay $750,000(the "Swales Purchase Price"). The Swales Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of Mr. Parks. The annual payments paid by the Company to Mr. Parks, shall not be applied or credited against the Swales Purchase Price.

The Company made the initial cash payment of $20,000on January 15, 2022, and made the first $20,000anniversary payment on March 14, 2023, which was accrued at December 31, 2022. At December 31, 2023, the Company accrued the second $20,000anniversary payment, which was paid on February 16, 2024.

During the three-month periods ended March 31, 2024 and 2023, the Company did not incur any exploration expenses associated with the Swales Property.

Olinghouse Project

On December 17, 2021, the Company's wholly-owned subsidiary, Nevada Canyon, LLC, entered into an Option to Purchase Agreement (the "Olinghouse Agreement") with Target Minerals, Inc ("Target"), a private Nevada company, to acquire 100% interest of Target's 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County, Nevada.The Company has the exclusive right and option (the "Olinghouse Purchase Option"), exercisable at any time during the Olinghouse Option period, at its sole discretion, to acquire 100% of a 1% production royalty from the net smelter returns on all minerals and products produced from certain properties comprising the Olinghouse Project.

The term of the Olinghouse Purchase Option shall be the later of one year, or 60 days after the date on which the Company delivers to Target a written notice to exercise the Olinghouse Purchase Option, subject to further extension if Target's conditions to closing are not fully satisfied or otherwise waived by the Company. Full consideration of the Olinghouse Agreement consists of the following: (i) an initial cash option payment of $200,000payable upon execution of the Agreement, which the Company paid on December 18, 2021, and (ii) purchase price (the "Olinghouse Purchase Price") which shall be paid by the Company to Target in either cash or common shares of the Company, the determination of which shall be as follows:

	●	if the Company's 10-day volume weighted average price ("VWAP") Calculation is less than $1.25per share, the Olinghouse Purchase Price shall be paid in cash; or
	●	if the Company's 10-day VWAP Calculation is more than $1.25per share, the Olinghouse Purchase Price shall be paid in the form of 2,000,000Shares of the Company's common stock.

On December 23, 2022, the Company and Target agreed to extend the Olinghouse Purchase Option for an additional one-year term, expiring on December 17, 2023, for a one-time cash payment of $40,000. In December of 2023, in accordance with Article 3 of the Olinghouse Agreement, the Company notified Target that the Company intends to exercise its option to acquire the 1% production royalty on the Olinghouse Project. As of the date of these condensed consolidated financial statements, the Company has not received the Royalty deed. The Company intends to make the final option payment once it received fully executed Royalty deed from Target.

During the three-month periods ended March 31, 2024 and 2023, the Company did not incur any additional expenses associated with the Olinghouse Project.

Palmetto Project

On January 27, 2022, Nevada Canyon, LLC entered into a Royalty Purchase Agreement with Smooth Rock Ventures, LLC, a wholly-owned subsidiary of Smooth Rock Ventures Corp. ("Smooth Rock"), to acquire a 2% net smelter returns royalty on the Palmetto Project.Alan Day, the Company's CEO, President, and director, is also a director of Smooth Rock.

To acquire the 2% NSR on the Palmetto Project, Nevada Canyon agreed to pay Smooth Rock a one-time cash payment of $350,000, which was paid on February 7, 2022.

During the three-month periods ended March 31, 2024 and 2023, the Company did not incur any additional expenses associated with the Palmetto Project.

NOTE 5 - INVESTMENT IN EQUITY SECURITIES

As at March 31, 2024 and December 31, 2023, the Company's equity investment consisted of 511,750common shares of Walker River Resources Corp. ("WRR").

At March 31, 2024 and December 31, 2023, the fair value of the equity investment was $113,303and $56,105, respectively, based on the trading price of WRR Shares at March 31, 2024 and December 31, 2023. Fair value is measured using Level 1 inputs in the fair value hierarchy. During the three-month period ended March 31, 2024, the revaluation of the equity investment in WRR resulted in a $57,198gain on the change in fair value of the equity investment (March 31, 2023 - $88,738loss).

The Company did not sell any WRR Shares during the three-month periods ended March 31, 2024 and 2023.

NOTE 6 - STOCKHOLDERS' EQUITY

The Company was formed with one class of common stock, $0.0001par value, and is authorized to issue 100,000,000common shares and one class of preferred stock, $0.0001par value, and is authorized to issue 10,000,000preferred shares. Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company.

During the three-month period ended March 31, 2024, the Company issued 105,700Common Shares for total proceeds to the Company of $126,840on exercise of the Warrants issued as part of the Offering, which the Company closed in its fiscal 2023 year. Of this amount, $6,000was received during the year ended December 31, 2023, and was recorded as obligation to issue shares. The Company paid $1,624in share issuance costs associated with exercise of these Warrants.

