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 September 30, 2022
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	~~OTCQB~~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 ~~November~~September 2122, ~~2022~~2023: ~~185~~196,~~448~~559,~~412~~523

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		4
Item 1.	Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition or Plan of Operation	19
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	33
Item 4.	Controls and Procedures	33
PART II – OTHER INFORMATION		34
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3.	Defaults upon Senior Securities	34
Item 4.	Mine Safety Disclosure	34
Item 5.	Other Information	34
Item 6.	Exhibits	35

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

COVID-19

In March 2020, COVID-19 was declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention. Its rapid spread around the world and throughout the United States prompted many countries, including the United States, to institute restrictions on travel, public gatherings and certain business operations. These restrictions significantly disrupted economic activity in Goldrich’s business, as manifested in:

● the inability of Company management, geologic professionals and contractors to travel to the Company’s Alaska property to engage in any meaningful field work,

● restrictions placed on face-to-face meetings with staff, members of the Board of Directors and other direct stakeholders to smoothly conduct Company business, and

● a general slowdown in capital markets and investor activities in the Company’s industry as it conducted ongoing, and subdued capital-raising activities,

As of September 30, 2022, there was no disruption or impact to the Company’s financial statements. Since December 31, 2019, due to the arbitration proceedings (as described herein) and limited cash availability, the Company has been largely inactive at its Chandalar property. However, if the severity of the economic disruptions increase as the duration of the COVID-19 pandemic continues beyond the Company’s current inactive period, the negative financial impact due to limitation in conducting geologic field work and exploration activities could be significantly greater in future periods.

As of September 30, 2022, Goldrich’s available capital was approximately $2,200 and as of November 21, 2022 its available capital was approximately $2,600. Management believes the Company will need additional capital resources under new or existing credit facilities and operating agreements. To the extent that future access to the capital markets or the cost of funding is adversely affected by COVID-19, the Company may need to consider alternative sources of funding for operations and working capital, which may adversely impact future results of operations, financial condition, and cash flows.

The Company is taking steps to mitigate the potential risks to suppliers and employees posed by the spread of COVID-19. The Company has implemented work from home policies where appropriate. The Company will continue to monitor developments affecting both their workforce and contractors, and will take additional precautions that management determines are necessary in order to mitigate the impacts. There has been no material adverse impact to the Company’s business operations due to remote work. Despite efforts to manage these impacts to the Company, the ultimate impact of COVID-19 also depends on factors beyond management’s knowledge or control, including the duration and severity of this outbreak as well as third-party actions taken to contain its spread and mitigate its public health effects. Therefore, management cannot estimate the potential future impact to financial position, results of operations and cash flows, but the impacts could be material.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Goldrich Mining Company

Condensed Consolidated Balance Sheets (Unaudited)

	September 30,			December 31,
	March 31,			December 31,
	2022			2021
	2023			2022
ASSETS
Current assets:
Cash and cash equivalents	$	23,~~188~~866		$	3,~~762~~969
Prepaid expenses		4275,~~512~~651			~~107~~106,~~883~~527
Total current assets		4479,~~700~~517			~~111~~110,~~645~~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	$	~~696~~730,~~128~~945		$	~~763~~761,~~073~~924
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities	$	1,~~921~~584,~~742~~653		$	1,~~857~~534,~~927~~863
Interest payable		~~849~~779,~~357~~200			~~674~~720,~~800~~111
Interest payable – related party		1,994,013			1,531,199
Convertible interest payable – related party		2,308,993			2,151,466
Related party payable		1,~~179~~323,~~061~~988			1,~~017~~264,~~403~~216
Notes payable		1,~~088~~250,~~421~~169			1,~~088~~250,~~421~~169
Notes payable – related party		4,~~152~~211,~~611~~769			4,~~064~~195,~~211~~979
Notes payable in gold		~~446~~528,~~003~~161			~~481~~483,~~780~~514
Dividends payable on preferred stock		30,618			30,618
Total current liabilities		1112,~~661~~017,~~826~~551			1011,~~746~~630,~~359~~936
Long-term liabilities:
Subscription payable		7040,000			4070,000
Remediation and asset retirement obligation		~~273~~277,~~737~~178			~~268~~275,~~677~~424
Total long-term liabilities		~~343~~317,~~737~~178			~~308~~345,~~677~~424
Total liabilities		12,~~005~~334,~~563~~729			11,~~055~~976,~~036~~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; 150,000 shares issued and outstanding, respectively, $300,000 liquidation preferences		150,000			150,000
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, 90 and 150 shares authorized, issued and outstanding, respectively, $90,000 and $150,000 liquidation preference, respectively		-			-
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 and 153 shares issued and outstanding, $50,000 liquidation preference		-			-
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; 185,448,412 and 179,787,595 issued and outstanding, respectively		18,544,841			17,978,760
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,~~447~~177,652			10,~~880~~447,~~576~~652
Accumulated deficit		(40,~~573~~897,~~103~~452	)		(3940,~~422~~478,~~474~~104	)
Total stockholders’ deficit		(11,~~309~~603,~~435~~784	)		(1011,~~291~~214,~~963~~436	)
Total liabilities and stockholders’ deficit	$	~~696~~730,~~128~~945		$	~~763~~761,~~073~~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						~~Nine Months Ended~~
	September 30,						September 30
	March 31,
	2022			2021			2022			2021
	2023			2022
Operating expenses:
Mine preparation costs	$	113,~~216~~263		$	98,~~108~~830		$	~~25,443~~		$	~~40,805~~
Exploration expense		-			-			-			8,012
Management fees and salaries		47,700			51,525
Management fees and salaries		46,388			48,525			143,813			158,281
Professional services		10,088			38,211
Professional services		244			12,209			61,185			92,706
General and administration		48,536			52,360
General and administration		48,090			70,117			152,186			284,417
Office supplies and other		1,366			8,570
Office supplies and other		5,992			5,788			21,891			17,924
Directors’ fees		-			3,600
Directors’ fees		2,500			2,400			6,100			18,700
Mineral property maintenance		31,486			31,486
Mineral property maintenance		31,942			20,991			94,915			83,963
Arbitration and settlement costs (Note 3)		19,256			7,775
Arbitration costs (Note 3)		2,143			9,998			19,221			74,731
Total operating expenses		161,695			202,357
Total operating expenses		148,515			179,136			524,754			779,539
Other (income) expense:
Other (income) expense:
Miscellaneous income		(5,787	)		-
Change in fair value of notes payable in gold		~~(38~~44,~~751~~647	)		(536,~~429~~363	)		~~(35,777~~	)		~~(38,631~~	)
Interest expense and finance costs – related party		~~155~~157,~~627~~527			~~183~~152,~~175~~408			~~462,814~~			~~541,864~~
Interest expense and finance costs		6361,~~059~~266			3173,~~137~~663			~~198,838~~			~~71,554~~
Gain on forgiveness of CARES Act PPP loan		-			-			-			(51,135	)
Total other (income) expense		257,653			262,434
Total other (income) expense		179,935			208,883			625,875			523,652
Net loss		419,348			464,791
Net loss		328,450			388,019			1,150,629			1,303,191
Preferred dividends		1,875			1,875
Preferred dividends		1,917			1,917			5,688			5,688
Net loss available to common stockholders	$	421,223		$	466,666
Net loss available to common stockholders	$	330,367		$	389,936		$	1,156,316		$	1,308,879
Net loss per common share – basic and diluted	$	(nil)		$	(nil)
Net loss per common share – basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.01	)
Weighted average common shares outstanding – basic and diluted		186,615,079			181,423,786
Weighted average common shares outstanding – basic and diluted		177,479,791			175,427,662			183,667,400			172,282,832

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) ~~For~~2023 ~~the~~Stockholders’ ~~Three and Nine Months Ended September 30, 2022 and 2021~~Deficit

	Common Stock				Preferred Stock					Additional
	Preferred Stock				Common Stock					Additional
	Shares		Par Value		Shares			No Par Value		Paid-in Capital			Accumulated Deficit			Total
Balance, December 31, 2021		179,787,595	$	17,978,760		151,053		$	271,175	$	10,880,576		$	(39,422,474	)	$	(10,291,963	)
Balance, December 31, 2022		150,993	$	271,175		185,448,412		$	18,544,841	$	10,447,652		$	(40,478,104	)	$	(11,214,436	)
Warrants exercised		2,660,817		266,081		-			-		(162,924	)		-			103,157
Common shares issued for subscription payable		-		-		3,000,000			300,000		(270,000	)		-			30,000
Net Loss		-		-		-			-		-			(~~464~~419,~~791~~348	)		(~~464~~419,~~791~~348	)
Balance, March 31, 2022		182,448,412	$	18,244,841		151,053		$	271,175	$	10,717,652		$	(39,887,265	)	$	(10,653,597	)
Balance, March 31, 2023		150,993	$	271,175		188,448,412		$	18,844,841	$	10,177,652		$	(40,897,452	)	$	(11,603,784	)
Preferred D conversion to common stock		2,000,000		200,000		(60	)		-		(200,000	)		-			-
2022 Stockholders’ Deficit
Warrants exercised		1,000,000		100,000		-			-		(70,000	)		-			30,000
	Preferred Stock				Common Stock					Additional
Net Loss		-		-		-			-		-			(357,388	)		(357,388	)
Balance, June 30, 2022		185,448,412	$	18,544,841		150,993		$	271,175	$	10,447,652		$	(40,244,653	)	$	(10,980,985	)
Net Loss		-		-		-			-		-			(328,450	)		(328,450	)
Balance, September 30, 2022		185,448,412	$	18,544,841		150,993		$	271,175	$	10,447,652		$	(40,573,103	)	$	(11,309,435	)
	Common Stock				Preferred Stock					Additional
	Shares		Par Value		Shares			No Par Value		Paid-in Capital			Accumulated Deficit			Total
Balance, December 31, 2020		167,926,376	$	16,792,637		151,053		$	271,175	$	11,715,072		$	(37,663,315	)	$	(8,884,431	)
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		4,333,333		433,333		-			-		(303,333	)		-			130,000
Warrants Exercised		-		-		2,660,817			266,081		(162,924	)		-			103,157
Net Loss		-		-		-			-		-			(~~480~~464,~~588~~791	)		(~~480~~464,~~588~~791	)
Balance, March 31, 2021		172,259,709	$	17,225,970		151,053		$	271,175	$	11,411,739		$	(38,143,903	)	$	(9,235,019	)
Balance, March 31, 2022		151,053	$	271,175		182,448,412		$	18,244,841	$	10,717,652		$	(39,887,265	)	$	(10,653,597	)
Shares issued for accrued interest		280,752		28,076		-			-		(23,864	)		-			4,212
Net Loss		-		-		-			-		-			(434,584	)		(434,584	)
Balance, June 30, 2021		172,540,461	$	17,254,046		151,053		$	271,175	$	11,387,875		$	(38,578,487	)	$	(9,665,391	)
Warrants exercised		3,124,970		312,497		-			-		(218,748	)		-			93,749
Net Loss		-		-		-			-		-			(388,019	)		(388,019	)
Balance, September 30, 2021		175,665,431	$	17,566,543		151,053		$	271,175	$	11,169,127		$	(38,966,506	)	$	(9,959,661	)

