Red Metal Resources (RMESF) 10-K 3 May 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jan. 31, 2021	May 03, 2021	Jul. 31, 2020
Cover [Abstract]
Entity Registrant Name	RED METAL RESOURCES, LTD.
Entity Central Index Key	0001358654
Document Type	10-K
Document Period End Date	Jan. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--01-31
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 Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 672,152
Entity Common Stock, Shares Outstanding		41,218,008
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jan. 31, 2021	Jan. 31, 2020
Current assets
Cash	$ 47,293	$ 9,865
Prepaids and other receivables	994	5,764
Total current assets	48,287	15,629
Equipment	26,450	798
Unproved mineral properties	702,941	653,117
Total assets	777,678	669,544
Current liabilities
Accounts payable	78,755	239,098
Accrued liabilities	44,475	168,927
Due to related parties	70,514	7,282
Notes payable	15,000	24,451
Total current liabilities	208,744	439,758
Long-term notes payable to related parties	1,093,417	715,842
Withholding taxes payable	116,618
Total liabilities	1,418,779	1,155,600
Stockholders' deficit
Common stock, $0.001 par value, authorized 500,000,000, 41,218,008 issued and outstanding at January 31, 2021 and 2020	41,217	41,217
Additional paid-in capital	9,132,068	9,132,068
Deficit	(9,744,146)	(9,584,892)
Accumulated other comprehensive loss	(70,240)	(74,449)
Total stockholders' deficit	(641,101)	(486,056)
Total liabilities and stockholders' deficit	$ 777,678	$ 669,544

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2021	Jan. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	41,218,008	41,218,008
Common stock, shares outstanding	41,218,008	41,218,008

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Operating expenses:
Amortization	$ 3,753	$ 328
Consulting fees	53,559
General and administrative	31,493	74,608
Mineral exploration costs	5,441	41,775
Professional fees	121,049	70,420
Regulatory	19,358	9,095
Rent	4,583
Salaries, wages and benefits	28,061	64,665
Total operating expenses	(267,297)	(260,891)
Other items
Foreign exchange gain (loss)	(2,148)	189
Forgiveness of debt	189,228
Interest on notes payable	(79,037)	(60,890)
Net loss	(159,254)	(321,592)
Foreign currency translation	4,209	(81,229)
Comprehensive loss	$ (155,045)	$ (402,821)
Net loss per share - basic and diluted	$ 0	$ (0.01)
Weighted average number of shares outstanding - basic and diluted	41,218,008	37,514,762

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Deficit - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income / (Loss) [Member]	Total
Balance at Jan. 31, 2019	$ 37,504	$ 8,968,677	$ (9,263,300)	$ 6,780	$ (250,339)
Balance, shares at Jan. 31, 2019	37,504,588
Stock issued for debt	$ 3,713	163,391			167,104
Stock issued for debt, shares	3,713,420
Net loss for the year ended			(321,592)		(321,592)
Foreign exchange translation				(81,229)	(81,229)
Balance at Jan. 31, 2020	$ 41,217	9,132,068	(9,584,892)	(74,449)	(486,056)
Balance, shares at Jan. 31, 2020	41,218,008
Net loss for the year ended			(159,254)		(159,254)
Foreign exchange translation				4,209	4,209
Balance at Jan. 31, 2021	$ 41,217	$ 9,132,068	$ (9,744,146)	$ (70,240)	$ (641,101)
Balance, shares at Jan. 31, 2021	41,218,008

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Cash flows used in operating activities:
Net loss	$ (159,254)	$ (321,592)
Adjustments to reconcile net loss to net cash used in operating activities:
Accrued interest on notes payable	79,037	60,890
Amortization	3,753	328
Cash paid for interest	(3,933)
Forgiveness of debt	(189,228)
Changes in operating assets and liabilities:
Prepaids and other receivables	5,042	(307)
Accounts payable	48,346	41,950
Accrued liabilities	(16,170)	54,271
Due to related parties	62,304	5,486
Net cash used in operating activities	(170,103)	(158,974)
Cash flows used in investing activities:
Acquisition of unproved mineral properties		(50,000)
Acquisition of equipment	(27,725)
Net cash used in investing activities	(27,725)	(50,000)
Cash flows provided by financing activities:
Issuance of notes payable to related parties	264,410	213,750
Repayment of notes payable	(21,067)
Net cash provided by financing activities	243,343	213,750
Effects of foreign currency translation on cash	(8,087)	(3,597)
Increase in cash	37,428	1,179
Cash, beginning	9,865	8,686
Cash, ending	47,293	9,865
Cash paid for:
Income tax
Interest	$ 3,933