Subsequent to March 31, 2024, the Company issued 140,925Common Shares for total proceeds to the Company of $169,110on exercise of the Warrants issued as part of the Offering. Of this amount, $12,000were received during the year ended December 31, 2023, and $38,850were received during the three-month period ended March 31, 2024 and were recorded as obligation to issue shares.

Warrants

The changes in the number of warrants outstanding for the three-month period ended March 31, 2024, and for the year ended December 31, 2023, are as follows:

		Three months ended March 31, 2024		Year ended December 31, 2023
		Number of warrants		Weighted average exercise price		Number of warrants		Weighted average exercise price
Warrants outstanding, beginning			12,349,912			$	1.20				-			$	n/a
Warrants issued - offering			-				$ n/a				12,499,343			$	1.20
Warrants issued - agent			-				$ n/a				124,994			$	1.20
Warrants exercised			(105,700	)		$	1.20				(274,425	)		$	1.20
Warrants outstanding, ending			12,244,212			$	1.20				12,349,912			$	1.20

Details of warrants outstanding as at March 31, 2024, are as follows:

Number of warrants exercisable		Expiry date		Exercise price
	408,614			July 27, 2025		$	1.20
	2,829,624			August 28, 2025		$	1.20
	2,169,472			September 23, 2025		$	1.20
	55,373	(1)		September 23, 2028		$	1.20
	4,756,142			October 18, 2025		$	1.20
	1,955,366			November 3, 2025		$	1.20
	69,621	(1)		November 3, 2028		$	1.20
	12,244,212

(1)	Agent warrants

At March 31, 2024, the weighted average life of the warrants was 1.54years.

Share-based compensation

During the three-month periods ended March 31, 2024 and 2023, the Company recognized share-based compensation as follows:

		Three months ended March 31,
		2024		2023
Directors and CEO		$	245,767			$	243,733
Officer - VP of Operations			175,000				58,333
Consultants			116,667				38,889
	$	537,434			$	340,955

Directors:

On December 30, 2021, the Company distributed a total of 6,005,000shares of common stock to the Company's directors (the "Director Shares"). The Director Shares are subject to the terms and conditions included in 3-year lock-up and vesting agreements (the "Lock-up Agreements"), which contemplate that the Director Shares will vest in equal annual installments over a 3-year term during which term the shareholders agreed not to sell, directly or indirectly, or enter into any other transactions involving the Company's common shares regardless if the shares have vested or not.

The fair value of the shares was determined to be approximately $2,965,413or $0.4938per share based on the trading price of the Company's common stock on the issue date adjusted for the restrictions under the Lock-up Agreements. The shares vest over a three-year time period.

As stated above, the Company distributed all of the awarded shares prior to vesting. As at March 31, 2024, 4,003,333shares have vested and 2,001,667shares are unvested. As of March 31, 2024, unvested compensation related to the Director Shares of $742,704will be recognized over the next nine months.

Officer - VP of Operations:

On February 24, 2023, the Company entered into a consulting agreement with the Company's newly appointed Vice President of Operations (the "VP Agreement"). The Company agreed to issue 2,000,000shares of its common stock for the services. The shares vest ratably over a two-year period, beginning March 1, 2023, and vested shares are distributed quarterly. The fair value of the shares was $1,400,000or $0.70per share based on the trading price of the Company's common stock on the date the service period began. As at March 31, 2024, the Company had distributed a total of 1,083,333shares under the VP Agreement.

Unvested compensation related to the shares to be issued under the VP Agreement of $641,667will be recognized over the next 11months.

Consultants:

On February 24, 2023, the Company entered into two separate consulting agreements with consultants (the "Consulting Agreements") in exchange for a total of 2,000,000shares of its common stock. All shares vest ratably over a three-year period, beginning March 1, 2023, and vested shares are distributed quarterly . The fair value of the shares was $1,400,000or $0.70per share based on the trading price of the Company's common stock on the date the service period began. As at March 31, 2024, the Company had distributed a total of 722,223shares under the Consulting Agreements.

Unvested compensation related to the Shares to be issued under the Consulting Agreements of $894,443will be recognized over the next 1.92years.

NOTE 7 - PREPAID EXPENSES

Prepaid expenses at March 31, 2024 and December 31, 2023:

		March 31, 2024		December 31, 2023
Prepaid investor awareness marketing		$	375,092			$	500,367
Prepaid filing and listing fees			39,439				38,042
Prepaid consulting fees			2,625				2,625
Total		$	417,156			$	541,034

Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations

Forward-looking Statements

This Quarterly Report on Form 10-Q, including "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 2 of Part I of this report include some statements that are not purely historical and that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, perceived opportunities in the market and statements regarding our mission and vision. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. You can generally identify forward-looking statements as statements containing the words "anticipates," "believes," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "will," "would" and similar expressions, or the negatives of such terms, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The forward-looking statements contained herein are based on various assumptions, many of which are based, in turn, upon further assumptions. Our expectations, beliefs and forward-looking statements are expressed in good faith on the basis of management's views and assumptions as of the time the statements are made, but there can be no assurance that management's expectations, beliefs or projections will result or be achieved or accomplished.

