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Note 4 - Exploration and Evaluation Assets | 12 Months Ended
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Mar. 31, 2024
Statement Line Items [Line Items] |
Disclosure of exploration and evaluation assets [text block] |
4. | EXPLORATION AND EVALUATION ASSETS
During the Periods ended June 30, 2024, and March 31, 2024, the following expenditures were incurred on the exploration and evaluation of the Company’s assets:
|  | Zoro Property |  |  | Grass River Property |  |  | Peg North Property |  |  | Winston Property |  |  | Jean Lake Property |  |  | Jol Lithium Property |  |  | Lac Simard Property |  |  | Total |
Acquisition costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, March 31, 2024 |  | $ | 1,909,407 |  |  | $ | 45,255 |  |  | $ | 400,000 |  |  | $ | 1,338,793 |  |  | $ | 250,000 |  |  | $ | 11,730 |  |  | $ | 127,153 |  |  | $ | 4,082,338 |
Cash |  |  | - |  |  |  | - |  |  |  | 100,000 |  |  |  | 40,895 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 140,895 |
Shares |  |  | - |  |  |  | - |  |  |  | 100,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100,000 |
Balance, June 30, 2024 |  |  | 1,909,407 |  |  |  | 45,255 |  |  |  | 600,000 |  |  |  | 1,379,688 |  |  |  | 250,000 |  |  |  | 11,730 |  |  |  | 127,153 |  |  |  | 4,323,233 |
Exploration costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, March 31, 2024 |  |  | 6,552,532 |  |  |  | 680,016 |  |  |  | 849,406 |  |  |  | 419,233 |  |  |  | 2,465,023 |  |  |  | 45,865 |  |  |  | - |  |  |  | 11,012,075 |
Assay |  |  | 27,236 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 27,236 |
Geological, consulting, and Other |  |  | 596,910 |  |  |  | - |  |  |  | 3,909 |  |  |  | - |  |  |  | 8,492 |  |  |  | 3,000 |  |  |  | - |  |  |  | 612,311 |
Exploration cost recovery |  |  | (300,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100,000 |  |  |  | - |  |  |  | - |  |  |  | (200,000 | )
Balance, June 30, 2024 |  |  | 6,876,678 |  |  |  | 680,016 |  |  |  | 853,315 |  |  |  | 419,233 |  |  |  | 2,573,515 |  |  |  | 48,865 |  |  |  | - |  |  |  | 11,451,622 |
Total Balance – June 30, 2024 |  | $ | 8,786,085 |  |  | $ | 725,271 |  |  | $ | 1,453,315 |  |  | $ | 1,798,921 |  |  | $ | 2,823,515 |  |  | $ | 60,595 |  |  | $ | 127,153 |  |  | $ | 15,774,855 |
|  | Zoro Property |  |  | Grass River Property |  |  | Peg North Property |  |  | Winston Property |  |  | Jean Lake Property |  |  | Jol Lithium Property |  |  | Lac Simard Property |  |  | Total |
Acquisition costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, March 31, 2023 |  | $ | 1,909,407 |  |  | $ | 43,500 |  |  | $ | 200,000 |  |  | $ | 1,334,548 |  |  | $ | 150,000 |  |  | $ | 10,454 |  |  | $ | - |  |  | $ | 3,647,909 |
Cash |  |  | - |  |  |  | 1,755 |  |  |  | 100,000 |  |  |  | 4,245 |  |  |  | 50,000 |  |  |  | 1,276 |  |  |  | 41,553 |  |  |  | 198,829 |
Shares |  |  | - |  |  |  | - |  |  |  | 100,000 |  |  |  | - |  |  |  | 50,000 |  |  |  | - |  |  |  | 85,600 |  |  |  | 235,600 |
Balance, March 31, 2024 |  |  | 1,909,407 |  |  |  | 45,255 |  |  |  | 400,000 |  |  |  | 1,338,793 |  |  |  | 250,000 |  |  |  | 11,730 |  |  |  | 127,153 |  |  |  | 4,082,338 |
Exploration costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, March 31, 2023 |  |  | 4,653,559 |  |  |  | 596,124 |  |  |  | 660,472 |  |  |  | 371,909 |  |  |  | 2,509,453 |  |  |  | 38,365 |  |  |  | - |  |  |  | 8,829,882 |
Assay |  |  | - |  |  |  | - |  |  |  | 15,188 |  |  |  | - |  |  |  | 2,669 |  |  |  | - |  |  |  | - |  |  |  | 17,857 |
Geological, consulting, and Other |  |  | 1,898,973 |  |  |  | 83,892 |  |  |  | 173,746 |  |  |  | 47,324 |  |  |  | 152,901 |  |  |  | 7,500 |  |  |  | - |  |  |  | 2,364,336 |
Exploration cost recovery |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (200,000 | ) |  |  | - |  |  |  | - |  |  |  | (200,000 | )
