Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-06412

GOLDRICH MINING COMPANY

(Exact Name of Registrant as Specified in its Charter)

alaska		91-0742812
(State of other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

2525 E. 29^th Ave. Ste. 10B-160
Spokane, WA		99223
(Address of Principal Executive Offices)		(Zip Code)

(509) 535-7367

(Registrant’s Telephone Number, including Area Code)

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, $0.10 par value	GRMC	OTC Expert Market

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 past 12 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. o Yes x No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes o No

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

Large Accelerated Filer o

Accelerated Filer o

Non-Accelerated Filer x

Small Reporting Company x

Emerging Growth Company o

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. o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) o Yes x No

Number of shares of issuer’s common stock outstanding at September 22, 2023: 196,559,523

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION	3

Item 1. Financial Statements	3

Item 2. Management’s Discussion and Analysis of Financial Condition or Plan of Operation	13

Item 3. Quantitative and Qualitative Disclosures about Market Risk	20

Item 4. Controls and Procedures	20

PART II – OTHER INFORMATION	21

Item 1. Legal Proceedings	21

Item 1A. Risk Factors	21

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	21

Item 3. Defaults upon Senior Securities	21

Item 4. Mine Safety Disclosure	21

Item 5. Other Information	21

Item 6. Exhibits	22

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Goldrich Mining Company

Condensed Consolidated Balance Sheets (Unaudited)

	March 31,			December 31,
	2023			2022
ASSETS
Current assets:
Cash and cash equivalents	$	3,866		$	3,969
Prepaid expenses		75,651			106,527
Total current assets		79,517			110,496

Mineral interests:
Mineral interests		626,428			626,428
Total mineral interests		626,428			626,428

Other assets:
Investment in CGL LLC		25,000			25,000
Total other assets		25,000			25,000
Total assets	$	730,945		$	761,924

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities	$	1,584,653		$	1,534,863
Interest payable		779,200			720,111
Convertible interest payable – related party		2,308,993			2,151,466
Related party payable		1,323,988			1,264,216
Notes payable		1,250,169			1,250,169
Notes payable – related party		4,211,769			4,195,979
Notes payable in gold		528,161			483,514
Dividends payable on preferred stock		30,618			30,618
Total current liabilities		12,017,551			11,630,936

Long-term liabilities:
Subscription payable		40,000			70,000
Remediation and asset retirement obligation		277,178			275,424
Total long-term liabilities		317,178			345,424
Total liabilities		12,334,729			11,976,360

Commitments and contingencies (Notes 8)
Stockholders’ deficit:
Preferred stock; no par value, 8,998,700 shares authorized; no shares issued or outstanding		-			-
Convertible preferred stock series A; 5% cumulative dividends, no par value, 1,000,000 shares authorized; 475,000 issues and 150,000 shares outstanding, $300,000 liquidation preferences		150,000			150,000
Convertible preferred stock series B; no par value, 300 shares authorized, 200 shares issued and outstanding, $200,000 liquidation preference		57,758			57,758
Convertible preferred stock series C; no par value, 250 shares authorized, issued and outstanding, $250,000 liquidation preference		52,588			52,588
Convertible preferred stock series D; no par value, 150 shares authorized, 90 shares outstanding, $90,000 liquidation preference		-			-
Convertible preferred stock series E; no par value, 300 shares authorized, issued and outstanding, $300,000 liquidation preference		10,829			10,829
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference		-			-
Common stock; $0.10 par value, 750,000,000 shares authorized; 188,448,412 and 185,448,412 issued and outstanding, respectively		18,844,841			18,544,841
Additional paid-in capital		10,177,652			10,447,652
Accumulated deficit		(40,897,452	)		(40,478,104	)
Total stockholders’ deficit		(11,603,784	)		(11,214,436	)
Total liabilities and stockholders’ deficit	$	730,945		$	761,924

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

Goldrich Mining Company

Condensed Consolidated Statements of Operations
(Unaudited)


	Three Months Ended
	March 31,
	2023			2022
Operating expenses:
Mine preparation costs	$	3,263		$	8,830
Management fees and salaries		47,700			51,525
Professional services		10,088			38,211
General and administration		48,536			52,360
Office supplies and other		1,366			8,570
Directors’ fees		-			3,600
Mineral property maintenance		31,486			31,486
Arbitration and settlement costs (Note 3)		19,256			7,775
Total operating expenses		161,695			202,357

Other (income) expense:
Miscellaneous income		(5,787	)		-
Change in fair value of notes payable in gold		44,647			36,363
Interest expense and finance costs – related party		157,527			152,408
Interest expense and finance costs		61,266			73,663
Total other (income) expense		257,653			262,434

Net loss		419,348			464,791

Preferred dividends		1,875			1,875
Net loss available to common stockholders	$	421,223		$	466,666

Net loss per common share – basic and diluted	$	(nil)		$	(nil)

Weighted average common shares outstanding – basic and diluted		186,615,079			181,423,786

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

Goldrich Mining Company

Condensed Consolidated Statements of Changes in Stockholders’ Deficit (Unaudited)

2023 Stockholders’ Deficit


	Preferred Stock				Common Stock				Additional
	Shares		Par Value		Shares		No Par Value		Paid-in Capital			Accumulated Deficit			Total
Balance, December 31, 2022		150,993	$	271,175		185,448,412	$	18,544,841	$	10,447,652		$	(40,478,104	)	$	(11,214,436	)
Common shares issued for subscription payable		-		-		3,000,000		300,000		(270,000	)		-			30,000
Net Loss		-		-		-		-		-			(419,348	)		(419,348	)
Balance, March 31, 2023		150,993	$	271,175		188,448,412	$	18,844,841	$	10,177,652		$	(40,897,452	)	$	(11,603,784	)

2022 Stockholders’ Deficit

	Preferred Stock				Common Stock				Additional
	Shares		Par Value		Shares		No Par Value		Paid-in Capital			Accumulated Deficit			Total
Balance, December 31, 2021		151,053	$	271,175		179,787,595	$	17,978,760	$	10,880,576		$	(39,422,474	)	$	(10,291,963	)
Warrants Exercised		-		-		2,660,817		266,081		(162,924	)		-			103,157
Net Loss		-		-		-		-		-			(464,791	)		(464,791	)
Balance, March 31, 2022		151,053	$	271,175		182,448,412	$	18,244,841	$	10,717,652		$	(39,887,265	)	$	(10,653,597	)

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

Goldrich Mining Company

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Three Months Ended
	March 31,
	2023			2022
Cash flows from operating activities:
Net loss	$	(419,348	)	$	(464,791	)
Adjustments to reconcile net loss to net cash used in operating activities:
Finance costs		790			-
Change in fair value of notes payable in gold		44,647			36,363
Accretion of asset retirement obligation		1,754			1,686

Change in:
Prepaid expenses		30,876			13,377
Accounts payable and accrued liabilities		49,790			36,779
Interest payable		59,089			57,719
Interest payable – related party		157,527			152,408
Related party payable		59,772			62,422
Net cash used - operating activities		(15,103	)		(104,037	)

Cash flows from financing activities:
Proceeds from warrant exercises, net		-			103,157
Proceeds from notes payable and warrants – related party, net		15,000			-
Net cash provided - financing activities		15,000			103,157

Net decrease in cash and cash equivalents		(103	)		(880	)

Cash and cash equivalents, beginning of period		3,969			3,762
Cash and cash equivalents, end of period	$	3,866		$	2,882

Non-cash investing and financing activities:
Common shares issued for subscription payable	$	30,000		$	-

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

Goldrich Mining Company

Notes to the Condensed Consolidated Financial Statements (unaudited)

BASIS OF PRESENTATION

The unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements and as a result, they are condensed. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the three-month period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023.

For further information refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Going Concern

The accompanying condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds.

