Cover
Cover | 12 Months Ended |
Jan. 31, 2024 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Jan. 31, 2024 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2024 |
Current Fiscal Year End Date | --01-31 |
Entity File Number | 000-52055 |
Entity Registrant Name | RED METAL RESOURCES LTD. |
Entity Central Index Key | 0001358654 |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | 1130 West Pender Street |
Entity Address, Address Line Two | Suite 820 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6E 4A4 |
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 |
Entity Common Stock, Shares Outstanding | 18,288,861 |
Document Financial Statement Error Correction [Flag] | false |
Auditor Name | DALE MATHESON CARR-HILTON LABONTE LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 1173 |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
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 |
Country Region | 1 |
City Area Code | 866 |
Local Phone Number | 907.5403 |
Contact Personnel Name | Gregory Jensen |
Phone Fax Number Description | 604-684-0517 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) | Jan. 31, 2024 | Jan. 31, 2023 |
Current | ||
Cash | $ 25,699 | $ 20,776 |
Prepaids and other receivables | 75,924 | 126,715 |
Total current assets | 101,623 | 147,491 |
Equipment | 38,935 | 60,953 |
Exploration and evaluation assets | 700,852 | 803,251 |
Total assets | 841,410 | 1,011,695 |
Current | ||
Accounts payable | 173,954 | 106,517 |
Accrued liabilities | 51,893 | 76,869 |
Due to related parties | 600,223 | 443,071 |
Notes payable | 2,561,691 | 2,202,540 |
Total current liabilities | 3,387,761 | 2,828,997 |
Withholding taxes payable | 138,568 | 158,814 |
Total liabilities | 3,526,329 | 2,987,811 |
Shareholders’ deficit | ||
Share capital | 8,176,210 | 8,176,210 |
Share-based payment reserve | 4,078,941 | 4,078,941 |
Deficit | (14,552,074) | (13,914,265) |
Accumulated other comprehensive loss | (387,996) | (317,002) |
Total shareholders’ deficit | (2,684,919) | (1,976,116) |
Total liabilities and shareholders’ deficit | $ 841,410 | $ 1,011,695 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CAD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Operating expenses: | |||
Amortization | $ 15,797 | $ 18,918 | $ 8,626 |
Consulting fees | 110,000 | 187,520 | 214,008 |
General and administrative | 118,184 | 340,975 | 230,582 |
Impairment of exploration and evaluation assets | 55,885 | ||
Mineral exploration costs | 43,258 | 754,906 | 307,669 |
Professional fees | 67,961 | 103,148 | 313,679 |
Regulatory | 36,555 | 58,320 | 62,031 |
Rent | 9,034 | ||
Salaries, wages and benefits | 34,778 | 62,441 | 47,419 |
Share-based compensation | 327,070 | ||
Total operating expenses | (426,533) | (1,582,113) | (1,520,118) |
Other items | |||
Foreign exchange gain (loss) | (21,350) | (24,664) | 2,404 |
Forgiveness of debt | 13,858 | ||
Interest on notes payable | (189,926) | (162,724) | (118,144) |
Net loss | (637,809) | (1,769,501) | (1,622,000) |
Other comprehensive loss | |||
Foreign currency translation | (70,994) | (28,358) | (62,433) |
Comprehensive loss | $ (708,803) | $ (1,797,859) | $ (1,684,433) |
Net loss per share - basic | $ (0.03) | $ (0.10) | $ (0.11) |
Net loss per share - diluted | $ (0.03) | $ (0.10) | $ (0.11) |
Weighted average number of shares outstanding - basic | 18,288,875 | 17,971,592 | 15,064,057 |
Weighted average number of shares outstanding - diluted | 18,288,875 | 17,971,592 | 15,064,057 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Deficit - CAD ($) | Issued capital [member] | Other reserves [member] | Retained earnings [member] | Accumulated other comprehensive income [member] | Total |
Balance, at Jan. 31, 2021 | $ 6,409,558 | $ 3,521,907 | $ (10,522,764) | $ (226,211) | $ (817,510) |
Balance, shares at Jan. 31, 2021 | 13,739,324 | ||||
IfrsStatementLineItems [Line Items] | |||||
Shares issued for private placement | $ 577,450 | 577,450 | |||
Shares issued for private placement, shares | 1,283,222 | ||||
Share issuance costs | $ (80,512) | 58,273 | (22,239) | ||
Shares issued for subscription receipts | $ 969,131 | 969,131 | |||
Shares issued for subscription receipts, shares | 2,153,624 | ||||
Share issuance costs | $ (131,914) | 92,653 | (39,261) | ||
Shares issued for services | $ 12,117 | 12,117 | |||
Shares issued for services, shares | 9,803 | ||||
Share-based compensation | 335,194 | 335,194 | |||
Forgiveness of debt with related party | 16,925 | 16,925 | |||
Cash received from short sell fees | 9,977 | 9,977 | |||
Net loss | (1,622,000) | (1,622,000) | |||
Foreign exchange translation | (62,433) | (62,433) | |||
Balance, at Jan. 31, 2022 | $ 7,755,830 | 4,034,929 | (12,144,764) | (288,644) | (642,649) |
Balance, shares at Jan. 31, 2022 | 17,185,973 | ||||
IfrsStatementLineItems [Line Items] | |||||
Shares issued for private placement | $ 479,757 | 16,543 | 496,300 | ||
Shares issued for private placement, shares | 1,102,888 | ||||
Share issuance costs | $ (59,377) | 25,076 | (34,301) | ||
Share-based compensation | 2,393 | 2,393 | |||
Net loss | (1,769,501) | (1,769,501) | |||
Foreign exchange translation | (28,358) | (28,358) | |||
Balance, at Jan. 31, 2023 | $ 8,176,210 | 4,078,941 | (13,914,265) | (317,002) | (1,976,116) |
Balance, shares at Jan. 31, 2023 | 18,288,861 | ||||
IfrsStatementLineItems [Line Items] | |||||
Net loss | (637,809) | (637,809) | |||
Foreign exchange translation | (70,994) | (70,994) | |||
Balance, at Jan. 31, 2024 | $ 8,176,210 | $ 4,078,941 | $ (14,552,074) | $ (387,996) | $ (2,684,919) |
Balance, shares at Jan. 31, 2024 | 18,288,861 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Cash flows used in operating activities | |||
Net loss | $ (637,809) | $ (1,769,501) | $ (1,622,000) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Accrued interest on notes payable | 189,926 | 162,724 | 118,144 |
Amortization | 15,797 | 18,918 | 8,626 |
Foreign exchange | 19,358 | (39,124) | |
Forgiveness of debt | (13,858) | ||
Impairment of exploration and evaluation assets | 55,885 | ||
Share-based compensation for consulting services | 2,393 | 20,241 | |
Share-based compensation | 327,070 | ||
Changes in operating assets and liabilities | |||
Prepaids and other receivables | 50,766 | 25,221 | (134,691) |
Accounts payable | 63,248 | 54,868 | (13,735) |
Accrued liabilities | (24,849) | (23,488) | 60,738 |
Due to related parties | 162,095 | 226,849 | 144,550 |
Net cash used in operating activities | (161,468) | (1,285,255) | (1,104,915) |
Cash flows used in investing activities | |||
Acquisition of equipment | (55,572) | ||
Net cash used in investing activities | (55,572) | ||
Cash flows provided by financing activities | |||
Issuance of notes payable to related parties | 167,583 | 459,580 | 39,497 |
Cash received on subscription to shares, net | 426,999 | 555,211 | |
Cash received on subscription to subscription receipts | 929,870 | ||
Repayment of former related party loans | (18,981) | ||
Cash received from short sell fees | 9,977 | ||
Net cash provided by financing activities | 167,583 | 886,579 | 1,515,574 |
Effects of foreign currency exchange on cash | (1,192) | 707 | 3,172 |
Increase/(decrease) in cash | 4,923 | (453,541) | 413,831 |
Cash, beginning | 20,776 | 474,317 | 60,486 |
Cash, ending | $ 25,699 | $ 20,776 | $ 474,317 |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 12 Months Ended |
Jan. 31, 2024 | |
Nature And Continuance Of Operations | |
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 800 - 885 West Georgia Street, Vancouver, BC V6C 3H1. 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, 2024, 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, 2024, the Company had $ 25,699 3,286,138 On May 23, 2024, the Company completed a share consolidation (reverse stock split) on the basis of one new share for every three old shares 54,866,625 18,288,861 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, 2024 | |
Notes and other explanatory information [abstract] | |
STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION | 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION a) Statement of Compliance These consolidated financial statements were authorized for issue on May 30, 2024, 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) Basis of Presentation and Consolidation The consolidated financial statements of the Company as at and for the years ended January 31, 2024, 2023, and 2022 comprise of the Company and its wholly-owned subsidiary, Minera Polymet SpA, (together referred to as “Red Metal”, or 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. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) 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) Foreign Currency Translation 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 (“US”) to the Canadian dollar (“CAD”). |
MATERIAL ACCOUNTING POLICY INFO
MATERIAL ACCOUNTING POLICY INFORMATION | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
