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Income Tax Note

12 Months Ended

Mar. 31, 2025

20. Income tax note

The reconciliation of the combined Canadian federal and provincial statutory income tax rate of 26.5% (2024 – 26.5%) to the effective tax rate is as follows:

	2025			2024
Net Income/(Loss) before recovery of income taxes		1,011,790			(51,159,048	)

Expected income tax (recovery)/expense		268,124			(13,557,148	)
Difference in foreign tax rates		6,871			966
Listing expense		-			10,992,625
Non-taxable fair value gain adjustment		(1,722,146	)		-
Non-deductible loss on loan settlement		449,196			-
Share issue costs booked to equity		(246,802	)		-
Other permanent expenses		1,787			2,061,001
Change in tax benefits not recognized		1,242,970			502,556
Income tax (recovery)/expense		-			-

Unrecognized deferred tax asset

Deferred taxes are provided as a result of temporary differences that arise due to the differences between the income tax values and the carrying amounts of assets and liabilities. Deferred tax assets have not been recognized in respect of the following deductible temporary differences:

Unrecognized deductible temporary differences	2025		2024
Equipment		4,508		240
Restricted interest and financing expenses – Canada		764,297		-
Share issuance costs and others		722,097		124,132
Non-capital losses carried forward-Canada		4,248,226		1,357,347
Non-capital losses carried forward-Australia		431,349		164,861
		6,170,477		1,646,580

The Company’s non-capital loss carry forwards will expire as noted in the table below:

Year of expiry	Canada		Australia
2044		1,357,347		-
2045		2,890,879
Indefinite		-		431,349
Total		4,248,226		431,349