The Company currently has no historical recurring source of revenue, negative working capital of $11,938,034, and an accumulated deficit of $40,897,452 at March 31, 2023. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company may profitably execute a production business plan, and thereby, its ability to continue as a going concern may improve and become less dependent on the Company’s ability to raise capital to fund its future exploration and working capital requirements. The Company’s plans for the long-term return to and continuation as a going concern include the profitable exploitation of its mining properties and financing the Company’s future operations through sales of its common stock and/or debt. The condensed consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Earnings (Loss) Per Share

We are authorized to issue 750,000,000 shares of common stock, $0.10 par value per share. At March 31, 2023, there were 188,448,412 shares of our common stock issued and outstanding.

For the three-month periods ended March 31, 2023 and 2022, potentially dilutive shares including outstanding stock options, warrants, convertible interest, and convertible preferred stock were excluded from the computation of diluted loss per share because they were anti-dilutive due to net losses in those periods. For the periods ended March 31, 2023 and 2022, potentially dilutive common stock equivalents excluded from the calculation of diluted earnings per share are as follows:

Schedule of Anti-Dilutive Stock Common Stock Equivalent

	March 31, 2023		March 31, 2022
Stock options		1,025,000		1,050,000
Warrants		18,114,446		19,667,077
Convertible Preferred Stock		30,190,475		32,190,475
Convertible interest payable		153,932,841		112,240,467
Total		203,262,762		165,148,019

Goldrich Mining Company

Notes to the Condensed Consolidated Financial Statements (unaudited)

Fair Value Measurements

When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date.

During 2023 and 2022, the Company determined fair value on a recurring basis and non-recurring basis as follows:

	Balance March 31, 2023		Balance December 31, 2022		Fair Value Hierarchy level
Liabilities
Recurring: Notes payable in gold (Note 7)	$	528,161	$	483,514		2

The carrying amounts of financial instruments, including notes payable and notes payable – related party, approximate fair value at March 31, 2023 and December 31, 2022. The inputs to the valuation of Level 2 liabilities are described in Note 6 Notes Payable in Gold.

JOINT VENTURE

On April 3, 2012, Goldrich Placer, LLC (“GP”), a subsidiary of Goldrich, entered into a term sheet for a joint venture with NyacAU, LLC (“NyacAU”), an Alaskan private company, to bring Goldrich’s Chandalar placer gold properties into production as defined in the joint venture agreement (the “Operating Agreement”), which was subsequently signed and made effective April 2, 2012. In each case as used herein in reference to the JV, ‘production’ is as defined by the Operating Agreement. As part of the Operating Agreement, GP and NyacAU (together the “Members”) formed a 50:50 joint venture company, Goldrich NyacAU Placer LLC (“GNP”), to operate the Chandalar placer mines, with NyacAU acting as managing partner.

Arbitration

In December 2017, the Company filed an arbitration statement of claim against NyacAU and other parties. The claim challenged certain accounting treatment of capital leases, allocations of tax losses, charges to the JV for funding costs related to the JV manager’s financing, related-party transactions, and other items of dispute in a previous mediation that was unsuccessful in reaching an agreement. As a result, the Company participated in an arbitration before a panel of three independent arbitrators during 2018 through 2022 to address these items.

Settlement Agreement

On March 31, 2023, the Company signed a settlement agreement between the Company, NyacAU, LLC (“NyacAU”), Goldrich Placer, LLC (“GP”), Goldrich NyacAU Placer, LLC (“GNP”), Dr. J. Michael James, individually (“Dr. James”), and Bear Leasing, LLC (“Bear Leasing”) (each a “Party” and, collectively, the “Parties”).

Goldrich Mining Company

Notes to the Condensed Consolidated Financial Statements (unaudited)

In April 2023, all outstanding arbitration issues were resolved with a settlement agreement whereby Goldrich paid $105,000 to NyacAU. The resolution includes all outstanding arbitration issues, awards, and orders including mutual release of all outstanding issues before the Alaska superior court and all court-entered judgments. The agreement also terminates and supersedes all prior agreements between all Parties except a security agreement between NyacAU and GNP to secure repayment of fifty percent (50%) of a funding mechanism known as Line of Credit 1 (LOC1), which was advanced by NyacAU to GNP. GNP was formally dissolved in 2019.

Even though the settlement agreement was consummated subsequent to the end of the 2022 year, the arbitration claim was filed and has been open since 2018; therefore, the event requires the financial effects to be reflected in the financial statement for the year ended December 31, 2022. As a result, the previous expense accruals of $638,193 for arbitration awards and interest made in 2021 and prior years were removed and the settlement amount of $105,000 was recorded. This resulted in a gain on settlement being recorded at December 31, 2022 of $533,193.

Option Agreement

Concurrent with signing the settlement agreement, Goldrich also signed an option agreement with the Parties. The option agreement, among other things, grants Goldrich, or its designee, the right, but not the obligation, to become operator of the Chandalar placer mining permit. If the option is exercised, Goldrich or its designee would also obtain ownership of all camp facilities and mining equipment remaining at the Chandalar placer mine site owned by NyacAU and its affiliates. Currently Goldrich owns the claims but NyacAU is the named operator on the mining permits.

To exercise the option, Goldrich, or its designee, must give written and electronic notice of its intent to do so by April 30, 2024 and pay $1,000,000 into escrow within five business days of giving notice. Upon exercise of the option, Goldrich or its designee would assume all reclamation responsibilities and liability and NyacAU would be released from any reclamation liability. Also, NyacAU would be entitled to limited payments out of the production of placer gold at the Chandalar placer mine up to the greater of $8,500,000 or 4,860 ounces of fine gold (the Maximum Amount). No production payment shall be due to NyacAU on the first 5,000 ounces of fine gold production. Thereafter, NyacAU would receive at least 5% of all production from the Chandalar placer mine until the Maximum Amount is paid. Additionally, after the first 5,000 ounces of fine gold production, NyacAU would be entitled to a minimum annual payment equal to the value of $120,000 or 68 fine gold ounces, whichever is greater, and such payment would apply towards the satisfaction of the Maximum Amount.

RELATED PARTY TRANSACTIONS

In addition to related party transactions described in Note 5, the Company has accrued amounts to the Company’s Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), and board of directors fees for amounts earned but not yet paid. Beginning in January 2016 and through March 31, 2023, the CEO’s salary has not been paid in full. Salary due to the CFO has been accrued and remains unpaid, as have board of directors’ fees.

Schedule of Related Party Transactions

CEO	Three Months ended 3/31/23		Year ended 12/31/22
Balance at beginning of period	$	994,017	$	793,720
Deferred salary		45,000		180,000
Deferred expenses		3,899		20,297
Payments		-		-
Ending Balance	$	1,042,916	$	994,017

CFO
Balance at beginning of period	$	104,844	$	91,981
Deferred fees		2,700		12,863
Payments		-		-
Ending Balance	$	107,544	$	104,844

Board fees payable and expenses payable ^{(1, 2, 3)}		173,528		165,355
Total Related party payables	$	1,323,988	$	1,264,216

At March 31, 2023 and December 31, 2022, the Company owed $1,302, respectively, to Mr. William Orchow, a director and related party for arbitration related expenses.

At March 31, 2023 and December 31, 2022, the Company owed Mr. Nicholas Gallagher, a director and related party $35,126 and $26,953, respectively, for legal expenses related to the notes payable and notes payable – related party.

No Board meetings were held during the three months ended March 31, 2023.

Goldrich Mining Company

Notes to the Condensed Consolidated Financial Statements (unaudited)

NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY

At March 31, 2023 and December 31, 2022, the Company had outstanding notes payable of $1,250,169, respectively, and outstanding notes payable – related party of $4,211,769 and $4,195,979, respectively. The notes payable and notes payable – related party and accrued interest of 15% are due within 10 days of a demand notice of the holders. There has been no notice of default or demand issued by any holder.

During the three months ended March 31, 2023, the Company issued additional notes payable of $15,790, discounted at 5%, or $790, resulting in net proceeds of $15,000 from a related party, Nicholas Gallagher, a shareholder and director of the Company, who also holds the full balance of the notes payable – related party described above. During the three months ended March 31, 2022, the Company received no additional tranches of the notes payable and notes payable - related party. The notes are due upon demand; therefore, all discounts have been immediately expensed to finance costs.

