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INCOME TAXES

12 Months Ended

Dec. 31, 2023

19.	INCOME TAXES

A reconciliation of income taxes at statutory rates with the reported taxes is as follows:



	2023		2022
Net income (loss) for the year		$ 68,756		$ (61,310)
Statutory rate		27.00%		27.00%
Expected income tax expense (recovery)		$ 18,564		$ (16,554)
Permanent differences		7,617		9,662
Impact of renunciation of flow-through shares		1,328		30
Impact of (gain) loss recognized in other comprehensive income		328		(17)
Impact of loss on convertible debt		13,900		422
Impact on deconsolidation of IsoEnergy		(27,361)		-
Change in unrecognized deductible temporary differences		(15,778)		5,412
Other		(10)		3
Deferred income tax recovery		$ (1,412)		$ (1,042)

The Company’s income tax recovery is comprised of the following:



	2023		2022
Deferred income tax recovery	$	(1,412)	$	(1,042)
Total	$	(1,412)	$	(1,042)

The Company’s deferred tax items recognized in OCI during the year:



	2023		2022
Change in fair value of convertible debentures attributable to the change in credit risk	$	(328)	$	17

Change in fair value of marketable securities		(121)		(478)
Total	$	(449)	$	(461)

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:



	2023		2022
Exploration and evaluation assets	$	46,658	$	39,120
Convertible debentures		1,559		66
Non-capital losses		(73,070)		(38,333)
Investment in associate		24,853		-
Share issuance costs		-		(208)
Equipment		-		(79)
Marketable securities		-		301
Net deferred tax liabilities	$	-	$	867

Movement in the Company’s deferred tax liability balance in the year is as follows:



	2023		2022
Opening balance	$	867	$	2,536
Recognized in income tax expense (recovery)		657		(996)
Recognized in OCI/equity		(449)		(673)
Disposal due to deconsolidation of IsoEnergy		(1,075)		-
Net deferred tax liabilities	$	-	$	867

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	2023		Expiry Date Range	2022		Expiry Date Range
Non-capital losses available for future periods	$	96,732	2029 to 2043	$	144,633	2029 to 2042
Share issuance costs		13,748	-		7,156	-
Equipment		460	-		911	-
Donations		196	2024 to 2028		153	2023 to 2027

Tax attributes are subject to review, and potential adjustment, by tax authorities.