Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document and Entity Information | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-41373 |
Entity Registrant Name | AUSTIN GOLD CORP. |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | 1021 West Hastings Street |
Entity Address, Address Line Two | 9th Floor |
Entity Address, City or Town | Vancouver |
Entity Address State Or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6E 0C3 |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | AUST |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 13,271,750 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Auditor Name | MANNING ELLIOTT LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 1524 |
Entity Central Index Key | 0001817740 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Document and Entity Information | |
Entity Address, Address Line One | 1021 West Hastings Street |
Entity Address, Address Line Two | 9th Floor |
Entity Address, City or Town | Vancouver |
Entity Address State Or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6E 0C3 |
Contact Personnel Name | Dennis Higgs |
City Area Code | +1 (604) |
Local Phone Number | 644-6579 |
Contact Personnel Email Address | dennis.higgs@austin.gold |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 907,551 | $ 630,623 |
Short-term investments | 8,618,386 | 11,649,079 |
Receivables and other | 190,564 | 211,285 |
Total current assets | 9,716,501 | 12,490,987 |
Non-current assets | ||
Marketable securities | 7,422 | 16,473 |
Exploration and evaluation ("E&E") assets | 2,280,490 | 2,369,034 |
Property and equipment | 827 | 1,181 |
Total assets | 12,005,240 | 14,877,675 |
Current liabilities | ||
Accounts payable and accrued liabilities | 676,605 | 97,825 |
Total liabilities | 676,605 | 97,825 |
SHAREHOLDERS' EQUITY | ||
Share capital | 16,568,175 | 16,329,958 |
Other reserves | 2,355,931 | 2,044,692 |
Accumulated other comprehensive income (loss) ("AOCI") | (574,949) | (574,949) |
Deficit | (7,020,522) | (3,019,851) |
Total equity | 11,328,635 | 14,779,850 |
Total liabilities and shareholders' equity | $ 12,005,240 | $ 14,877,675 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Administrative expenses | |||
Management salaries and consulting fees | $ 590,696 | $ 616,153 | $ 4,787 |
Share-based compensation | 481,394 | 162,628 | 0 |
Insurance | 360,050 | 262,315 | 7,397 |
Professional fees | 327,712 | 296,245 | 247,161 |
Investor relations and marketing | 233,355 | 145,245 | 5,146 |
Listing and filing fees | 156,758 | 164,837 | 9,061 |
Shareholder information | 50,923 | 21,995 | 1,609 |
Travel expenses | 17,915 | 32,388 | 2,073 |
General and administrative | 17,915 | 14,961 | 11,254 |
Depreciation | 354 | 527 | 780 |
Operating loss | (2,237,072) | (1,717,294) | (289,268) |
Write-off of E&E assets | (2,252,786) | 0 | 0 |
Unrealized fair value loss on marketable securities | (9,051) | (174,634) | (108,653) |
Realized gain on marketable securities | 0 | 0 | 6,443 |
Foreign exchange gain (loss) | 4,650 | 640,324 | (9,627) |
Interest and finance income | 493,743 | 183,213 | 0 |
Loss before taxes | (4,000,516) | (1,068,391) | (401,105) |
Current income tax expense | (155) | 0 | 0 |
Loss for the year | (4,000,671) | (1,068,391) | (401,105) |
Items that may be subsequently reclassified to earnings or loss: | |||
Currency translation adjustments | 0 | (718,921) | 21,461 |
Comprehensive loss for the year | $ (4,000,671) | $ (1,787,312) | $ (379,644) |
Loss per share - basic and diluted | |||
Basic (in dollars per share) | $ (0.30) | $ (0.09) | $ (0.04) |
Diluted (in dollars per share) | $ (0.30) | $ (0.09) | $ (0.04) |
Weighted average number of shares | |||
Basic (in shares) | 13,271,750 | 11,985,877 | 9,516,560 |
Diluted (in shares) | 13,271,750 | 11,985,877 | 9,516,560 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows used in operating activities | |||
Net loss for the year | $ (4,000,671) | $ (1,068,391) | $ (401,105) |
Items not affecting cash: | |||
Current income tax expense | 155 | 0 | 0 |
Depreciation | 354 | 527 | 780 |
Interest and finance income | (493,743) | (183,213) | 0 |
Realized gain on marketable securities | 0 | 0 | (6,443) |
Share-based compensation | 481,394 | 162,628 | 0 |
Unrealized fair value loss on marketable securities | 9,051 | 174,634 | 108,653 |
Unrealized foreign exchange gain | (119) | (678,210) | 0 |
Write-off of E&E assets | 2,252,786 | 0 | 0 |
Changes in non-cash working capital items: | |||
Receivables and other | 20,490 | (207,210) | (9,867) |
Accounts payable and accrued liabilities | 44,415 | 7,423 | 31,283 |
Income taxes paid | (155) | 0 | 0 |
Net cash used in operating activities | (1,686,043) | (1,791,812) | (276,699) |
Cash flows generated by (used in) investing activities | |||
Expenditures on E&E assets | (1,563,428) | (1,066,431) | (586,923) |
Interest received | 524,436 | 49,156 | 0 |
Proceeds from sale of marketable securities | 0 | 0 | 38,632 |
Purchase of short-term investments | (13,500,000) | (14,000,000) | 0 |
Redemption of short-term investments | 16,500,000 | 2,500,000 | 0 |
Net cash generated by (used in) investing activities | 1,961,008 | (12,517,275) | (548,291) |
Cash flows generated by financing activities | |||
Proceeds from initial public offering ("IPO") | 0 | 15,019,000 | 0 |
Share issuance costs | 0 | (1,165,580) | 0 |
Net cash generated by financing activities | 0 | 13,853,420 | 0 |
Increase (decrease) in cash and cash equivalents for the year | 274,965 | (455,667) | (824,990) |
Cash and cash equivalents, beginning of year | 630,623 | 1,094,550 | 1,902,133 |
Effect of foreign exchange rate changes on cash and cash equivalents | 1,963 | (8,260) | 17,407 |
Cash and cash equivalents, end of year | $ 907,551 | $ 630,623 | $ 1,094,550 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Share capital Property option payments | Share capital IPO | Share capital | Other reserves | AOCI | Deficit | Property option payments | IPO | Total |
Balance beginning at Dec. 31, 2020 | $ 2,703,053 | $ 1,624,053 | $ 122,511 | $ (1,550,355) | $ 2,899,262 | ||||
Balance beginning (in shares) at Dec. 31, 2020 | 9,512,000 | ||||||||
Shares issued | $ 11,702 | $ 11,702 | |||||||
Shares issued (in shares) | 5,000 | ||||||||
Currency translation adjustments | 21,461 | 21,461 | |||||||
Loss for the year | (401,105) | (401,105) | |||||||
Balance ending at Dec. 31, 2021 | $ 2,714,755 | 1,624,053 | 143,972 | (1,951,460) | 2,531,320 | ||||
Balance ending (in shares) at Dec. 31, 2021 | 9,517,000 | ||||||||
Shares issued | $ 15,019,000 | $ 15,019,000 | |||||||
Shares issued (in shares) | 3,754,750 | ||||||||
Share issuance costs | $ (1,403,797) | 238,217 | (1,165,580) | ||||||
Value assigned to share options and warrants vested | 182,422 | 182,422 | |||||||
Currency translation adjustments | (718,921) | (718,921) | |||||||
Loss for the year | (1,068,391) | (1,068,391) | |||||||
Balance ending at Dec. 31, 2022 | $ 16,329,958 | 2,044,692 | (574,949) | (3,019,851) | 14,779,850 | ||||
Balance ending (in shares) at Dec. 31, 2022 | 13,271,750 | ||||||||
Value assigned to share options and warrants vested | 549,456 | 549,456 | |||||||
Expiry of warrants | $ 238,217 | (238,217) | |||||||
Currency translation adjustments | 0 | ||||||||
Loss for the year | (4,000,671) | (4,000,671) | |||||||
Balance ending at Dec. 31, 2023 | $ 16,568,175 | $ 2,355,931 | $ (574,949) | $ (7,020,522) | $ 11,328,635 | ||||
Balance ending (in shares) at Dec. 31, 2023 | 13,271,750 |
NATURE OF OPERATIONS AND GOING
NATURE OF OPERATIONS AND GOING CONCERN | 12 Months Ended |
Dec. 31, 2023 | |
Nature Of Operations And Going Concern [Abstract] | |
NATURE OF OPERATIONS AND GOING CONCERN | 1. NATURE OF OPERATIONS AND GOING CONCERN (a) Nature of operations Austin Gold Corp. (the “Company”) was incorporated on April 21, 2020, in British Columbia (“BC”), Canada. The Company is a reporting issuer in BC and its common shares are traded on the NYSE American stock exchange under the symbol “AUST”. The Company’s principal place of business is the 9th Floor, 1021 West Hastings Street, Vancouver, BC, Canada, V6E 0C3. The Company is focused on the acquisition, exploration and evaluation of mineral resource properties primarily in the western United States of America (“USA”). The Company has not yet determined whether its mineral resource properties contain mineral reserves that are economically recoverable. The continued operation of the Company is dependent upon the preservation of its interest in its properties, the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration, evaluation and development of such properties and upon future profitable production or proceeds from the disposition of such properties. (b) Going concern assumption These consolidated financial statements are prepared on a going concern basis, which contemplates that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for at least twelve months from December 31, 2023. The Company has incurred ongoing losses and expects to incur further losses in the advancement of its business activities. For the year ended December 31, 2023, the Company incurred a net loss of $4,000,671 (2022 - $1,068,391 ) and used cash in operating activities of $1,686,043 (2022 - $1,791,812 ). As at December 31, 2023, the Company had cash and cash equivalents of $907,551 (2022 - $630,623 ), a working capital (current assets less current liabilities) surplus of $9,039,896 (2022 - $12,393,162 ) and an accumulated deficit of $7,020,522 (2022 - $3,019,851 ). The operations of the Company have primarily been funded by the issuance of common shares. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. Management estimates its current working capital will be sufficient to fund its current level of activities for at least the next twelve months. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2023 | |
Basis Of Preparation [Abstract] | |
BASIS OF PREPARATION | 2. BASIS OF PREPARATION Statement of compliance and basis of presentation These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements have been prepared on a historical cost basis except for financial instruments classified as fair value through profit or loss (“FVTPL”), which are stated at their fair value. These consolidated financial statements were authorized for issue by the Board of Directors on March 1, 2024. |
MATERIAL ACCOUNTING POLICY INFO
MATERIAL ACCOUNTING POLICY INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
MATERIAL ACCOUNTING POLICY INFORMATION | 3. MATERIAL ACCOUNTING POLICY INFORMATION (a) Basis of consolidation These consolidated financial statements include the financial statements of the Company and the entity controlled by the Company, its subsidiary, listed in the following table: Place of Proportion of Name of subsidiary incorporation ownership interest Principal activity Austin American Corporation Nevada, USA 100 % Holds interests in exploration projects Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when the Company has existing rights that give the Company the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a subsidiary’s share capital. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions, including any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. (b) Foreign currency translation Functional and presentation currency Items included in the financial statements of each consolidated entity are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of the Company and its subsidiary is the United States dollar (“USD”), which is also the Company’s presentation currency. References to “$” or “USD” are to United States dollars, while references to “C$” or “CAD” are to Canadian dollars. Transactions and balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses result from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in currencies other than an entity’s functional currency. These gains (losses) are recognized in the consolidated statement of loss and comprehensive loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the date of the initial transactions. (c) Financial instruments Financial instruments – Classification Financial assets are classified at initial recognition as either: measured at amortized cost, FVTPL or fair value through other comprehensive income (“FVOCI”). The classification depends on the Company’s business model for managing the financial assets and the contractual terms which give rise to the cash flows. For assets measured at fair value, gains (losses) will either be recorded in earnings (loss) or other comprehensive income (“OCI”). For investments in debt instruments, this will depend on the business model for which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI. The Company reclassifies debt investments when, and only when, its business model for managing those assets changes. 3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued) Financial instruments – Measurement At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in the consolidated statement of loss and comprehensive loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its debt instruments: ● Amortized cost – Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in earnings (loss) when the asset is derecognized or impaired. Interest income from these financial assets is included in interest and finance income using the effective interest rate method. ● FVOCI – Assets that are held for collection of contractual cash flows and for selling the financial assets, where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognized in earnings (loss). When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to earnings (loss) and recognized in other gains (losses). Interest income from these financial assets is included in interest and finance expense using the effective interest rate method. Foreign exchange gains and losses are presented in foreign exchange gain (loss) and impairment expenses in other expenses. ● FVTPL – Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL and is not part of a hedging relationship is recognized in earnings (loss) and presented net in the consolidated statement of loss and comprehensive loss within other gains (losses) in the period in which it arises. Changes in the fair value of financial assets at FVTPL are recognized in gain (loss) on change in fair value of financial instruments in the consolidated statement of loss and comprehensive loss as applicable. Financial instruments - Impairment An expected credit loss (“ECL”) impairment model applies which requires a loss allowance to be recognized based on ECLs. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in earnings (loss) for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through earnings (loss) to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Financial instruments - Derecognition The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of loss and comprehensive loss. 3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued) Cash and cash equivalents Cash and cash equivalents comprise cash holdings in business and savings accounts held at major financial institutions with an original maturity date of three months or less. Cash and cash equivalents are classified at amortized cost. Interest and finance income is recognized by applying the effective interest rate method. Short-term investments Short-term investments comprise term deposits and redeemable short-term investment certificates (“RSTICs”) held at major financial institutions with an original maturity date between three and twelve months. Short-term investments are classified at amortized cost. Interest and finance income is recognized by applying the effective interest rate method. Marketable securities Marketable securities comprise of common shares of publicly traded companies. Marketable securities are recorded at FVTPL and, accordingly, are recorded on the statement of financial position at fair value. Changes in fair value at each reporting date are included in the consolidated statement of loss and comprehensive loss as an unrealized fair value gain (loss) on marketable securities. Accounts payable Accounts payable are recognized initially at fair value, net of any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are held at amortized cost using the effective interest method. (d) Property and equipment Property and equipment is measured at cost less accumulated depreciation and accumulated impairment losses. The initial cost of an asset is comprised of its purchase price or construction cost, any costs directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated future cost of dismantling and removing the asset at the end of its useful life. The purchase price or construction cost is the fair value of consideration to acquire the asset. Depreciation of property and equipment commences when the asset has been fully commissioned and is available for its intended use. Depreciation is calculated using declining balance rates ranging from 15% to 30% per annum or the straight-line method to allocate cost over the estimated useful lives. Depreciation on assets that are directly related to E&E assets are allocated to that E&E asset. Depreciation methods and estimated useful lives and residual values are reviewed annually and when facts and circumstances indicate that a review should be performed. Changes in estimates are accounted for prospectively. An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain (loss) arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in the consolidated statement of loss and comprehensive loss. (e) Mineral properties Mineral properties are measured at cost less accumulated depletion and accumulated impairment losses. Mineral properties include the fair value attributable to mineral reserves and mineral resources acquired in a business combination or asset acquisition, mine development costs and previously capitalized E&E expenditures. Upon commencement of production, a mineral property is depleted using the unit-of-production method. Unit-of-production depletion rates are determined using mineral units mined over the estimated proven and probable mineral reserves of the mine. 3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued) (f) E&E assets All E&E expenditures are capitalized, including the costs of acquiring exploration stage properties, except for E&E expenditures incurred before the Company has obtained legal rights to explore an area, which are expensed. Exploration expenditures are costs incurred in the initial search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with prospecting, sampling, mapping, drilling and other work involved in searching for Mineral Resources, as defined by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Evaluation expenditures are the costs incurred to establish the technical feasibility and commercial viability of developing mineral deposits identified through exploration activities, business combinations or asset acquisitions. Evaluation expenditures include the cost of: (i) further defining the volume and grade of deposits through drilling of core samples and other sampling techniques, trenching and sampling activities in an ore body or other forms or data acquisition; (ii) determining the optimal methods of extraction and metallurgical and treatment processes; (iii) studies related to surveying, transportation and infrastructure requirements; (iv) permitting activities; and (v) economic evaluations to determine whether development or mineralized material is commercially justified including preliminary economic assessments, pre-feasibility and final feasibility studies. Once the technical feasibility and commercial viability of the extraction of mineral reserves or mineral resources from a particular mineral property has been determined, expenditures are tested for impairment and reclassified to mineral properties. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, including: ● The extent to which mineral reserves and mineral resources as defined by NI 43-101 have been identified through a feasibility study or similar document; ● The results of optimization studies and further technical evaluation carried out to mitigate project risks identified in the feasibility study; ● The status of environmental permits; and ● The status of mining leases or permits. (g) Impairment of non-financial assets The carrying amounts of assets included in E&E assets and property and equipment are assessed for impairment at the end of each reporting period or whenever facts and circumstances suggest that the carrying amounts may not be recoverable. If there are indicators of impairment, the recoverable amount of the asset is estimated in order to determine the extent of any impairment. Where the asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash generating unit (“CGU”) to which the asset belongs is determined. The recoverable amount of an asset or CGU is determined as the higher of its fair value less costs of disposal and its value in use. An impairment loss exists if the asset’s or CGU’s carrying amount exceeds the recoverable amount and is recorded as an expense immediately. Fair value is the price that would be received from selling an asset in an orderly transaction between market participants at the measurement date. Costs of disposal are incremental costs directly attributable to the disposal of an asset. Future cash flows are estimated using the following significant assumptions: mineral reserves and mineral resources, production profile, operating costs, capital costs, commodity prices, foreign exchange rates and discount rates. All inputs used are those that an independent market participant would consider appropriate. 3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued) Value in use is determined as the present value of the future cash flows expected to be derived from continuing use of an asset or cash generating unit in its present form. These estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash generating unit for which estimates of future cash flows have not been adjusted. Tangible assets that have been impaired in prior periods are tested for possible reversal of impairment whenever events or changes in circumstances indicate that the impairment has reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount, but not beyond the carrying amount that would have been determined had no impairment loss been recognized for the asset in the prior periods. A reversal of an impairment loss is recognized into earnings (loss) immediately. (h) Decommissioning and restoration provision Decommissioning and restoration provisions are recognized when there is a significant disturbance to the areas in which E&E activities have occurred and when the provision can be estimated reliably. Decommissioning and restoration costs are estimated and discounted to their net present value and capitalized to the carrying amount of the related asset along with the recording of a corresponding liability, as soon as the obligation to incur such costs arises. The discount rate used to calculate the net present value is a pre-tax rate of similar maturity that reflects current market assessments of time value of money and the risks specific to the liability. Each period, the Company reviews cost estimates and other assumptions used in the valuation of the provision to reflect events, changes in circumstances and new information available. The liability is adjusted each reporting period for the unwinding of the discount, changes to the current market-based discount rate and for the amount or timing of the underlying cash flows needed to settle the provision. (i) Income taxes Income tax is recognized in the consolidated statement of loss and comprehensive loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Deferred tax is provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are not provided for the initial recognition of assets or liabilities that affect neither accounting nor taxable earnings. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates at the end of the reporting year applicable to the year of expected realization. A deferred tax asset is recognized only to the extent that it is probable that future taxable earnings will be available against which the asset can be utilized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority and when the Company intends to settle its current tax assets and liabilities on a net basis. (j) Share capital Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares, share options and warrants are recognized as a deduction from equity, net of any tax effects. If common shares are issued as consideration for the acquisition of a mineral project, the common shares are measured at their fair value based on the quoted share price of the Company on the date the transaction is executed. 3. MATERIAL ACCOUNTING POLICY INFORMATION (Continued) The Company applies the residual value method with respect to the measurement of common shares and warrants issued as a unit for a private placement. The residual value method first allocates value to the more easily measurable component based on fair value (i.e. common shares) and then the residual value, if any, to the less measurable component (i.e. warrants). Any value attributed to the warrants is recorded to other reserves in equity. (k) Share-based payment transactions Share options granted under the Company’s equity settled share-based option plan are measured at fair value at the date of grant and recognized as an expense with a corresponding increase to other reserves in equity. An individual is classified as an employee when the individual is an employee for legal and tax purposes (direct employee) or provides services similar to those performed by a direct employee. Equity settled share-based payment transactions with non-employees are measured at the fair value of the goods or services received. However, if the fair value cannot be estimated reliably, the share-based payment transaction is measured at the fair value of the equity instrument granted at the date the non-employee provides the goods or the services. Fair value is determined using the Black-Scholes option pricing model, which relies on estimates of the risk-free interest rate, expected share price volatility, future dividend payments and the expected average life of the options. The fair value determined at the grant date is recognized as an expense over the vesting period in accordance with the vesting terms and conditions (graded vesting method), with a corresponding increase to other reserves in equity. When share options are exercised, the applicable amounts of other reserves are transferred to share capital. (l) Loss per share The Company presents loss per share data, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted loss per share is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares, including share options and warrants. (m) Related party transactions Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction where there is a transfer of resources or obligations between related parties. |
SIGNIFICANT ACCOUNTING ESTIMATE
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Critical Accounting Estimates And Judgments [Abstract] | |
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS | 4. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of financial statements requires the use of accounting estimates. It also requires management to exercise judgment in the process of applying its accounting policies. Estimates and policy judgments are regularly evaluated and are based on management’s experience and other factors, including expectations about future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Significant accounting policy judgments include: ● The assessment of the Company’s ability to continue as a going concern which requires judgment related to future funding available to identify new business opportunities and meet working capital requirements, the outcome of which is uncertain (refer to Note 1b); and ● The application of the Company’s accounting policy for impairment of E&E assets which requires judgment to determine whether indicators of impairment exist including factors such as the period for which the Company has the right to explore, expected renewals of exploration rights, whether substantive expenditures on further E&E of resource properties are budgeted and evaluation of the results of E&E activities up to the reporting date. Management assessed impairment indicators for the Company’s E&E assets and has concluded that no impairment indicators exist as of December 31, 2023. Significant sources of material estimation uncertainty include: ● The determination of the fair value of share options issued by the Company (refer to Note 13c). |
NEW ACCOUNTING STANDARDS AND RE
NEW ACCOUNTING STANDARDS AND RECENT PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
NEW ACCOUNTING STANDARDS AND RECENT PRONOUNCEMENTS | |
NEW ACCOUNTING STANDARDS AND RECENT PRONOUNCEMENTS | 5. NEW ACCOUNTING STANDARDS AND RECENT PRONOUNCEMENTS The following standards, amendments and interpretations have been issued but are not yet effective: ● In October 2022, the IASB issued amendments to International Accounting Standard (“IAS”) 1, Presentation of Financial Statements titled Non-current liabilities with covenants . These amendments sought to improve the information that an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within 12 months after the reporting period. These amendments to IAS 1 override but incorporate the previous amendments, Classification of liabilities as current or noncurrent , issued in January 2020, which clarified that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendments are effective January 1, 2024, with early adoption permitted. Retrospective application is required on adoption. This amendment is not expected to have a material impact on the Company. ● In May 2023, the IASB issued amendments to IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments Disclosures to provide guidance on disclosures related to supplier finance arrangements that enable users of financial statements to assess the effects of these arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk. The amendments are effective for annual periods beginning on or after January 1, 2024, with early adoption permitted. This amendment is not expected to have a material impact on the Company. There are no other IFRS Accounting Standards or International Financial Reporting Interpretations Committee interpretations that are not yet effective or early adopted that are expected to have a significant impact on the Company. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2023 | |
CASH AND CASH EQUIVALENTS | |
CASH AND CASH EQUIVALENTS | 6. CASH AND CASH EQUIVALENTS As at December 31, 2023, the composition of cash and cash equivalents consists of cash in the amount of $907,551 (2022 – $630,623 ). The Company does not hold any term deposits with an original maturity date of less than three months. |
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Ifrs Short Term Investments [Abstract] | |
