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6. Exploration and Evaluation Assets | 12 Months Ended
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Jun. 30, 2024
Notes |
6. Exploration and Evaluation Assets | 6. Exploration and Evaluation Assets The following summarizes the movement of the Company’s E&E assets for the years ended June 30, 2024, 2023 and 2022:
| June 30, 2024 | June 30, 2023 | June 30, 2022
| $ | $ | $
Balance, beginning of year | 21,442,032 | 12,077,584 | 5,730,224
Exploration and evaluation expenditures | 7,976,506 | 9,364,448 | 6,347,360
Disposal due to termination of Muskrat Dam Project | (2,805,780) | - | -
Balance, end of year | 26,612,758 | 21,442,032 | 12,077,584
ACME Option Agreement On January 29, 2024, the Company entered into an option agreement (the “ACME Option Agreement”) with ACME Lithium Inc. (“ACME”), pursuant to which ACME has granted the Company the option to earn up to a 90% undivided interest in the mineral claims held by ACME at its Manitoba lithium project areas, located in south eastern Manitoba, Canada (the “Shatford Lake Project”), which is comprised of 37 mineral claims located over three project areas - Shatford Lake, Birse Lake, and Cat-Euclid Lake, totaling approximately 17,000 acres. Pursuant to the ACME Option Agreement, the Company may exercise the option by paying a total of $800,000 and incurring a total of $1,800,000 in exploration and development (“E&D”) expenditures over a two-year period, as follows: `·`Initial payment: Cash payment of $20,000 (paid); `·`Upon execution: Cash payment of $130,000 (paid); `·`First year: Cash payment of $150,000 and minimum E&D expenditures of $600,000; and `·`Second year: Cash payment of $500,000 and minimum E&D expenditures of $1,200,000. Once the Company has earned a 90% undivided interest in the Shatford Lake Project, and completed a positive feasibility study, a joint venture (the “Joint Venture”) between Snow Lake and ACME will be formed for further development, the detailed market standard terms and conditions of which will be agreed at the time of formation of the Joint Venture. Muskrat Dam Option Agreement On February 5, 2024, the Company entered into another option agreement (the “Muskrat Dam Option Agreement”) with a private Manitoba company (“Manco”) to acquire a 90% undivided interest in a group of mineral claims in the Muskrat Dam Lake area of Western Ontario, near Kenora and the border with Manitoba (the “Muskrat Dam Project”). Pursuant to the Muskrat Dam Option Agreement, Manco had granted the Company the option to earn up to a 90% undivided interest in the Muskrat Dam Project upon the following terms and conditions: 6. Exploration and Evaluation Assets (continued) Pursuant to the Muskrat Dam Option Agreement, the Company paid $50,000, issued an aggregate of 500,000 common shares (Note 13), and granted 2,000,000 2024 Settlement Warrants (each a 2024 Settlement Warrant), whereby each 2024 Settlement Warrant is exercisable for a period of five years at an exercise price of USD $1.50 (see Note 10). The option agreement was amended and terminated on June 28, 2024, and the Company issued an aggregate of 3,500,000 shares in consideration for the termination (see Note 13). The 2,000,000 2024 Settlement Warrants previously issued were cancelled (see Note 10). A loss on termination of the Muskrat Dam Option Agreement of $4,652,894 was recorded in the consolidated statements of loss and comprehensive loss, consisting of $3,415,591 related to the issuance of termination shares, $2,805,780 related to previously capitalized E&E assets that were written off, net of $1,568,557 related to the derecognition of the derivative liability associated with the cancelled 2024 Settlement Warrants. Engo Valley Uranium Project On February 20, 2024, the Company and a British Columbia company (the “Vendor”) entered into a binding letter of intent (the “LOI”) to acquire 100% of Engo Valley Pty Ltd. (“Engo Valley”), a private Australian company, pursuant to which Snow Lake will acquire up to 85% undivided indirect interest in Namibia Minerals and Investment Holdings (Proprietary) Limited (the “Project Company”), a private Namibian company, which in turn is the sole registered and beneficial owner of 100% of the right, title and interest in the Exclusive Prospecting License - 5887 (the “License”) for the Engo Valley Uranium Project. In July 2024, subsequent to year end, the Company entered into a share purchase agreement to acquire Engo Valley in two stages, as follows: (a) First Stage Interest Snow Lake acquired an initial 80% undivided interest in Engo