MATERIAL ACCOUNTING POLICY INFORMATION | 3. MATERIAL ACCOUNTING POLICY INFORMATION 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 Classification The Company classifies its financial instruments in the following categories: at fair value through profit or loss (“FVTPL”), at fair value through other comprehensive loss (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of financial instruments is driven by the Company’s business model for managing the 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 as instruments held-for-trading or derivatives) or the Company has opted to measure them at FVTPL. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) The following table shows the classification of financial assets and financial liabilities: Financial assets/liabilities Classification Cash FVTPL Accounts payable Amortized cost Accrued liabilities Amortized cost Due to related parties Amortized cost Notes payable Amortized cost Financial assets On initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at: (i) amortized cost; (ii) FVTOCI; or (iii) FVTPL. The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVTOCI are measured at FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income or loss. 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. The classification determines the method by which the financial assets are carried on the consolidated statement of financial position subsequent to initial recognition and how changes in value are recorded. 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 consolidated statement of financial position subsequent to initial recognition and how changes in value are recorded. Accounts payable are classified under other financial liabilities and carried on the consolidated statements of financial position at amortized cost. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or 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. The Company does not have any derivative financial assets and liabilities as at the year ends presented. 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. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) 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: ● the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; ● substantive expenditures on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; ● exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and ● sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. 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, 2024, 2023, and 2022, 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. Equipment is depreciated over its estimated useful life. 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 declining 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 consolidated statement of comprehensive loss. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) 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 Current income tax: Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the countries where the Company operates and generates taxable income. Current income tax relating to items recognized directly in other comprehensive income (loss) or equity is recognized in other comprehensive income (loss) or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred income tax: Deferred income tax is recognized, using the asset and liability method, on temporary differences at the reporting date arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. 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. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) Share-based payments 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. Loss per share Basic loss per share is calculated by dividing the loss attributable to common shareholders by the weighted average number of common shares outstanding in the period. For all periods presented, the loss attributable to common shareholders equals the reported loss attributable to owners of the Company. Diluted loss 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 loss 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. Because the Company incurred net losses, the effect of dilutive instruments would be anti-dilutive and therefore diluted loss per share equals basic loss per share. |
SIGNIFICANT ACCOUNTING JUDGEMEN
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS | 12 Months Ended |
Jan. 31, 2024 | |
Significant Accounting Judgements Estimates And Assumptions | |
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: ● classification/allocation of expenses as exploration and evaluation expenditures; ● classification and measurement of the Company’s financial assets and liabilities; ● determination that the Company is able to continue as a going concern; and ● determination whether there have been any events or changes in circumstances that indicate the impairment of the Company’s exploration and evaluations assets. Key sources of estimation uncertainty include the following: ● the carrying value and recoverability of exploration and evaluation assets; ● recoverability and measurement of deferred tax assets; ● provisions for restoration and environmental obligations and contingent liabilities; and ● measurement of share-based transactions. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) |
FINANCIAL INSTRUMENTS AND RISKS
FINANCIAL INSTRUMENTS AND RISKS | 12 Months Ended |
Jan. 31, 2024 | |
FINANCIAL INSTRUMENTS AND RISKS | 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 SCHEDULE OF FINANCIAL INSTRUMENTS As at: January 31, 2024 January 31, 2023 Financial assets: FVTPL Cash $ 25,699 $ 20,776 Financial liabilities: Amortized cost Accounts payable $ 173,954 $ 106,517 Accrued liabilities $ 51,893 $ 76,869 Due to related parties $ 600,223 $ 443,071 Notes payable $ 2,561,691 $ 2,202,540 Assets and liabilities measured at fair value on a recurring basis: SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES As at January 31, 2024 Level 1 Level 2 Level 3 Total Cash $ 25,699 $ - $ - $ 25,699 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 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, 2024, 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. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) 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, 2024: SUMMARY OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES Within 1 year 1-5 years 5+ years Accounts payable and accrued liabilities $ 225,847 $ - $ - Amounts due to related parties $ 600,223 $ - $ - Loans payable $ 2,561,691 $ - $ - Withholding taxes payable $ - $ - $ 138,568 Current liabilities $ 3,387,761 $ - $ 138,568 |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 12 Months Ended |
Jan. 31, 2024 | |
Exploration And Evaluation Assets | |
EXPLORATION AND EVALUATION ASSETS | 6. EXPLORATION AND EVALUATION ASSETS As of January 31, 2024, and 2023, 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, 2024 and 2023 acquisition costs associated with each property: Exploration and evaluation assets at January 31, 2024 SCHEDULE OF EXPLORATION AND EVALUATION ASSETS January 31, 2023 Effect of foreign currency translation January 31, 2024 Farellón Project Farellón $ 452,048 - $ (57,627 ) $ 394,421 Quina 174,237 (22,212 ) 152,025 Exeter 176,966 (22,560 ) 154,406 Sub-total, Farellón Project - Perth Project (55,885 Total costs $ 803,251 $ (102,399 ) $ 700,852 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) As at January 31, 2023, the Company assessed its mineral properties for impairment in accordance with IFRS Accounting Standard 36. Since the Company has no immediate plans to explore or develop its Perth Project included within Carrizal Property, the Company impaired the Perth Property to $Nil. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) During the years ended January 31, 2024, 2023, and 2022 the Company incurred the following costs associated with the exploration activities on its mineral properties: Exploration costs for the year ended January 31, 2024 SCHEDULE OF EXPLORATION COSTS Farellón Project Perth Project Mateo Project Total Costs Property taxes paid $ 10,301 $ 23,879 $ 2,018 $ 36,198 Geology - - - - Drilling - - - - Equipment used - - - - Assay costs 192 - - 192 Camp costs (including meals and travel) 1,430 - - 1,430 Value added tax on exploration costs - - - - Total exploration costs $ 11,923 $ 23,879 $ 2,018 $ 37,820 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 In addition to the costs listed in the tables above, during the years ended January 31, 2024, 2023, and 2022 the Company incurred $ 5,438 4,957 6,058 |
EQUIPMENT
EQUIPMENT | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
EQUIPMENT | 7. EQUIPMENT Changes in equipment cost, depreciation and net book value of the equipment at January 31, 2024 and 2023 are as follows: SCHEDULE OF DETAILED INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT Cost Equipment Balance at January 31, 2022 $ 49,021 Additions 55,572 Effect of foreign currency translation 4,755 Balance at January 31, 2023 109,348 Effect of foreign currency translation (13,939 ) Balance at January 31, 2024 $ 95,409 Accumulated depreciation Balance at January 31, 2022 $ 26,384 Additions 18,918 Effect of foreign currency translation 3,093 Balance at January 31, 2023 48,395 Additions 15,797 Effect of foreign currency translation (7,718 ) Balance at January 31, 2024 $ 56,474 Net carrying amounts Balance, January 31, 2023 $ 60,953 Balance, January 31, 2024 $ 38,935 RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) |
PREPAIDS AND OTHER RECEIVABLES
PREPAIDS AND OTHER RECEIVABLES | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
