Cover
Cover - shares | 6 Months Ended | |
Mar. 31, 2024 | May 15, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | TIMBERLINE RESOURCES CORPORATION | |
Entity Central Index Key | 0001288750 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Mar. 31, 2024 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Entity Common Stock Shares Outstanding | 189,996,152 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-34055 | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 82-0291227 | |
Entity Address Address Line 1 | 9030 NORTH HESS ST., SUITE 161 | |
Entity Address Postal Zip Code | 83835 | |
Entity Address City Or Town | HAYDEN | |
Entity Address State Or Province | ID | |
City Area Code | 208 | |
Local Phone Number | 664-4859 | |
Security 12b Title | Common Stock, $0.001 par value | |
Trading Symbol | TLRS | |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2024 | Sep. 30, 2023 |
CURRENT ASSETS: | ||
Cash | $ 91,612 | $ 98,224 |
Prepaid expenses and other current assets | 137,294 | 8,130 |
TOTAL CURRENT ASSETS | 228,906 | 106,354 |
Property, mineral rights, and equipment, net | 14,191,178 | 14,155,178 |
OTHER ASSETS: | ||
Reclamation bonds | 528,643 | 528,643 |
Deposits and other assets | 1,200 | 5,700 |
TOTAL OTHER ASSETS | 529,843 | 534,343 |
TOTAL ASSETS | 14,949,927 | 14,795,875 |
CURRENT LIABILITIES: | ||
Accounts payable | 68,107 | 83,867 |
Accrued expenses | 12,970 | 6,245 |
Accrued payroll, benefits and taxes | 206,827 | 123,943 |
TOTAL CURRENT LIABILITIES | 287,904 | 214,055 |
LONG-TERM LIABILITIES: | ||
Asset retirement obligation | 147,640 | 144,040 |
TOTAL LONG-TERM LIABILITIES | 147,640 | 144,040 |
TOTAL LIABILITIES | 435,544 | 358,095 |
COMMITMENTS AND CONTINGENCIES (Note 7) | 0 | 0 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $ 0.01 par value; 10,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $ 0.001 par value; 500,000,000 shares authorized, 189,996,152 and 174,246,152 shares issued and outstanding, respectively | 189,996 | 174,246 |
Additional paid-in capital | 91,362,351 | 90,744,432 |
Accumulated deficit | (77,037,964) | (76,480,898) |
TOTAL STOCKHOLDERS' EQUITY | 14,514,383 | 14,437,780 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 14,949,927 | $ 14,795,875 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Sep. 30, 2023 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 189,996,152 | 174,246,152 |
Common Stock, Shares, Outstanding | 189,996,152 | 174,246,152 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING EXPENSES: | ||||
Mineral exploration | $ 57,212 | $ 96,422 | $ 116,459 | $ 619,065 |
Salaries and benefits | 75,928 | 78,312 | 153,618 | 190,476 |
Professional fees | 37,572 | 50,651 | 97,033 | 113,511 |
Insurance expense | 41,252 | 40,389 | 55,219 | 84,918 |
Other general and administrative | 115,017 | 104,779 | 136,530 | 232,679 |
TOTAL OPERATING EXPENSES | 326,981 | 370,553 | 558,859 | 1,240,649 |
LOSS FROM OPERATIONS | (326,981) | (370,553) | (558,859) | (1,240,649) |
OTHER INCOME (EXPENSE): | ||||
Foreign exchange gain (loss) | 4,328 | 2,880 | 4,172 | 6,282 |
Interest expense - related party | 0 | (15,499) | 0 | (30,651) |
Interest expense | (2,135) | (1,481) | (2,406) | (1,481) |
Other income | 9 | 154 | 27 | 457 |
TOTAL OTHER INCOME (EXPENSE) | 2,202 | (13,946) | 1,793 | (25,393) |
LOSS BEFORE INCOME TAXES | (324,779) | (384,499) | (557,066) | (1,266,042) |
INCOME TAX PROVISION (BENEFIT) | 0 | 0 | 0 | 0 |
NET LOSS | $ (324,779) | $ (384,499) | $ (557,066) | $ (1,266,042) |
NET LOSS PER SHARE BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 189,996,152 | 159,676,152 | 182,250,250 | 159,676,152 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Sep. 30, 2022 | 159,676,152 | |||
Balance, amount at Sep. 30, 2022 | $ 15,814,762 | $ 159,676 | $ 89,955,640 | $ (74,300,554) |
Stock based compensation | 51,708 | 0 | 51,708 | 0 |
Net loss | (881,543) | $ 0 | 0 | (881,543) |
Balance, shares at Dec. 31, 2022 | 159,676,152 | |||
Balance, amount at Dec. 31, 2022 | 14,984,927 | $ 159,676 | 90,007,348 | (75,182,097) |
Stock based compensation | 11,087 | 0 | 11,087 | 0 |
Net loss | (384,499) | $ 0 | 0 | (384,499) |
Balance, shares at Mar. 31, 2023 | 159,676,152 | |||
Balance, amount at Mar. 31, 2023 | 14,611,515 | $ 159,676 | 90,018,435 | (75,566,596) |
Balance, shares at Sep. 30, 2023 | 174,246,152 | |||
Balance, amount at Sep. 30, 2023 | 14,437,780 | $ 174,246 | 90,744,432 | (76,480,898) |
