Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jan. 31, 2023 shares | |
Registrant CIK | 0001358654 |
Fiscal Year End | --01-31 |
Contact Personnel Email Address | caitlin.jeffs@fladgateexploration.com |
Document Period Start Date | Feb. 01, 2022 |
Entity Address, Country | CA |
Document Type | 20-F/A |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Jan. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 000-52055 |
Entity Registrant Name | RED METAL RESOURCES LTD. |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | 1130 West Pender Street, Suite 820 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6E 4A4 |
Entity Common Stock, Shares Outstanding | 54,866,625 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Description | This Amendment No. 1 to the Annual Report on Form 20-F/A of Red Metal Resources Ltd. (the “Company”) amends the Company’s Annual Report on Form 20-F for the year ended January 31, 2023 (the “Original 20-F”), which was filed with the Securities and Exchange Commission on May 31, 2023. The Company is filing this Amendment No. 1 solely to file Exhibit 101, which was not included in the Original 20-F, in accordance with Rule 405 of Regulation S-T. Exhibit 101 contains interactive data files in Inline eXtensible Business Reporting Language (iXBRL). |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Auditor Name | DALE MATHESON CARR-HILTON LABONTE LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 1173 |
Business Contact | |
Entity Address, Address Line One | 102-278 Bay St. |
Entity Address, City or Town | Thunder Bay |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | P7B 1R8 |
Contact Personnel Name | Caitlin Jeffs |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 |
Current | ||
Cash, current | $ 20,776 | $ 474,317 |
Prepaids and other receivables | 126,715 | 152,947 |
Equipment, net | 60,953 | 22,637 |
Exploration and evaluation assets | 803,251 | 821,773 |
Total assets | 1,011,695 | 1,471,674 |
Total current assets | 147,491 | 627,264 |
Current | ||
Accounts payable, current | 106,517 | 87,938 |
Accrued liabilities, current | 76,869 | 102,208 |
Due to related parties, current | 443,071 | 57,254 |
Notes payable, current | 2,202,540 | 0 |
Total current liabilities | 2,828,997 | 247,400 |
Notes payable related parties, noncurrent | 0 | 1,555,503 |
Due to related parties, noncurrent | 0 | 159,513 |
Withholding taxes payable, noncurrent | 158,814 | 151,907 |
Total liabilities | 2,987,811 | 2,114,323 |
Shareholders' deficit: | ||
Share capital value | 8,176,210 | 7,755,830 |
Share-based payment reserve | 4,078,941 | 4,034,929 |
Accumulated deficit | (13,914,265) | (12,144,764) |
Accumulated other comprehensive loss | (317,002) | (288,644) |
Total shareholders' deficit | (1,976,116) | (642,649) |
Total liabilities and shareholders' deficit | $ 1,011,695 | $ 1,471,674 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss | 12 Months Ended | |||||
Jan. 31, 2023 $ / shares | Jan. 31, 2023 CAD ($) shares | Jan. 31, 2022 $ / shares | Jan. 31, 2022 CAD ($) shares | Jan. 31, 2021 $ / shares | Jan. 31, 2021 CAD ($) shares | |
Operating expenses: | ||||||
Amortization expense | $ 18,918 | $ 8,626 | $ 5,016 | |||
Consulting fees | 187,520 | 214,008 | 71,673 | |||
General and administrative expense | 340,975 | 230,582 | 42,124 | |||
Impairment of mineral properties | 55,885 | 0 | 0 | |||
Mineral exploration costs | 754,906 | 307,669 | 7,272 | |||
Professional fees | 103,148 | 313,679 | 161,942 | |||
Regulatory fees | 58,320 | 62,031 | 25,905 | |||
Rent expense | 0 | 9,034 | 6,133 | |||
Salaries, wages and benefits | 62,441 | 47,419 | 37,505 | |||
Share-based compensation | 0 | 327,070 | 0 | |||
Total operating xpenses | (1,582,113) | (1,520,118) | (357,570) | |||
Other Items | ||||||
Foreign exchange gain (loss) | (24,664) | 2,404 | (2,811) | |||
Foregiveness of debt | 0 | 13,858 | 255,493 | |||
Interest on notes payable | (162,724) | (118,144) | (105,766) | |||
Net income (loss) | (1,769,501) | (1,622,000) | (210,654) | |||
Other comprehensive income/(loss) | ||||||
Foreign currency translation | (28,358) | (62,433) | 36,341 | |||
Comprehensive income (loss) | $ (1,797,859) | $ (1,684,433) | $ (174,313) | |||
Net income (loss) per share | $ / shares | $ (0.03) | $ (0.04) | $ (0.01) | |||
Weighted average number of shares outstanding | shares | 53,914,817 | 45,192,171 | 41,218,008 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Deficit - CAD ($) | Issued capital | Reserve of share-based payments | Retained earnings | Accumulated other comprehensive income | Total |
Balance, equity at Jan. 31, 2020 | $ 6,409,558 | $ 3,521,907 | $ (10,312,110) | $ (262,552) | $ (643,197) |
Balance, shares at Jan. 31, 2020 | 41,218,008 | ||||
Net income (loss) | $ 0 | 0 | (210,654) | 0 | (210,654) |
Foreign exchange translation | 0 | 0 | 0 | 36,341 | 36,341 |
Balance, equity at Jan. 31, 2021 | $ 6,409,558 | 3,521,907 | (10,522,764) | (226,211) | (817,510) |
Balance, shares at Jan. 31, 2021 | 41,218,008 | ||||
Net income (loss) | $ 0 | 0 | (1,622,000) | 0 | (1,622,000) |
Foreign exchange translation | 0 | 0 | 0 | (62,433) | (62,433) |
Balance, equity at Jan. 31, 2022 | $ 7,755,830 | 4,034,929 | (12,144,764) | (288,644) | (642,649) |
Balance, shares at Jan. 31, 2022 | 51,557,959 | ||||
Shares issued for private placement | $ 577,450 | 0 | 0 | 0 | $ 577,450 |
Shares issued for private placement, shares | 3,849,668 | 3,849,668 | |||
Share issuance costs | $ (80,512) | 58,273 | 0 | 0 | $ (22,239) |
Shares issued cost, shares | 0 | ||||
Shares issued for subscription receipts | $ 969,131 | 0 | 0 | 0 | 969,131 |
Shares issued for subscription receipts, shares | 6,460,872 | ||||
Shares issuance costs 2 | $ (131,914) | 92,653 | 0 | 0 | (39,261) |
Shares issuance costs 2, shares | 0 | ||||
Shares issued for services | $ 12,117 | 0 | 0 | 0 | $ 12,117 |
Shares issued for services, shares | 29,411 | 29,411 | |||
Increase (decrease) through share-based payment transactions, equity | $ 0 | 335,194 | 0 | 0 | $ 335,194 |
Forgiveness of debt with related party | 0 | 16,925 | 0 | 0 | 16,925 |
Cash received from short sell fees | 0 | 9,977 | 0 | 0 | 9,977 |
Net income (loss) | 0 | 0 | (1,769,501) | 0 | (1,769,501) |
Foreign exchange translation | 0 | 0 | 0 | (28,358) | (28,358) |
Balance, equity at Jan. 31, 2023 | $ 8,176,210 | 4,078,941 | (13,914,265) | (317,002) | (1,976,116) |
Balance, shares at Jan. 31, 2023 | 54,866,625 | ||||
Shares issued for private placement | $ 479,757 | 16,543 | 0 | 0 | $ 496,300 |
Shares issued for private placement, shares | 3,308,666 | 3,308,666 | |||
Share issuance costs | $ (59,377) | 25,076 | 0 | 0 | $ (34,301) |
Shares issued cost, shares | 0 | ||||
Increase (decrease) through share-based payment transactions, equity | $ 0 | $ 2,393 | $ 0 | $ 0 | $ 2,393 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Cash flows used in operating activities | |||
Net income (loss) | $ (1,769,501) | $ (1,622,000) | $ (210,654) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Interest on notes payable | 162,724 | 118,144 | 105,766 |
Amortization expense | 18,918 | 8,626 | 5,016 |
Cash paid for interest | 0 | 0 | (5,252) |
Foreign exchange, non-cash | (39,124) | 0 | 0 |
Foregiveness of debt | 0 | (13,858) | (255,493) |
Impairment of mineral properties | 55,885 | 0 | 0 |
Share-based compensation for consulting services | 2,393 | 20,241 | 0 |
Adjustments for share-based payments | 0 | 327,070 | 0 |
Changes in operating assets and liabilities | |||
Increase (decrease) Prepaids and other receivables | 25,221 | (134,691) | 5,863 |
Increase (decrease) accounts payable | 54,868 | (13,735) | 62,365 |
AdjustmentsForDecreaseIncreaseInAccruedLiabilities | (23,488) | 60,738 | 8,451 |
Increase (decrease) in due to related parties | 226,849 | 144,550 | 80,639 |
Net cash used in operating activities | (1,285,255) | (1,104,915) | (203,299) |
Cash flows used in investing activities | |||
Acquisition of equipment | (55,572) | 0 | (36,562) |
Net cash used in investing activities | (55,572) | 0 | (36,562) |
Cash flows provided by financing activities | |||
Issuance of notes payable to related parties | 459,580 | 39,497 | 352,862 |
Cash received on subscription to shares, net | 426,999 | 555,211 | 0 |
Cash received on subscription to subscription receipts | 0 | 929,870 | 0 |
Repayment of former related party loans | 0 | (18,981) | (28,128) |
Cash received from short sell fees | 0 | 9,977 | 0 |
Net cash provided by financing activities | 886,579 | 1,515,574 | 324,734 |
Effects of foreign currency exchange on cash | 707 | 3,172 | (37,441) |
Increase (decrease) in cash | (453,541) | 413,831 | 47,432 |
Cash and Cash equivalents | 474,317 | 60,486 | 13,054 |
Cash and Cash equivalents | $ 20,776 | $ 474,317 | $ 60,486 |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
NATURE AND CONTINUANCE OF OPERATIONS | 1. NATURE AND CONTINUANCE OF OPERATIONS Red Metal Resources Ltd. (the “Company”) is involved in acquiring and exploring mineral properties in Chile through its wholly-owned subsidiary, Minera Polymet SpA (“Polymet”) organized under the laws of the Republic of Chile. The Company has not determined whether its properties contain mineral reserves that are economically recoverable. The Company’s head office is located at 1130 West Pender Street, Suite 820, Vancouver, British Columbia, V6E 4A4. Its registered office address is 700 - 595 Burrard Street, Vancouver, British Columbia, V7X 1S8. The Company’s mailing address is 278 Bay Street, Suite 102, Thunder Bay, Ontario, P7B 1R8. Polymet’s head office is located in Vallenar, III Region of Atacama, Chile. These consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. As at January 31, 2023, the Company has not advanced its mineral properties to commercial production and is not able to finance day to day activities through operations. The Company’s continuation as a going concern is dependent upon the successful results from its mineral property exploration activities and its ability to attain profitable operations and generate funds there from and/or raise equity capital or borrowings sufficient to meet current and future obligations. As at January 31, 2023, the Company had $20,776 cash and working capital deficit of $2,681,506. The Company raises financing for its exploration and development activities in discrete tranches to finance its activities for limited periods only. The Company has identified that further funding may be required for working capital purposes, and to finance the Company’s exploration program and development of mineral assets. These conditions may cast substantial doubt on the Company’s ability to continue as a going concern. These consolidated financial statements do not give effect to any adjustment which would be necessary should the Company be unable to continue as a going concern and, therefore, be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the consolidated financial statements and such adjustments may be material. |
STATEMENT OF COMPLIANCE AND BAS
STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION | 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION a) These consolidated financial statements were authorized for issue on May 31, 2023, by the directors of the Company. The Company’s consolidated financial statements, including comparatives, have been prepared in accordance with accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). b) The consolidated financial statements of the Company as at and for the years ended January 31, 2023, 2022, and 2021 comprise of the Company and its wholly-owned subsidiary, Minera Polymet SpA, (together referred to as “Red Metal”, the “Company”). Polymet is consolidated from the date of its incorporation, as Red Metal is the sole shareholder and therefore has the control and power to govern the financial and operating policies of Polymet as to obtain benefits from its activities. The Company will continue to consolidate until the date Red Metal no longer has control over Polymet. The financial statements of Polymet are prepared for the same reporting period as the parent company, using consistent accounting policies. Balances, transactions, income and expenses between Red Metal and Polymet are eliminated on consolidation. The consolidated financial statements have been prepared on an accrual basis and are based on historical costs, except certain financial instruments, which are recorded at fair value. All amounts are expressed in Canadian dollars. The preparation of financial statements in compliance with IFRS requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported expenses during the year. Actual results could differ from these estimates. The areas involving significant assumptions and estimates are disclosed in Note 4. c) Functional & presentation currencies The functional currency of the Company is the Canadian dollar. The functional currency of the Company’s subsidiary, Polymet, is the Chilean peso, which is determined to be the currency of the primary economic environment in which Polymet operates. During the year ended January 31, 2022, the Company changed its presentation currency from the US dollar (“USD”) to the Canadian dollar (“CAD”). |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