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

Goldrich Mining Company

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended
	Three Months Ended
	September 30,
	March 31,
	2022			2021
	2023			2022
Cash flows from operating activities:
Net loss	$	(1419,~~150,629~~348	)	$	(1464,~~303,191~~791	)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of notes payable in gold		(35,777	)		(38,631	)
Finance costs		790			-
Accretion of asset retirement obligation		5,060			4,866
Change in fair value of notes payable in gold		44,647			36,363
Gain on forgiveness of CARES Act PPP loan		-			(51,135	)
Accretion of asset retirement obligation		1,754			1,686
Amortization of discount on notes payable – related party		4,420			14,657
Change in:
Prepaid expenses		6530,~~371~~876			3913,~~435~~377
Accounts payable and accrued liabilities		6349,~~815~~790			(336,~~928~~779	)
Interest payable		~~174~~59,~~557~~089			~~169~~57,~~250~~719
Interest payable – related party		~~462~~157,~~814~~527			~~421~~152,~~982~~408
Related party payable		~~161~~59,~~658~~772			~~193~~62,~~221~~422
Net cash used - operating activities		(~~248~~15,~~711~~103	)		(~~553~~104,~~474~~037	)
Cash flows from financing activities:
Proceeds from warrant exercises		133,157			223,749
Proceeds from warrant exercises, net		-			103,157
Proceeds on subscription payable		30,000			49,700
Proceeds from notes payable and warrants – related party, net		15,000			-
Proceeds from notes payable		-			25,000
Net cash provided - financing activities		15,000			103,157
Proceeds from notes payable– related party		83,980			253,500
Net decrease in cash and cash equivalents		(103	)		(880	)
Net cash provided - financing activities		247,137			551,949
Cash and cash equivalents, beginning of period		3,969			3,762
Net change in cash and cash equivalents		(1,574	)		(1,525	)
Cash and cash equivalents, end of period	$	3,866		$	2,882
Cash and cash equivalents, beginning of period		3,762			1,931
Non-cash investing and financing activities:
Cash and cash equivalents, end of period	$	2,188		$	406
Common shares issued for subscription payable	$	30,000		$	-
Non-cash Investing and Financing Activities:
Common stock issued for interest payable	$	-		$	4,212
Common shares issued for conversion of series D preferred stock	$	200,000		$	-

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 ~~nine~~three-month period ended ~~September~~March 3031, ~~2022,~~2023 are not necessarily indicative of the results that may be expected for the ~~fiscal~~ fiscal year ending December 31, ~~2022~~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, ~~2021~~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 ~~and an accumulated deficit of $40~~,~~573,103~~ ~~at September 30, 2022. At September 30, 2022 the Company had~~ negative working capital of $11,~~617~~938,~~126~~034, ~~compared~~and toan ~~negative~~accumulated ~~working capital~~ deficit of $1040,~~634~~897,~~714~~452 at ~~December~~March 31, ~~2021~~ 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.

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

~~For~~We ~~the~~are ~~nine-month~~authorized ~~periods~~to ~~ended~~issue ~~September 30~~750, ~~2022 and 2021~~000,000 ~~potentially dilutive~~ shares ~~including~~of ~~outstanding~~common stock ~~options~~, ~~warrants~~$0.10 ~~and convertible~~par ~~preferred~~value ~~stock were excluded from the computation of diluted loss~~ per share ~~because they were anti-dilutive due to net losses in those periods~~. ~~For~~At ~~the~~March ~~periods~~31, ~~ended September 30~~2023, ~~2022~~there ~~and~~were ~~2021~~188,448,412 ~~potentially~~shares of ~~dilutive~~our common stock ~~equivalents~~issued ~~excluded~~and ~~from the calculation of diluted earnings per share are as follows:~~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

	September 30, 2022		September 30, 2021
	March 31, 2023		March 31, 2022
Stock options		1,~~050~~025,000		1,050,000
Warrants		18,~~667~~114,~~077~~446		2619,~~450~~667,~~058~~077
Convertible Preferred Stock		30,190,475		32,190,475
Total		49,907,552		59,690,553
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)

Recent Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU No. 2020-06 Debt – Debt With Conversion And Other Options (Subtopic 470-20) And Derivatives and Hedging – Contracts In Entity’s Own Equity (Subtopic 815-40): Accounting For Convertible Instruments And Contracts In An Entity’s Own Equity. The update simplifies the accounting for and disclosures related to company debt that is convertible or can be settled in a company’s own equity securities with adoption of this standard beginning January 1, 2024. The early adoption of this standard on January 1, 2022, did not impact the Company’s condensed consolidated financial statements.

Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the condensed consolidated financial statements upon adoption.

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 ~~2022~~2023 and ~~2021~~2022, the Company determined fair value on a recurring basis and non-recurring basis as follows:

	Balance September 30, 2022		Balance December 31, 2021		Fair Value Hierarchy level
Liabilities
Recurring: Notes payable in gold (Note 6)	$	446,003	$	481,780		2

The carrying amounts of financial instruments, including notes payable and notes payable – related party, approximate fair value at September 30, 2022 and December 31, 2021. The inputs to the valuation of Level 2 liabilities are described in Note 6 Notes Payable in Gold.

	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 tothrough ~~address these items. Through 2021 and the date of filing of this report in~~ 2022, ~~the Company has continued~~ to ~~respond~~address ~~to panel inquiries, make motions to prosecute~~these ~~or defend positions, answer motions made by the opposing JV partner and aggressively support the Company’s efforts toward success~~items.

9Settlement 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)

~~The~~In ~~Company~~April ~~records~~2023, ~~amounts~~all ~~for~~outstanding ~~loss~~arbitration ~~when~~issues itwere isresolved ~~probable~~with ~~that~~ a ~~liability~~settlement ~~could~~agreement bewhereby ~~incurred~~Goldrich ~~and~~paid ~~can be reasonably estimated. To date~~$105,000 ~~the arbitration~~to ~~proceedings are still in progress, with some rulings being issued for and against the Company’s positions~~NyacAU. ~~No assurance~~The ~~can~~resolution beincludes ~~given~~all ~~that~~outstanding ~~the~~ arbitration ~~will~~issues, ~~result in a successful outcome for the Company. Due to uncertainties relating to the pending outcome~~awards, ~~the~~ ~~financial~~and ~~statements~~orders ~~contain~~including ~~only~~mutual ~~adjustments~~release ~~for the final results~~ of ~~the~~all ~~arbitration~~outstanding ~~that~~issues ~~are estimable and probable. See Note~~before 8the ~~Commitments~~Alaska ~~and~~superior ~~Contingencies~~court ~~for amounts~~ and ~~additional~~all ~~information~~court-entered judgments. The ~~Company~~agreement ~~incurred~~also ~~$2,143~~terminates and ~~$19,221~~supersedes inall ~~arbitration expenses~~prior ~~during~~agreements ~~the~~between all ~~three~~Parties ~~and~~except ~~nine~~a ~~months~~security ~~ended~~agreement ~~September~~between ~~30,~~NyacAU ~~2022,~~and ~~respectively,~~GNP ~~compared~~ to ~~$9,998~~secure ~~and~~repayment ~~$74,731~~of ~~for~~fifty ~~the~~percent ~~three~~(50%) ~~and~~of ~~nine months~~a ~~ended~~funding ~~September~~mechanism ~~30,~~known as ~~2021,~~Line ~~respectively. Significant changes to our assessment~~ of ~~likely~~Credit ~~outcome~~1 ~~and~~(LOC1), ~~related~~which ~~amounts~~was ~~accrued~~advanced ~~for estimates~~by ~~could~~NyacAU ~~have~~to aGNP. ~~material~~GNP ~~impact~~was onformally ~~our~~dissolved ~~condensed~~in ~~consolidated financial statements~~2019.

~~CGL:~~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.

~~The~~Option Company invested $25,000 in a 49% interest in Chandalar Gold LLC (“CGL”) during the year ended December 31, 2020. The Company does not have control or significant influence over CGL and accounts for it using the equity method. During the nine months ended September 30, 2022, and the year ended December 31, 2021, CGL had no operating activities. Goldrich has accrued a distribution to CGL of $35,794 in accrued liabilities; if and when that distribution is remitted to CGL, the Company would in turn receive a distribution of approximately 49% of that distribution back from CGL as a result of its ownership.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 ~~September~~March 3031, ~~2022~~2023, the CEO’s salary has not been paid in full. ~~The~~Salary ~~CFO is on a contract basis and recorded in management’s fees and salaries. Fees~~ due to the CFO ~~have~~has been accrued and ~~remain~~remains unpaid, as have board of directors’ fees.

Schedule of Related Party Transactions

CEO	~~Nine~~Three Months ended 93/3031/2223		Year ended 12/31/2122
Balance at beginning of period	$	~~793~~994,~~720~~017	$	~~590~~793,~~851~~720
Deferred salary		~~135~~45,000		180,000
Deferred expenses		113,~~745~~899		4020,~~220~~297
Payments		-		~~(17,351~~-	)
Ending Balance	$	~~940~~1,~~465~~042,916	$	~~793~~994,~~720~~017
CFO
Balance at beginning of period	$	91104,~~981~~844	$	8891,~~736~~981
Deferred		8,813		27,768
Deferred fees		2,700		12,863
Payments		-		~~(24,523~~-	)
Ending Balance	$	~~100~~107,~~794~~544	$	91104,~~981~~844
Board fees payable		137,802		131,702
Board fees payable and expenses payable (1, 2, 3)		173,528		165,355
Total Related party payables	$	1,~~179~~323,~~061~~988	$	1,~~017~~264,~~403~~216

101) 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 ~~September~~March 3031, 2023 and December 31, 2022, the Company had outstanding notes payable of $1,~~088~~250,~~421~~169, respectively, and outstanding notes payable – related party of $4,~~152~~211,~~611, compared~~769 ~~to $1,088,421~~ and ~~outstanding notes payable – related party of~~ $4,~~064~~195,~~211 at December 31~~979, ~~2021~~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. The related party is Nicholas Gallagher, a shareholder and director of the Company, who also holds the full balance of the notes payable – related party described above. The notes are due upon demand; therefore, all discounts have been immediately expensed to finance costs.

During the ~~nine~~three months ended ~~September~~March 3031, ~~2022~~2023, the Company ~~borrowed~~issued no additional ~~amounts under the~~ notes payable ~~and~~of ~~a net~~ $8315,~~980~~790, ~~under the~~discounted ~~notes~~at ~~payable~~5%, –or ~~related party. The amount borrowed during the period of~~ $83790,~~980~~ ~~consists~~resulting ofin net aproceeds ~~principal balance~~ of $8815,~~400 less~~000 from a ~~discount~~related ~~of 5%~~party, orNicholas $4Gallagher,~~420.~~ ~~During~~a ~~the~~shareholder ~~nine~~and ~~months~~director ~~ended~~of ~~September 30, 2021,~~ the Company, ~~borrowed~~who ~~additional~~also ~~amounts~~holds ofthe ~~net $25,000~~full ~~under~~balance ~~the~~of ~~notes payable and a net $253,500 under~~ the notes payable – related party. ~~The~~described ~~amount~~above. ~~borrowed~~During ~~during~~ the ~~nine~~three months ended ~~September~~March 3031, ~~2021~~2022, ~~for~~ the ~~notes~~Company ~~payable~~received no ofadditional ~~$25,000~~tranches ~~consists~~ of ~~principal~~the ~~balance~~notes ofpayable ~~$26,316 less a discount of 5%, or $1,316~~ and ~~for~~ ~~the~~ notes payable –- related party. ofThe ~~$253,500~~notes ~~consists~~are ofdue ~~principal~~upon ~~balance~~demand; ~~of $266~~therefore,~~842~~ ~~less~~all adiscounts have ~~discount~~been ofimmediately ~~5%,~~expensed orto ~~$13,341~~finance costs.

During the three ~~and nine~~ months ended ~~September~~March 3031, 2023 and March 31, 2022, the Company ~~incurred~~paid no finder fees ~~totaling $1,650 and $2,969, respectively~~ to related party entities, ~~compared~~and toincurred $~~4,875~~ 450 and $8nil,~~355~~ ~~for~~respectively, ~~the~~of ~~three-~~other finance and ~~nine-month~~placement ~~periods ended September 30, 2021, respectively~~costs. Interest of $~~196~~204,~~442~~408 and $~~585~~193,~~261~~224 was expensed during the three- ~~and nine-~~month periods ended ~~September~~March 3031, 2023 and March 31, 2022, respectively, of which $~~155~~157,~~626~~ 527 and $~~462~~152,~~814~~408 was to related parties, respectively, which is included in interest expense and finance costs ~~– related party~~ on the condensed consolidated statements of operations~~, compared to interest of $183,175 and $541,864, of which $142,952 and $421,982 was to related parties, for the three- and nine-month periods ended September 30, 2021, respectively~~. Interest and finders fees are ~~included~~ included in accounts payable and accrued liabilities, interest payable and interest payable – related party on the condensed consolidated balance sheet at ~~September~~March 3031, 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:

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

2. The Company entered into a written Guaranty (“Guaranty”) ~~whereunder~~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.

