INCOME TAXES

12 Months Ended

Mar. 31, 2026

INCOME TAXES

INCOME TAXES

16. INCOME TAXES

(a) Provision for current tax

No provision has been made for current income taxes as the Company has no taxable income.

(b) Provision for deferred tax

As future taxable profits of the Company are uncertain, no deferred tax asset has been recognized.

At March 31, 2026, the Company has unused non-capital loss carry forwards of approximately $10.7 million (March 31, 2025 - $13.3 million).

At March 31, 2026, the Company has resource tax pools of approximately $32.2 million (March 31, 2025 - $31.2 million) available in Canada, which may be carried forward and utilized to offset future taxes related to certain resource income.

(c) Reconciliation of effective tax rate

	March 31,			March 31,
	2026			2025

Net income (loss) for the year		(929,987	)		(3,912,888	)
Total income tax expense		–			–
Net income (loss) excluding income tax		(929,987	)		(3,912,888	)

Income tax expense (recovery) using the Company's tax rate		(251,000	)		(1,056,000	)
Non-deductible expenses and other		633,000			133,000
Temporary difference booked to reserve		(2,000	)		(3,000	)
Deferred income tax assets not recognized		(380,000	)		926,000
		-			-

(d) Deductible temporary differences

At March 31, 2026, the Company had the following deductible temporary differences for which no deferred tax asset was recognized:

Expiry

Tax Losses (Capital)

Tax Losses

Resource Pools

Other

Within one year

–

One to five years

–

After five years

–

10,728,000

–

1,011,000

No expiry date

2,183,000

–

32,175,000

77,000

2,183,000

10,728,000

32,175,000

1,088,000