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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income taxes paid (refund) [abstract] |
INCOME TAXES [Text Block] | 16. INCOME TAXES a. Rate reconciliation The income tax expense or recovery reported by the Company differs from the amounts obtained by applying statutory rates to the loss and comprehensive loss. A reconciliation of the income tax provision computed at statutory rates to the reported income tax provision is provided below:
For the year ended December 31, |  | 2024 |  |  | 2023 |
Statutory tax rate |  | 27.00% |  |  | 27.00% |
Loss before taxes |  | 6,921,830 |  |  | 3,338,299 |
Income tax recovery calculated at statutory rate |  | 1,869,000 |  |  | 901,000 |
Non-deductible expenditures |  | (658,000 | ) |  | (297,000 | )
Amounts expensed for tax purposes only |  | 884,000 |  |  | 226,000 |
Unrecognized tax benefit |  | (5,267,000 | ) |  | (830,000 | )
Adjustment of prior year tax estimates and other |  | 3,172,000 |  |  | - |
INCOME TAX |  | - |  |  | - |
b. Deferred income tax asset and liabilities The approximate tax effect of each item that gives rise to the Company's unrecognized deferred tax assets and liabilities are as follows:
As at December 31, |  | 2024 |  |  | 2023 |
|  | $ |  |  | $ |
Deferred income tax assets: |  |  |  |  |  |
Property, plant and equipment |  | 243,000 |  |  | - |
Share issuance costs |  | - |  |  | 342,000 |
Investment tax credits |  | 340,000 |  |  | - |
Non-capital losses |  | 5,557,000 |  |  | 5,599,000 |
Other items |  | - |  |  | 413,000 |
DEFERRED TAX ASSET |  | 6,140,000 |  |  | 6,354,000 |
Deferred income tax liabilities: |  |  |  |  |  |
Exploration and evaluation assets |  | (6,047,000 | ) |  | (6,267,000 | )
Marketable securities |  | (93,000 | ) |  | (87,000 | )
DEFERRED TAX LIABILITY |  | (6,140,000 | ) |  | (6,354,000 | )
NET DEFERRED INCOME TAX LIABILITY |  | - |  |  | - |
c. Deductible temporary differences The Company has the following deductible temporary differences for which no deferred tax assets have been recognized:
As at December 31, |  | 2024 |  |  | Expiry dates |  |  | 2023 |
|  | $ |  |  |  |  |  | $ |
Non-capital losses |  | 20,627,000 |  |  | 2030 - 2044 |  |  | 9,608,000 |
Property, plant and equipment |  | 659,000 |  |  | No expiry |  |  | - |
Share issuance costs |  | 3,114,000 |  |  | 2045 - 2048 |  |  | - |
Investment tax credits |  | 3,041,000 |  |  | 2025 - 2030 |  |  | - |
TOTAL |  | 27,441,000 |  |  |  |  |  | 9,608,000 |
d. Non-capital losses The Company has incurred non-capital losses that may be carried forward and used to reduce taxable income of future years. These losses totaled $41.2 million as at December 31, 2024 (2023 - $33.8 million) and will expire between 2030 and 2044.

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