~~3. 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.~~10

4. 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.

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 ~~September~~March 3031, ~~2022~~2023 and December 31, ~~2021~~2022, 266.788 ounces of fine gold was due and deliverable to the holder of the notes.

AtThe ~~September 30, 2022, 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 ~~September~~March 3031, ~~2022~~2023 of approximately $1,~~672~~ 980 per ounce as quoted on the London PM Fix market or $~~446~~528,~~003~~161 in total. The valuation resulted in an ~~decrease~~increase in gold notes payable of $3844,~~751~~647 during the three months ended ~~September~~March 3031, ~~2022~~2023. At March 31, 2023 and 2022, this resulted in a ~~decrease~~loss on change in fair value of notes payable in gold of $3544,~~777~~647 ~~for~~and ~~the~~$36,363, ~~nine~~respectively ~~months~~on ~~ended~~the ~~September~~condensed ~~30,~~consolidated ~~2022~~statement of operations.

At December 31, ~~2021~~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, ~~2021~~2022, the Company had outstanding total notes payable in gold of $~~481~~483,~~780~~514.

Interest of $1112,~~789~~208 ~~and $34,146~~ was expensed during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2022~~2023, ~~respectively,~~ and $~~127~~151,~~554~~847 is accrued at ~~September~~March 3031, ~~2022~~2023 and is included in interest payable. Interest of $10,~~680~~981 ~~and $30,935~~ was expensed during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2021~~2022, ~~respectively~~and $139,639 is accrued at December 31, 2022 and is included in interest payable.

STOCKHOLDERS’ DEFICIT

During the ~~nine~~year ~~months~~ ended ~~September~~December 3031, 2022, the Company received ~~$133,157~~ cash asof a$30,000 ~~result~~which ofis ~~the~~included ~~exercise~~in ofstock ~~Class~~subscription Rpayable ~~warrants~~ at anDecember ~~exercise~~31, ~~price of $0.045~~2022, ~~Class~~for Ra ~~warrants~~private atplacement ~~an exercise price~~ of ~~$0.03,~~common ~~and~~shares Tpriced ~~warrants~~ at ~~an exercise price of~~ $0.0301 per ~~common~~ share, ~~resulting in the issuance~~ of 3which $5,~~660,817~~000 ~~common~~was ~~shares.~~from OfWilliam ~~that amount~~Orchow, ~~2,555,555~~a ofrelated party. During the ~~warrants~~three ~~exercised~~months ~~were~~ended ~~owned~~March by31, ~~Mr.~~2023, ~~Gallagher~~the ~~and~~Company ~~were transferred~~reduced tostock ~~unrelated~~subscription ~~parties.~~payable ~~The~~by ~~unrelated~~$30,000 ~~parties~~and ~~then~~issued ~~exercised~~3,000,000 ~~the~~common ~~warrants for cash~~shares.

During the nine months ended September 30, 2022, a holder of Preferred D stock, converted 60 shares of their Preferred D shares into 2,000,000 common shares. There was no cash received by the Company as a result of this transaction.11

During the nine months ended September 30, 2022, the Company received cash of $30,000 in subscription payable for a private placement of common shares priced at $0.01 per share, of which $5,000 was from William Orchow, a related party. Upon closing, the Company will issue 3,000,000 common shares.

Goldrich Mining Company

Notes to the Condensed Consolidated Financial Statements (unaudited)

During the ~~year~~three months ended ~~December~~March 31, ~~2021~~2022, the Company received $~~347~~103,~~414~~157 cash as a result of the exercise of Class SR 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 112,~~580~~660,~~467~~817 common shares. Of that amount, 71,~~458~~555,~~303~~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. The Company received an additional $40,000 for the exercise of Class T warrants which are included in stock subscription payable at September 30, 2022 and December 31, 2021. Once the exercise is complete, the Company will issue 1,333,333 common shares for the exercise.

AtDuring ~~September~~the 30year ended December 31, ~~2022~~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 ~~2021~~December 31, 2022. Once the ~~following~~exercise is complete, the Company will issue 1,333,333 common shares for the exercise. These warrants were ~~outstanding:~~exercised subsequent to March 31, 2023.

Schedule of Warrants Outstanding

	Number of warrants			Weighted average exercise price		Weighted average term remaining (years)
Balance, December 31, 2020		37,241,694		$	0.036		1.66
Exercised		(7,458,303	)		0.03
Expired		(3,333,333	)		0.045
Balance, September 30, 2021		26,450,058			0.037		2.02
Balance, December 31, 2021		22,327,894			0.038		1.84
Exercised		(3,660,817	)		0.036
Balance, September 30, 2022		18,667,077		$	0.032		1.16

At September 30, 2022 and 2021, the following options were outstanding:

Schedule of Stock Option Outstanding

	Number of options			Weighted average exercise price		Weighted average term remaining (years)
Balance, December 31, 2020		1,075,000		$	0.06		5.24
Expired		(25,000	)		0.21
Balance, September 30, 2021		1,050,000			0.05		4.60
Balance, December 31, 2021		1,050,000			0.05		4.35
Balance, September 30, 2022		1,050,000		$	0.05		3.60

COMMITMENTS AND CONTINGENCIES

The Company ishas ~~subject~~entered tointo ~~Alaska~~a ~~state~~consulting ~~annual~~contract ~~claims~~for ~~rental fees in order to maintain our non-patented claims. In addition to the annual claims rental fees of approximately~~ $~~125~~46,~~945~~500 ~~due November 30 of each year, we are also required to meet annual labor requirements of approximately $61,100 due November 30 of each year. The Company is able to carry forward costs~~ for ~~annual~~which ~~labor that exceed~~ the ~~required yearly~~services ~~totals~~have ~~for~~not ~~four~~yet ~~years.~~been ~~The Company has significant carryovers to 2022 to satisfy its annual labor requirements~~received. ~~This carryover expires in the years 2022 through 2026 if unneeded to satisfy requirements in those years.~~

~~Arbitration~~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.

In 2017, the Company, its subsidiary and the joint venture, as claimants, filed an arbitration statement of claim before a three-member Arbitration Panel (“the Panel”), against our JV partner and its affiliates; NyacAU, LLC (“NyacAU”), BEAR Leasing, LLC, and Dr. J. Michael James, as respondents. In 2018, the respondents filed a counter-claim against the Company, its subsidiaries and certain members of the Company’s current and former management, the counterclaim respondents. The arbitration claim alleged, amongst other things, claims concerning related-party transactions, accounting issues including capital vs. operating leases, interpretation of the joint venture operating agreement, allocation of tax losses between the joint venture partners, and unpaid amounts due Goldrich relating to the Chandalar Mine.

Goldrich Mining Company Notes to the Condensed Consolidated Financial Statements (unaudited)

It is possible that there could be either adverse or favorable developments in the arbitration pending with the Company and its JV partner. The Company records provisions in the condensed consolidated financial statements for pending arbitration results when it determines that an outcome is probable, and the amount of loss can be reasonably estimated. At the present time, except as stated otherwise, while it is reasonably possible that a favorable or unfavorable outcome in the arbitration may occur, after assessing the information available, management is unable to estimate the possible loss, or range of losses, for the pending arbitration; and accordingly, no estimated losses have been accrued in the condensed consolidated financial statements for favorable or unfavorable outcomes. Legal defense costs are expensed as incurred. Favorable rulings would not result in the recognition of gains prior to offsetting against losses, due to the ruling being an estimate which must be constructively received prior to recognition.

During the year ended December 31, 2019, and through the date of this report, the Panel released various awards relating to the allegations of both parties. Some of which have been in favor of the Company’s positions some have been in favor of our JV partner and its affiliates. The arbitration is ongoing and the various parties to the claims and counterclaims continue to disagree on several matters.

On May 25, 2019, the Panel issued an Interim Award, which requested input from the parties on a small number of discrete issues, all input to be supported by references to the arbitration record.

On November 30, 2019, the Panel ordered the Partial Final Award and concurrently the Second Interim Award Regarding Dissolution/Liquidation of GNP and Related Issues (“the Second Interim Award”).

The Partial Final Award

The Partial Final Award addressed several matters including leases and the impact of their characterization on interim distributions. As a result, the Panel determined that the Company is entitled to an additional $214,797 in distributions for 2016 and an additional $198,644 for 2017, for a total of $413,441 from GNP. In like manner, the Panel determined that NyacAU is entitled to an additional $413,441 in distributions for these years. As the Company is uncertain as to the collectability of these distributions, no recognition of these revenues is included in its condensed consolidated statement of operations for the three and nine months ended September 30, 2022.

The Partial Final Award also addressed the Company’s claim for payment of interest earned by LOC1. The Panel determined that NyacAU should pay the Company 50% of the interest earned on LOC1 actually received by NyacAU, or $126,666. NyacAU challenged this award but the Panel issued an additional ruling stating the amount owed to be $120,883 to Goldrich plus 5% prejudgment interest on unpaid LOC1 interest as it fell due, see Supplemental Orders 5-8 below. As the Company is uncertain as to the collectability of this award, no recognition of this other income is included in its condensed consolidated statement of operations for the three and nine months ended September 30, 2022.

The Panel ruled Goldrich was responsible to pay NyacAU for the 2012 reclamation work and NyacAU is also entitled to 5% interest on the award from the date the first invoice was sent to Goldrich in 2014. During the year ended December 31, 2019, Goldrich accrued a liability for this ruling on its condensed consolidated balance sheet of $421,366 included in accounts payable and interest payable, however, Goldrich has contested the party to whom payment should be made and whether additional amounts not invoiced by GNP should be included in the award. This matter is discussed further in the Order on Respondents’ Motion to Confirm Judgment.

The Partial Final Award found the Company liable for an act of negligent misrepresentation regarding the concealment of certain technical information from NyacAU. The Company has vigorously disputed the concealment and the finding of negligence. Nevertheless, as a result of the Panel’s determination, the Panel awarded Dr. J. Michael James a reimbursement of 17% of his previous $350,000 stock investment in the Company or $59,500 plus prejudgment interest of 5% and legal fees. In addition, the Panel awarded Dr. James $9,858, plus prejudgment interest at 5% and legal fees, for personal expenses incurred relating to GNP’s operations. This matter is discussed further in the Judgements Issued by Superior Court below.

Goldrich Mining Company Notes to the Condensed Consolidated Financial Statements (unaudited)

The Second Interim Award

The Second Interim Award was necessitated by the fact that the dissolution/liquidation of the joint venture had not yet run its course. In the Second Interim Award the Panel ordered that:

a) No later than January 15, 2020, NyacAU and Goldrich shall attempt to establish, by agreement, a market value for the GNP permit in connection with a transfer of the Permit to Goldrich or a third party, taking into consideration the obligation of GNP, or any transferee of the permit, to complete reclamation in accordance with NyacAU’s government-approved reclamation plan.

b) Reasonably prior to May 31, 2020, NyacAU shall perform its obligation to “make provision … for reclamation by (1) adding all reclamation expenses actually incurred by NyacAU to LOC1; (2) from GNP’s assets, to the extent possible after payment of GNP’s debts and liabilities and liquidation expenses”.

Neither order from the Second Interim Award was successfully executed by the parties on the dates specified by the Panel. The Second Interim Award confirmed the dissolution of GNP and noted that “no provision of the Claims Lease or the Operating Agreement speaks directly to the rights or obligations of GNP to transfer its mining permit, which is held in the name of the manager, NyacAU. Although GNP no longer has the right to mine, NyacAU, as holder of the permit and as ruled by the Panel, has the liability of reclamation.