SIGNIFICANT ACCOUNTING POLICIES | 3. SIGNIFICANT ACCOUNTING POLICIES Cash Cash comprises deposits in banks that are readily convertible into a known amount of cash, or with an initial maturity of less than 90 days. Foreign currency translation and transactions Translation of foreign currency transactions Transactions in foreign currencies are translated using the exchange rate prevailing at the date of the transaction. At each reporting date, foreign currency denominated monetary assets and liabilities are translated at year-end exchange rates. Exchange differences arising from the transactions are recorded in profit or loss for the period, except for exchange differences relating to borrowings hedging net investments denominated in the consolidated subsidiaries’ currency. These differences are recognized in other comprehensive income as currency translation differences until the disposal of the net investment. Exchange differences arising from operating transactions are recorded in operating profit for the period; exchange differences related to financing transactions are recognized as finance costs or income, or in other comprehensive income. Translation of foreign operations The assets and liabilities of a foreign operation, including goodwill and fair value adjustments arising from the acquisition, are translated in Canadian dollars at year-end exchange rates. Income and expenses, and cash flows of a foreign operation are translated in Canadian dollars using average exchange rates. Differences resulting from translating foreign operations are reported as translation differences in equity. When a foreign operation is disposed of, the translation differences previously recognized in equity are reclassified to profit or loss. Financial instruments The following is the Company’s accounting policy for financial instruments under IFRS 9: Financial assets ( i) Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. ( ii) Measurement Financial assets at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets at FVTPL Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed to profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets held at FVTPL are recognized in profit and loss in the period in which they arise. Debt investments at FVTOCI These assets are subsequently measured at fair value. Interest income is calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVTOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. ( iii) Impairment of financial assets at amortized cost IFRS 9 uses the expected credit loss (“ECL”) model. The credit loss model groups receivables based on similar credit risk characteristics and days past due in order to estimate bad debts. The ECL model applies to the Company’s receivables. An ‘expected credit loss’ impairment model requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. (iv) Derecognition The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Financial liabilities Financial liabilities are designated as either: (i) FVTPL; or (ii) other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the statements of financial position subsequent to inception and how changes in value are recorded. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or when they expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and/or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. Gains and losses on derecognition are generally recognized in profit or loss. Exploration and evaluation assets Exploration and evaluation assets comprise of the costs of acquiring these assets, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a business combination. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying options. Costs incurred before the Company has obtained the legal rights to explore an area are expensed as incurred. Further acquisition costs incurred once the Company has obtained the legal rights to explore an area are capitalized. Costs associated with exploration and evaluation activities as well as property taxes payable to maintain good standing of the exploration and evaluation assets are expensed as period costs. Government tax credits received are recorded as a reduction to the exploration and evaluation expenditures for the reporting period. From time to time, the Company may acquire or dispose of a mineral property interest pursuant to the terms of an option agreement. As such options are exercisable entirely at the discretion of the optionee, the amounts payable or receivable are not recorded at the time of the agreement. Option payments are recorded as exploration expenditure or recoveries when the payments are made or received. Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows: · · · · Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment. Recoverability of the carrying amount of any exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. Although the Company has taken steps that it considers adequate to verify title to exploration and evaluation assets which it has an interest in, these procedures do not guarantee the Company’s title. Restoration and environmental obligations The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of the assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to the related asset along with a corresponding increase in the restoration provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. As at January 31, 2023, 2022 and 2021, the Company had not recognized any provisions for restoration and environmental obligations. Equipment Equipment is recorded at cost. Cost includes expenditures that are directly attributable to the acquisition of the asset. This includes the purchase price, any other costs directly attributable to bringing the assets to a working condition for intended use and the costs of dismantling and removing the items and restoring the site on which they are located. Where an item of equipment comprises significant parts with useful lives that are significantly different from that of the asset as a whole, the parts are accounted for as separate items of equipment and depreciated accordingly. An item of equipment is derecognized upon disposal, or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising from derecognizing an asset determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized through profit or loss. Equipment is depreciated over its estimated useful life. Interest incurred during construction of facilities is capitalized and depreciated over the life of the asset. Costs for normal repairs and maintenance that do not extend economic life or improve service potential are expensed as incurred. Costs of improvements that extend economic life or improve service potential are capitalized and depreciated over the estimated remaining useful life. The Company commences recording depreciation when the assets are in a working condition ready for use. The Company’s equipment consists of trucks that are being used in the Company’s exploration programs, which are being depreciated using the diminishing balance method at 30%. Impairment of assets The carrying amount of the Company’s assets are reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in the statement of comprehensive loss. The recoverable amount of assets is the greater of an asset’s fair value less cost to sell and value in use. The estimated future cash flows are discounted to their present value using a pre‐tax discount rate that reflects the current market assessments of the time value of money and the risks to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Income taxes Income tax is recognized in net loss except to the extent that it relates to items recognized directly in equity or other comprehensive income, in which case it is recognized in equity or other comprehensive income. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred tax is recorded providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Share capital Common shares are classified as equity. Transaction costs directly attributable to the issuance of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares issued for consideration other than cash are valued based on their fair value at the date the shares are issued. The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component. The Company considers the fair value of common shares issued in a private placement to be the more easily measurable component and the common shares are valued at their fair value, as determined by the closing quoted bid price on the issue date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as reserves. Share purchase warrants issued on a standalone basis are recognized at the fair value using the Black-Scholes Option Pricing Model at the date of issue. The value is initially recorded as a part of reserves in equity at the recognized fair value. Upon exercise of the share purchase warrants, the previously recognized fair value of the warrants exercised is reallocated to share capital from reserves. The proceeds generated from the payment of the exercise price are also allocated to share capital. Share-based payment Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the share-based payment reserve. The fair values of the instruments are determined using the Black-Scholes Option Pricing Model. The number of the instruments expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the instruments granted shall be based on the number of the instruments that eventually vest. Income/(loss) per share Basic income/(loss) per share is calculated by dividing the income/(loss) attributable to common shareholders by the weighted average number of common shares outstanding in the period. For all periods presented, the income/(loss) attributable to common shareholders equals the reported income/(loss) attributable to owners of the Company. Diluted income per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding for the calculation of diluted income per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. The Company’s diluted loss per share does not include the effect of stock options or warrants as they are anti-dilutive. |
SIGNIFICANT ACCOUNTING JUDGEMEN
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS | 4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of these consolidated financial statements in conformity with IFRS requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. These financial statements include estimates which, by their nature, are uncertain. These assumptions and associated estimates are based on historical experience and other factors that are considered to be relevant. The current market conditions introduce additional uncertainties, risks and complexities in management’s determination of the estimates and assumptions used to prepare the Company’s financial results. As volatility in financial markets is an evolving situation, management cannot reasonably estimate the length or severity of the impact on the Company. As such, actual results may differ from estimates and the effect of such differences may be material. The impacts of such estimates are pervasive throughout the financial statements and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and the revision affects both current and future periods. The following are critical judgments that management has made in the process of applying accounting policies and that have the most significant effect on the amounts recognized in the financial statements: · · · · Key sources of estimation uncertainty include the following: · · · · |