PREPAIDS AND OTHER RECEIVABLES | 8. PREPAIDS AND OTHER RECEIVABLES Prepaids and other receivables consisted of the following as at January 31, 2024 and 2023: SCHEDULE OF PREPAID AND OTHER RECEIVABLES January 31, 2024 January 31, 2023 GST receivable $ 2,352 $ 4,578 Prepaid expenses for general and administrative fees 73,572 122,137 Total prepaids and other receivables $ 75,924 $ 126,715 |
WITHHOLDING TAXES PAYABLE
WITHHOLDING TAXES PAYABLE | 12 Months Ended |
Jan. 31, 2024 | |
Withholding Taxes Payable | |
WITHHOLDING TAXES PAYABLE | 9. WITHHOLDING TAXES PAYABLE As at January 31, 2024 and 2023, the Company had $ 138,568 158,814 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Jan. 31, 2024 | |
SHARE CAPITAL | 10. SHARE CAPITAL The Company is authorized to issue an unlimited number of common shares without par value (the “Shares”). The Company did not issue its common shares during the year ended January 31, 2024. Share consolidation On May 23, 2024, the Company completed a share consolidation (reverse stock split) on the basis of one new share for every three old shares. As a result of the share consolidation, the number of issued and outstanding ordinary shares was reduced from 54,866,625 18,288,861 Common shares issued during the year ended January 31, 2023: On May 16, 2022, the Company issued 1,102,888 0.45 496,300 35,000 0.90 1.80 0.015 RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) In connection with the 2023 Offering, the Company incurred $ 3,987 30,314 67,363 25,076 SCHEDULE OF FAIR VALUE ASSUMPTIONS Expected life of the Finders’ Warrants 2 Risk-free interest rate 2.64 % Expected dividend yield Nil Expected share price volatility 242 % Fair value at the date of transaction $ 0.435 Common stock issued during the year ended January 31, 2022: On May 14, 2021, the Company issued 9,803 5,000 0.618 0.51 9,803 1.23 1.02 12,117 On May 17, 2021, the Company closed a non-brokered private placement by issuing 1,283,222 0.45 577,450 0.60 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 $0.90 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. Nil In connection with the 2022 Offering, the Company paid cash commissions aggregating $ 22,239 49,770 58,273 SCHEDULE OF FAIR VALUE ASSUMPTIONS Expected Life of the Finders’ Warrants 2 Risk-Free Interest Rate 0.16 % Expected Dividend Yield Nil Expected Stock Price Volatility 255 % Fair Value at the date of transaction $ 1.35 On June 15, 2021, the Company closed a non-brokered private placement by issuing 2,153,624 0.45 969,131 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 $ 0.90 1.80 Nil 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. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) 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 2,153,624 2,153,624 2,153,624 In connection with the closing of the SR Offering, the Company paid certain registered investment dealers a total of $ 39,261 76,130 92,653 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: SCHEDULE OF FAIR VALUE ASSUMPTIONS Expected life of the Broker SR Warrants 2 Risk-free interest rate 1.04 % Expected dividend yield Nil Expected stock price volatility 265 % Fair value at the date of transaction $ 1.29 Warrants The changes in the number of warrants outstanding during the years ended January 31, 2024 and 2023, are as follows: SCHEDULE OF CHANGES IN WARRANTS OUTSTANDING Year ended January 31, 2024 Year ended January 31, 2023 Number of warrants Weighted average exercise price Number of warrants Weighted average exercise price Warrants outstanding, beginning 4,732,996 $ 1.14 3,562,745 $ 1.08 Warrants issued - n/a 1,170,251 $ 1.35 Warrants expired (2,279,523 ) $ 1.77 - n/a Warrants outstanding, ending 2,453,473 $ 1.17 4,732,996 $ 1.14 Details of warrants outstanding as at January 31, 2024, are as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of warrants exercisable Grant date Exercise price and expiry date 1,283,222 (1) May 17, 2021 $0.60 expiring on May 17, 2024, as extended on May 2, 2022 1,102,888 (1) May 16, 2022 $1.80 expiring on May 16, 2024 67,363 (1) May 16, 2022 $1.80 expiring on May 16, 2024 2,453,473 (1) These warrants expired unexercised subsequent to January 31, 2024. At January 31, 2024, the weighted average life of the warrants was 0.29 Options 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 RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) On November 24, 2021, the Company’s board of directors granted 583,333 0.75 five years expiring on November 24, 2026 566,667 330,425 SCHEDULE OF FAIR VALUE ASSUMPTIONS, OPTIONS November 24, 2021 Expected life 5 years Risk-free interest rate 1.56 % Expected dividend yield Nil Expected stock price volatility 186 % Fair value at the date of grant $ 0.60 The option to acquire up to 16,666 12 months 4,167 2,393 4,770 SCHEDULE OF FAIR VALUE ASSUMPTIONS, OPTIONS January 31, 2023 Expected life 4 5 years Risk-free interest rate 1.52 3.27 % Expected dividend yield Nil Expected stock price volatility 195 243 % Fair value at the date of grant $ 0.21 0.654 The changes in the number of options outstanding during the years ended January 31, 2024 and 2023, are as follows: SCHEDULE OF CHANGES IN OPTIONS OUTSTANDING Year ended January 31, 2024 Year ended January 31, 2023 Number of options Weighted average exercise price Number of options Weighted average exercise price Options outstanding, beginning 573,333 $ 0.75 583,333 $ 0.75 Options expired (16,666 ) $ 0.75 (10,000 ) $ 0.75 Options outstanding, ending 556,667 $ 0.75 573,333 $ 0.75 Details of options outstanding as at January 31, 2024, are as follows: SCHEDULE OF EXERCISE PRICES OF OUTSTANDING SHARE OPTIONS Number of options exercisable Grant date Exercise price and expiry date 556,667 November 24, 2021 $0.75 expiring on November 24, 2026 556,667 Recovery of Short-Swing Profits During the year ended January 31, 2022, the Company received $ 9,977 |
FORGIVENESS OF DEBT
FORGIVENESS OF DEBT | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
FORGIVENESS OF DEBT | 11. FORGIVENESS OF DEBT During the year ended January 31, 2022, the Company’s legal counsel agreed to forgive $ 13,667 191 The Company did not have similar transactions during the years ended January 31, 2024 and 2023. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
RELATED-PARTY TRANSACTIONS | 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, 2024, 2023, and 2022, the Company incurred the following expenses with related parties: SCHEDULE OF TRANSACTIONS BETWEEN RELATED PARTIES 2024 2023 2022 Years ended January 31, 2024 2023 2022 Consulting fees to a company owned by an officer and director $ 60,000 $ 60,000 $ 59,141 Consulting fees to a company controlled by officers and directors 45,000 60,000 60,070 Consulting fees paid or accrued to a company controlled by VP of Finance - 7,120 24,036 Mineral exploration and general administrative expenses to a company controlled by officers and directors 5,400 99,984 42,760 Legal fees paid to a company controlled by a director 28,372 22,316 37,036 Rent fees accrued to a company controlled by officers and directors - - 9,034 Stock-based compensation for options to acquire up to 463,333 - - 270,170 Total transactions with related parties $ 138,772 $ 249,420 $ 502,247 On January 31, 2022, a company controlled by directors agreed to forgive a total of $ 16,925 Amounts due to Related Parties The following amounts were due to related parties as at: SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES January 31, 2024 January 31, 2023 Due to a company owned by an officer and director (a) $ 158,831 $ 95,814 Due to a company controlled by officers and directors (a) 155,803 147,261 Due to a company controlled by officers and directors (a) 203,450 156,200 Due to the Chief Executive Officer (“CEO”) (a), (b) 68,159 39,123 Due to the Chief Financial Officer (“CFO”) (a), (b) 1,340 1,335 Due to a major shareholder (a), (b) 3,349 3,338 Due to a company controlled by a director (a) 9,291 - Total due to related parties $ 600,223 $ 443,071 (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 (the “Purchasers”) to sell net smelter returns (the “NSR”) on its mineral concessions. NSR range from 0.3 1.25 2,003 1,500 1,335 1,000 3,338 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 RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) 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. The following amounts were due under the notes payable the Company issued to related parties: SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES NOTES PAYABLE January 31, 2024 January 31, 2023 Note payable to CEO $ 1,325,624 $ 1,376,629 Note payable to CFO 17,664 16,253 Note payable to a company controlled by officers and directors 200,240 184,897 Note payable to a company controlled by officers and directors 340,611 - Note payable to a major shareholder 677,552 624,761 Total notes payable to related parties $ 2,561,691 $ 2,202,540 The above notes payable to related parties accumulate interest at a rate of 8 During the year ended January 31, 2024, the Company accrued $ 189,926 162,724 118,144 |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SEGMENTED INFORMATION | 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: SCHEDULE OF REPORTABLE SEGMENT TO WHICH INDIVIDUAL ASSET January 31, 2024 January 31, 2023 Equipment $ 38,935 $ 60,953 Exploration and evaluation assets 700,852 803,251 Total property plant and equipment $ 739,787 $ 864,204 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
