Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 14, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-51808 | |
Entity Registrant Name | ATHENA GOLD CORPORATION | |
Entity Central Index Key | 0001304409 | |
Entity Tax Identification Number | 90-0775276 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2010A Harbison Drive #312 | |
Entity Address, City or Town | Vacaville | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95687 | |
City Area Code | 707 | |
Local Phone Number | 291-6198 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 173,723,633 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash | $ 15,353 | $ 2,808 |
Prepaid expenses | 26,000 | 45,647 |
Investment in securities | 438,577 | 0 |
Total current assets | 479,930 | 48,455 |
Other assets | ||
Investment in securities | 0 | 496,400 |
Mineral rights | 6,241,114 | 6,196,114 |
Total other assets | 6,241,114 | 6,692,514 |
Total assets | 6,721,044 | 6,740,969 |
Current liabilities | ||
Accounts payable | 167,789 | 144,695 |
Accounts payable - related party | 119,198 | 100,500 |
Advanced deposits | 0 | 46,000 |
Warrant liability | 279,589 | 29,151 |
Total current liabilities | 566,576 | 320,346 |
Long term liabilities | ||
Note payable and accrued interest - related party | 100,378 | 0 |
Warrant liability | 112,859 | 102,811 |
Total long term liabilities | 213,237 | 102,811 |
Total liabilities | 779,813 | 423,157 |
Stockholders' equity | ||
Preferred stock, $.0001 par value, 5,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock - $0.0001 par value; 250,000,000 shares authorized, 173,723,633 and 167,138,069 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 17,373 | 16,714 |
Additional paid in capital | 17,530,862 | 17,391,148 |
Accumulated deficit | (11,607,004) | (11,090,050) |
Total stockholders' equity | 5,941,231 | 6,317,812 |
Total liabilities and stockholders' equity | $ 6,721,044 | $ 6,740,969 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 173,723,633 | 167,138,069 |
Common stock, shares outstanding | 173,723,633 | 167,138,069 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating expenses | ||||
Exploration, evaluation and project expenses | $ 21,986 | $ 187,429 | $ 62,400 | $ 204,197 |
General and administrative expenses | 75,813 | 120,993 | 204,640 | 261,457 |
Total operating expenses | 97,799 | 308,422 | 267,040 | 465,654 |
Net operating loss | (97,799) | (308,422) | (267,040) | (465,654) |
Interest expense | (378) | 0 | (378) | 0 |
Unrealized loss on investment | (4,344) | 0 | (57,824) | 0 |
Revaluation of warrant liability | (73,670) | 30,667 | (191,712) | 427,360 |
Net loss | $ (176,191) | $ (277,755) | $ (516,954) | $ (38,294) |
Weighted average common shares outstanding - basic | 172,406,300 | 146,926,565 | 173,051,106 | 141,538,914 |
Weighted average common shares outstanding - diluted | 172,406,300 | 146,926,565 | 173,051,106 | 141,538,914 |
Income per common share - basic | $ 0 | $ 0 | $ 0 | $ 0 |
Income per common share - diluted | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2022 | $ 13,609 | $ 16,652,603 | $ (11,702,798) | $ 4,963,414 |
Beginning balance, shares at Dec. 31, 2022 | 136,091,400 | |||
Stock based compensation | $ 0 | 22,000 | 0 | 22,000 |
Net income | 0 | 0 | 239,461 | 239,461 |
Ending balance, value at Mar. 31, 2023 | $ 13,609 | 16,674,603 | (11,463,337) | 5,224,875 |
Ending balance, shares at Mar. 31, 2023 | 136,091,400 | |||
Beginning balance, value at Dec. 31, 2022 | $ 13,609 | 16,652,603 | (11,702,798) | 4,963,414 |
Beginning balance, shares at Dec. 31, 2022 | 136,091,400 | |||
Net income | (38,294) | |||
Ending balance, value at Jun. 30, 2023 | $ 15,059 | 16,818,904 | (11,741,092) | 5,092,871 |
Ending balance, shares at Jun. 30, 2023 | 150,591,400 | |||
Beginning balance, value at Mar. 31, 2023 | $ 13,609 | 16,674,603 | (11,463,337) | 5,224,875 |
Beginning balance, shares at Mar. 31, 2023 | 136,091,400 | |||
Private placement, net | $ 1,450 | 742,710 | 0 | 744,160 |
Private placement, net, shares | 14,500,000 | |||
Warrant liability | $ 0 | (600,067) | 0 | (600,067) |
Stock based compensation | 0 | 1,658 | 0 | 1,658 |
Net income | 0 | 0 | (277,755) | (277,755) |
Ending balance, value at Jun. 30, 2023 | $ 15,059 | 16,818,904 | (11,741,092) | 5,092,871 |
Ending balance, shares at Jun. 30, 2023 | 150,591,400 | |||
Beginning balance, value at Dec. 31, 2023 | $ 16,714 | 17,391,148 | (11,090,050) | 6,317,812 |
Beginning balance, shares at Dec. 31, 2023 | 167,138,069 | |||
Private placement, net | $ 500 | 147,841 | 0 | 148,341 |
Private placement, net, shares | 5,000,000 | |||
Warrant liability | $ 0 | (68,774) | 0 | (68,774) |
Stock based compensation | 0 | 555 | 0 | 555 |
Stock issued to pay off debt | $ 69 | 25,265 | 0 | 25,334 |
Stock issued to pay off debt, shares | 685,564 | |||
Net income | $ 0 | 0 | (340,763) | (340,763) |
Ending balance, value at Mar. 31, 2024 | $ 17,283 | 17,496,035 | (11,430,813) | 6,082,505 |
Ending balance, shares at Mar. 31, 2024 | 172,823,633 | |||
Beginning balance, value at Dec. 31, 2023 | $ 16,714 | 17,391,148 | (11,090,050) | 6,317,812 |
Beginning balance, shares at Dec. 31, 2023 | 167,138,069 | |||
Net income | (516,954) | |||
Ending balance, value at Jun. 30, 2024 | $ 17,373 | 17,530,862 | (11,607,004) | 5,941,231 |
Ending balance, shares at Jun. 30, 2024 | 173,723,633 | |||
Beginning balance, value at Mar. 31, 2024 | $ 17,283 | 17,496,035 | (11,430,813) | 6,082,505 |
Beginning balance, shares at Mar. 31, 2024 | 172,823,633 | |||
Stock based compensation | $ 60 | 23,940 | 0 | 24,000 |
Stock based compensation, shares | 600,000 | |||
Stock issued to pay off debt | $ 30 | 10,887 | 0 | 10,917 |
Stock issued to pay off debt, shares | 300,000 | |||
Net income | $ 0 | 0 | (176,191) | (176,191) |
Ending balance, value at Jun. 30, 2024 | $ 17,373 | $ 17,530,862 | $ (11,607,004) | $ 5,941,231 |
Ending balance, shares at Jun. 30, 2024 | 173,723,633 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net income (loss) | $ (516,954) | $ (38,294) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Revaluation of warrant liability | 191,712 | (427,360) |
Unrealized gain on investments | 57,824 | 0 |
Share based compensation | 24,555 | 23,658 |
Change in operating assets and liabilities: | ||
Prepaid expense | 19,647 | (43,800) |
Accounts payable | 24,344 | 69,632 |
Accounts payable - related party | 8,698 | 28,037 |
Net cash used in operating activities | (190,174) | (388,127) |
Cash flows from financing activities | ||
Loan from related parties | 100,378 | 25,000 |
Deposits for future private placement | (46,000) | 0 |
Payments on notes payable | 0 | (54,140) |
Proceeds from private placement of stock, net | 148,341 | 719,160 |
Net cash provided by financing activities | 202,719 | 690,020 |
Net decrease in cash | 12,545 | 301,893 |
Cash, beginning of period | 2,808 | 15,075 |
Cash, end of period | 15,353 | 316,968 |
Noncash investing and financing activities | ||
Interest and taxes paid | 0 | 0 |
Stock issued to pay off debt | 36,251 | 25,000 |
Warrant liability recognition | 68,774 | 600,067 |
Mineral property additions in accounts payable | $ 45,000 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure [Table] | ||||||