FINANCIAL INSTRUMENTS AND RISKS
FINANCIAL INSTRUMENTS AND RISKS DISCLOSURE | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
FINANCIAL INSTRUMENTS AND RISKS DISCLOSURE | 5. FINANCIAL INSTRUMENTS AND RISKS Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels at the fair value hierarchy are: Level 1 - quoted prices in active markets for identical assets and liabilities. Level 2 - observable inputs other than quoted prices in active markets for identical assets and liabilities. Level 3 - unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions. The Company has classified its cash as measured at fair value in the statement of financial position, using level 1 inputs. Categories of financial instruments As at: January 31, 2023 January 31, 2022 Financial assets: FVTPL Cash $ 20,776 $ 474,317 Financial liabilities: Amortized cost Accounts payable $ 106,517 $ 87,938 Accrued liabilities $ 76,869 $ 102,208 Due to related parties $ 443,071 $ 57,254 Notes payable $ 2,202,540 $ - Assets and liabilities measured at fair value on a recurring basis: As at January 31, 2023 Level 1 Level 2 Level 3 Total Cash $ 20,776 $ - $ - $ 20,776 $ 20,776 $ - $ - $ 20,776 Accounts payable, accrued liabilities, and due to related parties approximate their fair value due to the short-term nature of these instruments. Risk management The Company has exposure to the following risks from its use of financial instruments: credit risk, market risk and liquidity risk. Management, the Board of Directors, and the Audit Committee monitor risk management activities and review the adequacy of such activities. Credit risk: Credit risk is the risk of potential loss to the Company if a customer or counter party to a financial instrument fails to meet its contractual obligations. The Company’s credit risk is limited to the carrying amount on the statement of financial position and arises from the Company’s cash, which is held with a high-credit quality financial institutions in Canada and in Chile. As such, the Company’s credit risk exposure is minimal. Market risk: Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and equity prices. i. Interest rate risk: Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has minimal interest rate risk as it has no interest accumulating financial assets that may become susceptible to interest rate fluctuations. ii. Currency risk: Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The Company has offices in Canada and Chile, and holds cash in Canadian, United States, and Chilean Peso currencies. A significant change in the currency exchange rates between the Canadian dollar relative to US dollar and Chilean Peso could have an effect on the Company’s results of operations, financial position, and/or cash flows. At January 31, 2023, the Company had no hedging agreements in place with respect to foreign exchange rates. As the majority of the transactions of the Company are denominated in CAD and Chilean Peso currencies, movements in the foreign exchange rates are not expected to have a material impact on the consolidated statements of comprehensive loss. iii. Equity price risk: Equity price risk is the risk that the fair value of equity/securities decreases as a result of changes in the levels of equity indices and the value of individual stocks. The Company is not exposed to equity price risk as it does not have any investments in marketable securities. Liquidity risk: Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company ensures that there are sufficient funds to meet its short-term business requirements, considering its anticipated cash flows. Historically, the Company’s sources of funding have been through equity financings and loans from the Company’s management and its major shareholder. The Company’s access to financing is uncertain, and there can be no assurance of continued access to significant debt or equity funding. The following table details the remaining contractual maturities of the Company’s financial liabilities as of January 31, 2023: Within 1 year 1-5 years 5+ years Accounts payable and accrued liabilities $ 183,386 $ - $ - Amounts due to related parties 443,071 - - Loans payable (1) 2,202,540 - - Withholding taxes payable - - 158,814 $ 2,828,997 $ - $ 158,814 (1) |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS DISCLOSURE | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
EXPLORATION AND EVALUATION ASSETS DISCLOSURE | 6. EXPLORATION AND EVALUATION ASSETS As of January 31, 2023, and 2022, the Company’s interest in exploration and evaluation assets consisted of three active copper-gold projects on two properties, namely the Farellón and Perth Projects both located on the Carrizal Property, and the Mateo Project located on the Mateo Property. The Company capitalizes acquisition costs incurred on the Company’s exploration and evaluation properties; the costs associated with exploration and drilling programs as well as property tax payments are expensed as period costs in the period they are incurred. Following tables present, as of January 31, 2023 and 2022 acquisition costs associated with each property: Exploration and evaluation assets at January 31, 2023 January 31, 2022 Changes during the year Effect of foreign currency translation January 31, 2023 Farellón Project Farellón $ 432,389 $ - $ 19,659 $ 452,048 Quina 166,660 - 7,577 174,237 Exeter 169,270 - 7,696 176,966 Sub-total, Farellón Project 768,319 - 34,932 803,251 Perth Project (1) 53,454 (55,885) 2,431 - Total costs $ 821,773 $ (55,885) $ 37,363 $ 803,251 (1) Exploration and evaluation assets at January 31, 2022 January 31, 2021 Effect of foreign currency translation January 31, 2022 Farellón Project Farellón $ 473,792 $ (41,403) $ 432,389 Quina 182,618 (15,958) 166,660 Exeter 185,479 (16,209) 169,270 Sub-total, Farellón Project 841,889 (73,570) 768,319 Perth Project 58,573 (5,119) 53,454 Total costs $ 900,463 $ (78,690) $ 821,773 During the years ended January 31, 2023, 2022 and 2021 the Company incurred the following costs associated with the exploration activities on its mineral properties: Exploration costs for the year ended January 31, 2023 Farellón Project Perth Project Mateo Project Total Costs Property taxes paid $ 8,440 $ 19,596 $ 1,656 $ 29,692 Geology 82,931 - - 82,931 Drilling 409,741 - - 409,741 Equipment used 11,950 - - 11,950 Camp costs (including meals and travel) 53,470 - - 53,470 Assay costs 58,433 - - 58,433 Value added tax on exploration costs 103,732 103,732 Total exploration costs $ 728,697 $ 19,596 $ 1,656 $ 749,949 Exploration costs for the year ended January 31, 2022 Farellón Project Perth Project Mateo Project Total Costs Property taxes paid $ 24,321 $ 52,151 $ 10,716 $ 87,188 Geology 27,509 - - 27,509 Drilling 150,222 - - 150,222 Equipment used 5,754 - - 5,754 Camp costs (including meals and travel) 30,938 - - 30,938 Total exploration costs $ 238,744 $ 52,151 $ 10,716 $ 301,611 Exploration costs for the year ended January 31, 2021 Farellón Project Perth Project Mateo Project Total Costs Property taxes paid $ 684 $ - $ - $ 684 Camp costs (including meals and travel) 866 - - 866 Total exploration costs $ 1,550 $ - $ - $ 1,550 In addition to the costs listed in the tables above, during the years ended January 31, 2023, 2022, and 2021 the Company incurred $4,957, $6,058 and $5,722 in regulatory fees associated with claim maintenance, respectively. |
EQUIPMENT DISCLOSURE
EQUIPMENT DISCLOSURE | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
EQUIPMENT DISCLOSURE | 7. EQUIPMENT Changes in equipment cost, depreciation and net book value of the equipment at January 31, 2022 and 2021 are as follows: Cost Equipment Balance at January 31, 2021 $ 53,715 Effect of foreign currency translation (4,694) Balance at January 31, 2022 49,021 Additions 55,572 Effect of foreign currency translation 4,755 Balance at January 31, 2023 $ 109,348 Accumulated depreciation Balance at January 31, 2021 $ 19,833 Additions 8,626 Effect of foreign currency translation (2,075) Balance at January 31, 2022 26,384 Additions 18,918 Effect of foreign currency translation 3,093 Balance at January 31, 2023 $ 48,395 Net carrying amounts Balance, January 31, 2022 $ 22,637 Balance, January 31, 2023 $ 60,953 |
PREPAIDS AND OTHER RECEIVABLES
PREPAIDS AND OTHER RECEIVABLES DISCLOSURE | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
PREPAIDS AND OTHER RECEIVABLES DISCLOSURE | 8. PREPAIDS AND OTHER RECEIVABLES Prepaids and other receivables consisted of the following as at January 31, 2023 and 2022: January 31, 2023 January 31, 2022 Chilean corporate tax prepayment $ - $ 652 GST receivable 4,578 11,785 Prepaid deposits for drilling program - 21,065 Prepaid expenses for general and administrative fees 122,137 119,445 Total prepaids and other receivables $ 126,715 $ 152,947 |
WITHHOLDING TAXES PAYABLE DISCL
WITHHOLDING TAXES PAYABLE DISCLOSURE | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
WITHHOLDING TAXES PAYABLE DISCLOSURE | 9. WITHHOLDING TAXES PAYABLE On July 31, 2020, the Company reclassified $146,237 in Chilean withholding taxes payable from current liabilities to long-term liabilities. As at January 31, 2023 and 2022, the Company had $158,814 and $151,907 in Chilean withholding taxes payable, respectively. |
SHARE CAPITAL DISCLOSURE
SHARE CAPITAL DISCLOSURE | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
SHARE CAPITAL DISCLOSURE | 10. SHARE CAPITAL The Company is authorized to issue an unlimited number of common shares without par value (the “Shares”). Common shares issued during the year ended January 31, 2023: On May 16, 2022, the Company issued 3,308,666 units at a price of $0.15 per unit (each a “Unit”) for gross proceeds of $496,300 (the “2023 Offering”), of which $35,000 was associated with debt the Company converted to shares. Each Unit consisted of one common share and one common share purchase warrant (the “Warrant”). Each Warrant entitles the holder thereof to purchase one additional common share of the Company at an exercise price of $0.30 per common share, if exercised on or before May 16, 2023, and at a price of $0.60, if exercised between May 16, 2023 and on or before May 16, 2024. The Warrants were assigned $0.005 per warrant share value based on the residual method, as the fair market value of the Shares was below the offering price. In connection with the 2023 Offering, the Company incurred $3,987 in regulatory fees, paid cash commissions aggregating $30,314, and issued 202,090 finders’ warrants (the “Finders’ Warrants”) valued at $25,076. The Finders’ Warrants are subject to the same terms and conditions as the Warrants purchased by other subscribers in the 2023 Offering. The Company used Black-Scholes Option Pricing Model to determine the value of the Finders’ Warrants. The following assumptions were used: Expected life of the Finders’ Warrants 2 years Risk-free interest rate 2.64% Expected dividend yield Nil Expected share price volatility 242% Fair value at the date of transaction $0.145 Common stock issued during the year ended January 31, 2022: On May 14, 2021, the Company issued 29,411 shares of its common stock to a consultant for investor relations services. The Shares were issued pursuant to an independent contractors services agreement whereby the Company agreed to a US$5,000 monthly fee payable to a consultant during a three-month period commencing on April 14, 2021. At the discretion of the Company, the cash fee could have been paid in common shares of the Company at a deemed price of US$0.17 (CA$0.206) (per share for a total of 29,411 shares per month). At the time of the share issuance, the fair market value of the shares was US$0.34 (CA$0.41), therefore the Company recognized $12,117 as part of its investor relation fees. On May 17, 2021, the Company closed a non-brokered private placement by issuing 3,849,668 units at a price of $0.15 per unit (each a “Unit”) for gross proceeds of $577,450 (the “2022 Offering”). Each Unit consisted of one