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INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

19.INCOME TAXES

The reported recovery of income taxes differs from amounts computed by applying the statutory income tax rates to the reported loss before income taxes as follows:

​

​	​	​	​	​	​	​	​
​		Year ended			Year ended
​	​	December 31,		​	December 31,
​	​	2023		​	2022
​	​	$		​	$		​
Loss before income taxes	​	​	(32,900,600)	​	​	(27,306,350)	​
Statutory tax rate	​		26.50	%		26.50	%
Expected income tax recovery at the statutory tax rate	​		(8,718,659)	​		(7,236,183)	​
Permanent differences and other	​		(25,642)	​		7,227	​
Stock based payment	​		351,695	​		(2,378,349)	​
Fair value adjustment on warrants	​		—	​		2,127,716	​
Change in estimates and other	​		31,343	​		(520,103)	​
Differences in foreign tax rates	​		510,308	​		360,345	​
Change in deferred tax assets not recognized	​		7,326,424	​		7,639,347	​
Income tax recovery	​	​	(524,531)	​	​	—	​

​

As at December 31, 2023, the Company has the following deferred tax assets (liabilities):

​

​	​	​	​	​	​	​
​		Year ended			Year ended
​	​	December 31,		​	December 31,
​	​	2023		​	2022
​	​	$		​	$
Deferred tax asset	​	​	—	​	​	—
Non-capital losses available for carry forward	​		1,362,834	​		94,260
Right-of-use asset	​		354,451	​		600,907
Deferred tax liabilities	​			​
Term Loan	​		(512,921)	​
Right of use asset	​		(1,204,364)	​		(695,166)
Net deferred tax asset (liability)	​	​	—	​	​	—

​

Deferred tax assets in excess of deferred tax liabilities have not been recognized in respect of the following attributes because it is not probable that future taxable profit will be available against which the Company can use the benefits:

​

​	​	​	​	​	​	​
​		Year ended			Year ended
​	​	December 31,		​	December 31,
​	​	2023		​	2022
​	​	$		​	$
Exploration and evaluation assets	​	​	4,312,654	​	​	1,243,480
Loss carry forwards	​		20,894,974	​		10,066,250
Share issuance costs	​		5,067,311	​		2,124,869
Equipment	​		2,633,800	​		3,397
Total unrecognized deductible temporary differences	​	​	32,908,739	​	​	13,437,996

​

The tax losses that have not been recognized expire as follows:

​

​	​	​	​
​		Losses
​	​	$
2029	​	​	1,317,415
2030	​		1,768,436
2038	​		101,573
2039	​		351,131
2040	​		942,144
2041	​		1,390,127
2042	​		1,891,361
2043	​		8,429,181
Indefinite	​		4,703,606
​	​	​	20,894,974

​

The company has Canadian non-capital losses of approximately $13,105,517 which expire between 2038 and 2043. The Company also has Barbados losses of $3,085,851 which expire between 2029 and 2030. Botswana losses of approximately $4,703,606 may be carried forward indefinitely.

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The entire disclosure for income tax.

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