INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

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Reconciliation of Income Taxes at Statutory Rates

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	)

Summary of Income Tax (Recovery) Expense

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	)

Disclosure Of Change In Fair Value of Convertible Debentures Attributable To Credit Risk Fluctuation

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

Summary of Deferred Tax (Assets) and Liabilities

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	$	–		$	–

Summary of Movement in Deferred Tax Liability

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	$	–		$	–

Significant Components of Temporary Differences, Unused Tax Credits and Unused Tax Losses

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	–