| BOND LIABILITIES |
NOTE
5 – BOND LIABILITIES
The
Company has bond liabilities as of April 30, 2025 and January 31, 2025, are as follows:
SCHEDULE OF BOND LIABILITIES
| | |
Principal Amount | | |
Interest | | |
Note | | |
Maturity | | |
| | |
| | |
| |
| | |
4/30/2025 | | |
1/31/2025 | | |
Rate | | |
Date | | |
Date | | |
Colla-teral | | |
Origi-nation | | |
Features | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Yin Yin Silver Limited | |
$ | 500,000 | | |
$ | 500,000 | | |
| 8.5 | % | |
| 8/4/15 | | |
| 12/27/27 | | |
| (1 | ) | |
| (2 | ) | |
| (5) (8 | ) |
| Yin Yin Silver Limited | |
$ | 500,000 | | |
$ | 500,000 | | |
| 8.5 | % | |
| 10/28/16 | | |
| 10/28/26 | | |
| (1 | ) | |
| (2 | ) | |
| (5) (8 | ) |
| Yin Yin Silver Limited | |
$ | 250,000 | | |
$ | 250,000 | | |
| 8.5 | % | |
| 12/27/17 | | |
| 4/8/25 | | |
| (1 | ) | |
| (2 | ) | |
| (5) (8 | ) |
| Barry Swenson | |
$ | 500,000 | | |
$ | 500,000 | | |
| 8.5 | % | |
| 12/31/17 | | |
| 12/31/25 | | |
| (1 | ) | |
| (2 | ) | |
| (5 | ) |
| Don H. Adair or Joanne Adair | |
$ | 125,000 | | |
$ | 125,000 | | |
| 8.5 | % | |
| 2/15/17 | | |
| 2/15/26 | | |
| (1 | ) | |
| (3 | ) | |
| (6)
(7 | ) |
| Joseph Swinford or Danielle Swinford | |
$ | 50,000 | | |
$ | 50,000 | | |
| 8.5 | % | |
| 2/15/17 | | |
| 2/15/26 | | |
| (1 | ) | |
| (3 | ) | |
| (6) (7 | ) |
| Brandon Swain or Sierra Swain | |
$ | 50,000 | | |
$ | 50,000 | | |
| 8.5 | % | |
| 2/15/17 | | |
| 2/15/26 | | |
| (1 | ) | |
| (3 | ) | |
| (6) (7 | ) |
| Scott Collins or Kendra Collins | |
$ | 12,500 | | |
$ | 12,500 | | |
| 8.5 | % | |
| 2/15/17 | | |
| 2/15/26 | | |
| (1 | ) | |
| (3 | ) | |
| (6) (7 | ) |
| Carl Collins or Ellen Collins | |
$ | 12,500 | | |
$ | 12,500 | | |
| 8.5 | % | |
| 2/15/17 | | |
| 2/15/26 | | |
| (1 | ) | |
| (3 | ) | |
| (6 | ) |
| Jim Hammerel | |
$ | - | | |
$ | 5,000 | | |
| 8.5 | % | |
| 9/21/17 | | |
| 9/21/24 | | |
| (1 | ) | |
| (2 | ) | |
| (5 | ) |
| Bret Renaud | |
$ | 5,000 | | |
$ | 5,000 | | |
| 8.5 | % | |
| 10/14/17 | | |
| 10/14/24 | | |
| (1 | ) | |
| (2 | ) | |
| (5) (9 | ) |
| Elatam Group Ltd | |
$ | 67,000 | | |
$ | 67,000 | | |
| 7.5 | % | |
| 8/24/21 | | |
| 5/31/28 | | |
| (1 | ) | |
| (2 | ) | |
| (6 | ) |
| James Hardy | |
$ | 7,000 | | |
$ | 7,000 | | |
| 7.5 | % | |
| 8/24/21 | | |
| 5/31/28 | | |
| (1 | ) | |
| (2 | ) | |
| (6 | ) |
| Acepac Holdings | |
$ | 1,000,000 | | |
$ | 1,000,000 | | |
| 7.5 | % | |
| 8/24/21 | | |
| 5/31/28 | | |
| (1 | ) | |
| (4 | ) | |
| (6 | ) |
| Rick Ward | |
$ | 15,000 | | |
$ | 15,000 | | |
| 7.5 | % | |
| 8/24/21 | | |
| 5/31/28 | | |
| (1 | ) | |
| (2 | ) | |
| (6 | ) |
| Robert & Joan Sweetman | |
$ | 10,000 | | |
$ | 10,000 | | |
| 8.0 | % | |
| 7/1/18 | | |
| 7/1/25 | | |
| (1 | ) | |
| (2 | ) | |
| (6 | ) |
| Michael Swenson | |
$ | 10,000 | | |
$ | 10,000 | | |
| 8.0 | % | |
| 7/1/18 | | |