Stock based compensation | 3,669 | 0 | 3,669 | 0 |
Net loss | (232,287) | $ 0 | 0 | (232,287) |
Common stock and warrants issued for cash, shares | 15,750,000 | |||
Common stock and warrants issued for cash, amount | 630,000 | $ 15,750 | 614,250 | 0 |
Balance, shares at Dec. 31, 2023 | 189,996,152 | |||
Balance, amount at Dec. 31, 2023 | 14,839,162 | $ 189,996 | 91,362,351 | (76,713,185) |
Net loss | (324,779) | $ 0 | 0 | (324,779) |
Balance, shares at Mar. 31, 2024 | 189,996,152 | |||
Balance, amount at Mar. 31, 2024 | $ 14,514,383 | $ 189,996 | $ 91,362,351 | $ (77,037,964) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (557,066) | $ (1,266,042) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Stock-based compensation | 3,669 | 62,795 |
Accretion of asset retirement obligation | 3,600 | 3,430 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | (129,164) | (47,304) |
Deposits and other assets | 4,500 | 0 |
Accounts payable | (15,760) | (620,010) |
Accrued expenses | 6,725 | (13,040) |
Accrued interest - related party | 0 | 30,651 |
Accrued payroll, benefits and taxes | 82,884 | (3,663) |
Net cash used by operating activities | (600,612) | (1,853,183) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments for mineral rights | (36,000) | (36,000) |
Purchase of mineral rights | 0 | (78,170) |
Net cash used by investing activities | (36,000) | (114,170) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of common stock and warrants | 630,000 | 0 |
Net cash provided by financing activities | 630,000 | 0 |
Net decrease in cash and cash equivalents | (6,612) | (1,967,353) |
CASH AT BEGINNING OF PERIOD | 98,224 | 2,438,587 |
CASH AT END OF PERIOD | $ 91,612 | $ 471,234 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Mar. 31, 2024 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS: Timberline Resources Corporation (“Timberline” or the “Company”) was incorporated in August of 1968 under the laws of the State of Idaho as Silver Crystal Mines, Inc., for the purpose of exploring for precious metal deposits and advancing them to production. In 2008, the Company reincorporated into the State of Delaware, pursuant to a merger agreement approved by its shareholders. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: a. Basis of Presentation and Going Concern For further information refer to the consolidated financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023. The accompanying condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception. The Company does not have sufficient cash to fund normal operations and meet all of its obligations for the next 12 months without raising additional funds. In connection with the Merger described in Note 8 - Subsequent Events b. New Accounting Pronouncements – In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures . Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. c. Principles of Consolidation d. Net Income (Loss) per Share The dilutive effect of outstanding securities as of March 31, 2024 and 2023 is as follows: March 31, 2024 March 31, 2023 Stock options 5,935,000 6,335,000 Warrants 26,785,000 50,534,031 Total potential dilution 32,720,000 56,869,031 At March 31, 2024 and 2023, the effect of the Company’s common stock equivalents would have been anti-dilutive. |
PROPERTY MINERAL RIGHTS AND EQU
PROPERTY MINERAL RIGHTS AND EQUIPMENT | 6 Months Ended |
Mar. 31, 2024 | |
PROPERTY MINERAL RIGHTS AND EQUIPMENT | |
PROPERTY, MINERAL RIGHTS, AND EQUIPMENT | NOTE 3 – PROPERTY, MINERAL RIGHTS, AND EQUIPMENT: The following is a summary of property, mineral rights, and equipment and accumulated depreciation at March 31, 2024 and September 30, 2023, respectively: Expected Useful Lives (years) March 31, 2024 September 30, 2023 Mineral rights – Eureka - $ 13,765,838 $ 13,729,838 Mineral rights – Seven Troughs, New York Canyon and other - 248,227 248,227 ARO Asset 125,636 125,636 Total mineral rights 14,139,701 14,103,701 Equipment and vehicles 2-5 53,678 53,678 Office equipment and furniture 3-7 70,150 70,150 Land - 51,477 51,477 Total property and equipment 175,305 175,305 Less accumulated depreciation (123,828 ) (123,828 ) Property, mineral rights, and equipment, net $ 14,191,178 $ 14,155,178 Mineral rights at Eureka increased by $18,000 and $36,000 for advanced royalty payments to Rocky Mountain Mining Company for Lookout Mountain during the three and six-month periods ended March 31, 2024 and 2023, respectively. Depreciation expense for the three and six months ended March 31, 2024 and 2023, was $0 for each period. |