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Jan. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Nature 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 consolidated financial statements are prepared on a going concern basis in accordance with US generally accepted accounting principles (“GAAP”) which contemplate the realization of assets and discharge of liabilities and commitments in the normal course of business. The Company has generated only minimal income to date and has accumulated losses of $9,744,146 since inception. The Company has funded its operations through the issuance of capital stock and debt. Management plans to raise additional funds through equity and/or debt financings, and by entering into joint venture agreements. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The Company’s ability to continue its operations as a going concern, realize the carrying value of its assets, and discharge its liabilities in the normal course of business is dependent upon its ability to raise new capital sufficient to fund its commitments and ongoing losses, the continued financial support from related party creditors, and ultimately on generating profitable operations. Uncertainty due to Global Outbreak of COVID-19 In March of 2020, the World Health Organization declared an outbreak of COVID-19 Global pandemic. The COVID-19 has impacted vast array of businesses through the restrictions put in place by most governments internationally, including the USA, Canadian and Chilean governments, as well as provincial and municipal governments, regarding travel, business operations and isolation/quarantine orders. At this time, it is unknown to what extent the COVID-19 outbreak may impact the Company and its operations as this will depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place world-wide to fight the virus. While the extent of the impact is unknown, the COVID-19 outbreak may hinder the Company’s ability to raise financing for exploration or operating costs due to uncertain capital markets, supply chain disruptions, increased government regulations and other unanticipated factors, all of which may also negatively impact the Company’s business and financial condition.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These consolidated financial statements and related notes are presented in accordance with US GAAP and are expressed in United States dollars. The Company has not produced revenues from its principal business. These financial statements include the accounts of the Company and its subsidiary, Polymet. All intercompany transactions and balances have been eliminated. Accounting Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these financial statements relate to carrying values of unproved mineral properties, asset retirement obligations, fair value of stock-based transactions, and recognition of deferred tax assets or liabilities. Fair Value of Financial Instruments The carrying amounts reflected in the balance sheets for cash, other receivables, accounts payable, and amounts due to related parties approximate the respective fair values due to the short maturities of these items. The Company does not hold any investments that are available-for-sale. The fair value hierarchy under US GAAP is based on the following three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3: Assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s notes payable to related and arms-length parties are based on Level 2 inputs in the ASC 820 fair value hierarchy. The notes payable and notes payable to related parties accumulate interest at a rate of 8% per annum Asset Retirement Obligations The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation. To date the Company has not incurred any asset retirement obligations. Long Lived Assets The carrying value of long-lived assets, other than mineral properties, is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. Foreign Currency Translation and Transaction The functional currency for the Company and the Company’s foreign subsidiary is the US dollar and the Chilean peso, respectively. The Company translates assets and liabilities to US dollars using year-end exchange rates and translates revenues and expenses using average exchange rates during the period. Exchange gains and losses arising from the translation of foreign entity financial statements are included as a component of other comprehensive income (loss). Transactions denominated in currencies other than the functional currency of the legal entity are re-measured to the functional currency of the legal entity at the year-end exchange rates. Any associated transactional currency re-measurement gains and losses are recognized in current operations. Income Taxes Income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company’s financial statements. Loss per Share The Company presents both basic and diluted loss per share (“LPS”) on the face of the statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive. Mineral Properties The Company capitalizes all property acquisition costs (including option payments). Mineral exploration costs and costs associated with maintenance of the claims are expensed as incurred until commercially mineable deposits are determined to exist within a particular property. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying option. Property option agreements are exercisable entirely at the option of the optionee. Therefore, option payments (or recoveries) are recorded when payment is made (or received) and are not accrued. The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable. The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value. After technical feasibility and commercial viability of extracting a mineral resource are demonstrable the capitalized balance, net of any impairment recognized, is then reclassified to either tangible or intangible mine development assets according to the nature of the asset. Although the Company has taken steps that it considers adequate to verify title to mineral properties which it has an interest in, these procedures do not guarantee the Company’s title. Title to mineral properties in foreign jurisdictions is subject to uncertainty and consequently, such properties may be subject to prior undetected agreements or transfers and title may be affected by such instances. Equipment Equipment is recorded at cost and is being amortized over its estimated useful lives using the declining balance method at 30% per year. Royalty Income Royalty payments received from authorized contractors are recognized when the risks and rewards of ownership to delivered concentrate pass to the buyer and collection is reasonably assured. Stock Options and Other Share-Based Compensation For equity awards, such as stock options, total compensation cost is based on the grant date fair value and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The Company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period an employee becomes eligible to retain the award at retirement, adjusted for the expected rate of forfeiture of the equity awards granted. Recently Adopted Accounting Guidance Recent accounting pronouncements issued by the Financial Accounting Standards Board or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Jan. 31, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	NOTE 3 - RELATED-PARTY TRANSACTIONS The following amounts were due to related parties as at: January 31, 2021 January 31, 2020 Due to a company owned by an officer (a) $ 17,481 $ 110 Due to a company controlled by directors (a) 12,731 7,172 Due to the Chief Executive Officer (“CEO”) (a), (b) 27,543 - Due to the Chief Financial Officer (“CFO”) (a), (b) 8,042 - Due to a major shareholder (a), (b) 2,500 - Due to a company controlled by a director (a) 2,217 - Total due to related parties $ 70,514 $ 7,282 (a) Amounts are unsecured, due on demand and bear no interest. (b) On July 29, 2020, Polymet entered into mining royalty agreements (the “NSR Agreements”) with the Company’s CEO, CFO, and the major shareholder to sell net smelter returns (the “NSR”) on its mineral concessions. NSR range from 0.3% to 1.25% depending on particular concession and the purchaser. The Company’s CEO agreed to acquire NSR for $1,500, CFO agreed to acquire the NSR for $1,000, and the major shareholder agreed to acquire his NSR for $2,500. 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 restriction 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 agreements, once they are fully legalized. The following amounts were due under the notes payable the Company issued to related parties: January 31, 2021 January 31, 2020 Note payable to CEO (c) $ 581,233 $ 502,575 Note payable to CFO (c) 10,380 9,583 Note payable to a company controlled by directors (c) 123,355 109,984 Note payable to a major shareholder (c) 378,449 93,700 Total notes payable to related parties $ 1,093,417 $ 715,842 (c) The notes payable to related parties are based on Level 2 inputs in the ASC 820 fair value hierarchy. The notes payable to related parties accumulate interest at a rate of 8% per annum, are unsecured, and are payable on or after August 31, 2022. During the year ended January 31, 2021, the Company accrued $78,032 (January 31, 2020 - $58,787) in interest expense on the notes payable to related parties. Transactions with Related Parties During the year ended January 31, 2021, the Company incurred the following expenses with related parties: January 31, 2021 Consulting fees to a company owned by the CFO $ 16,041 Consulting fees to CFO 6,875 Consulting fees to CEO and President 22,916 Rent fees accrued to a company controlled by directors 4,583 Legal fees to a company controlled by a director 2,088 Total transactions with related parties $ 52,503 During the year ended January 31, 2020, the Company did not incur any expenses with related parties.