Balance and payment of LOC1

The Panel calculated a tentative balance of LOC1 at $16,483,271 as of June 2019. This balance will be adjusted for any additional costs incurred by GNP in the liquidation or awards and/or adjustments made by the arbitration Panel. If there is no further placer production from these claims, Goldrich will not have a liability to pay 50% of LOC1.

The Panel ruled in the Final Post Award that LOC1 cannot be increased for costs incurred after mining operations have ceased, including costs for reclamation. This deprives NyacAU of a security interest in 50% of future placer gold production at the site to repay reclamation expenses which it advances. Further, the Panel ruled that the Operating Agreement does not impose an obligation on the Company to pay 50% of the reclamation fee, but that the reclamation obligation resides with the permit holder. See Final Post Award Orders below.

Right to Offset Damages or Distributions

The Panel granted the request that any damages awarded to one party can be an offset to distributions (or damages) due to the other party.

Judgements issued by Superior Court

On April 29, 2020, the Superior Court of the State of Alaska issued a judgement in favor of Dr. James, in the total amount of $13,713 (for the 2012 reclamation costs personally incurred, including interest) and $83,588 (for the adjustment to Dr. James’ stock purchase, including interest). On June 9, 2020, and June 20, 2020, the Court awarded additional costs and attorney’s fees. The Court ordered both Goldrich and NyacAU to submit a status report to the Court in September 2020 regarding the Panel’s clarification of the payable for the 2012 reclamation, including interest, and to clarify the party for the award, NyacAU or GNP. The status report has been filed by both parties, and these judgements remain unpaid and in force before the Superior Court. These amounts related to these judgements were accrued for at December 31, 2019. At December 31, 2021, a total amount of $106,810 is included for the judgement and post judgement interest in accounts payable and interest payable on the condensed consolidated balance sheet. During the three and nine months ended September 30, 2022, an additional $1,299 and $3,856 was accrued for interest, respectively. At September 30, 2022, a total of $110,666 is included in accounts payable and interest payable on the condensed consolidated balance sheet for the judgements.

Goldrich Mining Company Notes to the Condensed Consolidated Financial Statements (unaudited)

Final Post Award Orders

On September 4, 2020, the arbitration panel issued Final Post Award Orders, wherein the panel issued rulings on multiple issues, including but not limited to, those discussed below:

Reclamation

The Company had previously filed a motion to compel NyacAU to correct accruals for certain expenses including reclamation, demobilization, equipment rental and utilities. Most notably, the Company contended that an accrual for reclamation liability was short of a much larger estimate prepared by independent professionals as engaged by Goldrich. The Panel denied the Company’s motion and ruled that Goldrich does not have the authority to compel the establishment of any reserves on the GNP financial records.

The Company had previously filed a motion to compel NyacAU to reclaim the disturbed acres as required under the Operating Agreement and the mining permit issued to NyacAU in 2013, and to require NyacAU to fund the reclamation reserve from cash that had been distributed to NyacAU. The Panel denied the Company’s motion and ruled that while there was express provision in the Operating Agreement to establish reserves necessary for contingent or unforeseen liabilities or obligations, which could conceivably include reclamation reserves, the agreement does not impose an express obligation to reclaim the project site.

Mining Claims

All of the Company’s mining claims remain the property of the Company; however, NyacAU staked several claims contiguous to the claims owned by the Company. The Company had previously filed a motion to compel the transfer NyacAU’s claims from NyacAU to the Company. The motion was granted in part in that the claims held in NyacAU’s name were ruled to be owned by the Company, but would not be transferred immediately. They would remain in the possession of NyacAU as manager of the liquidation until the property covered by the claims was not being used for liquidation activities and could be transferred without disruption to the liquidation activity.

Supplemental Orders 5-8

On December 4, 2020, the arbitration Panel issued Supplemental Orders 5-8, wherein the Panel issued rulings on multiple material issues:

2018 Profitability and 2018 Interim Distributions

Under the GNP Operating Agreement, Goldrich was entitled to receive certain interim distributions based on GNP’s profitability. Goldrich received such distributions for 2016 and 2017. Goldrich challenged the Panel’s understanding of facts related to GNP’s profitability for 2018 as presented in the arbitration proceedings and made a motion for GNP to distribute interim distributions for 2018 after applying the arbitration rulings made to date. Goldrich submitted a claim to the arbitration Panel for approximately $680,000 plus prejudgment interest thereon at 5%. The arbitration Panel denied Goldrich’s claim. Based on the Panel’s ruling, the paydown by NyacAU, as manager of GNP, of Line of Credit 1 (“LOC1”) with GNP funds, rather than the payment of a 2018 interim distribution to Goldrich, is not considered a misappropriation of funds. LOC1 is a related party loan between GNP and NyacAU.

Goldrich Mining Company Notes to the Condensed Consolidated Financial Statements (unaudited)

The Panel ruled that GNP was dissolved at the end of the 2018 mining season (September 28, 2018) by failing to meet the Minimum Production Requirement of the GNP Operating Agreement rather than May 2019, when NyacAU published a formal notice of dissolution to the State of Alaska and to creditors. Based on this and other evidence, the Panel found that GNP was dissolved by no later than October 9, 2018, which precedes the date by which any interim distribution would otherwise have been due under the GNP Operating Agreement (October 31 - December 31, 2018). Accordingly, the Panel ruled that Goldrich is precluded from receiving any interim distributions for 2018 under the GNP Operating Agreement which provides that “[m]embers have a right to Distributions from the Company before the dissolution and winding up of the Company.”

Goldrich’s Portion of Interest Paid on LOC1

Under the GNP Operating Agreement, Goldrich is to receive 50% of any interest on LOC1 paid by GNP to NyacAU. Goldrich made a claim to the Panel that GNP had paid interest to NyacAU and that Goldrich was entitled to 50% of the amount paid. The Panel ruled that NyacAU is obligated to pay Goldrich 50% of $241,797 in interest “received” by NyacAU up to October 2018, when GNP was dissolved and commenced liquidation, in the total principal amount of $120,883. Goldrich is also entitled to recover 5% prejudgment interest on unpaid LOC1 interest as it fell due through October 1, 2018, after which date no interest would be shared with Goldrich. As we are uncertain as to the collectability of these distributions, no recognition of these revenues is included in our condensed consolidated statement of operations for the period ended September 30, 2022.

Clarification of Award

In the Partial Final Award given in 2019, the arbitration Panel made an award to NyacAU of $377,253 in damages and pre-award interest relating to 2012 reclamation expenses incurred on Goldrich’s behalf. Goldrich made an “Application for Modification and Correction of Arbitration Award, for Vacation of Award, or for Resubmission to Arbitration Panel for Clarification”, requesting an order from the Alaska court, under the Alaska Arbitration Act, that the damages awarded for unpaid 2012 reclamation expenses were to be paid to GNP, not NyacAU, and that the Panel clarify the appropriate amount of damages and interest to be paid. The Panel ruled that it will resolve these issues after the parties submit evidence and argument supporting their respective positions on the merits.

On April 7, 2021, the Panel issued two orders:

- Order on Respondents’ Motion to Preserve Confidentiality of Arbitration Proceedings, wherein the Panel ruled that the Company did not violate confidentiality when it filed the arbitration rulings as exhibits to its public reporting with the Securities and Exchange Commission, and

- Order on Respondents’ Motion to Confirm Judgement, to correct, clarify or modify an award made in the Partial Final Award. This order confirmed a GNP claim against the Company for $50,685 for additional reclamation costs, including interest of $2,589, and clarified that GNP, not NyacAU, was awarded the 2012 reclamation costs. This event constitutes a ‘Type 1’ event, which required adjustment and recognition in the financial statements for the year ended December 31, 2020. At December 31, 2021, a total of $507,365 is accrued and included in accounts and interest payable on the condensed consolidated balance sheet. Additional interest of $4,754 and $14,108 was accrued during the three and nine months ended September 30, 2022, respectively, bringing the total to $521,473 which is included in accounts and interest payable on the condensed consolidated balance sheet.

On August 30, 2021, the Panel issued the Second Partial Final Award and the Modified Second Interim Award re Dissolution/Liquidation of GNP and Related Issues. These Awards were administrative and clarifying in nature, and had no financial effects on the previous rulings.

Goldrich Mining Company Notes to the Condensed Consolidated Financial Statements (unaudited)

Finally, if the Superior Court of Alaska determines that GNP or any other entity is the “prevailing party” of the Superior Court proceedings, the Company will likely also be liable for a percentage (most likely 20%) of some or all of the prevailing party’s attorney’s fees for those matters adjudicated before the Court. The likelihood of such a ruling, the amount thereof and the determination of a percentage of the fees cannot be presently estimated.

SUBSEQUENT EVENTS

Subsequent to ~~September~~March 3031, ~~2022~~2023, the Company received $162,667 cash as a result of exercise of Class R warrants at an exercise price of $~~29,000~~0.024 per common share. Ownership of ~~additional~~these ~~Notes~~warrants ~~payable~~had –been ~~related~~in ~~party~~the ~~from~~hands of Mr. ~~Nicholas~~ 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.

18Subsequent 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~~ and Exchange Commission (the “SEC”) on ~~March~~July 305, ~~2022~~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.

1913

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 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 anthe ~~initial 12,000-foot~~ program in May ~~2023.~~ ~~Goldrich’s ability to perform exploration is unaffected by the arbitration between Goldrich and NyacAU LLC (“NyacAU”) discussed below~~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 ~~and is currently being liquidated with NyacAU managing the process~~. ~~Goldrich and NyacAU are currently in arbitration as noted above.~~

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.

20After 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.

Using a base case gold price of $1,650, the key economic results of the IA with a summarized gold price sensitivity analysis were as follows (A complete copy of the IA may be downloaded at https://www.goldrichmining.com/chandalar-gold-district/technical-reports.html):14

Parameter	Base Case $1,650 Gold	Gold Price Sensitivity Analysis
		$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.

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.

~~The~~Using IAa ~~also~~base ~~estimated~~case ~~pit-constrained~~gold ~~mineral~~price ~~resources~~of ~~for~~$1,650, the ~~Little~~key ~~Squaw~~economic ~~Creek~~results ~~Placer~~of ~~deposit~~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).

Classification	Resource Volume (1000s bcy)	Raw(1) Gold Grade (troy oz./bcy)	Raw(1) Gold (troy oz)	Fine(2) Gold (troy oz)
		Base Case		Gold Price Sensitivity Analysis
Measured	2,609	0.0302	79,000	69,000
Parameter		$1,650 Gold		$1,500	$2,000	$2,500
Indicated	2,188	0.0265	58,000	51,000
Undiscounted Pre-Tax Net Cash Flow:		$75 million		$57 million	$116 million	$175 million
Measured & Indicated	4,797	0.0285	138,000	120,000
After-tax NPV@5%(1):		$64 million		$50 million	$92 million	$129 million
Inferred	771	0.0245	19,000	17,000
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.

~~(1)~~The RAIA ~~Raw Gold~~ pit-constrained ~~Gold~~mineral asresources ~~recovered~~for ~~from~~ the ~~placer~~Little ~~deposit,~~Squaw ~~historically~~Creek ~~84%~~Placer ~~gold~~deposit ~~and~~at ~~16%~~a ~~other~~0.004 ~~metals~~raw ~~like~~troy ~~silver~~ounce ~~and~~per ~~copper~~bank ~~(referred~~cubic toyard cutoff is as ~~840 fine).~~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. ~~Although~~The weon-going ~~are seeking investors~~development toof ~~provide~~the ~~funding~~hard-rock togold ~~reinstate~~targets, the ~~placer~~recent ~~mining~~change ~~operation,~~in weSEC ~~believe~~regulations ~~there~~which ~~are~~allow ~~investors~~us ~~motivated~~ to ~~provide~~release ~~funding~~the ~~for~~new ~~exploration programs~~information toin ~~locate~~the IA, and ~~exploit~~significant increases in the ~~hard~~price ~~rock~~of ~~deposits~~gold ~~from~~since ~~which~~2019, and the ~~placer~~settlement ~~mineralization~~of isthe ~~coming~~arbitration ~~from.~~appear ~~This~~to ~~strategy~~have ~~can~~increased bethe ~~pursued independent~~availability of ~~any~~funds ~~mining~~so we ~~activities~~are hopeful to secure sufficient funds for a major exploration program and for reopening the placer mine.

