Document And Entity Information
Document And Entity Information | 12 Months Ended |
Jun. 30, 2023 shares | |
Document Information Line Items | |
Entity Registrant Name | New Pacific Metals Corp. |
Trading Symbol | NEWP |
Document Type | 40-F |
Current Fiscal Year End Date | --06-30 |
Entity Common Stock, Shares Outstanding | 157,491,172 |
Amendment Flag | false |
Entity Central Index Key | 0001369085 |
Entity Current Reporting Status | Yes |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Entity File Number | 001-40381 |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | 1066 West Hastings Street |
Entity Address, Address Line Two | Suite 1750 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6E 3X1 |
City Area Code | (604) |
Local Phone Number | 633-1368 |
Title of 12(b) Security | Common shares, no par value |
Security Exchange Name | NYSE |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Interactive Data Current | Yes |
Document Financial Statement Error Correction [Flag] | false |
Auditor Name | Deloitte LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 1208 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | Columbia Center |
Entity Address, Address Line Two | 701 Fifth Avenue, Suite 6100 |
Entity Address, City or Town | Seattle |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98104-7043 |
City Area Code | (206) |
Local Phone Number | 903-8800 |
Contact Personnel Name | DL Services Inc. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Current Assets | ||
Cash | $ 6,296,312 | $ 29,322,504 |
Short-term investments | 198,375 | 192,398 |
Receivables | 421,860 | 3,193,926 |
Deposits and prepayments | 631,402 | 479,266 |
Current Assets | 7,547,949 | 33,188,094 |
Non-current Assets | ||
Other tax receivable | 5,530,422 | 3,631,796 |
Equity investments | 283,081 | 496,741 |
Plant and equipment | 1,339,839 | 1,462,848 |
Mineral property interests | 103,606,250 | 85,298,776 |
TOTAL ASSETS | 118,307,541 | 124,078,255 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 2,280,553 | 3,492,269 |
Due to a related party | 56,102 | 377,031 |
Current Liabilities | 2,336,655 | 3,869,300 |
Total Liabilities | 2,336,655 | 3,869,300 |
Equity | ||
Share capital | 155,840,052 | 153,707,576 |
Share-based payment reserve | 18,636,297 | 15,395,486 |
Accumulated other comprehensive income | 10,227,980 | 11,704,949 |
Deficit | (68,623,306) | (60,527,857) |
Total equity attributable to the equity holders of the Company | 116,081,023 | 120,280,154 |
Non-controlling interests | (110,137) | (71,199) |
Total Equity | 115,970,886 | 120,208,955 |
TOTAL LIABILITIES AND EQUITY | $ 118,307,541 | $ 124,078,255 |
Consolidated Statements of Loss
Consolidated Statements of Loss - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expense | ||
Project evaluation and corporate development | $ (460,901) | $ (582,253) |
Depreciation | (213,531) | (174,007) |
Filing and listing | (306,514) | (296,370) |
Investor relations | (576,065) | (698,146) |
Professional fees | (387,420) | (540,371) |
Salaries and benefits | (1,684,063) | (1,828,059) |
Office and administration | (1,465,132) | (1,716,546) |
Share-based compensation | (3,162,449) | (941,647) |
Total operating expense | (8,256,075) | (6,777,399) |
Other income (expense) | ||
Net income from investments | 178,046 | 220,112 |
Loss on disposal of plant and equipment | (14,804) | |
Loss on disposal of mineral property interest | (85,052) | |
Foreign exchange (loss) gain | (22,103) | 185,475 |
Total other income (expense) | 155,943 | 305,731 |
Net loss | (8,100,132) | (6,471,668) |
Attributable to: | ||
Equity holders of the Company | (8,095,449) | (6,420,885) |
Non-controlling interests | (4,683) | (50,783) |
Net loss | $ (8,100,132) | $ (6,471,668) |
Loss per share attributable to the equity holders of the Company | ||
Loss per share - basic (in Dollars per share) | $ (0.05) | $ (0.04) |
Weighted average number of common shares - basic (in Shares) | 156,991,661 | 155,626,128 |
Consolidated Statements of Lo_2
Consolidated Statements of Loss (Parentheticals) - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Profit or loss [abstract] | ||
Loss per share - diluted | $ (0.05) | $ (0.04) |
Weighted average number of common shares - diluted | 156,991,661 | 155,626,128 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Consolidated Statements of Comprehensive Loss Income | ||
Net loss | $ (8,100,132) | $ (6,471,668) |
Other comprehensive loss, net of taxes: | ||
Currency translation adjustment, net of tax of $nil | (1,511,224) | (1,953,256) |
Other comprehensive loss, net of taxes | (1,511,224) | (1,953,256) |
Attributable to: | ||
Equity holders of the Company | (1,476,969) | (1,936,430) |
Non-controlling interests | (34,255) | (16,826) |
Other comprehensive loss, net of taxes | (1,511,224) | (1,953,256) |
Total comprehensive loss, net of taxes | (9,611,356) | (8,424,924) |
Attributable to: | ||
Equity holders of the Company | (9,572,418) | (8,357,315) |
Non-controlling interests | (38,938) | (67,609) |
Total comprehensive loss, net of taxes | $ (9,611,356) | $ (8,424,924) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Consolidated Statements of Comprehensive Loss Income | ||
Net of tax |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net loss | $ (8,100,132) | $ (6,471,668) |
Add (deduct) items not affecting cash: | ||
Net income from investments | (178,046) | (220,112) |
Depreciation | 213,531 | 174,007 |
Loss on disposal of mineral property interest | 85,052 | |
Loss on disposal of plant and equipment | 14,804 | |
Share-based compensation | 3,244,613 | 961,484 |
Unrealized foreign exchange loss (gain) | 22,103 | (185,475) |
Changes in non-cash operating working capital | (1,086,144) | 925,800 |
Interest received | 370,100 | 152,111 |
Net cash used in operating activities | (5,513,975) | (4,563,997) |
Investing activities | ||
Capital expenditures | (18,025,316) | (11,095,064) |
Proceeds on disposals | 2,986,188 | |
Plant and equipment | ||
Additions | (92,835) | (538,548) |
Proceeds on disposals | 1,808 | |
Changes in other tax receivable | (1,898,626) | (1,415,404) |
Net cash used in investing activities | (17,030,589) | (13,047,208) |
Financing activities | ||
Proceeds from issuance of common shares | 825,116 | 1,782,895 |
Net cash provided by financing activities | 825,116 | 1,782,895 |
Effect of exchange rate changes on cash | (1,306,744) | (1,290,668) |
Decrease in cash | (23,026,192) | (17,118,978) |
Cash, beginning of the year | 29,322,504 | 46,441,482 |
Cash, end of the year | $ 6,296,312 | $ 29,322,504 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Share capital | Share-based payment reserve | Accumulated other comprehensive income | Deficit | Total equity attributable to the equity holders of the Company | Non- controlling interests | Total |
Balance at Jun. 30, 2021 | $ 149,629,543 | $ 16,564,197 | $ 13,641,379 | $ (54,106,972) | $ 125,728,147 | $ (3,590) | $ 125,724,557 |
Balance (in Shares) at Jun. 30, 2021 | 154,451,263 | ||||||
Options exercised | $ 2,677,895 | (895,000) | 1,782,895 | 1,782,895 | |||
Options exercised (in Shares) | 1,838,331 | ||||||
Restricted share units distributed | $ 1,400,138 | (1,400,138) | |||||
Restricted share units distributed (in Shares) | 342,233 | ||||||
Share-based compensation | 1,126,427 | 1,126,427 | 1,126,427 | ||||
Net loss | (6,420,885) | (6,420,885) | (50,783) | (6,471,668) | |||
Currency translation adjustment | (1,936,430) | (1,936,430) | (16,826) | (1,953,256) | |||
Balance at Jun. 30, 2022 | $ 153,707,576 | 15,395,486 | 11,704,949 | (60,527,857) | 120,280,154 | (71,199) | 120,208,955 |
Balance (in Shares) at Jun. 30, 2022 | 156,631,827 | ||||||
Options exercised | $ 892,966 | (288,292) | 604,674 | 604,674 | |||
Options exercised (in Shares) | 445,000 | ||||||
Restricted share units distributed | $ 1,019,068 | (1,019,068) | |||||
Restricted share units distributed (in Shares) | 324,255 | ||||||
Private placement | $ 220,442 | 220,442 | 220,442 | ||||
Private placement (in Shares) | 90,090 | ||||||
Share-based compensation | 4,548,171 | 4,548,171 | 4,548,171 | ||||
Net loss | (8,095,449) | (8,095,449) | (4,683) | (8,100,132) | |||
Currency translation adjustment | (1,476,969) | (1,476,969) | (34,255) | (1,511,224) | |||
Balance at Jun. 30, 2023 | $ 155,840,052 | $ 18,636,297 | $ 10,227,980 | $ (68,623,306) | $ 116,081,023 | $ (110,137) | $ 115,970,886 |
Balance (in Shares) at Jun. 30, 2023 | 157,491,172 |
Corporate Information
Corporate Information | 12 Months Ended |
Jun. 30, 2023 | |
Corporate Information [Abstract] | |
CORPORATE INFORMATION | 1. CORPORATE INFORMATION New Pacific Metals Corp. along with its subsidiaries (collectively, the “Company” or “New Pacific”) is a Canadian mining issuer engaged in exploring and developing mineral properties in Bolivia. The Company is in the stage of exploring and advancing the development of its mineral properties and has not yet determined if they contain economically recoverable mineral reserves. The underlying value and the recoverability of the amounts shown for mineral property interests are entirely dependent upon the existence of recoverable mineral reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of the mineral properties, and future profitable production or proceeds from the disposition of the mineral property interests. The Company is publicly listed on the Toronto Stock Exchange (“TSX”) under the symbol “NUAG” and on the NYSE American stock exchange (“NYSE-A”) under the symbol “NEWP”. The head office, registered address and records office of the Company are located at 1066 Hastings Street, Suite 1750, Vancouver, British Columbia, Canada, V6E 3X1. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES (a) Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The policies applied in these consolidated financial statements are based on IFRS in effect as of June 30, 2023. These consolidated financial statements have been prepared on a going concern basis. The consolidated financial statements of the Company as at and for the year ended June 30, 2023 were authorized for issue in accordance with a resolution of the Board of Directors (the “Board”) dated on August 23, 2023. (b) Basis of Consolidation These consolidated financial statements include the accounts of the Company and its wholly or partially owned subsidiaries. Subsidiaries are consolidated from the date on which the Company obtains control up to the date of the disposition of control. Control is achieved when the Company has power over the subsidiary, is exposed or has rights to variable returns from its involvement with the subsidiary; and has the ability to use its power to affect its returns. For non-wholly-owned subsidiaries over which the Company has control, the net assets attributable to outside equity shareholders are presented as “non-controlling interests” in the equity section of the consolidated statements of financial position. Net income or loss for the period that is attributable to the non-controlling interests is calculated based on the ownership of the non-controlling interest shareholders in the subsidiary. Balances, transactions, income and expenses between the Company and its subsidiaries are eliminated on consolidation. Details of the Company’s significant subsidiaries which are consolidated are as follows: Proportion of ownership interest held Name of subsidiaries Principal activity Country of June 30, 2023 June 30, Mineral New Pacific Offshore Inc. Holding company BVI (i) 100% 100% SKN Nickel & Platinum Ltd. Holding company BVI 100% 100% Glory Metals Investment Corp. Limited Holding company Hong Kong 100% 100% New Pacific Investment Corp. Limited Holding company Hong Kong 100% 100% New Pacific Andes Corp. Limited Holding company Hong Kong 100% 100% Fortress Mining Inc. Holding company BVI 100% 100% New Pacific Success Inc. Holding company BVI 100% 0% New Pacific Forward Inc. Holding company BVI 100% 0% Minera Alcira S.A. Mining company Bolivia 100% 100% Silver Sand NPM Minerales S.A. Mining company Bolivia 100% 100% Colquehuasi S.R.L. Mining company Bolivia 100% 100% Silverstrike Minera Hastings S.R.L. Mining company Bolivia 100% 100% Carangas Qinghai Found Mining Co., Ltd. Mining company China 82% 82% (i) British Virgin Islands (“BVI”) (c) Foreign Currency Translation The functional currency for each subsidiary of the Company is the currency of the primary economic environment in which the entity operates. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is the Canadian dollar (“CAD”). The functional currency of all Bolivian subsidiaries is the US dollar (“USD”). The functional currency of the Chinese subsidiary is the Chinese Renminbi (“RMB”). Foreign currency monetary assets and liabilities are translated into the functional currency using exchange rates prevailing at the balance sheet date. Foreign currency non-monetary assets are translated using exchange rates prevailing at the transaction date. Foreign exchange gains and losses are included in the determination of net income. The consolidated financial statements are presented in USD. The financial position and results of the Company’s entities are translated from functional currencies to USD as follows: - assets and liabilities are translated using exchange rates prevailing at the reporting date; - income and expenses are translated using average exchange rates prevailing during the period; and - all resulting exchange gains or losses are included in other comprehensive income or loss. The Company treats inter-company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment. When a foreign entity is sold, the historical exchange differences plus the foreign exchange impact that arises on the transaction are recognized in the consolidated statement of loss as part of the gain or loss on sale. (d) Plant and Equipment Plant and equipment are initially recorded at cost, including all directly attributable costs to bring the assets to the location and condition necessary for it to be capable of operating in the manner intended by management. Plant and equipment are subsequently measured at cost less accumulated depreciation and applicable impairment losses. Depreciation is computed using the straight-line method based on the nature and estimated useful lives as follows: Land Not depreciated Buildings 20 Years Machinery 5 Years Motor vehicles 5 Years Office equipment and furniture 5 Years Computer software 5 Years Subsequent costs that meet the asset recognition criteria are capitalized while costs incurred that do not extend the economic useful life of an asset are considered repair and maintenance, which are accounted for as an expense recognized during the period. The Company conducts an annual assessment of the residual balances, useful lives, and depreciation methods being used for plant and equipment and any changes are applied prospectively. Assets under construction are capitalized as construction-in-progress. The cost of construction-in-progress comprises its purchase price and any costs directly attributable to bringing it into working condition for its intended use. Construction-in-progress assets are not depreciated until they are completed and available for use. (e) Mineral Property Interests The cost of acquiring mineral rights and properties either as an individual asset purchase or as part of a business combination is capitalized and represents the property’s fair value at the date of acquisition. Fair value is determined by estimating the value of the property’s reserves, resources and exploration potential. Exploration and evaluation costs, incurred associated with specific mineral rights and properties prior to demonstrable technical feasibility and commercial viability of extracting a mineral resource, are capitalized. The Company determines that a property is in the development stage when its technical feasibility and commercial viability are demonstrable. Costs incurred in the development stage prior to commercial production are capitalized and included in the carrying amount of the related property in the period incurred. Proceeds from sales during this period, if any, are offset against costs capitalized. (f) Impairment of Long-lived Assets Long-lived assets, including mineral property interests, plant and equipment are reviewed and tested for impairment when indicators of impairment are considered to exist. Impairment assessments are conducted at the level of cash-generating units (“CGU”) or at the individual asset level, whichever is the lowest level for which identifiable cash inflows are largely independent of the cash flows of other assets. An impairment loss is recognized for any excess of carrying amount of a CGU over its recoverable amount, which is the greater of its fair value less costs to sell and value in use. For mineral properties, the recoverable amount is estimated as the discounted future net cash inflows expected to be derived from expected future production, metal prices, and net proceeds from the disposition of assets on retirement, less operating and capital costs. Impairment losses are recognized in the period they are incurred. For exploration and evaluation assets, indication of impairment includes but is not limited to expiration of the right to explore, substantive expenditures in the specific area are neither budgeted nor planned, and exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources. Impairment losses are reversed if there is evidence the loss no longer exists or has decreased. This reversal is recognized in net income in the period the reversal occurs limited by the carrying value that would have been determined, net of any depreciation, had no impairment charge been recognized in prior years. (g) Share-based Payments The Company grants share-based awards, including restricted share units (“RSUs”) and stock options to directors, officers, employees, and consultants. For share-based awards, the fair value is charged to the consolidated statements of loss and credited to equity, on a straight-line basis over the vesting period, after adjusting for the estimated number of awards that are expected to vest. The fair value of share units is determined based on quoted market price of the Company’s common shares at the date of grant. The fair value of the stock options granted to employees, officers, and directors is determined at the date of grant using the Black-Scholes option pricing model with market related input. The fair value of stock options granted to consultants is measured at the fair value of the services delivered unless that fair value cannot be estimated reliably, which then is determined using the Black-Scholes option pricing model. Stock options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. At each statement of financial position date prior to vesting, the cumulative expense representing the extent to which the vesting period has expired and management’s best estimate of the awards that are ultimately expected to vest is computed. The movement in cumulative expense is recognized in the consolidated statements of loss with a corresponding entry within equity. The amount recognized as expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met. (h) Income Taxes Current tax for each taxable entity is based on the local taxable income at the local substantively enacted statutory tax rate at the balance sheet date and includes adjustments to taxes payable or recoverable in respect to previous periods. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to set off the amounts, and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred tax is recognized using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities, and their carrying amounts for financial reporting purposes. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilized, except: - where the deferred tax asset or liability relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and - in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will be available to allow the deferred tax asset to be recovered. 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 substantively enacted by the end of the reporting period. Deferred tax relating to items recognized outside profit or loss is recognized in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. (i) Earnings (loss) per Share Earnings (loss) per share is computed by dividing net income (loss) attributable to equity holders of the Company by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if additional common shares are assumed to be issued under securities that entitle their holders to obtain common shares in the future. For vested RSUs, the full outstanding numbers as at the end of the period are included in the calculation of diluted earnings per share. For stock options, the number of additional shares for inclusion in diluted earnings per share calculations is determined when the exercise price is less than the average market price of the Company’s common shares; the stock options are assumed to be exercised and the proceeds are used to repurchase common shares at the average market price for the period. The incremental number of common shares issued under stock options and repurchased from proceeds is included in the calculation of diluted earnings per share. When loss per share is presented in the period, the Company’s calculation of diluted loss per share excludes any incremental shares from the assumed calculation of RSUs and stock options as they would be anti-dilutive. (j) Financial Instruments Initial recognition: On initial recognition, all financial assets and financial liabilities are recorded at fair value adjusted for directly attributable transaction costs except for financial assets and liabilities classified as fair value through profit or loss (“FVTPL”), in which case transaction costs are expensed as incurred. Subsequent measurement of financial assets: Subsequent measurement of financial assets depends on the classification of such assets. I. Non-equity instruments: IFRS 9 includes a single model that has only two classification categories for financial instruments other than equity instruments: amortized cost and fair value. To qualify for amortized cost accounting, the instrument must meet two criteria: i. The objective of the business model is to hold the financial asset for the collection of the cash flows; and ii. All contractual cash flows represent only principal and interest on that principal. All other instruments are mandatorily measured at fair value. II. Equity instruments: At initial recognition, for equity instruments other than