v3.26.1
INCOME TAXES
 12 Months Ended
Nov. 30, 2025
Jun. 30, 2025
INCOME TAXES    
INCOME TAXES

10.

INCOME TAXES

A reconciliation between the effective income tax rate and the federal statutory income tax rate is as follows:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Period from December 14,

​

​

​

​

​

2023 (inception)

​

​

For the year ended

​

through November 30,

​

​

November 30, 2025

​

2024

Loss before income taxes

​

$

(5,260,632)

​

$

(1,020,057)

Expected recovery at statutory rate of 21 %

​

 

(1,104,733)

​

 

(214,212)

Permanent book/tax differences

​

 

17,225

​

 

3,230

Financing fees charged to equity

​

 

—

​

 

(1,771)

Change in estimate

​

 

1,771

​

 

—

Change in valuation allowance

​

 

1,085,737

​

 

212,753

Total tax benefit

​

$

—

​

$

—

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Period from December 14,

 

​

​

​

​

2023 (inception)

 

​

​

For the year ended

​

through November 30,

 

​

​

November 30, 2025

​

2024

 

US federal statutory rate

 

21

%  

21

%

Effects of:

 

  ​

 

  ​

​

Valuation allowance

 

(21)

%  

(21)

%

​

 

—

 

—

​

​

​

10.

INCOME TAXES (continued)

Deferred Income Tax

The significant components of the deferred tax assets and liabilities consisted of the following:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

November 30, 2025

  ​ ​ ​

November 30, 2024

Deferred tax assets

 

​

  ​

 

​

  ​

Net operating loss carryforwards

​

$

1,295,598

​

$

196,636

Mineral resources

​

 

—

​

 

14,700

Share issuance costs

​

 

2,892

​

 

1,417

Total gross deferred tax assets

​

 

1,298,490

​

 

212,753

Valuation allowance

​

 

(1,298,490)

​

 

(212,753)

Net deferred tax asset

​

$

—

​

$

—

​

As of November 30, 2025, the Company had approximately $6,169,512 (November 30, 2024 — $936,360) of federal net operating loss carry forwards that carry forward indefinitely. Future utilization of the net operating loss carry forwards is subject to certain limitations under Section 382 of the Internal Revenue Code.

In assessing the realizability of deferred tax assets, management considers all positive and negative evidence to determine whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Due to the uncertainty of the Company’s ability to realize the benefit of the deferred tax assets, primarily related to the history of cumulative operating losses, the net deferred tax assets are fully offset by a valuation allowance at November 30, 2025.

The Company is subject to U.S. federal income tax examinations by tax authorities for all tax years since inception due to unexpired net operating loss carryforwards originating in and after that year. The Company may be subject to income tax examinations for the various state taxing authorities which vary by jurisdiction.

The Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will recognize interest and penalties related to any uncertain tax positions through its income tax expense.

  
Oregon Energy LLC    
INCOME TAXES    
INCOME TAXES  

13.INCOME TAXES

A reconciliation between the effective income tax rate and the federal statutory income tax rate for the years ended June 30, 2025 and 2024 is as follows:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Loss before income taxes

​

$

(153,783)

​

$

(773,772)

Expected recovery at federal rate of 21%

​

 

(32,294)

​

 

(162,492)

Expected recovery at Oregon rate of 6.6%

​

 

(10,150)

​

 

(51,069)

Permanent book/tax differences

​

 

21

​

 

840

Change in valuation allowance

​

 

42,423

​

 

212,721

Total tax benefit

​

$

—

​

$

—

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

US federal statutory rate

 

21.0

%  

21.0

%

Oregon state rate

 

6.6

%  

6.6

%

Effects of:

 

  ​

 

  ​

​

Valuation allowance

 

(27.6)

%  

(27.6)

%

​

 

—

 

—

​

​

Deferred Income Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities as of June 30, 2025 and 2024 are as follows:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred tax assets

 

​

  ​

 

​

  ​

Net operating loss carryforwards

​

$

2,249,303

​

$

2,132,745

Property, plant and equipment

​

 

1,508

​

 

498

Exploration expenditures

​

 

782,351

​

 

856,808

Start-up costs

​

 

—

​

 

688

Total gross deferred tax assets

​

 

3,033,162

​

 

2,990,739

Valuation allowance

​

 

(3,033,162)

​

 

(2,990,739)

Net deferred tax asset

​

$

—

​

$

—

​

As of June 30, 2025, the Company had approximately $7,659,000 and $8,150,000, respectively, of federal and state net operating loss carry forwards that carry forward indefinitely. As of June 30, 2024, the Company had approximately $7,237,000 and $7,727,000, respectively, of federal and state net operating loss carry forwards that carry forward indefinitely. Tax credit carry forwards may be subject to a substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by the Internal Revenue Code (the “IRC”), as amended, as well as similar state provisions. In general, an ownership change as defined by the IRC results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percent of the outstanding common stock of a company.

The Company is subject to U.S. federal income tax examinations by tax authorities for tax years 2022 to 2025. The Company may be subject to income tax examinations for the various state taxing authorities which vary by jurisdiction.

Due to the uncertainty of the Company’s ability to realize the benefit of the deferred tax assets, primarily related to the history of cumulative operating losses, and uncertainty about future taxable profits, the net deferred tax assets are fully offset by a valuation allowance at June 30, 2025 and 2024.

The Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will recognize interest and penalties related to any uncertain tax positions through its income tax expense.