During the three months ended March 31, 2023 and March 31, 2022, the Company paid no finder fees to related party entities, and incurred $450 and $nil, respectively, of other finance and placement costs. Interest of $204,408 and $193,224 was expensed during the three-month periods ended March 31, 2023 and March 31, 2022, respectively, of which $157,527 and $152,408 was to related parties, respectively, which is included in interest expense and finance costs on the condensed consolidated statements of operations. Interest and finders fees are included in accounts payable and accrued liabilities, interest payable and interest payable – related party on the condensed consolidated balance sheet at March 31, 2023 and December 31, 2022.

Inter-Creditor Agreement

As a result of an Amended and Restated Loan, Security, and Intercreditor Agreement (the “Amended Agreement”) dated November 1, 2019 and a First Amendment dated August 25, 2021, for each holder of the notes payable, whether or not a related party:

The borrower and holder entered into a Deed of Trust where under the notes are secured by a security interest in all real property, claims, contracts, agreements, leases, permits and the like.

The Company entered into a written Guaranty (“Guaranty”) where under, among other conditions, the Company unconditionally guarantees and promises to pay to the order of each holder the principal sum and all interest payable on each note payable held by such holder when and as the same becomes due, whether at the stated maturity thereof, by acceleration, call for redemption, tender, or otherwise. The Company is not in default as no demand has been made for payment or delivery.

Goldrich Mining Company

Notes to the Condensed Consolidated Financial Statements (unaudited)

Mr. Gallagher, at his option, has the right to convert outstanding but unpaid and future interest on his note into shares of the Company’s common stock at $0.015 per share. At March 31, 2023, Mr. Gallagher’s interest would convert to 153,932,841 common shares.

All loans by Mr. Gallagher and any additional loans made by Mr. Gallagher are designated as Senior Notes and accounted for as Notes payable – related party and all loans by the other holders made prior to August 25, 2021 were designated as Junior Notes. Additionally, notes arising in the future to certain unrelated parties are also designated as Senior notes. Senior Notes, which include principal and interest are entitled to be repaid in full before any of the Junior Notes are repaid.

The Company confirmed that the written Guaranty extends to the repayment of additional loans made by the holders.

The Company confirmed that repayment of additional loans will be and remain secured by the Deed of Trust.

NOTES PAYABLE IN GOLD

During 2013, the Company issued notes payable in gold totaling $820,000, less a discount of $205,000, for net proceeds of $615,000. Under the terms of the notes, the Company agreed to deliver gold to the holders at the lesser of $1,350 per ounce of fine gold or a 25% discount to market price as calculated on the contract date and specify delivery of gold in November 2014. The notes bear interest at a rate of 10% per annum and penalty interest of 10% per annum on any due and unpaid interest.

After several amendments to the terms of the note agreements, through the date of the issuance of these financial statements, the gold notes have not been paid and the note holders have not demanded payment or delivery of gold. At March 31, 2023 and December 31, 2022, 266.788 ounces of fine gold was due and deliverable to the holder of the notes.

The Company estimates the fair value of the notes based on the market approach with Level 2 inputs of gold delivery contracts based upon previous contractual delivery dates, using the market price of gold on March 31, 2023 of approximately $1,980 per ounce as quoted on the London PM Fix market or $528,161 in total. The valuation resulted in an increase in gold notes payable of $44,647 during the three months ended March 31, 2023. At March 31, 2023 and 2022, this resulted in a loss on change in fair value of notes payable in gold of $44,647 and $36,363, respectively on the condensed consolidated statement of operations.

At December 31, 2022, the fair value was calculated using the market approach with Level 2 inputs of gold delivery contracts based upon previous contractual delivery dates. At December 31, 2022, the Company had outstanding total notes payable in gold of $483,514.

Interest of $12,208 was expensed during the three months ended March 31, 2023, and $151,847 is accrued at March 31, 2023 and is included in interest payable. Interest of $10,981 was expensed during the three months ended March 31, 2022, and $139,639 is accrued at December 31, 2022 and is included in interest payable.

STOCKHOLDERS’ DEFICIT

During the year ended December 31, 2022, the Company received cash of $30,000 which is included in stock subscription payable at December 31, 2022, for a private placement of common shares priced at $0.01 per share, of which $5,000 was from William Orchow, a related party. During the three months ended March 31, 2023, the Company reduced stock subscription payable by $30,000 and issued 3,000,000 common shares.

Goldrich Mining Company

Notes to the Condensed Consolidated Financial Statements (unaudited)

During the three months ended March 31, 2022, the Company received $103,157 cash as a result of the exercise of Class R warrants at an exercise price of $0.045 and T warrants at an exercise price of $0.03 per common share, resulting in the issuance of 2,660,817 common shares. Of that amount, 1,555,555 of the warrants exercised were owned by Mr. Gallagher and were transferred to unrelated parties. The unrelated parties then exercised the warrants for cash.

During the year ended December 31, 2021, the Company received $40,000 for the exercise of Class T warrants which are included in stock subscription payable at March 31, 2023 and December 31, 2022. Once the exercise is complete, the Company will issue 1,333,333 common shares for the exercise. These warrants were exercised subsequent to March 31, 2023.

COMMITMENTS AND CONTINGENCIES

The Company has entered into a consulting contract for $46,500 for which the services have not yet been received.

The Company is subject to Alaska state annual claims rental fees in order to maintain its non-patented claims. In addition to the annual claims rental fees of $125,945 due November 30 of each year, the Company is also required to meet annual labor requirements of approximately $61,100 due November 30 of each year. The Company can carry forward costs for annual labor that exceed the required yearly totals for four years. The Company has significant carryovers to 2023 to satisfy its annual labor requirements. This carryover expires in the years 2023 through 2027 if unneeded to satisfy requirements in those years.

SUBSEQUENT EVENTS

Subsequent to March 31, 2023, the Company received $162,667 cash as a result of exercise of Class R warrants at an exercise price of $0.024 per common share. Ownership of these warrants had been in the hands of Mr. Gallagher and were sold by him personally to unrelated parties. The unrelated parties then exercised the warrants for cash, resulting in the issuance of 6,777,778 common shares.

Subsequent to March 31, 2023, the Company received cash of $12,500 of additional notes payable – related party from Mr. Nicholas Gallagher, and cash of $122,000 of additional notes payable from unrelated parties.

Item 2. Management’s Discussion and Analysis of Financial Condition or Plan of Operation

As used in herein, the terms “Goldrich,” the “Company,” “we,” “us,” and “our” refer to Goldrich Mining Company.

This discussion and analysis contains forward-looking statements that involve known or unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Except for historical information, the matters set forth herein, which are forward-looking statements, involve certain risks and uncertainties that could cause actual results to differ. Potential risks and uncertainties include, but are not limited to, unexpected changes in business and economic conditions; significant increases or decreases in gold prices; changes in interest and currency exchange rates; unanticipated grade changes; metallurgy, processing, access, availability of materials, equipment, supplies and water; results of current and future exploration and production activities; local and community impacts and issues; timing of receipt and maintenance of government approvals; accidents and labor disputes; environmental costs and risks; competitive factors, including competition for property acquisitions; and availability of external financing at reasonable rates or at all, and those set forth under the heading “Risk Factors” in our Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on July 5, 2023. Forward- looking statements can be identified by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continues” or the negative of these terms or other comparable terminology. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Forward-looking statements are made based on management’s beliefs, estimates, and opinions on the date the statements are made, and the Company undertakes no obligation to update such forward-looking statements if these beliefs, estimates, and opinions should change, except as required by law.

This discussion and analysis should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes. The discussion and analysis of the financial condition and results of operations are based upon the unaudited condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. On an on-going basis the Company reviews its estimates and assumptions. The estimates were based on historical experience and other assumptions that the Company believes to be reasonable under the circumstances. Actual results are likely to differ from those estimates under different assumptions or conditions, but the Company does not believe such differences will materially affect our condensed consolidated financial position or results of operations. Critical accounting policies, the policies the Company believes are most important to the presentation of its condensed consolidated financial statements and require the most difficult, subjective and complex judgments are outlined below in “Critical Accounting Policies” and have not changed significantly.

