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Note 25 - Income Taxes

12 Months Ended

Dec. 31, 2024

Note 25: Income taxes

The reconciliation of the income tax recovery computed at statutory rates to the reported income tax recovery is:

				Years ended December 31
	2024			2023			2022
(Earnings) Loss before income taxes	$	108,331		$	17,502		$	(24,721	)
Canadian federal and provincial income tax rates		27	%		27	%		27	%
Expected income tax expense (recovery)		(29,250	)		(4,725	)		6,674
Increase (decrease) in income tax recovery resulting from:
Impairment		23,555			-			-
Share-based compensation		197			432			448
Share issuance costs		(144	)		(246	)		(37	)
Adjustment to tax estimates		(45	)		934			114
Amortization of flow-through share premium		(439	)		(903	)		(844	)
Flow-through expenditures renunciation		1,033			1,995			1,934
Difference in future and foreign tax rates		466			42			81
Sale of investments		(119	)		-			(3,021	)
Other		7			503			497
Increase (decrease) in unrecognized tax asset		4,546			1,679			(6,033	)
Income tax expense (recovery)	$	(193	)	$	(289	)	$	(187	)

Significant components of deferred tax asset and liabilities are:

	December 31 2023			Net loss			December 31 2024
*Deferred income tax assets*
Non-capital losses carried forward	$	14,192		$	990		$	15,182
Capital losses carried forward		55			(6	)		49
Share issuance costs and CEC		356			(66	)		290
Investments		98			(38	)		60
Investments in associates		1,472			16			1,488
Site reclamation obligations		1,206			148			1,354
Property and equipment		479			52			531
Mineral property interests		5,003			3,231			8,234
Capital lease obligation		61			(43	)		18
	$	22,922			4,284			27,206
*Deferred income tax liabilities*
Property and equipment		(24	)		27			3
Mineral property interests		(517	)		235			(282	)
Net deferred tax assets		22,381			4,546			26,927
Unrecognized deferred tax assets		(22,381	)		(4,546	)		(26,927	)
Net deferred tax balance	$	-		$	-		$	-

	December 31 2022			Net loss			December 31 2023
*Deferred income tax assets*
Non-capital losses carried forward	$	13,635		$	557		$	14,192
Capital losses carried forward		73			(18	)		55
Share issuance costs and CEC		317			39			356
Investments		22			76			98
Investments in associates		633			839			1,472
Site reclamation obligations		1,145			61			1,206
Property and equipment		427			52			479
Mineral property interests		4,973			30			5,003
Capital lease obligation		104			(43	)		61
		21,329			1,593			22,922
*Deferred income tax liabilities*
Property and equipment		(53	)		29			(24	)
Mineral property interests		(545	)		28			(517	)
Investments		(28	)		28			-
Net deferred tax assets		20,703			1,678			22,381
Unrecognized deferred tax assets		(20,703	)		(1,678	)		(22,381	)
Net deferred tax balance	$	-		$	-		$	-

	December 31 2021			Net loss			December 31 2022
*Deferred income tax assets*
Non-capital losses carried forward	$	21,032		$	(7,397	)	$	13,635
Capital losses carried forward		183			(110	)		73
Share issuance costs and CEC		552			(235	)		317
Investments		18			4			22
Investments in associates		-			633			633
Site reclamation obligations		1,121			24			1,145
Property and equipment		376			51			427
Mineral property interests		5,001			(28	)		4,973
Capital lease obligation		124			(20	)		104
Other		63			(63	)		-
		28,470			(7,141	)		21,329
*Deferred income tax liabilities*
Property and equipment		(86	)		33			(53	)
Mineral property interests		(1,606	)		1,061			(545	)
Investments		(42	)		14			(28	)
Net deferred tax assets		26,736			(6,033	)		20,703
Unrecognized deferred tax assets		(26,736	)		6,033			(20,703	)
Net deferred tax balance	$	-		$	-		$	-

The Company has accumulated non-capital tax losses of approximately $57,721 ( December 31, 2023 – $54,073, December 31, 2022 – $51,335) in Canada, which may be carried forward to reduce taxable income of future years. The non-capital tax losses will, if unused, expire between 2025 and 2044. The Company has not recognized any deferred tax assets at December 31, 2024, 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 $67 accumulated tax capital losses ( December 31, 2023 – $111, December 31, 2022 – $247) in Canada which may be carried forward indefinitely and used to reduce capital gains in future years.