2023 Q3 Form 20-F Financial Statement

#000137647424000117 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2023 Q3 2023
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $212.6K $627.1K
YoY Change 0.59% -51.94%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $212.6K 627.1K cads
YoY Change 0.83% -53.15%
Operating Profit
YoY Change
Interest Expense -$1.250K $49.44K
YoY Change -102.64% -206.51%
% of Operating Profit
Other Income/Expense, Net -$42.71K -$11.49K
YoY Change -603.66% -139.85%
Pretax Income -$462.4K -$795.0K
YoY Change -34.74% -61.26%
Income Tax
% Of Pretax Income
Net Earnings -$462.4K -795.0K cads
YoY Change -34.74% -61.26%
Net Earnings / Revenue
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$0.01 -$0.02
COMMON SHARES
Basic Shares Outstanding 159.0M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments 139.7K cads $139.7K
YoY Change -75.27% -75.27%
Cash & Equivalents 135.2K cads
Short-Term Investments 4.500K cads $4.500K
Other Short-Term Assets $43.20K $43.20K
YoY Change -87.34% -87.34%
Inventory
Prepaid Expenses 14.20K cads
Receivables 17.03K cads $17.03K
Other Receivables $0.00 $0.00
Total Short-Term Assets 199.9K cads $199.9K
YoY Change -78.56% -78.56%
LONG-TERM ASSETS
Property, Plant & Equipment $6.882M $6.882M
YoY Change -2.05% -2.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $81.42K $81.42K
YoY Change -14.04% -14.04%
Total Long-Term Assets 6.963M cads $6.963M
YoY Change -2.77% -2.77%
TOTAL ASSETS
Total Short-Term Assets 199.9K cads $199.9K
Total Long-Term Assets 6.963M cads $6.963M
Total Assets 7.163M cads $7.163M
YoY Change -11.5% -11.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $246.6K $246.6K
YoY Change -48.66% -48.66%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities 883.7K cads $883.7K
YoY Change -19.97% -19.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities 883.7K cads $883.7K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $883.7K $883.7K
YoY Change -19.97% -19.97%
SHAREHOLDERS EQUITY
Retained Earnings -22.40M cads
YoY Change 3.68%
Common Stock 24.89M cads
YoY Change 0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity 6.279M cads $6.279M
YoY Change
Total Liabilities & Shareholders Equity 7.163M cads $7.163M
YoY Change -11.5% -11.5%

Cashflow Statement

Concept 2023 Q3 2023
OPERATING ACTIVITIES
Net Income -$462.4K -795.0K cads
YoY Change -34.74% -61.26%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$99.85K -369.9K cads
YoY Change -147.57% -15.15%
INVESTING ACTIVITIES
Capital Expenditures -$7.250K $452.8K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.540K $228.5K
YoY Change -126.83% -563.97%
Cash From Investing Activities $5.710K -224.3K cads
YoY Change -97.49% 355.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net 0.000 cads
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 86.97K 107.0K cads
YoY Change -1549.5% -85.34%
NET CHANGE
Cash From Operating Activities -99.85K -369.9K cads
Cash From Investing Activities 5.710K -224.3K cads
Cash From Financing Activities 86.97K 107.0K cads
Net Change In Cash -7.170K -487.2K cads
YoY Change -101.66% -299.25%
FREE CASH FLOW
Cash From Operating Activities -$99.85K -369.9K cads
Capital Expenditures -$7.250K $452.8K
Free Cash Flow -$92.60K -822.6K cads
YoY Change

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IncreaseDecreaseInDueToOtherRelatedPartiesCurrent
203085 cad
CY2022 us-gaap Increase Decrease In Due To Other Related Parties Current
IncreaseDecreaseInDueToOtherRelatedPartiesCurrent
170843 cad
CY2021 us-gaap Increase Decrease In Due To Other Related Parties Current
IncreaseDecreaseInDueToOtherRelatedPartiesCurrent
-24606 cad
CY2023 fil Funds Held For Optionee1
FundsHeldForOptionee1
-234081 cad
CY2022 fil Funds Held For Optionee1
FundsHeldForOptionee1
234081 cad
CY2021 fil Funds Held For Optionee1
FundsHeldForOptionee1
-83070 cad
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-369853 cad
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-435882 cad
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1338738 cad
CY2023 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
216232 cad
CY2022 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 cad
CY2021 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 cad
CY2023 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
12224 cad
CY2022 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-61584 cad
CY2021 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-27563 cad
CY2023 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
452748 cad
CY2022 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
-12341 cad
CY2021 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