Forgiveness of Debt

Forgiveness of Debt	12 Months Ended
	Jan. 31, 2021
Debt Disclosure [Abstract]
Forgiveness of Debt	NOTE 4 -FORGIVENESS OF DEBT During the year ended January 31, 2021, the Company recorded $74,336 as forgiveness of debt associated with reversal of an old debt which exceeded the statute of limitations as promulgated under Chilean Laws (January 31, 2020 - $Nil). 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 $127,692 (101,717,118 pesos), and a total of $25,487 (20,302,303 pesos) the Company owed under 8% notes payable, in exchange for $40,000, of which $25,000 the Company paid on August 10, 2020. The remaining $15,000 payable to the Debt Holder accumulates no interest and is payable at the discretion of the Company but no later than on October 29, 2021. The transaction resulted in $114,892 forgiveness of debt.

Unproved Mineral Properties

Unproved Mineral Properties	12 Months Ended
	Jan. 31, 2021
Extractive Industries [Abstract]
Unproved Mineral Properties	NOTE 5 - UNPROVED MINERAL PROPERTIES The following are the schedules of the Company’s unproved mineral properties as at January 31, 2021 and 2020: Mineral Claims at January 31, 2021 Mineral Claims January 31, 2020 Additions/ Payments Effect of foreign currency translation January 31, 2021 Farellon Project Farellon Alto 1-8 $ 343,648 $ - $ 26,215 $ 369,863 Quina 132,455 - 10,105 142,560 Exeter 134,530 - 10,263 144,793 610,633 - 46,583 657,216 Perth Project 42,484 - 3,241 45,725 Total Costs $ 653,117 $ - $ 49,824 $ 702,941 Mineral Claims at January 31, 2020 January 31, 2019 Additions/ Payments Effect of foreign currency translation January 31, 2020 Farellon Project Farellon Alto 1-8 $ 411,268 $ - $ (67,620 ) $ 343,648 Quina 158,519 - (26,064 ) 132,455 Exeter 109,584 50,000 (25,054 ) 134,530 679,371 50,000 (118,738 ) 610,633 Perth Project 51,178 - (8,694 ) 42,484 Total Costs $ 730,549 $ 50,000 $ (127,432 ) $ 653,117

Withholding Taxes Payable

Withholding Taxes Payable	12 Months Ended
	Jan. 31, 2021
Withholding Taxes Payable
Withholding Taxes Payable	NOTE 6 - WITHHOLDING TAXES PAYABLE During the year ended January 31, 2021, the Company reclassified $108,079 in Chilean withholding taxes payable from current- to long-term. As at January 31, 2021, the Company had a total of $116,618 in Chilean withholding taxes payable.

Common Stock

Common Stock	12 Months Ended
	Jan. 31, 2021
Equity [Abstract]
Common Stock	NOTE 7 - COMMON STOCK On January 30, 2020, the Company issued 3,713,420 shares of the Company’s common stock under a debt settlement agreement with Ms. Caitlin Jeffs, the CEO, President, and director of the Company. The shares were issued on conversion of $167,104 the Company owed to Ms. Jeffs under convertible notes payable at a deemed price of $0.045 per share. The Company recognized $18,567 loss on conversion, which was recorded through additional paid-in capital. During the year ended January 31, 2021, the Company did not have any transactions that would have resulted in the issuance of the shares of its common stock. Warrants During the year ended January 31, 2021, 2,500,000 warrants issued as part of the April 20, 2018, private placement expired unexercised. The Company has no warrants outstanding as at January 31, 2021 (January 31, 2020 - 2,500,000).

Income Taxes

Income Taxes	12 Months Ended
	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 8 - INCOME TAXES The provision for income taxes differs from the amount that would have resulted in applying the combined federal statutory tax rate as follows: January 31, 2021 January 31, 2020 Net loss $ (159,254 ) $ (321,592 ) Statutory income tax rate 21 % 21 % Expected income tax recovery at statutory income tax rates (33,000 ) (67,000 ) Difference in foreign tax rates, foreign exchange, other 4,000 (12,000 ) Other (45,048 ) (9,000 ) Adjustment to prior year provisions versus statutory tax returns 57,048 4,000 Change in valuation allowance 17,000 84,000 Income tax recovery $ - $ - Temporary differences that give rise to the following deferred tax assets and liabilities are: January 31, 2021 January 31, 2020 Deferred tax assets (liabilities) Federal loss carryforwards $ 790,000 $ 741,000 Foreign loss carryforwards 944,000 967,000 Mineral properties 30,000 40,000 1,764,000 1,748,000 Valuation allowance (1,764,000 ) (1,748,000 ) $ - $ - The Company has approximately $3,760,531 of United States federal net operating loss carry forwards that may be offset against future taxable income. These losses may be carried forward indefinitely. The Company also has approximately $3,496,879 of Chilean tax losses. The Chilean tax losses can be carried forward indefinitely.

