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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Options exercisable, remaining contractual life |
Income Taxes | Income tax recovery provision The reconciliation of the income tax recovery computed at statutory rates to the reported income tax recovery is:
|  | Years ended December 31 |
|  | 2020 |  |  | 2019 |
Loss before income taxes |  | $ | (10,763 | ) |  | $ | (9,602 | )
Canadian federal and provincial income tax rates |  |  | 27 | % |  |  | 27 | %
Expected income tax recovery |  |  | (2,906 | ) |  |  | (2,593 | )
Increase (decrease) in income tax recovery resulting from: |  |  |  |  |  |  |  |
Spin-out transaction |  |  | 8,650 |  |  |  | - |
Acquisition of Eastmain |  |  | (7,838 | ) |  |  | - |
Share-based compensation |  |  | 683 |  |  |  | 918 |
Share issuance costs |  |  | (462 | ) |  |  | (63 | )
Adjustment to tax estimates |  |  | (22 | ) |  |  | 151 |
Amortization of flow-through share premium |  |  | (120 | ) |  |  | (234 | )
Flow-through expenditures renunciation |  |  | 489 |  |  |  | 822 |
Difference in future and foreign tax rates |  |  | 234 |  |  |  | - |
Other |  |  | 55 |  |  |  | (1,202 | )
Increase in unrecognized tax asset |  |  | 1,237 |  |  |  | 2,147 |
Income tax recovery |  | $ | - |  |  | $ | (54 | )
Significant components of deferred tax asset and liabilities are:
|  | December 31 2019 |  |  | Net loss |  |  | Equity |  |  | December 31 2020 |
Deferred income tax assets |  |  |  |  |  |  |  |  |  |  |  |
Non-capital losses carried forward |  | $ | 15,076 |  |  | $ | 4,770 |  |  | $ | - |  |  | $ | 19,846 |
Capital losses carried forward |  |  | 45 |  |  |  | 37 |  |  |  | - |  |  |  | 82 |
Share issuance costs and CEC |  |  | 656 |  |  |  | 177 |  |  |  | - |  |  |  | 833 |
Investments |  |  | 57 |  |  |  | (13 | ) |  |  | - |  |  |  | 44 |
Site reclamation obligations |  |  | 576 |  |  |  | 561 |  |  |  | - |  |  |  | 1,137 |
Property and equipment |  |  | 259 |  |  |  | 53 |  |  |  | - |  |  |  | 312 |
Mineral property interests |  |  | 7,823 |  |  |  | (3,838 | ) |  |  | - |  |  |  | 3,985 |
Capital lease obligation |  |  | - |  |  |  | 66 |  |  |  | - |  |  |  | 66 |
Peruvian Value Added Tax Receivable |  |  | 402 |  |  |  | (402 | ) |  |  | - |  |  |  | - |
Foreign exchange on intercompany |  |  | 6 |  |  |  | (6 | ) |  |  | - |  |  |  | - |
|  |  | 24,900 |  |  |  | 1,405 |  |  |  | - |  |  |  | 26,305 |
Deferred income tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  |  | - |  |  |  | (52 | ) |  |  | - |  |  |  | (52 | )
Mineral property interests |  |  | (913 | ) |  |  | 36 |  |  |  | - |  |  |  | (877 | )
Investments |  |  | - |  |  |  | (196 | ) |  |  | - |  |  |  | (196 | )
Bridge loan |  |  | (44 | ) |  |  | 44 |  |  |  | - |  |  |  | - |
Net deferred tax assets |  |  | 23,943 |  |  |  | 1,237 |  |  |  | - |  |  |  | 25,180 |
Unrecognized deferred tax assets |  |  | (23,943 | ) |  |  | (1,237 | ) |  |  | - |  |  |  | (25,180 | )
Net deferred tax balance |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
|  | December 31 2018 |  |  | Net loss |  |  | Equity |  |  | December 31 2019 |
Deferred Income tax assets |  |  |  |  |  |  |  |  |  |  |  |
Non-capital losses carried forward |  | $ | 13,690 |  |  | $ | 1,386 |  |  | $ | - |  |  | $ | 15,076 |
Capital losses carried forward |  |  | 45 |  |  |  | - |  |  |  | - |  |  |  | 45 |
Share issuance costs & CEC |  |  | 913 |  |  |  | (320 | ) |  |  | 63 |  |  |  | 656 |
Investments |  |  | 79 |  |  |  | (22 | ) |  |  | - |  |  |  | 57 |
Site reclamation obligations |  |  | 511 |  |  |  | 65 |  |  |  | - |  |  |  | 576 |
Property and equipment |  |  | 197 |  |  |  | 62 |  |  |  | - |  |  |  | 259 |
Mineral property interests |  |  | 7,061 |  |  |  | 762 |  |  |  | - |  |  |  | 7,823 |
Peruvian VAT Receivable |  |  | 355 |  |  |  | 47 |  |  |  | - |  |  |  | 402 |
FX on intercompany |  |  | (104 | ) |  |  | 110 |  |  |  | - |  |  |  | 6 |
|  |  | 22,747 |  |  |  | 2,090 |  |  |  | 63 |  |  |  | 24,900 |
Deferred income tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Mineral property interests |  |  | (951 | ) |  |  | 38 |  |  |  | - |  |  |  | (913 | )
Bridge loan |  |  | - |  |  |  | 10 |  |  |  | (54 | ) |  |  | (44 | )
Net deferred tax assets |  |  | 21,796 |  |  |  | 2,138 |  |  |  | 9 |  |  |  | 23,943 |
Unrecognized deferred tax assets |  |  | (21,796 | ) |  |  | (2,084 | ) |  |  | (63 | ) |  |  | (23,943 | )
Net deferred tax balance |  | $ | - |  |  | $ | 54 |  |  | $ | (54 | ) |  | $ | - |
The Company has accumulated non-capital losses of approximately $75,864 (December 31, 2019 – $54,468) in Canada, which may be carried forward to reduce taxable income of future years. The non-capital losses will, if unused, expire between 2024 and 2041. The Company has not recognized any deferred tax assets at December 31, 2020 in respect of these non-capital losses due to the uncertainty that future operations will generate sufficient taxable income to utilize these non-capital losses. The Company has nil accumulated capital losses (December 31, 2019 – $661) in Canada which may be carried forward indefinitely and used to reduce capital gains in future years.

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