3298056 cad
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-224292 cad
CY2022 us-gaap Stockholders Equity Other
StockholdersEquityOther
0 cad
CY2021 us-gaap Stockholders Equity Other
StockholdersEquityOther
0 cad
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-49243 cad
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3325619 cad
CY2023 us-gaap Stockholders Equity Other
StockholdersEquityOther
85000 cad
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 cad
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
750000 cad
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4448315 cad
CY2023 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
21965 cad
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 cad
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
624000 cad
CY2023 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 cad
CY2022 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 cad
CY2021 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
2805 cad
CY2023 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 cad
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
20370 cad
CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
368215 cad
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
106965 cad
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
729630 cad
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4706905 cad
CY2023 ifrs-full Effect Of Exchange Rate Changes On Cash And Cash Equivalents
EffectOfExchangeRateChangesOnCashAndCashEquivalents
-14791 cad
CY2022 ifrs-full Effect Of Exchange Rate Changes On Cash And Cash Equivalents
EffectOfExchangeRateChangesOnCashAndCashEquivalents
-20007 cad
CY2021 ifrs-full Effect Of Exchange Rate Changes On Cash And Cash Equivalents
EffectOfExchangeRateChangesOnCashAndCashEquivalents
8065 cad
CY2023 ifrs-full Increase Decrease In Cash And Cash Equivalents
IncreaseDecreaseInCashAndCashEquivalents
-501971 cad
CY2022 ifrs-full Increase Decrease In Cash And Cash Equivalents
IncreaseDecreaseInCashAndCashEquivalents
224498 cad
CY2021 ifrs-full Increase Decrease In Cash And Cash Equivalents
IncreaseDecreaseInCashAndCashEquivalents
50613 cad
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
637174 cad
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
412676 cad
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
362063 cad
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
135203 cad
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
637174 cad
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
412676 cad
CY2023Q3 ifrs-full Cash
Cash
135203 cad
CY2022Q3 ifrs-full Cash
Cash
403093 cad
CY2021Q3 ifrs-full Cash
Cash
412676 cad
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
0 cad
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
234081 cad
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
0 cad
CY2023Q3 fil Cash Held For Flow Through Expenditures
CashHeldForFlowThroughExpenditures
0 cad
CY2022Q3 fil Cash Held For Flow Through Expenditures
CashHeldForFlowThroughExpenditures
50654 cad
CY2021Q3 fil Cash Held For Flow Through Expenditures
CashHeldForFlowThroughExpenditures
396594 cad
CY2023Q3 fil Cash Included In Accounts Payable And Accrued Liabilities Related To Prepaid Expenses
CashIncludedInAccountsPayableAndAccruedLiabilitiesRelatedToPrepaidExpenses
0 cad
CY2022Q3 fil Cash Included In Accounts Payable And Accrued Liabilities Related To Prepaid Expenses
CashIncludedInAccountsPayableAndAccruedLiabilitiesRelatedToPrepaidExpenses
20398 cad
CY2021Q3 fil Cash Included In Accounts Payable And Accrued Liabilities Related To Prepaid Expenses
CashIncludedInAccountsPayableAndAccruedLiabilitiesRelatedToPrepaidExpenses
0 cad
CY2023Q3 fil Cash Included In Accounts Payable And Accrued Liabilities Is Related To Flow Through Expenditures
CashIncludedInAccountsPayableAndAccruedLiabilitiesIsRelatedToFlowThroughExpenditures
0 cad
CY2022Q3 fil Cash Included In Accounts Payable And Accrued Liabilities Is Related To Flow Through Expenditures
CashIncludedInAccountsPayableAndAccruedLiabilitiesIsRelatedToFlowThroughExpenditures
0 cad
CY2021Q3 fil Cash Included In Accounts Payable And Accrued Liabilities Is Related To Flow Through Expenditures
CashIncludedInAccountsPayableAndAccruedLiabilitiesIsRelatedToFlowThroughExpenditures
40413 cad
