British Columbia · Receivership (court-appointed)
First Court Report of Receiver (filed August 27, 2025)
Court officer report · 27 August 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing13 verified
- financial positionnote: Total assets table appears on page 10; total liabilities table appears on page 11. Fiscal 2025 audited financial statements were not completed as at the Appointment Date due to an auditor change. · page: 10 · as at: 2025-01-31 · basis: Gold Mountain's unaudited Condensed Interim Consolidated Financial Statements for the twelve months ended January 31, 2025 (the '2025 Interim Statements'); the Receiver has not verified and expresses no opinion as to the accuracy of the financial information · scope: consolidated - Gold Mountain Mining Corp. and its subsidiaries (Bayshore Minerals Incorporated and Elk Gold Mining Corp.) · currency: CAD · total assets: 53965593 · total liabilities: 22094435
- secured creditorsnote: Part of the 'Nhwelmen Debt'. Amounts owed to Nhwelmen's affiliate(s) are separate and not reflected here. · page: 11 · amount: 4796105 · debtor: Elk Gold Mining Corp. · creditor: Nhwelmen Construction Limited Partnership (by its general partner Nhwelmen Construction GP Ltd.) · currency: CAD · security: Primary secured creditor; security documentation reviewed by Lawson Lundell LLP, which provided an independent legal opinion confirming validity and enforceability of Nhwelmen's security over the Debtors' collateral, subject to standard/customary assumptions and qualifications.
- secured creditorsnote: Nhwelmen was also the Debtors' mining contractor and operated the Mine on behalf of the Debtors; part of the 'Nhwelmen Debt'. Amounts owed to Nhwelmen's affiliate(s) exist separately and are NOT reflected in this figure; Receiver has not opined on any security for those other debts. · page: 11 · amount: 10974669 · debtor: Gold Mountain Mining Corp. · creditor: Nhwelmen Construction Limited Partnership (by its general partner Nhwelmen Construction GP Ltd.) · currency: CAD · security: Primary secured creditor; security documentation reviewed by Lawson Lundell LLP, which provided an independent legal opinion confirming validity and enforceability of Nhwelmen's security over the Debtors' collateral, subject to standard/customary assumptions and qualifications.
- secured creditorsnote: Part of the 'Nhwelmen Debt'. Amounts owed to Nhwelmen's affiliate(s) are separate and not reflected here. · page: 11 · amount: 4796105 · debtor: Bayshore Minerals Incorporated · creditor: Nhwelmen Construction Limited Partnership (by its general partner Nhwelmen Construction GP Ltd.) · currency: CAD · security: Primary secured creditor; security documentation reviewed by Lawson Lundell LLP, which provided an independent legal opinion confirming validity and enforceability of Nhwelmen's security over the Debtors' collateral, subject to standard/customary assumptions and qualifications.
- secured creditorsnote: Receiver has not yet assessed validity, enforceability or quantum of this potential lien. · page: 12 · debtor: Elk Gold Mining Corp. · creditor: Helm Diamond Drilling Ltd. · currency: CAD · security: Potential lien claim arising from work performed for the Mine.
- secured creditorsnote: Gold Mountain retains a one-time, exclusive right to repurchase 50% of this royalty, subject to conditions and payment obligations. Royalty percentage, not a stated dollar claim. · page: 12 · debtor: Elk Gold Mining Corp. · creditor: Silver Crown Royalties Inc. · currency: CAD · security: 90% royalty on gross proceeds from silver sales encumbering the Property (increased from an initial 45% following exercise of an Additional Royalty Option, announced by Gold Mountain in a press release dated May 25, 2023).
- secured creditorsnote: Receiver has not yet retrieved documentation substantiating this royalty; assessment ongoing. · page: 12 · debtor: Elk Gold Mining Corp. · creditor: Don Agur · currency: CAD · security: Potential third royalty referenced in Gold Mountain's public disclosures.
- secured creditorsnote: Receiver has not yet assessed validity, enforceability or quantum of this potential lien. · page: 12 · debtor: Elk Gold Mining Corp. · creditor: Rock Construction & Mining Inc. · currency: CAD · security: Potential lien claim arising from work performed for the Mine.
- secured creditorsnote: Royalty percentage, not a stated dollar claim. · page: 12 · debtor: Elk Gold Mining Corp. · creditor: Star Royalties Ltd. · currency: CAD · security: 2% net smelter returns royalty encumbering the Property.
- secured creditorsnote: Receiver has not yet assessed validity, enforceability or quantum of this potential lien. · page: 12 · debtor: Elk Gold Mining Corp. · creditor: Twincon Enterprises Ltd. · currency: CAD · security: Potential lien claim arising from work performed for the Mine.
- secured creditorsnote: Receiver has not yet assessed validity, enforceability or quantum of this potential lien. · page: 12 · debtor: Elk Gold Mining Corp. · creditor: Foreman Equipment Ltd. · currency: CAD · security: Potential lien claim arising from work performed for the Mine.
- secured creditorsnote: Regulatory claim; small balance owing, less than $1,000; no claim submitted as of the date of the First Report. · page: 13 · creditor: WorkSafeBC · currency: CAD
- secured creditorsnote: Deemed trust class; approximately $10,000 owing for unremitted payroll withholdings or GST, per Receiver's initial review of books and records; no claim submitted by CRA as of the date of the First Report. · page: 13 · amount: 10000 · creditor: Canada Revenue Agency · currency: CAD