Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 10, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | SCANDIUM INTERNATIONAL MINING CORP. | |
Entity Central Index Key | 0001408146 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Entity Common Stock Shares Outstanding | 355,860,813 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-54416 | |
Entity Incorporation State Country Code | Z4 | |
Entity Tax Identification Number | 98-1009717 | |
Entity Interactive Data Current | Yes | |
Entity Address Address Line 1 | 1390 Ione Pass Trail | |
Entity Address City Or Town | Reno | |
Entity Address State Or Province | NV | |
Entity Address Postal Zip Code | 89523 | |
City Area Code | 775 | |
Local Phone Number | 355-9500 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current | ||
Cash | $ 1,971,898 | $ 93,894 |
Prepaid expenses and receivables | 10,055 | 35,042 |
Total Current Assets | 1,981,953 | 128,936 |
Reclamation bond (Note 4) | 9,797 | 11,444 |
Equipment (Note 3) | 0 | 2,932 |
Mineral property interests (Note 4) | 704,053 | 704,053 |
Total Assets | 2,695,803 | 847,365 |
Current | ||
Accounts payable and accrued liabilities | 163,973 | 568,001 |
Accounts payable with related parties (Note 5) | 175,854 | 1,159,713 |
Derivative liability - warrants (Note 6) | 1,519,787 | 0 |
Total Liabilities | 1,859,614 | 1,727,714 |
Shareholders' Equity (Deficiency) | ||
Capital stock (Note 6) (Authorized: Unlimited number of common shares; Issued and outstanding: 355,860,813 (2021 - 317,157,595) | 111,164,495 | 110,149,177 |
Treasury stock (Note 7) (1,033,333 common shares) (2021 - 1,033,333) | (1,264,194) | (1,264,194) |
Additional paid in capital (Note 6) | 6,970,505 | 6,891,510 |
Accumulated other comprehensive loss | (853,400) | (853,400) |
Deficit | (115,181,217) | (115,803,442) |
Total Shareholders' Equity (Deficiency) | 836,189 | (880,349) |
Total Liabilities and Shareholders' Equity (Deficiency) | $ 2,695,803 | $ 847,365 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Sep. 30, 2022 | Dec. 31, 2021 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Common stock, issued | 355,860,813 | 317,157,595 |
Common stock, outstanding | 355,860,813 | 317,157,595 |
Treasury stock, shares | 1,033,333 | 1,033,333 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
EXPENSES | ||||
Amortization (Note 3) | $ 0 | $ 419 | $ 2,932 | $ 1,309 |
Consulting (Note 5) | 1,363 | 45,500 | 18,363 | 105,122 |
Exploration (recovery) | 22,915 | 33,458 | (8,455) | 55,873 |
General and administrative | 29,822 | 90,683 | 160,933 | 181,740 |
Insurance | 7,565 | 9,491 | 23,052 | 27,778 |
Professional fees | 23,939 | 5,185 | 87,261 | 53,194 |
Salaries and benefits | 42,129 | 116,112 | 180,256 | 350,287 |
Stock-based compensation (Notes 5 & 6) | 61,222 | 0 | 149,669 | 610,385 |
Operating Expenses | (188,955) | (300,848) | (614,011) | (1,385,688) |
Foreign exchange gain | 44,862 | 22,144 | 43,139 | 33,767 |
Accruals reversal (Note 9) | 0 | 0 | 1,032,044 | 0 |
Unrealized gain on derivative liability - warrants gain (Note 6) | 214,794 | 0 | 161,053 | 0 |
Income (loss) and comprehensive income (loss) for the period | $ 70,701 | $ (278,704) | $ 622,225 | $ (1,351,921) |
Basic and diluted income (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 355,860,813 | 316,272,595 | 345,147,171 | 316,075,086 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Income (loss) for the period | $ 622,225 | $ (1,351,921) |
Items not affecting cash: | ||
Amortization | 2,932 | 1,309 |
Stock-based compensation | 149,669 | 610,385 |
Accrual reversal | (1,032,044) | 0 |
Unrealized loss on derivative liability - warrants | (161,053) | 0 |
Unrealized gain of foreign exchange | (99,292) | 0 |
Changes in non-cash working capital items: | ||
Decrease in prepaid expenses and receivables | 24,987 | 24,161 |
Increase (decrease) in accounts payable, accrued liabilities and accounts payable with related parties | (355,843) | 383,019 |
Total cash used in operating activities | (848,419) | (333,047) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Common shares issued | 2,647,852 | 0 |
Share issue costs | (28,418) | 0 |
Options exercised for common shares | 106,989 | 227,064 |
Total cash used in financing activities | 2,726,423 | 227,064 |
Change in cash during the period | 1,878,004 | (105,983) |
Cash, beginning of period | 93,894 | 170,284 |
Cash, end of period | 1,971,898 | 64,301 |
Cash paid during the 9-month period for interest | 0 | 0 |
Cash paid during the 9-month period for taxes | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (DEFICIENCY) (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated other comprehensive loss | Retained Earnings (Accumulated Deficit) |
Balance, shares at Dec. 31, 2020 | 314,032,595 | |||||
Balance, amount at Dec. 31, 2020 | $ (221,517) | $ 109,627,071 | $ 6,505,416 | $ (1,264,194) | $ (853,400) | $ (114,236,410) |
Options exercised, shares | 2,240,000 | |||||
Options exercised, amount | 227,064 | $ 406,003 | (178,939) | 0 | 0 | 0 |
Loss for the three months | (312,137) | $ 0 | 0 | 0 | 0 | (312,137) |