| 7/1/25 | | |
| (1 | ) | |
| (2 | ) | |
| (6 | ) |
| Connie Sun | |
$ | 3,000 | | |
$ | 3,000 | | |
| 8.0 | % | |
| 7/1/18 | | |
| 7/1/25 | | |
| (1 | ) | |
| (2 | ) | |
| (6 | ) |
| Elizabeth Enoch | |
$ | 10,000 | | |
$ | 10,000 | | |
| 8.0 | % | |
| 8/1/18 | | |
| 7/1/25 | | |
| (1 | ) | |
| (2 | ) | |
| (6 | ) |
| William C. Stanton and Carol Stanton | |
$ | 3,000 | | |
$ | 3,000 | | |
| 8.0 | % | |
| 7/1/18 | | |
| 7/1/25 | | |
| (1 | ) | |
| (2 | ) | |
| (6 | ) |
| Total | |
$ | 3,130,000 | | |
$ | 3,135,000 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
(1) |
All
notes above are secured by the following collateral: all the assets of Idaho CuMo except for the following patented lode mining claims
located in Section 13, Township 8 North, Range 5 East, Boise Meridian, Boise County, Idaho, as depicted on Mineral Survey 1706: (i)
Blackbird, (ii) Red Flag, (iii) Enterprise, (iv) Enterprise Fraction, (v) Commonwealth, (vi) Baby Mine. Each Note will rank pari
passu with all other Notes. |
| |
(2) |
Financial
investment by accredited investor. |
| |
(3) |
Issued
in exchange for 20 unpatented mining claims located approximately 10 miles northeast of Pioneerville, Idaho. |
| |
(4) |
Issued
to settle litigation between MultiMetal Development Ltd. (former parent company of Idaho Copper Corp) and Acepac Holdings. |
| |
(5) |
Interest
capitalized; accrual dates 6/30 and 12/31. |
| |
(6) |
Interest
paid in cash on 6/30 and 12/31. |
| |
(7) |
On
September 25, 2023, these notes were extended from February 15, 2024, to February 15, 2025. The extension was analyzed for modification
versus extinguishment and was determined to be a modification. On December 16, 2024, the notes were extended again, to February 15,
2026. |
| |
(8) |
The
Company has been advised by counsel that the notes cannot be repaid without receipt of basic KYC/AML information from the bondholder
including: Articles of Incorporation, evidence of good standing, a list of shareholders of the entity, and identification documents from each shareholder. The Company has repeatedly requested this
information from the bondholder and has received no response. The notes are governed by British Columbia law, which has a 24-month statute of limitations on past due debt. If
the creditor has not complied with the Company’s KYC/AML request in that time frame, the notes will be written off, and the principal
and accrued interest will be taken into income. |
| |
(9) |
This
note is in default as of 10/14/24. The Company has attempted to contact Renaud without success. |
Future
payments are as follows:
SCHEDULE
OF BOND LIABILITIES MINIMUM PAYMENTS
| Fiscal Year | |
| |
| 2026 | |
$ | 1,041,000 | |
| 2027 | |
$ | 500,000 | |
| 2028 | |
$ | 500,000 | |
| 2029 | |
$ | 1,089,000 | |
| 2030 | |
$ | - | |
| Thereafter | |
$ | - | |
| Total | |
$ | 3,130,000 | |
|