~~Joint Venture Agreement~~15

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 JV agreement. As part of the agreement, Goldrich Placer, LLC (“GP”), a subsidiary of Goldrich 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. Goldrich has no significant control or influence over the JV, and therefore accounts for its investment using the cost less impairment method.

On August 20, 2018, we announced the intended dissolution of the GNP joint venture. According to the terms of the joint venture operating 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. GNP was dissolved in May 2019 and is currently being liquidated with NyacAU managing the process. Goldrich and NyacAU are currently in arbitration as noted above.

Arbitration

In 2017, we, our subsidiary and the joint venture, as claimants, filed an arbitration statement of claim before a three-member Arbitration Panel (“the Panel”), against our JV partner and its affiliates; NyacAU, LLC (“NyacAU”), BEAR Leasing, LLC, and Dr. J. Michael James, as respondents. In 2018, the respondents filed a counter-claim against the Company, its subsidiaries and certain members of our current and former management, the counterclaim respondents. The arbitration claim alleged, amongst other things, claims concerning related-party transactions, accounting issues including capital vs. operating leases, interpretation of the joint venture operating agreement, allocation of tax losses between the joint venture partners, and unpaid amounts due Goldrich relating to the Chandalar Mine.

During the years ended December 31, 2019, 2020, and 2021, the Panel released various awards relating to the allegations of both parties. Some of which have been in favor of our positions and some have been in favor of our JV partner and its affiliates. The arbitration is ongoing and the various parties to the claims and counterclaims continue to disagree on several matters.

On May 25, 2019, the Panel issued an Interim Award, which requested input from the parties on a small number of discrete issues, all input to be supported by references to the arbitration record. On November 30, 2019, the Panel issued the Partial Final Award and concurrently the Second Interim Award regarding Dissolution/Liquidation of GNP and Related Issues (“the Second Interim Award”). On September 4, 2020, the Arbitration Panel (the “Panel”) issued the Final Post Award Orders, wherein the Panel issued rulings on multiple material issues. On December 4, 2020, the Panel issued Supplemental Orders 5-8. On April 7, 2021, the Panel issued Order on Respondents’ Motion to Preserve Confidentiality of Arbitration Proceedings, wherein the Panel ruled that the Company did not violate confidentiality when it filed the arbitration rulings as exhibits to its public reporting with the Securities and Exchange Commission. On April 7, 2021, the Panel also issued Order on Respondents’ Motion to Confirm Judgment. On August 30, 2021, the Panel also issued Second Partial Final Award and Modified Second Interim Award re Dissolution/Liquidation of GNP and Related Issues. A summary of each award is provided below. Matters of minor significance on which the Panel ruled or waived actions on matters over which the Panel had no jurisdiction are not included in the summary.

The Partial Final Award

A summary of the various matters addressed in the Partial Final Award is as follows:

Capital vs. Operating Leases.

In response to a claim made by Goldrich, the Panel ruled that certain leases were capital leases, rather than operating leases, which increased the basis upon which distributions are made to the JV partners. In addition, the Panel modified the interest rates applicable to the leases, which decreased the profitability of the JV for the change in interest on all leases but only decreased the basis upon which distributions are made to Goldrich for leases that were deemed to be operating leases. The net change had no effect on the Company’s financial statements. The ruling did, however, affect the amount of interim distributions made from GNP to Goldrich for 2016 and 2017 as noted below.

Ownership by GNP of Leased Equipment.

The Panel ruled that certain continuing lease payments made by GNP for equipment treated as operating leases, which were subsequently ruled capital leases, represented buy-out payments at the conclusion of the capital lease. Therefore, ownership of the subject equipment was transferred to GNP. As a result of the ruling, certain leased equipment became the property of GNP, but was subsequently transferred to Bear Leasing to partially satisfy default of other lease agreements when GNP was dissolved.

Lease Charges and Ownership of Arctic Camp Purchased by NyacAU related party from Third-Party.

The Panel ruled that lease payments made by GNP to Bear Leasing toward rented Arctic camp facilities that had been purchased from an unrelated third-party from 2012 through 2014 represented purchase consideration. As a result, GNP was deemed the beneficial owner of the camp in connection with the dissolution/liquidation process. Further, LOC1 was reduced by lease payments GNP was charged beyond the purchase price for the Arctic camp.

Interim Distributions to Goldrich for 2016 and 2017.

As a result of the awards noted above, the Panel determined that the Company is entitled to an additional $214,797 in distributions for 2016 and an additional $198,644 for 2017, for a total of $413,442. In like manner, the Panel determined that NyacAU is entitled to an additional $413,442 in distributions for these years. As we are uncertain as to the collectability of these distributions, no recognition of these revenues is included in our condensed consolidated statement of operations for the three and nine months ended September 30, 2022.

Payment of Interest Earned by LOC1.

The Partial Final Award also addressed our claim for payment of interest earned by LOC1. The Panel determined that NyacAU should pay the Company 50% of the interest earned on LOC1 actually received by NyacAU, or $126,666. NyacAU contested the amount of LOC1 interest paid by GNP to NyacAU. The matter is further discussed below in the summary for the Final Post Award Orders and Supplemental Orders 5-8.

2012 Reclamation Work

The Panel ruled Goldrich is responsible to pay the full amount charged by NyacAU for the 2012 reclamation work and NyacAU is also entitled to 5% pre-judgement interest on the award from the date the first invoice was sent to Goldrich. Goldrich has accrued a liability for this ruling, however Goldrich has contested the party to whom payment should be made and whether additional amounts not invoiced by GNP should be included in the award.

Allocation of Tax Losses

From 2012 through 2018, NyacAU, as managers of GNP, had allocated net tax losses from GNP totaling $19,888,374 to NyacAU and $839,537 to Goldrich. Goldrich claimed it had a right to 50% of all tax losses under the GNP Operating Agreement and filed Form 8082 for each year with the Internal Revenue Service (“IRS”) to correct the GNP K-1’s filed by NyacAU. Goldrich claimed a total of $9,946,369, 50% of the total GNP losses for the years 2012 through 2018. The Panel generally agreed with that allocation but only during the periods where actual mining operations were being performed, since those rationally are the only periods in which both parties bore a material economic risk, in terms of the impact of mining operations on processed and unprocessed gold. Based on the evidence before the Panel, mining operations were performed in August-September 2013, and 2015-2018.

Prior to Goldrich receiving the award, the IRS had processed and accepted the Forms 8082, corrected GNP K-1’s, and amended tax returns filed by Goldrich for 2012 through 2017. The IRS also notified Goldrich that Goldrich’s 2012 through 2014 tax returns were closed for further changes due to the expiration of the statute of limitations for those years. The IRS also conducted an audit of Goldrich’s 2014 through 2017 tax returns with a ‘no change’ determination. Therefore, although Goldrich was not awarded 50% of all GNP 2012 to 2014 tax losses in the arbitration, Goldrich has been allowed to take the full total of its share of GNP tax losses of $9,946,369, which can be used to offset taxable profits Goldrich generates in future years.

In August 2020, the IRS issued an unfavorable ruling as it affects the Company in regard to the audit of the joint venture which, when the individual partners’ effects are communicated to us by the IRS, is probable to decrease our net federal and state net operating loss carryforwards by $2.0 million and $1.8 million, respectively, for the years under audit. The JV partners had been instructed by the Panel to take steps to ensure tax loses have been shared equally, as the Operating Agreement requires, but only during the periods where actual mining operations were being performed. In the closing conference, it was evident that GNP had taken positions with the IRS that conflicted with the Panel’s direction. The recourse available to us in regard to the audit ruling is a challenge of the IRS ruling before the tax court, should we determine this to be in our best interests.

Other

● The arbitration awarded NyacAU’s request that an entry be made on GNP’s books for unpaid and unbilled interest expense of $66,180 under the appropriate Lease, incurred during the period of construction of the wash plant. In the liquidation process, NyacAU (through Bear Leasing) shall be treated as a third-party creditor with respect to the recovery of this amount from GNP.

● The Panel awarded Dr. James $9,858, plus interest at 5% and legal fees, for personal expenses incurred relating to 2012 Goldrich reclamation costs. The matter is further discussed below in the summary for Judgements issued by Superior Court.

● The Partial Final Award found the Company liable for an act of negligent misrepresentation regarding the concealment of certain technical information from NyacAU. We have vigorously disputed the concealment and the finding of negligence. Nevertheless, as a result of the Panel’s determination, the Panel awarded Dr. J. Michael James a reimbursement of 17% of his previous $350,000 stock investment in the Company or $59,500 plus interest of 5% and legal fees. The matter is further discussed below in the summary for Judgements issued by Superior Court.

● As requested by Goldrich and NyacAU, the Panel will retain jurisdiction and oversight over the dissolution/liquidation process to its completion. The Panel stated, “there is likely more information the parties will have to provide on certain issues--including, among others, changes in the balance of LOC1 and the issue of transfer of the permit to Goldrich--before a Final Award on dissolution/liquidation can be made.” As of the date of this report, the balance of LOC1 continues to change as a result of on-going rulings by the Panel. Additionally, the Panel has stated it lacks jurisdiction on the transfer of the mining permit, which the Panel has ruled is a matter to be negotiated between the parties.

● The Panel ruled that “there has been no prevailing party in the arbitration to this point, although it reserves judgment as to whether a prevailing party will emerge from the Final Award with regard to issues which are now part of the Revised [Second] Interim Award. Accordingly, as to all issues covered by this Partial Final Award, the parties shall bear their own costs, expenses, and attorneys’ fees.”

The Second Interim Award

The Second Interim Award was necessitated by the fact that the dissolution/liquidation of the joint venture had not yet run its course. A summary of the various matters addressed in the Second Interim Award is as follows:

Transfer of Mining Permits

The Panel ordered that:

Neither order was successfully executed by the parties on the dates specified by the Panel. The Second Interim Award confirmed the dissolution of GNP and noted that “no provision of the Claims Lease or the Operating Agreement speaks directly to the rights or obligations of GNP to transfer its mining permit, which is held in the name of the manager, NyacAU. Although GNP no longer has the right to mine, GNP and specifically NyacAU have the liability of reclamation. Absent a transfer of the Permit, GNP (through NyacAU) would be obligated to complete reclamation, and obtain final approval from appropriate government authorities, as required by the Claims Lease—a process estimated to take several years.”

If NyacAU does not transfer the mining permit to Goldrich as part of the dissolution, they will retain the requirement to reclaim the mine, and Goldrich will be prevented from mining the property, since two mining permits cannot be issued for the same claims. The actual cost of the reclamation will be subject to many variables, not the least of which will be whether the remedial activity is undertaken while the mine is inactive or conversely, when the mine is actively producing gold. If the mining permit were to be transferred to Goldrich or another entity with the reclamation obligation intact, the reclamation activity could be undertaken as a key piece of a mining plan in order to mitigate reclamation costs. If an agreement cannot be reached to transfer the mining permit and the associated reclamation of prior mining activities, Goldrich will be prevented from mining its claims until a new mining permit is acquired after the current mining permit expires in 2027, and will be limited to exploration activities on the hard rock deposits of the Chandalar property.

NyacAU has indicated they will not transfer the permit without also transferring the reclamation obligation, of which they believe to be $3 million. Goldrich has indicated they will not accept transfer of the permit together with the reclamation obligation, which they believe to be substantially greater. Both parties are in discussion to attempt to reach an agreement for the transfer of both the permit and the reclamation obligation, no transfer of either, or some other arrangement.

Balance and payment of LOC1

The Panel calculated a tentative balance of LOC1 at $16,483,271 as of June 2019. This balance will be adjusted for any additional awards and/or adjustments made by the Panel.