Balance, shares at Mar. 31, 2021 | 316,272,595 | |||||
Balance, amount at Mar. 31, 2021 | (306,590) | $ 110,033,074 | 6,326,477 | (1,264,194) | (853,400) | (114,548,557) |
Balance, shares at Dec. 31, 2020 | 314,032,595 | |||||
Balance, amount at Dec. 31, 2020 | (221,517) | $ 109,627,071 | 6,505,416 | (1,264,194) | (853,400) | (114,236,410) |
Loss for the three months | (1,351,921) | |||||
Stock-based compensation | 610,385 | |||||
Balance, shares at Sep. 30, 2021 | 316,272,595 | |||||
Balance, amount at Sep. 30, 2021 | (735,989) | $ 110,033,074 | 6,936,862 | (1,264,194) | (853,400) | (115,588,331) |
Balance, shares at Mar. 31, 2021 | 316,272,595 | |||||
Balance, amount at Mar. 31, 2021 | (306,590) | $ 110,033,074 | 6,326,477 | (1,264,194) | (853,400) | (114,548,557) |
Loss for the three months | (761,080) | 0 | 0 | 0 | 0 | (761,080) |
Stock-based compensation | 610,385 | $ 0 | 610,385 | 0 | 0 | 0 |
Balance, shares at Jun. 30, 2021 | 316,272,595 | |||||
Balance, amount at Jun. 30, 2021 | (457,285) | $ 110,033,074 | 6,936,862 | (1,264,194) | (853,400) | (115,309,627) |
Loss for the three months | (278,704) | $ 0 | 0 | 0 | 0 | (278,704) |
Balance, shares at Sep. 30, 2021 | 316,272,595 | |||||
Balance, amount at Sep. 30, 2021 | (735,989) | $ 110,033,074 | 6,936,862 | (1,264,194) | (853,400) | (115,588,331) |
Options exercised, shares | 885,000 | |||||
Options exercised, amount | 70,751 | $ 116,103 | (45,352) | 0 | 0 | 0 |
Loss for the three months | (215,111) | $ 0 | 0 | 0 | 0 | (215,111) |
Balance, shares at Dec. 31, 2021 | 317,157,595 | |||||
Balance, amount at Dec. 31, 2021 | (880,349) | $ 110,149,177 | 6,891,510 | (1,264,194) | (853,400) | (115,803,442) |
Loss for the three months | 522,946 | $ 0 | 0 | 0 | 0 | 522,946 |
Balance, shares at Mar. 31, 2022 | 317,157,595 | |||||
Balance, amount at Mar. 31, 2022 | (357,403) | $ 110,149,177 | 6,891,510 | (1,264,194) | (853,400) | (115,280,496) |
Balance, shares at Dec. 31, 2021 | 317,157,595 | |||||
Balance, amount at Dec. 31, 2021 | (880,349) | $ 110,149,177 | 6,891,510 | (1,264,194) | (853,400) | (115,803,442) |
Loss for the three months | 622,225 | |||||
Stock-based compensation | 149,669 | |||||
Balance, shares at Sep. 30, 2022 | 355,860,813 | |||||
Balance, amount at Sep. 30, 2022 | 836,189 | $ 111,164,495 | 6,970,505 | (1,264,194) | (853,400) | (115,181,217) |
Balance, shares at Mar. 31, 2022 | 317,157,595 | |||||
Balance, amount at Mar. 31, 2022 | (357,403) | $ 110,149,177 | 6,891,510 | (1,264,194) | (853,400) | (115,280,496) |
Options exercised, shares | 900,000 | |||||
Options exercised, amount | 106,989 | $ 177,663 | (70,674) | 0 | 0 | 0 |
Loss for the three months | 28,578 | 0 | 0 | 0 | 0 | 28,578 |
Stock-based compensation | 88,447 | $ 0 | 88,447 | 0 | 0 | 0 |
Private placement net of share issuance costs, shares | 37,803,218 | |||||
Private placement net of share issuance costs, amount | 2,619,434 | $ 2,619,434 | 0 | 0 | 0 | 0 |
Derivative liability | (1,781,779) | $ (1,781,779) | 0 | 0 | 0 | 0 |
Balance, shares at Jun. 30, 2022 | 355,860,813 | |||||
Balance, amount at Jun. 30, 2022 | 704,266 | $ 111,164,495 | 6,909,283 | (1,264,194) | (853,400) | (115,251,918) |
Loss for the three months | 70,701 | 0 | 0 | 0 | 0 | 70,701 |
Stock-based compensation | 61,222 | $ 0 | 61,222 | 0 | 0 | 0 |
Balance, shares at Sep. 30, 2022 | 355,860,813 | |||||
Balance, amount at Sep. 30, 2022 | $ 836,189 | $ 111,164,495 | $ 6,970,505 | $ (1,264,194) | $ (853,400) | $ (115,181,217) |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2022 | |
NATURE AND CONTINUANCE OF OPERATIONS | |
NATURE AND CONTINUANCE OF OPERATIONS | 1. NATURE AND CONTINUANCE OF OPERATIONS Scandium International is a specialty metals and alloys company focusing on scandium and other specialty metals. The Company was incorporated under the laws of the Province of British Columbia, Canada in 2006. The Company currently trades on the Toronto Stock Exchange under the symbol “SCY”. The Company’s focus is on the exploration and evaluation of its specialty metals assets, specifically the Nyngan scandium deposit located in New South Wales, Australia, The Company is an exploration stage company and anticipates incurring significant additional expenditures prior to production at any and all of its properties. These condensed consolidated financial statements have been prepared on a going concern basis that contemplates the realization of assets and discharge of liabilities at their carrying values in the normal course of business for the foreseeable future. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern. The Company currently earns no operating revenues and will require additional capital in order to advance the Nyngan property. The Company’s ability to continue as a going concern is uncertain and is dependent upon the generation of profits from mineral properties, obtaining additional financing and maintaining continued support from its shareholders and creditors. These are material uncertainties that raise substantial doubt about the Company’s ability to continue as a going concern. In the event that additional financial support is not received, or operating profits are not generated, the carrying values of the Company’s assets may be adversely affected. In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and related adverse public health developments, have adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or ability to raise funds. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2022 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION Basis of presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. In the opinion of management, all adjustments necessary for a fair statement of the condensed consolidated balance sheets, results of operations and comprehensive loss and cash flows for the interim periods have been made. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, and with our Annual Report on Form 10-K filed with the SEC on March 11, 2022. Operating results for the nine-month period ended September 30, 2022, may not necessarily be indicative of the results for the year ending December 31, 2022. These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, EMC Metals USA Inc., Scandium International Mining Corp., Norway AS, SCY Exploration Finland Oy, and EMC Metals Australia Pty Ltd. (“EMC-A”). Use of estimates The preparation of unaudited interim condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, asset impairment, stock-based compensation, derivative liabilities and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. The Company considers itself to be an exploration stage company and will consider the transition to development stage after it receives funding to begin mine construction, and board approval. Fair value of financial assets and liabilities The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in profit or loss. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available- for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. Financial instruments, including receivables, accounts payable and accrued liabilities, and accounts payable with related parties are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. Derivative liabilities are recorded at fair value, and are financial liabilities classified as held-for-trading. The Company has no leases with a term of greater than 12 months. Short term lease expenses totaled $15,669 during the nine months ended September 30, 2022, and $22,445 during the nine months ended September 30, 2021. The Company’s warrants have an exercise price in Canadian dollars while the Company’s functional currency is US dollars. Therefore, in accordance with ASU 815 – Derivatives and Hedging, the warrants are presented as derivative liabilities. This liability value has no effect on the cash flow of the Company and does not represent a cash payment of any kind. The derivative liability is a result of the uncertainty associated with US dollar cash flows as a result of the underlying foreign currency fluctuations between the exercise price in Canadian dollars and the Company’s functional currency of US dollars. The following table presents information about the assets and liabilities that are measured at fair value on a recurring basis as at September 30, 2022 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and included situations where there is little, if any, market activity for the asset: September 30, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 1,971,898 $ 1,971,898 $ — $ — Derivative liabilities - warrants $ (1,519,787 ) $ — $ — $ (1,519,787 ) Recently Adopted and Recently Issued Accounting Standards Accounting Standards Update 2021-04 - Earnings Per Share (Topic 260), Debt Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40) This update is to provide clarity around earnings per share calculations and is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is reviewing this standard but expects little or no impact on its financial statements. |
EQUIPMENT
EQUIPMENT | 9 Months Ended |
Sep. 30, 2022 | |
EQUIPMENT | |
EQUIPMENT | 3. EQUIPMENT December 31, 2021, Net Book Value Additions (disposals) (write-offs) Amortization September 30, 2022, Net Book Value Computer equipment $ 2,932 $ - $ (2,932 ) $ - During the nine-month period ended September 30, 2022, the remaining fixed assets were disposed for $Nil proceeds. December 31, 2020, Net Book Value Additions (disposals) (write-offs) Amortization December 31, 2021, Net Book Value Computer equipment $ 4,660 $ - $ (1,728 ) $ 2,932 |
MINERAL PROPERTY INTERESTS
MINERAL PROPERTY INTERESTS | 9 Months Ended |
Sep. 30, 2022 | |
MINERAL PROPERTY INTERESTS | |
