| SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS |
19. | SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS |
There was no cash paid for income tax in the years ended December 31, 2025 and 2024. Non-cash transactions in the years ended December 31, 2025 and 2024 included: | (a) | A non-cash transaction in the year ended December 31, 2025 of $1,380,593 (2024: $1,449,708) related to share-based payments was included in exploration and evaluation assets (Note 14). |
| (b) | Acquisition of exploration and evaluation assets in the year ended December 31, 2025 are presented net of a non-cash increase to asset retirement obligations of $349,848 (2024: decrease of $75,608). Additions to exploration and evaluation assets in the year ended December 31, 2025 are presented net of a non-cash increase in accounts payable of $223,561 (2024: $625,478) and depreciation of $46,143 (2024: $24,516) directly related to exploration and evaluation assets (Note 9). |
| (c) | Additions to property and equipment in the year ended December 31, 2025 are presented net of a non-cash increase in right-of-use assets of $165,176 (2024: $nil) (Note 8). |
| (d) | The Company issued 2,417,068 common shares to QRC with a fair value of $24,291,545 following the conversion of US$6 million principal of the 2020 Debentures in the year ended December 31, 2025 (Note 11). The Company issued 17,761 common shares with a fair value of $188,732 to QRC to settle a portion of the interest owing on the Debentures in the year ended December 31, 2025 (2024: 25,265 common shares with a fair value of $348,830) (Note 11). |
| (e) | The Company received $1,060,000 of common shares of Purepoint Uranium in exchange for 10% of the Company’s interest in the Purepoint Joint Venture, with no gain or loss recorded on the exercise of the Put Option during the year ended December 31, 2025 (Note 6c). |
| (f) | Acquisitions of exploration and evaluation assets in the year ended December 31, 2025 include the issuance of 16,666 common shares with a fair value of $161,160 to complete the 1st anniversary payment to retain its 100% interest in the Bulyea River property. Acquisitions of exploration and evaluation assets in the year ended December 31, 2024 are presented net of a non-cash increase in contingent payments of $278,152 (Note 9a). |
| (g) | Purchases of marketable securities in the year ended December 31, 2025 included a non-cash transaction related to the issuance of 100,000 common shares with a fair value of $1,221,000 (Note 7). |
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