Subsequent Event

Subsequent Event	12 Months Ended
	Jan. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	NOTE 9 – SUBSEQUENT EVENT On February 10, 2021, the Company changed its corporate jurisdiction from the State of Nevada to the Province of British Columbia. The Articles of Incorporation and Bylaws of the Company, under the Nevada Revised Statutes, were replaced with the Articles of the Company, under the Business Corporations Act (British Columbia). The authorized capital of the Company was amended to an unlimited number of common shares without par value.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements and related notes are presented in accordance with US GAAP and are expressed in United States dollars. The Company has not produced revenues from its principal business. These financial statements include the accounts of the Company and its subsidiary, Polymet. All intercompany transactions and balances have been eliminated.
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these financial statements relate to carrying values of unproved mineral properties, asset retirement obligations, fair value of stock-based transactions, and recognition of deferred tax assets or liabilities.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts reflected in the balance sheets for cash, other receivables, accounts payable, and amounts due to related parties approximate the respective fair values due to the short maturities of these items. The Company does not hold any investments that are available-for-sale. The fair value hierarchy under US GAAP is based on the following three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and Level 3: Assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s notes payable to related and arms-length parties are based on Level 2 inputs in the ASC 820 fair value hierarchy. The notes payable and notes payable to related parties accumulate interest at a rate of 8% per annum
Asset Retirement Obligations	Asset Retirement Obligations The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation. To date the Company has not incurred any asset retirement obligations.
Long Lived Assets	Long Lived Assets The carrying value of long-lived assets, other than mineral properties, is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.
Foreign Currency Translation and Transaction	Foreign Currency Translation and Transaction The functional currency for the Company and the Company’s foreign subsidiary is the US dollar and the Chilean peso, respectively. The Company translates assets and liabilities to US dollars using year-end exchange rates and translates revenues and expenses using average exchange rates during the period. Exchange gains and losses arising from the translation of foreign entity financial statements are included as a component of other comprehensive income (loss). Transactions denominated in currencies other than the functional currency of the legal entity are re-measured to the functional currency of the legal entity at the year-end exchange rates. Any associated transactional currency re-measurement gains and losses are recognized in current operations.
Income Taxes	Income Taxes Income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company’s financial statements.
Loss Per Share	Loss per Share The Company presents both basic and diluted loss per share (“LPS”) on the face of the statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive.
Mineral Properties	Mineral Properties The Company capitalizes all property acquisition costs (including option payments). Mineral exploration costs and costs associated with maintenance of the claims are expensed as incurred until commercially mineable deposits are determined to exist within a particular property. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying option. Property option agreements are exercisable entirely at the option of the optionee. Therefore, option payments (or recoveries) are recorded when payment is made (or received) and are not accrued. The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable. The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value. After technical feasibility and commercial viability of extracting a mineral resource are demonstrable the capitalized balance, net of any impairment recognized, is then reclassified to either tangible or intangible mine development assets according to the nature of the asset. Although the Company has taken steps that it considers adequate to verify title to mineral properties which it has an interest in, these procedures do not guarantee the Company’s title. Title to mineral properties in foreign jurisdictions is subject to uncertainty and consequently, such properties may be subject to prior undetected agreements or transfers and title may be affected by such instances.
Equipment	Equipment Equipment is recorded at cost and is being amortized over its estimated useful lives using the declining balance method at 30% per year.
Royalty Income	Royalty Income Royalty payments received from authorized contractors are recognized when the risks and rewards of ownership to delivered concentrate pass to the buyer and collection is reasonably assured.
Stock Options and Other Share-based Compensation	Stock Options and Other Share-Based Compensation For equity awards, such as stock options, total compensation cost is based on the grant date fair value and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The Company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period an employee becomes eligible to retain the award at retirement, adjusted for the expected rate of forfeiture of the equity awards granted.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance Recent accounting pronouncements issued by the Financial Accounting Standards Board or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company.

