GoldMining Inc.

Operating Activities

Net cash used in operating activities during the year ended November 30, 2024, was $22.5 million, compared to $21.8 million during the year ended November 30, 2023. Significant operating expenditures during the current year included general and administrative expenses, directors' fees, employee salaries and benefits, professional fees and exploration expenditures. Net cash used in operating activities during the year ended November 30, 2024 reflected a net loss of $27.3 million, compared to $30.4 million during the year ended November 30, 2023, primarily offset by non-cash items including share-based compensation of $2.3 million, compared to $3.3 million during the year ended November 30, 2023, share of loss in associate is $1.5 million, compared to $0.1 million during the year ended November 30, 2023, depreciation charge of $0.3 million, compared to $0.2 million during the year ended November 30, 2023, financing costs of $0.0 million, compared to $1.3 million during the year ended November 30, 2023, deferred income tax expense of $0.2 million, compared to $4.9 million during the year ended November 30, 2023, impairment of exploration and evaluation assets of $0.1 million, compared to $1.8 million during the year ended November 30, 2023, recovery on the receipt of mineral property option payments of 2.3 million, compared to $2.7 million in the year ended November 30, 2023 and share of loss on investment in joint venture of $0.1 million, compared to $0.0 million during the year ended November 30, 2023. Non-cash working capital changes include a decrease in other receivables of $0.2 million compared to an increase of $0.2 million during the year ended November 30, 2023, a decrease of prepaid expenses and deposits of $0.5 million, compared to an increase of $0.9 million during the year ended November 30, 2023, a decrease of accounts payable and accrued liabilities of $0.2 million compared to an increase of $0.0 during the year ended November 30, 2023, and an increase in income taxes payable of $2.0 million compared to $0.0 million during the year ended November 30, 2023. The increase in income taxes payable is primarily attributed to the sale of the Almaden Project.