INCOME TAXES | 14. INCOME TAXES A reconciliation of income taxes at statutory rate is as follows: SCHEDULE OF RECONCILIATION OF INCOME TAXES 2024 2023 2022 Year ended January 31, 2024 2023 2022 Net loss before tax $ (637,809 ) $ (1,769,501 ) $ (1,622,000 ) Statutory income tax rate 27 % 27 % 27 % Expected income tax recovery at statutory income tax rates (173,000 ) (478,000 ) (438,000 ) Non-deductible expenditures 31 646 90,924 Other (132,752 ) (78,026 ) (136,333 ) Adjustment to prior year provisions versus statutory tax returns 108,721 91,380 39,409 Change in valuation allowance 197,000 464,000 444,000 Income tax recovery $ - $ - $ - The Company’s deferred tax assets and liabilities are comprised of the following: SCHEDULE OF OF DEFERRED TAX ASSETS AND LIABILITIES Year ended January 31, 2024 2023 2022 Deferred tax assets (liabilities): Federal loss carryforwards $ 3,669,000 $ 3,108,000 $ 2,626,000 Mineral properties 40,000 40,000 38,000 Share issue costs 5,000 8,000 9,000 Deferred tax asset gross 3,714,000 3,156,000 2,673,000 Valuation allowance (3,714,000 ) (3,156,000 ) (2,673,000 ) Net deferred tax asset $ - $ - $ - RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) The Company has approximately $ 2,118,000 6,446,000 The Company has approximately $ 6,463,000 2,196,000 4,267,000 80 |
Capital Management
Capital Management | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Capital Management | 15. Capital Management The Company manages its capital, consisting of share and working capital, in a manner consistent with the risk characteristic of the assets it holds. All sources of financing are analyzed by management and approved by the Board of Directors. The Company’s objectives when managing capital is to safeguard the Company’s ability to continue as a going concern and to support the exploration and development of its exploration and evaluation assets and to sustain future development of its business. The Company is meeting its objective of managing capital through preparing short-term and long-term cash flow analysis to ensure an adequate amount of liquidity. The Company is not subject to any externally imposed capital restrictions. There were no changes in the Company’s approach to capital management during the period. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS Related Party Notes and Advances: Subsequent to January 31, 2024, the Company entered into a loan agreement with Ms. Caitlin Jeffs, the Company’s director and former CEO and President, for a total of $ 40,033 61,740 8 3,500 Restructuring of Certain Debt with Related Parties: Subsequent to January 31, 2024, The Company restructured certain debt (the “Restructuring”) in the amount of $ 1,911,451 145,847 1,765,604 In addition, the Company was also notified that $ 450,000 |
MATERIAL ACCOUNTING POLICY IN_2
MATERIAL ACCOUNTING POLICY INFORMATION (Policies) | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Foreign currency translation and transactions | 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 | Financial instruments Classification The Company classifies its financial instruments in the following categories: at fair value through profit or loss (“FVTPL”), at fair value through other comprehensive loss (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of financial instruments is driven by the Company’s business model for managing the 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 as instruments held-for-trading or derivatives) or the Company has opted to measure them at FVTPL. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) The following table shows the classification of financial assets and financial liabilities: Financial assets/liabilities Classification Cash FVTPL Accounts payable Amortized cost Accrued liabilities Amortized cost Due to related parties Amortized cost Notes payable Amortized cost Financial assets On initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at: (i) amortized cost; (ii) FVTOCI; or (iii) FVTPL. The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVTOCI are measured at FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income or loss. 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. The classification determines the method by which the financial assets are carried on the consolidated statement of financial position subsequent to initial recognition and how changes in value are recorded. 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 consolidated statement of financial position subsequent to initial recognition and how changes in value are recorded. Accounts payable are classified under other financial liabilities and carried on the consolidated statements of financial position at amortized cost. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or 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. The Company does not have any derivative financial assets and liabilities as at the year ends presented. |
Exploration and evaluation assets | 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. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) 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: ● the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; ● substantive expenditures on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; ● exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and ● sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. 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 | 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, 2024, 2023, and 2022, the Company had not recognized any provisions for restoration and environmental obligations. |
Equipment | 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. Equipment is depreciated over its estimated useful life. 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 declining balance method at 30%. |
Impairment of assets | 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 consolidated statement of comprehensive loss. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) 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 taxes Current income tax: Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the countries where the Company operates and generates taxable income. Current income tax relating to items recognized directly in other comprehensive income (loss) or equity is recognized in other comprehensive income (loss) or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred income tax: Deferred income tax is recognized, using the asset and liability method, on temporary differences at the reporting date arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. |
Share capital | 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. RED METAL RESOURCES LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended January 31, 2024, 2023 and 2022 (Expressed in Canadian Dollars) |
Share-based payments | Share-based payments 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. |
Loss per share | Loss per share Basic loss per share is calculated by dividing the loss attributable to common shareholders by the weighted average number of common shares outstanding in the period. For all periods presented, the loss attributable to common shareholders equals the reported loss attributable to owners of the Company. Diluted loss 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 loss 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. Because the Company incurred net losses, the effect of dilutive instruments would be anti-dilutive and therefore diluted loss per share equals basic loss per share. |
FINANCIAL INSTRUMENTS AND RIS_2
FINANCIAL INSTRUMENTS AND RISKS (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
SCHEDULE OF FINANCIAL INSTRUMENTS | 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 SCHEDULE OF FINANCIAL INSTRUMENTS As at: January 31, 2024 January 31, 2023 Financial assets: FVTPL Cash $ 25,699 $ 20,776 Financial liabilities: Amortized cost Accounts payable $ 173,954 $ 106,517 Accrued liabilities $ 51,893 $ 76,869 Due to related parties $ 600,223 $ 443,071 Notes payable $ 2,561,691 $ 2,202,540 |
SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES | Assets and liabilities measured at fair value on a recurring basis: SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES As at January 31, 2024 Level 1 Level 2 Level 3 Total Cash $ 25,699 $ - $ - $ 25,699 |
SUMMARY OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES | The following table details the remaining contractual maturities of the Company’s financial liabilities as of January 31, 2024: SUMMARY OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES Within 1 year 1-5 years 5+ years Accounts payable and accrued liabilities $ 225,847 $ - $ - Amounts due to related parties $ 600,223 $ - $ - Loans payable $ 2,561,691 $ - $ - Withholding taxes payable $ - $ - $ 138,568 Current liabilities $ 3,387,761 $ - $ 138,568 |
EXPLORATION AND EVALUATION AS_2
EXPLORATION AND EVALUATION ASSETS (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Exploration And Evaluation Assets | |
