Acquisition of Ekidos Minerals Llp

12 Months Ended

Oct. 31, 2023

Acquisition [Abstract]

ACQUISITION OF EKIDOS MINERALS LLP

4. ACQUISITION OF EKIDOS MINERALS LLP

On February 3, 2022, the Company purchased 100% of the issued and outstanding shares of Ekidos. Total consideration was $1,000 cash and $5,315,000 loan receivable (Note 8). Ekidos is in the business of the exploration and evaluation of mineral properties in Kazakhstan.

The acquisition has been accounted for by the Company as a purchase of assets and assumption of liabilities. The acquisition did not qualify as a business combination under IFRS 3 - Business Combinations, as the significant inputs, processes and outputs, that together constitute a business, did not exist in Ekidos at the time of acquisition.

The following table summarizes the preliminary purchase price allocation:

Purchase price:
Cash	$	1,000
Total consideration		1,000
Net assets acquired:
Cash		34,050
Other receivables		371,294
Prepaid expenses and deposits		580,614
Vehicles, Office and equipment		42,184
Mineral properties		4,383,656
Accounts payable and accrued liabilities		(95,798	)
Loans payable to Arras		(5,315,000	)
Total net assets acquired	$	1,000