MINERAL PROPERTY INTERESTS | 4. MINERAL PROPERTY INTERESTS September 30, 2022 Scandium and other Balance, September 30, 2022, December 31, 2021 $ 704,053 Title to mineral property interests involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many mineral property interests. The Company has investigated title to all its mineral property interests and, to the best of its knowledge, title to all of its properties is in good standing. SCANDIUM PROPERTIES Nyngan, New South Wales Property The Company holds a 100% interest in the Nyngan property in New South Wales, Australia (NSW). Royalties attached to the Nyngan property include a 0.7% royalty on gross mineral sales on the property, a 1.5% Net Profits Interest royalty to private parties involved with the early exploration on the property, and a 1.7% Net Smelter Returns royalty payable for 12 years after production commences. Another revenue royalty is payable to private interests of 0.2%, subject to a $370,000 cap. A NSW minerals royalty will also be levied on the project, subject to negotiation, currently 4% on revenue. Honeybugle property, Australia The Company holds a 100% interest in the Honeybugle property. Kiviniemi Scandium Property Finland In August 2018, the Company was granted an Exploration License for the Kiviniemi Scandium Property in central Finland from the Finnish regulatory body governing mineral exploration and mining in Finland. As at September 30, 2022 the Company has a reclamation bond of $9,797 (€10,000), (December 31, 2021 - $11,444 (€10,000)). An application to extend the license for 3 years has been submitted. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2022 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 5. RELATED PARTY TRANSACTIONS During the 9-month period ended September 30, 2022, the Company reversed $669,733 of accruals to related parties. No such transactions occurred in the 9-month period ended September 30, 2021. During the 9-month period ended September 30, 2022, the Company expensed $136,540 for stock-based compensation for stock options granted to Company directors. During the 9-month period ended September 30, 2021, the Company expensed $441,277 for stock-based compensation for stock options issued to Company directors. During the 9-month period ended September 30, 2022, the Company expensed a consulting fee of $17,000 to one of its directors. During the 9-month period ended September 30, 2021, the Company expensed a consulting fee of $76,500 to one of its directors. As at September 30, 2022, the Company owed $175,854 to an officer of the Company. (December 31, 2021 - $1,159,713) |
CAPITAL STOCK AND ADDITIONAL PA
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL | 9 Months Ended |
Sep. 30, 2022 | |
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL | |
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL | 6. CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL The holders of common stock are entitled to one vote for each share held. There are no restrictions that limit the Company’s ability to pay dividends on its common stock. The Company has not declared any dividends since incorporation. The Company’s common stock has no par value per common share. Common Stock Issuances During the nine-month period ended September 30, 2022, the Company issued 37,803,218 common shares as part of a private placement valued at CAD$0.09 per share. In addition, the Company granted 37,803,218 common share purchase warrants. Each warrant will entitle the holder thereof to purchase one common share in the capital of the Company at an exercise price of CAD$0.1075 at any time up to 5 years following the date of issuance. The warrants attached to the private placement are classified as a derivative liability at an initial value of $1,781,779. During the nine-month period ended September 30, 2021, there were no share issuances. During the nine-month period ended September 30, 2022, the holders of 900,000 stock options exercised their options for 900,000 shares for $106,989 (CAD$135,000) at an exercise price of CAD $0.15 per share. During the nine-month period ended September 30, 2021, the holders of 2,240,000 stock options exercised their options for 2,240,000 shares for $227,064 (CAD$291,200) at an average exercised price of CAD$0.13. Warrants A summary of warrant activity for the nine-month period ended September 30, 2022, are as follows: Number of warrants Exercise price Expiry date Outstanding December 31, 2021, and 2020 - - - Granted 37,803,218 CAD$0.1075 May 20 - June 14, 2027 Outstanding September 30, 2022 37,803,218 CAD$0.1075 A fair value of the derivative liability of $1,781,779 was estimated on the date of the subscription using the Black-Scholes pricing model. For the nine-month period ended September 30, 2022, there was a non-cash gain on derivative liability – warrants of $161,053 and the derivative-warrants value decreased to $1,519,787 with the following assumptions: September 30, 2022 June 14, 2022 Exercise price CAD$ 0.1075 CAD$ 0.1075 Stock price CAD$ 0.085 CAD$ 0.09 Expected term 4.7 years 5 years Expected dividend yield - - Expected stock price volatility 89.89 % 85.69 % Risk-free interest rate 2.75 % 2.73 % Stock Options The Company established a stock option plan (the “Plan”) under which it is authorized to grant options to executive officers and directors, employees and consultants and the number of options granted under the Plan shall not exceed 15% of the shares outstanding. Under the Plan, the exercise period of the options may not exceed ten years from the date of grant and vesting is determined