Net Income (Loss) | $ (176,191) | $ (340,763) | $ (277,755) | $ 239,461 | $ (516,954) | $ (38,294) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Note 1 – Nature of Business and Summary of Significant Accounting Policies Nature of Operations Athena Gold Corporation (“we,” “our,” “us,” or “Athena”) is engaged in the acquisition and exploration of mineral resources. We were incorporated in Delaware on December 23, 2003, and began our mining operations in 2010. The Company’s properties do not have any reserves. The Company plans to conduct exploration programs on these properties with the objective of ascertaining whether any of its properties contain economic concentrations of precious and base metals that are prospective for mining. Basis of Presentation and Statement of Compliance The accompanying consolidated financial statements (the “consolidated financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Basis of Measurement These consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein. Principles of Consolidation The consolidated financial statements include the accounts of Athena Gold Corp. and its wholly owned subsidiary, Nubian Resources USA (“Nubian USA”). All significant inter-entity balances and transactions have been eliminated in consolidation. Subsidiaries are entities the Company controls when it is exposed, or has rights, to variable returns from its involvement in the entity and can affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are included in the consolidated financial results of the Company from the date of acquisition up to the date of disposition or loss of control. Going Concern and Management’s Plans As at June 30, 2024, the Company has a working capital deficiency of approximately $ 85,000 . The ability of the Company to meet its obligations and continue operations is dependent on its ability to obtain additional debt or equity financing. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. Cash, Cash Equivalents and Concentration The Company considers all highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The Company places its cash with high credit quality financial institutions in the United States and Canada. On June 30, 2024, the Company’s cash balance was approximately $ 15,000 Critical Judgments and Estimation Uncertainties The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, and expenses. These estimates and judgments are subject to change based on experience and new information which could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities affecting future periods. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. Share-based compensation Impairment of mineral properties Warrant liability Foreign Currency Translation The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. The Company has not entered any contracts to manage foreign exchange risk. These consolidated financial statements are presented in U.S. dollars (“USD”), which is the Company’s reporting currency. The functional currency of the Company and its subsidiaries is the US dollar; therefore, the Company is exposed to currency risk from financial assets and liabilities denominated in Canadian dollars. The Company does not consider the currency risk to be material to the future operations of the Company and, as such, does not have a program to manage currency risk. Transactions in foreign currencies are recorded in the functional currency at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the period end exchange rates. Non-monetary items are translated at the exchange rates in effect on the date of the transactions. Foreign exchange gains and losses arising from translation are presented in the consolidated statements of loss and comprehensive loss. Mineral Property Acquisition and Exploration Costs Mineral property exploration costs are expensed as incurred until economic reserves are quantified. To date, the Company has not established any proven or probable reserves on its mineral properties. Costs of lease, exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company has chosen to expense all mineral exploration costs as incurred given that it is still in the exploration stage. Once the Company has identified proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs will be amortized over the estimated life of the probable-proven reserves. When the Company has capitalized mineral properties, these properties will be periodically assessed for impairment of value and any diminution in value. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. Costs of mineral property acquisitions are being capitalized. Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: Level 1 - Valuation based on quoted market prices in active markets for identical assets and liabilities. Level 2 - Valuation based on quoted market prices for similar assets and liabilities in active markets. Level 3 - Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. The fair value of cash, prepaid expenses, accounts payable, advanced deposits, and note payable approximate their carrying values due to their short term to maturity. The investment in securities is recorded at the fair value through profit and loss using Level 1 inputs. The warrant liabilities are measured at fair value through profit and loss using level 3 inputs (Note 3). Income Taxes Income taxes are accounted for under the asset and liability method in accordance with ASC 740, “Income Taxes”. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases as well as operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance to the extent that the recoverability of the asset is unlikely to be recognized. The Company reports a liability, if any, for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in an income tax return. The Company has elected to classify interest and penalties related to unrecognized income tax benefits, if and when required, as part of income tax expense in the statement of operations. No Long Lived Assets The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more indicators of impairment and the carrying value of the asset cannot be recovered from projected undiscounted cash flows, the Company records an impairment charge. The Company measures any impairment based on a projected discounted cash flow method using a discount rate determined by management to be commensurate with the risk inherent in the current business model. Significant management judgment is required in determining whether an indicator of impairment exists and in projecting cash flows. Stock-Based Compensation Stock-based compensation (“SBC”) is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). This ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. The estimated fair value of each stock option as of the date of grant was calculated using the Black-Scholes pricing model. The Company estimates the volatility of its common stock at the date of grant based on Company stock price history. The Company determines the expected life based on the simplified method given that its own historical share option exercise experience does not provide a reasonable basis for estimating expected term. The Company uses the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately equal to the expected life of the award. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. The shares of common stock subject to the stock-based compensation plan shall consist of unissued shares, treasury shares or previously issued shares held by any subsidiary of the Company, and such number of shares of common stock are reserved for such purpose. Derivative Financial Instruments The Company accounts for derivative instruments in accordance with Financial Accounting Standards Board (“FASB”) ASC 815, Derivatives and Hedging (“ASC 815”), which requires additional disclosures about the Company’s objectives and strategies for using derivative instruments, how the derivative instruments and related hedged items are accounted for, and how the derivative instruments and related hedging items affect the financial statements. The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risk. Terms of convertible debt and equity instruments are reviewed to determine whether or not they contain embedded derivative instruments that are required under ASC 815 to be accounted for separately from the host contract and recorded on the balance sheet at fair value. The fair value of derivative liabilities, if any, is required to be revalued at each reporting date, with corresponding changes in fair value recorded in current period operating results. Pursuant to ASC 815, an evaluation of specifically identified conditions is made to determine whether the fair value of warrants issued is required to be classified as equity or as a derivative liability. Certain warrants are treated as derivative financial liabilities. The estimated fair value, based on the Black-Scholes model, is adjusted on a quarterly basis with gains or losses recognized in the statement of loss and comprehensive loss. The Black-Scholes model is based on significant assumptions such as volatility, dividend yield, expected term and liquidity discounts. Investment in securities We have concluded that the Company does not have the ability to exercise significant influence over operating and financial policies of its investee. The Company has elected to measure the investment at fair value less impairment. During the three months ended June 30, 2024, the Company identified a misstatement in the unrealized loss for the three months ended March 31, 2024. The unrealized loss has been reallocated between the three-month periods to be $ 4,344 53,480 57,824 Earnings (Loss) per Common Share The following table shows basic and diluted earnings per share: Schedule of basic and diluted earnings per share Three Months Ended Six Months Ended 6/30/2024 6/30/2023 6/30/2024 6/30/2023 Basic and diluted earnings (loss) per common share Earnings (loss) $ (176,191 ) $ (277,755 ) $ (516,954 ) $ (38,294 ) Basic weighted average shares outstanding 172,406,300 146,926,565 173,051,106 141,538,914 Assumed conversion of dilutive shares 0 0 0 0 Diluted weighted average common shares outstanding, assuming conversion of common stock equivalents 172,406,300 146,926,565 173,051,106 141,538,914 Basic earnings (loss) per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00 Diluted earnings (loss) per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00 The options and warrants that were not included in the diluted weighted average shares calculation were excluded because they were “out-of-the money”. In periods when the Company has a net loss, all common stock equivalents are excluded as they would be anti-dilutive. The following details the dilutive and anti-dilutive shares: Schedule of anti-dilutive shares June 30, 2024 Dilutive shares - In the money Anti-dilutive shares - Out of the money Total Options 0 5,230,000 5,230,000 Warrants 0 34,962,353 34,962,353 Total 0 40,192,353 40,192,353 June 30, 2023 Dilutive shares - In the money Anti-dilutive shares - Out of the money Total Options 0 5,230,000 5,230,000 Warrants 0 39,482,053 39,482,053 Total 0 44,712,053 44,712,053 Risks and Uncertainties Since the formation of the Company, it has not generated any revenue. As an early-stage company, the Company is subject to all the risks inherent in the initial organization, financing, expenditures, complications and delays inherent in a new business. Our business is dependent upon the implementation of our business plan. There can be no assurance that our efforts will be successful or that we will ultimately be able to generate revenue or attain profitability. Natural resource exploration, and exploring for gold, is a business that by its nature is very speculative. There is a strong possibility that we will not discover gold or any other mineralization which can be mined or extracted at a profit. Even if we do discover gold or other deposits, the deposit may not be of the quality or size necessary for us or a potential purchaser of the property to make a profit from mining it. Few properties that are explored are ultimately developed into producing mines. Unusual or unexpected geological formations, geological formation pressures, fires, power outages, labor disruptions, flooding, explosions, cave-ins, landslides, and the inability to obtain suitable or adequate machinery, equipment or labor are just some of the many risks involved in mineral exploration programs and the subsequent development of gold deposits. The Company business is exploring for gold and other minerals. If the Company discovers commercially exploitable gold or other deposits, revenue from such discoveries will not be generated unless the gold or other minerals are mined. Mining operations in the United States are subject to many different federal, state, and local laws and regulations, including stringent environmental, health and safety laws. In the event operational responsibility is assumed for mining our properties, the Company may be unable to comply with current or future laws and regulations, which can change at any time. Changes to these laws may adversely affect any of the Company potential mining operations. Moreover, compliance with such laws may cause substantial delays and require capital outlays greater than those the Company anticipates, adversely affecting any potential mining operations. Future mining operations, if any, may also be subject to liability for pollution or other environmental damage. The Company may choose not to be insured against this risk because of high insurance costs or other reasons. Recent Accounting Pronouncements Certain new standards, amendments and interpretations, and improvements to existing standards have been published by the FASB and United States Securities and Exchange Commission but are not yet effective and have not been adopted early by the Company. The Company does not anticipate that any of these pronouncements will have a material impact on its consolidated financial statements. |
Mineral Rights - Excelsior Spri
Mineral Rights - Excelsior Springs | 6 Months Ended |
Jun. 30, 2024 | |
Extractive Industries [Abstract] | |
Mineral Rights - Excelsior Springs | Note 2 – Mineral Rights - Excelsior Springs During the year ended December 31, 2021, the Company acquired 100% of Nubian USA from Nubian Resources Ltd. (the “Seller”). Nubian USA holds full ownership of the mining claims comprising the Excelsior Springs Prospect (the “Property”) located in Esmerelda County, Nevada. The Seller retained a 1% Net Smelter Returns Royalty on the claims it sold to the Company. One-half (0.5%) of the NSR Royalty may be purchased by the Company for CAD $500,000 payable to the Seller. An additional one-half (0.5%) of the NSR Royalty may be purchased by the Company at fair market value. On June 9, 2022, the Company entered into an agreement to purchase an undivided 100% interest in the Fortunatus and Prout patented lode mining claims in Esmeralda County, Nevada as part of the Excelsior Springs Project for consideration of $ 185,000 On June 1, 2024 the Company entered into an Asset Purchase Agreement with Silver Reserve Inc. to acquire an 100 % interest in 11 unpatented BLM claims covering approximately 220 acres known as the Blue Dick Mine and related mineral claims, together with certain technical data relating to the mining claims. Total consideration consists of an aggregate of $ 45,000 and a 3% NSR. This acquisition expands the Excelsior Springs Project to 4,140 acres. |