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	12 Months Ended
	Jan. 31, 2021
Related Party Transactions [Abstract]
Schedule of Due to Related Parties for Service Provided	The following amounts were due to related parties as at: January 31, 2021 January 31, 2020 Due to a company owned by an officer (a) $ 17,481 $ 110 Due to a company controlled by directors (a) 12,731 7,172 Due to the Chief Executive Officer (“CEO”) (a), (b) 27,543 - Due to the Chief Financial Officer (“CFO”) (a), (b) 8,042 - Due to a major shareholder (a), (b) 2,500 - Due to a company controlled by a director (a) 2,217 - Total due to related parties $ 70,514 $ 7,282 (a) Amounts are unsecured, due on demand and bear no interest. (b) On July 29, 2020, Polymet entered into mining royalty agreements (the “NSR Agreements”) with the Company’s CEO, CFO, and the major shareholder to sell net smelter returns (the “NSR”) on its mineral concessions. NSR range from 0.3% to 1.25% depending on particular concession and the purchaser. The Company’s CEO agreed to acquire NSR for $1,500, CFO agreed to acquire the NSR for $1,000, and the major shareholder agreed to acquire his NSR for $2,500. 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 restriction 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 agreements, once they are fully legalized.
Schedule of Amounts Due to Notes Payable Issued to Related Parties	The following amounts were due under the notes payable the Company issued to related parties: January 31, 2021 January 31, 2020 Note payable to CEO (c) $ 581,233 $ 502,575 Note payable to CFO (c) 10,380 9,583 Note payable to a company controlled by directors (c) 123,355 109,984 Note payable to a major shareholder (c) 378,449 93,700 Total notes payable to related parties $ 1,093,417 $ 715,842 (c) The notes payable to related parties are based on Level 2 inputs in the ASC 820 fair value hierarchy. The notes payable to related parties accumulate interest at a rate of 8% per annum, are unsecured, and are payable on or after August 31, 2022.
Schedule of Transactions with Related Parties	During the year ended January 31, 2021, the Company incurred the following expenses with related parties: January 31, 2021 Consulting fees to a company owned by the CFO $ 16,041 Consulting fees to CFO 6,875 Consulting fees to CEO and President 22,916 Rent fees accrued to a company controlled by directors 4,583 Legal fees to a company controlled by a director 2,088 Total transactions with related parties $ 52,503

Unproved Mineral Properties (Ta

Unproved Mineral Properties (Tables)	12 Months Ended
	Jan. 31, 2021
Extractive Industries [Abstract]
Schedules of Unproved Mineral Properties	The following are the schedules of the Company’s unproved mineral properties as at January 31, 2021 and 2020: Mineral Claims at January 31, 2021 Mineral Claims January 31, 2020 Additions/ Payments Effect of foreign currency translation January 31, 2021 Farellon Project Farellon Alto 1-8 $ 343,648 $ - $ 26,215 $ 369,863 Quina 132,455 - 10,105 142,560 Exeter 134,530 - 10,263 144,793 610,633 - 46,583 657,216 Perth Project 42,484 - 3,241 45,725 Total Costs $ 653,117 $ - $ 49,824 $ 702,941 Mineral Claims at January 31, 2020 January 31, 2019 Additions/ Payments Effect of foreign currency translation January 31, 2020 Farellon Project Farellon Alto 1-8 $ 411,268 $ - $ (67,620 ) $ 343,648 Quina 158,519 - (26,064 ) 132,455 Exeter 109,584 50,000 (25,054 ) 134,530 679,371 50,000 (118,738 ) 610,633 Perth Project 51,178 - (8,694 ) 42,484 Total Costs $ 730,549 $ 50,000 $ (127,432 ) $ 653,117

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes and Federal Statutory Tax Rate	The provision for income taxes differs from the amount that would have resulted in applying the combined federal statutory tax rate as follows: January 31, 2021 January 31, 2020 Net loss $ (159,254 ) $ (321,592 ) Statutory income tax rate 21 % 21 % Expected income tax recovery at statutory income tax rates (33,000 ) (67,000 ) Difference in foreign tax rates, foreign exchange, other 4,000 (12,000 ) Other (45,048 ) (9,000 ) Adjustment to prior year provisions versus statutory tax returns 57,048 4,000 Change in valuation allowance 17,000 84,000 Income tax recovery $ - $ -
Schedule of Deferred Tax Assets and Liabilities	Temporary differences that give rise to the following deferred tax assets and liabilities are: January 31, 2021 January 31, 2020 Deferred tax assets (liabilities) Federal loss carryforwards $ 790,000 $ 741,000 Foreign loss carryforwards 944,000 967,000 Mineral properties 30,000 40,000 1,764,000 1,748,000 Valuation allowance (1,764,000 ) (1,748,000 ) $ - $ -

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details Narrative) - USD ($)	Jan. 31, 2021	Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated losses	$ (9,744,146)	$ (9,584,892)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative)	Jan. 31, 2021
Accounting Policies [Abstract]
Accumulate interest rate	8.00%
Percentage for estimated useful lives using declining balance method	30.00%