As allowed by the Operating Agreement and a separate Security Agreement between GNP and NyacAU, NyacAU has recorded a security interest in future placer gold production from all current placer claims owned by Goldrich as collateral for repayment of fifty percent (50%) of GNP’s LOC1 to NyacAU. The agreements between GNP and NyacAU are silent concerning what happens if GNP is dissolved and is no longer producing gold, the basis of calculation, timing of remittance and other key factors related to repayment if mining activities were to be undertaken again. If there is no further placer production from these claims, Goldrich does not have a liability to pay LOC1.

The Panel ruled in the Final Post Award, discussed below, that LOC1 cannot be increased for costs incurred after mining operations have ceased, including costs for reclamation. Mining operations ceased on September 21, 2018, but were ruled to have ceased on September 28, 2018 by the Panel. This deprives NyacAU of a security interest in 50% of future placer gold production at the site to repay NyacAU for expenses incurred subsequent to the cessation of mining operations.

If an agreement cannot be reached for the transfer of the mining permit and reclamation liability to Goldrich or an operating company that will harvest the placer gold in the deposit, mining will likely not continue at the mine. Further, in order to operate the mine, Goldrich will be required to raise money to fund replacement equipment, wash plant, infrastructure and initial operating costs to restart the mine, due to the mining assets which have been removed as part of the liquidation of GNP. Goldrich has prepared a new mine plan and an initial assessment to show the mine’s potential, as announced in Goldrich’s news release dated June 11, 2021. Additionally, NyacAU submitted a new reclamation plan which was approved by the Army Corps of Engineers in September 2022. It appears the new reclamation plan may reduce reclamation costs if mining resumes but additional engineering studies are necessary to confirm this. However, at the date of this report, there is no candidate for operating the mine without a settling concession as part of the transfer of the permit and the associated reclamation obligations.

Goldrich may not have a reasonable avenue to pursue in restarting the mine and may be limited to raising investment funds for the sole purpose of exploration of the hard rock deposits.

Right to Offset Damages or Distributions

The Panel granted the request that any damages awarded to one party can be an offset to distributions (or damages) due to the other party.

Judgements issued by Superior Court

Final Post Award Orders

On September 4, 2020, the arbitration panel issued Final Post Award Orders, wherein the panel issued rulings on multiple issues, including but not limited to, those discussed below:

Reclamation

The Company had previously filed a motion to compel NyacAU to correct accruals for certain expenses including reclamation, demobilization, equipment rental and utilities. Most notably, the Company contended that an accrual for reclamation liability was short of a larger estimate prepared by independent professionals as engaged by Goldrich. The Panel denied the Company’s motion and ruled that Goldrich does not have the authority to compel the establishment of any reserves on the GNP financial records.

Mining Claims

Supplemental Orders 5-8

On December 4, 2020, the arbitration Panel issued Supplemental Orders 5-8, wherein the Panel issued rulings on multiple material issues:

2018 Profitability and 2018 Interim Distributions

Goldrich’s Portion of Interest Paid on LOC1

Clarification of Award

On April 7, 2021, the Panel issued two orders:

Estimates of Arbitration

It is possible that there could be either adverse or favorable developments in the arbitration pending with the Company and its JV partner. An unfavorable outcome or settlement of pending arbitration could encourage the commencement of additional legal action by the affected party.

We record provisions in the condensed consolidated financial statements for pending arbitration results when it determines that an outcome is probable, and the amount of the gain or loss can be reasonably estimated. At the present time, except as stated otherwise, while it is reasonably possible that a favorable or unfavorable outcome in the arbitration may occur, after assessing the information available, management is unable to estimate the possible gain or loss, or range of gains or losses, for the pending arbitration; and accordingly, no estimated gains or losses have been accrued in the condensed consolidated financial statements for favorable or unfavorable outcomes. Legal defense costs are expensed as incurred.

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 ~~2022~~2023 and beyond. We anticipate that we will incur approximately $1700,~~900,~~000 for general operating expenses and property maintenance, $1275,~~179,061~~000 for ~~related parties~~interest, and $2630,~~843,370~~000 for interest, ~~$446,003~~– ~~for~~related ~~payment~~party, ofover the ~~gold~~next ~~notes,~~12 $4months,~~152,611~~ ~~for~~in ~~payment of~~addition ~~notes payable~~ to ~~related~~the ~~party,~~current liabilities ~~and~~on ~~$1,088,421 for~~ the ~~payment~~balance ofsheet ~~notes~~at ~~payable~~March ~~over~~31, ~~the~~2023 ~~next 12 months as~~ of ~~September 30~~$12, ~~2022~~017,551. Additional funds will be needed for any exploration expenditures, should any be undertaken. We ~~also anticipate additional unknown and undeterminable costs for arbitration, but a significant portion of this would be recouped if we are successful in the arbitration. 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.

28On 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”).

WeSubject ~~have~~to ~~filed~~Goldrich anmaking ~~arbitration~~a ~~claim~~payment ~~against~~of ~~our~~$105,000 ~~joint venture operating partner~~ to ~~challenge~~NyacAU ~~certain~~by ~~accounting~~April ~~treatment of capital leases~~30, ~~allocations~~ ~~of tax losses~~2023, ~~charges~~which towas ~~the~~made JVon ~~for~~April ~~funding~~27, ~~costs~~2023, ~~related to~~ the JVsettlement ~~manager’s financing~~agreement, ~~related-party transactions,~~among ~~and~~ other ~~items~~things, ofresolved ~~dispute.~~all ~~For~~outstanding ~~recent developments in the~~ arbitration ~~proceedings~~issues, ~~see~~awards, ~~the sections titled Joint Venture Agreement~~ and ~~Arbitration~~orders ~~above.~~including ~~The~~mutual ~~arbitration~~release isof ~~proceeding~~all onoutstanding issues before the ~~basis~~Alaska ~~that~~superior ~~GNP~~court ~~has~~and ~~been~~all ~~dissolved~~court-entered judgments. AsThe ~~noted~~agreement ~~above,~~also ~~NyacAU~~terminated ~~has recorded~~and asuperseded ~~secured~~all ~~interest~~prior inagreements between all ~~placer~~Parties ~~gold~~except ~~production~~a ~~from~~security ~~certain~~agreement ~~claims~~between ~~owned~~NyacAU byand ~~Goldrich~~GNP asto ~~collateral~~secure ~~for~~ repayment of fifty percent (50%) of ~~LOC1.~~a ~~Arbitration~~funding ~~proceedings~~mechanism ~~may~~known as ~~significantly~~Line ~~affect~~of ~~the~~Credit ~~balance~~1 of (LOC1), ~~the magnitude of~~ which ~~cannot~~was beadvanced ~~estimated at~~by ~~the~~NyacAU ~~date~~to ~~of this report~~GNP. ~~The~~GNP ~~arbitration~~was ~~Panel~~formally ~~calculated~~dissolved ain ~~tentative balance of LOC1 at $16,483,271 as of June~~ 2019. ~~This balance will be adjusted for any additional awards and/or adjustments made by the arbitration Panel.~~

~~The~~Even ~~audit~~though ~~opinion~~the ~~and~~settlement ~~notes~~agreement ~~that~~was ~~accompany~~consummated ~~our~~subsequent ~~consolidated~~to ~~financial~~the ~~statements~~end ~~for~~of the 2022 year, ~~ended~~the ~~December~~nature ~~31,~~and ~~2021,~~magnitude ~~disclose~~of athe ~~‘going~~event requires ~~concern’~~the ~~qualification~~financial toeffects ~~our ability~~ to ~~continue~~be reflected in ~~business.~~the ~~The accompanying condensed consolidated~~ financial ~~statements~~statement ~~have been~~for ~~prepared under~~ the ~~assumption~~year ~~that~~ended weDecember ~~will~~31, ~~continue~~2022. asAs a ~~going~~result, ~~concern.~~the Weprevious ~~are an exploration stage company and we have incurred~~expense ~~losses~~accruals ~~since~~of ~~our~~$638,193 ~~inception.~~made Wein do2021 ~~not have sufficient cash to fund normal operations~~ and ~~meet~~prior ~~debt~~years ~~obligations~~were ~~for~~removed ~~the next 12 months without deferring payment on certain current liabilities~~ and ~~raising additional funds. We believe that~~ the ~~going~~settlement ~~concern~~amount ~~condition~~of ~~cannot be~~$105,000 ~~removed~~was ~~with~~recorded, ~~confidence~~resulting ~~until~~in ~~the Company has entered into~~ a ~~business~~gain on ~~climate~~settlement ~~where funding~~ of ~~its~~$533,193 ~~activities~~at isDecember ~~more~~31, ~~assured~~2022.

WeBecause ~~currently~~the ~~have~~exercise ~~only~~of athe ~~brief~~option ~~recent~~agreement ~~history~~is ofat athe ~~recurring~~election ~~source~~ of ~~revenue~~the ~~and~~Company, inno ~~2016~~financial ~~received~~effects ~~our~~of ~~first~~the ~~cash~~option ~~distribution~~have ~~from~~been ~~the~~recognized at March ~~joint~~31, ~~venture~~2023. If wethe ~~profitably~~option ~~execute~~agreement ais ~~production~~exercised ~~business~~by ~~plan~~April 2024, ~~our~~the ~~ability~~$1,000,000 topayment ~~continue~~would asbe arecorded ~~going~~for ~~concern~~the ~~may~~purchase ~~improve~~of ~~and become~~equipment, ~~less~~Goldrich ~~dependent~~would onbecome ~~our~~the ~~ability~~named tooperator ~~raise~~on ~~capital~~the toChandalar ~~fund~~placer ~~our~~mining ~~future~~permits, ~~exploration~~the ~~and~~$8,500,000 ~~working~~liability ~~capital~~would ~~requirements.~~be ~~Our~~recognized ~~plans~~and ~~for~~a ~~the long-term~~reclamation ~~include~~liability ~~the~~would ~~profitable~~be ~~exploitation~~recognized. ofWhile ~~our~~the ~~mining~~GRE ~~properties~~Revised and ~~financing~~Amended ~~our~~Initial ~~future~~Assessment ~~operations~~Report ~~through~~reflects ~~sales~~ample ofresources ~~our~~to ~~common~~justify ~~stock~~a ~~and/or~~mining ~~debt.~~activity ~~Additionally,~~at the ~~current~~Chandalar ~~capital~~Mine, ~~markets~~the ~~and~~option ~~general~~would ~~economic~~only ~~conditions~~be inexercised ~~the~~if ~~United~~we ~~States~~were ~~are~~able ~~significant~~to ~~obstacles~~secure tofinancing ~~raising the~~sufficient ~~required~~to ~~funds.~~start ~~These~~up ~~factors~~a ~~raise~~mining operation ~~substantial~~or ~~doubt~~secure ~~about~~a ~~our~~mining ~~ability~~partner to ~~continue~~economically asextract the gold in a ~~going~~mining ~~concern~~operation.

~~During~~The ~~the~~audit ~~nine~~opinion ~~months~~and notes that accompany our consolidated financial statements for the year ended ~~September~~December 3031, 2022, wedisclose ~~completed~~a ~~financings~~‘going concern’ ofqualification ~~$247,137,~~to ~~compared~~our ability to ~~$551,949~~continue ~~net~~in ~~cash~~business. ~~for~~The ~~note~~accompanying ~~financings~~consolidated ~~and placements~~financial ofstatements ~~our~~have ~~securities~~been ~~during~~prepared under the ~~nine~~assumption ~~months~~that ~~ended~~we ~~September~~will ~~30,~~continue ~~2021~~as a going concern. ~~Subsequent~~We toare ~~the~~an ~~close~~exploration ofstage ~~the~~company ~~nine~~and ~~months~~we ~~ended~~have ~~September~~incurred losses since ~~30,~~our ~~2022,~~inception. weWe ~~borrowed~~do annot ~~additional~~have ~~$29,000,~~sufficient ~~net~~cash ofto ~~discounts,~~fund ofnormal ~~notes~~operations ~~payable~~and –meet ~~related~~debt ~~party,~~obligations ~~bringing~~for the ~~total~~next ~~notes~~12 ~~payable –~~months ~~related~~without ~~party~~deferring payment ~~obligation~~on ascertain ofcurrent ~~November~~liabilities 8,and ~~2022,~~raising toadditional ~~$4,183,137~~funds. ~~Notes~~We ~~payable~~believe tothat ~~third~~the ~~parties~~going ~~totaling~~concern ~~$1,088,421~~condition ~~and~~cannot ~~notes~~be removed with ~~payable~~confidence –until ~~related~~the ~~party,~~Company ~~are~~has ~~due~~entered oninto ~~demand~~a business climate where funding of its activities is more assured.