Common Stock and Warrants
Common Stock and Warrants | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Common Stock and Warrants | Note 3 – Common Stock and Warrants On June 7, 2024, the Company issued an aggregate of 600,000 On June 7, 2024, the Company issued 300,000 15,000 In January 2024, the Company completed the sale of an aggregate of CAD$ 200,000 0.04 5,000,000 Each Unit consisted of one share of Common Stock and one common stock purchase warrant exercisable for two years to purchase one additional share of Common Stock at a price of CAD$0.05 per share. In January 2024, the Company issued 685,564 34,278 The Company has issued warrants which have an exercise price in Canadian dollars while the Company’s functional currency is US dollars. Therefore, in accordance with ASU 815 - Derivatives and Hedging, the warrants have a derivative liability value. Outstanding subscription warrants were revalued as of June 30, 2024, with various inputs using a Black Scholes model. Broker warrants are valued at the time of issuance and not remeasured. The following is a summary of warrants issued and outstanding. As of June 30, 2024: Schedule of warrants issued and outstanding Issue Date Expiration Date Exercise Price (CAD) Valuation Volatility Warrants Issued Subscription Warrants 4/14/2022 4/13/2025 $ 0.15 59,028 143 6,250,000 8/12/2022 8/12/2024 $ 0.12 9,246 207 3,247,500 8/31/2022 8/31/2024 $ 0.12 8,963 192 2,300,000 9/14/2022 9/14/2024 $ 0.12 10,102 169 2,760,200 10/24/2022 10/24/2024 $ 0.12 2,524 152 500,000 4/24/2023 4/24/2025 $ 0.10 189,726 139 14,500,000 1/17/2024 1/17/2026 $ 0.05 112,859 114 5,000,000 $ 392,448 34,557,700 Broker Warrants 8/31/2022 8/31/2024 $ 0.12 6,312 132 104,250 9/14/2022 9/14/2024 $ 0.12 2,921 134 80,100 4/24/2023 4/24/2025 $ 0.10 7,954 117 220,303 $ 17,187 404,653 As of June 30, 2023: Issue Date Expiration Date Exercise Price (CAD) Valuation Volatility Warrants Issued Subscription Warrants 5/25/2021 5/31/2024 $ 0.15 $ 100,510 102 6,250,000 9/30/2021 5/31/2024 $ 0.15 50,783 102 3,108,700 4/14/2022 4/13/2025 $ 0.15 206,512 120 6,250,000 8/12/2022 8/12/2024 $ 0.12 79,562 106 3,247,500 8/31/2022 8/31/2024 $ 0.12 56,809 104 2,300,000 9/14/2022 9/14/2024 $ 0.12 71,399 107 2,760,200 10/24/2022 10/24/2024 $ 0.12 14,947 115 500,000 4/24/2023 4/24/2025 $ 0.10 592,005 119 14,500,000 $ 1,172,527 38,916,400 Broker Warrants 9/30/2021 9/30/2023 $ 0.15 7,472 196 91,000 4/14/2022 4/13/2024 $ 0.15 1,344 138 70,000 8/31/2022 8/31/2024 $ 0.12 6,312 132 104,250 9/14/2022 9/14/2024 $ 0.12 2,921 134 80,100 4/24/2023 4/24/2025 $ 0.10 7,954 117 220,303 $ 26,003 565,653 The following is a summary of warrants exercised, issued and expired: Schedule of warrant exercised, issued and expired Total Balance at December 31, 2022 24,935,560 Exercised 0 Issued 14,720,303 Expired (264,810 ) Balance at December 31, 2023 39,391,053 Exercised 0 Issued 5,000,000 Expired (9,428,700 ) Balance at June 30, 2024 34,962,353 Weighted average exercise price $ 0.11 |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share Based Compensation | Note 4 – Share Based Compensation The Company adopted its 2020 Equity Incentive Plan (the “Plan”) which became effective in January 2021. Under the Plan, the Company is authorized to issue up to 10 million shares of common stock pursuant to grants and the exercise of rights under the Plan. A summary of the stock options as of June 30, 2024, and changes during the periods are presented below: Schedule of stock options SBC Expense - 6 Months Ended Grant Date Expiration Date Exercise Price Valuation Volatility Options Granted Expected Life (Yrs) 6/30/2024 6/30/2023 3/22/2021 3/22/2026 $ 0.0900 $ 190,202 211 2,000,000 3.4 $ 0 $ 14,262 8/24/2022 8/24/2032 $ 0.0600 $ 43,456 178 730,000 5.5 0 0 10/12/2022 10/12/2032 $ 0.0600 $ 106,109 162 2,250,000 5.5 0 0 1/16/2023 1/16/2028 $ 0.0675 $ 13,267 174 250,000 3.3 555 9,396 $ 555 $ 23,658 Schedule of stock option activity Weighted Average Weighted Remaining Average Contractual Aggregate Number of Exercise Life Intrinsic Options Price (Years) Value Balance at December 31, 2022 4,980,000 $ 0.07 7.1 $ 0 Exercised 0 0 0 0 Issued 250,000 0.07 4.0 0 Canceled 0 0 0 0 Balance at December 31, 2023 5,230,000 $ 0.07 6 0 Exercised 0 0 0 0 Issued 0 0 0 0 Canceled 0 0 0 0 Balance at June 30, 2024 5,230,000 $ 0.07 5.5 0 Options exercisable at June 30, 2024 5,230,000 $ 0.07 5.5 0 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5 – Commitments and Contingencies None. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 – Related Party Transactions Management and Consulting Fees The Company is subject to a month-to-month management agreement with Mr. Power requiring a monthly payment of $2,500 as consideration for the day-to-day management of Athena, $ 15,000 The Company paid the Chief Financial Officer for consulting services $ 18,270 14,623 Director Fees Director fees were paid in stock, as discussed below, for the six months ended June 30, 2024 versus $ 30,000 Stock based compensation On June 7, 2024, the Company issued an aggregate of 600,000 24,000 On March 22, 2021, the Company granted 1,500,000 0.09 142,652 0 14,262 Advanced deposits and accounts payable In December 2023, the Company received an advanced deposit for investment into the January 2024 private placement from John Gibbs for $ 25,000 21,000 44,198 58,043 75,000 Note Payable On June 7, 2024, the Company executed a promissory note with John Power, the Company’s President and Chief Executive Officer for $ 100,000 6 January 2, 2026 In January 2023, the Company executed a promissory note with John Gibbs for $ 25,000 |
Segmented Information
Segmented Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segmented Information | Note 7 – Segmented Information All long-lived assets are in the United States of America. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 – Subsequent Events On July 19, 2024, the Company disposed of 1,169,666 common shares of Nubian Resources Ltd. (TSX.V: NBR) at a price of CAD$0.06 per share for gross proceeds of CAD$70,180 through the facilities of the TSX Venture Exchange. |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Athena Gold Corporation (“we,” “our,” “us,” or “Athena”) is engaged in the acquisition and exploration of mineral resources. We were incorporated in Delaware on December 23, 2003, and began our mining operations in 2010. The Company’s properties do not have any reserves. The Company plans to conduct exploration programs on these properties with the objective of ascertaining whether any of its properties contain economic concentrations of precious and base metals that are prospective for mining. |
Basis of Presentation and Statement of Compliance | Basis of Presentation and Statement of Compliance The accompanying consolidated financial statements (the “consolidated financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). |
Basis of Measurement | Basis of Measurement These consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Athena Gold Corp. and its wholly owned subsidiary, Nubian Resources USA (“Nubian USA”). All significant inter-entity balances and transactions have been eliminated in consolidation. Subsidiaries are entities the Company controls when it is exposed, or has rights, to variable returns from its involvement in the entity and can affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are included in the consolidated financial results of the Company from the date of acquisition up to the date of disposition or loss of control. |