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p style="font:10pt Times New Roman;margin:0;margin-left:18pt"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:-18pt"><b>1.</b></kbd><b>NATURE OF OPERATIONS AND GOING CONCERN </b> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;color:#000000;text-align:justify">Silver North Resources Ltd. (formerly Alianza Minerals Ltd., “Alianza”) (the “Company” or “Silver North”) was incorporated in Alberta on October 21, 2005 under the Business Corporations Act of Alberta and its registered office is Suite 410, 325 Howe Street, Vancouver, BC, Canada, V6C 1Z7. On April 25, 2008 the Company filed for a certificate of continuance and is continuing as a BC Company under the Business Corporations Act (British Columbia).  The Company changed its name and consolidated its shares (“Consolidation”) on August 14, 2023 and began trading on the TSX Venture Exchange (the “Exchange”) under the symbol “SNAG”.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">The Company is an exploration stage company and is engaged principally in the acquisition and exploration of mineral properties. The recovery of the Company’s investment in its exploration and evaluation assets is dependent upon the future discovery, development and sale of minerals, upon the ability to raise sufficient capital to finance these activities, and/or upon the sale of these properties.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) applicable to a going concern, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The ability of the Company to continue as a going concern is dependent on obtaining additional financing through the issuance of common shares or obtaining joint venture or property sale agreements for one or more properties. </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">There can be no assurance that the Company will be able to continue to raise funds in which case the Company may be unable to meet its obligations. Should the Company be unable to realize on its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded on the consolidated statement of financial position. The consolidated financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">Adverse financial market conditions and volatility increase the uncertainty of the Company’s ability to continue as a going concern given the need to both manage expenditures and to raise additional funds. The Company is experiencing, and has experienced, negative operating cash flows. The Company will continue to search for new or alternate sources of financing but anticipates that the current market conditions may impact the ability to source such funds. Accordingly, these material uncertainties cast significant doubt upon the Company’s ability to continue as a going concern.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">As at September 30, 2023, the Company had a working capital deficiency of $683,757 (September 30, 2022: $171,465) and shareholders’ equity of $6,279,303 (September 30, 2022: $6,989,956). </p>
CY2023 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2005-10-21
CY2023 dei Entity Address Address Line1
EntityAddressAddressLine1
Suite 410
CY2023 dei Entity Address Address Line2
EntityAddressAddressLine2
325 Howe Street
CY2023 dei Entity Address City Or Town
EntityAddressCityOrTown
Vancouver
CY2023 dei Entity Address State Or Province
EntityAddressStateOrProvince
BC
CY2023 dei Entity Address Country
EntityAddressCountry
CA
CY2023 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
V6C 1Z7
CY2023Q3 fil Working Capital Deficiency
WorkingCapitalDeficiency
683757 cad
CY2022Q3 fil Working Capital Deficiency
WorkingCapitalDeficiency
171465 cad
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
6279303 cad
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
6989956 cad
CY2023 fil Marketable Securities Shares Sold
MarketableSecuritiesSharesSold
246284 cad
CY2022 fil Marketable Securities Shares Sold
MarketableSecuritiesSharesSold
0 cad
CY2023 fil Marketable Securities Change In Unrealized Loss
MarketableSecuritiesChangeInUnrealizedLoss
76985 cad
CY2022 fil Marketable Securities Change In Unrealized Loss
MarketableSecuritiesChangeInUnrealizedLoss
-84485 cad
CY2023 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font:10pt Times New Roman;margin:0;margin-left:18pt"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:-18pt"><b>2.</b></kbd><b>BASIS OF PREPARATION</b> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"><b>Statement of Compliance </b></p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">These consolidated financial statements have been prepared in accordance and compliance with IFRS as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).</p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt"><b>Basis of preparation</b></p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">These consolidated financial statements have been prepared on a historical cost basis. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">These consolidated financial statements, including comparatives, have been prepared on the basis of IFRS standards that are published at the time of preparation.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt"><b>New accounting standards and interpretations</b></p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">Certain new accounting standards and interpretations have been published that are not mandatory for the September 30, 2023 reporting period.  The Company has not early adopted the following new and revised standards, amendments and interpretations that have been issued but are not yet effective:</p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:36pt;text-align:justify"><kbd style="position:absolute;font:10pt Symbol;margin-left:-18pt">·</kbd>Presentation of financial statements  </p> <p style="font:10pt Times New Roman;margin:0;margin-left:36pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:36pt;text-align:justify">An amendment to IAS 1 was issued in January 2020 and applies to annual reporting periods beginning on or after January 1, 2023. The amendment clarifies the criterion for classifying a liability as non-current relating to the right to defer settlement of a liability for at least 12 months after the reporting period. </p> <p style="font:10pt Times New Roman;margin:0;margin-left:14.15pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">The Company anticipates that the application of the above new and revised standards, amendments and interpretations will have no material impact on its results and financial position.</p>
CY2023Q3 fil Marketable Securities Fair Value
MarketableSecuritiesFairValue
4500 cad
CY2022Q3 fil Marketable Securities Fair Value
MarketableSecuritiesFairValue
161799 cad
CY2022Q3 fil Exploration And Evaluation Assets
ExplorationAndEvaluationAssets
7025515 cad
CY2023Q3 fil Exploration And Evaluation Assets Claim Staking1
ExplorationAndEvaluationAssetsClaimStaking1
5799 cad
CY2023 fil Exploration And Evaluation Assets Property Acquisition
ExplorationAndEvaluationAssetsPropertyAcquisition
13520 cad
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font:10pt Times New Roman;margin:0;margin-left:18pt"><b>Significant accounting judgments and estimates</b></p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period.  Actual outcomes could differ from these estimates. The consolidated financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the consolidated financial statements, and may require accounting adjustments based on future occurrences.  Revisions to accounting estimates are recognized in the period in which the estimate is revised and the revision affects both current and future periods.</p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">Significant assumptions about the future and other sources of estimation uncertainty that management has made at the consolidated statement of financial position date, that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following: </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"><span style="border-bottom:1px solid #000000">Critical judgments</span></p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">The following are critical judgments that management has made in the process of applying accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements:</p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><kbd style="position:absolute;font:10pt Symbol;margin-left:-76.5pt">·</kbd>the determination that the Company will continue as a going concern for the next year;  </p> <p style="font:10pt Times New Roman;margin:0;margin-left:45pt;text-align:justify"><kbd style="position:absolute;font:10pt Symbol;margin-left:-13.5pt">·</kbd>the determination that there have been no events or changes in circumstances that indicate the carrying amount of exploration and evaluation assets may not be recoverable;  </p> <p style="font:10pt Times New Roman;margin:0;margin-left:45pt;text-align:justify"><kbd style="position:absolute;font:10pt Symbol;margin-left:-13.5pt">·</kbd>the determination that there are no restoration, rehabilitation and environmental costs to be accrued; and </p> <p style="font:10pt Times New Roman;margin:0;margin-left:45pt;text-align:justify"><kbd style="position:absolute;font:10pt Symbol;margin-left:-13.5pt">·</kbd>the determination that the functional currency of the parent is the Canadian dollar, the functional currency of its subsidiaries in Peru is the Peruvian nuevo sole and the functional currency of its subsidiaries in the USA is the US dollar. </p>
