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Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Income Taxes

24.Income Taxes

Reconciliation of Effective Tax Rate

The Company is subject to Canadian federal and provincial tax for the estimated assessable profit at a rate of 26.72% for the year ended December 31, 2024 (2023: 26.68%). The Company had no assessable profit in Canada for all periods disclosed.

The income tax expense at statutory rates for the Company can be reconciled to the reported loss for the years 2024 and 2023 per the statement of loss and comprehensive loss as follows:

​

​

​

​

​

​

​

​

​

​

​

For the year ended 

​

For the year ended

​

​

​

December 31, 

​

December 31, 

​

​

    

2024

    

2023(1)

 

Loss for the year, before taxes

​

$

(81,895)

​

$

(73,740)

​

Canadian Federal and Provincial income tax rates

 

​

26.72

%  

​

26.68

%

Income tax recovery based on the above rates

 

$

(21,882)

 

$

(19,674)

​

Permanent differences

 

​

2,502

 

​

1,556

​

Effect of differences in future and foreign tax rates

 

​

14,424

 

​

14,038

​

Valuation allowance changes affecting the provision of income taxes

 

​

5,004

 

​

4,121

​

Total income taxes

 

$

48

 

$

41

​

(1)Comparative amounts for the year ended December 31, 2023 are restated based on actual tax returns filed.

The Company currently has no uncertain tax positions and is therefore not reflecting any adjustments.

Components of the Company’s deferred income tax assets (liabilities) are as follows:

​

​

​

​

​

​

​

​

​

    

December 31, 2024

    

December 31, 2023

Deferred Tax Assets

 

​

  

 

​

  

Non-capital losses

 

$

24,270

 

$

21,195

Investments

 

​

111

 

​

384

Equipment

 

​

227

 

​

260

Share issuance costs

 

​

1,804

 

​

496

Total deferred income tax assets

 

$

26,412

 

$

22,335

Valuation allowance

 

​

(26,412)

 

​

(22,335)

Deferred tax asset recognized

 

$

—

 

$

—

​

​

​

​

​

​

​

Deferred Tax Liability

​

​

​

​

​

​

Difference between the book value and the tax basis of the TOML exploration contract (Note 10)

​

$

(10,675)

​

$

(10,675)

Deferred tax liability recognized

 

$

(10,675)

 

$

(10,675)

​

Deductible temporary differences, unused tax losses and unused tax credits are as follows:

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 2024

    

December 31, 2023

    

Expiry Date Range

​

​

​

​

​

​

​

​

​

Non-capital losses

 

$

100,995

 

$

89,333

 

See below

Investments

 

$

829

 

$

2,856

 

Not applicable

Equipment

 

$

841

 

$

962

 

Not applicable

Share issuance costs

 

$

3,649

 

$

1,860

 

2025-2028

Restricted interest and financing expenses

​

$

3,102

​

$

—

​

Not applicable

​

As at December 31, 2024, the Company had non-capital loss carry-forwards of $101.0 million that may be used to offset future taxable income.

These losses, if not utilized, will expire as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Canada

    

Singapore

    

United States

    

Tonga

2035

 

$

—

 

$

—

 

$

2

 

$

—

2041

 

​

3,183

 

​

—

 

​

—

 

​

—

2042

 

​

12,599

 

​

—

 

​

1

 

​

—

2043

​

​

11,324

​

​

—

​

​

3

​

​

—

2044

​

​

10,778

​

​

—

​

​

179

​

​

—

No expiry

 

​

—

 

​

20,361

 

​

—

 

​

42,566

Loss carry-forwards

​

$

37,884

​

$

20,361

​

$

185

​

$

42,566

​

The Company files income tax returns in Canada, the United States, Singapore and Tonga, and is subject to examination in these jurisdictions for all years since the Company’s inception in 2011. As at December 31, 2024, all tax years are subject to examination by the tax authorities and no tax authority audits are currently underway. Fiscal years outside the normal statute of limitation remain open to audit by tax authorities due to tax attributes generated in those early years which have been carried forward and may be audited in subsequent years when utilized. The timing of the resolution, settlement and closure of any income tax audits is highly uncertain, and the Company is unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. It is possible that the balance of gross unrecognized tax benefits could significantly change in the next twelve months. As at December 31, 2024, the 2024 tax year filings for the Company and its subsidiaries (where applicable) remain unfiled and have not been assessed by the relative tax authorities.