Going Concern and Management’s Plans | Going Concern and Management’s Plans As at June 30, 2024, the Company has a working capital deficiency of approximately $ 85,000 . The ability of the Company to meet its obligations and continue operations is dependent on its ability to obtain additional debt or equity financing. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. |
Cash, Cash Equivalents and Concentration | Cash, Cash Equivalents and Concentration The Company considers all highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The Company places its cash with high credit quality financial institutions in the United States and Canada. On June 30, 2024, the Company’s cash balance was approximately $ 15,000 |
Critical Judgments and Estimation Uncertainties | Critical Judgments and Estimation Uncertainties The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, and expenses. These estimates and judgments are subject to change based on experience and new information which could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities affecting future periods. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. Share-based compensation Impairment of mineral properties Warrant liability |
Foreign Currency Translation | Foreign Currency Translation The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency. The Company has not entered any contracts to manage foreign exchange risk. These consolidated financial statements are presented in U.S. dollars (“USD”), which is the Company’s reporting currency. The functional currency of the Company and its subsidiaries is the US dollar; therefore, the Company is exposed to currency risk from financial assets and liabilities denominated in Canadian dollars. The Company does not consider the currency risk to be material to the future operations of the Company and, as such, does not have a program to manage currency risk. Transactions in foreign currencies are recorded in the functional currency at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the period end exchange rates. Non-monetary items are translated at the exchange rates in effect on the date of the transactions. Foreign exchange gains and losses arising from translation are presented in the consolidated statements of loss and comprehensive loss. |
Mineral Property Acquisition and Exploration Costs | Mineral Property Acquisition and Exploration Costs Mineral property exploration costs are expensed as incurred until economic reserves are quantified. To date, the Company has not established any proven or probable reserves on its mineral properties. Costs of lease, exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company has chosen to expense all mineral exploration costs as incurred given that it is still in the exploration stage. Once the Company has identified proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs will be amortized over the estimated life of the probable-proven reserves. When the Company has capitalized mineral properties, these properties will be periodically assessed for impairment of value and any diminution in value. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. Costs of mineral property acquisitions are being capitalized. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: Level 1 - Valuation based on quoted market prices in active markets for identical assets and liabilities. Level 2 - Valuation based on quoted market prices for similar assets and liabilities in active markets. Level 3 - Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. The fair value of cash, prepaid expenses, accounts payable, advanced deposits, and note payable approximate their carrying values due to their short term to maturity. The investment in securities is recorded at the fair value through profit and loss using Level 1 inputs. The warrant liabilities are measured at fair value through profit and loss using level 3 inputs (Note 3). |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method in accordance with ASC 740, “Income Taxes”. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases as well as operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance to the extent that the recoverability of the asset is unlikely to be recognized. The Company reports a liability, if any, for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in an income tax return. The Company has elected to classify interest and penalties related to unrecognized income tax benefits, if and when required, as part of income tax expense in the statement of operations. No |
Long Lived Assets | Long Lived Assets The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. When the Company determines that the carrying value of long-lived assets may not be recoverable based upon the existence of one or more indicators of impairment and the carrying value of the asset cannot be recovered from projected undiscounted cash flows, the Company records an impairment charge. The Company measures any impairment based on a projected discounted cash flow method using a discount rate determined by management to be commensurate with the risk inherent in the current business model. Significant management judgment is required in determining whether an indicator of impairment exists and in projecting cash flows. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation (“SBC”) is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). This ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. The estimated fair value of each stock option as of the date of grant was calculated using the Black-Scholes pricing model. The Company estimates the volatility of its common stock at the date of grant based on Company stock price history. The Company determines the expected life based on the simplified method given that its own historical share option exercise experience does not provide a reasonable basis for estimating expected term. The Company uses the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately equal to the expected life of the award. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. The shares of common stock subject to the stock-based compensation plan shall consist of unissued shares, treasury shares or previously issued shares held by any subsidiary of the Company, and such number of shares of common stock are reserved for such purpose. |
Derivative Financial Instruments | Derivative Financial Instruments The Company accounts for derivative instruments in accordance with Financial Accounting Standards Board (“FASB”) ASC 815, Derivatives and Hedging (“ASC 815”), which requires additional disclosures about the Company’s objectives and strategies for using derivative instruments, how the derivative instruments and related hedged items are accounted for, and how the derivative instruments and related hedging items affect the financial statements. The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risk. Terms of convertible debt and equity instruments are reviewed to determine whether or not they contain embedded derivative instruments that are required under ASC 815 to be accounted for separately from the host contract and recorded on the balance sheet at fair value. The fair value of derivative liabilities, if any, is required to be revalued at each reporting date, with corresponding changes in fair value recorded in current period operating results. Pursuant to ASC 815, an evaluation of specifically identified conditions is made to determine whether the fair value of warrants issued is required to be classified as equity or as a derivative liability. Certain warrants are treated as derivative financial liabilities. The estimated fair value, based on the Black-Scholes model, is adjusted on a quarterly basis with gains or losses recognized in the statement of loss and comprehensive loss. The Black-Scholes model is based on significant assumptions such as volatility, dividend yield, expected term and liquidity discounts. |