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font:10pt Times New Roman;margin:0;margin-left:18pt"><b>Comparative figures</b></p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">Certain comparative figures have been reclassified to conform to the current year's presentation.</p>
CY2022Q3 fil Marketable Securities Fair Value
MarketableSecuritiesFairValue
161799 cad
CY2021Q3 fil Marketable Securities Fair Value
MarketableSecuritiesFairValue
0 cad
CY2023 fil Marketable Securities Shares Received
MarketableSecuritiesSharesReceived
12000 cad
CY2022 fil Marketable Securities Shares Received
MarketableSecuritiesSharesReceived
267500 cad
CY2023 fil Marketable Securities Shares Transferred
MarketableSecuritiesSharesTransferred
0 cad
CY2022 fil Marketable Securities Shares Transferred
MarketableSecuritiesSharesTransferred
-21216 cad
CY2023Q3 fil Exploration And Evaluation Assets Total
ExplorationAndEvaluationAssetsTotal
19319 cad
CY2023 fil Exploration And Evaluation Assets Camp Travel And Meals
ExplorationAndEvaluationAssetsCampTravelAndMeals
34079 cad
CY2023 fil Exploration And Evaluation Assets Drilling
ExplorationAndEvaluationAssetsDrilling
20926 cad
CY2023 fil Exploration And Evaluation Assets Field Equipment Rental
ExplorationAndEvaluationAssetsFieldEquipmentRental
7009 cad
CY2023 fil Exploration And Evaluation Assets Field Supplies And Maps
ExplorationAndEvaluationAssetsFieldSuppliesAndMaps
443 cad
CY2023 fil Exploration And Evaluation Assets Geochemical
ExplorationAndEvaluationAssetsGeochemical
16650 cad
CY2023 fil Exploration And Evaluation Assets Geological Consulting
ExplorationAndEvaluationAssetsGeologicalConsulting
107354 cad
CY2023 fil Exploration And Evaluation Assets Licence And Permits
ExplorationAndEvaluationAssetsLicenceAndPermits
46139 cad
CY2023 fil Exploration And Evaluation Assets Management Fees1
ExplorationAndEvaluationAssetsManagementFees1
28581 cad
CY2023Q3 fil Exploration And Evaluation Assets Permitting
ExplorationAndEvaluationAssetsPermitting
77568 cad
CY2023Q3 fil Exploration And Evaluation Assets Reclamation
ExplorationAndEvaluationAssetsReclamation
717 cad
CY2023 fil Exploration And Evaluation Assets Reporting Drafting Sampling And Analysis1
ExplorationAndEvaluationAssetsReportingDraftingSamplingAndAnalysis1
304 cad
CY2023Q3 fil Exploration And Evalutation Assets Trenching
ExplorationAndEvalutationAssetsTrenching
270 cad
CY2023Q3 fil Exploration And Evaluation Assets Total Expenses
ExplorationAndEvaluationAssetsTotalExpenses
340040 cad
CY2023 fil Exploration And Evaluation Assets Option Payment Received
ExplorationAndEvaluationAssetsOptionPaymentReceived
-44897 cad
CY2023 fil Exploration And Evaluation Assets Proceeds Received In Excess Of Exploration And Evaluation Asset Costs Recognized As Income
ExplorationAndEvaluationAssetsProceedsReceivedInExcessOfExplorationAndEvaluationAssetCostsRecognizedAsIncome
133008 cad
CY2023 fil Exploration And Evaluation Assets Recovered Exploration Expenditures
ExplorationAndEvaluationAssetsRecoveredExplorationExpenditures
-240371 cad
CY2023Q3 fil Exploration And Evalutation Assets Writedown Of Properties
ExplorationAndEvalutationAssetsWritedownOfProperties
-338943 cad
CY2023 fil Exploration And Evaluation Assets Net Additions
ExplorationAndEvaluationAssetsNetAdditions
-131844 cad
CY2023 fil Exploration And Evaluation Assets Foreign Currency Translation
ExplorationAndEvaluationAssetsForeignCurrencyTranslation
-12026 cad
CY2023Q3 fil Exploration And Evaluation Assets
ExplorationAndEvaluationAssets
6881645 cad
CY2022Q3 fil Exploration And Evaluation Assets Claim Staking1
ExplorationAndEvaluationAssetsClaimStaking1
880 cad
CY2022 fil Exploration And Evaluation Assets Property Acquisition
ExplorationAndEvaluationAssetsPropertyAcquisition
91837 cad
CY2022Q3 fil Exploration And Evaluation Assets Total
ExplorationAndEvaluationAssetsTotal
92717 cad
CY2022 fil Exploration And Evaluation Assets Aircraft Charter
ExplorationAndEvaluationAssetsAircraftCharter
1066 cad
CY2022 fil Exploration And Evaluation Assets Camp Travel And Meals
ExplorationAndEvaluationAssetsCampTravelAndMeals
81708 cad
CY2022 fil Exploration And Evaluation Assets Drilling
ExplorationAndEvaluationAssetsDrilling
646501 cad
CY2022 fil Exploration And Evaluation Assets Field Equipment Rental
ExplorationAndEvaluationAssetsFieldEquipmentRental
39500 cad
CY2022 fil Exploration And Evaluation Assets Field Supplies And Maps
ExplorationAndEvaluationAssetsFieldSuppliesAndMaps
8352 cad
CY2022 fil Exploration And Evaluation Assets Geochemical
ExplorationAndEvaluationAssetsGeochemical
1942 cad
CY2022 fil Exploration And Evaluation Assets Geological Consulting