Examples of forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, our expectations regarding our ability to generate operating cash flows and to fund our working capital and capital expenditure requirements. Important assumptions relating to the forward-looking statements include, among others, assumptions regarding demand for our future products, the timing and cost of capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect. Important factors that could cause actual results to differ materially from the results and events anticipated or implied by such forward-looking statements include:

	●	management's plans, objectives and budgets for its future operations and future economic performance;
	●	capital budget and future capital requirements;
	●	meeting future capital needs;
	●	our dependence on management and the need to recruit additional personnel;
	●	limited trading for our common stock;
	●	the level of future expenditures;
	●	impact of recent accounting pronouncements;
	●	the outcome of regulatory and litigation matters; and
	●	the assumptions described in this report underlying such forward-looking statements.

Actual results and developments may materially differ from those expressed in, or implied by, such statements due to a number of factors, including:

	●	those described in the context of such forward-looking statements;
	●	future product development and marketing costs;
	●	the markets of our domestic operations;
	●	the impact of competitive products and pricing;
	●	the political, social and economic climate in which we conduct operations; and
	●	the risk factors described in other documents and reports filed with the Securities and Exchange Commission, including our Registration Statement on Form S-1/A (SEC File No. 333-196075).

We operate in an extremely competitive environment. New risks emerge from time to time. It is not possible for us to predict all of those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual results to differ materially from those contained in any forward-looking statement. We believe these forward-looking statements are reasonable. However, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and unless required by law, we expressly disclaim any obligation or undertaking to update publicly any of them in light of new information or future events.

The following is management's discussion and analysis of financial condition and results of operations and is provided as a supplement to the accompanying unaudited condensed consolidated financial statements and notes to help provide an understanding of our financial condition, results of operations and cash flows during the periods included in the accompanying unaudited condensed consolidated financial statements.

In this Quarterly Report on Form 10-Q, "Company," "the Company," "us," and "our" refer to Nevada Canyon Gold Corp. and its wholly-owned subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC, incorporated in Nevada, unless the context requires otherwise.

We intend the following discussion to assist in the understanding of our financial position and our results of operations for the three-month periods ended March 31, 2024 and 2023. You should refer to the Financial Statements and related Notes in conjunction with this discussion.

General

We were incorporated under the laws of the state of Nevada on February 27, 2014. On December 15, 2021, we incorporated two subsidiaries, Nevada Canyon LLC and Canyon Carbon LLC. Both subsidiaries were incorporated under the laws of the state of Nevada.

We are a US-based natural resource company headquartered in Reno, Nevada. The Company has a large, strategic land position and royalties, in multiple projects, within some of Nevada's highest-grade historical mining districts. As of the date of the filing of this Quarterly report on Form 10-Q our mineral property interests are comprised of the Lazy Claims Property, the Loman Property, and the Agai-Pah Property located in Mineral County, Nevada, the Swales Property located in Elko County, Nevada, and the Belshazzar Property located in Quartzburg mining district, Boise County, Idaho. In addition, we acquired a 2% net smelter returns royalty ("NSR") on the Palmetto Project, located in Esmeralda County, Nevada, and have an option to acquire 100% interest of Target Minerals, Inc's ("Target") 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County, Nevada.

Critical Accounting Policies and Estimates

Our consolidated financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States of America ("GAAP") and are presented in US dollars. GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenues and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our consolidated financial statements.

The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements for the three-month periods ended March 31, 2024 and 2023, together with notes thereto, which are included in this Quarterly Report on Form 10-Q, as well as our most recent audited consolidated financial statements on Form 10-K for the year ended December 31, 2023.

Results of Operations

Three-month period ended March 31, 2024, compared to the three-month period ended March 31, 2023:

		Three months ended March 31,		Changes between the
		2024		2023		periods
Operating expenses
Investor awareness marketing		$	418,275			$	6,925			$	411,350
Consulting fees			124,480				55,326				69,154
Director and officer compensation			420,767				302,066				118,701
General and administrative			16,006				17,789				(1,783	)
Professional fees			20,465				6,000				14,465
Transfer agent and filing fees			10,715				4,722				5,993
Total operating expenses			1,010,708				392,828				617,880
Other income (expenses)
Fair value gain (loss) on equity investments			57,198				(88,738	)			145,936
Foreign exchange loss			(6	)			-				(6	)
Interest income			114,071				6,492				107,579
Total other income (expense)			171,263				(82,246	)			253,509
Net loss		$	(839,445	)		$	(475,074	)		$	364,371

Revenues

We had no revenues for the three-month periods ended March 31, 2024 and 2023. Due to the exploration rather than the production nature of our business, we do not expect to have significant operating revenue in the foreseeable future.