Related-Party Transactions (Det

Related-Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Related Party Transactions [Abstract]
Interest accrued with related parties	$ 78,032	$ 58,787

Related-Party Transactions - Sc

Related-Party Transactions - Schedule of Due to Related Parties for Service Provided (Details) - USD ($)		Jan. 31, 2021	Jan. 31, 2020
Due to related parties		$ 70,514	$ 7,282
Owned by an Officer [Member]
Due to related parties	[1]	17,481	110
Controlled by Directors [Member]
Due to related parties	[1]	12,731	7,172
Chief Executive Officer [Member]
Due to related parties	[1],[2]	27,543
Chief Financial Officer [Member]
Due to related parties	[1],[2]	8,042
Major Shareholder [Member]
Due to related parties	[1],[2]	2,500
Controlled by a Director One [Member]
Due to related parties	[1]	$ 2,217
[1]	Amounts are unsecured, due on demand and bear no interest.
[2]	On July 29, 2020, Polymet entered into mining royalty agreements (the "NSR Agreements") with the Company's CEO, CFO, and the major shareholder to sell net smelter returns (the "NSR") on its mineral concessions. NSR range from 0.3% to 1.25% depending on particular concession and the purchaser. The Company's CEO agreed to acquire NSR for $1,500, CFO agreed to acquire the NSR for $1,000, and the major shareholder agreed to acquire his NSR for $2,500. 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 restriction 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 agreements, once they are fully legalized.

Related-Party Transactions - _2

Related-Party Transactions - Schedule of Due to Related Parties for Service Provided (Details) (Parenthetical) - USD ($)	Jul. 29, 2020	Jan. 31, 2021
Expenses with related parties		$ 52,503
NSR Agreements [Member]
Description of commercial exploitation of the mineral properties	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.
NSR Agreements [Member] | Chief Executive Officer [Member]
Expenses with related parties	$ 1,500
NSR Agreements [Member] | Chief Financial Officer [Member]
Expenses with related parties	1,000
NSR Agreements [Member] | Major Shareholder [Member]
Expenses with related parties	$ 2,500
NSR Agreements [Member] | Minimum [Member]
Mineral concessions of percentage	0.30%
NSR Agreements [Member] | Maximum [Member]
Mineral concessions of percentage	1.25%

Related-Party Transactions - _3

Related-Party Transactions - Schedule of Amounts Due to Notes Payable Issued to Related Parties (Details) - USD ($)		Jan. 31, 2021	Jan. 31, 2020
Total notes payable to related parties		$ 1,093,417	$ 715,842
Chief Executive Officer [Member]
Total notes payable to related parties	[1]	581,233	502,575
Chief Financial Officer [Member]
Total notes payable to related parties	[1]	10,380	9,583
Controlled by Directors [Member]
Total notes payable to related parties	[1]	123,355	109,984
Major Shareholder [Member]
Total notes payable to related parties	[1]	$ 378,449	$ 93,700
[1]	The notes payable to related parties are based on Level 2 inputs in the ASC 820 fair value hierarchy. The notes payable to related parties accumulate interest at a rate of 8% per annum, are unsecured, and are payable on or after August 31, 2022.

Related-Party Transactions - _4

Related-Party Transactions - Schedule of Amounts Due to Notes Payable Issued to Related Parties (Details) (Parenthetical)	Jan. 31, 2021
Accumulate interest rate	8.00%
Note Payable [Member] | On or after August 31, 2022 [Member]
Accumulate interest rate	8.00%

Related-Party Transactions - _5

Related-Party Transactions - Schedule of Transactions with Related Parties (Details)	12 Months Ended
	Jan. 31, 2021USD ($)
Total transactions with related parties	$ 52,503
Owned by Chief Financial Officer [Member]
Total transactions with related parties	16,041
Chief Financial Officer [Member]
Total transactions with related parties	6,875
Chief Executive Officer and President [Member]
Total transactions with related parties	22,916
Directors [Member]
Total transactions with related parties	4,583
Controlled by Directors [Member]
Total transactions with related parties	$ 2,088