held for trading, the Company may make an irrevocable election to designate it as either FVTPL or fair value through other comprehensive income (“FVTOCI”). Financial assets classified as amortized cost are measured using the effective interest method. Amortized cost is calculated by taking into account any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization from the effective interest method is included in finance income. Financial assets classified as FVTPL are measured at fair value with changes in fair values recognized in profit or loss. Impairment of financial assets carried at amortized cost: The Company assesses at the end of each reporting period whether there is objective evidence that financial assets or group of financial assets measured at amortized cost are impaired. Impairment losses and reversal of impairment losses, if any, are recognized in profit or loss in the period they are incurred. Subsequent measurement of financial liabilities: Financial liabilities classified as amortized cost are measured using the effective interest method. Amortized cost is calculated by taking into account any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization using the effective interest method is included in finance costs. The Company classifies its financial instruments as follows: - Financial assets classified as FVTPL: cash, short-term investments – bonds, and equity investments; - Financial assets classified as amortized cost: receivables and short-term investments – guaranteed investment certificates; and - Financial liabilities classified as amortized cost: trade and other payables, and due to related parties. Bonds: The Company acquired bonds issued by other companies from various industries through the open market. These bonds are held to receive coupon interest payments and to realize potential gains. The bonds may also be disposed on demand through the open market should the Company require funds for other operational or investment needs. Bonds are classified as FVTPL and are measured at fair value on initial recognition and subsequent measurement. Equity investments: Equity investments represent equity interests of other publicly-traded or privately-held companies that the Company has acquired through the open market or through private placements. These equity interests consist of common shares and warrants. Equity investments are classified as FVTPL and are measured at fair value on initial recognition and subsequent measurement. The fair value of warrants was determined using the Black-Scholes pricing model as at the acquisition date as well as at each period end. Derecognition of financial assets and financial liabilities: A financial asset is derecognized when: - The rights to receive cash flows from the asset have expired; or - The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Gains and losses on derecognition of financial assets and liabilities classified as amortized cost are recognized in profit or loss when the instrument is derecognized or impaired, as well as through the amortization process. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability. In this case, a new liability is recognized, and the difference in the respective carrying amounts is recognized in the consolidated statement of income. Offsetting of financial instruments: Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position if and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle liabilities simultaneously. Fair value of financial instruments: The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without deduction for transaction costs. For financial instruments that are not traded in active markets, the fair value is determined using appropriate valuation techniques, such as using a recent arm’s length market transaction between knowledgeable and willing parties, discounted cash flow analysis, reference to the current fair value of another instrument that is substantially the same, or other valuation models. (k) Significant Judgments and Estimation Uncertainties Many amounts included in the consolidated financial statements require management to make judgments and/or estimates. These judgments and estimates are continuously evaluated and are based on management’s experience and knowledge of relevant facts and circumstances. Actual results may differ from the amounts included in the consolidated statement of financial position. Areas of significant judgment include: - Capitalization of expenditures with respect to exploration, evaluation and development costs to be included in mineral rights and properties; - Determination of functional currency; - Recognition, measurement and impairment or impairment reversal assessment for mineral rights and properties; and - Accounting assessment and classification for equity investments and short-term investments. Areas of significant estimates include: - The estimated fair values of CGUs for impairment or impairment reversal tests, including estimates of future costs to produce proven and probable reserves, future commodity prices, discount rates, probabilities of expected cash flows from disposal and salvage value of plant and equipment; - Valuation input and forfeiture rates used in calculation of share-based compensation; and - Valuation of securities that do not have a quoted market price. The Company estimates its mineral resources based on information compiled by qualified persons as defined in accordance with National Instrument 43-101. |
Short-Term Investments
Short-Term Investments | 12 Months Ended |
Jun. 30, 2023 | |
Short-Term Investments [Abstract] | |
SHORT-TERM INVESTMENTS | 3. SHORT-TERM INVESTMENTS Short-term investments consist of the following: June 30, 2023 June 30, 2022 Bonds $ 198,375 $ 192,398 The Company acquired bonds issued by other corporations from various industries through the open market. These bonds were held to receive coupon interest payments and to realize potential gains. The bonds may also be disposed on demand through the open market should the Company require funds for operational or investment needs. The Company accounts for the bonds at fair value at each reporting date. The continuity of short-term investments is summarized as follows: Amount Balance, July 1, 2021 $ 143,914 Gain on fair value change 48,484 Balance, June 30, 2022 $ 192,398 Gain on fair value change 5,977 Balance, June 30, 2023 $ 198,375 |
Other Tax Receivable
Other Tax Receivable | 12 Months Ended |
Jun. 30, 2023 | |
Other Tax Receivable [Abstract] | |
OTHER TAX RECEIVABLE | 4. OTHER TAX RECEIVABLE Other tax receivable is composed of value-added tax (“VAT”) imposed by the Bolivian government. The Company had VAT outputs through its exploration costs and general expenses incurred in Bolivia. These VAT outputs are deductible against future VAT inputs that will be generated through sales. |
Equity Investments
Equity Investments | 12 Months Ended |
Jun. 30, 2023 | |
Equity Investments [Abstract] | |
EQUITY INVESTMENTS | 5. EQUITY INVESTMENTS The equity investments are summarized as follows: June 30, 2023 June 30, 2022 Common shares Public companies $ 283,081 $ 496,741 $ 283,081 $ 496,741 The continuity of equity investments is summarized as follows: Accumulated mark-to- market gain included Fair value in deficit Balance, July 1, 2022 $ 496,526 $ 3,971,145 Change in fair value 19,517 19,517 Foreign exchange impact (19,302 ) - Balance, June 30, 2022 $ 496,741 $ 3,990,662 Change in fair value (198,031 ) (198,031 ) Foreign exchange impact (15,629 ) - Balance, June 30, 2023 $ 283,081 $ 3,792,631 |
Income from Investments
Income from Investments | 12 Months Ended |
Jun. 30, 2023 | |
Income from Investments [Abstract] | |
INCOME FROM INVESTMENTS | 6. INCOME FROM INVESTMENTS Income from investments consist of: Years Ended June 30, 2023 2022 Fair value change on equity investments $ (198,031 ) $ 19,517 Fair value change on bonds 5,977 48,484 Interest income 370,100 152,111 Net income from investments $ 178,046 $ 220,112 |
Plant and Equipment
Plant and Equipment | 12 Months Ended |
Jun. 30, 2023 | |
Plant and Equipment [Abstract] | |
PLANT AND EQUIPMENT | 7. PLANT AND EQUIPMENT Land and Office equipment Computer Cost building Machinery Motor vehicles and furniture software Total Balance, July 1, 2021 $ 630,000 $ 202,247 $ 242,582 $ 315,241 $ 201,735 $ 1,591,805 Additions - 135,450 349,929 53,171 - 538,550 Disposals - (5,768 ) (13,486 ) (21,292 ) (269 ) (40,815 ) Reclassifed among asset groups - 76,426 - (76,426 ) - - Foreign currency translation impact - 3 7 (4,330 ) (7,692 ) (12,012 ) Balance, June 30, 2022 $ 630,000 $ 408,358 $ 579,032 $ 266,364 $ 193,774 $ 2,077,528 Additions - 77,259 - 15,576 - 92,835 Disposals - - - (12,259 ) (99,442 ) (111,701 ) Foreign currency translation impact - - - (2,406 ) (817 ) (3,223 ) Balance, June 30, 2023 $ 630,000 $ 485,617 $ 579,032 $ 267,275 $ 93,515 $ 2,055,439 Accumulated depreciation and amortization Balance, July 1, 2021 $ - $ (72,071 ) $ (137,584 ) $ (135,591 ) $ (127,920 ) $ (473,166 ) Depreciation - (44,169 ) (66,854 ) (38,907 ) (24,077 ) (174,007 ) Disposals - 2,602 5,869 15,502 230 24,203 Foreign currency translation impact - (2 ) (3 ) 2,996 5,299 8,290 Balance, June 30, 2022 $ - $ (113,640 ) $ (198,572 ) $ (156,000 ) $ (146,468 ) $ (614,680 ) Depreciation - (57,272 ) (98,338 ) (35,170 ) (22,751 ) (213,531 ) Disposals - - - 12,259 99,442 111,701 Foreign currency translation impact - - - 1,627 (717 ) 910 Balance, June 30, 2023 $ - $ (170,912 ) $ (296,910 ) $ (177,284 ) $ (70,494 ) $ (715,600 ) Carrying amount Balance, June 30, 2022 $ 630,000 $ 294,718 $ 380,460 $ 110,364 $ 47,306 $ 1,462,848 Balance, June 30, 2023 $ 630,000 $ 314,705 $ 282,122 $ 89,991 $ 23,021 $ 1,339,839 During the year ended June 30, 2023, certain plant and equipment were disposed for proceeds of $ nil nil |
Mineral Property Interests
Mineral Property Interests | 12 Months Ended |
Jun. 30, 2023 | |
Mineral Property Interests [Abstract] | |
