Income Taxes

12 Months Ended

May 31, 2022

Income Tax Disclosure Abstract

Income Taxes [Text Block]

10. Income Taxes

The Company has net operating losses carried forward of $5,327,500 available to offset taxable income in future years which expires beginning in fiscal 2027. Under section 382 of the Internal Revenue Code such a change in control negates much of the tax loss carry forward and deferred income tax. The Company is subject to examination by the IRS for tax years 2014 to 2021. The Company is also subject to income tax in Canada.

The Company was subject to United States federal and state income taxes at an approximate rate of 21% for the years ended May 31, 2022 and 2021.

The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company's income tax expense as reported is as follows:

	2022 $		2021 $
Income tax recovery at statutory rate	(773,066	)	(37,096	)
Temporary differences	609,502		560
Valuation allowance change	163,564		36,536
Provision for income taxes	-		-

The significant components of deferred income tax assets and liabilities at May 31, 2022 and 2021, are as follows:

	2022 $		2021 $
Mineral property costs	910,033		300,531
Net operating losses carried forward	1,118,776		955,211
Gross deferred income tax assets	2,028,809		1,255,742
Valuation allowance	(2,028,809	)	(1,255,742	)
Net deferred income tax asset	-		-