Income Taxes

12 Months Ended

Oct. 31, 2023

Income Taxes [Abstract]

INCOME TAXES

13. INCOME TAXES

Income tax expense differs from the amount that would be computed by applying the Canadian statutory income tax rate of 27.00% to loss before income taxes.

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Loss before income taxes	$	(5,717,000	)	$	(5,946,000	)
Statutory income tax rate		27.00	%		27.00	%
Income tax benefit computed at statutory tax rate		(1,543,000	)		(1,605,000	)
Differences between Canadian and foreign tax rates		249,000			206,000
Items not deductible for income tax purposes		762,000			692,000
Impact of foreign exchange		(155,000	)		35,000
Unrecognized benefit of deferred income tax assets		687,000			672,000
Income tax benefit	$	—		$	—

The Company recognizes tax benefits on losses or other deductible amounts where it is probable the Company will generate sufficient taxable income to utilize its deferred tax assets. The tax effected items that give rise to significant portions of the deferred income tax liabilities at October 31, 2023 and 2022 are presented below:

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Deferred tax liabilities:
Mineral properties	$	(176,000	)	$	(176,000	)
Office and equipment		(500	)		(2,000	)
Deferred tax assets:
Non-capital losses		176,500			178,000
Net deferred income tax liabilities	$	—		$	—

Significant unrecognized tax benefits and unused tax losses for which no deferred tax asset is recognized as of October 31, 2023 and 2022 are as follows:

	For the Year Ended October 31, 2023		For the Year Ended October 31, 2022
Share issuance costs	$	56,000	$	40,000
Office and equipment		25,000		19,000
Non-capital losses carried forward		1,594,000		1,039,000
Unrecognized deductible temporary differences	$	1,675,000	$	1,098,000

The Company has available Canadian net operational losses of approximately $4,871,781 (2022 - $3,735,000) that may be applied to reduce future taxable income. If these losses are not used to offset future income, they will expire in various years between 2042 and 2044. The Company has available Kazakhstani net operational losses of approximately $nil (2022 - $156,000) that may be applied to reduce future taxable income If these losses are not used to offset future income, they will expire in 2033.