Valley, which represents a 68% undivided indirect interest in the Project Company (the “First Stage Interest”), upon: `·`payment to the Vendor of USD $250,000 in cash (paid); `·`incurring exploration expenditures of a minimum of USD $200,000 (incurred); and `·`allotting and issuing to the Vendor 2,024,496 common shares (issued subsequent to year end). (b) Second Stage Interest The Company will acquire an additional 20% undivided interest in Engo Valley, which represents a 17% undivided indirect interest in the Project Company by (the “Second Stage Interest”), for a total undivided indirect interest of 85% in the Project Company, upon: `·`incurring additional exploration expenditures of a minimum of USD $800,000 on or before June 30, 2025, provided, that any expenditures we incurred in excess of the USD $200,000 minimum exploration expenditures in connection with our acquisition of the First Stage Interest will be credited against the expenditure commitment for the Second Stage Interest. 6. Exploration and Evaluation Assets (continued) After the Company acquires the Second Stage Interest, the Company will be obligated to make the following payments to the Vendor, in the form of our common shares, upon the achievement of the following milestones: `i)`Milestone Payment No. 1: In the event an SK-1300 compliant technical report determines there is a uranium mineral resource on the Engo Valley Uranium Project of a minimum of 10 million pounds with a minimum average grade of 250 parts per million, or ppm, U3O8, the Company will issue an aggregate of 1,030,927 common shares; and `ii)`Milestone Payment No. 2: In the event an SK-1300 compliant technical report determines there is a uranium mineral resource on the Engo Valley Uranium Project of a minimum of 25 million pounds with a minimum average grade of 250 ppm U3O8, the Company will issue an aggregate of 1,030,927 common shares. Black Lake Uranium Project On May 8, 2024, Snow Lake entered into a share purchase agreement to acquire 100% of Global Uranium Acquisition Corp (Pty) Ltd ("Global Uranium"), a private Australian company, which in turn, has entered into a mineral property option agreement (the "Option Agreement") with Doctors Investment Group Ltd. ("Doctors"), a private British Columbia company, pursuant to which Global can earn a 100% interest in the Black Lake Uranium Project. Snow Lake agreed to acquire Global Uranium in consideration of: `·`payment of $50,000 in cash (paid); `·`issuance of 1,000,000 common shares upon execution of the share purchase agreement (issued); and `·`issuance of 1,000,000 common shares in the event that an SK-1300 compliant technical report determines that there is a uranium mineral resource on the Black Lake Uranium Project of a minimum of 10 million pounds U3O8 with a minimum average grade of 500 ppm U3O8 per tonne. The acquisition was completed on June 21, 2024, and was accounted for as an asset acquisition as Global Uranium does not meet the definition of a business under IFRS 3. As Global Uranium had net assets of $nil on the date of acquisition, the full value of the consideration given up by the Company has been allocated to exploration and evaluation assets. The Option Agreement provides that Global Uranium can earn a 100% interest in the Black Lake Uranium Project as follows: `a.`Cash Payments by Global Uranium to Doctors of the following amounts: `i.`$50,000 within 2 days of signing the Option Agreement (paid); `ii.`$150,000 within 30 days of signing the Option Agreement (paid); `iii.`$250,000 on or before the first anniversary of signing the Option Agreement; `iv.`$350,000 on or before the second anniversary of signing the Option Agreement; `v.`$400,000 on or before the third anniversary of signing the Option Agreement; and `vi.`$600,000 on or before the fourth anniversary of signing the Option Agreement. 6. Exploration and Evaluation Assets (continued) `b.`Exploration Expenditures – Global Uranium incurring the following exploration expenditures on the Black Lake Uranium Project: `i.`$500,000 in exploration expenditures on or before the first anniversary of the signing of the Option Agreement; `ii.`$500,000 in exploration expenditures on or before the second anniversary of the signing of the Option Agreement; and `iii.`$1,000,000 in exploration expenditures on or before the third anniversary of the signing of the Option Agreement. Global Uranium has the right under the Option Agreement to accelerate both cash payments and/or the exploration expenditures prescribed under the Option Agreement.

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