General

Our Chandalar, Alaska gold mining property contains both hard-rock (lode) targets and placer deposits and has seen over a hundred years of intermittent mining exploration and extraction history. There has been extraction of gold from several alluvial, or placer gold streams, and from an array of small quartz veins that dot the property. However, only in very recent times is the primary source of the gold becoming evident. As a result of our exploration, considering structural geology, petrographic, geochemical and geophysical evidence, we have realized that all of the gold is sourced within a system of magmatic hydrothermal alteration features such as small pegmatitic dikes and chloritized schist. We believe these features are common to and link all of the hard-rock (lode) prospects, the weathering of which generated the gold placer deposits, and furthermore are an outlying expression of an underlying gold bearing pluton.

We have defined drilling targets for a hard-rock (lode) gold deposit in an area of interest approximately 1,800 feet wide and over five miles long, possibly underlain by a series of mineralized magmatic intrusions (plutons). Exploration therefore has taken on two directions; one toward defining a low-grade, large tonnage body of mineralization running beneath the headwaters of Little Squaw Creek where dense swarms of gold mineralized pegmatitic dikelets are seen, the other a deeper, larger mineralized plutonic body(ies) from which the district’s mineralizing fluids may have emanated and migrated through Chandalar country rock.

In December 2021, Goldrich submitted a permit application to the Alaska Department of Natural Resources (“DNR”) to carry out a multi-year, 25,000-foot diamond core drill program at the Company’s Chandalar Property. The permit was received in February 2022. The target zone of this hard-rock (lode) drill program, located on the Little Squaw Creek (“LSC”) drainage, is immediately above and partially overlapping the LSC placer deposit and mine. The target zone sits at the heart of a zone surrounded by historic placer workings in every creek and four historic hard-rock gold mines. Previous exploration, including drill programs, soil and rock samples, airborne magnetic and radiometric studies, and advanced petrographic studies in addition to the angularity of the placer gold nuggets indicates close proximity of the LSC placer deposit to a hard-rock source. Subject to financing, Goldrich plans to commence the program in May 2024.

Although our main focus continues to be the exploration of these hard-rock targets, we also endeavor to develop our placer properties as a source of internal cash to protect us from future market fluctuations and to provide funds for future exploration. In 2012, Goldrich and NyacAU LLC (“NyacAU”) formed Goldrich NyacAU Placer LLC (“GNP”), a 50/50 joint-venture company, managed by NyacAU, to mine Goldrich’s various placer properties at Chandalar.

As shown below, the placer gold extracted by GNP increased each year from 2015 through 2018, trending toward production figures that were anticipated by a preliminary economic assessment authored by qualified geologists for us:

Year	Ounces of Placer Gold		Ounces of Fine Gold
2015		4,400		3,900
2016		10,200		8,200
2017		15,000		12,300
2018		20,900		17,100

Although GNP’s extraction increased over the years, ultimately the extraction numbers attained over those years fell short of the Minimum Production Requirements required in the GNP Operating Agreement. According to the terms of the agreement, GNP was required to pay a Minimum Production Requirement of 1,100 ounces for 2016, 1,200 ounces for 2017, and 1,300 ounces for 2018 to both Goldrich and NyacAU by October 31, 2018. This payment was not made. Under the joint venture Operating Agreement, GNP would be dissolved if GNP failed to meet the Minimum Production Requirement. On August 20, 2018, we announced the intended dissolution of the GNP joint venture. GNP was formally dissolved in May 2019.

Subsequent to 2019, Goldrich commissioned an independent third-party mining engineering firm to complete a mining plan and initial assessment for the Company’s Chandalar Mine. In June, 2021, Goldrich released the results of an independent Initial Assessment Report (the “IA”), prepared in accordance with the new SEC Subpart 1300 property disclosure requirements, for the Company’s Chandalar placer mine. The IA was prepared by Global Resources Engineering (“GRE”), a widely-respected mining engineering firm in Denver, Colorado.

After the release of the IA, a Revised and Amended Initial Assessment Report (the “RAIA”) was prepared by GRE and has a revised and amended date of February 24, 2023 and an effective date of May 31, 2021. The RAIA did not change the results of the economic analysis.

Both the IA and RAIA completed the economic analysis based on a 0.004 raw troy ounce per bank cubic yard cutoff pit constrained mineral resource that utilized a 0.002 raw troy ounce per bank cubic yard grade shell for grade estimation so there was no change in the economic analysis. However, the RAIA reported the pit constrained mineral resources at a 0.004 raw troy ounce per bank cubic yard cutoff while the IA pit constrained mineral resource used a 0.002 raw troy ounce per bank cubic yard cutoff. This difference caused measured and indicated mineral resources to decrease from 120,000 ounces of fine gold in the IA to 119,000 ounces of fine gold in the RAIA and inferred mineral resources to decrease from 17,000 ounces of fine gold in the IA to 16,000 ounces of fine gold in the RAIA. The RAIA was also revised to include additional information requested by the SEC and to add statements of opinions of qualified persons on the adequacy of sample preparation, security, analytical procedures, and the adequacy of the data.

Using a base case gold price of $1,650, the key economic results of the RAIA with a summarized gold price sensitivity analysis were as follows (A complete copy of the RAIA may be downloaded at https://www.goldrichmining.com/chandalar-gold-district/technical-reports.html).

	Base Case	Gold Price Sensitivity Analysis
Parameter	$1,650 Gold	$1,500	$2,000	$2,500
Undiscounted Pre-Tax Net Cash Flow:	$75 million	$57 million	$116 million	$175 million
After-tax NPV@5%⁽¹⁾:	$64 million	$50 million	$92 million	$129 million
After-tax IRR⁽¹⁾:	139%	112%	195%	275%
Undiscounted After-tax Net Cash Flow⁽¹⁾:	$72 million	$57 million	$103 million	$145 million
After-tax Payback Period (years):	1.3	1.44	1.19	1.1
All-in Sustaining Costs:	$799/Au oz.
All-in Costs:	$1,064/Au oz.
Total Operating Costs:	$646/Au oz.

The RAIA pit-constrained mineral resources for the Little Squaw Creek Placer deposit at a 0.004 raw troy ounce per bank cubic yard cutoff is as follows:

Classification	Resource Volume (1000s bcy)	Raw⁽¹⁾Gold Grade (troy oz./bcy)	Raw⁽¹⁾Gold (troy oz)	Fine⁽²⁾Gold (troy oz)
Measured	2,609	0.0302	79,000	69,000
Indicated	2,188	0.0265	58,000	50,000
Measured & Indicated	4,797	0.0285	137,000	119,000
Inferred	771	0.0245	19,000	16,000

⁽¹⁾

Raw Gold - Gold as recovered from the placer deposit, historically 84% gold and 16% other metals like silver and copper (referred to as 840 fine). The Mineral Resource is constrained by a 0.002 raw troy ounce per bank cubic yard grade shell and a 0.004 raw troy ounce per bank cubic yard cutoff (840 fineness) at an assumed gold price of 1,600 $/tr oz, assumed mining cost of 4.50 $/bcy, assumed processing and administrative cost of 7.25 $/bcy, an assumed gold purity of 84%, and pit slopes of 45 degrees. These costs are preliminary estimates (prior to economic analysis).

⁽²⁾

Fine Gold - Gold that is 99.99% pure (referred to as 9999 fine).

Goldrich will decide if a preliminary feasibility study should also be prepared for the Chandalar Mine. A preliminary feasibility study would allow Goldrich to disclose any reserves of the Chandalar Mine. The Company is encouraged by the results of the IA as it helps establish the value of the placer deposit, shows a large geochemical anomaly indicative of a potential large hard-rock (lode) gold source, and may provide financing opportunities.

Looking forward, our ability to develop either hard-rock (lode) targets or placer deposits is subject to financing. The on-going development of the hard-rock gold targets, the recent change in SEC regulations which allow us to release the new information in the IA, and significant increases in the price of gold since 2019, and the settlement of the arbitration appear to have increased the availability of funds so we are hopeful to secure sufficient funds for a major exploration program and for reopening the placer mine.