SCHEDULE OF EXPLORATION AND EVALUATION ASSETS | Exploration and evaluation assets at January 31, 2024 SCHEDULE OF EXPLORATION AND EVALUATION ASSETS January 31, 2023 Effect of foreign currency translation January 31, 2024 Farellón Project Farellón $ 452,048 - $ (57,627 ) $ 394,421 Quina 174,237 (22,212 ) 152,025 Exeter 176,966 (22,560 ) 154,406 Sub-total, Farellón Project - Perth Project (55,885 Total costs $ 803,251 $ (102,399 ) $ 700,852 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) As at January 31, 2023, the Company assessed its mineral properties for impairment in accordance with IFRS Accounting Standard 36. Since the Company has no immediate plans to explore or develop its Perth Project included within Carrizal Property, the Company impaired the Perth Property to $Nil. |
SCHEDULE OF EXPLORATION COSTS | Exploration costs for the year ended January 31, 2024 SCHEDULE OF EXPLORATION COSTS Farellón Project Perth Project Mateo Project Total Costs Property taxes paid $ 10,301 $ 23,879 $ 2,018 $ 36,198 Geology - - - - Drilling - - - - Equipment used - - - - Assay costs 192 - - 192 Camp costs (including meals and travel) 1,430 - - 1,430 Value added tax on exploration costs - - - - Total exploration costs $ 11,923 $ 23,879 $ 2,018 $ 37,820 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 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF DETAILED INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT | Changes in equipment cost, depreciation and net book value of the equipment at January 31, 2024 and 2023 are as follows: SCHEDULE OF DETAILED INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT Cost Equipment Balance at January 31, 2022 $ 49,021 Additions 55,572 Effect of foreign currency translation 4,755 Balance at January 31, 2023 109,348 Effect of foreign currency translation (13,939 ) Balance at January 31, 2024 $ 95,409 Accumulated depreciation Balance at January 31, 2022 $ 26,384 Additions 18,918 Effect of foreign currency translation 3,093 Balance at January 31, 2023 48,395 Additions 15,797 Effect of foreign currency translation (7,718 ) Balance at January 31, 2024 $ 56,474 Net carrying amounts Balance, January 31, 2023 $ 60,953 Balance, January 31, 2024 $ 38,935 |
PREPAIDS AND OTHER RECEIVABLES
PREPAIDS AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF PREPAID AND OTHER RECEIVABLES | Prepaids and other receivables consisted of the following as at January 31, 2024 and 2023: SCHEDULE OF PREPAID AND OTHER RECEIVABLES January 31, 2024 January 31, 2023 GST receivable $ 2,352 $ 4,578 Prepaid expenses for general and administrative fees 73,572 122,137 Total prepaids and other receivables $ 75,924 $ 126,715 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
IfrsStatementLineItems [Line Items] | |
SCHEDULE OF CHANGES IN WARRANTS OUTSTANDING | The changes in the number of warrants outstanding during the years ended January 31, 2024 and 2023, are as follows: SCHEDULE OF CHANGES IN WARRANTS OUTSTANDING Year ended January 31, 2024 Year ended January 31, 2023 Number of warrants Weighted average exercise price Number of warrants Weighted average exercise price Warrants outstanding, beginning 4,732,996 $ 1.14 3,562,745 $ 1.08 Warrants issued - n/a 1,170,251 $ 1.35 Warrants expired (2,279,523 ) $ 1.77 - n/a Warrants outstanding, ending 2,453,473 $ 1.17 4,732,996 $ 1.14 |
SCHEDULE OF WARRANTS OUTSTANDING | Details of warrants outstanding as at January 31, 2024, are as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of warrants exercisable Grant date Exercise price and expiry date 1,283,222 (1) May 17, 2021 $0.60 expiring on May 17, 2024, as extended on May 2, 2022 1,102,888 (1) May 16, 2022 $1.80 expiring on May 16, 2024 67,363 (1) May 16, 2022 $1.80 expiring on May 16, 2024 2,453,473 (1) These warrants expired unexercised subsequent to January 31, 2024. |
SCHEDULE OF CHANGES IN OPTIONS OUTSTANDING | The changes in the number of options outstanding during the years ended January 31, 2024 and 2023, are as follows: SCHEDULE OF CHANGES IN OPTIONS OUTSTANDING Year ended January 31, 2024 Year ended January 31, 2023 Number of options Weighted average exercise price Number of options Weighted average exercise price Options outstanding, beginning 573,333 $ 0.75 583,333 $ 0.75 Options expired (16,666 ) $ 0.75 (10,000 ) $ 0.75 Options outstanding, ending 556,667 $ 0.75 573,333 $ 0.75 |
SCHEDULE OF EXERCISE PRICES OF OUTSTANDING SHARE OPTIONS | Details of options outstanding as at January 31, 2024, are as follows: SCHEDULE OF EXERCISE PRICES OF OUTSTANDING SHARE OPTIONS Number of options exercisable Grant date Exercise price and expiry date 556,667 November 24, 2021 $0.75 expiring on November 24, 2026 556,667 |
Incentive Stock Options [Member] | |
IfrsStatementLineItems [Line Items] | |
SCHEDULE OF FAIR VALUE ASSUMPTIONS, OPTIONS | SCHEDULE OF FAIR VALUE ASSUMPTIONS, OPTIONS November 24, 2021 Expected life 5 years Risk-free interest rate 1.56 % Expected dividend yield Nil Expected stock price volatility 186 % Fair value at the date of grant $ 0.60 |
Investor Relation Services [Member] | |
IfrsStatementLineItems [Line Items] | |
SCHEDULE OF FAIR VALUE ASSUMPTIONS, OPTIONS | SCHEDULE OF FAIR VALUE ASSUMPTIONS, OPTIONS January 31, 2023 Expected life 4 5 years Risk-free interest rate 1.52 3.27 % Expected dividend yield Nil Expected stock price volatility 195 243 % Fair value at the date of grant $ 0.21 0.654 |
2023 Offering [Member] | |
IfrsStatementLineItems [Line Items] | |
SCHEDULE OF FAIR VALUE ASSUMPTIONS | SCHEDULE OF FAIR VALUE ASSUMPTIONS Expected life of the Finders’ Warrants 2 Risk-free interest rate 2.64 % Expected dividend yield Nil Expected share price volatility 242 % Fair value at the date of transaction $ 0.435 |
2022 Offering [Member] | |
IfrsStatementLineItems [Line Items] | |
SCHEDULE OF FAIR VALUE ASSUMPTIONS | SCHEDULE OF FAIR VALUE ASSUMPTIONS Expected Life of the Finders’ Warrants 2 Risk-Free Interest Rate 0.16 % Expected Dividend Yield Nil Expected Stock Price Volatility 255 % Fair Value at the date of transaction $ 1.35 |
Broker Subscription Receipt Warrants [Member] | |
IfrsStatementLineItems [Line Items] | |
SCHEDULE OF FAIR VALUE ASSUMPTIONS | SCHEDULE OF FAIR VALUE ASSUMPTIONS Expected life of the Broker SR Warrants 2 Risk-free interest rate 1.04 % Expected dividend yield Nil Expected stock price volatility 265 % Fair value at the date of transaction $ 1.29 |
RELATED-PARTY TRANSACTIONS (Tab
RELATED-PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF TRANSACTIONS BETWEEN RELATED PARTIES | During the years ended January 31, 2024, 2023, and 2022, the Company incurred the following expenses with related parties: SCHEDULE OF TRANSACTIONS BETWEEN RELATED PARTIES 2024 2023 2022 Years ended January 31, 2024 2023 2022 Consulting fees to a company owned by an officer and director $ 60,000 $ 60,000 $ 59,141 Consulting fees to a company controlled by officers and directors 45,000 60,000 60,070 Consulting fees paid or accrued to a company controlled by VP of Finance - 7,120 24,036 Mineral exploration and general administrative expenses to a company controlled by officers and directors 5,400 99,984 42,760 Legal fees paid to a company controlled by a director 28,372 22,316 37,036 Rent fees accrued to a company controlled by officers and directors - - 9,034 Stock-based compensation for options to acquire up to 463,333 - - 270,170 Total transactions with related parties $ 138,772 $ 249,420 $ 502,247 |
SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES | The following amounts were due to related parties as at: SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES January 31, 2024 January 31, 2023 Due to a company owned by an officer and director (a) $ 158,831 $ 95,814 Due to a company controlled by officers and directors (a) 155,803 147,261 Due to a company controlled by officers and directors (a) 203,450 156,200 Due to the Chief Executive Officer (“CEO”) (a), (b) 68,159 39,123 Due to the Chief Financial Officer (“CFO”) (a), (b) 1,340 1,335 Due to a major shareholder (a), (b) 3,349 3,338 Due to a company controlled by a director (a) 9,291 - Total due to related parties $ 600,223 $ 443,071 (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 (the “Purchasers”) to sell net smelter returns (the “NSR”) on its mineral concessions. NSR range from 0.3 1.25 2,003 1,500 1,335 1,000 3,338 2,500 |
SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES NOTES PAYABLE | The following amounts were due under the notes payable the Company issued to related parties: SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES NOTES PAYABLE January 31, 2024 January 31, 2023 Note payable to CEO $ 1,325,624 $ 1,376,629 Note payable to CFO 17,664 16,253 Note payable to a company controlled by officers and directors 200,240 184,897 Note payable to a company controlled by officers and directors 340,611 - Note payable to a major shareholder 677,552 624,761 Total notes payable to related parties $ 2,561,691 $ 2,202,540 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF REPORTABLE SEGMENT TO WHICH INDIVIDUAL ASSET | 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: SCHEDULE OF REPORTABLE SEGMENT TO WHICH INDIVIDUAL ASSET January 31, 2024 January 31, 2023 Equipment $ 38,935 $ 60,953 Exploration and evaluation assets 700,852 803,251 Total property plant and equipment $ 739,787 $ 864,204 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF RECONCILIATION OF INCOME TAXES | A reconciliation of income taxes at statutory rate is as follows: SCHEDULE OF RECONCILIATION OF INCOME TAXES 2024 2023 2022 Year ended January 31, 2024 2023 2022 Net loss before tax $ (637,809 ) $ (1,769,501 ) $ (1,622,000 ) Statutory income tax rate 27 % 27 % 27 % Expected income tax recovery at statutory income tax rates (173,000 ) (478,000 ) (438,000 ) Non-deductible expenditures 31 646 90,924 Other (132,752 ) (78,026 ) (136,333 ) Adjustment to prior year provisions versus statutory tax returns 108,721 91,380 39,409 Change in valuation allowance 197,000 464,000 444,000 Income tax recovery $ - $ - $ - |
