Investment in BeMetals Corp

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investment in BeMetals Corp. [Text Block]

4.    Investment in BeMetals Corp.

In June 2019 in connection with the BeMetals Option Agreement (see Note 3), the Company received 10,000,000 shares of BeMetals Corp. common stock that had a fair value of $1,883,875.

On May 4, 2021, the Company sold 2,000,000 shares held in BeMetals Corp. for US $649,557 ($CAD 800,000). The shares of common stock were sold through Canaccord Genuity at a price of US $0.325 ($CAD 0.40). A foreign exchange gain of $9,147 was recognized on the sale as the funds were not transferred to the company until May 17, 2021. This gain is included in other income on the consolidated statement of operations. This sale met the requirements under the terms of the BeMetals Option Agreement.

The fair value of the Company's shares in BeMetals is $899,696 at June 30, 2022, compared to the fair value of the investment of $1,520,684 at December 31, 2021. For the three and six months ended June 30, 2022, the Company had an unrealized loss of $381,924 and $620,988, respectfully.