ExplorationAndEvaluationAssetsGeologicalConsulting
299958 cad
CY2022 fil Exploration And Evaluation Assets Legal And Accounting
ExplorationAndEvaluationAssetsLegalAndAccounting
11662 cad
CY2022 fil Exploration And Evaluation Assets Licence And Permits
ExplorationAndEvaluationAssetsLicenceAndPermits
59257 cad
CY2022 fil Exploration And Evaluation Assets Management Fees1
ExplorationAndEvaluationAssetsManagementFees1
19875 cad
CY2022Q3 fil Exploration And Evaluation Assets Permitting
ExplorationAndEvaluationAssetsPermitting
139119 cad
CY2022Q3 fil Exploration And Evaluation Assets Reclamation
ExplorationAndEvaluationAssetsReclamation
10525 cad
CY2022 fil Exploration And Evaluation Assets Reporting Drafting Sampling And Analysis1
ExplorationAndEvaluationAssetsReportingDraftingSamplingAndAnalysis1
37276 cad
CY2022Q3 fil Exploration And Evalutation Assets Trenching
ExplorationAndEvalutationAssetsTrenching
87008 cad
CY2022Q3 fil Exploration And Evaluation Assets Total Expenses
ExplorationAndEvaluationAssetsTotalExpenses
1443749 cad
CY2022 fil Exploration And Evaluation Assets Option Payment Received
ExplorationAndEvaluationAssetsOptionPaymentReceived
-412500 cad
CY2022 fil Exploration And Evaluation Assets Proceeds Received In Excess Of Exploration And Evaluation Asset Costs Recognized As Income
ExplorationAndEvaluationAssetsProceedsReceivedInExcessOfExplorationAndEvaluationAssetCostsRecognizedAsIncome
341966 cad
CY2022 fil Exploration And Evaluation Assets Recovered Exploration Expenditures
ExplorationAndEvaluationAssetsRecoveredExplorationExpenditures
-1157966 cad
CY2022Q3 fil Exploration And Evalutation Assets Writedown Of Properties
ExplorationAndEvalutationAssetsWritedownOfProperties
-1038046 cad
CY2022 fil Exploration And Evaluation Assets Net Additions
ExplorationAndEvaluationAssetsNetAdditions
-730080 cad
CY2022 fil Exploration And Evaluation Assets Foreign Currency Translation
ExplorationAndEvaluationAssetsForeignCurrencyTranslation
47216 cad
CY2022Q3 fil Exploration And Evaluation Assets
ExplorationAndEvaluationAssets
7025515 cad
CY2023Q3 fil Weighted Average Contractual Remaining Life Of Options In Years
WeightedAverageContractualRemainingLifeOfOptionsInYears
2.64 pure
CY2022Q3 fil Weighted Average Contractual Remaining Life Of Options In Years
WeightedAverageContractualRemainingLifeOfOptionsInYears
3.39 pure
CY2021Q3 fil Weighted Average Contractual Remaining Life Of Options In Years
WeightedAverageContractualRemainingLifeOfOptionsInYears
3.11 pure
CY2023 fil Weighted Average Fair Value Of Stock Options Granted
WeightedAverageFairValueOfStockOptionsGranted
0 cad
CY2022 fil Weighted Average Fair Value Of Stock Options Granted
WeightedAverageFairValueOfStockOptionsGranted
0.3 cad
CY2021 fil Weighted Average Fair Value Of Stock Options Granted
WeightedAverageFairValueOfStockOptionsGranted
0.5 cad
CY2021Q3 fil Fair Value Of Options Risk Free Interest Rate
FairValueOfOptionsRiskFreeInterestRate
0.0129 pure
CY2022 fil Fair Value Of Options Expected Life
FairValueOfOptionsExpectedLife
P5Y
CY2021 fil Fair Value Of Options Expected Life
FairValueOfOptionsExpectedLife
P5Y
CY2021Q3 fil Fair Value Of Options Expected Volatility
FairValueOfOptionsExpectedVolatility
1.0156 pure
CY2022Q3 fil Fair Value Of Options Expected Dividend Yield
FairValueOfOptionsExpectedDividendYield
0 pure
CY2021Q3 fil Fair Value Of Options Expected Dividend Yield
FairValueOfOptionsExpectedDividendYield
0 pure
CY2023Q3 fil Weighted Average Contractual Remaining Life Of Warrants In Years
WeightedAverageContractualRemainingLifeOfWarrantsInYears
1.62 pure
CY2022Q3 fil Weighted Average Contractual Remaining Life Of Warrants In Years
WeightedAverageContractualRemainingLifeOfWarrantsInYears
0.75 pure
CY2021Q3 fil Weighted Average Contractual Remaining Life Of Warrants In Years
WeightedAverageContractualRemainingLifeOfWarrantsInYears
1.15 pure
CY2023Q3 fil Weighted Average Contractual Remaining Life Of Finder S Warrants In Years
WeightedAverageContractualRemainingLifeOfFinderSWarrantsInYears
0 pure
CY2022Q3 fil Weighted Average Contractual Remaining Life Of Finder S Warrants In Years
WeightedAverageContractualRemainingLifeOfFinderSWarrantsInYears
0.25 pure
CY2021Q3 fil Weighted Average Contractual Remaining Life Of Finder S Warrants In Years
WeightedAverageContractualRemainingLifeOfFinderSWarrantsInYears
1.25 pure
CY2021 fil Fair Value Of Finder S Warrants Risk Free Interest Rate
FairValueOfFinderSWarrantsRiskFreeInterestRate
0.0109 pure
CY2021 fil Fair Value Of Finder S Warrants Expected Life
FairValueOfFinderSWarrantsExpectedLife
P2Y
CY2021 fil Fair Value Of Finder S Warrants Expected Volatility