SENIOR UNSECURED NOTE PAYABLE R
SENIOR UNSECURED NOTE PAYABLE RELATED PARTY | 6 Months Ended |
Mar. 31, 2024 | |
SENIOR UNSECURED NOTE PAYABLE RELATED PARTY | |
RELATED PARTY PAYABLE | NOTE 4 – RELATED PARTY PAYABLE: The Company has accrued amounts to the Company’s Chief Executive Officer and Vice President of Exploration for amounts earned but not yet paid. Beginning in July 2023 and through March 31, 2024, the salaries have not been paid in full and at March 31, 2024, $174,904 is included in accrued payroll, benefits, and taxes on the condensed consolidated balance sheet, compared to $108,654 at September 30, 2023. |
COMMON STOCK, WARRANTS AND PREF
COMMON STOCK, WARRANTS AND PREFERRED STOCK | 6 Months Ended |
Mar. 31, 2024 | |
COMMON STOCK, WARRANTS AND PREFERRED STOCK | |
COMMON STOCK, WARRANTS AND PREFERRED STOCK | NOTE 5 – COMMON STOCK, WARRANTS AND PREFERRED STOCK: On December 28, 2023, the Company closed a non-brokered private placement to accredited investors at a price of $0.04 per unit. Units consist of one share of common stock and one series P warrant share. The Company issued 15,750,000 common shares and a like number of warrants for cash proceeds of $630,000. The warrants have a term of four years and are exercisable at $0.06 per common share. During the six months ended March 31, 2024, 1,016,022 series N warrants expired. During the six months ended March 31, 2023, 2,880,867 series C warrants and 4,000,000 series K warrants expired. At March 31, 2024, the Company has a total of 26,785,000 warrants outstanding with a weighted average exercise price of $0.07 and a weighted average remaining contractual term of 2.94 years. |
STOCK-BASED AWARDS
STOCK-BASED AWARDS | 6 Months Ended |
Mar. 31, 2024 | |
STOCK-BASED AWARDS | |
STOCK-BASED AWARDS | NOTE 6 – STOCK-BASED AWARDS: On October 8, 2020, the Company granted a total of 1,100,000 options to purchase shares of the Company’s common stock that expire in five years with an exercise price of $0.25 in conjunction with the appointment of officers and a director. These granted options had a total fair value of $259,985. These options vested immediately, with the exception of 750,000 options that vest at 25% upon grant with the remaining 75% vesting over a three-year period. At March 31, 2024, all options have fully vested. During the three and six months ended March 31, 2024, respectively, $0 and $3,669 was expensed to share-based compensation, compared to $11,087 and $62,795 for the three and six months ended March 31, 2023, respectively. The following is a summary of options issued and outstanding: Options Weighted Average Exercise Price Outstanding at September 30, 2022 8,335,000 0.18 Granted - - Expired (2,300,000 ) (0.18 ) Outstanding at September 30, 2023 6,035,000 $ 0.17 Granted - - Expired (100,000 ) (0.10 ) Outstanding at March 31, 2024 5,935,000 0.18 Outstanding and exercisable at March 31, 2024 5,935,000 $ 0.18 Weighted average remaining contractual term (years) 1.35 The aggregate of options exercisable as of March 31, 2024 had no intrinsic value, based on the closing price of $0.04 per share of the Company’s common stock on March 31, 2024. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Mar. 31, 2024 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 – COMMITMENTS AND CONTINGENCIES : The Company has the following commitments and contingencies: Mineral Exploration A portion of the Company’s mining claims on the Company’s properties are subject to lease and option agreements including advance minimum royalty payments, with various terms, obligations, and royalties payable in certain circumstances. The Company pays federal and county claim maintenance fees on unpatented claims that are included in the Company’s mineral exploration properties. Should the Company continue to explore all of the Company’s mineral properties, it estimates annual fees to total $236,277 per year in the future. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2024 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS: On April 16, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with McEwen Mining Inc., a Colorado corporation (“McEwen”), and Lookout Merger Sub, Inc., a Delaware corporation and direct subsidiary of McEwen (“Merger Sub”). The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, Merger Sub will merge with and into the Company, with the Company surviving and continuing as the surviving corporation as a direct, wholly owned subsidiary of McEwen (such transaction, the “Merger”). At the effective date of the Merger, each outstanding share of common stock of the Company will be converted into the right to receive 0.01 of a share of common stock of McEwen. The Company will call a special meeting of its stockholders to consider and approve the Merger. If approved by the Company’s stockholders, the Merger is expected to be consummated in the third calendar quarter of 2024. Bridge Financing In connection with the Merger Agreement, on April 16, 2024, the Company and McEwen entered into a Note whereby McEwen will provide the Company with loans totaling approximately $500,000, as the Company may request from time to time (each, a “ Loan Principal Amount Maturity Date provided however provided further however |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation and Going Concern | a. Basis of Presentation and Going Concern For further information refer to the consolidated financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023. The accompanying condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception. The Company does not have sufficient cash to fund normal operations and meet all of its obligations for the next 12 months without raising additional funds. In connection with the Merger described in Note 8 - Subsequent Events |
New Accounting Pronouncements | b. New Accounting Pronouncements – In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures . Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
Principles of Consolidation | c. Principles of Consolidation |
Net Income (Loss) per Share | d. Net Income (Loss) per Share The dilutive effect of outstanding securities as of March 31, 2024 and 2023 is as follows: March 31, 2024 March 31, 2023 Stock options 5,935,000 6,335,000 Warrants 26,785,000 50,534,031 Total potential dilution 32,720,000 56,869,031 At March 31, 2024 and 2023, the effect of the Company’s common stock equivalents would have been anti-dilutive. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule Of Dilutive Effect Of Outstanding Securities | March 31, 2024 March 31, 2023 Stock options 5,935,000 6,335,000 Warrants 26,785,000 50,534,031 Total potential dilution 32,720,000 56,869,031 |
PROPERTY MINERAL RIGHTS AND E_2
PROPERTY MINERAL RIGHTS AND EQUIPMENT (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
PROPERTY MINERAL RIGHTS AND EQUIPMENT | |
Schedule Of Property, Mineral Rights, And Equipment | Expected Useful Lives (years) March 31, 2024 September 30, 2023 Mineral rights – Eureka - $ 13,765,838 $ 13,729,838 Mineral rights – Seven Troughs, New York Canyon and other - 248,227 248,227 ARO Asset 125,636 125,636 Total mineral rights 14,139,701 14,103,701 Equipment and vehicles 2-5 53,678 53,678 Office equipment and furniture 3-7 70,150 70,150 Land - 51,477 51,477 Total property and equipment 175,305 175,305 Less accumulated depreciation (123,828 ) (123,828 ) Property, mineral rights, and equipment, net $ 14,191,178 $ 14,155,178 |
STOCK-BASED AWARDS (Tables)
STOCK-BASED AWARDS (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
STOCK-BASED AWARDS | |
Summary Of Options Activity | Options Weighted Average Exercise Price Outstanding at September 30, 2022 8,335,000 0.18 Granted - - Expired (2,300,000 ) (0.18 ) Outstanding at September 30, 2023 6,035,000 $ 0.17 Granted - - Expired (100,000 ) (0.10 ) Outstanding at March 31, 2024 5,935,000 0.18 Outstanding and exercisable at March 31, 2024 5,935,000 $ 0.18 Weighted average remaining contractual term (years) 1.35 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | 6 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Stock options | 5,935,000 | 6,335,000 |
Warrants | 26,785,000 | 50,534,031 |
Total potential dilution | 32,720,000 | 56,869,031 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 6 Months Ended |
Mar. 31, 2024 USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Loans | $ 500,000 |
PROPERTY MINERAL RIGHTS AND E_3
PROPERTY MINERAL RIGHTS AND EQUIPMENT (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2024 | Sep. 30, 2023 | |
Property, Plant And Equipment, Gross | $ 175,305 | $ 175,305 |