Operating Expenses

Our operating expenses for the three-month periods ended March 31, 2024 and 2023 included investor awareness marketing expenses, director and officer compensation, consulting fees, professional fees, transfer agent and filing fees, and general and administrative expenses. During the three-month period ended March 31, 2024, our operating expenses increased by $617,880 or 157%, to $1,010,708 as compared to $392,828 for the three months ended March 31, 2023. This change was associated with $420,767 in director and officer compensation we recorded on the shares that we issued to our three directors on December 30, 2021 and with shares we granted to our VP of Operations on February 24, 2023. Our investor awareness marketing expenses have increased to $418,275 for the three-month period ended March 31, 2024, as compared to $6,925 we incurred for the three-month period ended March 31, 2023; the increase resulted from our marketing efforts to raise awareness about our Company, the projects, and potential that we see in them. Our consulting fees increased by $69,154, from $55,326 we incurred during the three-month period ended March 31, 2023, to $124,480 we incurred during the three-month period ended March 31, 2024, the increase was largely due to the vesting of shares that we granted to our consultants in 2023; our professional fees increased by $14,465, from $6,000 we incurred during the three-month period ended March 31, 2023, to $20,465 we incurred during the three-month period ended March 31, 2024; and our transfer agent and filing fees increased by $5,993, from $4,722 we incurred during the three-month period ended March 31, 2023, to $10,715 we incurred during the three-month period ended March 31, 2024. These increases were in part offset by a decrease in our general and administrative expenses of $1,783, from $17,789 we incurred during the three-month period ended March 31, 2023, to $16,006 we incurred during the three-month period ended March 31, 2024.

Other Income (Expenses)

During the three-month period ended March 31, 2024, we recognized $57,198 gain on fair value of investments in equity securities (2023 - $88,738 loss). The gain resulted from revaluation of WRR Shares and was caused mainly by increased market price of WRR's Shares from CAD$0.145 per share at December 31, 2023, to CAD$0.30 per share at March 31, 2024, and to a smaller degree from fluctuation of exchange rates between the US and Canadian dollars. In addition, we earned $114,071 in interest income on our cash (2023 - $6,492).

Net Loss

During the three months ended March 31, 2024, we incurred net loss of $839,445, as compared to net loss of $475,074 we incurred during the three-month period ended March 31, 2023. This change mainly resulted from increased investor awareness marketing expenses, director and officer compensation, and consulting fees. These increases were in part offset by increased interest income and by change in the valuation of the equity investment in WRR shares.

Liquidity and Capital Resources

		March 31, 2024		December 31, 2023
Current assets		$	10,058,191			$	10,285,426
Current liabilities			1,280,215				1,306,307
Working capital		$	8,777,976			$	8,979,119

As of March 31, 2024, we had a cash balance of $9,641,035 and working capital of $8,777,976 with cash flows used in operations totaling $241,423 for the period then ended. During the three months ended March 31, 2024, our operations were funded with cash on hand. The cash that we had on hand at March 31, 2024, was generated from the issuance of 12,499,343 Units under the offering statement on Form 1-A (the "Offering") for net cash proceeds of $9,598,012, which we closed during the year ended December 31, 2023, and from exercise of Warrants we issued as part of the Offering.

Due to the exploration rather than the production nature of our business, our operating activities do not generate cash flows, and cannot satisfy our cash requirements. However, we believe that the cash we were able to generate from the Offering will allow us to support our operations including our planned exploration programs and the general day-to-day business activities for the next 12-month period. We will continue to look for opportunities to generate additional cash through future equity or debt financings.

Cash Flow

		Three Months Ended March 31,
		2024		2023
Cash flows used in operating activities		$	(241,423	)		$	(74,851	)
Cash flows used in investing activities			(20,000	)			(20,000	)
Cash flows provided by financing activities			158,066				-
Net decrease in cash during the period		$	(103,357	)		$	(94,851	)

Net cash used in operating activities

During the three months ended March 31, 2024, our net cash used in operating activities increased by $166,572, or 223%, to $241,423 for the three months ended March 31, 2024, compared with $74,851 for the comparative period in 2023. During the three months ended March 31, 2024, we used $359,209 to cover our cash operating costs, which were determined by reducing the net loss of $839,445 the Company incurred during the period, by non-cash items included in the net loss of $480,236; and $6,092 to decrease our accounts payable. These uses of cash were in part offset by $123,878 decrease in prepaid expenses which were mainly associated with our investor awareness marketing initiatives.

