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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Domestic and foreign components of loss before income taxes for the years ended June 30, 2024 and 2023 are as follows: | Domestic and foreign components of loss before income taxes for the years ended June 30, 2024 and 2023 are as follows:
|  | For the year ended June 30, |
|  | 2024 |  |  | 2023 |
Canada |  | $ | 8,319 |  |  | $ | 34,606 |
United States |  |  | 3,679 |  |  |  | 6,006 |
United Kingdom |  |  | 39 |  |  |  | - |
Total |  | $ | 12,037 |  |  | $ | 40,612 |
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, |
|  | 2024 |  |  | 2023 |
Loss before income taxes |  | $ | 12,037 |  |  | $ | 40,612 |
Combined Canadian federal and provincial statutory income tax rate |  |  | 27 | % |  |  | 27 | %
Income tax benefit at statutory tax rates |  |  | 3,250 |  |  |  | 10,965 |
Foreign rate differential |  |  | (62 | ) |  |  | (131 | )
Earnout shares liability |  |  | 1,810 |  |  |  | (2,841 | )
Warrant liability |  |  | 506 |  |  |  | (1,518 | )
GXII transaction costs |  |  | - |  |  |  | (925 | )
Share based compensation |  |  | (747 | ) |  |  | (412 | )
Accretion expense |  |  | (1,138 | ) |  |  | (496 | )
Convertible note valuation |  |  | (607 | ) |  |  | - |
Loss on debt extinguishment |  |  | - |  |  |  | (54 | )
Capital loss rate differential |  |  | - |  |  |  | (2 | )
Change in estimates related to prior years |  |  | (160 | ) |  |  | 14 |
Other |  |  | 5 |  |  |  | 45 |
Change in valuation allowance |  |  | (2,718 | ) |  |  | (4,341 | )
Income tax benefit |  | $ | 139 |  |  | $ | 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, |
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |  |  |
Net operating losses available for future periods |  | $ | 14,177 |  |  | $ | 11,893 |
Mineral interests |  |  | 9,438 |  |  |  | 9,477 |
Startup and organizational costs |  |  | 1,987 |  |  |  | 2,132 |
Research and development costs |  |  | 1,419 |  |  |  | 1,060 |
Share issuance/financing costs |  |  | 635 |  |  |  | 446 |
Capital losses available for future periods |  |  | 456 |  |  |  | 419 |
Other |  |  | 69 |  |  |  | 36 |
Total deferred tax assets |  |  | 28,181 |  |  |  | 25,463 |
Valuation allowance |  |  | (28,181 | ) |  |  | (25,463 | )
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, |
|  | 2024 |  |  | 2023 |
Valuation allowance, beginning of year |  | $ | (25,463 | ) |  | $ | (18,948 | )
Current year additions |  |  | (2,718 | ) |  |  | (4,341 | )
Startup and organizational costs acquired |  |  | - |  |  |  | (2,174 | )
Valuation allowance, end of year |  | $ | (28,181 | ) |  | $ | (25,463 | )
Schedule of cumulative net operating losses | Schedule of cumulative net operating losses
|  | As of June 30, |
Jurisdiction |  | 2024 |  |  | 2023 |
Canada |  | $ | 47,623 |  |  | $ | 40,267 |
United States |  |  | 4,905 |  |  |  | 3,491 |
United Kingdom |  |  | 39 |  |  |  | - |
Total |  | $ | 52,567 |  |  | $ | 43,758 |

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