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INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Text block [abstract]  
INCOME TAXES
 
14.
INCOME TAXES
A reconciliation of income taxes at statutory rates with the reported taxes is as follows:
 
     
      2025
           2024  
 Net income (loss) before taxes for the year
   
$
(295,568
)
   $ (82,126 ) 
 Statutory rate
   
 
27.0 
% 
     27.0  % 
 Expected income tax expense (recovery)
   
$
(79,803
)
   $ (22,174 ) 
 Permanent differences
   
 
22,786
 
     11,639  
 Impact of (gain) loss recognized in other comprehensive income
   
 
14,108
 
     (4,567 ) 
 Impact of (gain) loss on convertible debentures
   
 
27,686
 
     (3,550 ) 
 Change in unrecognized deductible temporary differences
   
 
29,331
 
     14,085  
 Deferred income tax expense (recovery)
   
$
14,108
 
   $ (4,567 ) 
The Company’s income tax recovery is comprised of the following:
 
     
        2025
             2024  
 Deferred income tax expense (recovery)
   
$
14,108
 
    $ (4,567 ) 
 Total
   
$
14,108
 
    $ (4,567 ) 
The Company’s deferred tax items recognized in other comprehensive income (loss) during the year:
 
     
       2025
             2024  
Change in fair value of convertible debentures attributable to the change in credit risk
   
$
(14,109
) 
   $ 4,114  
 Share of other comprehensive income (loss) of associate
   
 
1
 
     453  
 Deferred tax expense (recovery) charged to OCI
   
$
(14,108
) 
   $ 4,567  
 
The tax effects of temporary differences between amounts recorded in the Company’s accounts and the corresponding amounts as calculated for income tax purposes give rise to the following deferred tax (assets) and liabilities:
 
     
       2025
            2024  
Exploration and evaluation assets
   
$
104,697
 
   $ 67,276  
Convertible debentures
   
 
3,963
 
     12,928  
Non-capital
losses
   
 
(119,402
)
 
     (103,636 ) 
Investment in associate
   
 
10,742
 
     23,432  
 Net deferred tax liabilities
   
$
–
 
   $ –  
Movement in the Company’s deferred tax liability balance in the year is as follows:
 
     
       2025
            2024  
Opening balance
   
$
–
 
   $ –  
Recognized in income tax expense (recovery)
   
 
14,108
 
     (4,567 ) 
Recognized in OCI/equity
   
 
(14,108
) 
     4,567  
 Net deferred tax liabilities
   
$
–
 
   $ –  
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 financial position are as follows:
 
Temporary Differences
   
    2025
     
 Expiry Date 
Range
        2024     
 Expiry Date 
Range
Non-capital
losses available for future periods
   
$
301,724
 
   
2030 to 2045
    $ 122,375      2029 to 2044
Convertible debentures
   
 
4,769
 
   
–
      9,925      –
Other
   
 
64,009
 
   
–
      41,489      –
The Company has
non-capital
losses of $
743,952
(2024: $506,213) which
 expire from 2031 to 2045. In addition, the company has investment 
tax credits of $427 which expire in 2032.
Tax attributes are subject to review, and potential adjustment, by tax authorities.