SCHEDULE OF OF DEFERRED TAX ASSETS AND LIABILITIES | The Company’s deferred tax assets and liabilities are comprised of the following: SCHEDULE OF OF DEFERRED TAX ASSETS AND LIABILITIES Year ended January 31, 2024 2023 2022 Deferred tax assets (liabilities): Federal loss carryforwards $ 3,669,000 $ 3,108,000 $ 2,626,000 Mineral properties 40,000 40,000 38,000 Share issue costs 5,000 8,000 9,000 Deferred tax asset gross 3,714,000 3,156,000 2,673,000 Valuation allowance (3,714,000 ) (3,156,000 ) (2,673,000 ) Net deferred tax asset $ - $ - $ - |
NATURE AND CONTINUANCE OF OPE_2
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) - CAD ($) | May 23, 2024 | May 22, 2024 | Jan. 31, 2024 | Jan. 31, 2023 |
IfrsStatementLineItems [Line Items] | ||||
Cash | $ 25,699 | $ 20,776 | ||
Working capital deficit | $ 3,286,138 | |||
Major ordinary share transactions [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Reverse stock split description | one new share for every three old shares | |||
Number of issued and outstanding ordinary shares | 18,288,861 | 54,866,625 |
SCHEDULE OF FINANCIAL INSTRUMEN
SCHEDULE OF FINANCIAL INSTRUMENTS (Details) - CAD ($) | Jan. 31, 2024 | Jan. 31, 2023 |
Cash | $ 25,699 | $ 20,776 |
Accounts payable | 173,954 | 106,517 |
Accrued liabilities | 51,893 | 76,869 |
Due to related parties | 600,223 | 443,071 |
Notes payable | $ 2,561,691 | $ 2,202,540 |
SCHEDULE OF FAIR VALUE OF ASSET
SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES (Details) - CAD ($) | Jan. 31, 2024 | Jan. 31, 2023 |
IfrsStatementLineItems [Line Items] | ||
Cash | $ 25,699 | $ 20,776 |
Cash [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash | 25,699 | |
Level 1 of fair value hierarchy [member] | Cash [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash | 25,699 | |
Level 2 of fair value hierarchy [member] | Cash [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash | ||
Level 3 of fair value hierarchy [member] | Cash [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash |
SUMMARY OF CONTRACTUAL MATURITI
SUMMARY OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES (Details) - CAD ($) | Jan. 31, 2024 | Jan. 31, 2023 |
IfrsStatementLineItems [Line Items] | ||
Amounts due to related parties | $ 600,223 | $ 443,071 |
Current liabilities | 3,387,761 | $ 2,828,997 |
Not later than one year [member] | Accounts Payables and Accrued Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Accounts payable and accrued liabilities | 225,847 | |
Amounts due to related parties | 600,223 | |
Loans payable | 2,561,691 | |
Withholding taxes payable | ||
Current liabilities | 3,387,761 | |
1-5 Yaer [Member] | Accounts Payables and Accrued Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Accounts payable and accrued liabilities | ||
Amounts due to related parties | ||
Loans payable | ||
Withholding taxes payable | ||
Current liabilities | ||
More than Five Year [Member] | Accounts Payables and Accrued Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Accounts payable and accrued liabilities | ||
Amounts due to related parties | ||
Loans payable | ||
Withholding taxes payable | 138,568 | |
Current liabilities | $ 138,568 |
SCHEDULE OF EXPLORATION AND EVA
SCHEDULE OF EXPLORATION AND EVALUATION ASSETS (Details) - CAD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | ||
IfrsStatementLineItems [Line Items] | |||
Total costs, beginning balance | $ 803,251 | $ 821,773 | |
Exploration and evaluation assets, changes | (55,885) | ||
Effect of foreign currency translation | (102,399) | 37,363 | |
Total costs, ending balance | 700,852 | 803,251 | |
Farellon [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total costs, beginning balance | 452,048 | 432,389 | |
Exploration and evaluation assets, changes | |||
Effect of foreign currency translation | (57,627) | 19,659 | |
Total costs, ending balance | 394,421 | 452,048 | |
Quina [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total costs, beginning balance | 174,237 | 166,660 | |
Exploration and evaluation assets, changes | |||
Effect of foreign currency translation | (22,212) | 7,577 | |
Total costs, ending balance | 152,025 | 174,237 | |
Exeter [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total costs, beginning balance | 176,966 | 169,270 | |
Exploration and evaluation assets, changes | |||
Effect of foreign currency translation | (22,560) | 7,696 | |
Total costs, ending balance | 154,406 | 176,966 | |
Farellon Project [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total costs, beginning balance | 803,251 | 768,319 | |
Exploration and evaluation assets, changes | |||
Effect of foreign currency translation | 34,932 | ||
Total costs, ending balance | 803,251 | ||
Perth Project [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total costs, beginning balance | [1] | 53,454 | |
Exploration and evaluation assets, changes | [1] | (55,885) | |
Effect of foreign currency translation | [1] | 2,431 | |
Total costs, ending balance | [1] | ||
[1]As at January 31, 2023, the Company assessed its mineral properties for impairment in accordance with IFRS Accounting Standard 36. Since the Company has no immediate plans to explore or develop its Perth Project included within Carrizal Property, the Company impaired the Perth Property to $Nil. |
SCHEDULE OF EXPLORATION COSTS (
SCHEDULE OF EXPLORATION COSTS (Details) - CAD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
IfrsStatementLineItems [Line Items] | |||
Property taxes paid | $ 36,198 | $ 29,692 | $ 87,188 |
Geology | 82,931 | 27,509 | |
Drilling | 409,741 | 150,222 | |
Equipment used | 11,950 | 5,754 | |
Assay costs | 192 | 58,433 | |
Camp costs (including meals and travel) | 1,430 | 53,470 | 30,938 |
Value added tax on exploration costs | 103,732 | ||
Total exploration costs | 37,820 | 749,949 | 301,611 |
Farellon Project [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property taxes paid | 10,301 | 8,440 | 24,321 |
Geology | 82,931 | 27,509 | |
Drilling | 409,741 | 150,222 | |
Equipment used | 11,950 | 5,754 | |
Assay costs | 192 | 58,433 | |
Camp costs (including meals and travel) | 1,430 | 53,470 | 30,938 |
Value added tax on exploration costs | 103,732 | ||
Total exploration costs | 11,923 | 728,697 | 238,744 |
Perth Project [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property taxes paid | 23,879 | 19,596 | 52,151 |
Geology | |||
Drilling | |||
Equipment used | |||
Assay costs | |||
Camp costs (including meals and travel) | |||
Value added tax on exploration costs | |||
Total exploration costs | 23,879 | 19,596 | 52,151 |
Mateo Project [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Property taxes paid | 2,018 | 1,656 | 10,716 |
Geology | |||
Drilling | |||
Equipment used | |||
Assay costs | |||
Camp costs (including meals and travel) | |||
Value added tax on exploration costs | |||
Total exploration costs | $ 2,018 | $ 1,656 | $ 10,716 |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS (Details Narrative) - CAD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Exploration And Evaluation Assets | |||
Regulatory fees | $ 5,438 | $ 4,957 | $ 6,058 |
SCHEDULE OF DETAILED INFORMATIO
SCHEDULE OF DETAILED INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT (Details) - CAD ($) | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Equipment cost, beginning balance | $ 60,953 | |
Equipment cost, ending balance | 38,935 | $ 60,953 |
Net carrying amounts | 38,935 | 60,953 |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Equipment cost, beginning balance | 109,348 | 49,021 |
Equipment cost, Additions | 55,572 | |
Equipment cost, Effect of foreign currency translation | (13,939) | 4,755 |
Equipment cost, ending balance | 95,409 | 109,348 |
Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Accumulated depreciation of equipment, beginning balance | 48,395 | 26,384 |
Accumulated depreciation of equipment, Additions | 15,797 | 18,918 |
Accumulated depreciation of equipment, Effect of foreign currency translation | (7,718) | 3,093 |
Accumulated depreciation of equipment, ending balance | $ 56,474 | $ 48,395 |
SCHEDULE OF PREPAID AND OTHER R
SCHEDULE OF PREPAID AND OTHER RECEIVABLES (Details) - CAD ($) | Jan. 31, 2024 | Jan. 31, 2023 |
IfrsStatementLineItems [Line Items] | ||
Total prepaids and other receivables | $ 75,924 | $ 126,715 |
Gst Receivable [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total prepaids and other receivables | 2,352 | 4,578 |
Prepaid Expenses for General and Administrative Fees [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total prepaids and other receivables | $ 73,572 | $ 122,137 |
WITHHOLDING TAXES PAYABLE (Deta
WITHHOLDING TAXES PAYABLE (Details Narrative) - CAD ($) | Jan. 31, 2024 | Jan. 31, 2023 |
Withholding Taxes Payable | ||
