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Mineral Properties | 12 Months Ended
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Dec. 31, 2023
Mineral Properties [Abstract] |
Mineral properties |
| 9. | Mineral properties
|  | Arizona $ |  |  | Colorado $ |  |  | New Mexico $ |  |  | South Dakota $ |  |  | Texas $ |  |  | Utah $ |  |  | Wyoming $ |  |  | Total $ |
Balance, December 31, 2021 |  |  | 900,719 |  |  |  | 619,902 |  |  |  | 4,395,822 |  |  |  | 85,667,919 |  |  |  | 1,455,206 |  |  |  | 1,804,283 |  |  |  | 41,235,727 |  |  |  | 136,079,578 |
Exploration costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Drilling |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 197,422 |  |  |  | - |  |  |  | - |  |  |  | 197,422 |
Acquisition, maintenance and lease fees |  |  | 111,004 |  |  |  | - |  |  |  | 472,401 |  |  |  | - |  |  |  | 2,523,123 |  |  |  | 39,566 |  |  |  | 397,324 |  |  |  | 3,543,418 |
Permitting & Licensing |  |  | - |  |  |  | (30,280 | ) |  |  | - |  |  |  | 251,863 |  |  |  | 339,225 |  |  |  | 5,698 |  |  |  | 273,726 |  |  |  | 840,232 |
Personnel |  |  | 4,500 |  |  |  | 8,621 |  |  |  | - |  |  |  | 301,066 |  |  |  | 280,341 |  |  |  | 19,620 |  |  |  | 207,518 |  |  |  | 821,666 |
Recoveries |  |  | - |  |  |  | (20,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,000 | ) |  |  | - |  |  |  | (22,000 | )
Resource review |  |  | 118,500 |  |  |  | - |  |  |  | 37,125 |  |  |  | - |  |  |  | 47,104 |  |  |  | 1,680 |  |  |  | 10,080 |  |  |  | 214,489 |
Divestment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Divestment of mineral interest |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (28,485 | ) |  |  | - |  |  |  | (28,485 | )
Assets held for sale |  |  | (358,969 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (369,913 | ) |  |  | (728,882 | )
Project development costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction of wellfields |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,670,151 |  |  |  | - |  |  |  | - |  |  |  | 1,670,151 |
Drilling |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,109,835 |  |  |  | - |  |  |  | - |  |  |  | 2,109,835 |
Personnel |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 521,662 |  |  |  | - |  |  |  | - |  |  |  | 521,662 |
Balance, December 31, 2022 |  |  | 775,754 |  |  |  | 578,243 |  |  |  | 4,905,348 |  |  |  | 86,220,848 |  |  |  | 9,144,069 |  |  |  | 1,840,362 |  |  |  | 41,754,462 |  |  |  | 145,219,086 |
Exploration costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Drilling |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,300 |  |  |  | - |  |  |  | - |  |  |  | 7,300 |
Acquisition, maintenance and lease fees |  |  | 99,415 |  |  |  | 4,544 |  |  |  | 49,370 |  |  |  | 312,927 |  |  |  | 121,414,182 |  |  |  | 49,910 |  |  |  | 296,298 |  |  |  | 122,226,646 |
Consulting |  |  | 141 |  |  |  | 4,566 |  |  |  | 138 |  |  |  | 4,742 |  |  |  | 96,937 |  |  |  | 552 |  |  |  | 38,511 |  |  |  | 145,587 |
Personnel |  |  | - |  |  |  | 8,069 |  |  |  | - |  |  |  | 174,850 |  |  |  | 426,773 |  |  |  | - |  |  |  | 75,317 |  |  |  | 685,009 |
Impairment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,537,168 | ) |  |  | (658 | ) |  |  | - |  |  |  | (1,537,826 | )
Divestment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Divestment of mineral interest |  |  | (358,969 | ) |  |  | - |  |  |  | (2,433,353 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (376,039 | ) |  |  | (3,168,361 | )
Assets held for sale |  |  | 358,969 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 369,913 |  |  |  | 728,882 |
Project development costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction of wellfields |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,060,260 |  |  |  | - |  |  |  | - |  |  |  | 1,060,260 |
Drilling |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,898,856 |  |  |  | - |  |  |  | - |  |  |  | 5,898,856 |
Personnel |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,245,519 |  |  |  | - |  |  |  | - |  |  |  | 1,245,519 |
Reclassification |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reclassification to mining properties |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5,301,820 | ) |  |  | - |  |  |  | - |  |  |  | (5,301,820 | )
Balance, December 31, 2023 |  |  | 875,310 |  |  |  | 595,422 |  |  |  | 2,521,503 |  |  |  | 86,713,367 |  |  |  | 132,454,908 |  |  |  | 1,890,166 |  |  |  | 42,158,462 |  |  |  | 267,209,138 |
Assets Held for Sale On April 1, 2023, the Company divested its subsidiaries Belt Line Resources, Inc. and Hydro Restoration Corp to NFI (Note 4). Beltline Resources, Inc owned the Moonshine Springs project in Arizona. Hydro Restoration Corp owned the Kaycee and Bootheel projects in Wyoming. Pursuant to two Share Purchase Agreements dated November 3, 2022, the Company received 8,566,975 shares of NFI with a fair value of $2,792,500. The net book value of the two subsidiaries was $735,863 at the transaction date, resulting in a gain on divestment of subsidiary of $2,056,637. Arizona The Company owns or controls several Arizona State mineral leases and unpatented federal lode mining claims covering acreage in northern Arizona strip district. At December 31, 2023, the Company held cash bonds for $88,500 (December 31, 2022 - $88,500) with the Bureau of Land Management. Subsequent to the period ended December 31, 2023, the bond has been released and funds have been returned to the Company (Note 19). Colorado Centennial The Centennial Uranium Project is located in Colorado. In 2006, the Company entered into an option agreement to purchase uranium rights on certain areas of the