SHORT-TERM INVESTMENTS | 7. SHORT-TERM INVESTMENTS December 31, December 31, 2023 2022 Term deposits $ 7,084,482 $ 10,144,301 RSTICs 1,533,904 1,504,778 $ 8,618,386 $ 11,649,079 As at December 31, 2023, the term deposits mature between February 13, 2024 and September 9, 2024 and the RSTICs mature on July 17, 2024. |
RECEIVABLES AND OTHER
RECEIVABLES AND OTHER | 12 Months Ended |
Dec. 31, 2023 | |
RECEIVABLES AND OTHER | |
RECEIVABLES AND OTHER | 8. RECEIVABLES AND OTHER December 31, December 31, 2023 2022 Prepaid expenses and deposits $ 156,234 $ 176,703 Tax receivables 34,330 34,582 $ 190,564 $ 211,285 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
MARKETABLE SECURITIES | |
MARKETABLE SECURITIES | 9. MARKETABLE SECURITIES As at December 31, 2023, the Company holds 89,240 common shares (2022 – 89,240 ) and nil warrants (2022 – 50,000 ) in Nevada Exploration Inc. (“NGE”). A continuity of the marketable securities is as follows: December 31, December 31, December 31, 2023 2022 2021 Opening balance $ 16,473 $ 196,847 $ 334,676 Realized gain on sale of marketable securities — — 6,443 Proceeds from sale of marketable securities — — (38,632) Foreign exchange movements — (5,740) 3,013 Unrealized fair value loss on marketable securities (9,051) (174,634) (108,653) Ending balance $ 7,422 $ 16,473 $ 196,847 On January 7, 2023, the warrants in NGE expired unexercised in accordance with the terms of the warrant certificate. |
E&E ASSETS
E&E ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Exploration And Evaluation Assets [Abstract] | |
E&E ASSETS | 10. E&E ASSETS The E&E assets of the Company, by property and nature of expenditure, as of December 31, 2023 and 2022 were as follows: Kelly Lone Stockade Fourmile Creek Mountain Mountain Miller Basin Total Balance - December 31, 2021 $ 379,154 $ 237,727 $ — $ 197,837 $ 471,438 $ 1,286,156 E&E expenditures: Acquisition costs 50,000 20,000 25,000 25,000 54,433 174,433 Assays 24,554 — — — — 24,554 Consulting 12,693 7,406 16,329 7,956 47,007 91,391 Drilling 327,145 — — — 96,993 424,138 Field supplies and rentals 2,121 — 2,250 — — 4,371 Field work 1,500 — — — 2,332 3,832 Finders’ fees — — — 10,000 — 10,000 Geophysics 3,000 — — 1,769 — 4,769 Mapping 6,375 — — 5,250 — 11,625 Government payments 96,333 80,370 46,666 49,749 53,095 326,213 Share-based compensation 5,235 5,235 5,235 5,235 5,233 26,173 Travel 6,769 — 566 44 4,144 11,523 Total E&E expenditures 535,725 113,011 96,046 105,003 263,237 1,113,022 Movement in foreign exchange — — — — (30,144) (30,144) Balance - December 31, 2022 $ 914,879 $ 350,738 $ 96,046 $ 302,840 $ 704,531 $ 2,369,034 E&E expenditures: Acquisition costs 30,000 72,200 25,000 25,000 — 152,200 Assays 6,012 4,385 — 37,722 27,573 75,692 Consulting 4,344 99,619 96,567 34,625 22,150 257,305 Drilling — — 538,627 500,463 108,293 1,147,383 Field supplies and rentals — 867 11,125 3,572 259 15,823 Field work — 17,544 28,535 21,301 12,426 79,806 Finders’ fees — — — 15,000 — 15,000 Geophysics — 28,250 — — — 28,250 Government payments 17,558 177,236 46,108 50,131 378 291,411 Share-based compensation 16,749 16,749 16,749 14,950 2,865 68,062 Travel 622 9,094 8,343 9,864 5,387 33,310 Write-off of E&E assets (353,456) — — (1,015,468) (883,862) (2,252,786) Total E&E expenditures (278,171) 425,944 771,054 (302,840) (704,531) (88,544) Balance - December 31, 2023 $ 636,708 $ 776,682 $ 867,100 $ — $ — $ 2,280,490 Acquisition costs include pre-production payments, lease payments and advanced royalty payments in accordance with the terms of the property agreements. (a) Kelly Creek Project (Nevada, USA) The Company entered into an agreement with Pediment Gold LLC (“Pediment”), a subsidiary of NGE, for an option to earn up to a 70% interest in a joint venture on the Kelly Creek Project. 10. E&E ASSETS (Continued) On May 3, 2023, the Company and Pediment agreed to amend the terms of the option to enter joint venture agreement. Under this second amendment, the Company may exercise the option to earn a 51% interest in the project by incurring a cumulative total of C $2,500,000 (in progress) of E&E expenditures on the project by June 30, 2025. This total included the amount incurred on the project as of May 3, 2023 ($923,757) . The Company has the option to increase its participating interest by an additional 19% to a total of 70% by incurring an additional C $2,500,000 on E&E expenditures with no time limit, although the Company must continue to pay the underlying property lease payments and United States Department of the Interior Bureau of Land Management (“BLM”) and county fees to keep the properties subject to the joint venture in good standing. There are minimum annual royalty payments required by the Company as part of an underlying agreement within the Kelly Creek Project. Under the Hot Pot agreement, the Company is subject to the following minimum payments: September 16, 2021 $ 30,000 Paid September 16, 2022 $ 30,000 Paid September 16, 2023 and every year thereafter $ 30,000 Paid Any mineral production on the claims is subject to a 3.0 % net smelter return royalty which can be reduced to 2.0% upon payment of $2,000,000 . The Hot Pot lease and any additional property within 2.5 miles of the original boundary of the claims is also subject to 1.25% net smelter return royalty in favour of Battle Mountain Gold Exploration Corporation. On June 1, 2023, the Company gave notice to Pediment that it will drop certain leases and claim holdings within the Kelly Creek Project, as permitted by the option to enter joint venture agreement with amendments. The claims dropped represented approximately 60% of the original claim holdings and included the claims under the Genesis agreement. As a result of the termination of certain leases and claim holdings, the Company incurred a write-off of E&E assets of $353,456 which was recorded in the consolidated statement of loss and comprehensive loss. (b) Lone Mountain Property (Nevada, USA) The Company entered into a mineral lease agreement with an option to purchase the Lone Mountain Project with NAMMCO. Under the terms of the agreement, the Company is subject to the following pre-production payments: Signing of the lease $ 80,000 Paid November 1, 2021 $ 30,000 Paid November 1, 2022 $ 20,000 Paid November 1, 2023 $ 20,000 Paid November 1, 2024 $ 30,000 November 1, 2025 and every year thereafter (1) $ 30,000 (1) Pre-production payments increase by $10,000 every year after November 1, 2025 to a maximum of $200,000 . 10. E&E ASSETS (Continued) The Company is required to incur the following minimum E&E expenditures on the property: September 1, 2024 $ 150,000 Completed September 1, 2025 $ 250,000 In progress September 1, 2026 $ 300,000 In progress September 1, 2027 $ 300,000 In progress September 1, 2028 $ 400,000 In progress September 1, 2029 (1) $ 400,000 In progress (1) The work commitment terminates when $1,800,000 has been spent on the property. Any mineral production on the claims is subject to a 3.0% net smelter return royalty. The net smelter return royalty can be reduced by 0.5% to 2.5% for $2,000,000 . The Company has the option to purchase the entire interest in the project, except for the royalty, once there is a discovery of at least 500,000 ounces of gold (or equivalent in other metals) or a pre-feasibility study has been completed. The Company may exercise this option by payment of $2,000,000 , reduced by the pre-production payments paid to the date of purchase. (c) Stockade Mountain Project (Oregon, USA) The Company entered into a mineral lease and option agreement with Bull Mountain Resources, LLC (“BMR”) to lease a 100% interest in the Stockade Mountain Project. Under the terms of the agreement, the Company is subject to the following pre-production payments: May 16, 2022 $ 15,000 Paid November 16, 2022 $ 10,000 Paid May 16, 2023 $ 10,000 Paid November 16, 2023 $ 15,000 Paid May 16, 2024 $ 15,000 November 16, 2024 and every six months thereafter $ 25,000 The Company is required to incur the following minimum E&E expenditures on the property: May 16, 2023 $ 30,000 Completed May 16, 2024 2,000 meters of drilling In progress (1) (1) Subsequent to December 31, 2023, on February 28, 2024, the Company executed an amendment to the mineral lease and option agreement with BMR eliminating the requirement of 2,000 meters of drilling by May 16, 2024. BMR will retain a 2.0% net smelter return royalty on claims owned by BMR and 0.25% net smelter return royalty on third-party claims acquired within the area of influence around the property. Payments to BMR totaling $10,000,000 in any combination of pre-production payments, production or minimum royalties will reduce the production royalties on wholly owned claims by 50% to 1.0% . (d) Miller Project (Nevada, USA) The Company entered into a mineral lease agreement with an option to purchase the Miller Project with Shea Clark Smith and Gregory B. Maynard on February 1, 2021. The Miller Project was recommended to the Company by BMR. As a result, the Company was required to make finders’ fee payments in accordance with the introductory agent agreement (refer to Note 18). 10. E&E ASSETS (Continued) On December 18, 2023, the Company terminated the mineral lease and option agreement for the Miller Project. As a result of the termination of the mineral lease and option agreement, the Company incurred a write-off of E&E assets of $1,015,468 which was recorded in the consolidated statement of loss and comprehensive loss. (e) Fourmile Basin Property (Nevada, USA) The Company entered into a mineral lease and option agreement with La Cuesta International, Inc. on the Fourmile Basin Property on June 18, 2020. On April 13, 2023, the Company terminated the mineral lease and option agreement for the Fourmile Basin Property. As a result of the termination of the mineral lease and option agreement, the Company incurred a write-off of E&E assets of $883,862 which was recorded in the consolidated statement of loss and comprehensive loss. (f) Project reclamation requirements As at December 31, 2023, the Company holds total surety bonds of $55,166 in favour of the BLM and $43,252 in favour of the Oregon Department of Geology and Mineral Industries in support of the reclamation requirements for its projects. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY AND EQUIPMENT | |
PROPERTY AND EQUIPMENT | 11. PROPERTY AND EQUIPMENT Computer equipment Net book value - December 31, 2020 $ 2,564 Depreciation (780) Movement in foreign exchange 19 Net book value - December 31, 2021 1,803 Depreciation (527) Movement in foreign exchange (95) Net book value - December 31, 2022 1,181 Depreciation (354) Net book value - December 31, 2023 827 |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, December 31, 2023 2022 Trade payables $ 638,671 $ 64,600 Accrued liabilities 37,934 33,225 $ 676,605 $ 97,825 |
SHARE CAPITAL AND OTHER RESERVE
SHARE CAPITAL AND OTHER RESERVES | 12 Months Ended |
Dec. 31, 2023 | |
SHARE CAPITAL AND OTHER RESERVES | |
SHARE CAPITAL AND OTHER RESERVES | 13. SHARE CAPITAL AND OTHER RESERVES (a) Share capital At December 31, 2023, the authorized share capital of the Company consisted of an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. On May 6, 2022, the Company issued 3,754,750 shares at $4.00 pursuant to the closing of the Company’s IPO for gross proceeds of $15,019,000 . Total share issuance costs were $1,165,580 . The Company also issued 262,833 underwriter warrants relating to the IPO (refer to Note 13d). On February 2, 2021, the Company issued 5,000 common shares with a fair value in the amount of $11,702 related to obligations under a mineral lease agreement. (b) Other reserves The Company’s other reserves consisted of the following: December 31, December 31, December 31, 2023 2022 2021 Other reserve - Share options $ 2,296,229 $ 1,781,096 $ 1,624,053 Other reserve - Warrants 59,702 263,596 — $ 2,355,931 $ 2,044,692 $ 1,624,053 (c) Share options The Company has adopted a stock incentive plan which provides that the Board of Directors of the Company may from time to time, in their discretion, grant to its directors, officers, employees and consultants of the Company, non-transferable equity awards to purchase common shares, provided that the number of common shares reserved for issue does not exceed 3,827,175 . Equity awards include share options, stock appreciation rights, restricted stock units, dividend equivalent or other stock-based awards. The term of each share option is set by the Board of Directors at the time of grant but cannot exceed a maximum term of ten years from the date of grant. The exercise price of each share option is set by the Board of Directors at the time of grant but cannot be less than the then market price of common shares. The following table summarizes the changes in share options for the year ended December 31: 2023 2022 2021 Weighted Weighted Weighted Number of average Number of average Number of average share options exercise price share options exercise price share options exercise price Outstanding, January 1, 1,093,333 $ 1.67 716,663 $ 2.37 716,663 $ 2.36 Granted 2,370,000 0.77 460,003 0.92 — — Expired — — (83,333) 2.36 — — Outstanding, December 31, 3,463,333 $ 1.06 1,093,333 $ 1.67 716,663 $ 2.37 13. SHARE CAPITAL AND OTHER RESERVES (Continued) The following table summarizes information about share options outstanding and exercisable at December 31, 2023: Share options outstanding Share options exercisable Number of Weighted Number of Weighted share options average years share options average Exercise prices outstanding to expiry exercisable exercise price $0.50 - $1.00 2,830,003 4.65 345,000 $ 0.92 $2.01 - $2.50 633,330 6.20 633,330 2.27 3,463,333 4.93 978,330 $ 1.79 The total share-based compensation expense for the year ended December 31, 2023 was $ 515,133 (2022 - $157,043 ; 2021 – $nil ) of which $ 447,071 (2022 - $130,870 ; 2021 - $ nil ) has been expensed in the consolidated statement of loss and comprehensive loss and $68,062 (2022 - $26,173 ; 2021 - $ nil ) has been capitalized to E&E assets. The following are the weighted average assumptions used to estimate the fair value of share options granted and/or vested for the years ended December 31, 2023, 2022 and 2021 using the Black-Scholes pricing model: For the year ended December 31, December 31, December 31, 2023 2022 2021 Expected life 5.00 years 5.00 years N/A Expected volatility 133.51 % 143.18 % N/A Risk-free interest rate 4.69 % 4.09 % N/A Expected dividend yield Nil Nil N/A Forfeiture rate Nil Nil N/A Option pricing models require the input of subjective assumptions including the expected price volatility and expected share option life. Changes in these assumptions would have a significant impact on the fair value calculation. (d) Warrants The following table summarizes the changes in warrants for the year ended December 31: 2023 2022 2021 Number of Warrant Number of Warrant Number of Warrant warrants reserve warrants reserve warrants reserve Outstanding, January 1, 362,833 $ 263,596 — $ — — $ — Transactions during the period: Warrants issued - IPO — — 262,833 238,217 — — Warrants issued - consultants — — 100,000 25,379 — — Value assigned to warrants vested - consultants — 34,323 — — — — Warrants expired (262,833) (238,217) — — — — Outstanding, December 31, 100,000 $ 59,702 362,833 $ 263,596 — $ — At December 31, 2023, the weighted average exercise price for the outstanding warrants is $0.81 (2022 – $3.41 ; 2021 – $ nil ) and the weighted average remaining life is 1.84 years (2022 – 1.40 years; 2021 – N/A). 13. SHARE CAPITAL AND OTHER RESERVES (Continued) On November 1, 2022, the Company issued 100,000 warrants to an investor relations consultant. The warrants vest over tranches at an exercise price of $0.81 . The warrants expire on November 1, 2025. The total share-based compensation expense for the year ended December 31, 2023 was $34,323 (2022 – $26,480 ; 2021 – $ nil ) which was expensed in the consolidated statement of loss and comprehensive loss. On May 6, 2022, the Company issued 262,833 warrants to the underwriters in connection with the IPO. The warrants were exercisable at a price of $4.40 or on a cashless basis for shares at the option of the holder. At issuance, the underwriter warrants were valued at $238,217 using the Black-Scholes pricing model and were recorded as a share issuance cost. The underwriter warrants expired unexercised on November 6, 2023. The following are the weighted average assumptions used to estimate the fair value of warrants issued for the years ended December 31, 2023, 2022 and 2021 using the Black-Scholes pricing model: For the year ended December 31, December 31, December 31, 2023 2022 2021 Expected life N/A 1.91 years N/A Expected volatility N/A 109.94 % N/A Risk-free interest rate N/A 1.42 % N/A Expected dividend yield N/A Nil N/A Forfeiture rate N/A Nil N/A Warrant pricing models require the input of subjective assumptions including the expected price volatility and expected share option life. Changes in these assumptions would have a significant impact on the fair value calculation. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS AND BALANCES | |
