INCOME TAXES

12 Months Ended

Jul. 31, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES [Text Block]

13. INCOME TAXES

A reconciliation of income taxes (recovery) at statutory rates with the reported taxes is as follows:

		2026			2025
Loss for the year	$	(4,249,888	)	$	(3,260,358	)
US federal statutory rate	$	(892,500	)	$	(913,000	)
State tax, net of federal		(297,500	)		-
Foreign exchange rates and other		-			73,000
Non-deductible items - Share-based compensation		306,000			196,000
Adjustment to prior years provision versus statutory tax returns		(501,000	)		(527,000	)
Change in valuation allowance		1,385,000			1,171,000
Income tax recovery	$	-		$	-
Current income tax	$	-		$	-
Deferred tax recovery	$	-		$	-

Significant components of deferred tax assets (liabilities) that have not been included on the Company's consolidated balance sheet are as follows:

		2026			2025
Deferred tax assets (liabilities):
Mineral property interests	$	2,214,000		$	1,074,000
Share issuance costs		15,000			19,000
Property and equipment		-			(27,000	)
Non-operating losses available for future period		5,920,000			5,698,000
		8,149,000			6,764,000
Unrecognized deferred tax assets		(8,149,000	)		(6,764,000	)
Net deferred tax assets	$	-		$	-

The Company has approximately $21,150,000 (2025 - $20,360,000) in net operating losses which may be carried forward and applied against taxable income in future years.

The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of balance sheets are as follows:

		2026	Expiry Date Range		2025		Expiry Date Range
Temporary Differences
Exploration and evaluation assets	$	7,907,000	No expiry date	$	3,834,000		No expiry date
Property and equipment		-	N/A		(97,000	)	2033 to 2036
Share issuance costs		52,000	No expiry date		69,000		No expiry date
Non-operating losses available for future periods		21,150,000	2027 - indefinite		20,360,000		2027 - indefinite

Tax attributes are subject to review and potential adjustments by tax authorities.