by the Board of Directors. Stock option transactions are summarized as follows: Stock Options Number Weighted average exercise price in Canadian $ Outstanding, December 31, 2020 35,100,000 $ 0.17 Granted 6,175,000 0.18 Exercised (3,125,000 ) 0.12 Expired (3,535,000 ) 0.16 Outstanding, December 31, 2021 34,615,000 0.18 Granted 5,700,000 0.09 Exercised (900,000 ) 0.15 Expired (4,500,000 ) 0.37 Outstanding, September 30, 2022 34,915,000 $ 0.14 Number currently exercisable 30,640,000 $ 0.15 As at September 30, 2022, incentive stock options were outstanding as follows: Number of Options Outstanding Number of Options Exercisable Exercise Price in Canadian $ Expiry Date Options 250,000 250,000 0.300 October 6, 2022* 5,700,000 5,700,000 0.225 January 19, 2023 350,000 350,000 0.185 August 30, 2023 3,240,000 3,240,000 0.150 May 9, 2024 50,000 50,000 0.130 June 24, 2024 7,450,000 7,450,000 0.065 March 19, 2025 100,000 100,000 0.075 May 22, 2025 5,900,000 5,900,000 0.140 November 13, 2025 6,175,000 6,175,000 0.180 May 23, 2026 5,700,000 1,425,000 0.090 June 24, 2027 34,915,000 30,640,000 *These options expired unexercised subsequent to September 30, 2022. As at September 30, 2022 the Company’s outstanding and exercisable stock options have an aggregate intrinsic value of $109,161 (December 31, 2021 - $445,466). Stock-based compensation During the 9-month period ended September 30, 2022, the Company recognized stock-based compensation of $149,669 (September 30, 2021- $610,385) in the statement of operations and comprehensive income (loss). There were 5,700,000 stock options granted during the 9-month period ended September 30, 2022 (September 30, 2021 – 6,175,000). The weighted average fair value of the options granted in the nine-month period was C$0.06 (September 30, 2021 – C$0.12). The fair value of all compensatory options granted is estimated on grant date using the Black-Scholes option pricing model. The weighted average assumptions used in calculating the fair values of stock options granted in the 9-month period ended September 30 are as follows: 2022 2021 Risk-free interest rate 2.79 % 0.32 % Expected life 5 years 5 years Volatility 85.82 % 87.19 % Forfeiture rate N/A N/A Dividend rate N/A N/A |
TREASURY STOCK
TREASURY STOCK | 9 Months Ended |
Sep. 30, 2022 | |
TREASURY STOCK | |
TREASURY STOCK | 7. TREASURY STOCK Number Amount Treasury shares, September 30, 2022, and December 31 2021 1,033,333 $ 1,264,194 Treasury shares comprise shares of the Company which cannot be sold without the prior approval of the TSX. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 9 Months Ended |
Sep. 30, 2022 | |
SEGMENTED INFORMATION | |
SEGMENTED INFORMATION | 8. SEGMENTED INFORMATION The Company’s mineral properties are located in Australia. The Company’s capital assets’ geographic information is as follows: September 30, 2022 Australia United States Total Equipment $ - $ - $ - Mineral property interests 704,053 - 704,053 $ 704,053 $ - $ 704,053 December 31, 2021 Australia United States Total Equipment $ - $ 2,932 $ 2,932 Mineral property interests 704,053 - 704,053 $ 704,053 $ 2,932 $ 706,958 |
ACCRUALS REVERSAL
ACCRUALS REVERSAL | 9 Months Ended |
Sep. 30, 2022 | |
ACCRUALS REVERSAL | |
ACCRUALS REVERSAL | 9. ACCRUALS REVERSAL During the nine-month period ended September 30, 2022, the Company recognized a recovery on historical accruals it has recorded totaling $669,733 to related parties (Note 5) and $362,311 to former contractors and consultants. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
BASIS OF PRESENTATION (Policies) | |
Basis of presentation | The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. In the opinion of management, all adjustments necessary for a fair statement of the condensed consolidated balance sheets, results of operations and comprehensive loss and cash flows for the interim periods have been made. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, and with our Annual Report on Form 10-K filed with the SEC on March 11, 2022. Operating results for the nine-month period ended September 30, 2022, may not necessarily be indicative of the results for the year ending December 31, 2022. These unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, EMC Metals USA Inc., Scandium International Mining Corp., Norway AS, SCY Exploration Finland Oy, and EMC Metals Australia Pty Ltd. (“EMC-A”). |
Use of estimates | The preparation of unaudited interim condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, asset impairment, stock-based compensation, derivative liabilities and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. The Company considers itself to be an exploration stage company and will consider the transition to development stage after it receives funding to begin mine construction, and board approval. |