RELATED PARTY TRANSACTIONS AND BALANCES | 14. RELATED PARTY TRANSACTIONS AND BALANCES Key management includes the Company’s directors and officers including its President, Vice President (“VP”) Exploration, VP Business Development (previously its Corporate Secretary) and Chief Financial Officer (“CFO”). Directors and key management compensation is as follows: For the year ended December 31, December 31, December 31, 2023 2022 2021 Management salaries and consulting fees $ 544,352 $ 559,591 $ 12,206 Share-based compensation 472,236 136,148 — Directors’ fees 72,863 44,380 — $ 1,089,451 $ 740,119 $ 12,206 For the year ended December 31, 2023, the Company’s officers incurred $57,102 (2022 - $50,359 ; 2021 – $11,266 ) of expenses in the normal course of business on behalf of the Company. For the year ended December 31, 2023, the Company incurred $69,806 (2022 - $21,149 ; 2021 – $nil ) with P2 Gold Inc., a related party of the Company, under a CFO shared-services agreement. These expenditures were expensed under management salaries and consulting fees in the consolidated statement of loss and comprehensive loss. As at December 31, 2023, accounts payable and accrued liabilities include $29,855 (2022 – $7,568 ) owed to related parties of the Company for transactions incurred in the normal course of business. 14. RELATED PARTY TRANSACTIONS AND BALANCES (Continued) The Company entered into a joint venture agreement with Pediment, a subsidiary of NGE, for the Kelly Creek Project (refer to Note 10a) and owns 89,240 common shares of NGE (refer to Note 9). As of December 31, 2023, the VP Business Development serves as interim Chief Executive Officer and director of NGE. In addition, a director of the Company serves as a director of NGE. The President of the Company served as the non-executive chairman and director of NGE until October 1, 2022. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Ifrs Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 15. SUPPLEMENTAL CASH FLOW INFORMATION The net change in non-cash working capital items included in E&E assets were as follows: For the year ended December 31, December 31, December 31, 2023 2022 2021 Accounts payable and accrued liabilities $ (532,752) $ (37,130) $ — Share-based compensation 68,062 26,173 — Common shares issued — — 11,702 $ (464,690) $ (10,957) $ 11,702 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL RISK MANAGEMENT | |
FINANCIAL RISK MANAGEMENT | 16. FINANCIAL RISK MANAGEMENT The Company has exposure to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk and liquidity risk from its use of financial instruments. This note presents information about the Company’s exposure to each of these risks, the Company’s objectives, policies and processes for measuring and managing risk, and the Company’s management of capital. Risk management is the responsibility of management and is carried out under the oversight of and policies approved by the Board of Directors. Material risks are monitored and are regularly discussed with the Audit Committee and the Board of Directors. (a) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Company’s cash flows or value of its financial instruments. (i) Currency risk The Company is subject to currency risk on financial instruments that are denominated in currencies that are not the same as the functional currency of the entity that holds them. Exchange gains and losses would impact the consolidated statement of loss and comprehensive loss. The Company does not use any hedging instruments to reduce exposure to fluctuations in foreign currency rates. The Company is exposed to currency risk through cash and cash equivalents, receivables and other, marketable securities and accounts payable and accrued liabilities held in the parent entity which are denominated in CAD. 16. FINANCIAL RISK MANAGEMENT (Continued) The following table shows the impact on pre-tax loss of a 10% change in the USD:CAD exchange rate on financial assets and liabilities denominated in CAD, as of December 31, 2023, with all other variables held constant: Impact of currency rate change on pre-tax loss 10% increase 10% decrease Cash and cash equivalents $ 7,699 $ (7,699) Receivables and other 4,567 (4,567) Marketable securities 742 (742) Accounts payable and accrued liabilities (8,273) 8,273 (ii) Interest rate risk The Company is subject to interest rate risk with respect to its investments in cash and cash equivalents and short-term investments. The Company’s current policy is to invest cash at variable and fixed rates of interest with cash reserves to be maintained in cash and cash equivalents in order to maintain liquidity. Fluctuations in interest rates when cash and cash equivalents and short-term investments mature impact interest and finance income earned. The impact on pre-tax loss of a 1% change in variable interest rates on financial assets and liabilities as of December 31, 2023, with all other variables held constant, would be nominal. (b) Credit risk Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company’s credit risk is primarily attributable to its financial assets including cash and cash equivalents and short-term investments. The carrying amount of financial assets represents the maximum credit exposure: December 31, December 31, 2023 2022 Cash and cash equivalents $ 907,551 $ 630,623 Short-term investments 8,618,386 11,649,079 $ 9,525,937 $ 12,279,702 The Company mitigates its exposure to credit risk on financial assets through investing its cash and cash equivalents and short-term investments with Canadian Tier 1 chartered financial institutions. Management believes there is a nominal expected credit loss associated with its financial assets. (c) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by monitoring actual and projected cash flows and matching the maturity profile of financial assets and liabilities. The Company has issued surety bonds to support future decommissioning and restoration provisions (refer to Note 10f). Contractual undiscounted cash flow requirements for contractual obligations as at December 31, 2023 are as follows: Carrying Contractual Due within Due within Due within amount cash flows 1 year 2 years 3 years Accounts payable and accrued liabilities $ 676,605 $ 676,605 $ 676,605 $ — $ — $ 676,605 $ 676,605 $ 676,605 $ — $ — 16. FINANCIAL RISK MANAGEMENT (Continued) (d) Capital management The Company’s objectives in managing capital are to safeguard the ability to continue as a going concern and provide financial capacity to meet its strategic objectives. Management monitors the amount of cash and cash equivalents and equity in the capital structure and adjusts the capital structure, as necessary, to continue as a going concern and to support the acquisition, exploration and development of its mineral projects. The capital structure of the Company consists of equity attributable to common shareholders, comprising of issued share capital, other reserves, AOCI and deficit. To maintain or adjust the capital structure, the Company may issue new shares, issue new debt, acquire or dispose of mineral projects to facilitate the management of its capital requirements. The Company prepares annual expenditure budgets that are reviewed by the Board of Directors. Forecasts are regularly reviewed and updated for changes in circumstances so that appropriate capital allocation, investment and financing decisions are made for the Company. (e) Fair value estimation The Company’s financial assets and liabilities are initially measured and recognized according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy are as follows: Level 1: Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data. The Company’s financial instruments consisting of cash and cash equivalents, short-term investments and accounts payable and accrued liabilities approximate their fair value due to the short-term maturity of these financial instruments. Marketable securities are fair valued at each reporting period using NGE’s share price on the TSX Venture Exchange. 16. FINANCIAL RISK MANAGEMENT (Continued) The following tables present the Company’s financial assets and liabilities by level within the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. As at December 31, 2023 Carrying value Fair value Amortized FVTPL cost Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ — $ 907,551 $ — $ — $ — Short-term investments — 8,618,386 — — — Marketable securities 7,422 — 7,422 — — $ 7,422 $ 9,525,937 $ 7,422 $ — $ — As at December 31, 2022 Carrying value Fair value Amortized FVTPL cost Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ — $ 630,623 $ — $ — $ — Short-term investments — 11,649,079 — — — Marketable securities 16,473 — 16,472 — 1 $ 16,473 $ 12,279,702 $ 16,472 $ — $ 1 |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2023 | |
TAXATION | |
TAXATION | 17. TAXATION (a) Deferred income taxes The tax effects of temporary differences between the amounts recorded in the Company’s accounts and the corresponding amounts as computed for income tax purposes give rise to deferred income taxes as follows: For the year ended December 31, December 31, December 31, 2023 2022 2021 Tax loss carry forwards $ 685,368 $ 332,184 $ 99,672 E&E expenditures 473,085 3,104 — Share issuance costs 214,221 288,230 — Marketable securities and other 32,615 71,464 41,908 Deferred income taxes not recognized (1,405,289) (694,982) (141,580) $ — $ — $ — The Company has tax losses in Canada of approximately $2,477,382 (2022 - $1,191,205 ; 2021 – $375,315 ) expiring in various amounts from 2040 to 2043. The Company has tax losses in the USA of approximately $78,452 (2022 – $50,427 ; 2021 – $27,715 ). The other temporary differences do not expire under current legislation. A deferred tax asset has not been recognized in respect of the temporary differences, as it is not probable that sufficient future taxable earnings will be available in the periods when deductions from such potential assets will be realized. 17. TAXATION (Continued) (b) Income tax expense (recovery) The provision for income taxes differs from the amount calculated using the Canadian federal and provincial statutory income tax rates of 27.0% (2022 – 27.0% ; 2021 – 27.0% ) as follows: For the year ended December 31, December 31, December 31, 2023 2022 2021 Expected income tax recovery $ (1,080,139) $ (288,466) $ (108,298) Share issuance costs — (298,176) — Impact of difference in tax rates and other 240,010 (10,670) 21,425 Share-based compensation 129,976 43,910 — Deferred income taxes not recognized 710,308 553,402 86,873 $ 155 $ — $ — For the Company’s subsidiary, the USA statutory income tax rate is 21.0% (2022 – 21.0% ; 2021 – 21.0% ) and the Nevada state statutory income tax rate is nil (2022 – nil ; 2021 – nil ). |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS | |
COMMITMENTS | 18. COMMITMENTS The Company executed an introductory agent agreement with BMR (the “BMR Agreement”). Under the BMR Agreement, should a mineral property recommended by BMR be acquired by the Company, the Company shall pay an introductory agent fee as follows: Within 15 days of acquisition $ 5,000 6 months after acquisition $ 5,000 12 months after acquisition $ 5,000 18 months after acquisition $ 5,000 24 months after acquisition $ 7,500 30 months after acquisition $ 7,500 36 months after acquisition $ 10,000 42 months after acquisition $ 10,000 48 months after acquisition and every six months thereafter $ 15,000 If commercial production is achieved on a property recommended by BMR, the Company shall pay a 0.5% net smelter return royalty on all mineral interests acquired within the area of influence of the mineral property. Introductory agent fees and net smelter return royalty payments totaling $1,000,000 paid by the Company will reduce the net smelter return royalty by 50% to 0.25% . The BMR Agreement was in effect for the Miller Project, as of February 1, 2021, until the mineral lease agreement was terminated on December 18, 2023. The Company paid a total of $35,000 in introductory agent fees to BMR during that period. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | 19. SEGMENTED INFORMATION Exploration and development of mineral projects is considered the Company’s single business segment. All of the Company’s E&E assets are located in the USA. |
MATERIAL ACCOUNTING POLICY IN_2
MATERIAL ACCOUNTING POLICY INFORMATION (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of consolidation | (a) Basis of consolidation These consolidated financial statements include the financial statements of the Company and the entity controlled by the Company, its subsidiary, listed in the following table: Place of Proportion of Name of subsidiary incorporation ownership interest Principal activity Austin American Corporation Nevada, USA 100 % Holds interests in exploration projects Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when the Company has existing rights that give the Company the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a subsidiary’s share capital. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances and transactions, including any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. |
Foreign currency translation | (b) Foreign currency translation Functional and presentation currency Items included in the financial statements of each consolidated entity are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of the Company and its subsidiary is the United States dollar (“USD”), which is also the Company’s presentation currency. References to “$” or “USD” are to United States dollars, while references to “C$” or “CAD” are to Canadian dollars. Transactions and balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses result from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in currencies other than an entity’s functional currency. These gains (losses) are recognized in the consolidated statement of loss and comprehensive loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the date of the initial transactions. |