Centennial Project for consideration of $1,895,000 plus contingent payments of $3,165,000. Pursuant to the agreement, the contingent payments are payable upon receipt of regulatory permits and licenses allowing uranium production. If the Company does not obtain such permits and licenses by September 27, 2019, the uranium rights, at the option of the seller, can be transferred back to the seller. To date, the Company has neither obtained the required permits and licenses, nor has it been able to renegotiate the option agreement. The Company is attempting to renegotiate the option agreement and the seller has not exercised its option to have the uranium rights transferred back. New Mexico On July 20, 2023, the Company divested its subsidiary Neutron Energy, Inc, including its holding of the Marquez-Juan Tafoya Uranium Project to Anfield Energy, Inc. Pursuant to a Share Purchase Agreement, the Company received cash consideration of $3,796,000 (C$5,000,000) and 500,000,000 shares of Anfield with a fair value of $7,022,600. (Note 4). The net book value of the subsidiary was $2,433,353 at the transaction date, transaction costs of $423,387 were incurred and $32,826 in currency exchange effect was recognized resulting in a gain on divestment of subsidiary of $7,994,688. Nose Rock The Nose Rock Project is located in McKinley County, New Mexico. Treeline The Treeline project is located in McKinley and Cibola Counties, Grants Uranium District, New Mexico. McKinley, Crownpoint and Hosta Butte The Company owns a 100% interest in the McKinley properties and a 60 - 100% interest in the adjacent Crownpoint and Hosta Butte properties, all of which are located in McKinley County, New Mexico. The Company holds a 60% interest in a portion of a certain section at Crownpoint. The Company owns a 100% interest in the rest of the Crownpoint and Hosta Butte project area, subject to a 3% gross profit royalty on uranium produced. West Largo The West Largo Project is near the Grants Mineral Belt in McKinley County, New Mexico. Other New Mexico Properties The Company holds mineral properties in an area located primarily in McKinley County in northwestern New Mexico. In January 2022, the Company divested certain mineral interest to Ambrosia Solar, LLC (“Ambrosia”). The assets, having no net book value at the transaction date, resulted in a gain on disposal of the mineral interests of $48,480 recorded on the Company’s consolidated statements of loss and comprehensive loss. Under the agreement, Ambrosia retained the right to acquire the uranium mineral rights associated with the property by quit claim deed to be furnished by the Company. In 2023, the Company received an additional payment of $24,240 to extend the option through January 14, 2024 which was recorded on the Company’s consolidated statements of loss and comprehensive loss. Subsequent to the year ended December 31, 2023, Ambrosia exercised its final option to complete the purchase of these rights and the Company received an additional payment of $24,240. Related to a 2021 agreement, Wildcat Solar Power Plant, LLC exercised its option to acquire rights to certain mineral interests in September 2023. $16,000 was received in consideration. The asset having no net book value at the transaction date, resulted in a gain on disposal of the mineral interests of $16,000 recorded on the Company’s consolidated statement of comprehensive loss. South Dakota Dewey-Burdock The Dewey-Burdock Project is an in-situ recovery uranium project located near Edgemont, South Dakota. Texas Kingsville Dome The Kingsville Dome project is located in Kleberg County, Texas on land owned by the Company. Rosita The Rosita Project is located in Duval County, Texas on land owned by the Company. At December 31, 2023, in accordance with its material accounting policy for mineral properties, the Company assessed its Rosita South Extension mineral property assets for impairment and found that the asset at a carrying value of $6,757,297 and a recoverable value of $5,301,822, resulting in an impairment charge of $1,455,475 on the Company’s consolidation statement of loss and comprehensive loss. Subsequent to recording impairment, the asset was reclassified as a Mining property asset (Note 10). Upper Spring Creek The Upper Spring Creek Project is located in Live Oak and Bee counties in Texas. Butler Ranch The Butler Ranch Exploration project is located in Karnes County, Texas. Alta Mesa Project The Alta Mesa Project is located in Brooks County, Texas. Subsequent to the period ended December 31, 2023, the Company completed several transactions under a master transaction agreement with an unrelated company Boss Energy Ltd. The completion of this transaction resulted in the Company holding a 70% interest in the project while also remaining as the project manager. Boss Energy Ltd. holds a 30% interest in the project (Note 19). Utah Ticaboo The Company owns three portions of a claim block located in Shootarang Canyon, Utah. The Company has a federal Plan of Operation and State of Utah approval for processing of the assets. Other Utah Properties The Company owns various mining claims throughout Utah, as well as its Cedar Mountain project located northwest of the White Mesa Mill in Blanding County, Utah. Wyoming Gas Hills The Gas Hills Project is located in Riverton, Wyoming. Dewey Terrace The Dewey Terrace Project is located in Weston and Niobrara Counties of Wyoming. The project is adjacent to the Company’s NRC licensed Dewey-Burdock Project along the Wyoming-South Dakota state line. Juniper Ridge The Juniper Ridge Project is located in the southwest portion of Wyoming.

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