During the three months ended March 31, 2023, our net cash used in operating activities was $74,851. During the three months ended March 31, 2023, we used $45,381 to cover our cash operating costs, which were determined by reducing the net loss of $475,074 the Company incurred during the period, by non-cash items included in the net loss of $429,693; we used $20,714 to increase our prepaid expenses, and $17,031 to reduce amounts due to our related parties. These uses of cash were in part offset by $8,275 increase in accounts payable and accrued liabilities.

Adjustments to reconcile net loss to net cash used in operating activities

During the three months ended March 31, 2024, we recognized $57,198 gain on revaluation of fair value of our investments in WRR Shares. In addition, we recognized $245,767 in director and officer compensation associated with the par-value shares we distributed to our directors and CEO on December 30, 2021, and $175,000 and $116,667 we recorded on vesting of shares awarded to our VP of Operations and to our consultants, respectively, in accordance with the agreements we executed in February of 2023.

During the three months ended March 31, 2023, we recognized $88,738 loss on revaluation of fair value of our investments in WRR Shares. In addition, we recognized $243,733 in director compensation associated with the par-value shares we issued to our directors on December 30, 2021, $58,333 and $38,889 we recorded as the value of shares we granted to our VP of Operations and to our consultants, respectively, in accordance with the agreements we executed in February of 2023.

Net cash used in investing activities

During the three-month periods ended March 31, 2024 and 2023, we spent $20,000, each, to make option payments on our Swales Property, which were initially accrued at December 31, 2023 and 2022, respectively.

Net cash provided by financing activities

During the three-month period ended March 31, 2024, we issued 100,700 shares for total proceeds to the Company of $120,840 on exercise of Warrants issued as part of the Offering, and further 5,000 shares for a total of $6,000 which were subscribed to during the year ended December 31, 2023. We paid $1,624 in share issuance costs associated with the warrant exercised. In addition, we received further $38,850 on exercise of warrants, which were issued subsequent to March 31, 2024, and therefore at March 31, 2024, we recognized as obligation to issue shares.

During the three-month period ended March 31, 2023, we did not generate any funds from our financing activities.

Going Concern

At March 31, 2024, we had a working capital surplus of $8,777,976 and cash on hand of $9,641,035, which is sufficient to support our current plan of operations including exploration programs for the next 12-month period. Our investment in equity security is represented by 511,750 WRR Shares valued at $113,303.

To support our operations beyond the 12-month period, we are planning to continue actively pursuing other means of financing our operations including equity and/or debt financing. However, given the current market and industry conditions, we cannot be sure that we will be able to procure additional funding. If operating difficulties or other factors (many of which are beyond our control) delay our realization of revenues or cash flows from operations, we may be limited in our ability to pursue our business plan. Moreover, if our resources from obtaining additional capital or cash flows from operations, once we commence them, do not satisfy our operational needs or if unexpected expenses arise due to unanticipated pressures or if we decide to expand our business plan beyond its currently anticipated level or otherwise, we will require additional financing to fund our operations, in addition to anticipated cash generated from our operations. Additional financing might not be available on terms favorable to us, or at all. If adequate funds were not available or were not available on acceptable terms, our ability to fund our operations, take advantage of unanticipated opportunities, develop or enhance our business or otherwise respond to competitive pressures would be significantly limited. In a worst-case scenario, we might not be able to fund our operations or to remain in business, which could result in a total loss of our stockholders' investment. If we raise additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our stockholders would be reduced, and these newly issued securities might have rights, preferences, or privileges senior to those of existing stockholders.

Impact of Inflation

We believe that inflation has had a negligible effect on operations over the past fiscal quarter.

Capital Expenditures

During the three months ended March 31, 2024 and 2023, we used $20,000, each, to make annual option payments on Swales Property.

Unproved Mineral Properties

As of the date of this Quarterly report on Form 10-Q, our mineral property interests are comprised of the Lazy Claims Property, the Loman Property, and the Agai-Pah Property located in Mineral County, Nevada, the Swales Property located in Elko County, Nevada, and the Belshazzar Property located in Quartzburg mining district, Boise County, Idaho. In addition, we acquired a 2% net smelter returns royalty ("NSR") on the Palmetto Project, located in Esmeralda County, Nevada, and have an option to acquire 100% interest of Target Minerals, Inc's ("Target") 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County, Nevada. The Company is presently focused on exploration of its Swales and Agai Pah Properties in Nevada. Remaining mineral property interest are considered secondary, and exploration efforts on these may be rescheduled to accommodate exploration programs scheduled for Swales and Agai Pah Properties.