Investment in securities | Investment in securities We have concluded that the Company does not have the ability to exercise significant influence over operating and financial policies of its investee. The Company has elected to measure the investment at fair value less impairment. During the three months ended June 30, 2024, the Company identified a misstatement in the unrealized loss for the three months ended March 31, 2024. The unrealized loss has been reallocated between the three-month periods to be $ 4,344 53,480 57,824 |
Earnings (Loss) per Common Share | Earnings (Loss) per Common Share The following table shows basic and diluted earnings per share: Schedule of basic and diluted earnings per share Three Months Ended Six Months Ended 6/30/2024 6/30/2023 6/30/2024 6/30/2023 Basic and diluted earnings (loss) per common share Earnings (loss) $ (176,191 ) $ (277,755 ) $ (516,954 ) $ (38,294 ) Basic weighted average shares outstanding 172,406,300 146,926,565 173,051,106 141,538,914 Assumed conversion of dilutive shares 0 0 0 0 Diluted weighted average common shares outstanding, assuming conversion of common stock equivalents 172,406,300 146,926,565 173,051,106 141,538,914 Basic earnings (loss) per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00 Diluted earnings (loss) per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00 The options and warrants that were not included in the diluted weighted average shares calculation were excluded because they were “out-of-the money”. In periods when the Company has a net loss, all common stock equivalents are excluded as they would be anti-dilutive. The following details the dilutive and anti-dilutive shares: Schedule of anti-dilutive shares June 30, 2024 Dilutive shares - In the money Anti-dilutive shares - Out of the money Total Options 0 5,230,000 5,230,000 Warrants 0 34,962,353 34,962,353 Total 0 40,192,353 40,192,353 June 30, 2023 Dilutive shares - In the money Anti-dilutive shares - Out of the money Total Options 0 5,230,000 5,230,000 Warrants 0 39,482,053 39,482,053 Total 0 44,712,053 44,712,053 |
Risks and Uncertainties | Risks and Uncertainties Since the formation of the Company, it has not generated any revenue. As an early-stage company, the Company is subject to all the risks inherent in the initial organization, financing, expenditures, complications and delays inherent in a new business. Our business is dependent upon the implementation of our business plan. There can be no assurance that our efforts will be successful or that we will ultimately be able to generate revenue or attain profitability. Natural resource exploration, and exploring for gold, is a business that by its nature is very speculative. There is a strong possibility that we will not discover gold or any other mineralization which can be mined or extracted at a profit. Even if we do discover gold or other deposits, the deposit may not be of the quality or size necessary for us or a potential purchaser of the property to make a profit from mining it. Few properties that are explored are ultimately developed into producing mines. Unusual or unexpected geological formations, geological formation pressures, fires, power outages, labor disruptions, flooding, explosions, cave-ins, landslides, and the inability to obtain suitable or adequate machinery, equipment or labor are just some of the many risks involved in mineral exploration programs and the subsequent development of gold deposits. The Company business is exploring for gold and other minerals. If the Company discovers commercially exploitable gold or other deposits, revenue from such discoveries will not be generated unless the gold or other minerals are mined. Mining operations in the United States are subject to many different federal, state, and local laws and regulations, including stringent environmental, health and safety laws. In the event operational responsibility is assumed for mining our properties, the Company may be unable to comply with current or future laws and regulations, which can change at any time. Changes to these laws may adversely affect any of the Company potential mining operations. Moreover, compliance with such laws may cause substantial delays and require capital outlays greater than those the Company anticipates, adversely affecting any potential mining operations. Future mining operations, if any, may also be subject to liability for pollution or other environmental damage. The Company may choose not to be insured against this risk because of high insurance costs or other reasons. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Certain new standards, amendments and interpretations, and improvements to existing standards have been published by the FASB and United States Securities and Exchange Commission but are not yet effective and have not been adopted early by the Company. The Company does not anticipate that any of these pronouncements will have a material impact on its consolidated financial statements. |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of basic and diluted earnings per share | Schedule of basic and diluted earnings per share Three Months Ended Six Months Ended 6/30/2024 6/30/2023 6/30/2024 6/30/2023 Basic and diluted earnings (loss) per common share Earnings (loss) $ (176,191 ) $ (277,755 ) $ (516,954 ) $ (38,294 ) Basic weighted average shares outstanding 172,406,300 146,926,565 173,051,106 141,538,914 Assumed conversion of dilutive shares 0 0 0 0 Diluted weighted average common shares outstanding, assuming conversion of common stock equivalents 172,406,300 146,926,565 173,051,106 141,538,914 Basic earnings (loss) per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00 Diluted earnings (loss) per common share $ 0.00 $ 0.00 $ 0.00 $ 0.00 |
Schedule of anti-dilutive shares | Schedule of anti-dilutive shares June 30, 2024 Dilutive shares - In the money Anti-dilutive shares - Out of the money Total Options 0 5,230,000 5,230,000 Warrants 0 34,962,353 34,962,353 Total 0 40,192,353 40,192,353 June 30, 2023 Dilutive shares - In the money Anti-dilutive shares - Out of the money Total Options 0 5,230,000 5,230,000 Warrants 0 39,482,053 39,482,053 Total 0 44,712,053 44,712,053 |
Common Stock and Warrants (Tabl