IfWe wecurrently ~~are~~have ~~unable~~only toa ~~timely satisfy our obligations under these secured senior notes payable~~brief, ~~the~~recent ~~notes~~history ~~payable~~of ina ~~gold,~~recurring ~~originally~~source ~~due~~of ~~November 2018~~revenue and ~~subsequently~~in ~~amended~~2016 toreceived onour ~~demand,~~first ~~and~~cash ~~the~~distribution ~~interest~~from ~~on both~~ the joint ~~secured~~venture. ~~senior~~If ~~note~~we ~~due~~profitably ~~quarterly~~execute ~~and~~a ~~the~~production ~~notes~~business ~~payable in gold~~plan, ~~and~~ weour ~~are~~ability ~~not able~~ to ~~re-negotiate~~continue ~~the~~as ~~terms~~a ofgoing ~~such~~concern ~~agreements,~~may ~~the~~improve ~~holders~~and ~~will have rights against us, including potentially seizing~~become orless ~~selling~~dependent ~~our~~on ~~assets. The notes payable in gold are secured against~~ our ~~right~~ability to ~~future~~raise ~~distributions~~capital ofto ~~gold~~fund ~~extracted by~~ our ~~joint venture~~future ~~with~~exploration ~~NyacAU~~and orworking ~~subsequent~~capital ~~gold production~~requirements. AtOur ~~September~~plans ~~30,~~for ~~2022,~~the welong-term include ~~had~~the ~~outstanding~~profitable ~~total~~exploitation ~~notes payable in gold~~ of ~~$446,003, representing~~our ~~266.788~~mining ~~ounces~~properties ofand ~~fine~~financing ~~gold~~our ~~deliverable~~future onoperations ~~demand.~~through ~~During~~sales ~~the~~of ~~year~~our ~~ended~~common ~~December~~stock ~~31,~~and/or debt. ~~2019~~Additionally, the ~~Company~~capital ~~renegotiated~~markets ~~terms with~~and ~~the~~general ~~holders.~~economic ~~The~~conditions ~~Fourth~~in ~~Delayed Delivery Required Quantity shall be delivered to~~ the ~~Purchaser~~United atStates ~~the~~are ~~Delivery~~constantly ~~Point~~changing onand ~~the~~may ~~date~~present ~~that~~significant isobstacles ~~sixty~~to ~~(60)~~raising ~~days after~~ the ~~date~~required ~~that the Purchaser gives notice to the Company~~funds. ToThese ~~date,~~factors ~~the~~raise ~~gold~~substantial ~~notes~~doubt ~~have~~about ~~not~~our ~~been~~ability ~~paid, the note holders have not demanded payment or delivery of gold and have indicated willingness~~ to ~~work~~continue ~~with~~as ~~the~~a ~~Company~~going ~~to extend the due date~~concern.

2916

WeDuring ~~believe~~the wethree ~~will~~months beended ~~able~~March to31, ~~secure~~2023, ~~sufficient~~we ~~financing~~completed ~~for~~financings ~~further~~of ~~operations~~$15,000 ~~and~~compared ~~exploration~~to ~~activities~~$103,157 ofnet ~~our~~cash ~~Company~~for ~~but~~note wefinancings ~~cannot~~and placements ~~give~~of ~~assurance~~our wesecurities ~~will~~during bethe ~~successful~~three inmonths ~~attracting~~ended ~~financing~~March ~~on terms acceptable to us~~31, if2022. atOn ~~all.~~November ~~Additionally~~1, ~~anticipating continued placer production after dissolution of GNP~~2019, wethe ~~look~~Company ~~forward~~and tolenders ~~internal~~entered ~~cash~~into ~~flow~~the Amended and ~~additional~~Restated ~~options~~Loan ~~for~~Security ~~financing.~~and AIntercreditor ~~successful mining~~Agreement ~~operation may provide~~ (the ~~long-term~~“Agreement”). ~~financial~~Under ~~strength for~~ the ~~Company~~Agreement, ~~to remove~~ the ~~going~~borrower ~~concern~~and ~~condition~~holders ~~in future years.~~entered Tointo ~~increase~~a ~~its~~Deed ~~access~~of toTrust ~~financial~~whereunder ~~markets,~~the ~~Goldrich~~Notes ~~intends~~are tosecured ~~also~~by ~~seek~~ a ~~listing~~security ofinterest ~~its~~in ~~shares~~all onreal aproperty, ~~recognized~~claims, ~~stock~~contracts, ~~exchange~~agreements, inleases, ~~Canada~~permits inand ~~addition to its listing on~~ the ~~OTCQB in the United States~~like.

~~The~~If ~~condensed~~we ~~consolidated~~are ~~financial~~unable ~~statements~~to dotimely ~~not~~satisfy ~~include~~our ~~any~~obligations ~~adjustments~~under ~~that~~these ~~might~~secured besenior ~~necessary~~notes ~~should~~payable, the ~~Company~~notes payable in gold, originally due November 2018 and subsequently amended to be ~~unable~~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 ~~continue~~re-negotiate the terms of such agreements, the holders will have rights against us, including potentially asseizing aor ~~going~~selling ~~concern~~our assets. IfThe ~~the~~notes ~~going~~payable ~~concern~~in ~~basis~~gold ~~were~~are ~~not~~secured ~~appropriate~~against ~~for~~our ~~these~~right ~~financial~~to ~~statements~~future distributions of gold extracted by our joint venture with NyacAU. At March 31, ~~adjustments~~2023, ~~would~~we behad ~~necessary~~outstanding total notes payable in gold of $528,161, representing 266.788 ounces of fine gold due on demand. During the ~~carrying~~year ~~value~~ended ofDecember ~~assets~~31, ~~and~~2019, ~~liabilities~~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 ~~reported~~gold ~~expenses~~notes have not been paid, the note holders have not demanded payment and have indicated willingness to work with the ~~balance~~Company ~~sheet~~to ~~classifications~~extend ~~used~~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 ~~September~~March 3031, ~~2022~~2023, we had total liabilities of $12,~~005~~334,~~563~~729 and total assets of $~~696~~730,~~128~~945. This compares to total liabilities of $11,~~055~~976,~~036~~360 and total assets of $~~763~~761,~~073~~924 on December 31, ~~2021~~2022. As of ~~September~~March 3031, ~~2022~~2023, our liabilities consist of $~~273~~277,~~737~~178 for remediation and ~~asset~~ asset retirement obligations, $~~446~~528,~~003~~161 of notes payable in gold, $1,~~088~~250,~~421~~169 of notes payable, $4,~~152~~211,~~611~~769 of notes payable – related party, $1,~~921~~584,~~742~~653 of trade payables and accrued liabilities, $~~849~~779,~~357~~200 of accrued interest payable, $12,~~994~~308,~~013~~993 of accrued ~~interest~~convertible ~~payable~~interest payable – related party, $1,~~179~~323,~~061~~988 due to related parties, $7040,000 ~~for~~of ~~stock~~subscriptions ~~subscription~~ payable, and $30,618 for dividends payable ~~on preferred stock~~. Of these liabilities, $1112,~~661~~017,~~826~~551 is due within 12 months. The increase in liabilities compared to December 31, ~~2021~~ 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 ~~related party~~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 ~~period~~quarter ended ~~September~~March 3031, ~~2022~~2023.

On September 30, 2022, we had negative working capital of $11,617,126 and a stockholders’ deficit of $11,309,435 compared to negative working capital of $10,634,714 and stockholders’ deficit of $10,291,963 for the year ended December 31, 2021. Working capital decreased during the nine months ended September 30, 2022, due to the reduction of cash and prepaid expenses and the increase in payables and notes payables. Stockholders’ equity decreased due to an operating loss for the period ended September 30, 2022.17

~~During~~On ~~the~~March ~~three and nine months ended September 30~~31, ~~2022~~2023, ~~the~~we ~~Company~~had ~~reported~~negative ~~total~~working ~~operating~~capital ~~expenses~~ of $~~148~~11,~~515~~938,034 and a stockholders’ deficit of $~~524~~11,~~753~~603,784 ~~respectively,~~ compared to negative working capital of $~~179~~11,~~136~~520,440 and stockholders’ deficit of $~~779~~11,~~539~~214,436 for the ~~three~~year ~~and nine months~~ ended ~~September~~December 3031, ~~2021, respectively~~2022. ~~The~~Working ~~reduction~~capital ~~in operating expenses~~decreased ~~for~~during the ~~three~~quarter ~~months~~ ended ~~September~~March 3031, ~~2022,~~2023 ~~was~~ due to ~~reduced~~the ~~management~~accruals ~~fees~~of accounts and ~~salaries,~~trade ~~reduced~~payables ~~professional~~that ~~fees,~~exceeded ~~reduced~~cash ~~general and~~proceeds ~~administration~~from ~~expenses,~~Notes payable and ~~reduced~~Notes ~~arbitration~~payable ~~costs~~– ~~when~~related ~~compared~~party, toand the ~~three~~reduction ~~months~~of ~~ended~~prepaid ~~September 30, 2021~~expenses. ~~The~~Stockholders’ ~~reduction in~~equity ~~operating~~decreased ~~expenses for the nine months ended September 30, 2022, was~~ due to ~~reduced~~an ~~mine preparation costs, reduced exploration expense,~~operating ~~reduced~~loss ~~management~~for ~~fees~~the ~~and~~period ~~salaries,~~ended ~~reduced~~March ~~professional services~~31, ~~reduced general and administration costs, reduced directors’ fees, and reduced arbitration costs~~2023.

During the ~~nine~~three months ended ~~September~~March 3031, ~~2022~~2023, wethe ~~used~~Company ~~cash~~reported ~~from~~total operating ~~activities~~expense of $~~248~~161,~~711~~695, compared to $~~553~~202,~~474~~357 for the ~~period~~three ~~ended~~months ~~September~~ended 30March 31, ~~2021~~2022. ~~Net~~With ~~losses~~the ~~were~~exception ~~slightly~~of arbitration expenses and mineral property maintenance, all expenses are lower year over year. Total ~~due~~other to(income) aexpense ~~decrease~~for inthe ~~trade~~three ~~payables~~months ~~and~~ended ~~arbitration~~March ~~costs.~~31, ~~Net~~2023 ~~operating losses~~was ~~were~~ $~~148~~257,~~515~~653 ~~and~~compared to $~~524~~262,~~753~~434 for the ~~three~~same ~~and~~period ~~nine~~of ~~months~~2022, mainly ~~ended~~due ~~September~~to ~~30,~~a ~~2022,~~decrease ~~respectively,~~in ~~compared~~interest toexpense ~~$179,136~~ and $~~779~~5,~~539 for~~787 ~~the~~in ~~three~~miscellaneous ~~and~~income ~~nine~~during ~~month~~the ~~periods~~three months ended ~~September~~March 3031, ~~2021, respectively~~2023.

During the ~~nine~~three months ended ~~September~~March 3031, 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 ~~2021~~salaries, ~~respectively~~professional services, wegeneral ~~used~~and noadministrative ~~cash~~expenses, inoffice ~~investing~~supplies, ~~activities~~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 ~~nine~~three months ended ~~September~~March 3031, ~~2022,~~2023 ~~cash~~and of2022 ~~$247~~respectively,~~137~~ ~~was~~we ~~provided~~used byno ~~financing~~cash ~~activities,~~in ~~compared~~investing ~~to $551,949 provided during the same period of 2021~~activities.

