Related Party Transactions

9 Months Ended

Feb. 28, 2025

Related Party Transactions [Abstract]

Related Party Transactions [Text Block]

4. Related Party Transactions

(a) During the nine months ended February 28, 2025, the Company incurred consulting fees of $21,693 (Cdn$29,972) (February 29, 2024 - $29,016 (Cdn$39,000)) to a company controlled by the Chief Financial Officer ("CFO") of the Company. On August 31, 2024, a company controlled by the CFO of the Company assigned its outstanding receivables of $3,705 (Cdn$5,000), owed to it by the Company to a third-party individual. Following the assignment, the Company entered into a settlement agreement with the third-party individual and agreed to settle the assigned amount by issuing 200,000 shares of its common stock. Upon settlement, the Company recognized a loss on settlement of $4,495. Refer to Note 6(d). As at February 28, 2025, the Company owes $5,405 (May 31, 2024 - $3,675) to a company controlled by the CFO, which is non- interest bearing, unsecured and due on demand.

(b) During the nine months ended February 28, 2025, the Company incurred consulting fees of $6,234 (Cdn$8,500) (February 29, 2024 - $17,985 (Cdn$24,000)) to a Director of the Company. On August 31, 2024, the director of the Company assigned the outstanding receivables of $3,705 (Cdn$5,000), owed to him by the Company to a third-party individual. Following these assignments, the Company entered into a settlement agreement with the third-party individual and agreed to settle the assigned amount by issuing an aggregate of 200,000 shares of its common stock. Upon settlement, the Company recognized a loss on settlement of $4,495. Refer to Note 6(e).

(c) During the nine months ended February 28, 2025, the Company incurred consulting fees of $96,912 (Cdn$135,000) (February 29, 2024 - $89,672 (Cdn$121,000)) to a company controlled by the Chief Executive Officer ("CEO") and Director of the Company. On August 31, 2024, the company controlled by the CEO of the Company assigned its outstanding receivables of $19,452 (Cdn$26,250), owed to it by the Company to six third-party individuals and an individual related to the CEO of the Company. Following the assignments, the Company entered into settlement agreements with these third-party individuals and the individual related to the CEO of the Company and agreed to settle the assigned amounts by issuing an aggregate of 1,050,000 shares of its common stock. Upon settlement, the Company recognized a loss on settlement of $23,598. Refer to Note 6(d). As at February 28, 2025, the Company owed $38,510 (May 31, 2024 - $5,997) to this company. As at February 28, 2025, the Company also owes $5,153 (May 31, 2024 - $5,342) to the CEO for expense reimbursement, which is non-interest bearing, unsecured and due on demand.

(d) On February 28, 2022, the Company acquired a 40% interest in the Frog Property located in Labrador, Canada from Rich Resources Inc. (formerly 86835 Newfoundland & Labrador Corp.), a private company controlled by the CEO and by a director of the Company. Refer to Note 5(b). As at February 28, 2025, the Company owes $5,614 (Cdn$8,100) (May 31, 2024 - $5,938 (Cdn$8,100)) to a private company controlled by the CEO and by a director, which is non-interest bearing, unsecured and due on demand.

(e) During the nine months ended February 28, 2025, the Company incurred consulting fees of $37,052 (Cdn$50,000) (February 29, 2024 - $nil) to a director of the Company and $741 (Cdn$1,000) (February 29, 2024 - $nil) to an individual related to the director of the Company. On August 31, 2024, the Company entered into a settlement agreement with the director of the Company and the individual related to the director of the Company and agreed to settle the accounts payable by issuing an aggregate of 2,040,000 shares of its common stock. Upon settlement, the Company recognized a loss on settlement of $45,847. Refer to Note 6(f).