Common Stock and Warrants (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of warrants issued and outstanding | Schedule of warrants issued and outstanding Issue Date Expiration Date Exercise Price (CAD) Valuation Volatility Warrants Issued Subscription Warrants 4/14/2022 4/13/2025 $ 0.15 59,028 143 6,250,000 8/12/2022 8/12/2024 $ 0.12 9,246 207 3,247,500 8/31/2022 8/31/2024 $ 0.12 8,963 192 2,300,000 9/14/2022 9/14/2024 $ 0.12 10,102 169 2,760,200 10/24/2022 10/24/2024 $ 0.12 2,524 152 500,000 4/24/2023 4/24/2025 $ 0.10 189,726 139 14,500,000 1/17/2024 1/17/2026 $ 0.05 112,859 114 5,000,000 $ 392,448 34,557,700 Broker Warrants 8/31/2022 8/31/2024 $ 0.12 6,312 132 104,250 9/14/2022 9/14/2024 $ 0.12 2,921 134 80,100 4/24/2023 4/24/2025 $ 0.10 7,954 117 220,303 $ 17,187 404,653 As of June 30, 2023: Issue Date Expiration Date Exercise Price (CAD) Valuation Volatility Warrants Issued Subscription Warrants 5/25/2021 5/31/2024 $ 0.15 $ 100,510 102 6,250,000 9/30/2021 5/31/2024 $ 0.15 50,783 102 3,108,700 4/14/2022 4/13/2025 $ 0.15 206,512 120 6,250,000 8/12/2022 8/12/2024 $ 0.12 79,562 106 3,247,500 8/31/2022 8/31/2024 $ 0.12 56,809 104 2,300,000 9/14/2022 9/14/2024 $ 0.12 71,399 107 2,760,200 10/24/2022 10/24/2024 $ 0.12 14,947 115 500,000 4/24/2023 4/24/2025 $ 0.10 592,005 119 14,500,000 $ 1,172,527 38,916,400 Broker Warrants 9/30/2021 9/30/2023 $ 0.15 7,472 196 91,000 4/14/2022 4/13/2024 $ 0.15 1,344 138 70,000 8/31/2022 8/31/2024 $ 0.12 6,312 132 104,250 9/14/2022 9/14/2024 $ 0.12 2,921 134 80,100 4/24/2023 4/24/2025 $ 0.10 7,954 117 220,303 $ 26,003 565,653 |
Schedule of warrant exercised, issued and expired | Schedule of warrant exercised, issued and expired Total Balance at December 31, 2022 24,935,560 Exercised 0 Issued 14,720,303 Expired (264,810 ) Balance at December 31, 2023 39,391,053 Exercised 0 Issued 5,000,000 Expired (9,428,700 ) Balance at June 30, 2024 34,962,353 Weighted average exercise price $ 0.11 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of stock options | Schedule of stock options SBC Expense - 6 Months Ended Grant Date Expiration Date Exercise Price Valuation Volatility Options Granted Expected Life (Yrs) 6/30/2024 6/30/2023 3/22/2021 3/22/2026 $ 0.0900 $ 190,202 211 2,000,000 3.4 $ 0 $ 14,262 8/24/2022 8/24/2032 $ 0.0600 $ 43,456 178 730,000 5.5 0 0 10/12/2022 10/12/2032 $ 0.0600 $ 106,109 162 2,250,000 5.5 0 0 1/16/2023 1/16/2028 $ 0.0675 $ 13,267 174 250,000 3.3 555 9,396 $ 555 $ 23,658 |
Schedule of stock option activity | Schedule of stock option activity Weighted Average Weighted Remaining Average Contractual Aggregate Number of Exercise Life Intrinsic Options Price (Years) Value Balance at December 31, 2022 4,980,000 $ 0.07 7.1 $ 0 Exercised 0 0 0 0 Issued 250,000 0.07 4.0 0 Canceled 0 0 0 0 Balance at December 31, 2023 5,230,000 $ 0.07 6 0 Exercised 0 0 0 0 Issued 0 0 0 0 Canceled 0 0 0 0 Balance at June 30, 2024 5,230,000 $ 0.07 5.5 0 Options exercisable at June 30, 2024 5,230,000 $ 0.07 5.5 0 |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies (Details - Basic and diluted earning per share) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Basic and diluted earnings (loss) per common share | ||||
Earnings (loss) | $ (176,191) | $ (277,755) | $ (516,954) | $ (38,294) |
Basic weighted average shares outstanding | 172,406,300 | 146,926,565 | 173,051,106 | 141,538,914 |
Assumed conversion of dilutive shares | 0 | 0 | 0 | 0 |
Diluted weighted average common shares outstanding, assuming conversion of common stock equivalents | 172,406,300 | 146,926,565 | 173,051,106 | 141,538,914 |
Basic earnings (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted earnings (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Nature of Business and Summar_5
Nature of Business and Summary of Significant Accounting Policies (Details - anti-dilutive shares) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 40,192,353 | 44,712,053 |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 5,230,000 | 5,230,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 34,962,353 | 39,482,053 |
Dilutive Shares In The Money [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 0 | 0 |
Dilutive Shares In The Money [Member] | Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 0 | 0 |
Dilutive Shares In The Money [Member] | Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 0 | 0 |
Antidilutive Shares Out Of The Money [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 40,192,353 | 44,712,053 |
Antidilutive Shares Out Of The Money [Member] | Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 5,230,000 | 5,230,000 |
Antidilutive Shares Out Of The Money [Member] | Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 34,962,353 | 39,482,053 |
Nature of Business and Summar_6
Nature of Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | |||||||
Working capital | $ 85,000 | $ 85,000 | |||||
Cash balance | 15,353 | 15,353 | $ 2,808 | ||||
Uncertain income tax positions | $ 0 | $ 0 | |||||
Unrealized loss on investment | $ 4,344 | $ 53,480 | $ 0 | $ 57,824 | $ 0 |
Mineral Rights - Excelsior Sp_2
Mineral Rights - Excelsior Springs (Details Narrative) - USD ($) | Jun. 01, 2024 | Jun. 09, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Consideration amount | $ 185,000 | |
Asset Purchase Agreement [Member] | Sliver Reserve Inc [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |
Business Combination, Consideration Transferred | $ 45,000 |
Common Stock and Warrants (Deta
Common Stock and Warrants (Details - Warrants issued and outstanding) | 6 Months Ended | |||
Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2024 $ / shares | Jun. 30, 2023 $ / shares | |
Subscription Warrants 1 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 4/14/2022 | 5/25/2021 | ||
Expiration date | 4/13/2025 | 5/31/2024 | ||
Exercise price | $ / shares | $ 0.15 | $ 0.15 | ||
Valuation | $ | $ 59,028 | $ 100,510 | ||
Volatility | 143% | 102% | ||
Warrants issued | shares | 6,250,000 | 6,250,000 | ||
Subscription Warrants 2 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 8/12/2022 | 9/30/2021 | ||
Expiration date | 8/12/2024 | 5/31/2024 | ||
Exercise price | $ / shares | 0.12 | 0.15 | ||
Valuation | $ | $ 9,246 | $ 50,783 | ||
Volatility | 207% | 102% | ||
Warrants issued | shares | 3,247,500 | 3,108,700 | ||
Subscription Warrants 3 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 8/31/2022 | 4/14/2022 | ||
Expiration date | 8/31/2024 | 4/13/2025 | ||
Exercise price | $ / shares | 0.12 | 0.15 | ||
Valuation | $ | $ 8,963 | $ 206,512 | ||
Volatility | 192% | 120% | ||
Warrants issued | shares | 2,300,000 | 6,250,000 | ||
Subscription Warrants 4 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 9/14/2022 | 8/12/2022 | ||
Expiration date | 9/14/2024 | 8/12/2024 | ||
Exercise price | $ / shares | 0.12 | 0.12 | ||
Valuation | $ | $ 10,102 | $ 79,562 | ||
Volatility | 169% | 106% | ||
Warrants issued | shares | 2,760,200 | 3,247,500 | ||
Subscription Warrants 5 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 10/24/2022 | 8/31/2022 | ||
Expiration date | 10/24/2024 | 8/31/2024 | ||
Exercise price | $ / shares | 0.12 | 0.12 | ||
Valuation | $ | $ 2,524 | $ 56,809 | ||
Volatility | 152% | 104% | ||
Warrants issued | shares | 500,000 | 2,300,000 | ||
Subscription Warrants 6 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 4/24/2023 | 9/14/2022 | ||
Expiration date | 4/24/2025 | 9/14/2024 | ||
Exercise price | $ / shares | 0.10 | 0.12 | ||
Valuation | $ | $ 189,726 | $ 71,399 | ||
Volatility | 139% | 107% | ||
Warrants issued | shares | 14,500,000 | 2,760,200 | ||
Subscription Warrants 7 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 1/17/2024 | 10/24/2022 | ||
Expiration date | 1/17/2026 | 10/24/2024 | ||
Exercise price | $ / shares | 0.05 | 0.12 | ||
Valuation | $ | $ 112,859 | $ 14,947 | ||
Volatility | 114% | 115% | ||
Warrants issued | shares | 5,000,000 | 500,000 | ||
Subscription Warrants [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Valuation | $ | $ 392,448 | $ 1,172,527 | ||
Warrants issued | shares | 34,557,700 | 38,916,400 | ||
Broker Warrants 1 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 8/31/2022 | 9/30/2021 | ||
Expiration date | 8/31/2024 | 9/30/2023 | ||
Exercise price | $ / shares | 0.12 | 0.15 | ||