MINERAL PROPERTY INTERESTS | 8. MINERAL PROPERTY INTERESTS (a) Silver Sand Project On July 20, 2017, the Company acquired the Silver Sand Project. The Project is located in the Colavi District of the Potosí Department, in Southwestern Bolivia, 33 kilometres (“km”) northeast of Potosí City, the department capital. The project covers an area of approximately 5.42 km 2 For the year ended June 30, 2023, total expenditures of $6,316,500 (year ended June 30, 2022 - $7,639,287) were capitalized under the project. (b) Carangas Project In April 2021, the Company signed an agreement with a private Bolivian company to acquire a 98% interest in the Carangas Project. The project is located approximately 180 km southwest of the city of Oruro and within 50 km from Bolivia’s border with Chile. The private Bolivian company is 100% owned by Bolivian nationals and holds title to the three exploration licenses that cover an area of 40.75 km 2 Under the agreement, the Company is required to cover 100% of the future expenditures on exploration, mining, development, and production activities for the project. The agreement has a term of 30 years and is renewable for an additional 15 years. For the year ended June 30, 2023, total expenditures of $10,817,356 (year ended June 30, 2022-$5,224,138) were capitalized under the project. (c) Silverstrike Project In December 2019, the Company acquired a 98% interest in the Silverstrike Project from a private Bolivian corporation. The project covers an area of approximately 13 km 2 For the year ended June 30, 2023, total expenditures of $1,409,101 (year ended June 30, 2022 - $142,078) were capitalized under the project. (d) RZY Project The RZY Project, located in Qinghai, China was an early stage silver-lead-zinc exploration project. The RZY Project is located approximately 237 km from the city of Yushu Tibetan Autonomous Prefecture. In 2016, the Qinghai Government issued a moratorium which suspended exploration for 26 mining projects in the region, including the RZY Project, and classified the region as a National Nature Reserve Area. During Fiscal 2020, the Company’s subsidiary, Qinghai Found Mining Co., Ltd. (“Qinghai Found”), reached a compensation agreement with the Qinghai Government for the RZY Project. Pursuant to the agreement, Qinghai Found will surrender its title to the RZY Project to the Qinghai Government for one-time cash compensation of $2.99 million (RMB ¥20 million) (the “RZY compensation transaction”). On June 25, 2022, the Qinghai Government completed its approval process of the RZY compensation transaction. As a result, the Company disposed its RZY Project for cash consideration of $2,986,188 (RMB ¥20 million), which is included in the receivables balance as at June 30, 2022 and was received in full during the year ended June 30, 2023. For the year ended June 30, 2022, a loss of $85,052 was recognized upon disposal of the RZY Project. The continuity schedule of mineral property acquisition costs and deferred exploration and development costs is summarized as follows: Cost Silver Sand Silverstrike Carangas RZY Project Total Balance, July 1, 2021 $ 69,245,500 $ 3,163,304 $ 255,250 $ 2,871,368 $ 75,535,422 Capitalized exploration expenditures Reporting and assessment 353,109 40 - - 353,149 Drilling and assaying 4,990,082 1,625 3,752,094 - 8,743,801 Project management and support 1,917,060 45,773 1,020,422 - 2,983,255 Camp service 364,507 61,578 443,810 - 869,895 Geological surveys - 25,508 - - 25,508 Permit and license 14,529 7,554 7,812 - 29,895 Disposition - - - (3,071,240 ) (3,071,240 ) Foreign currency impact (316,189 ) (36,150 ) (18,442 ) 199,872 (170,909 ) Balance, June 30, 2022 $ 76,568,598 $ 3,269,232 $ 5,460,946 $ - $ 85,298,776 Capitalized exploration expenditures Reporting and assessment 1,008,174 - 88,558 - 1,096,732 Drilling and assaying 1,925,695 977,881 8,289,678 - 11,193,254 Project management and support 2,719,120 256,569 1,424,573 - 4,400,262 Camp service 467,690 174,651 1,005,158 - 1,647,499 Permit and license 195,821 - 9,389 - 205,210 Foreign currency impact (201,972 ) (24,680 ) (8,831 ) - (235,483 ) Balance, June 30, 2023 $ 82,683,126 $ 4,653,653 $ 16,269,471 $ - $ 103,606,250 |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Jun. 30, 2023 | |
Trade and Other Payables [Abstract] | |
TRADE AND OTHER PAYABLES | 9. TRADE AND OTHER PAYABLES Trade and other payables consist of: June 30, 2023 June 30, 2022 Trade payable $ 1,391,525 $ 2,087,599 Accrued liabilities 889,028 1,404,670 $ 2,280,553 $ 3,492,269 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS Related party transactions are made on terms agreed upon by the related parties. The balances with related parties are unsecured, non-interest bearing, and due on demand. Related party transactions not disclosed elsewhere in the consolidated financial statements are as follows: Due to a related party June 30, 2023 June 30, 2022 Silvercorp Metals Inc. $ 56,102 $ 377,031 (a) Silvercorp Metals Inc. (“Silvercorp”) has one director and one officer (June 30, 2022 – two directors and one officer) in common with the Company. Silvercorp and the Company share office space and Silvercorp provides various general and administrative services to the Company. The Company expects to continue making payments to Silvercorp in the normal course of business. Office and administrative expenses rendered and incurred by Silvercorp on behalf of the Company for the year ended June 30, 2023 were $844,949 (year ended June 30, 2022 - $726,387). During the year ended June 30, 2022, the Company’s subsidiary Qinghai Found borrowed a loan of $283,688 (RMB ¥1.9 million) from one of Silvercorp’s subsidiaries in China to facilitate the closure of the RZY compensation transaction. During the year ended June 30, 2023, the loan plus interest of $23,422 were repaid in full. (b) Compensation of key management personnel The remuneration of directors and other members of key management personnel for the years ended June 30, 2023 and 2022 are as follows: Years ended June 30, 2023 2022 Director’s cash compensation $ 59,715 $ 82,608 Director’s share-based compensation 624,263 338,702 Key management’s cash compensation 867,499 988,753 Key management’s share-based compensation 2,137,888 461,947 $ 3,689,365 $ 1,872,010 Other than as disclosed above, the Company does not have any ongoing contractual or other commitments resulting from transactions with related parties. |
Share Capital
Share Capital | 12 Months Ended |
Jun. 30, 2023 | |
Share Capital [Abstract] | |
SHARE CAPITAL | 11. SHARE CAPITAL (a) Share Capital - authorized share capital The Company’s authorized share capital consists of an unlimited number of common shares without par value. (b) Share-based compensation The Company has a share-based compensation plan (the “Plan”) under which the Company may issue stock options and restricted share units (“RSUs”). The maximum number of common shares to be reserved for issuance on any share-based compensation under the Plan is a rolling 10% of the issued and outstanding common shares from time to time. For the year ended June 30, 2023, a total of $3,162,449 (year ended June 30, 2022 - $941,647) was recorded as share-based compensation expense. For the year ended June 30, 2023, a total of $82,164 (year ended June 30, 2022 - $19,837) was included in the project evaluation and corporate development expense. For the year ended June 30, 2023, a total of $1,303,558 (year ended June 30, 2022 - $164,943) was capitalized under mineral property interests. (i) Stock options The continuity schedule of stock options, as at June 30, 2023, is as follows: Number of options Weighted average Balance, July 1, 2021 3,115,832 1.56 Options Granted 2,702,000 3.72 Options exercised (1,838,331 ) 1.23 Options forfeited (317,334 ) 3.13 Balance, June 30, 2022 3,662,167 3.18 Options Granted 1,186,000 3.47 Options exercised (445,000 ) 1.82 Options forfeited (446,000 ) 3.66 Balance, June 30, 2023 3,957,167 3.37 During the year ended June 30, 2023, a total of 1,186,000 (year ended June 30, 2022 – 2,702,000) options with a life of five years were granted to directors, officers, and employees at an exercise price of CAD$3.42 to CAD$3.92 (year ended June 30, 2022 – CAD$3.33 to CAD$4.00) per share subject to a vesting schedule over a three-year term with 1/6 of the options vesting every 6 months after the date of grant until fully vested. The fair value of the options granted during the year ended June 30, 2023 and 2022 were calculated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Years ended June 30, 2023 2022 Risk free interest rate 3.31 % 2.33 % Expected volatility 79.79 % 76.40 % Expected life of options in years 2.75 2.75 Estimated forfeiture rate 14.4 % 14.1 % The weighted average grant date fair value of options granted during the year ended June 30, 2023, was CAD$1.75 (year ended June 30, 2022 – CAD$1.80). Volatility was determined based on the historical volatility of the Company’s shares over the estimated life of stock options. The following table summarizes information about stock options outstanding as at June 30, 2023: Exercise Number of options Weighted Number of options Weighted prices (CAD$) 2023-06-30 contractual life (years) 2023-06-30 exercise price (CAD$) $ 2.15 774,167 0.65 774,167 $2.15 $ 3.33 713,000 3.60 237,667 $3.33 $ 3.42 939,000 4.56 - - $ 3.67 120,000 4.57 - - $ 3.89 10,000 3.65 3,334 $3.89 $ 3.92 50,000 4.79 - - $ 4.00 1,351,000 3.93 452,998 $4.00 $2.15 - $4.00 3,957,167 3.41 1,468,166 $2.92 Subsequent to June 30, 2023, a total of 4,000 options with exercise price of CAD$4.00 were forfeited. (ii) RSUs The continuity schedule of RSUs, as at June 30, 2023, is as follows: Number of shares Weighted average Balance, July 1, 2021 794,900 $ 5.48 Granted 1,299,000 3.80 Forfeited (274,451 ) 5.25 Distributed (342,233 ) 5.21 Balance, June 30, 2022 1,477,216 $ 4.11 Granted 967,000 3.48 Forfeited (222,801 ) 4.01 Distributed (324,255 ) 4.20 Balance, June 30, 2023 1,897,160 $ 3.79 During the year ended June 30, 2023, a total of 967,000 (year ended June 30, 2022 – 1,299,000) RSUs were granted to directors, officers, employees, and consultants of the Company at grant date closing price of CAD$3.42 to CAD$3.92 per share (year ended June 30, 2022 – CAD$3.33 to CAD$4.00 per share) subject to a vesting schedule over a three-year term with 1/6 of the RSUs vesting every six months from the date of grant. Subsequent to June 30, 2023, a total of 114,168 RSUs were vested and distributed. (c) Private placement On February 28, 2023, the Company closed a private placement to issue a total of 90,090 common shares at a price of CAD$3.33 (US$2.45) per share for gross proceeds of $220,442. The Company’s president, Mr. Andrew Williams, subscribed 75,075 common shares and one of the Company’s director, Mr. Dickson Hall, subscribed 15,015 common shares in this private placement. (d) Loss per share For the years ended June 30, 2023 2022 Loss Shares Per-Share Income Shares Per-Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net loss Attributable to equity holders of the Company $ (8,095,449 ) $ (6,420,885 ) Basic loss per share (8,095,449 ) 156,991,661 $ (0.05 ) (6,420,885 ) 155,626,128 $ (0.04 ) Effect of dilutive securities: Stock options and RSUs - - Diluted loss per share $ (8,095,449 ) 156,991,661 $ (0.05 ) $ (6,420,885 ) 155,626,128 $ (0.04 ) Anti-dilutive options that are not included in the diluted loss per share calculation were nil nil |
Non-Controlling Interest
Non-Controlling Interest | 12 Months Ended |
Jun. 30, 2023 | |
Non-Controlling Interest [Abstract] | |