Withholding taxes payable, noncurrent | $ 138,568 | $ 158,814 |
SCHEDULE OF FAIR VALUE ASSUMPTI
SCHEDULE OF FAIR VALUE ASSUMPTIONS (Details) - $ / shares | 12 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Expected dividend yield | ||
2023 Offering [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected life of the Finders Warrants | 2 years | |
Risk-free interest rate | 2.64% | |
Expected dividend yield | ||
Expected share price volatility | 242% | |
Fair value at the date of transaction | $ 0.435 | |
2022 Offering [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected life of the Finders Warrants | 2 years | |
Risk-free interest rate | 0.16% | |
Expected dividend yield | ||
Expected share price volatility | 255% | |
Fair value at the date of transaction | $ 1.35 | |
Broker Subscription Receipt Warrants [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected life of the Finders Warrants | 2 years | |
Risk-free interest rate | 1.04% | |
Expected dividend yield | ||
Expected share price volatility | 265% | |
Fair value at the date of transaction | $ 1.29 |
SCHEDULE OF CHANGES IN WARRANTS
SCHEDULE OF CHANGES IN WARRANTS OUTSTANDING (Details) - Warrants [member] | 12 Months Ended | |
Jan. 31, 2024 $ / shares | Jan. 31, 2023 $ / shares | |
IfrsStatementLineItems [Line Items] | ||
Warrants outstanding, beginning | 4,732,996 | 3,562,745 |
Weighted average exercise price Warrants outstanding, beginning | $ 1.14 | $ 1.08 |
Warrants issued | 1,170,251 | |
Weighted average exercise price, Warrants issued | $ 1.35 | |
Warrants expired | (2,279,523) | |
Weighted average exercise price, Warrants expired | $ 1.77 | |
Warrants outstanding, ending | 2,453,473 | 4,732,996 |
Weighted average exercise price Warrants outstanding, ending | $ 1.17 | $ 1.14 |
SCHEDULE OF WARRANTS OUTSTANDIN
SCHEDULE OF WARRANTS OUTSTANDING (Details) | 12 Months Ended | |
Jan. 31, 2024 shares | ||
IfrsStatementLineItems [Line Items] | ||
Number of warrants exercisable | 2,453,473 | |
May 17, 2021 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of warrants exercisable | 1,283,222 | [1] |
Grant date | May 17, 2021 | |
Warrants exercise price and expiry date description | $0.60 expiring on May 17, 2024, as extended on May 2, 2022 | |
May 16, 2022 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of warrants exercisable | 1,102,888 | [1] |
Grant date | May 16, 2022 | |
Warrants exercise price and expiry date description | $1.80 expiring on May 16, 2024 | |
May 16, 2022 One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of warrants exercisable | 67,363 | [1] |
Grant date | May 16, 2022 | |
Warrants exercise price and expiry date description | $1.80 expiring on May 16, 2024 | |
[1]These warrants expired unexercised subsequent to January 31, 2024. |
SCHEDULE OF FAIR VALUE ASSUMP_2
SCHEDULE OF FAIR VALUE ASSUMPTIONS, OPTIONS (Details) - $ / shares | 12 Months Ended | |
Nov. 24, 2021 | Jan. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Expected dividend yield | ||
Incentive Stock Options [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected life | 5 years | |
Risk-free interest rate | 1.56% | |
Expected dividend yield | ||
Expected stock price volatility | 186% | |
Fair value at the date of grant | $ 0.60 | |
Investor Relation Services [Member] | Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected life | 4 years | |
Risk-free interest rate | 1.52% | |
Expected stock price volatility | 195% | |
Fair value at the date of grant | $ 0.21 | |
Investor Relation Services [Member] | Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected life | 5 years | |
Risk-free interest rate | 3.27% | |
Expected stock price volatility | 243% | |
Fair value at the date of grant | $ 0.654 |
SCHEDULE OF CHANGES IN OPTIONS
SCHEDULE OF CHANGES IN OPTIONS OUTSTANDING (Details) - Options [Member] | 12 Months Ended | |
Jan. 31, 2024 $ / shares | Jan. 31, 2023 $ / shares | |
IfrsStatementLineItems [Line Items] | ||
Options outstanding, beginning | 573,333 | 583,333 |
Weighted average exercise price options outstanding, beginning | $ 0.75 | $ 0.75 |
Options expired | (16,666) | (10,000) |
Weighted average exercise price, options expired | $ 0.75 | $ 0.75 |
Options outstanding, ending | 556,667 | 573,333 |
Weighted average exercise price options outstanding, ending | $ 0.75 | $ 0.75 |
SCHEDULE OF EXERCISE PRICES OF
SCHEDULE OF EXERCISE PRICES OF OUTSTANDING SHARE OPTIONS (Details) | 12 Months Ended |
Jan. 31, 2024 | |
IfrsStatementLineItems [Line Items] | |
Number of options exercisable | 556,667 |
November 24, 2021 [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of options exercisable | 556,667 |
Grant date | November 24, 2021 |
Options exercise price and expiry date description | $0.75 expiring on November 24, 2026 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) | 12 Months Ended | ||||||||||||||
May 16, 2022 CAD ($) $ / shares shares | Feb. 24, 2022 shares | Nov. 24, 2021 CAD ($) shares $ / shares | Nov. 18, 2021 CAD ($) shares | Jun. 15, 2021 CAD ($) $ / shares shares | May 17, 2021 CAD ($) $ / shares shares | May 14, 2021 CAD ($) shares | Jan. 31, 2024 CAD ($) | Jan. 31, 2023 CAD ($) shares | Jan. 31, 2022 CAD ($) $ / shares shares | May 23, 2024 shares | May 22, 2024 shares | May 16, 2023 $ / shares | May 14, 2021 $ / shares | May 14, 2021 $ / shares | |
IfrsStatementLineItems [Line Items] | |||||||||||||||
Shares issued for private placement, shares | shares | 1,102,888 | 1,283,222 | |||||||||||||
Par value per share | (per share) | $ 0.45 | $ 0.45 | $ 1.02 | $ 1.23 | |||||||||||
Shares issued for private placement | $ 496,300 | $ 496,300 | $ 577,450 | ||||||||||||
Debt extinguished or converted | $ 35,000 | ||||||||||||||
Warrant exercise price | $ / shares | $ 0.90 | $ 0.60 | $ 1.80 | ||||||||||||
Warrant share value | $ / shares | $ 0.015 | ||||||||||||||
Regulatory fees | $ 5,438 | 4,957 | 6,058 | ||||||||||||
Commissions paid | 22,239 | ||||||||||||||
Shares issued for services, shares | shares | 9,803 | ||||||||||||||
Investor relation fees | $ 12,117 | $ 67,961 | 103,148 | 313,679 | |||||||||||
Proceeds from issuing shares | $ 577,450 | ||||||||||||||
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 $0.90 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. | ||||||||||||||
Warrant reserve | $ 58,273 | ||||||||||||||
Number of warrants issued | shares | 49,770 | ||||||||||||||
Percentage of grant stock options | 10% | ||||||||||||||
Share based compensation | 2,393 | $ 4,770 | |||||||||||||
Short-swing profits | $ 9,977 | ||||||||||||||
Board of Directors [Member] | |||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||
Number of options granted | shares | 583,333 | ||||||||||||||
Stock options exercisable | $ / shares | $ 0.75 | ||||||||||||||
Stock options exercisable term | five years expiring on November 24, 2026 | ||||||||||||||
Number of share options vested | shares | 566,667 | ||||||||||||||
Share based compensation | $ 330,425 | ||||||||||||||
Consultants [Member] | |||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||
Number of options granted | shares | 16,666 | ||||||||||||||
Stock options exercisable term | 12 months | ||||||||||||||
Services Rendered [Member] | |||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||
Par value per share | (per share) | $ 0.51 | $ 0.618 | |||||||||||||
Commissions paid | $ 5,000 | ||||||||||||||
Shares issued for services, shares | shares | 9,803 | ||||||||||||||
2023 Offering [Member] | |||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||
Regulatory fees | 3,987 | ||||||||||||||
Commissions paid | $ 30,314 | ||||||||||||||
Warrants issued | shares | 67,363 | ||||||||||||||
Warrants issued, value | $ 25,076 | ||||||||||||||
Subscription Receipt Offering [Member] | |||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||
Par value per share | $ / shares | $ 0.45 | ||||||||||||||
Warrant exercise price | $ / shares | $ 0.90 | $ 1.80 | |||||||||||||
Proceeds from issuing shares | $ 969,131 | ||||||||||||||
Warrant reserve | |||||||||||||||
Shares issued | shares | 2,153,624 | ||||||||||||||
Shares converted | shares | 2,153,624 | ||||||||||||||
Issued capital [member] | |||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||
Shares issued for private placement, shares | shares | 1,102,888 | 1,283,222 | |||||||||||||
Shares issued for private placement | $ 479,757 | $ 577,450 | |||||||||||||
Shares issued for services, shares | shares | 9,803 | ||||||||||||||
Shares issued | shares | 2,153,624 | ||||||||||||||
Subscription Receipt Warrants [Member] | |||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||
Shares issued | shares | 2,153,624 | ||||||||||||||
Broker Subscription Receipt Warrants [Member] | Investment Dealers [Member] | |||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||
Number of warrants issued | shares | 76,130 | ||||||||||||||
Payments for share offering | $ 39,261 | ||||||||||||||
Number of warrants issued value | $ 92,653 | ||||||||||||||
Warrants [member] | |||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||
Weighted average life | 3 months 14 days | ||||||||||||||
Major ordinary share transactions [member] | |||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||
Number of shares issued and outstanding | shares | 18,288,861 | 54,866,625 | |||||||||||||
