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INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2021
INCOME TAXES |
INCOME TAXES |
14. | INCOME TAXES
The recovery of income taxes shown in the statements of loss and comprehensive loss differs from the amounts obtained by applying statutory rates to the loss before provision for income taxes due to the following: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​
​ |  | $ |  | $ | ​
(Loss) income before income taxes | ​ | (50,640,075) |  | (32,534,439) | ​
Income tax (recovery) expense at statutory rate | ​ | (13,673,000) |  | (8,784,000) | ​
Permanent and other differences | ​ | 8,136,000 |  | 6,697,000 | ​
Change in unrecognized deductible temporary differences | ​ | 5,537,000 |  | 2,087,000 | ​
Income tax recovery | ​ | — |  | — | ​
Statutory tax rate | ​ | 27.00 | % | 27.00 | %
​ ​
14. | INCOME TAXES (continued)
Deferred income taxes reflect the net tax effects of differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020
​ |  | $ |  | $
Deferred income tax assets | ​ |  |  | ​
Investments | ​ | 254,000 |  | 94,000
Exploration and evaluation assets | ​ | 3,422,000 |  | 840,000
Non-capital tax losses carryforward | ​ | 2,305,000 |  | 410,000
Net capital losses carryforward | ​ | 45,000 |  | 46,000
Other | ​ | 1,436,000 |  | 655,000
Capital assets | ​ | 150,000 |  | 30,000
​ | ​ | 7,612,000 |  | 2,075,000
Unrecognized deferred tax assets | ​ | (7,612,000) |  | (2,075,000)
​ | ​ | — |  | —
​ As at December 31, 2021, the Company has Canadian non-capital loss carry forwards of $8,535,283 that may be available for tax purposes. The Company’s non-capital losses expire as follows: ​
​ | ​ | ​
Expiry Date |  | $
2040 |  | 791,376
2041 |  | 7,743,907
​ |  | 8,535,283
​

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