Balance, March 31, 2024 |  |  | 6,552,532 |  |  |  | 680,016 |  |  |  | 849,406 |  |  |  | 419,233 |  |  |  | 2,465,023 |  |  |  | 45,865 |  |  |  | - |  |  |  | 11,012,075 |
Total Balance – March 31, 2024 |  | $ | 8,461,939 |  |  | $ | 725,271 |  |  | $ | 1,249,406 |  |  | $ | 1,758,026 |  |  | $ | 2,715,023 |  |  | $ | 57,595 |  |  | $ | 127,153 |  |  | $ | 15,094,413 |
Zoro Property Zoro I Agreement On April 28, 2017, the Company earned a 100% interest in the Zoro I Claim in the Snow Lake area in Manitoba by paying a total of $150,000 in cash and by issuing $635,000 in shares (140,000 shares issued). In addition, during the year ended March 31, 2017, the Company issued 20,000 common shares to an arm’s length party at a fair value of $135,000 as a finder’s fee on the Zoro I Claim option agreement. Strider Agreement On August 19, 2019, the Company earned a 100% interest in and to all lithium-bearing pegmatites and lithium related minerals in the Zoro North property located near Snow Lake, Manitoba, subject to a 2% net smelter return royalty (“NSR”), by paying a total of $250,000 in cash, by issuing $250,000 in shares (52,656 shares issued) and by incurring $1,000,000 in exploration expenditures. The Company can acquire an undivided 50% interest in the NSR, being one-half of the NSR or a 1% NSR, by making a $1,000,000 cash payment, together with all accrued but unpaid NSR at the time, prior to the commencement of commercial production on this property. During the option period, the Company will be solely responsible for carrying out and administering all exploration, development and mining work on the property and for maintaining the property in good standing. Green Bay Agreement On September 13, 2019, the Company earned a 100% interest in and to all lithium-bearing pegmatites and lithium related minerals in the Green Bay Claims in Manitoba by paying $250,000 in cash and by issuing $250,000 in shares (54,494 shares issued). The property is subject to a 2% NSR. The Company can acquire an undivided 50% interest in the NSR, being one-half of the NSR or a 1% NSR, from Strider Resources Limited (“Strider”), by making a $1,000,000 cash payment to Strider, together with all accrued but unpaid NSR at the time, prior to the commencement of commercial production on the property. During the option period, the Company is responsible for carrying out and administering all exploration, development and mining work on the property and for maintaining the property in good standing. The Company announced on January 4, 2024, to be the recipient of a $300,000 grant from the Manitoba Government for the Zoro Lithium Property to fund further exploration and development. During the year ended March 31, 2024, the Company received $100,000 of the $300,000 grant. The remaining $200,000 grant was received during the period ended June 30, 2024. Grass River Property During the year ended March 31, 2022, and March 31, 2023, the Company staked claims on the Grass River Property in the Snow Lake area of Manitoba. During the period ended June 30, 2024, the Company incurred $Nil ( March 31, 2024 - $1,755) in claim filing fees. Peg North Property During the year ended March 31, 2023, the Company entered into an option agreement to acquire a 100% interest in the Peg North claims located in the Snow Lake mining district in Manitoba. Under the terms of the option agreement (the "First Option"), in consideration for making aggregate cash payments of $750,000, issuing Strider Resources common shares having an aggregate value of $750,000, and incurring an aggregate of $3,000,000 in exploration expenditures on or before the fifth anniversary, the Company has the right to acquire a 100% interest in the Peg North Claims, subject only to a 2% net smelter return royalty granted to Strider (the "NSR"). The obligations under the First Option can be considered fulfilled under the terms as outlined in the schedule below:
| a) | cash payments of $750,000 as follows:
| i) | a cash payment of $100,000 on or before June 23, 2022 (paid);
| ii) | a cash payment of $100,000 on or before June 28, 2023 (paid);
| iii) | a cash payment of $100,000 on or before June 28, 2024 (paid);
| iv) | a cash payment of $150,000 on or before June 28, 2025;
| v) | a cash payment of $150,000 on or before June 28 2026;
| vi) | a cash payment of $150,000 on or before June 28, 2027; and
| b) | the issuance of $750,000 in shares of the Company as follows:
| i) | the issuance of $100,000 in common shares on or before June 23, 2022 (issued 10,526 shares);
| ii) | the issuance of $100,000 in common shares on or before June 9, 2023 (issued 13,072 shares);
| iii) | the issuance of $100,000 in common shares on or before June 28, 2024 (issued 28,818 shares);
| iv) | the issuance of $150,000 in common shares on or before June 28, 2025;
| v) | the issuance of $150,000 in common shares on or before June 28, 2026;
| vi) | the issuance of $150,000 in common shares on or before June 28, 2027; and
| c) | Incurring exploration expenditures totaling $3,000,000 (incurred $853,315 as at June 30, 2024; incurred $849,406 as of March 31, 2024) due on or before June 9, 2027.
Provided that the First Option has been exercised, the Company may purchase from Strider one half (1%) of the NSR for a cash payment of $1.5 million (the “Second Option”) at any time prior to commencement of commercial production. Winston Property In October 2014, the Company entered into an option agreement with Redline Minerals Inc. and its US subsidiaries (collectively, the “Optionors”) to acquire up to an 80% interest in 102 unpatented lode mining claims in the Winston Property, in addition to the four Little Granite Gold Claims (“Little Granite”) and Ivanhoe and Emporia claims (“Ivanhoe/Emporia”). In April 2017, the Company, through its US subsidiary Sierra Gold & Silver Ltd., entered into a definitive purchase agreement with the Optionors to acquire all of the Optionors’ rights, title and interest in and to the Winston Property. The terms of this agreement closed on May 17, 2017, thereby extinguishing any remaining obligations to Redline Minerals Inc. and its US subsidiaries. For the total consideration of the Winston Property, the Company paid the Optionors an aggregate of $240,000 and issued 88,000 Common Shares valued at $341,500. Ivanhoe/Emporia claims In accordance with the terms and conditions of the underlying Ivanhoe/Emporia purchase agreement, the Optionors agreed to sell and convey Ivanhoe/Emporia Claims for the purchase price of $500,000 USD of which $361,375 USD remained due owing to the Robert Howe Educational Trust (“RHET”) upon closing on May 17, 2017. The Buyer agreed to pay RHET a monthly a royalty equal to the greater of the Minimum Monthly Royalty or Production Royalty determined in accordance with the following table:
Ivanhoe / Emporia - Royalty Schedule |
Monthly Average |  |  | Minimum |  |  | Production |
Silver Price/oz |  |  | Monthly Royalty |  |  | Royalty % |
Less than $5.00 |  |  | $ | 125 |  |  |  | 3 | %
$5.00 -$6.99 |  |  | $ | 250 |  |  |  | 4 | %
$7.00-8.99 |  |  | $ | 500 |  |  |  | 5 | %
$9.00-10.99 |  |  | $ | 1,000 |  |  |  | 6 | %
$11.00-$14.99 |  |  | $ | 1,500 |  |  |  | 7 | %
$15 or greater |  |  | $ | 2,000 |  |  |  | 8 | %