Valuation | $ | $ 6,312 | $ 7,472 | ||
Volatility | 132% | 196% | ||
Warrants issued | shares | 104,250 | 91,000 | ||
Broker Warrants 2 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 9/14/2022 | 4/14/2022 | ||
Expiration date | 9/14/2024 | 4/13/2024 | ||
Exercise price | $ / shares | 0.12 | 0.15 | ||
Valuation | $ | $ 2,921 | $ 1,344 | ||
Volatility | 134% | 138% | ||
Warrants issued | shares | 80,100 | 70,000 | ||
Broker Warrants 3 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 4/24/2023 | 8/31/2022 | ||
Expiration date | 4/24/2025 | 8/31/2024 | ||
Exercise price | $ / shares | $ 0.10 | 0.12 | ||
Valuation | $ | $ 7,954 | $ 6,312 | ||
Volatility | 117% | 132% | ||
Warrants issued | shares | 220,303 | 104,250 | ||
Broker Warrants [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Valuation | $ | $ 17,187 | $ 26,003 | ||
Warrants issued | shares | 404,653 | 565,653 | ||
Subscription Warrants 8 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 4/24/2023 | |||
Expiration date | 4/24/2025 | |||
Exercise price | $ / shares | 0.10 | |||
Valuation | $ | $ 592,005 | |||
Volatility | 119% | |||
Warrants issued | shares | 14,500,000 | |||
Broker Warrants 4 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 9/14/2022 | |||
Expiration date | 9/14/2024 | |||
Exercise price | $ / shares | 0.12 | |||
Valuation | $ | $ 2,921 | |||
Volatility | 134% | |||
Warrants issued | shares | 80,100 | |||
Broker Warrants 5 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issued date | 4/24/2023 | |||
Expiration date | 4/24/2025 | |||
Exercise price | $ / shares | $ 0.10 | |||
Valuation | $ | $ 7,954 | |||
Volatility | 117% | |||
Warrants issued | shares | 220,303 |
Common Stock and Warrants (De_2
Common Stock and Warrants (Details - Warrants exercised, issued and expired) - Warrant [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Warrant outstanding at beginning, balance | 39,391,053 | 24,935,560 |
Warrant Exercised | 0 | 0 |
Warrant Issued | 5,000,000 | 14,720,303 |
Warrant Expired | (9,428,700) | (264,810) |
Warrant outstanding at ending, balance | 34,962,353 | 39,391,053 |
Weighted average exercise price | $ 0.11 |
Common Stock and Warrants (De_3
Common Stock and Warrants (Details Narrative) - CAD ($) | 1 Months Ended | |
Jun. 07, 2024 | Jan. 31, 2024 | |
Units [Member] | ||
Class of Stock [Line Items] | ||
Proceeds from sale of units | $ 200,000 | |
Per share sale price | $ 0.04 | |
Shares issued new, units | 5,000,000 | |
Unit description | Each Unit consisted of one share of Common Stock and one common stock purchase warrant exercisable for two years to purchase one additional share of Common Stock at a price of CAD$0.05 per share. | |
Vendor [Member] | ||
Class of Stock [Line Items] | ||
Stock issued for services, shares | 300,000 | 685,564 |
Stock issued for services, value | $ 15,000 | $ 34,278 |
Two Independent Directors [Member] | ||
Class of Stock [Line Items] | ||
Stock issued for services, shares | 600,000 | |
Chief Financial Officer [Member] | ||
Class of Stock [Line Items] | ||
Stock issued for services, shares | 600,000 |
Share Based Compensation (Detai
Share Based Compensation (Details - Assumptions) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation expenses | $ 555 | $ 23,658 |
Stock Option 1 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Grant date | 3/22/2021 | |
Expiration date | 3/22/2026 | |
Exercise price | $ 0.0900 | |
Valuation | $ 190,202 | |
Volatility | 211% | |
Options granted | 2,000,000 | |
Expected life | 3 years 4 months 24 days | |
Share based compensation expenses | $ 0 | 14,262 |
Stock Option 2 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Grant date | 8/24/2022 | |
Expiration date | 8/24/2032 | |
Exercise price | $ 0.0600 | |
Valuation | $ 43,456 | |
Volatility | 178% | |
Options granted | 730,000 | |
Expected life | 5 years 6 months | |
Share based compensation expenses | $ 0 | 0 |
Stock Option 3 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Grant date | 10/12/2022 | |
Expiration date | 10/12/2032 | |
Exercise price | $ 0.0600 | |
Valuation | $ 106,109 | |
Volatility | 162% | |
Options granted | 2,250,000 | |
Expected life | 5 years 6 months | |
Share based compensation expenses | $ 0 | 0 |
Stock Option 4 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Grant date | 1/16/2023 | |
Expiration date | 1/16/2028 | |
Exercise price | $ 0.0675 | |
Valuation | $ 13,267 | |
Volatility | 174% | |
Options granted | 250,000 | |
Expected life | 3 years 3 months 18 days | |
Share based compensation expenses | $ 555 | $ 9,396 |
Share Based Compensation (Det_2
Share Based Compensation (Details - Stock option activity) - Equity Option [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of options outstanding, beginning balance | 5,230,000 | 4,980,000 | |
Weighted average exercise price outstanding at beginning | $ 0.07 | $ 0.07 | |
Weighted average remaining contractual life years | 5 years 6 months | 6 years | 7 years 1 month 6 days |
Aggregate intrinsic value option exercisable, beginning | $ 0 | $ 0 | |
Number of options, exercised | 0 | 0 | |
Weighted average exercise price Exercised | $ 0 | $ 0 | |
Number of options, issued | 0 | 250,000 | |
Weighted average exercise price Issued | $ 0 | $ 0.07 | |
Weighted average remaining contractual life years Issued | 4 years | ||
Number of options, canceled | 0 | 0 | |
Weighted average exercise price Canceled | $ 0 | $ 0 | |
Number of options outstanding, ending balance | 5,230,000 | 5,230,000 | 4,980,000 |
Weighted average exercise price outstanding at ending | $ 0.07 | $ 0.07 | $ 0.07 |
Aggregate intrinsic value option exercisable, ending | $ 0 | $ 0 | $ 0 |
Number of options, exercisable | 5,230,000 | ||
Weighted average exercise price option exercisable | $ 0.07 | ||
Weighted average remaining contractual life years Exercisable | 5 years 6 months |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||||
Jun. 07, 2024 | Mar. 22, 2021 | Jan. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | ||||||
Noninterest Expense Directors Fees | $ 30,000 | |||||
Share based compensation | $ 24,555 | 23,658 | ||||
John Power Note [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Notes issued | $ 100,000 | |||||
Interest rate | 6% | |||||
Maturity date | Jan. 02, 2026 | |||||
John Gibbs Note [Member] | April 2023 Private Placement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Notes issued | $ 25,000 | |||||
Private Placement From John Gibbs [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advanced deposits | $ 25,000 | |||||
Private Placement From John Power [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advanced deposits | $ 21,000 | |||||
Three Directors [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Options granted | 1,500,000 | |||||
Share based compensation per share | $ 0.09 | |||||
Options granted, value | $ 142,652 | |||||
Share based compensation | 0 | 14,262 | ||||
Chief Financial Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consulting services | 18,270 | 14,623 | ||||
Share based compensation issued for services | 600,000 | |||||
Two Independent Directors And Cfo [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Share based compensation issued for services | 600,000 | |||||
Share based compensation issued for services, value | 24,000 | |||||
Power [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consulting services | 15,000 | 15,000 | ||||
Other advance | 44,198 | $ 58,043 | ||||
Gibbs [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Other advance | $ 75,000 |