Liquidity and Capital Resources

We are an exploration stage company and have incurred losses since our inception. We currently do not have sufficient cash to support the Company through 2023 and beyond. We anticipate that we will incur approximately $700,000 for general operating expenses and property maintenance, $275,000 for interest, and $630,000 for interest – related party, over the next 12 months, in addition to the current liabilities on the balance sheet at March 31, 2023 of $12,017,551. Additional funds will be needed for any exploration expenditures, should any be undertaken. We plan to raise the financing through a combination of debt and/or equity placements, sale of mining property interests, and revenue from placer operations.

On March 31, 2023, we signed a settlement agreement between the Company, NyacAU, LLC (“NyacAU”), Goldrich Placer, LLC (“GP”), Goldrich NyacAU Placer, LLC (“GNP”), Dr. J. Michael James, individually (“Dr. James”), and Bear Leasing, LLC (“Bear Leasing”) (each a “Party” and, collectively, the “Parties”).

Subject to Goldrich making a payment of $105,000 to NyacAU by April 30, 2023, which was made on April 27, 2023, the settlement agreement, among other things, resolved all outstanding arbitration issues, awards, and orders including mutual release of all outstanding issues before the Alaska superior court and all court-entered judgments. The agreement also terminated and superseded all prior agreements between all Parties except a security agreement between NyacAU and GNP to secure repayment of fifty percent (50%) of a funding mechanism known as Line of Credit 1 (LOC1), which was advanced by NyacAU to GNP. GNP was formally dissolved in 2019.

Even though the settlement agreement was consummated subsequent to the end of the 2022 year, the nature and magnitude of the event requires the financial effects to be reflected in the financial statement for the year ended December 31, 2022. As a result, the previous expense accruals of $638,193 made in 2021 and prior years were removed and the settlement amount of $105,000 was recorded, resulting in a gain on settlement of $533,193 at December 31, 2022.

Because the exercise of the option agreement is at the election of the Company, no financial effects of the option have been recognized at March 31, 2023. If the option agreement is exercised by April 2024, the $1,000,000 payment would be recorded for the purchase of equipment, Goldrich would become the named operator on the Chandalar placer mining permits, the $8,500,000 liability would be recognized and a reclamation liability would be recognized. While the GRE Revised and Amended Initial Assessment Report reflects ample resources to justify a mining activity at the Chandalar Mine, the option would only be exercised if we were able to secure financing sufficient to start up a mining operation or secure a mining partner to economically extract the gold in a mining operation.

The audit opinion and notes that accompany our consolidated financial statements for the year ended December 31, 2022, disclose a ‘going concern’ qualification to our ability to continue in business. The accompanying consolidated financial statements have been prepared under the assumption that we will continue as a going concern. We are an exploration stage company and we have incurred losses since our inception. We do not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and raising additional funds. We believe that the going concern condition cannot be removed with confidence until the Company has entered into a business climate where funding of its activities is more assured.

We currently have only a brief, recent history of a recurring source of revenue and in 2016 received our first cash distribution from the joint venture. If we profitably execute a production business plan, our ability to continue as a going concern may improve and become less dependent on our ability to raise capital to fund our future exploration and working capital requirements. Our plans for the long-term include the profitable exploitation of our mining properties and financing our future operations through sales of our common stock and/or debt. Additionally, the capital markets and general economic conditions in the United States are constantly changing and may present significant obstacles to raising the required funds. These factors raise substantial doubt about our ability to continue as a going concern.

During the three months ended March 31, 2023, we completed financings of $15,000 compared to $103,157 net cash for note financings and placements of our securities during the three months ended March 31, 2022. On November 1, 2019, the Company and lenders entered into the Amended and Restated Loan Security and Intercreditor Agreement (the “Agreement”). Under the Agreement, the borrower and holders entered into a Deed of Trust whereunder the Notes are secured by a security interest in all real property, claims, contracts, agreements, leases, permits and the like.

If we are unable to timely satisfy our obligations under these secured senior notes payable, the notes payable in gold, originally due November 2018 and subsequently amended to be on demand, and the interest on both the secured senior note due quarterly and the notes payable in gold, and we are not able to re-negotiate the terms of such agreements, the holders will have rights against us, including potentially seizing or selling our assets. The notes payable in gold are secured against our right to future distributions of gold extracted by our joint venture with NyacAU. At March 31, 2023, we had outstanding total notes payable in gold of $528,161, representing 266.788 ounces of fine gold due on demand. During the year ended December 31, 2019, the Company renegotiated terms with the holders. The Fourth Delayed Delivery Required Quantity shall be delivered to the Purchaser at the Delivery Point on the date that is sixty (60) days after the date that the Purchaser gives notice to the Company. To date, the gold notes have not been paid, the note holders have not demanded payment and have indicated willingness to work with the Company to extend the due date.

At March 31, 2023, the Company had outstanding Notes payable of $1,250,169 and outstanding Notes payable – related party of $4,211,769. The Notes payable and Notes payable – related party had matured on October 31, 2018. In November 2019, the Company and the holders of the notes amended the notes, and the notes are now due within 10 days of a demand notice of the holders. There has been no notice of default or demand issued by any holder.

We believe we will be able to secure sufficient financing for further operations and exploration activities of our Company, but we cannot give assurance we will be successful in attracting financing on terms acceptable to us, if at all. Additionally, anticipating continued placer production after dissolution of GNP, we look forward to internal cash flow and additional options for financing. A successful mining operation may provide the long-term financial strength for the Company to remove the going concern condition in future years. To increase its access to financial markets, Goldrich, which is currently on the OTC Expert Market, intends to requalify to be quoted on the OTCQB of the OTC Markets and intends to also seek a listing of its shares on a recognized stock exchange in Canada.

The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

Results of Operations

On March 31, 2023, we had total liabilities of $12,334,729 and total assets of $730,945. This compares to total liabilities of $11,976,360 and total assets of $761,924 on December 31, 2022. As of March 31, 2023, our liabilities consist of $277,178 for remediation and asset retirement obligations, $528,161 of notes payable in gold, $1,250,169 of notes payable, $4,211,769 of notes payable – related party, $1,584,653 of trade payables and accrued liabilities, $779,200 of accrued interest payable, $2,308,993 of accrued convertible interest payable – related party, $1,323,988 due to related parties, $40,000 of subscriptions payable and $30,618 for dividends payable. Of these liabilities, $12,017,551 is due within 12 months. The increase in liabilities compared to December 31, 2022 is due to an increase in trade and related party payables, an increase in interest payable and convertible interest payable – related party, an increase in notes payable – related party and an increase in the notes payable in gold. Total assets and its components did not experience significant changes, with the exception of a decrease in cash and a decrease in prepaid expenses during the quarter ended March 31, 2023.

On March 31, 2023, we had negative working capital of $11,938,034 and a stockholders’ deficit of $11,603,784 compared to negative working capital of $11,520,440 and stockholders’ deficit of $11,214,436 for the year ended December 31, 2022. Working capital decreased during the quarter ended March 31, 2023 due to the accruals of accounts and trade payables that exceeded cash proceeds from Notes payable and Notes payable – related party, and the reduction of prepaid expenses. Stockholders’ equity decreased due to an operating loss for the period ended March 31, 2023.

During the three months ended March 31, 2023, the Company reported total operating expense of $161,695, compared to $202,357 for the three months ended March 31, 2022. With the exception of arbitration expenses and mineral property maintenance, all expenses are lower year over year. Total other (income) expense for the three months ended March 31, 2023 was $257,653 compared to $262,434 for the same period of 2022, mainly due to a decrease in interest expense and $5,787 in miscellaneous income during the three months ended March 31, 2023.

During the three months ended March 31, 2023, we used cash from operating activities of $15,103 compared to $104,037 for the period ended March 31, 2022. Net losses were slightly lower year over year mainly due to a decrease in mine prep costs, management fees and salaries, professional services, general and administrative expenses, office supplies, directors’ fees, and interest expense. Net losses were $419,348 and $464,791 for the three months ended March 31, 2023 and 2022, respectively.