Lazy Claims Property (Exploration Phase)

On August 2, 2017, we entered into an exploration lease agreement (the "Lazy Claims Agreement") with Tarsis Resources US Inc. ("Tarsis"), a Nevada corporation, to lease rights to three Lazy Claims totaling 60 acres (the "Lazy Claims"). The term of the Lazy Claims Agreement is ten years and is subject to extension for an additional two consecutive 10-year terms. Full consideration of the Lazy Claims Agreement consists of the following: an initial cash payment of $1,000 to Tarsis, which we paid upon the execution of the Lazy Claims Agreement, with $2,000 payable to Tarsis on each subsequent anniversary of the effective date. We agreed to pay Tarsis a 2% production royalty (the "Lazy Claims Royalty") based on the gross returns from the production and sale of minerals from the Lazy Claims Property. Should the Lazy Claims Royalty payments to Tarsis be in excess of $2,000 per year, we will not be required to pay a $2,000 annual minimum payment. As of the date of this Quarterly Report on Form 10-Q, we retain our leasing rights to the Lazy Claims.

As of March 31, 2024, the total cost of the Lazy Claims Property was $Nil, and had no plant nor equipment associated with it.

Loman Property (Exploration Phase)

In December 2019 we acquired 27 unpatented mining claims for a total of $10,395 (the "Loman Property"). Due to certain regulatory restrictions associated with COVID-19 pandemic, we were required to delay the re-registration of the Loman Property claims into the Company's name. The Loman claims were transferred and re-registered into our name in the fourth quarter of fiscal year 2021.

As of March 31, 2024, the total cost of the Loman Property was $10,395, and had no plant nor equipment associated with it.

Agai-Pah Property (Exploration Phase)

On May 19, 2021, we entered into an exploration lease with option to purchase agreement (the "Agai-Pah Property Agreement") with MSM Resource, L.L.C., ("MSM") a Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20 unpatented mining claims totaling 400 acres (the "Agai-Pah Property"). Alan Day, the managing member of MSM, is the CEO, President, and director of the Company.

The term of the Agai-Pah Property Agreement commenced on May 19, 2021, and continues for ten years, subject to the Company's right to extend the Agai-Pah Property Agreement for two additional terms of ten years each, and subject to the Company's option to purchase the Property.

Full consideration of the Agai-Pah Property Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90 days from the execution of the Agai-Pah Property Agreement on May 19, 2021 (the "Effective Date"), and (ii) annual payments of $20,000 to be paid on the anniversary of the Effective Date while the Agai-Pah Property Agreement remains in effect.

The Company has the exclusive option and right to acquire 100% ownership of the Agai-Pah Property (the "Agai-Pah Purchase Option"). To exercise the Agai-Pah Purchase Option, the Company will be required to pay $750,000 (the "Agai-Pah Purchase Price"). The Agai-Pah Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of MSM. The annual payments paid by the Company to MSM, shall not be applied or credited against the Purchase Price. As at March 31, 2024, the Company had recorded $60,000 in acquisition costs associated with the Agai-Pah Property.

As of March 31, 2024, the total cost of the Agai-Pah Property was $60,000, and had no plant nor equipment associated with it.

Belshazzar Property (Exploration Phase)

On June 4, 2021, we entered into an exploration lease with option to purchase agreement (the "Belshazzar Property Agreement") with Belshazzar Holdings, L.L.C., ("Belshazzar") a Nevada limited liability Corporation on the Belshazzar Property, consisting of ten unpatented lode mining claims and seven unpatented placer mineral claim totaling 200 acres (the "Belshazzar Property"). Alan Day, the managing member of Belshazzar, is the CEO, President, and director of the Company.

The term of the Belshazzar Property Agreement commenced on June 4, 2021, and continues for ten years, subject to the Company's right to extend the Belshazzar Property Agreement for two additional terms of ten years each, and subject to the Company's option to purchase the Belshazzar Property.

Full consideration of the Belshazzar Property Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90 days from the execution of the Belshazzar Property Agreement on June 4, 2021 (the "effective date"), and (ii) annual payments of $20,000 to be paid on the anniversary of the Effective Date while the Belshazzar Property Agreement remains in effect.

The Company has the exclusive option and right to acquire 100% ownership of the Belshazzar Property (the "Belshazzar Purchase Option"). To exercise the Belshazzar Purchase Option, the Company will be required to pay $800,000 (the "Belshazzar Purchase Price"). The Belshazzar Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of Belshazzar. The annual payments paid by the Company to Belshazzar, shall not be applied or credited against the Belshazzar Purchase Price. The Belshazzar Property is subject to a 1% Gross Returns Royalty payable to the property owner, from the commencement of commercial production subject to certain terms. As at March 31, 2024, the Company had recorded $60,000 in acquisition costs associated with the Belshazzar Property.

As of March 31, 2024, the total cost of the Belshazzar Property was $60,000, and had no plant nor equipment associated with it.

Swales Property (Exploration Phase)

On December 27, 2021, we entered into an exploration lease with option to purchase agreement (the "Swales Property Agreement") with Mr. W. Wright Parks III., ("Mr. Parks") on the Swales Property, consisting of 40 unpatented lode mining claims totaling 800 acres (the "Swales Property").

