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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Domestic and foreign components of loss before income taxes for the years ended June 30, 2023, 2022, and 2021 are as follows:

Domestic and foreign components of loss before income taxes for the years ended June 30, 2023, 2022, and 2021 are as follows: 

		For the year ended June 30,
		2023				2022				2021
Canada		$	34,606			$	6,918			$	3,362
United States			6,006				3,969				1,462
Total		$	40,612			$	10,887			$	4,824

The following table is a reconciliation of income taxes at statutory rates:

The following table is a reconciliation of income taxes at statutory rates:

		For the year ended June 30,
		2023				2022				2021
Loss before income taxes		$	40,612			$	10,887			$	4,824
Combined federal and provincial statutory income tax rate			27	%			27	%			27	%
Income tax benefit at statutory tax rates			10,965				2,940				1,303
Foreign rate differential			(131	)			(72	)			(31	)
Earnout shares liability			(2,841	)			-				-
Warrant liability			(1,518	)			-				-
GXII transaction costs			(925	)			-				-
Share based compensation			(412	)			(462	)			(212	)
Accretion expense			(496	)			(407	)			(158	)
Loss on debt extinguishment			(54	)			-				-
Capital loss rate differential			(2	)			(38	)			182
Change in estimates related to prior years			14				(274	)			739
Other			45				26				18
Change in valuation allowance			(4,341	)			(1,713	)			(1,841	)
Income tax benefit		$	304			$	-			$	-

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred taxes are as follows:

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred taxes are as follows:

		As of June 30,
		2023				2022
Deferred tax assets
Net operating losses available for future periods		$	11,893			$	8,977
Mineral interests			9,477				9,477
Startup and organizational costs			2,132				-
Research and development costs			1,060				-
Share issuance costs			446				-
Capital losses available for future periods			419				420
Other			36				74
Total deferred tax assets			25,463				18,948
Valuation allowance			(25,463	)			(18,948	)
Net deferred tax assets		$	-			$	-

Changes in the valuation allowance are as follows:

Changes in the valuation allowance are as follows:

		For the year ended June 30,
		2023				2022
Valuation allowance, beginning of year		$	(18,948	)		$	(17,235	)
Current year additions			(4,341	)			(1,713	)
Startup and organizational costs acquired			(2,174	)			-
Valuation allowance, end of year		$	(25,463	)		$	(18,948	)

Schedule of cumulative net operating losses

The Company has the following cumulative net operating losses for Canadian and U.S. income tax purposes and these carryforwards will generally expire between 2026 and 2043. As a result of the Tax Cuts and Jobs Act of 2017, U.S. tax losses incurred for tax years ending on and after June 30, 2019, totaling $2,510, have no expiration.. 

Schedule of cumulative net operating losses

		As of June 30,
Jurisdiction		2023				2022
Canada		$	40,267			$	31,551
United States			3,491				2,460
Total		$	43,758			$	34,011

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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