FairValueOfFinderSWarrantsExpectedVolatility
1.2096 pure
CY2021 fil Fair Value Of Finder S Warrants Expected Dividend Yield
FairValueOfFinderSWarrantsExpectedDividendYield
0 pure
CY2023Q3 ifrs-full Other Shortterm Provisions
OtherShorttermProvisions
637105 cad
CY2022Q3 ifrs-full Other Shortterm Provisions
OtherShorttermProvisions
385574 cad
CY2023Q3 fil Exploration And Evaluation Asset Costs Included In Accounts Payable And Accrued Liabilities
ExplorationAndEvaluationAssetCostsIncludedInAccountsPayableAndAccruedLiabilities
20161 cad
CY2023Q3 fil Exploration And Evaluation Asset Costs Included In Due To Related Parties
ExplorationAndEvaluationAssetCostsIncludedInDueToRelatedParties
19447 cad
CY2023Q3 fil Marketable Securities Related To The Shares Received
MarketableSecuritiesRelatedToTheSharesReceived
12000 cad
CY2023 fil Proceeds From Sale Of Marketable Securities
ProceedsFromSaleOfMarketableSecurities
216232 cad
CY2022Q3 fil Exploration And Evaluation Asset Costs Included In Accounts Payable And Accrued Liabilities
ExplorationAndEvaluationAssetCostsIncludedInAccountsPayableAndAccruedLiabilities
401957 cad
CY2022Q3 fil Advance For Exploration And Evaluation Costs Included In Prepaid Expenses
AdvanceForExplorationAndEvaluationCostsIncludedInPrepaidExpenses
20398 cad
CY2022Q3 fil Share Issue Costs Included In Due To Related Parties
ShareIssueCostsIncludedInDueToRelatedParties
32750 cad
CY2022Q3 fil Marketable Securities Related To The Shares Received
MarketableSecuritiesRelatedToTheSharesReceived
267500 cad
CY2021Q3 fil Exploration And Evaluation Asset Costs Included In Accounts Payable And Accrued Liabilities
ExplorationAndEvaluationAssetCostsIncludedInAccountsPayableAndAccruedLiabilities
148335 cad
CY2021Q3 fil Share Issue Costs Included In Due To Related Parties
ShareIssueCostsIncludedInDueToRelatedParties
32750 cad
CY2021Q3 fil Share Issue Costs Related To The Issue Of Finder S Warrants Pursuant To The Private Placement Financing Completed
ShareIssueCostsRelatedToTheIssueOfFinderSWarrantsPursuantToThePrivatePlacementFinancingCompleted
153927 cad
CY2021 fil Share Capital Recorded
ShareCapitalRecorded
29500 cad
CY2021Q3 fil Share Capital Related To The Reclassification Of The Fair Values Of Finder S Warrants Exercised From Reserves
ShareCapitalRelatedToTheReclassificationOfTheFairValuesOfFinderSWarrantsExercisedFromReserves
1828 cad
CY2023Q3 us-gaap Assets Noncurrent
AssetsNoncurrent
6963060 cad
CY2022Q3 us-gaap Assets Noncurrent
AssetsNoncurrent
7161421 cad
CY2023 fil Loss Before Income Taxes
LossBeforeIncomeTaxes
-795040 cad
CY2022 fil Loss Before Income Taxes
LossBeforeIncomeTaxes
-2051990 cad
CY2023 fil Expected Income Tax Recovery
ExpectedIncomeTaxRecovery
-216000 cad
CY2022 fil Expected Income Tax Recovery
ExpectedIncomeTaxRecovery
-571000 cad
CY2023 fil Permanent Differences
PermanentDifferences
7000 cad
CY2022 fil Permanent Differences
PermanentDifferences
91000 cad
CY2023 fil Share Issue Costs
ShareIssueCosts
-35000 cad
CY2022 fil Share Issue Costs
ShareIssueCosts
-38000 cad
CY2023 fil Change In Unrecognized Deductible Temporary Differences
ChangeInUnrecognizedDeductibleTemporaryDifferences
244000 cad
CY2022 fil Change In Unrecognized Deductible Temporary Differences
ChangeInUnrecognizedDeductibleTemporaryDifferences
518000 cad
CY2023 fil Total Deferred Income Tax Recovery Expense
TotalDeferredIncomeTaxRecoveryExpense
0 cad
CY2022 fil Total Deferred Income Tax Recovery Expense
TotalDeferredIncomeTaxRecoveryExpense
0 cad
CY2023Q3 fil Obligation For Future Flowthrough Expenditures
ObligationForFutureFlowthroughExpenditures
0 cad
CY2022Q3 fil Obligation For Future Flowthrough Expenditures
ObligationForFutureFlowthroughExpenditures
50654 cad
CY2023 us-gaap Description Of Credit Risk Exposure
DescriptionOfCreditRiskExposure
The Company’s credit risk is primarily attributable to the liquidity of its cash. The Company limits exposure to credit risk by maintaining its cash with a large Canadian financial institution
CY2023 ifrs-full Description Of How Entity Manages Liquidity Risk That Arises From Contracts Within Scope Of Ifrs17
DescriptionOfHowEntityManagesLiquidityRiskThatArisesFromContractsWithinScopeOfIFRS17
The Company ensures there is sufficient capital in order to meet short-term business requirements, after taking into account cash flows from operations and the Company’s holdings of cash. The Company does not have sufficient cash to settle its current liabilities, and further funding will be required to meet the Company’s short-term and long-term operating needs. The Company manages liquidity risk through the management of its capital structure.