common share and one common share purchase warrant (the “2022 Warrant”). Each 2022 Warrant entitles the holder thereof to purchase one additional common share of the Company at an exercise price of $0.20 per common share for a period of 24 months from the date of issue. The 2022 Warrants are subject to an acceleration clause in the event that the common shares are listed on a recognized stock exchange and trade at a price of $0.30 or greater for 10 consecutive trading days, in which event the Company may notify warrant holders that the 2022 Warrants must be exercised within a period of 30 days. In case the 2022 Warrant holders do not exercise them within the accelerated 30-day period, the 2022 Warrants will expire automatically. The 2022 Warrants were assigned $Nil value based on the residual method, as the fair market value of the Shares was above the offering price. In connection with the 2022 Offering, the Company paid cash commissions aggregating $22,239 and issued 149,310 Finders’ Warrants valued at $58,273. The Finders’ Warrants are subject to the same terms and conditions as the 2022 Warrants purchased by other subscribers in the 2022 Offering. The Company used Black-Scholes Option Pricing Model to determine the value of the broker warrants. The following assumptions were used: Expected Life of the Finders’ Warrants 2 years Risk-Free Interest Rate 0.16% Expected Dividend Yield Nil Expected Stock Price Volatility 255% Fair Value at the date of transaction $0.45 On June 15, 2021, the Company closed a non-brokered private placement by issuing 6,460,872 subscription receipts (each a “Subscription Receipt”) at a price of $0.15 per Subscription Receipt for aggregate gross proceeds of $969,131 (the “SR Offering”). Each Subscription Receipt automatically entitled the holder thereof, without payment of any additional consideration and without further action on the part of the holder, to acquire one Subscription Receipt Unit (an “SR Unit”). Each SR Unit consisted of one common share and one common share purchase warrant of the Company (each, an “SR Warrant”). Each SR Warrant entitles the holder to purchase an additional common share of the Company at a price of $0.30 per common share, if exercised during the first year following the release from escrow, and at a price of $0.60, if exercised during the second year following the release from escrow. The SR Warrants were assigned $Nil value based on the residual method, as the fair market value of the Shares was above the offering price. Until the escrow release conditions (including the listing of the Company’s common shares on a recognized stock exchange in Canada) were met in full, the Subscription Receipts, and the proceeds of the SR Offering were held in trust by an escrow agent appointed by the Company. On November 18, 2021, the Company received a receipt for a final non-offering prospectus with the B.C. Securities Commission after which, having satisfied the escrow release conditions, the escrowed funds were released to the Company effective November 22, 2021, and an aggregate of 6,460,872 Subscription Receipts were automatically converted, without any further consideration, into 6,460,872 common shares of the Company and 6,460,872 SR Warrants. In connection with the closing of the SR Offering, the Company paid certain registered investment dealers a total of $39,261 and issued 228,389 warrants to the finders valued at $92,653 (the “Broker SR Warrants”). The Broker SR Warrants are subject to the same terms and conditions as the SR Warrants purchased by other subscribers in the SR Offering. The Company used Black-Scholes Option Pricing Model to determine the value of the Broker SR Warrants. The following assumptions were used: Expected Life of the Broker SR Warrants 2 years Risk-Free Interest Rate 1.04% Expected Dividend Yield Nil Expected Stock Price Volatility 265% Fair Value at the date of transaction $0.43 Warrants The changes in the number of warrants outstanding during the years ended January 31, 2023 and 2022, are as follows: Year ended January 31, 2023 Year ended January 31, 2022 Number of warrants Weighted average exercise price Number of warrants Weighted average exercise price Warrants outstanding, beginning 10,688,239 $ 0.36 - $ n/a Warrants issued 3,510,756 $ 0.45 10,688,239 $ 0.36 Warrants outstanding, ending 14,198,995 $ 0.38 10,688,239 $ 0.36 Details of warrants outstanding as at January 31, 2023, are as follows: Number of warrants exercisable Grant date Exercise price and expiry date 3,849,668 May 17, 2021 $0.20 expiring on May 17, 2024, as extended on May 2, 2022 149,310 (1)(2) May 17, 2021 $0.20 expiring on May 17, 2023 6,460,872 November 23, 2021 $0.30 if exercised prior to November 23, 2022 $0.60 if exercised after November 23, 2022 but prior to November 23, 2023 228,389 (1) November 23, 2021 $0.30 if exercised prior to November 23, 2022 $0.60 is exercised after November 23, 2022 but prior to November 23, 2023 3,308,666 May 16, 2022 $0.30 if exercised prior to May 16, 2023 $0.60 if exercised after May 16, 2023 but prior to May 16, 2024 202,090 (1) May 16, 2022 $0.30 if exercised prior to May 16, 2023 $0.60 if exercised after May 16, 2023 but prior to May 16, 2024 14,198,995 (1) (2) At January 31, 2023, the weighted average life of the warrants was 1.05 years. Options On July 13, 2021, the Company adopted an incentive stock option plan (the “Option Plan”) which provides that the Board of Directors of the Company may, from time to time, at their discretion and in accordance with the CSE requirements, grant stock options to directors, officers and technical consultants for up to 10% of the issued and outstanding common shares of the Company. Such options are exercisable for a period of up to ten years from the date of grant. Exercise price and vesting terms are determined at the time of grant by the Board of Directors. On November 24, 2021, the Company’s board of directors granted 1,750,000 incentive stock options to its directors, officers, and consultants. The stock options are exercisable at a price of $0.25 per share for a period of five years expiring on November 24, 2026. The options to acquire up to 1,700,000 shares vested immediately upon grant, and the Company recognized $330,425 as share-based compensation associated with these options. The fair value of these stock options was estimated using the Black-Scholes Option Pricing Model using the following assumptions: November 24, 2021 Expected life 5 years Annualized volatility 186% Risk-free interest rate 1.56% Dividend yield Nil Fair Value at the date of grant $0.20 The option to acquire up to 50,000 shares issued to a consultant for investor relation services vested over a period of 12 months at a rate of 12,500 options per quarter beginning on February 24, 2022. During the year ended January 31, 2023, the Company recognized $2,393 as share-based compensation associated with these options (2022 - $4,770), which was included as part of consulting fees in the consolidated statement of comprehensive loss. The fair value of these stock options was estimated using the Black-Scholes Option Pricing Model using the following assumptions: January 31, 2023 Expected life 4 - 5 years Annualized volatility 195% - 243% Risk-free interest rate 1.52% - 3.27% Dividend yield Nil Fair Value at vesting $0.07 - $0.218 At January 31, 2023, an option to acquire up to 30,000 shares expired unexercised in accordance with the Company’s stock option plan, therefore at January 31, 2023, the Company had 1,720,000 share purchase options issued and exercisable. All options were exercisable at $0.25 per share, with the weighted average life of 3.82 years. Recovery of Short-Swing Profits During the year ended January 31, 2022, the Company received $9,977 related to the recovery of short-swing profits under Section 16(b) of the Securities Exchange Act of 1934, as amended. The Company did not have similar transactions during the year ended January 31, 2023. |
FORGIVENESS OF DEBT DISCLOSURE
FORGIVENESS OF DEBT DISCLOSURE | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
FORGIVENESS OF DEBT DISCLOSURE | 11. FORGIVENESS OF DEBT During the year ended January 31, 2022, the Company’s legal counsel agreed to forgive $13,667 the Company owed for services. In addition, the Company recorded $191 as forgiveness of debt associated with reversal of an old debt which exceeded the statute of limitations as promulgated under Chilean Laws. During the year ended January 31, 2021, the Company entered into an agreement with its former legal representative in Chile (the “Debt Holder”) whereby the Debt Holder agreed to forgive the amounts the Company owed to him for unpaid salaries, being $169,940 (101,385,974 pesos), and a total of $34,030 (20,302,303 pesos) the Company owed under 8% notes payable, in exchange for $53,408 (USD$40,000), of which $28,128 (USD$25,000) the Company paid on August 10, 2020, and $18,981 (USD$15,000) on September 9, 2021. In addition, during the year ended January 31, 2021, the Company recorded $102,465 as forgiveness of debt associated with reversal of an old debt which exceeded the statute of limitations as promulgated under Chilean Laws. These transactions resulted in a total gain on forgiveness of debt of $255,493 (of which $2,466 is attributed to effect of foreign currency translation). The Company did not have similar transactions during the year ended January 31, 2023. |
RELATED-PARTY TRANSACTIONS DISC
RELATED-PARTY TRANSACTIONS DISCLOSURE | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
RELATED-PARTY TRANSACTIONS DISCLOSURE | 12. RELATED-PARTY TRANSACTIONS Related parties include the directors, officers, key management personnel, close family members and entities controlled by these individuals. Key management personnel are those having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. Transactions with Related Parties During the years ended January 31, 2023, 2022 and 2021, the Company incurred the following expenses with related parties: Year ended January 31, 2023 2022 2021 Consulting fees to a company owned by an officer and director $ 60,000 $ 59,141 $ 21,466 Consulting fees to a company controlled by officers and directors 60,000 60,070 30,666 Consulting fees paid or accrued to a company controlled by VP of Finance 7,120 24,036 - Consulting fees to an officer and director - - 9,200 Prepaid consulting fees paid to a company controlled by VP of Finance - (7,120) - Mineral exploration and general administrative expenses to a company controlled by officers and directors 99,984 42,760 - Legal fees paid to a company controlled by a director 22,316 37,036 2,794 Rent fees accrued to a company controlled by officers and directors - 9,034 6,133 Total transactions with related parties $ 249,420 $ 224,957 $ 70,259 On January 31, 2022, a company controlled by directors agreed to forgive a total of $16,925 the Company owed on account of office rent fees. The forgiveness of debt was recorded as part of share-based reserves. The Company did not have similar transactions during the years ended January 31, 2023 and 2021. Amounts due to Related Parties The following amounts were due to related parties as at: January 31, 2023 January 31, 2022 Due to a company owned by an officer and director (a) $ 95,814 $ 21 Due to a company controlled by officers and directors (a) 147,261 39,565 Due to a company controlled by officers and directors (a) 156,200 5,650 Due to the Chief Executive Officer (“CEO”) (a), (b) 39,123 5,476 Due to the Chief Financial Officer (“CFO”) (a), (b) 1,335 1,272 Due to a major shareholder (a), (b) 3,338 3,180 Due to a company controlled by a director (a) - 2,090 Total due to related parties $ 443,071 $ 57,254 (a) (b) The NSR will be paid quarterly once commercial exploitation begins and will be paid on gold, silver, copper and cobalt sales. If, within two years, the Company does not commence commercial exploitation of the mineral properties, an annual payment of $10,000 per purchaser will be paid. Pursuant to Chilean law, the NSR agreements will come in force only when registered against the land title in Chile. Due to temporary safety restrictions associated with COVID-19 pandemic, the registration of the NSR Agreements has been