After Reporting Events [Member] | |||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||
Number of options granted | shares | 4,167 |
SCHEDULE OF TRANSACTIONS BETWEE
SCHEDULE OF TRANSACTIONS BETWEEN RELATED PARTIES (Details) - CAD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
IfrsStatementLineItems [Line Items] | |||
Total transactions with related parties | $ 138,772 | $ 249,420 | $ 502,247 |
Consulting Fees To A Company Owned By an Officer and Director [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total transactions with related parties | 60,000 | 60,000 | 59,141 |
Consulting Fees To A Company Controlled By Officers and Directors [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total transactions with related parties | 45,000 | 60,000 | 60,070 |
Consulting Fees Paid or Accrued To A Company Controlled By Vp of Finance [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total transactions with related parties | 7,120 | 24,036 | |
Mineral Exploration and General Administrative Expenses To A Company Controlled By Officers and Directors [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total transactions with related parties | 5,400 | 99,984 | 42,760 |
Legal Fees Paid To A Company Controlled By A Director [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total transactions with related parties | 28,372 | 22,316 | 37,036 |
Rent Fees Accrued To A Company Controlled By Officers and Directors [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total transactions with related parties | 9,034 | ||
Stock Based Compensation For Options To Acquire By Officers and Directors [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total transactions with related parties | $ 270,170 |
SCHEDULE OF TRANSACTIONS BETW_2
SCHEDULE OF TRANSACTIONS BETWEEN RELATED PARTIES (Details) (Parenthetical) | 12 Months Ended |
Jan. 31, 2024 shares | |
Stock Based Compensation for Options [Member] | |
IfrsStatementLineItems [Line Items] | |
Stock-based compensation for options to acquire | 463,333 |
FORGIVENESS OF DEBT (Details Na
FORGIVENESS OF DEBT (Details Narrative) | 12 Months Ended |
Jan. 31, 2022 CAD ($) | |
Legal Debt [Member] | |
IfrsStatementLineItems [Line Items] | |
Forgiveness of debt | $ 13,667 |
Chilean Debt [Member] | |
IfrsStatementLineItems [Line Items] | |
Forgiveness of debt | $ 191 |
SCHEDULE OF AMOUNTS DUE TO RELA
SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES (Details) - CAD ($) | Jan. 31, 2024 | Jan. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |||
Total due to related parties | $ 600,223 | $ 443,071 | |
Company Owned by Officers and Directors [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total due to related parties | [1] | 158,831 | 95,814 |
Company Controlled by Officers and Directors [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total due to related parties | [1] | 155,803 | 147,261 |
Company Controlled by Officers and Directors One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total due to related parties | [1] | 203,450 | 156,200 |
CEO [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total due to related parties | [1],[2] | 68,159 | 39,123 |
CFO [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total due to related parties | [1],[2] | 1,340 | 1,335 |
Major Shareholder [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total due to related parties | [1],[2] | 3,349 | 3,338 |
Company controlled by a director [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total due to related parties | [1] | $ 9,291 | |
[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 (the “Purchasers”) to sell net smelter returns (the “NSR”) on its mineral concessions. NSR range from 0.3 1.25 2,003 1,500 1,335 1,000 3,338 2,500 |
SCHEDULE OF DUE TO RELATED PART
SCHEDULE OF DUE TO RELATED PARTIES (Details) (Parenthetical) | Jul. 29, 2020 USD ($) | Jul. 29, 2020 CAD ($) |
CEO [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Purchases of goods, related party transactions | $ 1,500 | $ 2,003 |
CFO [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Purchases of goods, related party transactions | 1,000 | 1,335 |
Major Shareholder [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Purchases of goods, related party transactions | $ 2,500 | $ 3,338 |
Bottom of range [member] | ||
Disclosure of transactions between related parties [line items] | ||
Net smelter returns | 0.30% | 0.30% |
Top of range [member] | ||
Disclosure of transactions between related parties [line items] | ||
Net smelter returns | 1.25% | 1.25% |
SCHEDULE OF AMOUNTS DUE TO RE_2
SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES NOTES PAYABLE (Details) - CAD ($) | Jan. 31, 2024 | Jan. 31, 2023 |
IfrsStatementLineItems [Line Items] | ||
Total notes payable to related parties | $ 2,561,691 | $ 2,202,540 |
CEO [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total notes payable to related parties | 1,325,624 | 1,376,629 |
CFO [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total notes payable to related parties | 17,664 | 16,253 |
Company Controlled by Officers and Directors [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total notes payable to related parties | 200,240 | 184,897 |
Company Controlled by Officers and Directors One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total notes payable to related parties | 340,611 | |
Major Shareholder [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total notes payable to related parties | $ 677,552 | $ 624,761 |
SCHEDULE OF REPORTABLE SEGMENT
SCHEDULE OF REPORTABLE SEGMENT TO WHICH INDIVIDUAL ASSET (Details) - CAD ($) | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 |
IfrsStatementLineItems [Line Items] | |||
Equipment | $ 38,935 | $ 60,953 | |
Exploration and evaluation assets | 700,852 | 803,251 | $ 821,773 |
Total property plant and equipment | 38,935 | 60,953 | |
Chile [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Equipment | 38,935 | 60,953 | |
Exploration and evaluation assets | 700,852 | 803,251 | |
Total property plant and equipment | $ 739,787 | $ 864,204 |
SCHEDULE OF RECONCILIATION OF I
SCHEDULE OF RECONCILIATION OF INCOME TAXES (Details) - CAD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | |
Notes and other explanatory information [abstract] | |||
Net loss before tax | $ (637,809) | $ (1,769,501) | $ (1,622,000) |
Statutory income tax rate | 27% | 27% | 27% |
Expected income tax recovery at statutory income tax rates | $ (173,000) | $ (478,000) | $ (438,000) |
Non-deductible expenditures | 31 | 646 | 90,924 |
Other | (132,752) | (78,026) | (136,333) |
Adjustment to prior year provisions versus statutory tax returns | 108,721 | 91,380 | 39,409 |
Change in valuation allowance | 197,000 | 464,000 | 444,000 |
Income tax recovery |
SCHEDULE OF OF DEFERRED TAX ASS
SCHEDULE OF OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - CAD ($) | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 |
Notes and other explanatory information [abstract] | |||
Federal loss carryforwards | $ 3,669,000 | $ 3,108,000 | $ 2,626,000 |
Mineral Properties | 40,000 | 40,000 | 38,000 |
Share issue costs | 5,000 | 8,000 | |
Deferred tax asset gross | 3,714,000 | 3,156,000 | 2,673,000 |
Valuation allowance | (3,714,000) | (3,156,000) | (2,673,000) |
Net deferred tax asset |
RELATED-PARTY TRANSACTIONS (Det
RELATED-PARTY TRANSACTIONS (Details Narrative) - CAD ($) | 12 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | Jul. 29, 2020 | |
IfrsStatementLineItems [Line Items] | ||||
Annual payment | $ 10,000 | |||
Debt interest rate | 8% | |||
Interest on notes payable | $ 189,926 | $ 162,724 | $ 118,144 | |
Debt Forgiven From A Company Controlled By Officers and Directors [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Foregiveness of debt | $ 16,925 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Jan. 31, 2024 USD ($) | |
Notes and other explanatory information [abstract] | |
Operating loss carry forward | $ 2,118,000 |
Tax losses | 6,446,000 |
Foreign loss carry forwards | 6,463,000 |
Operating loss carry forward | 2,196,000 |
Remaining balance | $ 4,267,000 |
Taxable income percentage | 80% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - CAD ($) | 4 Months Ended | 12 Months Ended | |||
May 30, 2024 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | Jul. 29, 2020 | |
IfrsStatementLineItems [Line Items] | |||||
Issuance of notes payable to related parties | $ 167,583 | $ 459,580 | $ 39,497 | ||
Debt interest rate | 8% | ||||
Notes payable with related parties | $ 10,000 | ||||
After Reporting Events [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Debt interest rate | 8% | ||||
Related parties owed amount | $ 1,911,451 | ||||
Interest accured notes payable | 145,847 | ||||
Repayment of remaining balance | 1,765,604 | ||||
Notes payable with related parties | 450,000 | ||||
CEO [Member] | After Reporting Events [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Issuance of notes payable to related parties | 40,033 | ||||
Company Owned by Officers and Directors [Member] | After Reporting Events [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Issuance of notes payable to related parties | 61,740 | ||||
Ms. Caitlin Jeffs [Member] | After Reporting Events [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Issuance of notes payable to related parties | $ 3,500 |