Forgiveness of Debt (Details Na

Forgiveness of Debt (Details Narrative)	Aug. 10, 2020USD ($)	Jan. 31, 2021USD ($)	Jan. 31, 2021CLP ($)	Jan. 31, 2020USD ($)	Jan. 31, 2021CLP ($)
Forgiveness of debt		$ 189,228
Interest percentage		8.00%			8.00%
Repayments of Notes Payable		$ 21,067
Chile [Member]
Forgiveness of debt		114,892
Chile [Member] | Debt Holder [Member]
Forgiveness of debt		25,487
Unpaid salaries		$ 127,692
Interest percentage		8.00%			8.00%
Notes payable	$ 40,000	$ 15,000
Repayments of Notes Payable	$ 25,000
Chile [Member] | Debt Holder [Member] | Pesos [Member]
Forgiveness of debt			$ 20,302,303
Unpaid salaries					$ 101,717,118
Chile [Member] | Old Debt [Member]
Forgiveness of debt		$ 74,336

Unproved Mineral Properties - S

Unproved Mineral Properties - Schedules of Unproved Mineral Properties (Details) - USD ($)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Mineral claims, balance	$ 610,633	$ 679,371
Additions/ Payments		50,000
Effect of foreign currency translation	46,583	(118,738)
Mineral claims, balance	657,216	610,633
Mineral Properties, Net	653,117	730,549
Additions/ Payments, Net		50,000
Effect of foreign currency translation, Net	49,824	(127,432)
Mineral Properties, Net	702,941	653,117
Farellon Alto [Member]
Mineral claims, balance	343,648	411,268
Additions/ Payments
Effect of foreign currency translation	26,215	(67,620)
Mineral claims, balance	369,863	343,648
Quina [Member]
Mineral claims, balance	132,455	158,519
Additions/ Payments
Effect of foreign currency translation	10,105	(26,064)
Mineral claims, balance	142,560	132,455
Exeter [Member]
Mineral claims, balance	134,530	109,584
Additions/ Payments		50,000
Effect of foreign currency translation	10,263	(25,054)
Mineral claims, balance	144,793	134,530
Perth Project [Member]
Mineral claims, balance	42,484	51,178
Additions/ Payments
Effect of foreign currency translation	3,241	(8,694)
Mineral claims, balance	$ 45,725	$ 42,484

Withholding Taxes Payable (Deta

Withholding Taxes Payable (Details Narrative)	Jan. 31, 2021USD ($)
Chilean Withholding Taxes Payable Reclassified to Long-Term [Member]
Withholding taxes payable, reclassified from current to long-term	$ 108,079
Chilean Withholding Taxes Payable Total [Member]
Withholding taxes payable, reclassified from current to long-term	$ 116,618

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($)	12 Months Ended
	Jan. 31, 2020	Jan. 30, 2020	Jan. 31, 2021
Stock issued for debt	$ 167,104
Warrants issued			2,500,000
Warrants outstanding	2,500,000
Debt Settlement Agreement [Member] | Ms. Caitlin Jeffs [Member]
Stock issued for debt, shares		3,713,420
Stock issued for debt		$ 167,104
Stock issued price per shares		$ 0.045
Loss on conversion, recorded as additional paid in capital		$ 18,567

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	Jan. 31, 2021USD ($)
Federal net operating loss carry forwards	$ 3,760,531
Chile [Member]
Federal net operating loss carry forwards	$ 3,496,879

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Income Taxes and Federal Statutory Tax Rate (Details) - USD ($)	12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Income Tax Disclosure [Abstract]
Net loss	$ (159,254)	$ (321,592)
Statutory income tax rate	21.00%	21.00%
Expected income tax recovery at statutory income tax rates	$ (33,000)	$ (67,000)
Difference in foreign tax rates, foreign exchange, other	4,000	(12,000)
Other	(45,048)	(9,000)
Adjustment to prior year provisions versus statutory tax returns	57,048	4,000
Change in valuation allowance	17,000	84,000
Income tax recovery

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Jan. 31, 2021	Jan. 31, 2020
Income Tax Disclosure [Abstract]
Federal loss carryforwards	$ 790,000	$ 741,000
Foreign loss carryforwards	944,000	967,000
Mineral properties	30,000	40,000
Deferred Tax Assets, Gross	1,764,000	1,748,000
Valuation allowance	(1,764,000)	(1,748,000)
Deferred Tax Assets, Net of Valuation Allowance