30During 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 ~~nine~~year ~~months~~ ended ~~September~~December 3031, 2022, the Company ~~received~~raised ~~cash of~~ $30,000 infrom ~~subscription~~investors ~~payable~~ for a private placement of common ~~shares~~ ~~priced~~stock at a price of $0.01 per share, ofand ~~which~~is $5included in stock subscription payable at December 31,~~000~~ ~~was~~2022. ~~from~~During ~~William~~the ~~Orchow~~three months ended March 31, a2023, ~~related~~stock ~~party.~~subscription payable ~~Upon~~was ~~closing~~reduced by $30,000 and the Company ~~will~~issued ~~issue~~ 3,000,000 ~~common~~ 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 ~~September~~March 3031, ~~2022~~2023, we owed $~~446~~528,~~003~~161 for Notes payable in Gold, $1,~~088~~250,~~421~~169 for Notes payable and $4,~~152~~211,~~611~~769 for Notes payable – ~~related~~ related party. Interest payable on these borrowings totaled $23,~~647~~088,~~511~~193. These borrowings have matured beyond their original due dates and have been amended to be due upon demand.

~~During~~Effective ~~September~~November of1, ~~2020~~2019, we entered into an Amended and ~~June~~Restated ~~2021~~Loan, ~~the~~Security, ~~holders~~and ofIntercreditor Agreement (the ~~Notes~~“Amended ~~payable~~ Agreement”) and ~~Notes~~effective ~~payable~~August –25, ~~related party~~2021, ~~received~~we ~~shares~~entered ininto ~~lieu~~First ~~of cash~~Amendment ~~for~~to ~~interest.~~the AAmended ~~total~~and ofRestated 14Loan,~~000~~ Security,~~000~~ ~~common~~and ~~shares~~Intercreditor Agreement dated November 1, 2019 (“First Amendment”) with Nicholas Gallagher, a ~~basis~~related party and member of ~~$0.015~~our ~~per~~Board ~~share~~of Directors, in ~~were~~his ~~issued~~capacity toas ~~the~~agent ~~lenders,~~for ~~reducing~~and ~~interest payable~~on bybehalf ~~$210,000,~~ of ~~which~~the ~~$168,976~~holders ~~was~~of tothe aNotes ~~related party~~payable.

~~Inter~~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-~~Creditor~~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.

1. The borrower and holder 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.

2. The Company entered into a written Guaranty (“Guaranty”) whereunder, 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.

3. 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.

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

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

Subsequent Events

Subsequent to ~~September~~March 3031, ~~2022~~2023, the Company received $162,667 cash as a result of exercise of Class R warrants at an exercise price of $~~29,000~~0.024 per common share. Ownership of ~~additional~~these ~~Notes~~warrants ~~payable~~had –been in the hands of a related party ~~from~~and Mrwere sold by him personally to unrelated parties. The ~~Nicholas~~unrelated ~~Gallagher~~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,~~600~~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 4044,000 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 ~~the~~sufficient ~~type~~financing ofto ~~investor~~reinstate ~~who is comfortable with reinstating~~ 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, ~~(1) the~~we ~~mining~~have ~~permit~~negotiated ~~for~~ the option ~~Chandalar~~agreement ~~mine~~described ~~must~~above ~~be transferred~~ to usprovide ~~from~~for ~~NyacAU~~facilities, ~~our~~equipment ~~former JV partner~~ and ~~the~~mining ~~current holder of the~~ permit~~, (2)~~ ~~financial concessions must be made relative~~ to ~~LOC1~~commence work, ~~which~~while istaking ~~currently~~on ~~to be satisfied from gold produced from~~ the ~~claims~~reclamation liability atfor the Chandalar placer mine,. ~~and~~While ~~(3) reclamation costs for~~ the ~~Chandalar~~GRE ~~mine~~Revised ~~that~~and ~~currently~~Amended ~~are~~Initial ~~the~~Assessment ~~responsibility~~Report ofreflects ~~NyacAU~~ample ~~must~~resources beto ~~mitigated by~~justify a mining ~~plan~~activity ~~that~~at ~~accomplishes much of~~ the ~~reclamation~~Chandalar ~~costs~~placer asmine, ~~part of~~ the ~~ongoing~~option ~~mining~~would ~~activity.~~only Webe doexercised ~~not~~if ~~believe~~we anwere ~~investor~~able ~~or group~~to ofsecure ~~investors~~financing ~~will~~sufficient ~~be willing~~ to start ~~step~~up ~~forward~~a tomining ~~fund~~operation ~~the~~or ~~placer~~secure a mining ~~activity~~partner ~~without~~to ~~these~~economically ~~three~~extract ~~factors~~the ~~aligning~~gold ~~themselves as~~in ~~described~~a mining operation.

~~Additionally,~~We ~~without~~do abelieve ~~profitable~~there ~~mining~~are ~~operation,~~investors ~~the~~motivated ~~ability~~ to ~~pay~~provide ~~back~~funding ~~the~~for ~~Notes~~exploration ~~may~~programs ~~not be available~~ to ~~us.~~locate Ifand ~~that~~exploit is the ~~case,~~hard ~~the~~rock ~~payback would~~deposits ~~require us to raise money~~ from which ~~placements of equity instruments to raise~~ the ~~cash~~placer tomineralization ~~satisfy~~is ~~the~~coming ~~obligations~~from. ~~Such~~This astrategy ~~use~~can ofbe ~~funds may~~pursued ~~present~~independent aof ~~funding~~any ~~effort~~mining ~~that receives tepid or little response in the equity markets~~activities.

However, 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.

● Accounting for Investments in Joint Ventures. For joint ventures in which we do not have joint control or significant influence, the cost method is used. Under the cost method, these investments are carried at the lower of cost or fair value. For those joint ventures in which there is joint control between the parties and in which we have significant influence, the equity method is utilized whereby our share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and our investments therein are adjusted by a similar amount. We have no significant influence over our joint venture described in Note 3 Joint Ventures to the financial statements, and therefore account for our investment using the cost method. For joint ventures where we hold more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of a non-controlling interest. In determining whether significant influence exists, we consider our participation in policy-making decisions and our representation on the venture’s management committee. We currently have no joint venture of this nature.

● Estimates of contingent uncertainties. The arbitration rulings and awards have resulted in potential obligations and partially-offsetting potential receivables to and from GNP, some of which must be recognized and recorded, while others cannot be recognized or recorded until the actual realization of the cash benefit. If future results vary materially from the assumptions and estimates used by us, we may be required to recognize material differences from those we have recognized in the financial statements, and those disclosed in Commitments and Contingencies.

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 ~~period~~quarter ended ~~September~~March 3031, ~~2022~~2023, there have been no changes in the Company’s internal control over financial reporting that ~~have~~ have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

3320

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

WeIn ~~are~~2018, ~~subject~~we tofiled ~~legal~~a ~~proceedings~~claim ~~and~~before ~~claims,~~an ~~which~~Arbitration ~~arise~~panel ~~from~~consisting ~~time~~of to3 ~~time.~~independent ~~These~~arbitrators ~~can~~against ~~include,~~our ~~but~~joint ~~are~~venture ~~not~~partner ~~limited~~ to, ~~legal proceedings~~obtain ~~and/or~~relief ~~claims~~from ~~pertaining~~certain toaccounting ~~environmental~~practices oremployed ~~safety~~by ~~matters. With~~ the ~~exception~~manager of the ~~arbitration~~joint ~~actions~~venture. ~~detailed~~In ~~below~~response to our filing, ~~there~~the ~~are~~managing partner, noNyacAU ~~pending~~LLC, ~~material~~filed ~~legal~~an ~~proceedings~~Arbitration inCounter ~~which~~Claim ~~the~~against ~~Company~~us, isnaming athe ~~party~~officers orand ~~any~~directors of ~~their~~the ~~respective~~Company ~~properties~~as isthey ~~subject.~~were ~~Also~~constituted in 2012, ~~with~~at the ~~exception~~ oftime the ~~arbitration~~JV’s ~~actions~~Operating ~~detailed~~Agreement ~~below,~~was ~~there~~signed ~~are~~by nothe ~~pending~~respective ~~legal~~partners. ~~proceedings~~On toMarch ~~which~~31, ~~any director~~2023, ~~officer or affiliate of~~ the Company, ~~any~~signed a ~~owner~~settlement ofagreement ~~record~~between orthe ~~beneficiary~~Company, ofNyacAU, ~~more~~LLC ~~than~~(“NyacAU”), 5%Goldrich ofPlacer, ~~the~~LLC ~~common~~(“GP”), ~~stock~~Goldrich ofNyacAU Placer, ~~the~~LLC ~~Company~~(“GNP”), orDr. ~~any~~J. ~~security~~Michael ~~holder~~James, ofindividually ~~the Company~~(“Dr. isJames”), aand ~~party~~Bear ~~adverse~~Leasing, toLLC ~~the~~(“Bear ~~Company~~Leasing”) (each ~~or has~~ a ~~material~~“Party” ~~interest~~and, ~~adverse~~collectively, to the ~~Company~~“Parties”).

InGoldrich ~~2017,~~made ~~the~~a ~~Company,~~payment ~~its~~of ~~subsidiary and the joint venture~~$105,000 asto ~~claimants, filed an arbitration statement of claim against~~ NyacAU, ~~LLC~~by ~~(“NyacAU”), BEAR~~April ~~Leasing~~30, ~~LLC~~2023, and ~~Dr. J. Michael James, as respondents. In 2018,~~ the ~~respondents~~settlement ~~filed a counter-claim against us~~agreement, ~~the~~among ~~claimants. The arbitration claim alleges, amongst~~ other things, ~~claims~~resolved ~~concerning~~all ~~related-party~~outstanding ~~transactions~~arbitration issues, ~~accounting issues~~awards, ~~interpretation of~~and ~~the~~orders ~~joint~~including ~~venture~~mutual ~~operating~~release ~~agreement, allocation~~ of ~~tax~~all ~~losses~~outstanding ~~between~~issues before the ~~joint~~Alaska ~~venture~~superior ~~partners,~~court and ~~unpaid~~all ~~amounts due Goldrich~~court-entered ~~relating to the Chandalar Mine~~judgments. The ~~arbitration~~agreement ~~occurred~~also ~~during~~terminates ~~July~~ and ~~August~~supersedes ~~2018~~all inprior ~~Anchorage,~~agreements ~~Alaska~~between ~~before~~all aParties ~~three-member~~except ~~panel. Under~~a ~~the~~security ~~terms~~agreement ofbetween NyacAU ~~the~~and ~~Operating~~GNP ~~Agreement, both partners are required~~ to ~~abide~~secure byrepayment ~~the~~of ~~rulings~~fifty ~~proceeding~~percent ~~from~~(50%) ~~the~~of ~~Panel.~~a Wefunding ~~have~~mechanism ~~received an~~known ~~Interim~~as ~~Award,~~Line aof ~~Partial~~Credit ~~Final~~1 ~~Award~~(LOC1), awhich ~~Second~~was ~~Interim~~advanced by ~~Award,~~NyacAU ~~and~~to aGNP. ~~Final~~GNP ~~Post~~was ~~Award~~formally ~~and~~dissolved ~~are awaiting the outcome of the arbitration that would come~~ in ~~the form of a Final Award from the Panel~~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, ~~2021~~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 ~~period~~quarter ended ~~September~~March 3031, ~~2022~~2023, we had no such specified health and safety violations, orders or citations, related assessments or 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.

3421

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		~~Inline~~ XBRL Instance Document ~~– the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document~~
101.SCH		~~Inline~~ XBRL Taxonomy Extension Schema Document
101.CAL		~~Inline~~ XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		~~Inline~~ XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		~~Inline~~ XBRL Taxonomy Extension Label Linkbase Document
101.PRE		~~Inline~~ XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

3522

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: ~~November~~September 2122, ~~2022~~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: ~~November~~September 2122, ~~2022~~2023

	GOLDRICH MINING COMPANY

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

3623

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