NON-CONTROLLING INTEREST | 12. NON-CONTROLLING INTEREST Qinghai Found Balance, July 1, 2021 $ (3,590 ) Share of net loss (50,783 ) Share of other comprehensive loss (16,826 ) Balance, June 30, 2022 $ (71,199 ) Share of net loss (4,683 ) Share of other comprehensive loss (34,255 ) Balance, June 30, 2023 $ (110,137 ) As at June 30, 2023 and June 30, 2022, the non-controlling interest in the Company’s subsidiary Qinghai Found was 18%. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | 13. FINANCIAL INSTRUMENTS The Company manages its exposure to financial risks, including liquidity risk, foreign exchange rate risk, interest rate risk, credit risk, and equity price risk in accordance with its risk management framework. The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and reviews the Company’s policies on an ongoing basis. (a) Fair Value The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of inputs used in making the measurements as defined in IFRS 13 – Fair Value Measurement (“IFRS 13”). Level 1 – Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets. Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs which are supported by little or no market activity. The following table sets forth the Company’s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy as at June 30, 2023 and June 30, 2022 that are not otherwise disclosed. As required by IFRS 13, financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value as at June 30, 2023 Recurring measurements Level 1 Level 2 Level 3 Total Financial Assets Cash $ 6,296,312 $ - $ - $ 6,296,312 Short-term investments 198,375 - - 198,375 Equity investments 283,081 - - 283,081 Fair value as at June 30, 2022 Recurring measurements Level 1 Level 2 Level 3 Total Financial Assets Cash $ 29,322,504 $ - $ - $ 29,322,504 Short-term investments 192,398 - - 192,398 Equity investments 496,741 - - 496,741 Fair value of other financial instruments excluded from the table above approximates their carrying amount as of June 30, 2023, and June 30, 2022, respectively, due to the short-term nature of these instruments. There were no transfers into or out of Level 3 during the year ended June 30, 2023. (b) Liquidity Risk The Company has a history of losses and no operating revenues from its operations. Liquidity risk is the risk that the Company will not be able to meet its short term business requirements. As at June 30, 2023, the Company had a working capital position of $5,211,294 and sufficient cash resources to meet the Company’s short-term financial liabilities and its planned exploration and development expenditures on various projects in Bolivia for, but not limited to, the next 12 months. In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company’s financial liabilities: June 30, 2023 June 30, 2022 Due within a year Total Total Accounts payable and accrued liabilities $ 2,280,553 $ 2,280,553 $ 3,492,269 Due to a related party 56,102 56,102 377,031 $ 2,336,655 $ 2,336,655 $ 3,869,300 (c) Foreign Exchange Risk The Company is exposed to foreign exchange risk when it undertakes transactions and holds assets and liabilities denominated in foreign currencies other than its functional currencies. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is CAD. The functional currency of all Bolivian subsidiaries is USD. The functional currency of the Chinese subsidiary is RMB. The Company currently does not engage in foreign exchange currency hedging. The Company’s exposure to foreign exchange risk that could affect net income is summarized as follows: Financial assets denominated in foreign currencies other than relevant functional currency As at June 30, 2023 June 30, 2022 United States dollars $ 320,994 $ 468,714 Bolivianos 869,869 886,188 Total $ 1,190,863 $ 1,354,902 Financial liabilities denominated in foreign currencies other than relevant functional currency United States dollars $ 73,970 $ - Bolivianos 1,543,889 1,619,261 Total $ 1,617,859 $ 1,619,261 As at June 30, 2023, with other variables unchanged, a 1% strengthening (weakening) of the USD against the CAD would have increased (decreased) net income by approximately $2,500. As at June 30, 2023, with other variables unchanged, a 1% strengthening (weakening) of the Bolivianos against the USD would have increased (decreased) net income by approximately $6,800. (d) Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company holds a portion of cash in bank accounts that earn variable interest rates. Due to the short-term nature of these financial instruments, fluctuations in market rates do not have significant impact on the fair values of the financial instruments as of June 30, 2023. The Company, from time to time, also owns guaranteed investment certificates (“GICs”) and bonds that earn interest payments at fixed rates to maturity. Fluctuation in market interest rates usually will have an impact on bond’s fair value. An increase in market interest rates will generally reduce bond’s fair value while a decrease in market interest rates will generally increase it. The Company monitors market interest rate fluctuations closely and adjusts the investment portfolio accordingly. (e) Credit Risk Credit risk is the risk of financial loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company’s exposure to credit risk is primarily associated with cash, bonds, and receivables. The carrying amount of financial assets included on the statement of financial position represents the maximum credit exposure. The Company has deposits of cash that meet minimum requirements for quality and liquidity as stipulated by the Board. Management believes the risk of loss to be remote, as the majority of its cash are held with major financial institutions. Bonds by nature are exposed to more credit risk than cash. The Company manages its risk associated with bonds by only investing in large globally recognized corporations from diversified industries. As at June 30, 2023, the Company had a receivables balance of $421,860 (June 30, 2022 - $3,193,926). There were no material amounts in receivables which were past due on June 30, 2023 (June 30, 2022 - $ nil (f) Equity Price Risk The Company holds certain marketable securities that will fluctuate in value as a result of trading on global financial markets. Based upon the Company’s portfolio at June 30, 2023, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign exchange effects would have resulted in an increase (decrease) to net income of approximately $30,000. |
Capital Management
Capital Management | 12 Months Ended |
Jun. 30, 2023 | |
Capital Management [Abstract] | |
CAPITAL MANAGEMENT | 14. CAPITAL MANAGEMENT The objectives of the capital management policy are to safeguard the Company’s ability to support exploration and operating requirements on an ongoing basis, continue the investment in high quality assets along with safeguarding the value of its mineral properties, and support any expansionary plans. The capital of the Company consists of the items included in equity less cash and bonds. Risk and capital management are primarily the responsibility of the Company’s corporate finance function and is monitored by the Board. The Company manages the capital structure and makes adjustments depending on economic conditions. Significant risks are monitored and actions are taken, when necessary, according to the Company’s approved policies. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | 15. INCOME TAXES The provision for income taxes differs from the amount computed by applying the cumulative Canadian federal and provincial income tax rates to the loss before income tax provision due to the following: Years ended June 30, 2023 2022 Canadian statutory tax rate 27.00 % 27.00 % Loss before income taxes $ (8,100,132 ) $ (6,471,668 ) Income tax recovery computed at Canadian statutory rates (2,187,036 ) (1,747,348 ) Foreign tax rates different from statutory rate (178,193 ) 234,160 Permanent items and other 1,169,318 459,813 Change in unrecognized deferred tax assets 1,195,911 1,053,375 $ - $ - Deferred tax assets are recognized to the extent that the realization of the related tax benefit through future taxable profit is probable. The ability to realize the tax benefits is dependent upon numerous factors, including the future profitability of operations in the jurisdiction in which the tax benefit arise. Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following: June 30, 2023 June 30, 2022 Non-capital loss carry forward $ 16,926,886 $ 13,633,304 Capital loss carry forward 19,072,271 19,596,218 Plant and equipment 217,340 190,799 Equity investments 568,995 408,622 Share issuance cost 506,890 1,041,630 $ 37,292,382 $ 34,870,573 As of June 30, 2023, the Company has the following net operating losses, expiring various years to 2043 and available to offset future taxable income in Canada, Bolivia and China, respectively: Canada Bolivia China 2023 - 22,571 - 2024 - 115,876 - 2026 - 763,735 - 2027 - 1,312,466 - 2028 - 1,787,409 - 2032 - - 251,040 2033 - - 24,935 2041 3,251,360 - - 2042 3,496,560 - - 2043 5,900,934 - - $ 12,648,854 $ 4,002,057 $ 275,975 As at June 30, 2023, the Company had capital loss carry forward of $19,072,271 that can be carried indefinitely in Canada (June 30, 2022 - $19,596,218). |
Segmented Information
Segmented Information | 12 Months Ended |
Jun. 30, 2023 | |
Segmented Information [Abstract] | |
SEGMENTED INFORMATION | 16. SEGMENTED INFORMATION As at and for the year ended June 30, 2023, the Company operates in four (as at and for the year ended June 30, 2022 – four) reportable operating segments, one being the corporate segment; the other three being the exploration and development segments based on mineral properties in Bolivia. These reportable segments are components of the Company where separate financial information is available that is evaluated regularly by the Company’s Chief Executive Officer, the chief operating decision maker (“CODM”). Effective July 1, 2022, the Company revised its reportable segments to reflect recent changes in the CODM’s way of reviewing and assessing the Company’s performance. As a result, the “Silver Sand”, “Carangas”, and “Silverstrike” mineral projects, which were previously included in the “Bolivia” segment, are separately presented. The previously presented “China” reportable segment is now being reported as part of the Corporate segment. The comparative information has been reclassified as a result of these changes. (a) Segment information for assets and liabilities are as follows: June 30, 2023 Exploration and Development Corporate Silver Sand Carangas Silverstrike Total Cash $ 6,232,985 $ 58,497 $ 260 $ 4,570 $ 6,296,312 Short-term investments 198,375 - - - 198,375 Equity investments 283,081 - - - 283,081 Plant and equipment 104,450 517,065 58,212 660,112 1,339,839 Mineral property interests - 82,683,126 16,269,471 4,653,653 103,606,250 Other assets 908,823 3,563,256 1,888,293 223,312 6,583,684 Total Assets $ 7,727,714 $ 86,821,944 $ 18,216,236 $ 5,541,647 $ 118,307,541 Total Liabilities $ (1,307,795 ) $ (228,966 ) $ (795,379 ) $ (4,515 ) $ (2,336,655 ) June 30, 2022 Exploration and Development Corporate Silver Sand Carangas Silverstrike Total Cash $ 27,721,156 $ 1,008,477 $ 584,375 $ 8,496 $ 29,322,504 Short-term investments 192,398 - - - 192,398 Equity investments 496,741 - - - 496,741 Plant and equipment 86,901 665,207 40,275 670,465 1,462,848 Mineral property interests - 76,568,598 5,460,946 3,269,232 85,298,776 Other assets 3,507,076 3,168,832 559,763 69,317 7,304,988 Total Assets $ 32,004,272 $ 81,411,114 $ 6,645,359 $ 4,017,510 $ 124,078,255 Total Liabilities $ (1,693,443 ) $ (1,076,469 ) $ (1,092,415 ) $ (6,973 ) $ (3,869,300 ) (b) Segment information for operating results are as follows: Year ended June 30, 2023 Exploration and Development Corporate Silver Sand Carangas Silverstrike Total Project evaluation and corporate development $ (460,901 ) - $ - $ - $ (460,901 ) Salaries and benefits (1,684,063 ) - - - (1,684,063 ) Share-based compensation (3,162,449 ) - - - (3,162,449 ) Other operating expenses (2,560,859 ) (294,361 ) (71,971 ) (21,471 ) (2,948,662 ) Total operating expense (7,868,272 ) (294,361 ) (71,971 ) (21,471 ) (8,256,075 ) Net income from investments 178,046 - - - 178,046 Foreign exchange (loss) gain (41,304 ) 4,296 13,620 1,285 (22,103 ) Net loss $ (7,731,530 ) $ (290,065 ) $ (58,351 ) $ (20,186 ) $ (8,100,132 ) Attributed to: Equity holders of the Company $ (7,726,847 ) $ (290,065 ) $ (58,351 ) $ (20,186 ) $ (8,095,449 ) Non-controlling interests (4,683 ) - - - (4,683 ) Net loss $ (7,731,530 ) $ (290,065 ) $ (58,351 ) $ (20,186 ) $ (8,100,132 ) Year ended June 30, 2022 Exploration and Development Corporate Silver Sand Carangas Silverstrike Total Project evaluation and corporate development $ (582,253 ) - $ - $ - $ (582,253 ) Salaries and benefits (1,828,059 ) - - - (1,828,059 ) Share-based compensation (941,647 ) - - - (941,647 ) Other operating expenses (3,094,578 ) (270,102 ) (50,459 ) (10,301 ) (3,425,440 ) Total operating expense (6,446,537 ) (270,102 ) (50,459 ) (10,301 ) (6,777,399 ) Net income from investments 220,112 - - - 220,112 Loss on disposal of plant and equipment (14,804 ) - - - (14,804 ) Loss on disposal of mineral property interest (85,052 ) - - - (85,052 ) Foreign exchange gain 185,475 - - - 185,475 Net loss $ (6,140,806 ) $ (270,102 ) $ (50,459 ) $ (10,301 ) $ (6,471,668 ) Attributed to: Equity holders of the Company $ (6,090,023 ) $ (270,102 ) $ (50,459 ) $ (10,301 ) $ (6,420,885 ) Non-controlling interests (50,783 ) - - - (50,783 ) Net loss $ (6,140,806 ) $ (270,102 ) $ (50,459 ) $ (10,301 ) $ (6,471,668 ) |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 12 Months Ended |