During the three months ended March 31, 2023 and 2022 respectively, we used no cash in investing activities.

During the three months ended March 31, 2023, cash of $15,000 was provided by financing activities, compared to $103,157 provided during the same period of 2022.

Private Placement Offerings

During the year ended December 31, 2022, the Company raised $30,000 from investors for a private placement of common stock at a price of $0.01 per share, and is included in stock subscription payable at December 31, 2022. During the three months ended March 31, 2023, stock subscription payable was reduced by $30,000 and the Company issued 3,000,000 shares of common stock. No private placement offerings occurred during the three months ended March 31, 2023.

Notes Payable in Gold, Notes Payable & Notes Payable – Related Party

At March 31, 2023, we owed $528,161 for Notes payable in Gold, $1,250,169 for Notes payable and $4,211,769 for Notes payable – related party. Interest payable on these borrowings totaled $3,088,193. These borrowings have matured beyond their original due dates and have been amended to be due upon demand.

Effective November 1, 2019, we entered into an Amended and Restated Loan, Security, and Intercreditor Agreement (the “Amended Agreement”) and effective August 25, 2021, we entered into First Amendment to the Amended and Restated Loan, Security, and Intercreditor Agreement dated November 1, 2019 (“First Amendment”) with Nicholas Gallagher, a related party and member of our Board of Directors, in his capacity as agent for and on behalf of the holders of the Notes payable.

As a result of the borrowings under the Notes payable in gold, Notes payable and Notes payable – related party (collectively, the “Notes”), we are faced with a significant hurdle in financing the Company going forward, whether to conduct exploration programs or initiate a mining program at the Chandalar mine. Our near-term cash requirements are greater than the assets we have available to satisfy them, and the holders of the Notes could choose to exercise their rights to demand payment, which would result in a default situation relative to the Notes. Mr. Gallagher is secured in his lending to the Company by means of the Amended Agreement, and if he were to demand payment, the Company would not be able to pay him the amounts due and he would be entitled to sell the assets secured under his deed of trust in order to pay his debt. We believe these holders to be friendly to the Company and that they will refrain from demanding payment, but the Company cannot control the potential demands nor the consequences that would be extracted as a result of default on the Notes.

Subsequent Events

Subsequent to March 31, 2023, the Company received $162,667 cash as a result of exercise of Class R warrants at an exercise price of $0.024 per common share. Ownership of these warrants had been in the hands of a related party and were sold by him personally to unrelated parties. The unrelated parties then exercised the warrants for cash, resulting in the issuance of 6,777,778 common shares.

Subsequent to March 31, 2023, the Company received cash of $12,500 of additional notes payable – related party from Mr. Nicholas Gallagher, and $122,000 of additional notes payable from unrelated parties.

Mining Permit and Future Mining Activities

The recent upward movements in the price of gold to a range of $1,800 to $2,000 per ounce or higher during the past few years have created renewed interest in gold mining, gold exploration and investments in companies engaging in those activities, including the junior mining/exploration sector in which we participate. Additionally, the fact that we own a mine that has produced over 44,000 ounces in recent years along an annual increasing trend has caught the interest of placer mining companies and investors who support placer mining operations. We believe we have the fundamentals to raise capital and continue our primary strategy of exploration and secondarily placer mining.

If we can attract sufficient financing to reinstate the placer mining operation, we may have a viable and productive path forward toward obtaining financing in the short-term to achieve long-term profitability. To effectively pursue this strategy, we have negotiated the option agreement described above to provide for facilities, equipment and mining permit to commence work, while taking on the reclamation liability for the Chandalar placer mine. While the GRE Revised and Amended Initial Assessment Report reflects ample resources to justify a mining activity at the Chandalar placer mine, the option would only be exercised if we were able to secure financing sufficient to start up a mining operation or secure a mining partner to economically extract the gold in a mining operation.

We do believe there are investors motivated to provide funding for exploration programs to locate and exploit the hard rock deposits from which the placer mineralization is coming from. This strategy can be pursued independent of any mining activities.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Inflation

We do not believe that inflation has had a significant impact on our condensed consolidated results of operations or financial condition.

Contractual Obligations

See Subsequent Events above.

Critical Accounting Policies

We have identified our critical accounting policies, the application of which may materially affect the financial statements, either because of the significance of the financials statement item to which they relate, or because they require management’s judgment in making estimates and assumptions in measuring, at a specific point in time, events which will be settled in the future. The critical accounting policies, judgments and estimates which management believes have the most significant effect on the financial statements are set forth below:

●

Estimates of the recoverability of the carrying value of our mining and mineral property assets. We use publicly available pricing or valuation estimates of comparable property and equipment to assess the carrying value of our mining and mineral property assets. However, if future results vary materially from the assumptions and estimates used by us, we may be required to recognize an impairment in the assets’ carrying value.

●

Estimates of our environmental liabilities. Our potential obligations in environmental remediation, asset retirement obligations or reclamation activities are considered critical due to the assumptions and estimates inherent in accruals of such liabilities, including uncertainties relating to specific reclamation and remediation methods and costs, the application and changing of environmental laws, regulations and interpretations by regulatory authorities.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

At the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out under the supervision of, and with the participation of, our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were not effective due to the size of our staff and the resulting inability to segregate duties; however, material information required to be disclosed by the Company in reports that it files or submits to the SEC under the Exchange Act, is recorded, processed, summarized and reported within the time period specified in applicable rules and forms.

Changes in internal controls over financial reporting

During the quarter ended March 31, 2023, there have been no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

In 2018, we filed a claim before an Arbitration panel consisting of 3 independent arbitrators against our joint venture partner to obtain relief from certain accounting practices employed by the manager of the joint venture. In response to our filing, the managing partner, NyacAU LLC, filed an Arbitration Counter Claim against us, naming the officers and directors of the Company as they were constituted in 2012, at the time the JV’s Operating Agreement was signed by the respective partners. On March 31, 2023, the Company signed a settlement agreement between the Company, NyacAU, LLC (“NyacAU”), Goldrich Placer, LLC (“GP”), Goldrich NyacAU Placer, LLC (“GNP”), Dr. J. Michael James, individually (“Dr. James”), and Bear Leasing, LLC (“Bear Leasing”) (each a “Party” and, collectively, the “Parties”).

Goldrich made a payment of $105,000 to NyacAU by April 30, 2023, and the settlement agreement, among other things, resolved all outstanding arbitration issues, awards, and orders including mutual release of all outstanding issues before the Alaska superior court and all court-entered judgments. The agreement also terminates and supersedes all prior agreements between all Parties except a security agreement between NyacAU and GNP to secure repayment of fifty percent (50%) of a funding mechanism known as Line of Credit 1 (LOC1), which was advanced by NyacAU to GNP. GNP was formally dissolved in 2019.

Item 1A. Risk Factors

There have been no changes to our risk factors as reported in our annual report on Form 10-K for the year ended December 31, 2022.

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

See full disclosure in section entitled “Sale of Unregistered Securities” above, which is incorporated by reference to this Item 2.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosure

Our exploration properties are subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (The “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities.