deferred, therefore the payments made by the CEO, CFO, and the major shareholder have been recorded as advances on the books of the Company and will be applied towards the NSR Agreements, once they are fully legalized. On October 31, 2021, the Company and its related parties agreed to defer certain debt the Company owed to them until January 31, 2023. As at January 31, 2023 and 2022, the following amounts were included in long-term debt due to related parties: January 31, 2023 January 31, 2022 Due to a company owned by an officer and director $ - $ 74,763 Due to a company controlled by officers and directors - 84,750 Total due to related parties $ - $ 159,513 The Company did not pay the above amounts on their maturity, and as of January 31, 2023, these amounts were included in current liabilities. The following amounts were due under the notes payable the Company issued to related parties: January 31, 2023 January 31, 2022 Note payable to CEO $ 1,376,629 $ 804,309 Note payable to CFO 16,253 14,298 Note payable to a company controlled by officers and directors 184,897 170,730 Note payable to a major shareholder 624,761 566,166 Total notes payable to related parties $ 2,202,540 $ 1,555,503 The above notes payable to related parties accumulate interest at a rate of 8% per annum and are unsecured. On August 31, 2021, the Company and the note holders agreed to defer the repayment of the notes payable until January 31, 2023, therefore as of January 31, 2022, these amounts due under the 8% notes payable were included in long-term liability. Since the Company did not pay the amounts due under the notes payable on their maturity, as of January 31, 2023, these amounts were included in current liabilities. During the year ended January 31, 2023, the Company accrued $162,724 (January 31, 2022 - $118,144, January 31, 2021 - $104,422) in interest expense on the notes payable to related parties. |
SEGMENTED INFORMATION DISCLOSUR
SEGMENTED INFORMATION DISCLOSURE | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
SEGMENTED INFORMATION DISCLOSURE | 13. SEGMENTED INFORMATION The Company has one operating segment, the exploration of mineral properties, and two geographical segments with all current exploration activities being conducted in Chile. All of the Company’s equipment and exploration and evaluation assets are located in Chile as follows: January 31, 2023 January 31, 2022 Equipment $ 60,953 $ 22,637 Exploration and evaluation assets 803,251 821,773 $ 864,204 $ 844,410 |
INCOME TAXES DISCLOSURE
INCOME TAXES DISCLOSURE | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
INCOME TAXES DISCLOSURE | 14. INCOME TAXES A reconciliation of income taxes at statutory rate is as follows: Year ended January 31, 2023 2022 2021 Net loss before tax $ (1,769,501) $ (1,622,000) $ (210,654) Statutory income tax rate 27% 27% 21% Expected income tax recovery at statutory income tax rates (478,000) (438,000) (44,000) Non-deductible expenditures 646 90,924 - Difference in foreign tax rates, foreign exchange - - 5,112 Other (78,026) (136,333) (57,571) Adjustment to prior year provisions versus statutory tax returns 91,380 39,409 72,907 Change in valuation allowance 464,000 444,000 23,552 Income tax recovery $ - $ - $ - The Company’s deferred tax assets and liabilities are comprised of the following: Year ended January 31, 2023 2022 2021 Deferred tax assets (liabilities): Federal loss carryforwards $ 1,432,000 $ 1,267,000 $ 1,010,000 Foreign loss carryforwards 1,676,000 1,359,000 1,206,000 Mineral properties 40,000 38,000 38,000 Share issue costs 8,000 9,000 - 3,156,000 2,673,000 2,254,000 Valuation allowance (3,156,000) (2,673,000) (2,254,000) Net deferred tax asset $ - $ - $ - The Company has approximately $1,660,000 in net operating loss carry forwards in Canada that may be offset against future taxable income, which may be used to reduce future taxable income and expire in the year 2043. The Company also has approximately $6,205,675 of Chilean tax losses. The Chilean tax losses can be carried forward indefinitely. The Company has approximately $3,576,000 in United States net operating loss carry forwards, $2,387,000 of which expire in 2037. The remaining balance of $1,189,000 will never expire but its utilization is limited to 80% of taxable income in any future year. |
SUBSEQUENT EVENTS DISCLOSURE
SUBSEQUENT EVENTS DISCLOSURE | 12 Months Ended |
Jan. 31, 2023 | |
Notes | |
SUBSEQUENT EVENTS DISCLOSURE | 15. SUBSEQUENT EVENTS Subsequent to January 31, 2023, the Company entered into a number of loan agreements with Ms. Caitlin Jeffs, the Company’s CEO and President, for a total of $23,653, and into an additional loan agreement with Fairtide Ventures, an entity controlled by Ms. Jeffs, for $6,000. These loans accumulate interest at a rate of 8% per annum, are unsecured, and payable on demand. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES: Cash Policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Policies | |
Cash Policy | Cash Cash comprises deposits in banks that are readily convertible into a known amount of cash, or with an initial maturity of less than 90 days. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES: Foreign currency translation and transactions policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Policies | |
Foreign currency translation and transactions policy | Foreign currency translation and transactions Translation of foreign currency transactions Transactions in foreign currencies are translated using the exchange rate prevailing at the date of the transaction. At each reporting date, foreign currency denominated monetary assets and liabilities are translated at year-end exchange rates. Exchange differences arising from the transactions are recorded in profit or loss for the period, except for exchange differences relating to borrowings hedging net investments denominated in the consolidated subsidiaries’ currency. These differences are recognized in other comprehensive income as currency translation differences until the disposal of the net investment. Exchange differences arising from operating transactions are recorded in operating profit for the period; exchange differences related to financing transactions are recognized as finance costs or income, or in other comprehensive income. Translation of foreign operations The assets and liabilities of a foreign operation, including goodwill and fair value adjustments arising from the acquisition, are translated in Canadian dollars at year-end exchange rates. Income and expenses, and cash flows of a foreign operation are translated in Canadian dollars using average exchange rates. Differences resulting from translating foreign operations are reported as translation differences in equity. When a foreign operation is disposed of, the translation differences previously recognized in equity are reclassified to profit or loss. |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES: Financial instruments policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Policies | |
Financial instruments policy | Financial instruments The following is the Company’s accounting policy for financial instruments under IFRS 9: Financial assets ( i) Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. ( ii) Measurement Financial assets at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets at FVTPL Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed to profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets held at FVTPL are recognized in profit and loss in the period in which they arise. Debt investments at FVTOCI These assets are subsequently measured at fair value. Interest income is calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVTOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. ( iii) Impairment of financial assets at amortized cost IFRS 9 uses the expected credit loss (“ECL”) model. The credit loss model groups receivables based on similar credit risk characteristics and days past due in order to estimate bad debts. The ECL model applies to the Company’s receivables. An ‘expected credit loss’ impairment model requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. (iv) Derecognition The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Financial liabilities Financial liabilities are designated as either: (i) FVTPL; or (ii) other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the statements of financial position subsequent to inception and how changes in value are recorded. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or when they expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and/or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. Gains and losses on derecognition are generally recognized in profit or loss. |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES: Exploration and evaluation assets policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Policies | |
Exploration and evaluation assets policy | Exploration and evaluation assets Exploration and evaluation assets comprise of the costs of acquiring these assets, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a business combination. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying options. Costs incurred before the Company has obtained the legal rights to explore an area are expensed as incurred. Further acquisition costs incurred once the Company has obtained the legal rights to explore an area are capitalized. Costs associated with exploration and evaluation activities as well as property taxes payable to maintain good standing of the exploration and evaluation assets are expensed as period costs. Government tax credits received are recorded as a reduction to the exploration and evaluation expenditures for the reporting period. From time to time, the Company may acquire or dispose of a mineral property interest pursuant to the terms of an option agreement. As such options are exercisable entirely at the discretion of the optionee, the amounts payable or receivable are not recorded at the time of the agreement. Option payments are recorded as exploration expenditure or recoveries when the payments are made or received. Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows: · · · · Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment. Recoverability of the carrying amount of any exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. Although the Company has taken steps that it considers adequate to verify title to exploration and evaluation assets which it has an interest in, these procedures do not guarantee the Company’s title. |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES: Restoration and environmental obligations policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Policies | |
Restoration and environmental obligations policy | Restoration and environmental obligations The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of the assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to the related asset along with a corresponding increase in the restoration provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. As at January 31, 2023, 2022 and 2021, the Company had not recognized any provisions for restoration and environmental obligations. |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES: Equipment policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Policies | |
Equipment policy | Equipment Equipment is recorded at cost. Cost includes expenditures that are directly attributable to the acquisition of the asset. This includes the purchase price, any other costs directly attributable to bringing the assets to a working condition for intended use and the costs of dismantling and removing the items and restoring the site on which they are located. Where an item of equipment comprises significant parts with useful lives that are significantly different from that of the asset as a whole, the parts are accounted for as separate items of equipment and depreciated accordingly. An item of equipment is derecognized upon disposal, or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising from derecognizing an asset determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized through profit or loss. Equipment is depreciated over its estimated useful life. Interest incurred during construction of facilities is capitalized and depreciated over the life of the asset. Costs for normal repairs and maintenance that do not extend economic life or improve service potential are expensed as incurred. Costs of improvements that extend economic life or improve service potential are capitalized and depreciated over the estimated remaining useful life. The Company commences recording depreciation when the assets are in a working condition ready for use. The Company’s equipment consists of trucks that are being used in the Company’s exploration programs, which are being depreciated using the diminishing balance method at 30%. |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES: Impairment of assets policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Policies | |