Financial instruments | (c) Financial instruments Financial instruments – Classification Financial assets are classified at initial recognition as either: measured at amortized cost, FVTPL or fair value through other comprehensive income (“FVOCI”). The classification depends on the Company’s business model for managing the financial assets and the contractual terms which give rise to the cash flows. For assets measured at fair value, gains (losses) will either be recorded in earnings (loss) or other comprehensive income (“OCI”). For investments in debt instruments, this will depend on the business model for which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI. The Company reclassifies debt investments when, and only when, its business model for managing those assets changes. Financial instruments – Measurement At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in the consolidated statement of loss and comprehensive loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its debt instruments: ● Amortized cost – Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in earnings (loss) when the asset is derecognized or impaired. Interest income from these financial assets is included in interest and finance income using the effective interest rate method. ● FVOCI – Assets that are held for collection of contractual cash flows and for selling the financial assets, where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognized in earnings (loss). When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to earnings (loss) and recognized in other gains (losses). Interest income from these financial assets is included in interest and finance expense using the effective interest rate method. Foreign exchange gains and losses are presented in foreign exchange gain (loss) and impairment expenses in other expenses. ● FVTPL – Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL and is not part of a hedging relationship is recognized in earnings (loss) and presented net in the consolidated statement of loss and comprehensive loss within other gains (losses) in the period in which it arises. Changes in the fair value of financial assets at FVTPL are recognized in gain (loss) on change in fair value of financial instruments in the consolidated statement of loss and comprehensive loss as applicable. Financial instruments - Impairment An expected credit loss (“ECL”) impairment model applies which requires a loss allowance to be recognized based on ECLs. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in earnings (loss) for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through earnings (loss) to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Financial instruments - Derecognition The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of loss and comprehensive loss. Cash and cash equivalents Cash and cash equivalents comprise cash holdings in business and savings accounts held at major financial institutions with an original maturity date of three months or less. Cash and cash equivalents are classified at amortized cost. Interest and finance income is recognized by applying the effective interest rate method. Short-term investments Short-term investments comprise term deposits and redeemable short-term investment certificates (“RSTICs”) held at major financial institutions with an original maturity date between three and twelve months. Short-term investments are classified at amortized cost. Interest and finance income is recognized by applying the effective interest rate method. Marketable securities Marketable securities comprise of common shares of publicly traded companies. Marketable securities are recorded at FVTPL and, accordingly, are recorded on the statement of financial position at fair value. Changes in fair value at each reporting date are included in the consolidated statement of loss and comprehensive loss as an unrealized fair value gain (loss) on marketable securities. Accounts payable Accounts payable are recognized initially at fair value, net of any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are held at amortized cost using the effective interest method. |
Property and equipment | (d) Property and equipment Property and equipment is measured at cost less accumulated depreciation and accumulated impairment losses. The initial cost of an asset is comprised of its purchase price or construction cost, any costs directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated future cost of dismantling and removing the asset at the end of its useful life. The purchase price or construction cost is the fair value of consideration to acquire the asset. Depreciation of property and equipment commences when the asset has been fully commissioned and is available for its intended use. Depreciation is calculated using declining balance rates ranging from 15% to 30% per annum or the straight-line method to allocate cost over the estimated useful lives. Depreciation on assets that are directly related to E&E assets are allocated to that E&E asset. Depreciation methods and estimated useful lives and residual values are reviewed annually and when facts and circumstances indicate that a review should be performed. Changes in estimates are accounted for prospectively. An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain (loss) arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in the consolidated statement of loss and comprehensive loss. |
Mineral properties | (e) Mineral properties Mineral properties are measured at cost less accumulated depletion and accumulated impairment losses. Mineral properties include the fair value attributable to mineral reserves and mineral resources acquired in a business combination or asset acquisition, mine development costs and previously capitalized E&E expenditures. Upon commencement of production, a mineral property is depleted using the unit-of-production method. Unit-of-production depletion rates are determined using mineral units mined over the estimated proven and probable mineral reserves of the mine. |
E&E assets | (f) E&E assets All E&E expenditures are capitalized, including the costs of acquiring exploration stage properties, except for E&E expenditures incurred before the Company has obtained legal rights to explore an area, which are expensed. Exploration expenditures are costs incurred in the initial search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with prospecting, sampling, mapping, drilling and other work involved in searching for Mineral Resources, as defined by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Evaluation expenditures are the costs incurred to establish the technical feasibility and commercial viability of developing mineral deposits identified through exploration activities, business combinations or asset acquisitions. Evaluation expenditures include the cost of: (i) further defining the volume and grade of deposits through drilling of core samples and other sampling techniques, trenching and sampling activities in an ore body or other forms or data acquisition; (ii) determining the optimal methods of extraction and metallurgical and treatment processes; (iii) studies related to surveying, transportation and infrastructure requirements; (iv) permitting activities; and (v) economic evaluations to determine whether development or mineralized material is commercially justified including preliminary economic assessments, pre-feasibility and final feasibility studies. Once the technical feasibility and commercial viability of the extraction of mineral reserves or mineral resources from a particular mineral property has been determined, expenditures are tested for impairment and reclassified to mineral properties. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, including: ● The extent to which mineral reserves and mineral resources as defined by NI 43-101 have been identified through a feasibility study or similar document; ● The results of optimization studies and further technical evaluation carried out to mitigate project risks identified in the feasibility study; ● The status of environmental permits; and ● The status of mining leases or permits. |
Impairment of non-financial assets | (g) Impairment of non-financial assets The carrying amounts of assets included in E&E assets and property and equipment are assessed for impairment at the end of each reporting period or whenever facts and circumstances suggest that the carrying amounts may not be recoverable. If there are indicators of impairment, the recoverable amount of the asset is estimated in order to determine the extent of any impairment. Where the asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash generating unit (“CGU”) to which the asset belongs is determined. The recoverable amount of an asset or CGU is determined as the higher of its fair value less costs of disposal and its value in use. An impairment loss exists if the asset’s or CGU’s carrying amount exceeds the recoverable amount and is recorded as an expense immediately. Fair value is the price that would be received from selling an asset in an orderly transaction between market participants at the measurement date. Costs of disposal are incremental costs directly attributable to the disposal of an asset. Future cash flows are estimated using the following significant assumptions: mineral reserves and mineral resources, production profile, operating costs, capital costs, commodity prices, foreign exchange rates and discount rates. All inputs used are those that an independent market participant would consider appropriate. Value in use is determined as the present value of the future cash flows expected to be derived from continuing use of an asset or cash generating unit in its present form. These estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash generating unit for which estimates of future cash flows have not been adjusted. Tangible assets that have been impaired in prior periods are tested for possible reversal of impairment whenever events or changes in circumstances indicate that the impairment has reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount, but not beyond the carrying amount that would have been determined had no impairment loss been recognized for the asset in the prior periods. A reversal of an impairment loss is recognized into earnings (loss) immediately. |
Decommissioning and restoration provision | (h) Decommissioning and restoration provision Decommissioning and restoration provisions are recognized when there is a significant disturbance to the areas in which E&E activities have occurred and when the provision can be estimated reliably. Decommissioning and restoration costs are estimated and discounted to their net present value and capitalized to the carrying amount of the related asset along with the recording of a corresponding liability, as soon as the obligation to incur such costs arises. The discount rate used to calculate the net present value is a pre-tax rate of similar maturity that reflects current market assessments of time value of money and the risks specific to the liability. Each period, the Company reviews cost estimates and other assumptions used in the valuation of the provision to reflect events, changes in circumstances and new information available. The liability is adjusted each reporting period for the unwinding of the discount, changes to the current market-based discount rate and for the amount or timing of the underlying cash flows needed to settle the provision. |
Income taxes | (i) Income taxes Income tax is recognized in the consolidated statement of loss and comprehensive loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Deferred tax is provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are not provided for the initial recognition of assets or liabilities that affect neither accounting nor taxable earnings. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates at the end of the reporting year applicable to the year of expected realization. A deferred tax asset is recognized only to the extent that it is probable that future taxable earnings will be available against which the asset can be utilized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority and when the Company intends to settle its current tax assets and liabilities on a net basis. |
Share capital | (j) Share capital Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares, share options and warrants are recognized as a deduction from equity, net of any tax effects. If common shares are issued as consideration for the acquisition of a mineral project, the common shares are measured at their fair value based on the quoted share price of the Company on the date the transaction is executed. The Company applies the residual value method with respect to the measurement of common shares and warrants issued as a unit for a private placement. The residual value method first allocates value to the more easily measurable component based on fair value (i.e. common shares) and then the residual value, if any, to the less measurable component (i.e. warrants). Any value attributed to the warrants is recorded to other reserves in equity. |
Share-based payment transactions | (k) Share-based payment transactions Share options granted under the Company’s equity settled share-based option plan are measured at fair value at the date of grant and recognized as an expense with a corresponding increase to other reserves in equity. An individual is classified as an employee when the individual is an employee for legal and tax purposes (direct employee) or provides services similar to those performed by a direct employee. Equity settled share-based payment transactions with non-employees are measured at the fair value of the goods or services received. However, if the fair value cannot be estimated reliably, the share-based payment transaction is measured at the fair value of the equity instrument granted at the date the non-employee provides the goods or the services. Fair value is determined using the Black-Scholes option pricing model, which relies on estimates of the risk-free interest rate, expected share price volatility, future dividend payments and the expected average life of the options. The fair value determined at the grant date is recognized as an expense over the vesting period in accordance with the vesting terms and conditions (graded vesting method), with a corresponding increase to other reserves in equity. When share options are exercised, the applicable amounts of other reserves are transferred to share capital. |
Loss per share | (l) Loss per share The Company presents loss per share data, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted loss per share is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares, including share options and warrants. |
Related party transactions | (m) Related party transactions Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction where there is a transfer of resources or obligations between related parties. |
MATERIAL ACCOUNTING POLICY IN_3
MATERIAL ACCOUNTING POLICY INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Schedule of transactions between company and subsidiary | Place of Proportion of Name of subsidiary incorporation ownership interest Principal activity Austin American Corporation Nevada, USA 100 % Holds interests in exploration projects |
SHORT-TERM INVESTMENTS (Tables)
SHORT-TERM INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Ifrs Short Term Investments [Abstract] | |
Schedule of short-term investments | December 31, December 31, 2023 2022 Term deposits $ 7,084,482 $ 10,144,301 RSTICs 1,533,904 1,504,778 $ 8,618,386 $ 11,649,079 |
RECEIVABLES AND OTHER (Tables)
RECEIVABLES AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RECEIVABLES AND OTHER | |
