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CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Cash flows used in operating activities    
Net loss for the year $ (1,068,391) $ (401,105)
Items not affecting cash:    
Depreciation 527 780
Interest and finance income (183,213)  
Share-based compensation 162,628  
Realized gain on marketable securities   (6,443)
Unrealized foreign exchange gain (678,210)  
Unrealized fair value loss on marketable securities 174,634 108,653
Changes in non-cash working capital items:    
Receivables and other (207,210) (9,867)
Accounts payable and accrued liabilities 7,423 31,283
Net cash used in operating activities (1,791,812) (276,699)
Cash flows used in investing activities    
Expenditures on E&E assets (1,066,431) (586,923)
Interest received 49,156  
Proceeds from sale of marketable securities   38,632
Purchase of short-term investments (14,000,000)  
Redemption of short-term investments 2,500,000  
Net cash used in investing activities (12,517,275) (548,291)
Cash flows generated by financing activities    
Proceeds from initial public offering ("IPO") 15,019,000  
Share issuance costs (1,165,580)  
Net cash generated by financing activities 13,853,420  
Decrease in cash and cash equivalents for the year (455,667) (824,990)
Cash and cash equivalents, beginning of year 1,094,550 1,902,133
Effect of foreign exchange rate changes on cash and cash equivalents (8,260) 17,407
Cash and cash equivalents, end of year $ 630,623 $ 1,094,550