Nevada Canyon Gold Corp. (NGLD) is a pre-revenue gold exploration and royalty company. Under a liquidation lens as of March 31, 2026, the recovery posture is modestly positive but heavily dependent on cash, with all mineral and royalty assets carrying effectively zero liquidation value. Consolidated current assets total $5.27 million, of which $5.16 million is cash — recoverable at 100%. Prepaid expenses of $104,313 would recover at a steep haircut or zero in a wind-down. Against this, current liabilities are $1.31 million, yielding a net liquidated current asset position of approximately $3.86 million before haircuts on non-cash current assets. Non-current assets consist entirely of $2.78 million in mineral property interests and royalty interests ($210,395 in mineral claims, $2.565 million in NSR royalty interests) plus $111,977 in fair-value equity securities (WRR shares). Under the liquidation lens, NSR royalties on non-producing exploration-stage properties are intangible in character — no production, no cash flows, no active buyer market at book — and should be haircut to zero or near-zero. The equity investment in WRR (511,750 shares valued at $111,977) is a micro-cap illiquid position; recovery is uncertain but the Level 1 fair value is at least a reference. Related party payables of $465,000 (non-interest bearing, unsecured, due on demand to the CFO-controlled entity and to the President) remain at face value in liquidation. There is no funded debt. Total identified liabilities appear to be approximately $1.31 million current. Net liquidation recovery to equity is roughly $5.16 million cash minus $1.31 million liabilities = approximately $3.85 million, with the mineral/royalty asset base adding little to nothing under a distressed liquidation. The MFFAIS CLV/LLV/OLV of $4.99 million is consistent with this cash-dominant analysis. Compared to the prior period (December 31, 2025 per the 10-K), cash declined from $5.46 million to $5.16 million, a burn of $293K for the quarter entirely from operations ($293K operating cash outflow, zero investing or financing). The Earn-in Agreement obligating up to $5 million in exploration spend over three years (of which $1.70 million has been incurred) represents a material forward commitment not reflected as a liability on the balance sheet; filing discusses this obligation in MD&A but does not separately tag remaining unfunded Earn-in commitment in XBRL. Annual lease payments on Agai-Pah ($20K) and Belshazzar ($20K), both leased from entities controlled by the CEO, also represent ongoing cash obligations not separately accrued at period-end.
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