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INCOME TAXES (Tables)

12 Months Ended

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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