Schedule of receivables and other | December 31, December 31, 2023 2022 Prepaid expenses and deposits $ 156,234 $ 176,703 Tax receivables 34,330 34,582 $ 190,564 $ 211,285 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
MARKETABLE SECURITIES | |
Schedule of fair value of the marketable securities | December 31, December 31, December 31, 2023 2022 2021 Opening balance $ 16,473 $ 196,847 $ 334,676 Realized gain on sale of marketable securities — — 6,443 Proceeds from sale of marketable securities — — (38,632) Foreign exchange movements — (5,740) 3,013 Unrealized fair value loss on marketable securities (9,051) (174,634) (108,653) Ending balance $ 7,422 $ 16,473 $ 196,847 |
E&E ASSETS (Tables)
E&E ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
E&E ASSETS | |
Schedule of property and nature of expenditure | Kelly Lone Stockade Fourmile Creek Mountain Mountain Miller Basin Total Balance - December 31, 2021 $ 379,154 $ 237,727 $ — $ 197,837 $ 471,438 $ 1,286,156 E&E expenditures: Acquisition costs 50,000 20,000 25,000 25,000 54,433 174,433 Assays 24,554 — — — — 24,554 Consulting 12,693 7,406 16,329 7,956 47,007 91,391 Drilling 327,145 — — — 96,993 424,138 Field supplies and rentals 2,121 — 2,250 — — 4,371 Field work 1,500 — — — 2,332 3,832 Finders’ fees — — — 10,000 — 10,000 Geophysics 3,000 — — 1,769 — 4,769 Mapping 6,375 — — 5,250 — 11,625 Government payments 96,333 80,370 46,666 49,749 53,095 326,213 Share-based compensation 5,235 5,235 5,235 5,235 5,233 26,173 Travel 6,769 — 566 44 4,144 11,523 Total E&E expenditures 535,725 113,011 96,046 105,003 263,237 1,113,022 Movement in foreign exchange — — — — (30,144) (30,144) Balance - December 31, 2022 $ 914,879 $ 350,738 $ 96,046 $ 302,840 $ 704,531 $ 2,369,034 E&E expenditures: Acquisition costs 30,000 72,200 25,000 25,000 — 152,200 Assays 6,012 4,385 — 37,722 27,573 75,692 Consulting 4,344 99,619 96,567 34,625 22,150 257,305 Drilling — — 538,627 500,463 108,293 1,147,383 Field supplies and rentals — 867 11,125 3,572 259 15,823 Field work — 17,544 28,535 21,301 12,426 79,806 Finders’ fees — — — 15,000 — 15,000 Geophysics — 28,250 — — — 28,250 Government payments 17,558 177,236 46,108 50,131 378 291,411 Share-based compensation 16,749 16,749 16,749 14,950 2,865 68,062 Travel 622 9,094 8,343 9,864 5,387 33,310 Write-off of E&E assets (353,456) — — (1,015,468) (883,862) (2,252,786) Total E&E expenditures (278,171) 425,944 771,054 (302,840) (704,531) (88,544) Balance - December 31, 2023 $ 636,708 $ 776,682 $ 867,100 $ — $ — $ 2,280,490 |
Kelly Creek | |
E&E ASSETS | |
Schedule of minimum payments | September 16, 2021 $ 30,000 Paid September 16, 2022 $ 30,000 Paid September 16, 2023 and every year thereafter $ 30,000 Paid |
Lone Mountain | |
E&E ASSETS | |
Schedule of pre-production payments | Signing of the lease $ 80,000 Paid November 1, 2021 $ 30,000 Paid November 1, 2022 $ 20,000 Paid November 1, 2023 $ 20,000 Paid November 1, 2024 $ 30,000 November 1, 2025 and every year thereafter (1) $ 30,000 (1) Pre-production payments increase by $10,000 every year after November 1, 2025 to a maximum of $200,000 . |
Schedule of required minimum annual E&E expenditures on the project / property | September 1, 2024 $ 150,000 Completed September 1, 2025 $ 250,000 In progress September 1, 2026 $ 300,000 In progress September 1, 2027 $ 300,000 In progress September 1, 2028 $ 400,000 In progress September 1, 2029 (1) $ 400,000 In progress (1) The work commitment terminates when $1,800,000 has been spent on the property. |
Stockade Mountain | |
E&E ASSETS | |
Schedule of pre-production payments | May 16, 2022 $ 15,000 Paid November 16, 2022 $ 10,000 Paid May 16, 2023 $ 10,000 Paid November 16, 2023 $ 15,000 Paid May 16, 2024 $ 15,000 November 16, 2024 and every six months thereafter $ 25,000 |
Schedule of required minimum annual E&E expenditures on the project / property | May 16, 2023 $ 30,000 Completed May 16, 2024 2,000 meters of drilling In progress (1) (1) Subsequent to December 31, 2023, on February 28, 2024, the Company executed an amendment to the mineral lease and option agreement with BMR eliminating the requirement of 2,000 meters of drilling by May 16, 2024. |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY AND EQUIPMENT | |
Schedule of property and equipment | Computer equipment Net book value - December 31, 2020 $ 2,564 Depreciation (780) Movement in foreign exchange 19 Net book value - December 31, 2021 1,803 Depreciation (527) Movement in foreign exchange (95) Net book value - December 31, 2022 1,181 Depreciation (354) Net book value - December 31, 2023 827 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | |
Schedule of accounts payable and accrued liabilities | December 31, December 31, 2023 2022 Trade payables $ 638,671 $ 64,600 Accrued liabilities 37,934 33,225 $ 676,605 $ 97,825 |
SHARE CAPITAL AND OTHER RESER_2
SHARE CAPITAL AND OTHER RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHARE CAPITAL AND OTHER RESERVES | |
Schedule of components of other reserves | December 31, December 31, December 31, 2023 2022 2021 Other reserve - Share options $ 2,296,229 $ 1,781,096 $ 1,624,053 Other reserve - Warrants 59,702 263,596 — $ 2,355,931 $ 2,044,692 $ 1,624,053 |
Schedule of changes in share options | 2023 2022 2021 Weighted Weighted Weighted Number of average Number of average Number of average share options exercise price share options exercise price share options exercise price Outstanding, January 1, 1,093,333 $ 1.67 716,663 $ 2.37 716,663 $ 2.36 Granted 2,370,000 0.77 460,003 0.92 — — Expired — — (83,333) 2.36 — — Outstanding, December 31, 3,463,333 $ 1.06 1,093,333 $ 1.67 716,663 $ 2.37 |
Schedule of information about share options outstanding and exercisable | Share options outstanding Share options exercisable Number of Weighted Number of Weighted share options average years share options average Exercise prices outstanding to expiry exercisable exercise price $0.50 - $1.00 2,830,003 4.65 345,000 $ 0.92 $2.01 - $2.50 633,330 6.20 633,330 2.27 3,463,333 4.93 978,330 $ 1.79 |
Schedule of weighted average assumptions used to estimate the fair value of share options granted and/or vested | For the year ended December 31, December 31, December 31, 2023 2022 2021 Expected life 5.00 years 5.00 years N/A Expected volatility 133.51 % 143.18 % N/A Risk-free interest rate 4.69 % 4.09 % N/A Expected dividend yield Nil Nil N/A Forfeiture rate Nil Nil N/A |
Schedule of changes in warrants | 2023 2022 2021 Number of Warrant Number of Warrant Number of Warrant warrants reserve warrants reserve warrants reserve Outstanding, January 1, 362,833 $ 263,596 — $ — — $ — Transactions during the period: Warrants issued - IPO — — 262,833 238,217 — — Warrants issued - consultants — — 100,000 25,379 — — Value assigned to warrants vested - consultants — 34,323 — — — — Warrants expired (262,833) (238,217) — — — — Outstanding, December 31, 100,000 $ 59,702 362,833 $ 263,596 — $ — |
Schedule of weighted average assumptions used to estimate the fair value of warrants using the Black-Scholes pricing model | For the year ended December 31, December 31, December 31, 2023 2022 2021 Expected life N/A 1.91 years N/A Expected volatility N/A 109.94 % N/A Risk-free interest rate N/A 1.42 % N/A Expected dividend yield N/A Nil N/A Forfeiture rate N/A Nil N/A |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS AND BALANCES | |
Schedule of directors and key management compensation | For the year ended December 31, December 31, December 31, 2023 2022 2021 Management salaries and consulting fees $ 544,352 $ 559,591 $ 12,206 Share-based compensation 472,236 136,148 — Directors’ fees 72,863 44,380 — $ 1,089,451 $ 740,119 $ 12,206 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Ifrs Supplemental Cash Flow Information [Abstract] | |
Schedule of net change in non-cash working capital items included in E&E assets | For the year ended December 31, December 31, December 31, 2023 2022 2021 Accounts payable and accrued liabilities $ (532,752) $ (37,130) $ — Share-based compensation 68,062 26,173 — Common shares issued — — 11,702 $ (464,690) $ (10,957) $ 11,702 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL RISK MANAGEMENT | |
Schedule of impact on pre-tax loss of a 10% change in the USD:CAD exchange rate on financial assets and liabilities denominated in CAD | The following table shows the impact on pre-tax loss of a 10% change in the USD:CAD exchange rate on financial assets and liabilities denominated in CAD, as of December 31, 2023, with all other variables held constant: Impact of currency rate change on pre-tax loss 10% increase 10% decrease Cash and cash equivalents $ 7,699 $ (7,699) Receivables and other 4,567 (4,567) Marketable securities 742 (742) Accounts payable and accrued liabilities (8,273) 8,273 |
Schedule of carrying amount of financial assets represents the maximum credit exposure | December 31, December 31, 2023 2022 Cash and cash equivalents $ 907,551 $ 630,623 Short-term investments 8,618,386 11,649,079 $ 9,525,937 $ 12,279,702 |
Schedule of contractual undiscounted cash flow requirements for contractual obligations | Contractual undiscounted cash flow requirements for contractual obligations as at December 31, 2023 are as follows: Carrying Contractual Due within Due within Due within amount cash flows 1 year 2 years 3 years Accounts payable and accrued liabilities $ 676,605 $ 676,605 $ 676,605 $ — $ — $ 676,605 $ 676,605 $ 676,605 $ — $ — |
Schedule of financial assets and liabilities by level within the fair value hierarchy | As at December 31, 2023 Carrying value Fair value Amortized FVTPL cost Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ — $ 907,551 $ — $ — $ — Short-term investments — 8,618,386 — — — Marketable securities 7,422 — 7,422 — — $ 7,422 $ 9,525,937 $ 7,422 $ — $ — As at December 31, 2022 Carrying value Fair value Amortized FVTPL cost Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ — $ 630,623 $ — $ — $ — Short-term investments — 11,649,079 — — — Marketable securities 16,473 — 16,472 — 1 $ 16,473 $ 12,279,702 $ 16,472 $ — $ 1 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
TAXATION | |
Schedule of deferred income taxes | For the year ended December 31, December 31, December 31, 2023 2022 2021 Tax loss carry forwards $ 685,368 $ 332,184 $ 99,672 E&E expenditures 473,085 3,104 — Share issuance costs 214,221 288,230 — Marketable securities and other 32,615 71,464 41,908 Deferred income taxes not recognized (1,405,289) (694,982) (141,580) $ — $ — $ — |
Schedule of income tax expense (recovery) | For the year ended December 31, December 31, December 31, 2023 2022 2021 Expected income tax recovery $ (1,080,139) $ (288,466) $ (108,298) Share issuance costs — (298,176) — Impact of difference in tax rates and other 240,010 (10,670) 21,425 Share-based compensation 129,976 43,910 — Deferred income taxes not recognized 710,308 553,402 86,873 $ 155 $ — $ — |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS | |
Schedule of gross contractual obligations | Within 15 days of acquisition $ 5,000 6 months after acquisition $ 5,000 12 months after acquisition $ 5,000 18 months after acquisition $ 5,000 24 months after acquisition $ 7,500 30 months after acquisition $ 7,500 36 months after acquisition $ 10,000 42 months after acquisition $ 10,000 48 months after acquisition and every six months thereafter $ 15,000 |
NATURE OF OPERATIONS AND GOIN_2
NATURE OF OPERATIONS AND GOING CONCERN (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Nature Of Operations And Going Concern [Abstract] | ||||
Net loss for the year | $ (4,000,671) | $ (1,068,391) | $ (401,105) | |
Cash used in operating activities | 1,686,043 | 1,791,812 | 276,699 | |
Cash and cash equivalents | 907,551 | 630,623 | $ 1,094,550 | $ 1,902,133 |
Working capital (current assets less current liabilities) surplus | 9,039,896 | 12,393,162 | ||
Accumulated deficit | $ 7,020,522 | $ 3,019,851 |
MATERIAL ACCOUNTING POLICY IN_4
MATERIAL ACCOUNTING POLICY INFORMATION - Basis of consolidation (Details) | 12 Months Ended |
Dec. 31, 2023 | |
MATERIAL ACCOUNTING POLICY INFORMATION | |
Proportion of ownership interest (in percent) | 50% |
Austin American Corporation | |
MATERIAL ACCOUNTING POLICY INFORMATION | |
Proportion of ownership interest (in percent) | 100% |
MATERIAL ACCOUNTING POLICY IN_5
MATERIAL ACCOUNTING POLICY INFORMATION - Property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
PROPERTY, PLANT AND EQUIPMENT | |
Useful life (in percent) | 15% |
Maximum | |
PROPERTY, PLANT AND EQUIPMENT | |
Useful life (in percent) | 30% |
MATERIAL ACCOUNTING POLICY IN_6
MATERIAL ACCOUNTING POLICY INFORMATION - Impairment of non-financial assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |||
Impairment loss on non-financial assets | $ 0 | $ 0 | $ 0 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
CASH AND CASH EQUIVALENTS | ||
Cash | $ 907,551 | $ 630,623 |
SHORT-TERM INVESTMENTS (Details
SHORT-TERM INVESTMENTS (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Ifrs Short Term Investments [Abstract] | ||
Term deposits | $ 7,084,482 | $ 10,144,301 |
RSTICs | 1,533,904 | 1,504,778 |
Total | $ 8,618,386 | $ 11,649,079 |
RECEIVABLES AND OTHER (Details)
RECEIVABLES AND OTHER (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
RECEIVABLES AND OTHER | ||
Prepaid expenses and deposits | $ 156,234 | $ 176,703 |
Tax receivables | 34,330 | 34,582 |
Total | $ 190,564 | $ 211,285 |
MARKETABLE SECURITIES - Fair va
MARKETABLE SECURITIES - Fair value of the marketable securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
MARKETABLE SECURITIES | |||
Opening balance | $ 16,473 | ||
Realized gain on sale of marketable securities | 0 | $ 0 | $ 6,443 |
Unrealized fair value loss on marketable securities | (9,051) | (174,634) | (108,653) |
Ending balance | 7,422 | 16,473 | |
NGE | |||
MARKETABLE SECURITIES | |||
Opening balance | 16,473 | 196,847 | 334,676 |
Realized gain on sale of marketable securities | 0 | 0 | 6,443 |
Proceeds from sale of marketable securities | 0 | 0 | (38,632) |
Foreign exchange movements | 0 | (5,740) | 3,013 |
Unrealized fair value loss on marketable securities | (9,051) | (174,634) | (108,653) |
Ending balance | $ 7,422 | $ 16,473 | $ 196,847 |
MARKETABLE SECURITIES - Additio
MARKETABLE SECURITIES - Additional Information - (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
MARKETABLE SECURITIES | ||
Number of shares held | 89,240 | |
NGE | ||
MARKETABLE SECURITIES | ||
Number of shares held | 89,240 | 89,240 |
Number of warrants held | 0 | 50,000 |
E&E ASSETS (Details)
E&E ASSETS (Details) - USD ($) | 12 Months Ended | ||||
Dec. 18, 2023 | Jun. 01, 2023 | Apr. 13, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
E&E ASSETS | |||||
Balance at beginning | $ 2,369,034 | $ 1,286,156 | |||
E&E expenditures: | |||||
Acquisition costs | 152,200 | 174,433 | |||
Assays | 75,692 | 24,554 | |||
Consulting | 257,305 | 91,391 | |||
Drilling | 1,147,383 | 424,138 | |||
Field supplies and rentals | 15,823 | 4,371 | |||
Field work | 79,806 | 3,832 | |||
Finders' fees | 15,000 | 10,000 | |||
Geophysics | 28,250 | 4,769 | |||
Government payments | 291,411 | 326,213 | |||
Mapping | 11,625 | ||||
Share-based compensation | 68,062 | 26,173 | |||
Travel | 33,310 | 11,523 | |||
Write-off of E&E assets | (2,252,786) | ||||
Total E&E expenditures | (88,544) | 1,113,022 | |||
Movement in foreign exchange | (30,144) | ||||
Balance at ending | 2,280,490 | 2,369,034 | |||
Kelly Creek | |||||
E&E ASSETS | |||||
Balance at beginning | 914,879 | 379,154 | |||
E&E expenditures: | |||||
Acquisition costs | 30,000 | 50,000 | |||
Assays | 6,012 | 24,554 | |||
Consulting | 4,344 | 12,693 | |||
Drilling | 0 | 327,145 | |||