Fair value of financial assets and liabilities | The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in profit or loss. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available- for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. Financial instruments, including receivables, accounts payable and accrued liabilities, and accounts payable with related parties are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. Derivative liabilities are recorded at fair value, and are financial liabilities classified as held-for-trading. The Company has no leases with a term of greater than 12 months. Short term lease expenses totaled $15,669 during the nine months ended September 30, 2022, and $22,445 during the nine months ended September 30, 2021. The Company’s warrants have an exercise price in Canadian dollars while the Company’s functional currency is US dollars. Therefore, in accordance with ASU 815 – Derivatives and Hedging, the warrants are presented as derivative liabilities. This liability value has no effect on the cash flow of the Company and does not represent a cash payment of any kind. The derivative liability is a result of the uncertainty associated with US dollar cash flows as a result of the underlying foreign currency fluctuations between the exercise price in Canadian dollars and the Company’s functional currency of US dollars. The following table presents information about the assets and liabilities that are measured at fair value on a recurring basis as at September 30, 2022 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and included situations where there is little, if any, market activity for the asset: September 30, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 1,971,898 $ 1,971,898 $ — $ — Derivative liabilities - warrants $ (1,519,787 ) $ — $ — $ (1,519,787 ) |
Recently adopted and recently issued accounting standards | Accounting Standards Update 2021-04 - Earnings Per Share (Topic 260), Debt Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40) This update is to provide clarity around earnings per share calculations and is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is reviewing this standard but expects little or no impact on its financial statements. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
BASIS OF PRESENTATION (Tables) | |
Schedule of Derivative liabilities - warrants | September 30, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 1,971,898 $ 1,971,898 $ — $ — Derivative liabilities - warrants $ (1,519,787 ) $ — $ — $ (1,519,787 ) |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
EQUIPMENT | |
Schedule of property, plant and equipment | December 31, 2021, Net Book Value Additions (disposals) (write-offs) Amortization September 30, 2022, Net Book Value Computer equipment $ 2,932 $ - $ (2,932 ) $ - December 31, 2020, Net Book Value Additions (disposals) (write-offs) Amortization December 31, 2021, Net Book Value Computer equipment $ 4,660 $ - $ (1,728 ) $ 2,932 |
MINERAL PROPERTY INTERESTS (Tab
MINERAL PROPERTY INTERESTS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
MINERAL PROPERTY INTERESTS | |
Schedule of mineral interests | September 30, 2022 Scandium and other Balance, September 30, 2022, December 31, 2021 $ 704,053 |
CAPITAL STOCK AND ADDITIONAL _2
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Shareholders' Equity (Deficiency) | |
Schedule of warrant activity | Number of warrants Exercise price Expiry date Outstanding December 31, 2021, and 2020 - - - Granted 37,803,218 CAD$0.1075 May 20 - June 14, 2027 Outstanding September 30, 2022 37,803,218 CAD$0.1075 |
Schedule of fair value of derivative liabilities | September 30, 2022 June 14, 2022 Exercise price CAD$ 0.1075 CAD$ 0.1075 Stock price CAD$ 0.085 CAD$ 0.09 Expected term 4.7 years 5 years Expected dividend yield - - Expected stock price volatility 89.89 % 85.69 % Risk-free interest rate 2.75 % 2.73 % |
Schedule of stock options activity | Stock Options Number Weighted average exercise price in Canadian $ Outstanding, December 31, 2020 35,100,000 $ 0.17 Granted 6,175,000 0.18 Exercised (3,125,000 ) 0.12 Expired (3,535,000 ) 0.16 Outstanding, December 31, 2021 34,615,000 0.18 Granted 5,700,000 0.09 Exercised (900,000 ) 0.15 Expired (4,500,000 ) 0.37 Outstanding, September 30, 2022 34,915,000 $ 0.14 Number currently exercisable 30,640,000 $ 0.15 |
Schedule of stock options outstanding | Number of Options Outstanding Number of Options Exercisable Exercise Price in Canadian $ Expiry Date Options 250,000 250,000 0.300 October 6, 2022* 5,700,000 5,700,000 0.225 January 19, 2023 350,000 350,000 0.185 August 30, 2023 3,240,000 3,240,000 0.150 May 9, 2024 50,000 50,000 0.130 June 24, 2024 7,450,000 7,450,000 0.065 March 19, 2025 100,000 100,000 0.075 May 22, 2025 5,900,000 5,900,000 0.140 November 13, 2025 6,175,000 6,175,000 0.180 May 23, 2026 5,700,000 1,425,000 0.090 June 24, 2027 34,915,000 30,640,000 |
Schedule of Stock-based compensation | 2022 2021 Risk-free interest rate 2.79 % 0.32 % Expected life 5 years 5 years Volatility 85.82 % 87.19 % Forfeiture rate N/A N/A Dividend rate N/A N/A |
TREASURY STOCK (Tables)
TREASURY STOCK (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
TREASURY STOCK | |
Schedule of treasury stock | Number Amount Treasury shares, September 30, 2022, and December 31 2021 1,033,333 $ 1,264,194 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