Less Accumulated Depreciation | (123,828) | (123,828) |
Property, Mineral Rights, And Equipment, Net | 14,191,178 | 14,155,178 |
Mineral Rights | 14,139,701 | 14,103,701 |
Equipment and vehicles | ||
Property, Plant And Equipment, Gross | $ 53,678 | 53,678 |
Equipment and vehicles | Minimum | ||
Expected Useful Lives (years) | 2 years | |
Equipment and vehicles | Maximum | ||
Expected Useful Lives (years) | 5 years | |
Office equipment and furniture | ||
Property, Plant And Equipment, Gross | $ 70,150 | 70,150 |
Office equipment and furniture | Minimum | ||
Expected Useful Lives (years) | 3 years | |
Office equipment and furniture | Maximum | ||
Expected Useful Lives (years) | 7 years | |
Land | ||
Property, Plant And Equipment, Gross | $ 51,477 | 51,477 |
Mineral rights - Eureka | ||
Mineral Rights | 13,765,838 | 13,729,838 |
Mineral rights - Other | ||
Mineral Rights | 248,227 | 248,227 |
ARO Asset [Member] | ||
Mineral Rights | $ 125,636 | $ 125,636 |
PROPERTY MINERAL RIGHTS AND E_4
PROPERTY MINERAL RIGHTS AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Depreciation expense | $ 0 | $ 0 | $ 0 | $ 0 |
Mineral rights - Eureka | ||||
Mineral rights increased | $ 18,000 | $ 18,000 | $ 36,000 | $ 36,000 |
RELATED PARTY PAYABLE (Details
RELATED PARTY PAYABLE (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Sep. 30, 2023 | |
Chief Executive Officer and Vice President | ||
Accrued payroll, benefits, and taxes on the condensed consolidated balance sheet | $ 174,904 | $ 108,654 |
COMMON STOCK WARRANTS AND PREFE
COMMON STOCK WARRANTS AND PREFERRED STOCK (Details Narrative) - USD ($) | 6 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Warrants Outstanding | $ 26,785,000 | |
Weighted Average Exercise Price | $ 0.07 | |
Warrants term | 2 years 11 months 8 days | |
Series N Warrants [Member] | ||
Warrants expired | 1,016,022 | |
Series C Warrants [Member] | ||
Warrants expired | 2,880,867 | |
Series K Warrants [Member] | ||
Warrants expired | 4,000,000 | |
Non Brokered Private Placement [Member] | ||
Common share issue price per share | $ 0.04 | |
Issue of common share | 15,750,000 | |
Issued of common share value | $ 630,000 | |
Exercisable price | $ 0.06 | |
Warrants term | four years |
STOCKBASED AWARDS (Details)
STOCKBASED AWARDS (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Sep. 30, 2023 | |
STOCK-BASED AWARDS | ||
Outstanding, Beggining Balance | 6,035,000 | 8,335,000 |
Expired | (100,000) | (2,300,000) |
Outstanding, Ending Balance | 5,935,000 | 6,035,000 |
Outstanding exercisable | 5,935,000 | |
Weighted Average Exercise Price, Outstanding, Beggining Balance | $ 0.17 | $ 0.18 |
Weighted Average Exercise Price, Granted | 0 | 0 |
Weighted Average Exercise Price, Expired | (0.10) | (0.18) |
Weighted Average Exercise Price, Outstanding, Ending Balance | 0.18 | $ 0.17 |
Weighted average exercise price exercisable | $ 0.18 | |
Weighted Average Remaining Contractual Term (years) | 1 year 4 months 6 days |
STOCKBASED AWARDS (Details Narr
STOCKBASED AWARDS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | |
Aggregate Of Options Exercisable As Intrinsic Value Closing Price | $ 0.04 | |||||||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.18 | $ 0.18 | ||
Black Scholes Option Pricing Model | ||||||||
Stock options, vested in period, fair value | $ 0 | $ 11,087 | $ 3,669 | $ 62,795 | ||||
Stock-based Award 1 [Member] | ||||||||
Sale Of Stock, Transaction Date | Oct. 08, 2020 | |||||||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Grants In Period, Net Of Forfeitures | 1,100,000 | |||||||
Share-based Compensation Arrangement By Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.25 | $ 0.25 | ||||||
Granted Options Total Fair Value | 259,985 | |||||||
Exception Vesting Of fOptions | These options vested immediately, with the exception of 750,000 options that vest at 25% upon grant with the remaining 75% vesting over a three-year period |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 6 Months Ended |
Mar. 31, 2024 USD ($) | |
COMMITMENTS AND CONTINGENCIES | |
Mineral Properties Annual Fees | $ 236,277 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended |
Apr. 16, 2024 | Mar. 31, 2024 | |
Loans | $ 500,000 | |
Subsequent Event [Member] | ||
Loans | $ 500,000 | |
Description of monthly budget | The Note bears interest at a per annum rate of 15%, accruing monthly, and matures on October 15, 2024 |