The term of the Swales Property Agreement commenced on December 27, 2021, and continues for ten years, subject to the Company's right to extend the Swales Property Agreement for two additional terms of ten years each, and subject to the Company's option to purchase the Swales Property.

Full consideration of the Swales Property Agreement consists of the following: (i) an initial cash payment of $20,000 to be paid within 90 days from the execution of the Belshazzar Agreement on December 27, 2021 (the "effective date"), and (ii) annual payments of $20,000 to be paid on the anniversary of the Effective Date while the Swales Property Agreement remains in effect.

The Company has the exclusive option and right to acquire 100% ownership of the Swales Property (the "Swales Purchase Option"). To exercise the Swales Purchase Option, the Company will be required to pay $750,000 (the "Swales Purchase Price"). The Swales Purchase Price can be paid in either cash and/or equity of the Company, or a combination thereof, at the election of Mr. Parks. The annual payments paid by the Company to Mr. Parks, shall not be applied or credited against the Swales Purchase Price. The Company made the initial cash payment of $20,000 on January 15, 2022, and made the first $20,000 anniversary payment on March 14, 2023, which was initially accrued at December 31, 2022. At December 31, 2023, the Company accrued the second $20,000 anniversary payment, which was paid on February 16, 2024.

As of March 31, 2024, the total cost of the Swales Property was $60,000, and had no plant nor equipment associated with it.

Olinghouse Project (Development and Exploration Phase)

On December 17, 2021, our wholly owned subsidiary, Nevada Canyon, LLC, entered into an Option to Purchase Agreement (the "Olinghouse Agreement") with Target Minerals, Inc ("Target"), to acquire 100% interest of Target's 1% production royalty on the Olinghouse Project.

The Company has the exclusive right and option (the "Olinghouse Purchase Option"), exercisable at any time during the Olinghouse Option period, at its sole discretion, to acquire 100% of a 1% production royalty from the net smelter returns on all minerals and products produced from certain properties comprising the Olinghouse Project.

The term of the Olinghouse Purchase Option shall be the later of one year, or 60 days after the date on which the Company delivers to Target a written notice to exercise the Olinghouse Purchase Option, subject to further extension if Target's conditions to closing are not fully satisfied or otherwise waived by the Company. Full consideration of the Olinghouse Agreement consists of the following: (i) an initial cash option payment of $200,000 payable upon execution of the Agreement, which the Company paid on December 18, 2021, and (ii) purchase price (the "Olinghouse Purchase Price") which shall be paid by the Company to Target in either cash or common shares of the Company, the determination of which shall be as follows:

	●	if the Company's 10-day volume weighted average price ("VWAP") calculation is less than $1.25 per share, the Olinghouse Purchase Price shall be paid in cash; or
	●	if the Company's 10-day VWAP Calculation is more than $1.25 per share, the Olinghouse Purchase Price shall be paid in the form of 2,000,000 Shares of the Company's common stock.

On December 23, 2022, the Company and Target agreed to extend the Olinghouse Purchase Option for an additional one-year term, expiring on December 17, 2023, for a one-time cash payment of $40,000. In December of 2023, in accordance with Article 3 of the Olinghouse Agreement, the Company notified Target that the Company intends to exercise its option to acquire the 1% production royalty on the Olinghouse Project and, as of the date of this Quarterly Report on Form 10-Q, is awaiting delivery of the Royalty deed, at which point the Company will have to make the final option payment as discussed above.

As of March 31, 2024, the total cost of the Olinghouse Royalty was $240,000. The Company did not have any plant nor equipment associated with Olinghouse Royalty.

Palmetto Project (Exploration Phase)

On January 27, 2022, the Company's wholly owned subsidiary, Nevada Canyon, LLC, entered into a Royalty Purchase Agreement (the "Royalty Agreement") with Smooth Rock Ventures, LLC, a wholly-owned subsidiary of Smooth Rock Ventures Corp. ("Smooth Rock"), to acquire a 2% net smelter returns royalty ("NSR") on the Palmetto Project (the "Palmetto Project"), located in Esmeralda County, Nevada. Alan Day, the Company's CEO, President, and director is also a director of Smooth Rock.

To acquire the 2% NSR on the Palmetto Project, Nevada Canyon agreed to pay Smooth Rock a one-time cash payment of $350,000, which was paid on February 7, 2022.

As of March 31, 2024, the total cost of the Palmetto Royalty was $350,000. The Company did not have any plant nor equipment associated with Olinghouse Royalty.

Off-Balance Sheet Arrangements

None.

Use of Estimates

Areas where significant estimation judgments are made and where actual results could differ materially from these estimates are the carrying value of certain assets and liabilities which are not readily apparent from other sources and the classification of net operating loss and tax credit carry forwards.

