INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| INCOME TAXES |
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| Schedule of reconciliation from income taxes at statutory rates to reported income tax recovery |
| | | | | | | | | | 2025 | | 2024 | | Loss from operations | | $ | (4,895,652) | | $ | (44,139,532) | | Statutory rate | | | 27 | % | | 27 | % | Expected tax recovery | | | (1,321,826) | | | (11,917,674) | | Permanent differences: | | | | | | | | Share-based compensation | | | 1,714,207 | | | 1,426,989 | | Convertible debt | | | (146,264) | | | (1,917,987) | | Other | | | (768) | | | (43,931) | | Tax exempt income from disposal of Argentina assets | | | — | | | (926,659) | | Settlement of flow-through share liability on expenditures (Note 12) | | | (4,662,848) | | | (2,324,790) | | Flow-through share renunciation | | | 4,515,919 | | | 3,918,082 | | Unrecognized deferred tax assets | | | (3,926,750) | | | 9,973,232 | | Recognized deferred tax assets | | | 59,077 | | | (320,061) | | Income tax recovery | | $ | (3,769,253) | | $ | (2,132,799) | |
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| Schedule of deferred tax assets and liabilities |
| | | | | | | | | 2025 | | 2024 | Tax loss carry forwards | | $ | 9,132,055 | | $ | 588,797 | Financing costs | | | — | | | 70,806 | Exploration and evaluation assets | | | (9,194,975) | | | (786,151) | Marketable securities | | | (536,820) | | | (174,328) | Property and equipment | | | (14,394) | | | (68,556) | Capital lease obligations | | | 74,656 | | | 106,765 | Asset retirement obligations | | | 100,502 | | | 3,476 | Deferred tax liabilities | | $ | (438,976) | | $ | (259,191) |
| | | | | | December 31, 2025 | Canadian tax loss carry forwards | | $ | 17,600,041 | Australian tax loss carry forwards | | | 2,614,830 | US tax loss carry forwards | | | 38,999,796 | Property and equipment | | | 944,413 | Capital lease obligations | | | 163,473 | Financing costs | | | 4,696,095 | Asset retirement obligations | | | 39,263 |
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| Schedule of movement in deferred tax assets (liabilities) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Recognized in | | | | | | | | | Recognized | | Recognized | | other | | | | | | Opening | | in income tax | | in | | comprehensive | | Closing | December 31, 2025 | | balance | | recovery | | shareholders equity | | income | | balance | Deferred tax assets: | | | | | | | | | | | | | | | | Tax loss carry forwards | | $ | 588,797 | | $ | 8,543,258 | | $ | — | | $ | — | | $ | 9,132,055 | Financing costs | | | 70,806 | | | (1,278,564) | | | 1,207,758 | | | — | | | — | Capital lease obligations | | | 106,765 | | | (32,109) | | | — | | | — | | | 74,656 | Deferred tax liabilities: | | | | | | | | | | | | | | | | Exploration and evaluation assets | | | (786,151) | | | (8,408,824) | | | — | | | — | | | (9,194,975) | Marketable securities | | | (174,328) | | | 131,456 | | | — | | | (493,948) | | | (536,820) | Property and equipment | | | (68,556) | | | 54,162 | | | — | | | — | | | (14,394) | Asset retirement obligations | | | 3,476 | | | 97,026 | | | — | | | — | | | 100,502 | | | $ | (259,191) | | $ | (893,595) | | $ | 1,207,758 | | $ | (493,948) | | $ | (438,976) |
| | | | | | | | | | | | | | | | | | | | | | | | Recognized | | Recognized in | | | | | | | | | Recognized | | in | | other | | | | | | Opening | | in income tax | | shareholders | | comprehensive | | Closing | December 31, 2024 | | balance | | recovery | | equity | | income | | balance | Deferred tax assets: | | | | | | | | | | | | | | | | Tax loss carry forwards | | $ | 6,241,436 | | $ | (5,652,639) | | $ | — | | $ | — | | $ | 588,797 | Financing costs | | | 303,471 | | | (692,325) | | | 459,660 | | | — | | | 70,806 | Capital lease obligation | | | — | | | 106,765 | | | — | | | — | | | 106,765 | Deferred tax liabilities: | | | | | | | | | | | | | | | | Exploration and evaluation assets | | | (7,142,964) | | | 6,356,813 | | | — | | | — | | | (786,151) | Marketable securities | | | (302,767) | | | (158,888) | | | — | | | 287,327 | | | (174,328) | Property and equipment | | | 86,637 | | | (155,193) | | | — | | | — | | | (68,556) | Asset retirement obligations | | | — | | | 3,476 | | | — | | | — | | | 3,476 | | | $ | (814,187) | | $ | (191,991) | | $ | 459,660 | | $ | 287,327 | | $ | (259,191) |
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| Schedule of income tax recovery |
| | | | | | | | | 2025 | | 2024 | Deferred income tax expense related to operations | | $ | (893,595) | | $ | (191,991) | Settlement of flow-through share liability on expenditures | | | 4,662,848 | | | 2,324,790 | Deferred income tax recovery | | $ | 3,769,253 | | $ | 2,132,799 |
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