Impairment of assets policy | Impairment of assets The carrying amount of the Company’s assets are reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in the statement of comprehensive loss. The recoverable amount of assets is the greater of an asset’s fair value less cost to sell and value in use. The estimated future cash flows are discounted to their present value using a pre‐tax discount rate that reflects the current market assessments of the time value of money and the risks to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. |
SIGNIFICANT ACCOUNTING POLICI_9
SIGNIFICANT ACCOUNTING POLICIES: Income taxes policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Policies | |
Income taxes policy | Income taxes Income tax is recognized in net loss except to the extent that it relates to items recognized directly in equity or other comprehensive income, in which case it is recognized in equity or other comprehensive income. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred tax is recorded providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. |
SIGNIFICANT ACCOUNTING POLIC_10
SIGNIFICANT ACCOUNTING POLICIES: Share capital policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Policies | |
Share capital policy | Share capital Common shares are classified as equity. Transaction costs directly attributable to the issuance of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares issued for consideration other than cash are valued based on their fair value at the date the shares are issued. The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component. The Company considers the fair value of common shares issued in a private placement to be the more easily measurable component and the common shares are valued at their fair value, as determined by the closing quoted bid price on the issue date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as reserves. Share purchase warrants issued on a standalone basis are recognized at the fair value using the Black-Scholes Option Pricing Model at the date of issue. The value is initially recorded as a part of reserves in equity at the recognized fair value. Upon exercise of the share purchase warrants, the previously recognized fair value of the warrants exercised is reallocated to share capital from reserves. The proceeds generated from the payment of the exercise price are also allocated to share capital. |
SIGNIFICANT ACCOUNTING POLIC_11
SIGNIFICANT ACCOUNTING POLICIES: Share-based payment policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Policies | |
Share-based payment policy | Share-based payment Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the share-based payment reserve. The fair values of the instruments are determined using the Black-Scholes Option Pricing Model. The number of the instruments expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the instruments granted shall be based on the number of the instruments that eventually vest. |
SIGNIFICANT ACCOUNTING POLIC_12
SIGNIFICANT ACCOUNTING POLICIES: Income/(loss) per share policy (Policies) | 12 Months Ended |
Jan. 31, 2023 | |
Policies | |
Income/(loss) per share policy | Income/(loss) per share Basic income/(loss) per share is calculated by dividing the income/(loss) attributable to common shareholders by the weighted average number of common shares outstanding in the period. For all periods presented, the income/(loss) attributable to common shareholders equals the reported income/(loss) attributable to owners of the Company. Diluted income per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding for the calculation of diluted income per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. The Company’s diluted loss per share does not include the effect of stock options or warrants as they are anti-dilutive. |
FINANCIAL INSTRUMENTS AND RIS_2
FINANCIAL INSTRUMENTS AND RISKS DISCLOSURE: Categories of financial instruments, table (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Categories of financial instruments, table | As at: January 31, 2023 January 31, 2022 Financial assets: FVTPL Cash $ 20,776 $ 474,317 Financial liabilities: Amortized cost Accounts payable $ 106,517 $ 87,938 Accrued liabilities $ 76,869 $ 102,208 Due to related parties $ 443,071 $ 57,254 Notes payable $ 2,202,540 $ - |
FINANCIAL INSTRUMENTS AND RIS_3
FINANCIAL INSTRUMENTS AND RISKS DISCLOSURE: Assets and liabilities measured at fair value on a recurring basis, table (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Assets and liabilities measured at fair value on a recurring basis, table | As at January 31, 2023 Level 1 Level 2 Level 3 Total Cash $ 20,776 $ - $ - $ 20,776 $ 20,776 $ - $ - $ 20,776 |
FINANCIAL INSTRUMENTS AND RIS_4
FINANCIAL INSTRUMENTS AND RISKS DISCLOSURE: Summary of contractual maturities of financial liablilities (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Summary of contractual maturities of financial liablilities | Within 1 year 1-5 years 5+ years Accounts payable and accrued liabilities $ 183,386 $ - $ - Amounts due to related parties 443,071 - - Loans payable (1) 2,202,540 - - Withholding taxes payable - - 158,814 $ 2,828,997 $ - $ 158,814 |
EXPLORATION AND EVALUATION AS_2
EXPLORATION AND EVALUATION ASSETS DISCLOSURE: SCHEDULE OF EXPLORATION AND EVALUATION ASSETS, table (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
SCHEDULE OF EXPLORATION AND EVALUATION ASSETS, table | Exploration and evaluation assets at January 31, 2023 January 31, 2022 Changes during the year Effect of foreign currency translation January 31, 2023 Farellón Project Farellón $ 432,389 $ - $ 19,659 $ 452,048 Quina 166,660 - 7,577 174,237 Exeter 169,270 - 7,696 176,966 Sub-total, Farellón Project 768,319 - 34,932 803,251 Perth Project (1) 53,454 (55,885) 2,431 - Total costs $ 821,773 $ (55,885) $ 37,363 $ 803,251 (1) Exploration and evaluation assets at January 31, 2022 January 31, 2021 Effect of foreign currency translation January 31, 2022 Farellón Project Farellón $ 473,792 $ (41,403) $ 432,389 Quina 182,618 (15,958) 166,660 Exeter 185,479 (16,209) 169,270 Sub-total, Farellón Project 841,889 (73,570) 768,319 Perth Project 58,573 (5,119) 53,454 Total costs $ 900,463 $ (78,690) $ 821,773 |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS DISCLOSURE: SCHEDULE OF EXPLORATION COSTS (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
SCHEDULE OF EXPLORATION COSTS | Exploration costs for the year ended January 31, 2023 Farellón Project Perth Project Mateo Project Total Costs Property taxes paid $ 8,440 $ 19,596 $ 1,656 $ 29,692 Geology 82,931 - - 82,931 Drilling 409,741 - - 409,741 Equipment used 11,950 - - 11,950 Camp costs (including meals and travel) 53,470 - - 53,470 Assay costs 58,433 - - 58,433 Value added tax on exploration costs 103,732 103,732 Total exploration costs $ 728,697 $ 19,596 $ 1,656 $ 749,949 Exploration costs for the year ended January 31, 2022 Farellón Project Perth Project Mateo Project Total Costs Property taxes paid $ 24,321 $ 52,151 $ 10,716 $ 87,188 Geology 27,509 - - 27,509 Drilling 150,222 - - 150,222 Equipment used 5,754 - - 5,754 Camp costs (including meals and travel) 30,938 - - 30,938 Total exploration costs $ 238,744 $ 52,151 $ 10,716 $ 301,611 Exploration costs for the year ended January 31, 2021 Farellón Project Perth Project Mateo Project Total Costs Property taxes paid $ 684 $ - $ - $ 684 Camp costs (including meals and travel) 866 - - 866 Total exploration costs $ 1,550 $ - $ - $ 1,550 |
EQUIPMENT DISCLOSURE_ Disclosur
EQUIPMENT DISCLOSURE: Disclosure of detailed information about property, plant and equipment (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Disclosure of detailed information about property, plant and equipment | Cost Equipment Balance at January 31, 2021 $ 53,715 Effect of foreign currency translation (4,694) Balance at January 31, 2022 49,021 Additions 55,572 Effect of foreign currency translation 4,755 Balance at January 31, 2023 $ 109,348 Accumulated depreciation Balance at January 31, 2021 $ 19,833 Additions 8,626 Effect of foreign currency translation (2,075) Balance at January 31, 2022 26,384 Additions 18,918 Effect of foreign currency translation 3,093 Balance at January 31, 2023 $ 48,395 Net carrying amounts Balance, January 31, 2022 $ 22,637 Balance, January 31, 2023 $ 60,953 |
PREPAIDS AND OTHER RECEIVABLE_2
PREPAIDS AND OTHER RECEIVABLES DISCLOSURE: SCHEDULE OF OF PREPAID AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
SCHEDULE OF OF PREPAID AND OTHER RECEIVABLES | January 31, 2023 January 31, 2022 Chilean corporate tax prepayment $ - $ 652 GST receivable 4,578 11,785 Prepaid deposits for drilling program - 21,065 Prepaid expenses for general and administrative fees 122,137 119,445 Total prepaids and other receivables $ 126,715 $ 152,947 |
SHARE CAPITAL DISCLOSURE_ Sched
SHARE CAPITAL DISCLOSURE: Schedule of fair value assumptions, current (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of fair value assumptions, current | Expected life of the Finders’ Warrants 2 years Risk-free interest rate 2.64% Expected dividend yield Nil Expected share price volatility 242% Fair value at the date of transaction $0.145 |
Schedule of fair value assumptions, current | Expected Life of the Finders’ Warrants 2 years Risk-Free Interest Rate 0.16% Expected Dividend Yield Nil Expected Stock Price Volatility 255% Fair Value at the date of transaction $0.45 |
SHARE CAPITAL DISCLOSURE_ Sch_2
SHARE CAPITAL DISCLOSURE: Schedule of fair value assumptions, SR Warrants (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of fair value assumptions, SR Warrants | Expected Life of the Broker SR Warrants 2 years Risk-Free Interest Rate 1.04% Expected Dividend Yield Nil Expected Stock Price Volatility 265% Fair Value at the date of transaction $0.43 |
SHARE CAPITAL DISCLOSURE_ Sch_3
SHARE CAPITAL DISCLOSURE: Schedule of changes in Warrants (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of changes in Warrants | Year ended January 31, 2023 Year ended January 31, 2022 Number of warrants Weighted average exercise price Number of warrants Weighted average exercise price Warrants outstanding, beginning 10,688,239 $ 0.36 - $ n/a Warrants issued 3,510,756 $ 0.45 10,688,239 $ 0.36 Warrants outstanding, ending 14,198,995 $ 0.38 10,688,239 $ 0.36 |
SHARE CAPITAL DISCLOSURE_ Sch_4
SHARE CAPITAL DISCLOSURE: Schedule of Warrants Outstanding (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of Warrants Outstanding | Number of warrants exercisable Grant date Exercise price and expiry date 3,849,668 May 17, 2021 $0.20 expiring on May 17, 2024, as extended on May 2, 2022 149,310 (1)(2) May 17, 2021 $0.20 expiring on May 17, 2023 6,460,872 November 23, 2021 $0.30 if exercised prior to November 23, 2022 $0.60 if exercised after November 23, 2022 but prior to November 23, 2023 228,389 (1) November 23, 2021 $0.30 if exercised prior to November 23, 2022 $0.60 is exercised after November 23, 2022 but prior to November 23, 2023 3,308,666 May 16, 2022 $0.30 if exercised prior to May 16, 2023 $0.60 if exercised after May 16, 2023 but prior to May 16, 2024 202,090 (1) May 16, 2022 $0.30 if exercised prior to May 16, 2023 $0.60 if exercised after May 16, 2023 but prior to May 16, 2024 14,198,995 |
SHARE CAPITAL DISCLOSURE_ Sch_5