Field supplies and rentals | 0 | 2,121 | |||
Field work | 0 | 1,500 | |||
Finders' fees | 0 | 0 | |||
Geophysics | 0 | 3,000 | |||
Government payments | 17,558 | 96,333 | |||
Mapping | 6,375 | ||||
Share-based compensation | 16,749 | 5,235 | |||
Travel | 622 | 6,769 | |||
Write-off of E&E assets | $ (353,456) | (353,456) | |||
Total E&E expenditures | (278,171) | 535,725 | |||
Movement in foreign exchange | 0 | ||||
Balance at ending | 636,708 | 914,879 | |||
Lone Mountain | |||||
E&E ASSETS | |||||
Balance at beginning | 350,738 | 237,727 | |||
E&E expenditures: | |||||
Acquisition costs | 72,200 | 20,000 | |||
Assays | 4,385 | 0 | |||
Consulting | 99,619 | 7,406 | |||
Drilling | 0 | 0 | |||
Field supplies and rentals | 867 | 0 | |||
Field work | 17,544 | 0 | |||
Finders' fees | 0 | 0 | |||
Geophysics | 28,250 | 0 | |||
Government payments | 177,236 | 80,370 | |||
Mapping | 0 | ||||
Share-based compensation | 16,749 | 5,235 | |||
Travel | 9,094 | 0 | |||
Write-off of E&E assets | 0 | ||||
Total E&E expenditures | 425,944 | 113,011 | |||
Movement in foreign exchange | 0 | ||||
Balance at ending | 776,682 | 350,738 | |||
Miller | |||||
E&E ASSETS | |||||
Balance at beginning | 302,840 | 197,837 | |||
E&E expenditures: | |||||
Acquisition costs | 25,000 | 25,000 | |||
Assays | 37,722 | 0 | |||
Consulting | 34,625 | 7,956 | |||
Drilling | 500,463 | 0 | |||
Field supplies and rentals | 3,572 | 0 | |||
Field work | 21,301 | 0 | |||
Finders' fees | 15,000 | 10,000 | |||
Geophysics | 0 | 1,769 | |||
Government payments | 50,131 | 49,749 | |||
Mapping | 5,250 | ||||
Share-based compensation | 14,950 | 5,235 | |||
Travel | 9,864 | 44 | |||
Write-off of E&E assets | $ (1,015,468) | (1,015,468) | |||
Total E&E expenditures | (302,840) | 105,003 | |||
Movement in foreign exchange | 0 | ||||
Balance at ending | 0 | 302,840 | |||
Stockade Mountain | |||||
E&E ASSETS | |||||
Balance at beginning | 96,046 | 0 | |||
E&E expenditures: | |||||
Acquisition costs | 25,000 | 25,000 | |||
Assays | 0 | 0 | |||
Consulting | 96,567 | 16,329 | |||
Drilling | 538,627 | 0 | |||
Field supplies and rentals | 11,125 | 2,250 | |||
Field work | 28,535 | 0 | |||
Finders' fees | 0 | 0 | |||
Geophysics | 0 | 0 | |||
Government payments | 46,108 | 46,666 | |||
Mapping | 0 | ||||
Share-based compensation | 16,749 | 5,235 | |||
Travel | 8,343 | 566 | |||
Write-off of E&E assets | 0 | ||||
Total E&E expenditures | 771,054 | 96,046 | |||
Movement in foreign exchange | 0 | ||||
Balance at ending | 867,100 | 96,046 | |||
Fourmile Basin | |||||
E&E ASSETS | |||||
Balance at beginning | 704,531 | 471,438 | |||
E&E expenditures: | |||||
Acquisition costs | 0 | 54,433 | |||
Assays | 27,573 | 0 | |||
Consulting | 22,150 | 47,007 | |||
Drilling | 108,293 | 96,993 | |||
Field supplies and rentals | 259 | 0 | |||
Field work | 12,426 | 2,332 | |||
Finders' fees | 0 | 0 | |||
Geophysics | 0 | 0 | |||
Government payments | 378 | 53,095 | |||
Mapping | 0 | ||||
Share-based compensation | 2,865 | 5,233 | |||
Travel | 5,387 | 4,144 | |||
Write-off of E&E assets | $ (883,862) | (883,862) | |||
Total E&E expenditures | (704,531) | 263,237 | |||
Movement in foreign exchange | (30,144) | ||||
Balance at ending | $ 0 | $ 704,531 |
E&E ASSETS- Kelly Creek Project
E&E ASSETS- Kelly Creek Project (Details) | 12 Months Ended | ||||||||
Dec. 18, 2023 USD ($) | Sep. 16, 2023 USD ($) | Jun. 01, 2023 USD ($) | May 03, 2023 USD ($) mi² | Apr. 13, 2023 USD ($) | Sep. 16, 2022 USD ($) | Sep. 16, 2021 USD ($) | Dec. 31, 2023 USD ($) | May 03, 2023 CAD ($) mi² | |
E&E ASSETS | |||||||||
Percentage of interest in a joint venture | 70% | ||||||||
Percentage of interest in a joint venture, that can be earned upon incurring the required minimum annual E&E expenditures on the project | 51% | ||||||||
Write-off of E & E assets | $ 2,252,786 | ||||||||
Kelly Creek | |||||||||
E&E ASSETS | |||||||||
Percentage of interest in a joint venture | 70% | ||||||||
Additional annual expenditures to be incurred | $ 2,500,000 | ||||||||
Expenditures on Kelly Creek Project | $ (923,757) | ||||||||
Proportion Of Additional Ownership Interest In Joint Venture | 19% | ||||||||
Write-off of E & E assets | $ 353,456 | 353,456 | |||||||
Kelly Creek | Genesis agreement | |||||||||
E&E ASSETS | |||||||||
Percentage of claims drop from original claim holdings | 60% | ||||||||
Kelly Creek | Hot Pot agreement | |||||||||
E&E ASSETS | |||||||||
Annual lease payments made | $ 30,000 | $ 30,000 | $ 30,000 | ||||||
Percentage of net smelter return royalty | 3% | ||||||||
Percentage of net smelter return royalty upon payment of specified amount | 2% | ||||||||
Payment to reduce net smelter return royalty | $ 2,000,000 | ||||||||
Kelly Creek | Hot Pot agreement | Battle Mountain Gold Exploration Corporation | |||||||||
E&E ASSETS | |||||||||
Percentage of net smelter return royalty | 1.25% | ||||||||
Area within the original boundary of the Hot Pot property, considered for royalty payments | mi² | 2.5 | 2.5 | |||||||
Lone Mountain | |||||||||
E&E ASSETS | |||||||||
Required minimum annual E&E expenditures, September 1, 2022 | 150,000 | ||||||||
Required minimum annual E&E expenditures, June 1, 2024 | 300,000 | ||||||||
Required minimum annual E&E expenditures, June 1, 2025 | 300,000 | ||||||||
Required minimum annual E&E expenditures, June 1, 2023 | 250,000 | ||||||||
Required Minimum Annual Exploration And Evaluation Expenditures, Period Two | $ 250,000 | ||||||||
Percentage of net smelter return royalty | 3% | ||||||||
Percentage of net smelter return royalty upon payment of specified amount | 2.50% | ||||||||
Payment to reduce net smelter return royalty | $ 2,000,000 | ||||||||
Write-off of E & E assets | 0 | ||||||||
Miller | |||||||||
E&E ASSETS | |||||||||
Write-off of E & E assets | $ 1,015,468 | $ 1,015,468 | |||||||
Stockade Mountain | |||||||||
E&E ASSETS | |||||||||
Percentage of interest in a joint venture | 100% | ||||||||
Required minimum annual E&E expenditures, September 1, 2022 | $ 30,000 | ||||||||
Percentage of net smelter return royalty | 2% | ||||||||
Percentage of net smelter return royalty upon payment of specified amount | 1% | ||||||||
Payment to reduce net smelter return royalty | $ 10,000,000 | ||||||||
Write-off of E & E assets | 0 | ||||||||
Fourmile Basin | |||||||||
E&E ASSETS | |||||||||
Write-off of E & E assets | $ 883,862 | $ 883,862 |
E&E ASSETS - Lone Mountain Proj
E&E ASSETS - Lone Mountain Project (Details) | 12 Months Ended | |||||
Nov. 16, 2023 USD ($) | May 16, 2023 USD ($) | Nov. 16, 2022 USD ($) | May 16, 2022 USD ($) | Dec. 31, 2023 USD ($) oz | Nov. 01, 2023 USD ($) | |
Lone Mountain | ||||||
E&E ASSETS | ||||||
Pre-production payments made in cash | $ 80,000 | |||||
Pre-production payments made, November 1, 2021 | 30,000 | |||||
Pre-production payments made, November 1, 2022 | 20,000 | |||||
Pre-production payments made, November 1, 2023 | $ 20,000 | |||||
Pre-production payments to be made, November 1, 2024 | 30,000 | |||||
Pre-production payments to be made, November 1, 2025 and every year thereafter | 30,000 | |||||
Incremental pre-production payments to be made, each year thereafter | 10,000 | |||||
Maximum pre-production payments to be made, November 1, 2025 and each year thereafter | 200,000 | |||||
Required minimum annual E&E expenditures, period one | 150,000 | |||||
Required minimum annual E&E expenditures, period two | 250,000 | |||||
Required minimum annual E&E expenditures, period three | 300,000 | |||||
Required minimum annual E&E expenditures, period four | 300,000 | |||||
Required minimum annual E&E expenditures, period five | 400,000 | |||||
Required minimum annual E&E expenditures, period six | 400,000 | |||||
Threshold amount of expenditure considered for termination of work commitment | $ 1,800,000 | |||||
Percentage of net smelter return royalty | 3% | |||||
Reduction in net smelter return royalty upon payment of specified amount | 0.50% | |||||
Percentage of net smelter return royalty upon payment of specified amount | 2.50% | |||||
Threshold minimum gold to be discovered to trigger the option to purchase the entire interest in project (in ounces) | oz | 500,000 | |||||
Payment to reduce net smelter return royalty | $ 2,000,000 | |||||
Stockade Mountain | ||||||
E&E ASSETS | ||||||
Pre-production payments made in cash | $ 15,000 | $ 10,000 | $ 10,000 | $ 15,000 | ||
Required minimum annual E&E expenditures, period one | $ 30,000 | |||||
Percentage of net smelter return royalty | 2% | |||||
Reduction in net smelter return royalty upon payment of specified amount | 50% | |||||
Percentage of net smelter return royalty upon payment of specified amount | 1% | |||||
Payment to reduce net smelter return royalty | $ 10,000,000 |
E&E ASSETS - Stockade Mountain
E&E ASSETS - Stockade Mountain Project (Details) | 12 Months Ended | |||||
Nov. 16, 2023 USD ($) | May 16, 2023 USD ($) | May 03, 2023 | Nov. 16, 2022 USD ($) | May 16, 2022 USD ($) | Dec. 31, 2023 USD ($) m² | |
E&E ASSETS | ||||||
Percentage of interest in a joint venture | 70% | |||||
Kelly Creek | ||||||
E&E ASSETS | ||||||
Percentage of interest in a joint venture | 70% | |||||
Lone Mountain | ||||||
E&E ASSETS | ||||||
Pre-production payments made in cash | $ 80,000 | |||||
Required minimum annual E&E expenditures, September 1, 2022 | $ 150,000 | |||||
Percentage of net smelter return royalty | 3% | |||||
Payment to reduce net smelter return royalty | $ 2,000,000 | |||||
Reduction in net smelter return royalty upon payment of specified amount | 0.50% | |||||
Percentage of net smelter return royalty upon payment of specified amount | 2.50% | |||||
Stockade Mountain | ||||||
E&E ASSETS | ||||||
Percentage of interest in a joint venture | 100% | |||||
Pre-production payments made in cash | $ 15,000 | $ 10,000 | $ 10,000 | $ 15,000 | ||
Pre-production payments to be made, May 16, 2024 | $ 15,000 | |||||
Pre-production payments to be made, November 16, 2024 and every six months thereafter | 25,000 | |||||
Required minimum annual E&E expenditures, September 1, 2022 | $ 30,000 | |||||
Required minimum area to be drilled, May 16, 2024 (in meters) | m² | 2,000 | |||||
Percentage of net smelter return royalty | 2% | |||||
Percentage of net smelter return royalty for third-pay claims upon payment of specified amount | 0.25% | |||||
Payment to reduce net smelter return royalty | $ 10,000,000 | |||||
Reduction in net smelter return royalty upon payment of specified amount | 50% | |||||
Percentage of net smelter return royalty upon payment of specified amount | 1% |
E&E ASSETS - Miller Project (De
E&E ASSETS - Miller Project (Details) - USD ($) | 12 Months Ended | |||
Dec. 18, 2023 | Jun. 01, 2023 | Apr. 13, 2023 | Dec. 31, 2023 | |
E&E ASSETS | ||||
Write-off of E & E assets | $ 2,252,786 | |||
Kelly Creek | ||||
E&E ASSETS | ||||
Write-off of E & E assets | $ 353,456 | $ 353,456 | ||
Lone Mountain | ||||
E&E ASSETS | ||||
Percentage of net smelter return royalty | 3% | |||
Reduction in net smelter return royalty upon payment of specified amount | 0.50% | |||
Percentage of net smelter return royalty upon payment of specified amount | 2.50% | |||
Payment to reduce net smelter return royalty | $ 2,000,000 | |||
Write-off of E & E assets | 0 | |||
Miller | ||||
E&E ASSETS | ||||
Write-off of E & E assets | $ 1,015,468 | $ 1,015,468 | ||
Stockade Mountain | ||||
E&E ASSETS | ||||
Percentage of net smelter return royalty | 2% | |||
Reduction in net smelter return royalty upon payment of specified amount | 50% | |||
Percentage of net smelter return royalty upon payment of specified amount | 1% | |||
Payment to reduce net smelter return royalty | $ 10,000,000 | |||
Write-off of E & E assets | 0 | |||
Fourmile Basin | ||||
E&E ASSETS | ||||
Write-off of E & E assets | $ 883,862 | $ 883,862 |
E&E ASSETS - Fourmile Basin Pro
E&E ASSETS - Fourmile Basin Property (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 18, 2023 | Nov. 16, 2023 | Jun. 01, 2023 | May 16, 2023 | Apr. 13, 2023 | Nov. 16, 2022 | May 16, 2022 | Dec. 31, 2023 | |
E&E ASSETS | ||||||||
Write-off of E & E assets | $ 2,252,786 | |||||||
Kelly Creek | ||||||||
E&E ASSETS | ||||||||
Write-off of E & E assets | $ 353,456 | 353,456 | ||||||
Lone Mountain | ||||||||
E&E ASSETS | ||||||||
Write-off of E & E assets | 0 | |||||||
Pre-production payments made in cash | 80,000 | |||||||
Required minimum E&E expenditures, October 24, 2020 | 150,000 | |||||||
Required minimum E&E expenditures, October 24, 2021 | 250,000 | |||||||
Required minimum E&E expenditures, October 24, 2022 | 300,000 | |||||||
Required minimum E&E expenditures, October 24, 2023 | $ 300,000 | |||||||
Percentage of net smelter return royalty | 3% | |||||||
Reduction in net smelter return royalty upon payment of specified amount | 0.50% | |||||||
Payment to reduce net smelter return royalty | $ 2,000,000 | |||||||
Percentage of net smelter return royalty upon payment of specified amount | 2.50% | |||||||
Miller | ||||||||
E&E ASSETS | ||||||||
Write-off of E & E assets | $ 1,015,468 | $ 1,015,468 | ||||||
Stockade Mountain | ||||||||
E&E ASSETS | ||||||||
Write-off of E & E assets | 0 | |||||||
Pre-production payments made in cash | $ 15,000 | $ 10,000 | $ 10,000 | $ 15,000 | ||||
Required minimum E&E expenditures, October 24, 2020 | $ 30,000 | |||||||
Percentage of net smelter return royalty | 2% | |||||||
Reduction in net smelter return royalty upon payment of specified amount | 50% | |||||||
Percentage of net smelter return royalty for third-pay claims upon payment of specified amount | 0.25% | |||||||
Payment to reduce net smelter return royalty | $ 10,000,000 | |||||||
Percentage of net smelter return royalty upon payment of specified amount | 1% | |||||||
Fourmile Basin | ||||||||
E&E ASSETS | ||||||||
Write-off of E & E assets | $ 883,862 | $ 883,862 |
E&E ASSETS - Project reclamatio
E&E ASSETS - Project reclamation requirements (Details) | Dec. 31, 2023 USD ($) |
BLM | |
E&E ASSETS | |
Total surety bonds | $ 55,166 |
Oregon Department of Geology and Mineral Industries | |
E&E ASSETS | |
Total surety bonds | $ 43,252 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PROPERTY, PLANT AND EQUIPMENT | |||
Balance at the beginning | $ 1,181 | ||
Balance at the end | 827 | $ 1,181 | |
Computer equipment | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Balance at the beginning | 1,181 | 1,803 | $ 2,564 |
Depreciation | (354) | (527) | (780) |
Movement in foreign exchange | (95) | 19 | |
Balance at the end | $ 827 | $ 1,181 | $ 1,803 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ||
Trade payables | $ 638,671 | $ 64,600 |
Accrued liabilities | 37,934 | 33,225 |
Total | $ 676,605 | $ 97,825 |
SHARE CAPITAL AND OTHER RESER_3
SHARE CAPITAL AND OTHER RESERVES - Share capital (Details) - USD ($) | 12 Months Ended | ||||
May 06, 2022 | Feb. 02, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SHARE CAPITAL AND OTHER RESERVES | |||||
Gross proceeds | $ 0 | $ 15,019,000 | $ 0 | ||
Total share issuance costs | $ 0 | $ 1,165,580 | 0 | ||
IPO | |||||
SHARE CAPITAL AND OTHER RESERVES | |||||
Shares issued (in shares) | 3,754,750 | ||||
Price per common share | $ 4 | ||||
Gross proceeds | $ 15,019,000 | ||||
Total share issuance costs | $ 1,165,580 | ||||
Number of warrants issued | 262,833 | ||||
Property option payments | |||||
SHARE CAPITAL AND OTHER RESERVES | |||||
Shares issued (in shares) | 5,000 | ||||
Fair value of shares issued | $ 11,702 | $ 11,702 |
SHARE CAPITAL AND OTHER RESER_4
SHARE CAPITAL AND OTHER RESERVES - Other reserves (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
SHARE CAPITAL AND OTHER RESERVES | ||||
Other reserve - Share options | $ 2,296,229 | $ 1,781,096 | $ 1,624,053 | |
