Income Tax

12 Months Ended

Jan. 31, 2026

15. Income Tax

The following schedule reconciles the expected income tax expense (recovery) at the Canadian combined federal and provincial statutory rate of 27% (2025 – 27%: 2024 – 27%) to the amounts recognized in the consolidated statements of loss and comprehensive loss:

	January 31, 2026 $			January 31, 2025 $			January 31, 2024 $

Net loss before taxes		(1,512,918	)		(3,621,884	)		(2,898,510	)
Statutory rate		27.00	%		27.00	%		27.00	%

Expected tax recovery		(408,488	)		(977,909	)		(782,598	)
Foreign tax rate differences		(1,565	)		(51,614	)		2,472
Permanent differences and other		(28,319	)		(123,593	)		(152,792	)
Share-based payments		45,833			551,753			135,071
Change in deferred tax assets not recognized		392,539			601,363			797,847

Income tax expense		–			–			–

Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. The following table summarizes the components of deferred tax:

	2026 $			2025 $

Deferred tax assets:
Financing fees		4,769			56,306

Deferred tax liabilities:
Convertible debentures		(4,769	)		(56,306	)

Net deferred tax asset (liability)		–			–

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

	2026 $		2025 $

Tax loss carryforwards – Canada		70,202,170		68,454,560
Tax loss carryforwards – Australia		16,240		28,460
Tax loss carryforwards – Hong Kong		81,440		81,440
Intangible assets		12,517,320		13,176,120
Property and equipment		10,740		13,440
Contingent liabilities and tax reserves		1,441,910		382,430
Financing costs		–		475,960
Capital loss		12,363,360		12,363,360

Total unrecognized deductible temporary differences		96,633,180		94,975,770

Financing fees will be fully amortized in 2029. The remaining unrecognized deferred tax assets will carry forward indefinitely.

The Company’s unrecognized Canadian non-capital income tax losses expire as follows:

Expiry Date	Non-Capital Loss $

2032		608,940
2034		687,130
2035		1,499,360
2036		4,769,160
2037		1,267,150
2038		1,169,740
2039		4,937,400
2040		11,051,000
2041		9,067,090
2042		13,177,460
2043		10,965,790
2044		4,575,310
2045		3,809,870
2046		2,616,770

		70,202,170