SHARE CAPITAL DISCLOSURE: Schedule of fair value assumptions, options 2021 (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of fair value assumptions, options 2021 | November 24, 2021 Expected life 5 years Annualized volatility 186% Risk-free interest rate 1.56% Dividend yield Nil Fair Value at the date of grant $0.20 |
SHARE CAPITAL DISCLOSURE_ Sch_6
SHARE CAPITAL DISCLOSURE: Schedule of fair value assumptions, options 2022 (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of fair value assumptions, options 2022 | January 31, 2023 Expected life 4 - 5 years Annualized volatility 195% - 243% Risk-free interest rate 1.52% - 3.27% Dividend yield Nil Fair Value at vesting $0.07 - $0.218 |
RELATED-PARTY TRANSACTIONS DI_2
RELATED-PARTY TRANSACTIONS DISCLOSURE: Disclosure of transactions between related parties (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Disclosure of transactions between related parties | Year ended January 31, 2023 2022 2021 Consulting fees to a company owned by an officer and director $ 60,000 $ 59,141 $ 21,466 Consulting fees to a company controlled by officers and directors 60,000 60,070 30,666 Consulting fees paid or accrued to a company controlled by VP of Finance 7,120 24,036 - Consulting fees to an officer and director - - 9,200 Prepaid consulting fees paid to a company controlled by VP of Finance - (7,120) - Mineral exploration and general administrative expenses to a company controlled by officers and directors 99,984 42,760 - Legal fees paid to a company controlled by a director 22,316 37,036 2,794 Rent fees accrued to a company controlled by officers and directors - 9,034 6,133 Total transactions with related parties $ 249,420 $ 224,957 $ 70,259 |
RELATED-PARTY TRANSACTIONS DI_3
RELATED-PARTY TRANSACTIONS DISCLOSURE: Schedule of amounts due to related parties (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of amounts due to related parties | January 31, 2023 January 31, 2022 Due to a company owned by an officer and director (a) $ 95,814 $ 21 Due to a company controlled by officers and directors (a) 147,261 39,565 Due to a company controlled by officers and directors (a) 156,200 5,650 Due to the Chief Executive Officer (“CEO”) (a), (b) 39,123 5,476 Due to the Chief Financial Officer (“CFO”) (a), (b) 1,335 1,272 Due to a major shareholder (a), (b) 3,338 3,180 Due to a company controlled by a director (a) - 2,090 Total due to related parties $ 443,071 $ 57,254 |
RELATED-PARTY TRANSACTIONS DI_4
RELATED-PARTY TRANSACTIONS DISCLOSURE: Schedule of Amounts due to Related Parties, long-term debt (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of Amounts due to Related Parties, long-term debt | January 31, 2023 January 31, 2022 Due to a company owned by an officer and director $ - $ 74,763 Due to a company controlled by officers and directors - 84,750 Total due to related parties $ - $ 159,513 |
RELATED-PARTY TRANSACTIONS DI_5
RELATED-PARTY TRANSACTIONS DISCLOSURE: Schedule of Amounts due to Related Parties, notes payable (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of Amounts due to Related Parties, notes payable | January 31, 2023 January 31, 2022 Note payable to CEO $ 1,376,629 $ 804,309 Note payable to CFO 16,253 14,298 Note payable to a company controlled by officers and directors 184,897 170,730 Note payable to a major shareholder 624,761 566,166 Total notes payable to related parties $ 2,202,540 $ 1,555,503 |
SEGMENTED INFORMATION DISCLOS_2
SEGMENTED INFORMATION DISCLOSURE: Schedule of assets in Chile (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of assets in Chile | January 31, 2023 January 31, 2022 Equipment $ 60,953 $ 22,637 Exploration and evaluation assets 803,251 821,773 $ 864,204 $ 844,410 |
INCOME TAXES DISCLOSURE_ Schedu
INCOME TAXES DISCLOSURE: Schedule of Income Tax Reconciliation (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of Income Tax Reconciliation | Year ended January 31, 2023 2022 2021 Net loss before tax $ (1,769,501) $ (1,622,000) $ (210,654) Statutory income tax rate 27% 27% 21% Expected income tax recovery at statutory income tax rates (478,000) (438,000) (44,000) Non-deductible expenditures 646 90,924 - Difference in foreign tax rates, foreign exchange - - 5,112 Other (78,026) (136,333) (57,571) Adjustment to prior year provisions versus statutory tax returns 91,380 39,409 72,907 Change in valuation allowance 464,000 444,000 23,552 Income tax recovery $ - $ - $ - |
INCOME TAXES DISCLOSURE_ Sche_2
INCOME TAXES DISCLOSURE: Schedule of deferred tax assets and liabilities (Tables) | 12 Months Ended |
Jan. 31, 2023 | |
Tables/Schedules | |
Schedule of deferred tax assets and liabilities | Year ended January 31, 2023 2022 2021 Deferred tax assets (liabilities): Federal loss carryforwards $ 1,432,000 $ 1,267,000 $ 1,010,000 Foreign loss carryforwards 1,676,000 1,359,000 1,206,000 Mineral properties 40,000 38,000 38,000 Share issue costs 8,000 9,000 - 3,156,000 2,673,000 2,254,000 Valuation allowance (3,156,000) (2,673,000) (2,254,000) Net deferred tax asset $ - $ - $ - |
NATURE AND CONTINUANCE OF OPE_2
NATURE AND CONTINUANCE OF OPERATIONS (Details) - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 |
Details | ||
Cash, current | $ 20,776 | $ 474,317 |
Working capital | $ 2,681,506 |
FINANCIAL INSTRUMENTS AND RIS_5
FINANCIAL INSTRUMENTS AND RISKS DISCLOSURE: Categories of financial instruments, table (Details) - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 |
Details | ||
Cash, current | $ 20,776 | $ 474,317 |
Accounts payable, current | 106,517 | 87,938 |
Accrued liabilities, current | 76,869 | 102,208 |
Due to related parties, current | 443,071 | 57,254 |
Notes payable, current | $ 2,202,540 | $ 0 |
FINANCIAL INSTRUMENTS AND RIS_6
FINANCIAL INSTRUMENTS AND RISKS DISCLOSURE: Assets and liabilities measured at fair value on a recurring basis, table (Details) - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 |
Cash, current | $ 20,776 | $ 474,317 |
Fair Value, Inputs, Level 1 | ||
Cash, current | $ 20,776 |
FINANCIAL INSTRUMENTS AND RIS_7
FINANCIAL INSTRUMENTS AND RISKS DISCLOSURE: Summary of contractual maturities of financial liablilities (Details) - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 |
Details | ||
Accounts payable and accrued liabilities | $ 183,386 | |
Due to related parties, current | 443,071 | $ 57,254 |
Notes payable, current | 2,202,540 | 0 |
Total current liabilities | $ 2,828,997 | $ 247,400 |
EXPLORATION AND EVALUATION AS_4
EXPLORATION AND EVALUATION ASSETS DISCLOSURE: SCHEDULE OF EXPLORATION AND EVALUATION ASSETS, table (Details) - CAD ($) | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Exploration and evaluation assets | $ 803,251 | $ 821,773 | $ 900,463 |
Foreign currency translation effect | 37,363 | (78,690) | |
Exploration and evaluation assets, changes | (55,885) | ||
Farellon Project, Farellon | |||
Exploration and evaluation assets, gross | 452,048 | 432,389 | 473,792 |
Foreign currency translation, gross | 19,659 | (41,403) | |
Farellon Project, Quina | |||
Exploration and evaluation assets, gross | 174,237 | 166,660 | 182,618 |
Foreign currency translation, gross | 7,577 | (15,958) | |
Farellon Project, Exeter | |||
Exploration and evaluation assets, gross | 176,966 | 169,270 | 185,479 |
Foreign currency translation, gross | 7,696 | (16,209) | |
Farellón Project | |||
Exploration and evaluation assets | 803,251 | 768,319 | 841,889 |
Foreign currency translation effect | 34,932 | (73,570) | |
Perth Project | |||
Exploration and evaluation assets | 0 | 53,454 | $ 58,573 |
Foreign currency translation effect | 2,431 | $ (5,119) | |
Exploration and evaluation assets, changes | $ (55,885) |
EXPLORATION AND EVALUATION AS_5
EXPLORATION AND EVALUATION ASSETS DISCLOSURE: SCHEDULE OF EXPLORATION COSTS (Details) - CAD ($) | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Property Taxes Paid | $ 29,692 | $ 87,188 | $ 684 |
Geology Costs | 82,931 | 27,509 | |
Drilling Costs | 409,741 | 150,222 | |
Equipment Used Costs | 11,950 | 5,754 | |
Camp Costs | 53,470 | 30,938 | 866 |
Assay costs | 58,433 | ||
Value added tax on exploration costs | 103,732 | ||
Total Exploration Costs | 749,949 | 301,611 | 1,550 |
Farellón Project | |||
Property Taxes Paid | 8,440 | 24,321 | 684 |
Geology Costs | 82,931 | 27,509 | |
Drilling Costs | 409,741 | 150,222 | |
Equipment Used Costs | 11,950 | 5,754 | |
Camp Costs | 53,470 | 30,938 | 866 |
Assay costs | 58,433 | ||
Value added tax on exploration costs | 103,732 | ||
Total Exploration Costs | 728,697 | 238,744 | $ 1,550 |
Perth Project | |||
Property Taxes Paid | 19,596 | 52,151 | |
Total Exploration Costs | 19,596 | 52,151 | |
Mateo Project | |||
Property Taxes Paid | 1,656 | 10,716 | |
Total Exploration Costs | $ 1,656 | $ 10,716 |
EXPLORATION AND EVALUATION AS_6
EXPLORATION AND EVALUATION ASSETS DISCLOSURE (Details) | 12 Months Ended | ||
Jan. 31, 2023 CAD ($) | Jan. 31, 2022 USD ($) | Jan. 31, 2021 CAD ($) | |
Details | |||
Costs associated with Regulatory Fees | $ 4,957 | $ 6,058 | $ 5,722 |
EQUIPMENT DISCLOSURE_ Disclos_2
EQUIPMENT DISCLOSURE: Disclosure of detailed information about property, plant and equipment (Details) - CAD ($) | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Details | |||
Equipment Cost, balance | $ 109,348 | $ 49,021 | $ 53,715 |
Equipment Cost, effect of foreign currency translation | 4,755 | (4,694) | |
Equipment Cost, additions | 55,572 | ||
Accumulated Depreciation of Equipment | 48,395 | 26,384 | $ 19,833 |
Accumulated Depreciation of Equipment, additions | 18,918 | 8,626 | |
Accumulated Depreciation of Equipment, effect of foreign currency translation | 3,093 | (2,075) | |
Equipment, net | $ 60,953 | $ 22,637 |
PREPAIDS AND OTHER RECEIVABLE_3
PREPAIDS AND OTHER RECEIVABLES DISCLOSURE: SCHEDULE OF OF PREPAID AND OTHER RECEIVABLES (Details) - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 |
Prepaids and other receivables | $ 126,715 | $ 152,947 |
Chilean corporate tax prepayment | ||
Prepaids and other receivables | 0 | 652 |
GST receivable | ||
Prepaids and other receivables | 4,578 | 11,785 |
Prepaid deposits for drilling program | ||
Prepaids and other receivables | 0 | 21,065 |
Prepaid expenses for general and administrative fees | ||
Prepaids and other receivables | $ 122,137 | $ 119,445 |
WITHHOLDING TAXES PAYABLE DIS_2
WITHHOLDING TAXES PAYABLE DISCLOSURE (Details) - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 | Jul. 31, 2020 |
Details | |||
Withholding taxes payable, noncurrent | $ 158,814 | $ 151,907 | $ 146,237 |
SHARE CAPITAL DISCLOSURE (Detai
SHARE CAPITAL DISCLOSURE (Details) | 12 Months Ended | ||||||||||
Jan. 31, 2023 $ / shares shares | Jan. 31, 2023 CAD ($) shares | Jan. 31, 2022 USD ($) $ / shares shares | Jan. 31, 2022 CAD ($) shares | Jan. 31, 2021 CAD ($) | May 16, 2023 $ / shares | May 16, 2022 $ / shares | Nov. 21, 2021 shares | Jun. 15, 2021 $ / shares shares | May 17, 2021 $ / shares | May 14, 2021 $ / shares | |
Shares issued for private placement, shares | shares | 3,308,666 | 3,849,668 | 3,849,668 | ||||||||
Value per share | $ / shares | $ 0.41 | ||||||||||
Shares issued for private placement | $ 496,300 | $ 577,450 | |||||||||
Debt extinguished or converted | 35,000 | ||||||||||
Warrant Exercise price | $ / shares | $ 0.60 | $ 0.30 | $ 0.20 | ||||||||
Warrant share value | $ / shares | $ 0.005 | ||||||||||
Regulatory fees | $ 58,320 | $ 62,031 | $ 25,905 | ||||||||
Warrants issued | shares | 3,510,756 | 10,688,239 | 10,688,239 | ||||||||
Shares issued for services, shares | shares | 29,411 | 29,411 | |||||||||
Shares issued for services | $ 12,117 | ||||||||||
Options issued and exercisable | shares | 1,720,000 | ||||||||||
Increase (decrease) through share-based payment transactions, equity | $ 2,393 | 335,194 | |||||||||
Share-based compensation for consulting services | 2,393 | 20,241 | $ 0 | ||||||||
Short term profits | $ 9,977 | ||||||||||
2023 Offering | |||||||||||
Value per share | $ / shares | $ 0.15 | ||||||||||
Regulatory fees | 3,987 | ||||||||||
Commissions paid | $ 30,314 | ||||||||||
Warrants issued | shares | 202,090 | ||||||||||
Warrants issued, value | $ 25,076 | ||||||||||
Services rendered | |||||||||||
Value per share | $ / shares | $ 0.206 | ||||||||||
Shares issued for services, shares | shares | 29,411 | 29,411 | |||||||||
Services expense | $ 5,000 | ||||||||||
