Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events [Text Block] |
9. Subsequent Events On July 8, 2026, the Board of Directors approved a proposed debt settlement pursuant to which the Company may issue up to 1,578,036 shares of its common stock at a deemed price of $0.70 per share to settle approximately $1.1 million of outstanding compensation obligations owed to the Company's President and Chief Executive Officer and certain former service providers, including one former officer. The compensation obligations were included in Deferred compensation on the accompanying condensed consolidated balance sheet as of June 30, 2026 (see Note 5). Because a portion of the obligations to be settled is owed to the Company's President and Chief Executive Officer, the proposed debt settlement constitutes a related-party transaction. The proposed debt settlement remains subject to approval by the TSX Venture Exchange. On July 8, 2026, the Board of Directors approved a non-brokered private placement of up to 9,143,000 units at a purchase price of $0.70 per unit, for aggregate gross proceeds of up to approximately $6.4 million. Each unit consists of one share of the Company's common stock and one common share purchase warrant. Each warrant entitles the holder to purchase one additional share of common stock at an exercise price of $1.00 per share for a period of 24 months from the date of issuance. The Company intends to use the proceeds to advance the South Mountain Project, including drilling, assaying, geophysical surveys and related exploration activities, as well as for general corporate purposes. In August 2026, the Company received irrevocable subscriptions from first-tranche investors for 1,493,161 units at a purchase price of $0.70 per unit, representing an aggregate subscription amount of $1,045,213. Formal issuance of the subscribed securities remains pending due to administrative processing by the Company’s transfer agent. The Company expects the first tranche to close in the ordinary course. Separately, as of the date of this report, the Company had received approximately $2.8 million of subscription proceeds in connection with an additional tranche of the private placement. That additional tranche had not closed, and the related securities had not been issued as of the date of this report. Accordingly, those subscription proceeds had not been recorded as equity. On July 24, 2026, the Company collected the $50,000 subscription receivable outstanding at June 30, 2026, which arose from the Company's private placement completed in October 2025 and is presented as a reduction of stockholders' equity on the accompanying condensed consolidated balance sheet. |