Jun. 30, 2023 | |
Supplementary Cash Flow Information [Abstract] | |
SUPPLEMENTARY CASH FLOW INFORMATION | 17. SUPPLEMENTARY CASH FLOW INFORMATION Changes in non-cash operating working capital: Years Ended June 30, 2023 2022 Receivables $ (215,425 ) $ 30,117 Deposits and prepayments (306,662 ) 27,796 Accounts payable and accrued liabilities (256,447 ) 551,707 Due to a related party (307,610 ) 316,180 $ (1,086,144 ) $ 925,800 Non-cash capital transactions: Years Ended June 30, 2023 2022 Addition of capital expenditures of mineral property interest from deposits and prepayments $ 143,495 $ - (Payment) addition of capital expenditures of mineral property interest in accounts payable and accrued liabilities $ (929,408 ) $ 1,910,439 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Statement of Compliance | (a) Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The policies applied in these consolidated financial statements are based on IFRS in effect as of June 30, 2023. These consolidated financial statements have been prepared on a going concern basis. The consolidated financial statements of the Company as at and for the year ended June 30, 2023 were authorized for issue in accordance with a resolution of the Board of Directors (the “Board”) dated on August 23, 2023. |
Basis of Consolidation | (b) Basis of Consolidation These consolidated financial statements include the accounts of the Company and its wholly or partially owned subsidiaries. Subsidiaries are consolidated from the date on which the Company obtains control up to the date of the disposition of control. Control is achieved when the Company has power over the subsidiary, is exposed or has rights to variable returns from its involvement with the subsidiary; and has the ability to use its power to affect its returns. For non-wholly-owned subsidiaries over which the Company has control, the net assets attributable to outside equity shareholders are presented as “non-controlling interests” in the equity section of the consolidated statements of financial position. Net income or loss for the period that is attributable to the non-controlling interests is calculated based on the ownership of the non-controlling interest shareholders in the subsidiary. Balances, transactions, income and expenses between the Company and its subsidiaries are eliminated on consolidation. Details of the Company’s significant subsidiaries which are consolidated are as follows: Proportion of ownership interest held Name of subsidiaries Principal activity Country of June 30, 2023 June 30, Mineral New Pacific Offshore Inc. Holding company BVI (i) 100% 100% SKN Nickel & Platinum Ltd. Holding company BVI 100% 100% Glory Metals Investment Corp. Limited Holding company Hong Kong 100% 100% New Pacific Investment Corp. Limited Holding company Hong Kong 100% 100% New Pacific Andes Corp. Limited Holding company Hong Kong 100% 100% Fortress Mining Inc. Holding company BVI 100% 100% New Pacific Success Inc. Holding company BVI 100% 0% New Pacific Forward Inc. Holding company BVI 100% 0% Minera Alcira S.A. Mining company Bolivia 100% 100% Silver Sand NPM Minerales S.A. Mining company Bolivia 100% 100% Colquehuasi S.R.L. Mining company Bolivia 100% 100% Silverstrike Minera Hastings S.R.L. Mining company Bolivia 100% 100% Carangas Qinghai Found Mining Co., Ltd. Mining company China 82% 82% (i) British Virgin Islands (“BVI”) |
Foreign Currency Translation | (c) Foreign Currency Translation The functional currency for each subsidiary of the Company is the currency of the primary economic environment in which the entity operates. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is the Canadian dollar (“CAD”). The functional currency of all Bolivian subsidiaries is the US dollar (“USD”). The functional currency of the Chinese subsidiary is the Chinese Renminbi (“RMB”). Foreign currency monetary assets and liabilities are translated into the functional currency using exchange rates prevailing at the balance sheet date. Foreign currency non-monetary assets are translated using exchange rates prevailing at the transaction date. Foreign exchange gains and losses are included in the determination of net income. The consolidated financial statements are presented in USD. The financial position and results of the Company’s entities are translated from functional currencies to USD as follows: - assets and liabilities are translated using exchange rates prevailing at the reporting date; - income and expenses are translated using average exchange rates prevailing during the period; and - all resulting exchange gains or losses are included in other comprehensive income or loss. The Company treats inter-company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment. When a foreign entity is sold, the historical exchange differences plus the foreign exchange impact that arises on the transaction are recognized in the consolidated statement of loss as part of the gain or loss on sale. |
Plant and Equipment | (d) Plant and Equipment Plant and equipment are initially recorded at cost, including all directly attributable costs to bring the assets to the location and condition necessary for it to be capable of operating in the manner intended by management. Plant and equipment are subsequently measured at cost less accumulated depreciation and applicable impairment losses. Depreciation is computed using the straight-line method based on the nature and estimated useful lives as follows: Land Not depreciated Buildings 20 Years Machinery 5 Years Motor vehicles 5 Years Office equipment and furniture 5 Years Computer software 5 Years Subsequent costs that meet the asset recognition criteria are capitalized while costs incurred that do not extend the economic useful life of an asset are considered repair and maintenance, which are accounted for as an expense recognized during the period. The Company conducts an annual assessment of the residual balances, useful lives, and depreciation methods being used for plant and equipment and any changes are applied prospectively. Assets under construction are capitalized as construction-in-progress. The cost of construction-in-progress comprises its purchase price and any costs directly attributable to bringing it into working condition for its intended use. Construction-in-progress assets are not depreciated until they are completed and available for use. |
Mineral Property Interests | (e) Mineral Property Interests The cost of acquiring mineral rights and properties either as an individual asset purchase or as part of a business combination is capitalized and represents the property’s fair value at the date of acquisition. Fair value is determined by estimating the value of the property’s reserves, resources and exploration potential. Exploration and evaluation costs, incurred associated with specific mineral rights and properties prior to demonstrable technical feasibility and commercial viability of extracting a mineral resource, are capitalized. The Company determines that a property is in the development stage when its technical feasibility and commercial viability are demonstrable. Costs incurred in the development stage prior to commercial production are capitalized and included in the carrying amount of the related property in the period incurred. Proceeds from sales during this period, if any, are offset against costs capitalized. |
Impairment of Long-lived Assets | (f) Impairment of Long-lived Assets Long-lived assets, including mineral property interests, plant and equipment are reviewed and tested for impairment when indicators of impairment are considered to exist. Impairment assessments are conducted at the level of cash-generating units (“CGU”) or at the individual asset level, whichever is the lowest level for which identifiable cash inflows are largely independent of the cash flows of other assets. An impairment loss is recognized for any excess of carrying amount of a CGU over its recoverable amount, which is the greater of its fair value less costs to sell and value in use. For mineral properties, the recoverable amount is estimated as the discounted future net cash inflows expected to be derived from expected future production, metal prices, and net proceeds from the disposition of assets on retirement, less operating and capital costs. Impairment losses are recognized in the period they are incurred. For exploration and evaluation assets, indication of impairment includes but is not limited to expiration of the right to explore, substantive expenditures in the specific area are neither budgeted nor planned, and exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources. Impairment losses are reversed if there is evidence the loss no longer exists or has decreased. This reversal is recognized in net income in the period the reversal occurs limited by the carrying value that would have been determined, net of any depreciation, had no impairment charge been recognized in prior years. |
Share-based Payments | (g) Share-based Payments The Company grants share-based awards, including restricted share units (“RSUs”) and stock options to directors, officers, employees, and consultants. For share-based awards, the fair value is charged to the consolidated statements of loss and credited to equity, on a straight-line basis over the vesting period, after adjusting for the estimated number of awards that are expected to vest. The fair value of share units is determined based on quoted market price of the Company’s common shares at the date of grant. The fair value of the stock options granted to employees, officers, and directors is determined at the date of grant using the Black-Scholes option pricing model with market related input. The fair value of stock options granted to consultants is measured at the fair value of the services delivered unless that fair value cannot be estimated reliably, which then is determined using the Black-Scholes option pricing model. Stock options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. At each statement of financial position date prior to vesting, the cumulative expense representing the extent to which the vesting period has expired and management’s best estimate of the awards that are ultimately expected to vest is computed. The movement in cumulative expense is recognized in the consolidated statements of loss with a corresponding entry within equity. The amount recognized as expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met. |