During the quarter ended March 31, 2023, we had no such specified health and safety violations, orders or citations, related assessments or legal actions, mining-related fatalities, or similar events in relation to our United States operations requiring disclosure pursuant to Section 1503(a) of the Dodd-Frank Act.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit No.		Document
31.1		Certification of the Chief Executive Officer pursuant to Rule 13a-14 of the Exchange Act
31.2		Certification of the Chief Financial Officer pursuant to Rule 13a-14 of the Exchange Act
32.1		Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

In accordance with Section 12 of the Securities Exchange Act of 1934, the Registrant has caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: September 22, 2023

	GOLDRICH MINING COMPANY

	By	/s/ William Schara
	William Schara, Chief Executive Officer and President

In accordance with Section 12 of the Securities Exchange Act of 1934, the Registrant has caused Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: September 22, 2023

	GOLDRICH MINING COMPANY

	By	/s/ Ted R. Sharp
	Ted R. Sharp, Chief Financial Officer

Exhibit 31.1

CERTIFICATION

I, William Schara, certify that:

I have reviewed this quarterly report on Form 10-Q of Goldrich Mining Company;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects, the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 22, 2023

By:	/s/ William Schara
	William Schara, Chief Executive Officer, President and Principal Executive Officer

A signed original of this written statement has been provided to the registrant and will be retained by the registrant to be furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 31.2

CERTIFICATION

I, Ted R. Sharp, certify that:

I have reviewed this quarterly report on Form 10-Q of Goldrich Mining Company;

(a)

(b)

(c)

(d)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 22, 2023

By:	/s/ Ted R. Sharp
	Ted R. Sharp, Chief Financial Officer, Principal Financial Officer

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Goldrich Mining Company, (the “Company”) on Form 10-Q for the period ending March 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, William Schara, Chief Executive Officer, President and Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Goldrich Mining Company.

/s/ William Schara	DATE: September 22, 2023
William Schara, Chief Executive Officer and President

A signed original of this written statement required by Section 906 has been provided to Goldrich Mining Company and will be retained by Goldrich Mining Company to be furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Goldrich Mining Company, (the “Company”) on Form 10-Q for the period ending March 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ted R. Sharp, Chief Financial Officer and Principal Financial Officer of the Company, certify, pursuant to 81 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Goldrich Mining Company.

/s/ Ted R. Sharp	DATE: September 22, 2023
Ted R. Sharp, Chief Financial Officer

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Sep. 22, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-06412
Entity Registrant Name	GOLDRICH MINING COMPANY
Entity Central Index Key	0000059860
Entity Tax Identification Number	91-0742812
Entity Incorporation, State or Country Code	AK
Entity Address, Address Line One	2525 E. 29th
Entity Address, Address Line Two	Ave. Ste. 10B-160
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99223
City Area Code	(509)
Local Phone Number	535-7367
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		196,559,523

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,866	$ 3,969
Prepaid expenses	75,651	106,527
Total current assets	79,517	110,496
Mineral interests:
Mineral interests	626,428	626,428
Total mineral interests	626,428	626,428
Other assets:
Investment in CGL LLC	25,000	25,000
Total other assets	25,000	25,000
Total assets	730,945	761,924
Current liabilities:
Accounts payable and accrued liabilities	1,584,653	1,534,863
Interest payable	779,200	720,111
Convertible interest payable – related party	2,308,993	2,151,466
Related party payable	1,323,988	1,264,216
Notes payable	1,250,169	1,250,169
Notes payable – related party	4,211,769	4,195,979
Notes payable in gold	528,161	483,514
Dividends payable on preferred stock	30,618	30,618
Total current liabilities	12,017,551	11,630,936
Long-term liabilities:
Subscription payable	40,000	70,000
Remediation and asset retirement obligation	277,178	275,424
Total long-term liabilities	317,178	345,424
Total liabilities	12,334,729	11,976,360
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference
Common stock; $0.10 par value, 750,000,000 shares authorized; 188,448,412 and 185,448,412 issued and outstanding, respectively	18,844,841	18,544,841
Additional paid-in capital	10,177,652	10,447,652
Accumulated deficit	(40,897,452)	(40,478,104)
Total stockholders’ deficit	(11,603,784)	(11,214,436)
Total liabilities and stockholders’ deficit	730,945	761,924
Series A Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference	150,000	150,000
Series B Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference	57,758	57,758
Series C Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference	52,588	52,588
Series D Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference
Series E Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference	10,829	10,829
Series F Preferred Stock [Member]
Stockholders’ deficit:
Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	8,998,700	8,998,700
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value	$ 0.10	$ 0.10
Common Stock, Shares Authorized	750,000,000	750,000,000
Common Stock, Shares, Issued	188,448,412	185,448,412
Common Stock, Shares, Outstanding	188,448,412	185,448,412
Series A Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	475,000	475,000
Preferred Stock, Shares Outstanding	150,000	150,000
Preferred Stock, Liquidation Preference, Value	$ 300,000	$ 300,000
Series B Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	300	300
Preferred Stock, Shares Issued	200	200
Preferred Stock, Shares Outstanding	200	200
Preferred Stock, Liquidation Preference, Value	$ 200,000	$ 200,000
Series C Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	250	250
Preferred Stock, Shares Issued	250	250
Preferred Stock, Shares Outstanding	250	250
Preferred Stock, Liquidation Preference, Value	$ 250,000	$ 250,000
Series D Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	150	150
Preferred Stock, Shares Issued	90	90
Preferred Stock, Shares Outstanding	90	90
Preferred Stock, Liquidation Preference, Value	$ 90,000	$ 90,000
Series E Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	300	300
Preferred Stock, Shares Issued	300	300
Preferred Stock, Shares Outstanding	300	300
Preferred Stock, Liquidation Preference, Value	$ 300,000	$ 300,000
Series F Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	300	300
Preferred Stock, Shares Issued	153	153
Preferred Stock, Shares Outstanding	153	153
Preferred Stock, Liquidation Preference, Value	$ 50,000	$ 50,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Mine preparation costs	$ 3,263	$ 8,830
Management fees and salaries	47,700	51,525
Professional services	10,088	38,211
General and administration	48,536	52,360
Office supplies and other	1,366	8,570
Directors’ fees		3,600
Mineral property maintenance	31,486	31,486
Arbitration and settlement costs (Note 3)	19,256	7,775
Total operating expenses	161,695	202,357
Other (income) expense:
Miscellaneous income	(5,787)
Change in fair value of notes payable in gold	44,647	36,363
Interest expense and finance costs – related party	157,527	152,408
Interest expense and finance costs	61,266	73,663
Total other (income) expense	257,653	262,434
Net loss	419,348	464,791
Preferred dividends	1,875	1,875
Net loss available to common stockholders	$ 421,223	$ 466,666
[custom:EarningsPerShareBasicAndDiluted1]	$ 0	$ 0
Weighted average common shares outstanding – basic and diluted	186,615,079	181,423,786

Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 271,175	$ 17,978,760	$ 10,880,576	$ (39,422,474)	$ (10,291,963)
Beginning Balance, Shares at Dec. 31, 2021	151,053	179,787,595
Common shares issued for subscription payable
Net Loss				(464,791)	(464,791)
Warrants Exercised		$ 266,081	(162,924)		103,157
Warrants exercised, Shares		2,660,817
Ending balance, value at Mar. 31, 2022	$ 271,175	$ 18,244,841	10,717,652	(39,887,265)	(10,653,597)
Ending Balance, Shares at Mar. 31, 2022	151,053	182,448,412
Beginning balance, value at Dec. 31, 2022	$ 271,175	$ 18,544,841	10,447,652	(40,478,104)	(11,214,436)
Beginning Balance, Shares at Dec. 31, 2022	150,993	185,448,412
Common shares issued for subscription payable		$ 300,000	(270,000)		30,000
Common shares issued for subscription payable, Shares		3,000,000
Net Loss				(419,348)	(419,348)
Ending balance, value at Mar. 31, 2023	$ 271,175	$ 18,844,841	$ 10,177,652	$ (40,897,452)	$ (11,603,784)
Ending Balance, Shares at Mar. 31, 2023	150,993	188,448,412

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (419,348)	$ (464,791)
Adjustments to reconcile net loss to net cash used in operating activities:
Finance costs	790
Change in fair value of notes payable in gold	44,647	36,363
Accretion of asset retirement obligation	1,754	1,686
Change in:
Prepaid expenses	30,876	13,377
Accounts payable and accrued liabilities	49,790	36,779
Interest payable	59,089	57,719
Interest payable – related party	157,527	152,408
Related party payable	59,772	62,422
Net cash used - operating activities	(15,103)	(104,037)
Cash flows from financing activities:
Proceeds from warrant exercises, net		103,157
Proceeds from notes payable and warrants – related party, net	15,000
Net cash provided - financing activities	15,000	103,157
Net decrease in cash and cash equivalents	(103)	(880)
Cash and cash equivalents, beginning of period	3,969	3,762
Cash and cash equivalents, end of period	3,866	2,882
Non-cash investing and financing activities:
Common shares issued for subscription payable	$ 30,000

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION

For further information refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Going Concern

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Earnings (Loss) Per Share

We are authorized to issue 750,000,000 shares of common stock, $0.10 par value per share. At March 31, 2023, there were 188,448,412 shares of our common stock issued and outstanding.

