INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| INCOME TAXES |
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| Schedule of statutory rates to the loss before provision for income taxes |
| | | | | | | | | | Year ended December 31 | | | | 2025 | | 2024 | | Loss before income taxes | | $ | (47,967,190) | | $ | (50,268,354) | | Statutory tax rate | | | 27.00 | % | | 27.00 | % | Income tax recovery at statutory tax rate | | | (12,964,913) | | | (13,572,000) | | Flow-through renunciations | | | 1,334,205 | | | 12,285,000 | | Other non-deductible expenses or non-taxable credits | | | 871,480 | | | (3,033,000) | | Mining tax | | | (326,348) | | | — | | Current year tax benefit not recognized | | | 10,691,006 | | | 4,320,000 | | Income and mining tax recoveries | | $ | (394,570) | | $ | — | | | | | | | | | | Comprising: | | | | | | | | Current tax expense | | $ | — | | $ | — | | Deferred tax recovery | | | (394,570) | | | — | | | | $ | (394,570) | | $ | — | |
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| Schedule of components of the deferred tax assets and liabilities |
| | | | | | | | | 2025 | | 2024 | Net deferred income tax liability relating to: | | | | | | | Reserves | | $ | (518,760) | | $ | — | Exploration and evaluation assets | | | (52,882,550) | | | — | Property, plant and equipment | | | (14,408,328) | | | — | Non-capital losses | | | 7,671,273 | | | — | Investments | | | 4,136 | | | — | Share issue costs | | | 237,027 | | | — | Reclamation and closure cost provision | | | 2,658,300 | | | — | Mining tax | | | (26,408,398) | | | — | Net deferred income tax assets (liabilities) | | $ | (83,647,300) | | $ | — | | | | | | | | Classified and presented as: | | | | | | | Deferred income tax assets | | $ | — | | $ | — | Deferred income tax liabilities | | | (83,647,300) | | | — | | | $ | (83,647,300) | | $ | — |
| | | | | | | | | 2025 | | 2024 | Exploration and evaluation assets | | $ | 54,392,000 | | $ | 25,619,000 | Property, plant and equipment | | | 3,676,000 | | | 2,954,000 | Non-capital losses | | | 55,088,000 | | | 38,411,000 | Investments | | | — | | | 11,620,000 | Share issue costs | | | 5,885,000 | | | 5,186,000 | Reclamation and closure cost provision | | | 2,713,000 | | | 2,426,000 | Capital losses | | | 24,831,000 | | | 18,630,000 | | | $ | 146,585,000 | | $ | 104,846,000 |
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| Schedule of movements in the Company's net deferred income tax liability |
| | | | | | | | | 2025 | | 2024 | Balance, beginning of year | | $ | — | | $ | — | Recognized on Maritime Acquisition | | | (84,041,870) | | | — | Recognized in net income | | | 394,570 | | | — | Balance, end of year | | $ | (83,647,300) | | $ | — |
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| Schedule of non-capital losses expire |
| | | | Expiry Date | | Non-Capital Loss Amount | 2028 | | $ | 71,000 | 2029 | | | 41,000 | 2030 | | | 95,000 | 2031 | | | 313,000 | 2032 | | | 408,000 | 2033 | | | 562,000 | 2034 | | | 421,000 | 2035 | | | 480,000 | 2036 | | | 1,180,000 | 2037 | | | 1,323,000 | 2038 | | | 2,432,000 | 2039 | | | 2,412,000 | 2040 | | | 2,562,000 | 2041 | | | 10,101,000 | 2042 | | | 12,651,000 | 2043 | | | 13,228,000 | 2044 | | | 16,039,000 | 2045 | | | 16,354,000 | | | $ | 80,673,000 |
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