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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Reconciliation of Income Taxes at Statutory Rates

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



	2024		2023
Net income (loss) before taxes for the year	$	(82,126)	$	68,756
Statutory rate		27.00%		27.00%
Expected income tax expense (recovery)	$	(22,174)	$	18,564
Permanent differences		11,639		7,617
Impact of renunciation of flow-through shares		-		1,328
Impact of (gain) loss recognized in other comprehensive income		(4,567)		328
Impact of (gain) loss on convertible debentures		(3,550)		13,900
Impact on deconsolidation of IsoEnergy		-		(27,361)
Change in unrecognized deductible temporary differences		14,085		(15,778)
Other		-		(10)
Deferred income tax expense (recovery)	$	(4,567)	$	(1,412)

Summary of Income Tax (Recovery) Expense

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



	2024		2023
Deferred income tax expense (recovery)	$	(4,567)	$	(1,412)
Total	$	(4,567)	$	(1,412)

Disclosure Of Change In Fair Value of Convertible Debentures Attributable To Credit Risk Fluctuation

The Company’s deferred tax items recognized in other comprehensive income (loss) during the year:



	2024		2023
Change in fair value of convertible debentures attributable to the change in credit risk	$	4,114	$	(328)
Share of other comprehensive income (loss) of associate		453		-

Change in fair value of marketable securities		-		(121)
Deferred tax expense (recovery) charged to OCI	$	4,567	$	(449)

Summary of Deferred Tax (Assets) and Liabilities

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:



	2024		2023
Exploration and evaluation assets	$	67,276	$	46,658
Convertible debentures		12,928		1,559
Non-capital losses		(103,636)		(73,070)
Investment in associate		23,432		24,853
Net deferred tax liabilities	$	-	$	-

Summary of Movement in Deferred Tax Liability

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



	2024		2023
Opening balance	$	-	$	867
Recognized in income tax expense (recovery)		(4,567)		657
Recognized in OCI/equity		4,567		(449)
Disposal due to deconsolidation of IsoEnergy		-		(1,075)
Net deferred tax liabilities	$	-	$	-

Significant Components of Temporary Differences, Unused Tax Credits and Unused Tax Losses

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	2024		Expiry Date Range	2023		Expiry Date Range
Non-capital losses available for future periods	$	122,375	2029 to 2044	$	96,732	2029 to 2043
Convertible debentures		9,925	-		-	-
Other		41,489	-		14,404	-