Schedule of Anti-Dilutive Stock Common Stock Equivalent

	March 31, 2023		March 31, 2022
Stock options		1,025,000		1,050,000
Warrants		18,114,446		19,667,077
Convertible Preferred Stock		30,190,475		32,190,475
Convertible interest payable		153,932,841		112,240,467
Total		203,262,762		165,148,019

Fair Value Measurements

During 2023 and 2022, the Company determined fair value on a recurring basis and non-recurring basis as follows:

	Balance March 31, 2023		Balance December 31, 2022		Fair Value Hierarchy level
Liabilities
Recurring: Notes payable in gold (Note 7)	$	528,161	$	483,514		2

JOINT VENTURE

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

JOINT VENTURE

JOINT VENTURE

Arbitration

Settlement Agreement

Option Agreement

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Schedule of Related Party Transactions

CEO	Three Months ended 3/31/23		Year ended 12/31/22
Balance at beginning of period	$	994,017	$	793,720
Deferred salary		45,000		180,000
Deferred expenses		3,899		20,297
Payments		-		-
Ending Balance	$	1,042,916	$	994,017

CFO
Balance at beginning of period	$	104,844	$	91,981
Deferred fees		2,700		12,863
Payments		-		-
Ending Balance	$	107,544	$	104,844

Board fees payable and expenses payable ^{(1, 2, 3)}		173,528		165,355
Total Related party payables	$	1,323,988	$	1,264,216

At March 31, 2023 and December 31, 2022, the Company owed $1,302, respectively, to Mr. William Orchow, a director and related party for arbitration related expenses.

No Board meetings were held during the three months ended March 31, 2023.

NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY

NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY

Inter-Creditor Agreement

The borrower and holder entered into a Deed of Trust where under the notes are secured by a security interest in all real property, claims, contracts, agreements, leases, permits and the like.

The Company confirmed that the written Guaranty extends to the repayment of additional loans made by the holders.

The Company confirmed that repayment of additional loans will be and remain secured by the Deed of Trust.

NOTES PAYABLE IN GOLD

3 Months Ended

Mar. 31, 2023

Notes Payable In Gold

NOTES PAYABLE IN GOLD

NOTES PAYABLE IN GOLD

STOCKHOLDERS’ DEFICIT

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

STOCKHOLDERS’ DEFICIT

STOCKHOLDERS’ DEFICIT

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

The Company has entered into a consulting contract for $46,500 for which the services have not yet been received.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Earnings (Loss) Per Share

We are authorized to issue 750,000,000 shares of common stock, $0.10 par value per share. At March 31, 2023, there were 188,448,412 shares of our common stock issued and outstanding.

Schedule of Anti-Dilutive Stock Common Stock Equivalent

	March 31, 2023		March 31, 2022
Stock options		1,025,000		1,050,000
Warrants		18,114,446		19,667,077
Convertible Preferred Stock		30,190,475		32,190,475
Convertible interest payable		153,932,841		112,240,467
Total		203,262,762		165,148,019

Fair Value Measurements

During 2023 and 2022, the Company determined fair value on a recurring basis and non-recurring basis as follows:

	Balance March 31, 2023		Balance December 31, 2022		Fair Value Hierarchy level
Liabilities
Recurring: Notes payable in gold (Note 7)	$	528,161	$	483,514		2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Anti-Dilutive Stock Common Stock Equivalent

	March 31, 2023		March 31, 2022
Stock options		1,025,000		1,050,000
Warrants		18,114,446		19,667,077
Convertible Preferred Stock		30,190,475		32,190,475
Convertible interest payable		153,932,841		112,240,467
Total		203,262,762		165,148,019

Schedule of Fair Value On Recurring and Non-Recurring Basis

During 2023 and 2022, the Company determined fair value on a recurring basis and non-recurring basis as follows:

	Balance March 31, 2023		Balance December 31, 2022		Fair Value Hierarchy level
Liabilities
Recurring: Notes payable in gold (Note 7)	$	528,161	$	483,514		2

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Related Party Transactions

CEO	Three Months ended 3/31/23		Year ended 12/31/22
Balance at beginning of period	$	994,017	$	793,720
Deferred salary		45,000		180,000
Deferred expenses		3,899		20,297
Payments		-		-
Ending Balance	$	1,042,916	$	994,017

CFO
Balance at beginning of period	$	104,844	$	91,981
Deferred fees		2,700		12,863
Payments		-		-
Ending Balance	$	107,544	$	104,844

Board fees payable and expenses payable ^{(1, 2, 3)}		173,528		165,355
Total Related party payables	$	1,323,988	$	1,264,216

BASIS OF PRESENTATION (Details Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working Capital Deficit	$ 11,938,034
Retained Earnings (Accumulated Deficit)	$ 40,897,452	$ 40,478,104

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Offsetting Assets [Line Items]
Total	203,262,762	165,148,019
Warrant [Member]
Offsetting Assets [Line Items]
Total	18,114,446	19,667,077
Convertible Preferred Stock [Member]
Offsetting Assets [Line Items]
Total	30,190,475	32,190,475
Equity Option [Member]
Offsetting Assets [Line Items]
Total	1,025,000	1,050,000
Convertible Interest Payable [Member]
Offsetting Assets [Line Items]
Total	153,932,841	112,240,467

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring: Notes payable in gold (Note 7)	$ 528,161	$ 483,514
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring: Notes payable in gold (Note 7)	$ 528,161	$ 483,514

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Common Stock, Shares Authorized	750,000,000	750,000,000
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Common Stock, Shares, Issued	188,448,412	185,448,412
Common Stock, Shares, Outstanding	188,448,412	185,448,412

RELATED PARTY TRANSACTIONS (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]

Balance at beginning of period

$ 1,264,216

Total Related party payables

1,323,988

$ 1,264,216

Board fees payable and expenses payable

^[1],[2],[3]

173,528

165,355

Chief Executive Officer [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]

Balance at beginning of period

994,017

793,720

Deferred salary

45,000

180,000

Deferred fees

3,899

20,297

Payments

Total Related party payables

1,042,916

994,017

Chief Financial Officer [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]

Balance at beginning of period

104,844

91,981

Deferred fees

2,700

12,863

Payments

Total Related party payables

$ 107,544

$ 104,844

[1]	At March 31, 2023 and December 31, 2022, the Company owed $1,302, respectively, to Mr. William Orchow, a director and related party for arbitration related expenses.
[2]	At March 31, 2023 and December 31, 2022, the Company owed Mr. Nicholas Gallagher, a director and related party $35,126 and $26,953, respectively, for legal expenses related to the notes payable and notes payable – related party.
[3]	No Board meetings were held during the three months ended March 31, 2023.

NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Notes Payable	$ 1,250,169		$ 1,250,169
Notes payable - related party	4,211,769		$ 4,195,979
Finder Fees	204,408	$ 193,224
Increase (Decrease) in Due to Related Parties	157,527	$ 152,408
Nicholas Gallagher
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Proceeds from Related Party Debt	$ 15,000

NOTES PAYABLE IN GOLD (Details Narrative) - USD ($)	3 Months Ended
NOTES PAYABLE IN GOLD (Details Narrative) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Short-Term Debt [Line Items]
[custom:NotesPayableInGold-0]	$ 528,161		$ 483,514
[custom:ChangeInFairValueOfNotesPayableInGold]	44,647	$ 36,363
Interest Payable, Current	779,200		720,111
Notes Payable In Gold [Member]
Short-Term Debt [Line Items]
Interest Expense	12,208	$ 10,981
Interest Payable, Current	$ 151,847		$ 139,639