Income Taxes | (h) Income Taxes Current tax for each taxable entity is based on the local taxable income at the local substantively enacted statutory tax rate at the balance sheet date and includes adjustments to taxes payable or recoverable in respect to previous periods. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to set off the amounts, and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred tax is recognized using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities, and their carrying amounts for financial reporting purposes. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilized, except: - where the deferred tax asset or liability relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and - in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will be available to allow the deferred tax asset to be recovered. 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 substantively enacted by the end of the reporting period. Deferred tax relating to items recognized outside profit or loss is recognized in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. |
Earnings (loss) per Share | (i) Earnings (loss) per Share Earnings (loss) per share is computed by dividing net income (loss) attributable to equity holders of the Company by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if additional common shares are assumed to be issued under securities that entitle their holders to obtain common shares in the future. For vested RSUs, the full outstanding numbers as at the end of the period are included in the calculation of diluted earnings per share. For stock options, the number of additional shares for inclusion in diluted earnings per share calculations is determined when the exercise price is less than the average market price of the Company’s common shares; the stock options are assumed to be exercised and the proceeds are used to repurchase common shares at the average market price for the period. The incremental number of common shares issued under stock options and repurchased from proceeds is included in the calculation of diluted earnings per share. When loss per share is presented in the period, the Company’s calculation of diluted loss per share excludes any incremental shares from the assumed calculation of RSUs and stock options as they would be anti-dilutive. |
Financial Instruments | (j) Financial Instruments Initial recognition: On initial recognition, all financial assets and financial liabilities are recorded at fair value adjusted for directly attributable transaction costs except for financial assets and liabilities classified as fair value through profit or loss (“FVTPL”), in which case transaction costs are expensed as incurred. Subsequent measurement of financial assets: Subsequent measurement of financial assets depends on the classification of such assets. I. Non-equity instruments: IFRS 9 includes a single model that has only two classification categories for financial instruments other than equity instruments: amortized cost and fair value. To qualify for amortized cost accounting, the instrument must meet two criteria: i. The objective of the business model is to hold the financial asset for the collection of the cash flows; and ii. All contractual cash flows represent only principal and interest on that principal. All other instruments are mandatorily measured at fair value. II. Equity instruments: At initial recognition, for equity instruments other than held for trading, the Company may make an irrevocable election to designate it as either FVTPL or fair value through other comprehensive income (“FVTOCI”). Financial assets classified as amortized cost are measured using the effective interest method. Amortized cost is calculated by taking into account any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization from the effective interest method is included in finance income. Financial assets classified as FVTPL are measured at fair value with changes in fair values recognized in profit or loss. Impairment of financial assets carried at amortized cost: The Company assesses at the end of each reporting period whether there is objective evidence that financial assets or group of financial assets measured at amortized cost are impaired. Impairment losses and reversal of impairment losses, if any, are recognized in profit or loss in the period they are incurred. Subsequent measurement of financial liabilities: Financial liabilities classified as amortized cost are measured using the effective interest method. Amortized cost is calculated by taking into account any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization using the effective interest method is included in finance costs. The Company classifies its financial instruments as follows: - Financial assets classified as FVTPL: cash, short-term investments – bonds, and equity investments; - Financial assets classified as amortized cost: receivables and short-term investments – guaranteed investment certificates; and - Financial liabilities classified as amortized cost: trade and other payables, and due to related parties. Bonds: The Company acquired bonds issued by other companies from various industries through the open market. These bonds are held to receive coupon interest payments and to realize potential gains. The bonds may also be disposed on demand through the open market should the Company require funds for other operational or investment needs. Bonds are classified as FVTPL and are measured at fair value on initial recognition and subsequent measurement. Equity investments: Equity investments represent equity interests of other publicly-traded or privately-held companies that the Company has acquired through the open market or through private placements. These equity interests consist of common shares and warrants. Equity investments are classified as FVTPL and are measured at fair value on initial recognition and subsequent measurement. The fair value of warrants was determined using the Black-Scholes pricing model as at the acquisition date as well as at each period end. Derecognition of financial assets and financial liabilities: A financial asset is derecognized when: - The rights to receive cash flows from the asset have expired; or - The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Gains and losses on derecognition of financial assets and liabilities classified as amortized cost are recognized in profit or loss when the instrument is derecognized or impaired, as well as through the amortization process. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability. In this case, a new liability is recognized, and the difference in the respective carrying amounts is recognized in the consolidated statement of income. Offsetting of financial instruments: Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position if and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle liabilities simultaneously. Fair value of financial instruments: The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without deduction for transaction costs. For financial instruments that are not traded in active markets, the fair value is determined using appropriate valuation techniques, such as using a recent arm’s length market transaction between knowledgeable and willing parties, discounted cash flow analysis, reference to the current fair value of another instrument that is substantially the same, or other valuation models. |
Significant Judgments and Estimation Uncertainties | (k) Significant Judgments and Estimation Uncertainties Many amounts included in the consolidated financial statements require management to make judgments and/or estimates. These judgments and estimates are continuously evaluated and are based on management’s experience and knowledge of relevant facts and circumstances. Actual results may differ from the amounts included in the consolidated statement of financial position. Areas of significant judgment include: - Capitalization of expenditures with respect to exploration, evaluation and development costs to be included in mineral rights and properties; - Determination of functional currency; - Recognition, measurement and impairment or impairment reversal assessment for mineral rights and properties; and - Accounting assessment and classification for equity investments and short-term investments. Areas of significant estimates include: - The estimated fair values of CGUs for impairment or impairment reversal tests, including estimates of future costs to produce proven and probable reserves, future commodity prices, discount rates, probabilities of expected cash flows from disposal and salvage value of plant and equipment; - Valuation input and forfeiture rates used in calculation of share-based compensation; and - Valuation of securities that do not have a quoted market price. The Company estimates its mineral resources based on information compiled by qualified persons as defined in accordance with National Instrument 43-101. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Schedule of Significant Subsidiaries which are Consolidated | Details of the Company’s significant subsidiaries which are consolidated are as follows: Proportion of ownership interest held Name of subsidiaries Principal activity Country of June 30, 2023 June 30, Mineral New Pacific Offshore Inc. Holding company BVI (i) 100% 100% SKN Nickel & Platinum Ltd. Holding company BVI 100% 100% Glory Metals Investment Corp. Limited Holding company Hong Kong 100% 100% New Pacific Investment Corp. Limited Holding company Hong Kong 100% 100% New Pacific Andes Corp. Limited Holding company Hong Kong 100% 100% Fortress Mining Inc. Holding company BVI 100% 100% New Pacific Success Inc. Holding company BVI 100% 0% New Pacific Forward Inc. Holding company BVI 100% 0% Minera Alcira S.A. Mining company Bolivia 100% 100% Silver Sand NPM Minerales S.A. Mining company Bolivia 100% 100% Colquehuasi S.R.L. Mining company Bolivia 100% 100% Silverstrike Minera Hastings S.R.L. Mining company Bolivia 100% 100% Carangas Qinghai Found Mining Co., Ltd. Mining company China 82% 82% (i) British Virgin Islands (“BVI”) |
Schedule of Estimated Useful Lives | Depreciation is computed using the straight-line method based on the nature and estimated useful lives as follows: Land Not depreciated Buildings 20 Years Machinery 5 Years Motor vehicles 5 Years Office equipment and furniture 5 Years Computer software 5 Years |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Short-Term Investments [Abstract] | |
Schedule of Short-Term Investments | Short-term investments consist of the following: June 30, 2023 June 30, 2022 Bonds $ 198,375 $ 192,398 |
