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Mineral Properties
12 Months Ended
May 31, 2024
Mineral Properties, Net [Abstract]  
Mineral Properties [Text Block]

5. Mineral Properties

(a) In November 2020 and April 2021, the Company staked mineral claims located in Labrador, Canada for $2,668 (Cdn$3,448). During the year ended May 31, 2021, the Company extended the mineral claim licenses for $7,334 (Cdn$9,400). During the year ended May 31, 2022, the Company wrote off the mineral property acquisition costs of $7,334 due to the uncertainty of establishing proven and probable reserves. During the year ended May 31, 2024, the Company incurred mineral property exploration costs of $25,141 (2023 - $30,109).

(b) On February 28, 2022, the Company entered into a Property Purchase Agreement with Rich Resources Inc. (formerly 86835 Newfoundland & Labrador Corp.) ("Rich"), a non-arm's length party, to acquire a 40% interest in the Frog Property located in Labrador, Canada. On February 28, 2022, the Company agreed to issue 28,500,000 shares of common stock at a fair value of $2,850,000 to complete the acquisition.

On August 9, 2022, the Company amended the Property Purchase Agreement with Rich. Under the terms of the Amended Property Purchase Agreement, the number of shares issued pursuant to the acquisition was reduced from 28,500,000 shares of common stock to 27,500,000 shares of common stock and the number of claims was reduced from 315 claims to 262 claims. During the fiscal year ended May 31, 2023, 1,000,000 shares of common stock have been returned and cancelled pursuant to the Amended Property Purchase Agreement. Refer to note 6(f) and 6(g).

During the year ended May 31, 2022, the Company wrote off mineral property acquisition costs of $2,850,000 due to uncertainty of establishing proven and probable reserves.

On July 19, 2023, the Company entered into a Second Amendment of the Purchase Agreement with Rich, relating to the acquisition of a 40% interest in the Frog Property located in Labrador, Canada. Under the terms of the Second Amendment of the Purchase Agreement, 24,000,000 common shares held by two related parties were cancelled and re-issued to Rich. Refer to Note 4(d).

On February 2, 2024, Rich staked three mineral licenses comprised of 385 claims and paid $14,300 in refundable security deposits. The mineral licenses are valid for a term of five years and require annual assessment work reports to be submitted. The security deposit will be refunded to the license holder upon the completion and acceptance of the first assessment work report which must be submitted within 60 days of the first anniversary of the license being issued.