CY2023 us-gaap Concentration Risk Market Risk
ConcentrationRiskMarketRisk
As at September 30, 2023, the Company has no producing assets and holds the majority of its cash in secure, Canadian dollar-denominated deposits. Consequently, its exposure to these risks has been significantly reduced, but as the Company redeploys its cash, exposure to these risks may increase. The objective of the Company is to mitigate exposure to these risks while maximizing returns.
CY2023 us-gaap Description Of Interest Rate Risk Exposure
DescriptionOfInterestRateRiskExposure
As at September 30, 2023, the Company’s exposure to movements in interest rates was limited to potential decreases in interest income from changes to the variable portion of interest rates for its cash. Market interest rates in Canada are at historically low levels, so management does not consider the risk of interest rate declines to be significant, but should such risks increase, the Company may mitigate future exposure by entering into fixed-rate deposits. A 1% change in the interest rate, with other variables unchanged, would not significantly affect the Company.
CY2023 us-gaap Foreign Currency Risk Investment Description
ForeignCurrencyRiskInvestmentDescription
The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company may maintain cash and other financial instruments, or may incur revenues and expenditures in currencies other than the Canadian dollar. Significant changes in the currency exchange rates between the Canadian dollar relative to these foreign currencies, which may include but are not limited to US dollars and Peruvian nuevo sol, could have an effect on the Company’s results of operations, financial position or cash flows. The Company has not hedged its exposure to currency fluctuations.
CY2023 us-gaap Description Of Price Risk Exposure
DescriptionOfPriceRiskExposure
The ability of the Company to develop its mineral properties and the future profitability of the Company are directly related to the market price of minerals such as gold, zinc, lead and copper. The Company’s input costs are also affected by the price of fuel. The Company closely monitors mineral and fuel prices to determine the appropriate course of action to be taken by the Company.
CY2023Q3 ifrs-full Cash
Cash
135203 cad
CY2022Q3 ifrs-full Cash
Cash
403093 cad
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
234081 cad
CY2023 us-gaap Statutory Accounting Practices Risk Based Capital Requirements Compliance Assertion
StatutoryAccountingPracticesRiskBasedCapitalRequirementsComplianceAssertion
The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the development of its mineral properties and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk.
CY2023 us-gaap Product Liability Contingency Loss Exposure Not Accrued Best Estimate
ProductLiabilityContingencyLossExposureNotAccruedBestEstimate
173783 cad
CY2023 ifrs-full Disclosure Of Events After Reporting Period Explanatory
DisclosureOfEventsAfterReportingPeriodExplanatory
<p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"><kbd style="position:absolute;font:10pt Times New Roman;margin-left:-18pt"><b>16. </b></kbd><b>EVENT AFTER THE REPORTING PERIOD</b> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;margin-left:18pt;text-align:justify">The Company completed a non-brokered private placement in two tranches closing October 19, 2023 and December 28, 2023 by issuing 2,700,000 non-flow-through units (“Unit”) at a price of $0.20 per Unit for gross proceeds of $540,000 and 2,300,000 flow-through shares (“FT Share”) at a price of $0.20 per FT Share for gross proceeds of $460,000. Each Unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a 36-month period at a price of $0.30. In connection with the financing, the Company paid $24,640 in cash finder’s fees and issued 123,200 finder’s warrants, each of which is exercisable into one common share at a price of $0.20 for a period of 36 months.</p>

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