All royalty payments made to RHET under the Minimum Monthly Royalty or Production Royalty of the agreement will be credited upon the purchase price. As of June 30, 2024, past payments totaling $216,855 USD ( March 31, 2024 - $201,535 USD) have been applied against the $500,000 USD purchase price. The remaining purchase price of $283,645 USD ( March 31, 2024 - $298,465 USD) may be satisfied in the form of ongoing advance royalty payments or lump-sum payment to finalize the property purchase. The accrued minimum monthly royalty payments outstanding as of June 30, 2024, totals $248,645 USD ( March 31, 2024 - $222,975 USD). Only the permanent production royalty of 2% of NSR on all ore mined on the Ivanhoe and Emporia lode claims, will remain as an encumbrance after the property has been purchased. Little Granite Claims In accordance with the terms and conditions of the underlying Little Granite purchase agreement, the Optionors agreed to sell and convey Little Granite for the purchase price of $500,000 USD of which $434,000 USD remained due owing.to the Silver Rose Corporation (“Silver Rose”) upon closing on May 17, 2017. In October 2022, the Company successfully negotiated the final cash payment required to exercise its option on these Claims down to $75,000 USD, through the issuance a non-interest-bearing promissory note to the arm’s length vendor during the year ended March 31, 2023. The promissory note was due on October 15, 2023, and was fully paid during the year ended March 31, 2024. The Little Granite Property was acquired for an aggregate consideration of $186,000 USD, versus aggregate consideration of $434,000 USD under the original terms. There are no encumbrances on the 4 unpatented Little Granite lode claims. Jean Lake Property On July 30, 2021, the Company entered into an option agreement with Mount Morgan Resources Ltd. to acquire a 100% interest in the Jean Lake lithium-gold project located in Manitoba. The option agreement provides that in order for the Company to earn a 100% interest in the project it is required to make the following cash payments and share issuances to Mount Morgan Resources Ltd. and incur the following project exploration expenditures as follows:
| a) | pay $25,000 in cash (paid) and issue common shares of the Company having a value of $25,000 (5,000 shares issued) on or before August 1, 2021;
| b) | pay $50,000 in cash (paid), issue $50,000 in common shares (6,704 shares issued) and incur $50,000 in exploration expenditures (incurred) on or before July 30, 2022;
| c) | pay $50,000 in cash (paid), issue $50,000 in common shares (6,128 shares issued) and incur $100,000 (accumulated) in exploration expenditures (incurred) by July 30, 2023;
| d) | pay $50,000 in cash (paid subsequent to June 30, 2024), issue $50,000 in common shares (6,128 shares issued subsequent to June 30, 2024) and incur $150,000 (accumulated) in exploration expenditures (incurred) by July 30, 2024; and
| e) | pay $75,000 in cash, issue $75,000 in common shares and incur $200,000 (accumulated) in exploration expenditures (incurred) by July 30, 2025.
Once the Company earns the interest, the Company will grant a 2% NSR to Mount Morgan Resources Ltd. The NSR may be reduced to 1% by the Company’s payment of $1,000,000 to the NSR holder. During the year ended March 31, 2023, the Company received $200,000 from a $300,000 grant it was awarded from the Manitoba Government for exploration and development work on the Jean Lake Property. The remaining $100,000 was received during the year ended March 31, 2024. Lac Simard Property During the year ended March 31, 2024, the Company entered into an agreement, and earned a 100% interest in, the Lac Simard South property located in Quebec by paying $35,000 (paid) and issuing 10,700 common shares (issued and valued at $85,600). Additional costs as at June 30, 2024 included transfer fees of $Nil ( March 31, 2024 - $6,553). The Company also has additional mineral claims within the area of this property. Jol Lithium Property During the year ended March 31, 2023, the Company entered into an agreement and acquired a 100% interest in the MB3530 claim located in the Snow Lake area of Manitoba. To earn the interest, the Company paid $8,000 and issued $2,454 in shares (364 shares issued). During the period ended June 30, 2024, the Company incurred $Nil ( March 31, 2024 - $1,276) in claim filing fees. The property is subject to a 2% NSR.

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