We evaluate impairment of our long-lived assets by applying the provisions of ASC No. 360. In applying those provisions, we have not recognized any impairment charge on our long-lived assets during the three-month period ended March 31, 2024.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

As a "smaller reporting company" as defined by Item 10 of Regulation S-K, we are not required to provide information required by this item.

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

We conducted an evaluation, under the supervision and with the participation of the Chief Executive Officer and our Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(f) under the Securities Exchange Act of 1934 as amended (the "Exchange Act")). Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer, concluded that our disclosure controls and procedures, as of the end of the fiscal quarter covered by this quarterly report on Form 10-Q, were not effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.

(b) Changes in Internal Controls over Financial Reporting

During the quarter ended March 31, 2024, there has been no change in internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

We incorporate by reference the Risk Factors included as Item 1A of our Annual Report on Form 10-K we filed with the Securities and Exchange Commission on March 11, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits

(a)

The following exhibits are filed with this quarterly report on Form 10-Q or are incorporated herein by reference:

Exhibit Number		Description
10.04		Exploration Lease Agreement, dated August 2, 2017 (4)
10.05		Definitive Purchase Agreement dated July 11, 2018 (5)
10.06		Exploration Lease with Option to Purchase Agreement, dated May 19, 2021 (6)
10.07		Exploration Lease with Option to Purchase Agreement, dated June 4, 2021 (7)
10.08		Convertible Note Agreement (8)
10.09		Subscription Agreement (8)
10.10		Royalty Option to Purchase Agreement, dated December 17, 2021 (9)
10.11		Exploration Lease with Option to Purchase Agreement, dated December 27, 2021 (10)
10.13		Form of a lock-up agreement between the Company and certain Subscribers dated December 30, 2021 (11)
10.14		Royalty Purchase Agreement, dated January 27, 2022(12)
10.15		Form of a vesting and lock-up agreement between the Company and certain Subscribers with an effective date of December 30, 2021 (13)
10.16		Public Relations Services Agreement between the Company and Think Ink Marketing Data & Email Services, Inc. ("Think Ink") dated February 3, 2023 (17)
10.17		Consulting Agreement, dated February 24, 2023, by and between Nevada Canyon Gold Corp. and Ryan McMillan (14)
10.18		Consulting Agreement, dated February 24, 2023, by and between Nevada Canyon Gold Corp. and RNR Enterprises (14)
10.19		Consulting Agreement, dated February 24, 2023, by and between Nevada Canyon Gold Corp. and Little Hill Holdings LLC (14)
10.20		Consulting services agreement, dated April 5, 2023, by and between Nevada Canyon Gold Corp. and Warm Springs Consulting LLC(15)
10.21		Consulting services agreement, dated August 16, 2023, by and between Nevada Canyon Gold Corp. and i2i Marketing Group, LLC.(16)
31.1		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*.
31.2		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*.
32.1		Certification of the Chief Executive Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*.
32.2		Certification of the Chief Financial Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*.
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	(1)	Incorporated by reference herein from the Form 8-K filed by the Company on December 22, 2015.
	(2)	Incorporated by reference herein from the Form 8-K filed by the Company on June 8, 2017.
	(3)	Incorporated by reference herein from the Form 8-K filed by the Company on July 7, 2017.
	(4)	Incorporated by reference herein from the Form 8-K filed by the Company on August 7, 2017.
	(5)	Incorporated by reference herein from the Form 8-K filed by the Company on July 12, 2018.
	(6)	Incorporated by reference herein from the Form 8-K filed by the Company on May 19, 2021.
	(7)	Incorporated by reference herein from the Form 8-K filed by the Company on June 7, 2021.
	(8)	Incorporated by reference herein from the Form 8-K filed by the Company on September 13, 2021.
	(9)	Incorporated by reference herein from the Form 8-K filed by the Company on December 21, 2021.
	(10)	Incorporated by reference herein from the Form 8-K filed by the Company on December 28, 2021.
	(11)	Incorporated by reference herein from the Form 8-K filed by the Company on December 30, 2021.
	(12)	Incorporated by reference herein from the Form 8-K filed by the Company on February 1, 2022.
	(13)	Incorporated by reference herein from the Form 8-K/A filed by the Company on March 25, 2022.
	(14)	Incorporated by reference herein from the Form 8-K filed by the Company on February 27, 2023.
	(15)	Incorporated by reference herein from the Form 10-Q filed by the Company on August 11, 2023.
	(16)	Incorporated by reference herein from the Form 10-Q filed by the Company on November 13, 2023.
	(17)	Incorporated by reference herein from the Form 10-Q filed by the Company on May 12, 2023.
	*	Filed herewith.

SignatureS

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NEVADA CANYON GOLD CORP.
May 6, 2024	/s/ Alan Day
	Alan Day
	Chief Executive Officer (Principal Executive Officer),
	President and Member of the Board of Directors

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