SEGMENTED INFORMATION | |
Schedule of segmented information | September 30, 2022 Australia United States Total Equipment $ - $ - $ - Mineral property interests 704,053 - 704,053 $ 704,053 $ - $ 704,053 December 31, 2021 Australia United States Total Equipment $ - $ 2,932 $ 2,932 Mineral property interests 704,053 - 704,053 $ 704,053 $ 2,932 $ 706,958 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Cash | $ 1,971,898 | $ 93,894 | $ 64,301 |
Derivative liabilities - warrants | (1,519,787) | ||
Level 1 | |||
Cash | 1,971,898 | ||
Derivative liabilities - warrants | 0 | ||
Level 2 | |||
Cash | 0 | ||
Derivative liabilities - warrants | 0 | ||
Level 3 | |||
Cash | 0 | ||
Derivative liabilities - warrants | $ (1,519,787) |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
BASIS OF PRESENTATION | ||
Short term lease expense | $ 15,669 | $ 22,445 |
Lease term | 12 years |
EQUIPMENT (Details)
EQUIPMENT (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Net book value, beginning of period | $ 2,932 | ||||
Amortization | $ 0 | $ (419) | (2,932) | $ (1,309) | |
Net book value, end of period | 0 | 0 | $ 2,932 | ||
Computer Equipment | |||||
Net book value, beginning of period | 2,932 | $ 4,660 | 4,660 | ||
Additions (disposals) (write-offs) | 0 | 0 | |||
Amortization | (2,932) | (1,728) | |||
Net book value, end of period | $ 0 | $ 0 | $ 2,932 |
MINERAL PROPERTY INTERESTS (Det
MINERAL PROPERTY INTERESTS (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
MINERAL PROPERTY INTERESTS | ||
Acquisition costs | $ 704,053 | $ 704,053 |
MINERAL PROPERTY INTERESTS (D_2
MINERAL PROPERTY INTERESTS (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Royalty percentage on gross mineral sales | 0.70% | |
Net Profits Interest royalty percentage | 1.50% | |
Revenue royalty payable percentage | 0.20% | |
Revenue royalty is payable | $ 370,000 | |
Nyngan Property [Member] | ||
Ownership percentage | 100% | |
Net Smelter Returns royalty percentage | 1.70% | |
NSW minerals royalty percentage | 4% | |
Honeybugle property [Member] | ||
Ownership percentage | 100% | |
Kiviniemi Scandium Property Finland [Member] | ||
Reclamation bond | $ 9,797 | $ 11,444 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS | |||
Consulting fees | $ 17,000 | $ 76,500 | |
Due to officers | 175,854 | $ 1,159,713 | |
Accruals to related parties | 669,733 | ||
Stock-based compensation for stock options | $ 136,540 | $ 441,277 |
CAPITAL STOCK AND ADDITIONAL _3
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Shareholders' Equity (Deficiency) | |
Number of warrants granted | shares | 37,803,218 |
Number of warrants outstanding, ending | shares | 37,803,218 |
Weighted average exercise price of warrants outstanding, beginning | $ 0 |
Weighted average exercise price of stock options granted | 0.1075 |
Weighted average exercise price of warrants outstanding, ending | $ 0.1075 |
Expiration date | May 20 - June 14, 2027 |
CAPITAL STOCK AND ADDITIONAL _4
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 1) - $ / shares | 9 Months Ended | ||
Jun. 14, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Shareholders' Equity (Deficiency) | |||
Exercise price | $ 0.1075 | $ 0.1075 | |
Stock price | $ 0.09 | $ 0.085 | |
Expected life | 5 years | 4 years 8 months 12 days | |
Dividend rate | 0% | 0% | 0% |
Expected stock price volatility | 85.69% | 89.89% | |
Risk-free interest rate | 2.73% | 2.75% |
CAPITAL STOCK AND ADDITIONAL _5
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 2) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Shareholders' Equity (Deficiency) | ||
Number of stock options outstanding, beginning | 34,615,000 | 35,100,000 |
Number of stock options granted | 5,700,000 | 6,175,000 |
Number of stock options exercised | (900,000) | (3,125,000) |
Number of stock options expired | (4,500,000) | (3,535,000) |
Number of stock options outstanding, ending | 34,915,000 | 34,615,000 |
Number currently exercisable | 30,640,000 | |
Weighted average exercise price of stock options outstanding, beginning | $ 0.18 | $ 0.17 |
Weighted average exercise price of stock options granted | 0.09 | 0.18 |
Weighted average exercise price of stock options exercised | 0.15 | 0.12 |
Weighted average exercise price of stock options expired | 0.37 | 0.16 |
Weighted average exercise price of stock options outstanding, ending | 0.14 | $ 0.18 |
Number currently exercisable price | $ 0.15 |
CAPITAL STOCK AND ADDITIONAL _6
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 3) - $ / shares | 9 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of options exercisable | 30,640,000 | |||||
Number of options outstanding | 34,915,000 | 35,015,000 | 34,615,000 | 35,100,000 | 34,610,000 | 29,065,000 |
Weighted average exercise price | $ 0.14 | $ 0.14 | $ 0.18 | $ 0.17 | $ 0.19 | |
Option 10 | ||||||
Number of options exercisable | 5,700,000 | |||||
Number of options outstanding | 1,425,000 | |||||
Weighted average exercise price | $ 0.090 | |||||
Expiration date | Jun. 24, 2027 | |||||
Option 1 | ||||||