Other reserve - Warrants | 59,702 | 263,596 | 0 | $ 0 |
Other reserves | $ 2,355,931 | $ 2,044,692 | $ 1,624,053 |
SHARE CAPITAL AND OTHER RESER_5
SHARE CAPITAL AND OTHER RESERVES - Changes in Share options (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
SHARE CAPITAL AND OTHER RESERVES | |||
Maximum term of each share option | 10 years | ||
Maximum number of common shares reserved for issuance | 3,827,175 | ||
Number of share options | |||
Balance beginning | 1,093,333 | 716,663 | 716,663 |
Granted | 2,370,000 | 460,003 | 0 |
Expired | 0 | (83,333) | 0 |
Balance ending | 3,463,333 | 1,093,333 | 716,663 |
Weighted average exercise price | |||
Balance beginning | $ / shares | $ 1.67 | $ 2.37 | $ 2.36 |
Granted | $ / shares | 0.77 | 0.92 | 0 |
Expired | $ / shares | 0 | 2.36 | 0 |
Balance ending | $ / shares | $ 1.06 | $ 1.67 | $ 2.37 |
SHARE CAPITAL AND OTHER RESER_6
SHARE CAPITAL AND OTHER RESERVES - Information about share options outstanding and exercisable (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 shares | |
Information about share options outstanding and exercisable | ||||
Share options outstanding, Number of share options outstanding | shares | 3,463,333 | 1,093,333 | 716,663 | 716,663 |
Share options outstanding, Weighted average years to expiry | 4 years 11 months 4 days | |||
Share options exercisable, Number of share options exercisable | shares | 978,330 | |||
Share options exercisable, Weighted average exercise price | $ 1.79 | |||
Total share-based compensation expense | $ | $ 515,133 | $ 157,043 | ||
Total share-based compensation expense, expensed in the statement of loss | $ | 481,394 | 162,628 | $ 0 | |
Total share-based compensation expense, capitalized to E&E assets | $ | 68,062 | 26,173 | 0 | |
Share options | ||||
Information about share options outstanding and exercisable | ||||
Total share-based compensation expense, expensed in the statement of loss | $ | $ 447,071 | $ 130,870 | $ 0 | |
Exercise price range $0.50 - $1.00 | ||||
Information about share options outstanding and exercisable | ||||
Share options outstanding, Number of share options outstanding | shares | 2,830,003 | |||
Share options outstanding, Weighted average years to expiry | 4 years 7 months 24 days | |||
Share options exercisable, Number of share options exercisable | shares | 345,000 | |||
Share options exercisable, Weighted average exercise price | $ 0.92 | |||
Exercise price range $0.50 - $1.00 | Minimum | ||||
Information about share options outstanding and exercisable | ||||
Share options outstanding, Exercise price | 0.50 | |||
Exercise price range $0.50 - $1.00 | Maximum | ||||
Information about share options outstanding and exercisable | ||||
Share options outstanding, Exercise price | $ 1 | |||
Exercise price range $2.01 - $2.50 | ||||
Information about share options outstanding and exercisable | ||||
Share options outstanding, Number of share options outstanding | shares | 633,330 | |||
Share options outstanding, Weighted average years to expiry | 6 years 2 months 12 days | |||
Share options exercisable, Number of share options exercisable | shares | 633,330 | |||
Share options exercisable, Weighted average exercise price | $ 2.27 | |||
Exercise price range $2.01 - $2.50 | Minimum | ||||
Information about share options outstanding and exercisable | ||||
Share options outstanding, Exercise price | 2.01 | |||
Exercise price range $2.01 - $2.50 | Maximum | ||||
Information about share options outstanding and exercisable | ||||
Share options outstanding, Exercise price | $ 2.50 |
SHARE CAPITAL AND OTHER RESER_7
SHARE CAPITAL AND OTHER RESERVES - Weighted average assumptions used to estimate the fair value of share options granted (Details) - Y | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SHARE CAPITAL AND OTHER RESERVES | ||
Expected life | 5 | 5 |
Expected volatility | 133.51% | 143.18% |
Risk-free interest rate | 4.69% | 4.09% |
Expected dividend yield | ||
Forfeiture rate |
SHARE CAPITAL AND OTHER RESER_8
SHARE CAPITAL AND OTHER RESERVES - Warrants (Details) - USD ($) | 12 Months Ended | ||||
Nov. 01, 2022 | May 06, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SHARE CAPITAL AND OTHER RESERVES | |||||
Warrant reserve, Beginning balance | $ 263,596 | $ 0 | $ 0 | ||
Number of warrants, Outstanding, Beginning balance | 362,833 | 0 | 0 | ||
Value assigned to warrants vested - consultants | $ 34,323 | $ 0 | $ 0 | ||
Number of warrants, Transactions during the year : Warrants vested | 0 | 0 | 0 | ||
Warrants expired | $ (238,217) | $ 0 | $ 0 | ||
Number of warrants expired | (262,833) | 0 | 0 | ||
Warrant reserve, Ending balance | $ 59,702 | $ 263,596 | $ 0 | ||
Number of warrants, Outstanding, Ending balance | 100,000 | 362,833 | 0 | ||
Weighted average exercise price of outstanding warrants | $ 0.81 | $ 3.41 | $ 0 | ||
Weighted average remaining life of outstanding warrants | 1 year 10 months 2 days | 1 year 4 months 24 days | |||
Total share-based compensation expense, expensed in the statement of loss | $ 481,394 | $ 162,628 | $ 0 | ||
Warrants issued - IPO | |||||
SHARE CAPITAL AND OTHER RESERVES | |||||
Warrant reserve, Transactions during the year : Warrants Issued | $ 0 | $ 238,217 | $ 0 | ||
Number of warrants, Transactions during the year : Warrants issued | 262,833 | 0 | 262,833 | 0 | |
Exercise price of warrants | $ 4.40 | ||||
Fair value of warrants | $ 238,217 | ||||
Warrants Issued - Consultants | |||||
SHARE CAPITAL AND OTHER RESERVES | |||||
Warrant reserve, Transactions during the year : Warrants Issued | $ 0 | $ 25,379 | $ 0 | ||
Number of warrants, Transactions during the year : Warrants issued | 100,000 | 0 | 100,000 | 0 | |
Exercise price of warrants | $ 0.81 | ||||
Total share-based compensation expense, expensed in the statement of loss | $ 34,323 | $ 26,480 | $ 0 |
SHARE CAPITAL AND OTHER RESER_9
SHARE CAPITAL AND OTHER RESERVES - Weighted average assumptions used to estimate the fair value of warrants issued (Details) | Dec. 31, 2023 Y | Dec. 31, 2022 |
Expected life | ||
SHARE CAPITAL AND OTHER RESERVES | ||
Significant unobservable input, liabilities | 1.91 | |
Expected volatility | ||
SHARE CAPITAL AND OTHER RESERVES | ||
Significant unobservable input, liabilities | 1.0994 | |
Risk-free interest rate | ||
SHARE CAPITAL AND OTHER RESERVES | ||
Significant unobservable input, liabilities | 0.0142 | |
Expected dividend yield | ||
SHARE CAPITAL AND OTHER RESERVES | ||
Significant unobservable input, liabilities | ||
Forfeiture rate | ||
SHARE CAPITAL AND OTHER RESERVES | ||
Significant unobservable input, liabilities |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES - Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS AND BALANCES | |||
Management and consulting fees | $ 544,352 | $ 559,591 | $ 12,206 |
Share-based compensation | 472,236 | 136,148 | 0 |
Directors' fees | 72,863 | 44,380 | 0 |
Total compensation | $ 1,089,451 | $ 740,119 | $ 12,206 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS AND BALANCES | |||
Expenses incurred on behalf of the company | $ 57,102 | $ 50,359 | $ 11,266 |
Amounts payable and accrued liabilities to related parties | $ 29,855 | 7,568 | |
Number of shares held | 89,240 | ||
P2 Gold Inc | |||
RELATED PARTY TRANSACTIONS AND BALANCES | |||
Amount of services under CFO shared-services agreement | $ 69,806 | $ 21,149 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Ifrs Supplemental Cash Flow Information [Abstract] | |||
Accounts payable and accrued liabilities | $ (532,752) | $ (37,130) | $ 0 |
Share-based compensation | 68,062 | 26,173 | 0 |
Common shares issued | 0 | 0 | 11,702 |
Total | $ (464,690) | $ (10,957) | $ 11,702 |
FINANCIAL RISK MANAGEMENT - Mar
FINANCIAL RISK MANAGEMENT - Market risk (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Currency risk | |
FINANCIAL RISK MANAGEMENT | |
Impact on pre-tax loss in exchange rate on financial assets and liabilities | 10% |
Percentage of increase on impact of currency rate change on pre-tax loss 10% | 10% |
Percentage of decrease on impact of currency rate change on pre-tax loss 10% | 10% |
Currency risk | Cash and cash equivalents | |
FINANCIAL RISK MANAGEMENT | |
Impact of currency rate change on pre-tax loss 10% increase | $ 7,699 |
Impact of currency rate change on pre-tax loss 10% decrease | (7,699) |
Currency risk | Receivables and other | |
FINANCIAL RISK MANAGEMENT | |
Impact of currency rate change on pre-tax loss 10% increase | 4,567 |
Impact of currency rate change on pre-tax loss 10% decrease | (4,567) |
Currency risk | Marketable securities | |
FINANCIAL RISK MANAGEMENT | |
Impact of currency rate change on pre-tax loss 10% increase | 742 |
Impact of currency rate change on pre-tax loss 10% decrease | (742) |
Currency risk | Accounts payable and accrued liabilities | |
FINANCIAL RISK MANAGEMENT | |
Impact of currency rate change on pre-tax loss 10% increase | (8,273) |
Impact of currency rate change on pre-tax loss 10% decrease | $ 8,273 |
Interest rate risk | |
FINANCIAL RISK MANAGEMENT | |
Impact on pre-tax loss in exchange rate on financial assets and liabilities | 1% |
FINANCIAL RISK MANAGEMENT - Cre
FINANCIAL RISK MANAGEMENT - Credit risk (Details) - Credit risk [member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
FINANCIAL RISK MANAGEMENT | ||
Maximum credit exposure | $ 9,525,937 | $ 12,279,702 |
Cash and cash equivalents | ||
FINANCIAL RISK MANAGEMENT | ||
Maximum credit exposure | 907,551 | 630,623 |
Short-term investments | ||
FINANCIAL RISK MANAGEMENT | ||
Maximum credit exposure | $ 8,618,386 | $ 11,649,079 |
FINANCIAL RISK MANAGEMENT - Liq
FINANCIAL RISK MANAGEMENT - Liquidity risk (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
FINANCIAL RISK MANAGEMENT | ||
Accounts payable and accrued liabilities, carrying amount | $ 676,605 | $ 97,825 |
Total, carrying amount | ||
FINANCIAL RISK MANAGEMENT | ||
Accounts payable and accrued liabilities, carrying amount | 676,605 | |
Total, contractual cash flows | 676,605 | |
Liquidity Risk | ||
FINANCIAL RISK MANAGEMENT | ||
Accounts payable and accrued liabilities, contractual cash flows | 676,605 | |
Total, contractual cash flows | 676,605 | |
Liquidity Risk | Due within 1 year | ||
FINANCIAL RISK MANAGEMENT | ||
Accounts payable and accrued liabilities, contractual cash flows | 676,605 | |
Total, contractual cash flows | 676,605 | |
Liquidity Risk | Due within 2 year | ||
FINANCIAL RISK MANAGEMENT | ||
Accounts payable and accrued liabilities, contractual cash flows | 0 | |
Total, contractual cash flows | 0 | |
Liquidity Risk | Due within 3 year | ||
FINANCIAL RISK MANAGEMENT | ||
Accounts payable and accrued liabilities, contractual cash flows | 0 | |
Total, contractual cash flows | $ 0 |
FINANCIAL RISK MANAGEMENT - Fai
FINANCIAL RISK MANAGEMENT - Fair value estimation (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Level 1 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | $ 7,422 | $ 16,472 |
Level 2 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 0 | 0 |
Level 3 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, fair value | 0 | 1 |
FVTPL | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 7,422 | 16,473 |
Amortized cost | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 9,525,937 | 12,279,702 |
Cash and cash equivalents | Level 1 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 0 | 0 |
Cash and cash equivalents | Level 2 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 0 | 0 |
Cash and cash equivalents | Level 3 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, fair value | 0 | 0 |
Cash and cash equivalents | FVTPL | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 0 | 0 |
Cash and cash equivalents | Amortized cost | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 907,551 | 630,623 |
Short-term investments | Level 1 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 0 | 0 |
Short-term investments | Level 2 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 0 | 0 |
Short-term investments | Level 3 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, fair value | 0 | 0 |
Short-term investments | FVTPL | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 0 | 0 |
Short-term investments | Amortized cost | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 8,618,386 | 11,649,079 |
Marketable securities | Level 1 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 7,422 | 16,472 |
Marketable securities | Level 2 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 0 | 0 |
Marketable securities | Level 3 | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, fair value | 0 | 1 |
Marketable securities | FVTPL | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | 7,422 | 16,473 |
Marketable securities | Amortized cost | ||
Disclosure About Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | ||
Financial assets, carrying value | $ 0 | $ 0 |
TAXATION - Deferred income taxe
TAXATION - Deferred income taxes (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
TAXATION | |||
Deferred income taxes not recognized | $ (1,405,289) | $ (694,982) | $ (141,580) |
Deferred income taxes | 0 | 0 | 0 |
Canada | |||
TAXATION | |||
Tax losses | 2,477,382 | 1,191,205 | 375,315 |
USA | |||
TAXATION | |||
Tax losses | 78,452 | 50,427 | 27,715 |
Tax loss carry forwards | |||
TAXATION | |||
Deferred income taxes | 685,368 | 332,184 | 99,672 |
E&E expenditures | |||
TAXATION | |||
Deferred income taxes | 473,085 | 3,104 | 0 |
Share issuance costs | |||
TAXATION | |||
Deferred income taxes | 214,221 | 288,230 | 0 |
Marketable securities and others | |||
TAXATION | |||
Deferred income taxes | $ 32,615 | $ 71,464 | $ 41,908 |
TAXATION - Income tax recovery
TAXATION - Income tax recovery (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
TAXATION | |||
Expected income tax recovery | $ (1,080,139) | $ (288,466) | $ (108,298) |
Share issuance costs | 0 | (298,176) | 0 |
Impact of difference in tax rates and other | 240,010 | (10,670) | 21,425 |
Share-based compensation | 129,976 | 43,910 | 0 |
Deferred income taxes not recognized | 710,308 | 553,402 | 86,873 |
Total of income tax expense (recovery) | $ 155 | $ 0 | $ 0 |
Income tax rate | 27% | 27% | 27% |
USA | |||
TAXATION | |||
Income tax rate | 21% | 21% | 21% |
Nevada | |||
TAXATION | |||
Income tax rate | 0% | 0% | 0% |
COMMITMENTS (Details)
COMMITMENTS (Details) | Dec. 31, 2023 USD ($) |
Within 15 days of acquisition | |
Commitments | |
Introductory agent fee commitment | $ 5,000 |
6 months after acquisition | |
Commitments | |
Introductory agent fee commitment | 5,000 |
12 months after acquisition | |
Commitments | |
Introductory agent fee commitment | 5,000 |
18 months after acquisition | |
Commitments | |
Introductory agent fee commitment | 5,000 |
24 months after acquisition | |
Commitments | |
Introductory agent fee commitment | 7,500 |
30 months after acquisition | |
Commitments | |
Introductory agent fee commitment | 7,500 |
36 months after acquisition | |
Commitments | |
Introductory agent fee commitment | 10,000 |
42 months after acquisition | |
Commitments | |
Introductory agent fee commitment | 10,000 |
48 months after acquisition and every six months thereafter | |
Commitments | |
Introductory agent fee commitment | $ 15,000 |
COMMITMENTS - Additional Inform
COMMITMENTS - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
COMMITMENTS | |
Net smelter return royalty | 0.50% |
Introductory agent fees and net smelter return royalty payments to reduce net smelter return royalty | $ 1,000,000 |
Decrease in net smelter return royalty | 50% |
Net smelter return royalty after reduction | 0.25% |
Payment of introductory agent fees | $ 35,000 |