FLOW-THROUGH LIABILITY DISCLOSURE |
12 Months Ended | ||||||||||||||||||||
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Jan. 31, 2025 | |||||||||||||||||||||
| Notes | |||||||||||||||||||||
| FLOW-THROUGH LIABILITY DISCLOSURE | 13.FLOW-THROUGH LIABILITY
On November 22, 2024, the Company issued 3,000,000 FT Units for gross proceeds of $300,000 (Note 10). The premium received on the FT Units issued was determined to be $60,000 and was recorded as a share capital reduction. An equivalent flow-through share premium liability was recorded and will be reduced as and when the qualified exploration expenditures occur.
The Company renounced the full amount of $300,000 with an effective date for tax purposes of December 31, 2024, under the look-back rule. As a result, the Company is committed to spending $300,000 on qualifying expenditures by December 31, 2025.
During the year ended January 31, 2025, the Company did not incur any qualifying exploration costs. |
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