2022 Offering | |||||||||||
Value per share | $ / shares | $ 0.15 | ||||||||||
Commissions paid | $ 22,239 | ||||||||||
Warrants issued | shares | 149,310 | 149,310 | |||||||||
Warrants issued, value | $ 58,273 | ||||||||||
Warrants Description | The 2022 Warrants are subject to an acceleration clause in the event that the common shares are listed on a recognized stock exchange and trade at a price of $0.30 or greater for 10 consecutive trading days, in which event the Company may notify warrant holders that the 2022 Warrants must be exercised within a period of 30 days. In case the 2022 Warrant holders do not exercise them within the accelerated 30-day period, the 2022 Warrants will expire automatically. | The 2022 Warrants are subject to an acceleration clause in the event that the common shares are listed on a recognized stock exchange and trade at a price of $0.30 or greater for 10 consecutive trading days, in which event the Company may notify warrant holders that the 2022 Warrants must be exercised within a period of 30 days. In case the 2022 Warrant holders do not exercise them within the accelerated 30-day period, the 2022 Warrants will expire automatically. | |||||||||
Non-brokered private placement, 2021 | |||||||||||
Value per share | $ / shares | $ 0.15 | ||||||||||
Warrant Exercise price | $ / shares | $ 0.60 | $ 0.30 | |||||||||
Commissions paid | $ 39,261 | ||||||||||
Warrants issued | shares | 228,389 | 228,389 | |||||||||
Warrants issued, value | $ 92,653 | ||||||||||
Shares issued | shares | 6,460,872 | 6,460,872 | |||||||||
Proceeds from issuance | $ 969,131 | ||||||||||
Shares converted | shares | 6,460,872 | 6,460,872 | |||||||||
Incentive stock options for directors, officers, and consultants | |||||||||||
Weighted average life options | 1 year 18 days | ||||||||||
Options granted | shares | 1,750,000 | 1,750,000 | |||||||||
Options exercise price | $ / shares | $ 0.25 | ||||||||||
Options issued and exercisable | shares | 1,700,000 | ||||||||||
Increase (decrease) through share-based payment transactions, equity | $ 330,425 | ||||||||||
Incentive stock options for investor relation services | |||||||||||
Weighted average life options | 3 years 9 months 25 days | ||||||||||
Options granted | shares | 50,000 | ||||||||||
Options exercise price | $ / shares | $ 0.25 | ||||||||||
Share-based compensation for consulting services | $ 2,393 | $ 4,770 |
SHARE CAPITAL DISCLOSURE_ Sch_7
SHARE CAPITAL DISCLOSURE: Schedule of fair value assumptions, current (Details) - $ / shares | 12 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
2023 Offering | ||
Expected life of warrants | 2 years | |
Risk-Free Interest Rate | 2.64% | |
Annualized volatility | 242% | |
Fair Value at the date of transaction | $ 0.145 | |
2022 Offering | ||
Expected life of warrants | 2 years | |
Risk-Free Interest Rate | 0.16% | |
Annualized volatility | 255% | |
Fair Value at the date of transaction | $ 0.45 |
SHARE CAPITAL DISCLOSURE_ Sch_8
SHARE CAPITAL DISCLOSURE: Schedule of fair value assumptions, SR Warrants (Details) - Non-brokered private placement, 2021 | 12 Months Ended |
Jan. 31, 2022 $ / shares | |
Expected life of warrants | 2 years |
Risk-Free Interest Rate | 1.04% |
Annualized volatility | 265% |
Fair Value at the date of transaction | $ 0.43 |
SHARE CAPITAL DISCLOSURE_ Sch_9
SHARE CAPITAL DISCLOSURE: Schedule of changes in Warrants (Details) - $ / shares | 12 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Details | ||
Warrants Outstanding | 14,198,995 | 10,688,239 |
Warrants Outstanding, weighted avg exercise price | $ 0.38 | $ 0.36 |
Warrants issued | 3,510,756 | 10,688,239 |
Warrants issued, weighted avg exercise price | $ 0.45 | $ 0.36 |
SHARE CAPITAL DISCLOSURE_ Sc_10
SHARE CAPITAL DISCLOSURE: Schedule of Warrants Outstanding (Details) | Jan. 31, 2023 shares |
Warrants Exercisable | 14,198,995 |
Warrants Granted May 17, 2021 | |
Warrants Exercisable | 3,849,668 |
Warrants Granted May 17, 2021(2) | |
Warrants Exercisable | 149,310 |
Warrants Granted Nov 23, 2021 | |
Warrants Exercisable | 6,460,872 |
Warrants Granted Nov 23, 2021(2) | |
Warrants Exercisable | 228,389 |
Warrants Granted May 16, 2022 | |
Warrants Exercisable | 3,308,666 |
Warrants Granted May 16, 2022(2) | |
Warrants Exercisable | 202,090 |
SHARE CAPITAL DISCLOSURE_ Sc_11
SHARE CAPITAL DISCLOSURE: Schedule of fair value assumptions, options 2021 (Details) - Incentive stock options for directors, officers, and consultants | 12 Months Ended |
Jan. 31, 2022 $ / shares | |
Expected life of options | 5 years |
Annualized volatility | 186% |
Risk-Free Interest Rate | 1.56% |
Fair Value at the date of transaction | $ 0.20 |
SHARE CAPITAL DISCLOSURE_ Sc_12
SHARE CAPITAL DISCLOSURE: Schedule of fair value assumptions, options 2022 (Details) - Incentive stock options for investor relation services | 12 Months Ended |
Jan. 31, 2023 $ / shares | |
Expected life of options | 5 years |
Annualized volatility | 243% |
Risk-Free Interest Rate | 3.27% |
Fair Value at the date of transaction | $ 0.218 |
FORGIVENESS OF DEBT DISCLOSURE
FORGIVENESS OF DEBT DISCLOSURE (Details) - CAD ($) | 12 Months Ended | |||
Jan. 31, 2022 | Jan. 31, 2021 | Sep. 09, 2021 | Aug. 10, 2020 | |
Foregiveness of debt | $ 255,493 | |||
Repayments of debts | $ 18,981 | $ 28,128 | ||
Legal debt | ||||
Foregiveness of debt | $ 13,667 | 169,940 | ||
Chilean debt | ||||
Foregiveness of debt | $ 191 | 102,465 | ||
Note payable debt | ||||
Foregiveness of debt | 34,030 | |||
Debt attributed to currency translation | ||||
Foregiveness of debt | $ 2,466 |
RELATED-PARTY TRANSACTIONS DI_6
RELATED-PARTY TRANSACTIONS DISCLOSURE: Disclosure of transactions between related parties (Details) - CAD ($) | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Transactions with related parties, expenses | $ 249,420 | $ 224,957 | $ 70,259 |
Consulting fees to a company owned by an officer and director | |||
Transactions with related parties, expenses | 60,000 | 59,141 | 21,466 |
Consulting fees to a company controlled by officers and directors | |||
Transactions with related parties, expenses | 60,000 | 60,070 | 30,666 |
Consulting fees paid or accrued to a company controlled by VP of Finance | |||
Transactions with related parties, expenses | 7,120 | 24,036 | 0 |
Consulting fees to an officer and director | |||
Transactions with related parties, expenses | 0 | 0 | 9,200 |
Prepaid consulting fees paid to a company controlled by VP of Finance | |||
Transactions with related parties, expenses | 0 | (7,120) | 0 |
Mineral exploration and general administrative expenses to a company controlled by officers and directors | |||
Transactions with related parties, expenses | 99,984 | 42,760 | 0 |
Legal fees paid to a company controlled by a director | |||
Transactions with related parties, expenses | 22,316 | 37,036 | 2,794 |
Rent fees accrued to a company controlled by officers and directors | |||
Transactions with related parties, expenses | $ 0 | $ 9,034 | $ 6,133 |
RELATED-PARTY TRANSACTIONS DI_7
RELATED-PARTY TRANSACTIONS DISCLOSURE (Details) - CAD ($) | 12 Months Ended | ||||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | Jun. 05, 2023 | Jul. 29, 2020 | |
Foregiveness of debt | $ 255,493 | ||||
Net smelter returns | 1.25% | ||||
Purchase of goods, related party | 10,000 | ||||
Debt interest rate | 8% | 8% | |||
Interest on notes payable | $ 162,724 | $ 118,144 | 105,766 | ||
Debt forgiven from a company controlled by officers and directors | |||||
Foregiveness of debt | $ 16,925 | ||||
NSR AgreementsCEO | |||||
Purchase of goods, related party | 2,003 | ||||
NSR AgreementsCFO | |||||
Purchase of goods, related party | 1,335 | ||||
NSR Agreements Major Shareholder | |||||
Purchase of goods, related party | 3,338 | ||||
Note payable to related company | |||||
Interest on notes payable | $ 104,422 |
RELATED-PARTY TRANSACTIONS DI_8
RELATED-PARTY TRANSACTIONS DISCLOSURE: Schedule of amounts due to related parties (Details) - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 |
Due to related parties, current | $ 443,071 | $ 57,254 |
Company owned by an officer and director | ||
Due to related parties, current | 95,814 | 21 |
Company controlled by officers and directors | ||
Due to related parties, current | 147,261 | 39,565 |
Company controlled by officers and directors(2) | ||
Due to related parties, current | 156,200 | 5,650 |
Chief Executive Officer | ||
Due to related parties, current | 39,123 | 5,476 |
Chief Financial Officer | ||
Due to related parties, current | 1,335 | 1,272 |
Major Shareholder | ||
Due to related parties, current | 3,338 | 3,180 |
Company controlled by a director | ||
Due to related parties, current | $ 0 | $ 2,090 |
RELATED-PARTY TRANSACTIONS DI_9
RELATED-PARTY TRANSACTIONS DISCLOSURE: Schedule of Amounts due to Related Parties, long-term debt (Details) - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 |
Due to related parties, noncurrent | $ 0 | $ 159,513 |
Company owned by an officer and director | ||
Due to related parties, noncurrent | 0 | 74,763 |
Company controlled by officers and directors | ||
Due to related parties, noncurrent | $ 0 | $ 84,750 |
RELATED-PARTY TRANSACTIONS D_10
RELATED-PARTY TRANSACTIONS DISCLOSURE: Schedule of Amounts due to Related Parties, notes payable (Details) - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 |
Notes payable, current | $ 2,202,540 | $ 0 |
Notes payable related parties, noncurrent | 0 | 1,555,503 |
Note payable to CEO | ||
Notes payable, current | 1,376,629 | |
Notes payable related parties, noncurrent | 804,309 | |
Note payable to CFO | ||
Notes payable, current | 16,253 | |
Notes payable related parties, noncurrent | 14,298 | |
Note payable to related company | ||
Notes payable, current | 184,897 | |
Notes payable related parties, noncurrent | 170,730 | |
Note payable to major shareholder | ||
Notes payable, current | $ 624,761 | |
Notes payable related parties, noncurrent | $ 566,166 |
SEGMENTED INFORMATION DISCLOS_3
SEGMENTED INFORMATION DISCLOSURE: Schedule of assets in Chile (Details) - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 |
Details | |||
Equipment, net | $ 60,953 | $ 22,637 | |
Exploration and evaluation assets | 803,251 | 821,773 | $ 900,463 |
Total assets in Chile | $ 864,204 | $ 844,410 |
INCOME TAXES DISCLOSURE_ Sche_3
INCOME TAXES DISCLOSURE: Schedule of Income Tax Reconciliation (Details) - CAD ($) | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Details | |||
Net income (loss) | $ (1,769,501) | $ (1,622,000) | $ (210,654) |
Statutory income tax rate | 27% | 27% | 21% |
Expected income tax recovery | $ (478,000) | $ (438,000) | $ (44,000) |
Non-deductible expenditures | 646 | 90,924 | 0 |
Difference in foreign tax rates | 0 | 0 | 5,112 |
Other tax reconcilation | (78,026) | (136,333) | (57,571) |
Adjustment to prior year provisions | 91,380 | 39,409 | 72,907 |
Change in valuation allowance | $ 464,000 | $ 444,000 | $ 23,552 |
INCOME TAXES DISCLOSURE_ Sche_4
INCOME TAXES DISCLOSURE: Schedule of deferred tax assets and liabilities (Details) - CAD ($) | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 |
Details | |||
Federal loss carryforwards | $ 1,432,000 | $ 1,267,000 | $ 1,010,000 |
Foreign loss carryforwards | 1,676,000 | 1,359,000 | 1,206,000 |
Mineral property assets | 40,000 | 38,000 | 38,000 |
Deferred share issue costs | 8,000 | 9,000 | 0 |
Valuation allowances | (3,156,000) | (2,673,000) | (2,254,000) |
Net deferred tax asset | $ 0 | $ 0 | $ 0 |
INCOME TAXES DISCLOSURE (Detail
INCOME TAXES DISCLOSURE (Details) | 12 Months Ended |
Jan. 31, 2023 CAD ($) | |
Operating loss carry forward | $ 1,660,000 |
Operations in Chile | |
Foreign loss carry forwards | 6,205,675 |
Operations in USA | |
Foreign loss carry forwards | $ 3,576,000 |
SUBSEQUENT EVENTS DISCLOSURE (D
SUBSEQUENT EVENTS DISCLOSURE (Details) - CAD ($) | 4 Months Ended | 12 Months Ended | ||
Jun. 05, 2023 | Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Issuance of notes payable to related parties | $ 459,580 | $ 39,497 | $ 352,862 | |
Debt interest rate | 8% | 8% | ||
Chief Executive Officer | ||||
Issuance of notes payable to related parties | $ 23,653 | |||
Company owned by an officer and director | ||||
Issuance of notes payable to related parties | $ 6,000 |