Number of options exercisable | 250,000 | |||||
Number of options outstanding | 250,000 | |||||
Weighted average exercise price | $ 0.300 | |||||
Expiration date | Oct. 06, 2022 | |||||
Option 2 | ||||||
Number of options exercisable | 5,700,000 | |||||
Number of options outstanding | 5,700,000 | |||||
Weighted average exercise price | $ 0.225 | |||||
Expiration date | Jan. 19, 2023 | |||||
Option 3 | ||||||
Number of options exercisable | 350,000 | |||||
Number of options outstanding | 350,000 | |||||
Weighted average exercise price | $ 0.185 | |||||
Expiration date | Aug. 30, 2023 | |||||
Option 4 | ||||||
Number of options exercisable | 3,240,000 | |||||
Number of options outstanding | 3,240,000 | |||||
Weighted average exercise price | $ 0.150 | |||||
Expiration date | May 09, 2024 | |||||
Option 5 | ||||||
Number of options exercisable | 50,000 | |||||
Number of options outstanding | 50,000 | |||||
Weighted average exercise price | $ 0.130 | |||||
Expiration date | Jun. 24, 2024 | |||||
Option 6 | ||||||
Number of options exercisable | 7,450,000 | |||||
Number of options outstanding | 7,450,000 | |||||
Weighted average exercise price | $ 0.065 | |||||
Expiration date | Mar. 19, 2025 | |||||
Option 7 | ||||||
Number of options exercisable | 100,000 | |||||
Number of options outstanding | 100,000 | |||||
Weighted average exercise price | $ 0.075 | |||||
Expiration date | May 22, 2025 | |||||
Option 8 | ||||||
Number of options exercisable | 5,900,000 | |||||
Number of options outstanding | 5,900,000 | |||||
Weighted average exercise price | $ 0.140 | |||||
Expiration date | Nov. 13, 2025 | |||||
Option 9 | ||||||
Number of options exercisable | 6,175,000 | |||||
Number of options outstanding | 6,175,000 | |||||
Weighted average exercise price | $ 0.180 | |||||
Expiration date | May 23, 2026 |
CAPITAL STOCK AND ADDITIONAL _7
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 4) | 9 Months Ended | ||
Jun. 14, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Shareholders' Equity (Deficiency) | |||
Risk-free interest rate | 2.79% | 0.32% | |
Expected life | 5 years | 5 years | |
Volatility | 85.82% | 87.19% | |
Forfeiture rate | 0% | 0% | |
Dividend rate | 0% | 0% | 0% |
CAPITAL STOCK AND ADDITIONAL _8
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details Narrative1) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) shares | Sep. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Sep. 30, 2022 $ / shares | |
Common shares | $ | $ 106,989 | $ 106,989 | $ 227,064 | $ 227,064 | ||
Fair value derivative liability | $ | 1,781,779 | 1,781,779 | ||||
Non-cash loss on derivative liability | $ | 161,053 | 161,053 | ||||
Derivative-warrants | $ | $ 1,519,787 | 1,519,787 | ||||
Weighted average exercise price of stock | $ / shares | $ 0.15 | |||||
Derivative liability | $ | $ 1,519,787 | $ 1,519,787 | ||||
Common shares | shares | 355,860,813 | 355,860,813 | 317,157,595 | |||
Expected life | 5 years | 5 years | ||||
Number of warrants granted | shares | 37,803,218 | |||||
Weighted average exercise price of stock options granted | $ / shares | $ 0.09 | $ 0.18 | ||||
Number of stock options granted | shares | 5,700,000 | 6,175,000 | ||||
Stock-based compensation [Member] | ||||||
Aggregate intrinsic value of outstanding and exercisable stock options | $ | $ 109,161 | $ 109,161 | $ 445,466 | |||
Stock-based compensation | $ | $ 149,669 | $ 610,385 | ||||
Number of stock options granted | shares | 5,700,000 | 6,175,000 | ||||
Weighted average fair value of stock options granted | $ / shares | $ 0.06 | $ 0.12 | ||||
Common Stock Issuances | ||||||
Number of shares granted | shares | 900,000 | 900,000 | 2,240,000 | 2,240,000 | ||
Derivative liability | $ | $ 1,781,779 | $ 1,781,779 | ||||
Value per share common share | $ / shares | $ 0.09 | |||||
Common shares | shares | 37,803,218 | 37,803,218 | ||||
Expected life | 5 years | |||||
Holding of shares | shares | 900,000 | 900,000 | 2,240,000 | 2,240,000 | ||
Number of warrants granted | shares | 37,803,218 | |||||
Weighted average exercise price of stock options granted | $ / shares | $ 0.1075 |
TREASURY STOCK (Details)
TREASURY STOCK (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
TREASURY STOCK | ||
Treasury shares | 1,033,333 | 1,033,333 |
Treasury stock amount | $ 1,264,194 | $ 1,264,194 |
SEGMENTED INFORMATION (Details)
SEGMENTED INFORMATION (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Equipment | $ 0 | $ 2,932 |
Mineral property interests | 704,053 | 704,053 |
Total [Member] | ||
Equipment | 0 | 2,932 |
Mineral property interests | 704,053 | 704,053 |
Capital assets | 704,053 | 706,958 |
United States [Member] | ||
Equipment | 0 | 2,932 |
Mineral property interests | 0 | 0 |
Capital assets | 0 | 2,932 |
Australia | ||
Equipment | 0 | 0 |
Mineral property interests | 704,053 | 704,053 |
Capital assets | $ 704,053 | $ 704,053 |
ACCRUALS REVERSAL (Details Narr
ACCRUALS REVERSAL (Details Narrative) | Sep. 30, 2022 USD ($) |
Accruals to related parties | $ 669,733 |
Former Contractors And Consultants [Member] | |
Accruals to related parties | $ 362,311 |