Schedule of Continuity of Short-Term Investments | The continuity of short-term investments is summarized as follows: Amount Balance, July 1, 2021 $ 143,914 Gain on fair value change 48,484 Balance, June 30, 2022 $ 192,398 Gain on fair value change 5,977 Balance, June 30, 2023 $ 198,375 |
Equity Investments (Tables)
Equity Investments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Equity Investments [Abstract] | |
Schedule of Equity Investments | The equity investments are summarized as follows: June 30, 2023 June 30, 2022 Common shares Public companies $ 283,081 $ 496,741 $ 283,081 $ 496,741 |
Schedule of Continuity of Equity Investments | The continuity of equity investments is summarized as follows: Accumulated mark-to- market gain included Fair value in deficit Balance, July 1, 2022 $ 496,526 $ 3,971,145 Change in fair value 19,517 19,517 Foreign exchange impact (19,302 ) - Balance, June 30, 2022 $ 496,741 $ 3,990,662 Change in fair value (198,031 ) (198,031 ) Foreign exchange impact (15,629 ) - Balance, June 30, 2023 $ 283,081 $ 3,792,631 |
Income from Investments (Tables
Income from Investments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income from Investments [Abstract] | |
Schedule of Income From Investments | Income from investments consist of: Years Ended June 30, 2023 2022 Fair value change on equity investments $ (198,031 ) $ 19,517 Fair value change on bonds 5,977 48,484 Interest income 370,100 152,111 Net income from investments $ 178,046 $ 220,112 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Plant and Equipment [Abstract] | |
Schedule of Composition of Property and Equipment and Related Accumulated Depreciation | Land and Office equipment Computer Cost building Machinery Motor vehicles and furniture software Total Balance, July 1, 2021 $ 630,000 $ 202,247 $ 242,582 $ 315,241 $ 201,735 $ 1,591,805 Additions - 135,450 349,929 53,171 - 538,550 Disposals - (5,768 ) (13,486 ) (21,292 ) (269 ) (40,815 ) Reclassifed among asset groups - 76,426 - (76,426 ) - - Foreign currency translation impact - 3 7 (4,330 ) (7,692 ) (12,012 ) Balance, June 30, 2022 $ 630,000 $ 408,358 $ 579,032 $ 266,364 $ 193,774 $ 2,077,528 Additions - 77,259 - 15,576 - 92,835 Disposals - - - (12,259 ) (99,442 ) (111,701 ) Foreign currency translation impact - - - (2,406 ) (817 ) (3,223 ) Balance, June 30, 2023 $ 630,000 $ 485,617 $ 579,032 $ 267,275 $ 93,515 $ 2,055,439 Accumulated depreciation and amortization Balance, July 1, 2021 $ - $ (72,071 ) $ (137,584 ) $ (135,591 ) $ (127,920 ) $ (473,166 ) Depreciation - (44,169 ) (66,854 ) (38,907 ) (24,077 ) (174,007 ) Disposals - 2,602 5,869 15,502 230 24,203 Foreign currency translation impact - (2 ) (3 ) 2,996 5,299 8,290 Balance, June 30, 2022 $ - $ (113,640 ) $ (198,572 ) $ (156,000 ) $ (146,468 ) $ (614,680 ) Depreciation - (57,272 ) (98,338 ) (35,170 ) (22,751 ) (213,531 ) Disposals - - - 12,259 99,442 111,701 Foreign currency translation impact - - - 1,627 (717 ) 910 Balance, June 30, 2023 $ - $ (170,912 ) $ (296,910 ) $ (177,284 ) $ (70,494 ) $ (715,600 ) Carrying amount Balance, June 30, 2022 $ 630,000 $ 294,718 $ 380,460 $ 110,364 $ 47,306 $ 1,462,848 Balance, June 30, 2023 $ 630,000 $ 314,705 $ 282,122 $ 89,991 $ 23,021 $ 1,339,839 |
Mineral Property Interests (Tab
Mineral Property Interests (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Mineral Property Interests [Abstract] | |
Schedule of Mineral Property Acquisition Costs and Deferred Exploration and Development Costs | The continuity schedule of mineral property acquisition costs and deferred exploration and development costs is summarized as follows: Cost Silver Sand Silverstrike Carangas RZY Project Total Balance, July 1, 2021 $ 69,245,500 $ 3,163,304 $ 255,250 $ 2,871,368 $ 75,535,422 Capitalized exploration expenditures Reporting and assessment 353,109 40 - - 353,149 Drilling and assaying 4,990,082 1,625 3,752,094 - 8,743,801 Project management and support 1,917,060 45,773 1,020,422 - 2,983,255 Camp service 364,507 61,578 443,810 - 869,895 Geological surveys - 25,508 - - 25,508 Permit and license 14,529 7,554 7,812 - 29,895 Disposition - - - (3,071,240 ) (3,071,240 ) Foreign currency impact (316,189 ) (36,150 ) (18,442 ) 199,872 (170,909 ) Balance, June 30, 2022 $ 76,568,598 $ 3,269,232 $ 5,460,946 $ - $ 85,298,776 Capitalized exploration expenditures Reporting and assessment 1,008,174 - 88,558 - 1,096,732 Drilling and assaying 1,925,695 977,881 8,289,678 - 11,193,254 Project management and support 2,719,120 256,569 1,424,573 - 4,400,262 Camp service 467,690 174,651 1,005,158 - 1,647,499 Permit and license 195,821 - 9,389 - 205,210 Foreign currency impact (201,972 ) (24,680 ) (8,831 ) - (235,483 ) Balance, June 30, 2023 $ 82,683,126 $ 4,653,653 $ 16,269,471 $ - $ 103,606,250 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Trade and Other Payables [Abstract] | |
Schedule of Trade and Other Payables | Trade and other payables consist of: June 30, 2023 June 30, 2022 Trade payable $ 1,391,525 $ 2,087,599 Accrued liabilities 889,028 1,404,670 $ 2,280,553 $ 3,492,269 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Related party transactions are made on terms agreed upon by the related parties. The balances with related parties are unsecured, non-interest bearing, and due on demand. Related party transactions not disclosed elsewhere in the consolidated financial statements are as follows: Due to a related party June 30, 2023 June 30, 2022 Silvercorp Metals Inc. $ 56,102 $ 377,031 |
Schedule of Compensation of Key Management Personnel | The remuneration of directors and other members of key management personnel for the years ended June 30, 2023 and 2022 are as follows: Years ended June 30, 2023 2022 Director’s cash compensation $ 59,715 $ 82,608 Director’s share-based compensation 624,263 338,702 Key management’s cash compensation 867,499 988,753 Key management’s share-based compensation 2,137,888 461,947 $ 3,689,365 $ 1,872,010 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Share Capital [Abstract] | |
Schedule of Stock Options | The continuity schedule of stock options, as at June 30, 2023, is as follows: Number of options Weighted average Balance, July 1, 2021 3,115,832 1.56 Options Granted 2,702,000 3.72 Options exercised (1,838,331 ) 1.23 Options forfeited (317,334 ) 3.13 Balance, June 30, 2022 3,662,167 3.18 Options Granted 1,186,000 3.47 Options exercised (445,000 ) 1.82 Options forfeited (446,000 ) 3.66 Balance, June 30, 2023 3,957,167 3.37 |
Schedule of Options Granted | The fair value of the options granted during the year ended June 30, 2023 and 2022 were calculated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Years ended June 30, 2023 2022 Risk free interest rate 3.31 % 2.33 % Expected volatility 79.79 % 76.40 % Expected life of options in years 2.75 2.75 Estimated forfeiture rate 14.4 % 14.1 % |
Schedule of Information about Stock Options Outstanding | The following table summarizes information about stock options outstanding as at June 30, 2023: Exercise Number of options Weighted Number of options Weighted prices (CAD$) 2023-06-30 contractual life (years) 2023-06-30 exercise price (CAD$) $ 2.15 774,167 0.65 774,167 $2.15 $ 3.33 713,000 3.60 237,667 $3.33 $ 3.42 939,000 4.56 - - $ 3.67 120,000 4.57 - - $ 3.89 10,000 3.65 3,334 $3.89 $ 3.92 50,000 4.79 - - $ 4.00 1,351,000 3.93 452,998 $4.00 $2.15 - $4.00 3,957,167 3.41 1,468,166 $2.92 |
Schedule of Continuity RSUs | The continuity schedule of RSUs, as at June 30, 2023, is as follows: Number of shares Weighted average Balance, July 1, 2021 794,900 $ 5.48 Granted 1,299,000 3.80 Forfeited (274,451 ) 5.25 Distributed (342,233 ) 5.21 Balance, June 30, 2022 1,477,216 $ 4.11 Granted 967,000 3.48 Forfeited (222,801 ) 4.01 Distributed (324,255 ) 4.20 Balance, June 30, 2023 1,897,160 $ 3.79 |
Schedule of Loss Per Share | For the years ended June 30, 2023 2022 Loss Shares Per-Share Income Shares Per-Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net loss Attributable to equity holders of the Company $ (8,095,449 ) $ (6,420,885 ) Basic loss per share (8,095,449 ) 156,991,661 $ (0.05 ) (6,420,885 ) 155,626,128 $ (0.04 ) Effect of dilutive securities: Stock options and RSUs - - Diluted loss per share $ (8,095,449 ) 156,991,661 $ (0.05 ) $ (6,420,885 ) 155,626,128 $ (0.04 ) |
Non-Controlling Interest (Table
Non-Controlling Interest (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Non-Controlling Interest [Abstract] | |
Schedule of Non-Controlling Interests | Qinghai Found Balance, July 1, 2021 $ (3,590 ) Share of net loss (50,783 ) Share of other comprehensive loss (16,826 ) Balance, June 30, 2022 $ (71,199 ) Share of net loss (4,683 ) Share of other comprehensive loss (34,255 ) Balance, June 30, 2023 $ (110,137 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Schedule of Financial Assets Measured at Fair Value Level on Recurring Basis | The following table sets forth the Company’s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy as at June 30, 2023 and June 30, 2022 that are not otherwise disclosed. As required by IFRS 13, financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value as at June 30, 2023 Recurring measurements Level 1 Level 2 Level 3 Total Financial Assets Cash $ 6,296,312 $ - $ - $ 6,296,312 Short-term investments 198,375 - - 198,375 Equity investments 283,081 - - 283,081 Fair value as at June 30, 2022 Recurring measurements Level 1 Level 2 Level 3 Total Financial Assets Cash $ 29,322,504 $ - $ - $ 29,322,504 Short-term investments 192,398 - - 192,398 Equity investments 496,741 - - 496,741 |
Schedule of Remaining Contractual Maturities of Financial Liabilities | The following summarizes the remaining contractual maturities of the Company’s financial liabilities: June 30, 2023 June 30, 2022 Due within a year Total Total Accounts payable and accrued liabilities $ 2,280,553 $ 2,280,553 $ 3,492,269 Due to a related party 56,102 56,102 377,031 $ 2,336,655 $ 2,336,655 $ 3,869,300 |
Schedule of Currency Risk Affect Net Income | The Company’s exposure to foreign exchange risk that could affect net income is summarized as follows: Financial assets denominated in foreign currencies other than relevant functional currency As at June 30, 2023 June 30, 2022 United States dollars $ 320,994 $ 468,714 Bolivianos 869,869 886,188 Total $ 1,190,863 $ 1,354,902 Financial liabilities denominated in foreign currencies other than relevant functional currency United States dollars $ 73,970 $ - Bolivianos 1,543,889 1,619,261 Total $ 1,617,859 $ 1,619,261 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Schedule of Provision of Income Tax Rates to Loss Before Income Tax | The provision for income taxes differs from the amount computed by applying the cumulative Canadian federal and provincial income tax rates to the loss before income tax provision due to the following: Years ended June 30, 2023 2022 Canadian statutory tax rate 27.00 % 27.00 % Loss before income taxes $ (8,100,132 ) $ (6,471,668 ) Income tax recovery computed at Canadian statutory rates (2,187,036 ) (1,747,348 ) Foreign tax rates different from statutory rate (178,193 ) 234,160 Permanent items and other 1,169,318 459,813 Change in unrecognized deferred tax assets 1,195,911 1,053,375 $ - $ - |
Schedule of Temporary Differences and Unused Tax Losses | Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following: June 30, 2023 June 30, 2022 Non-capital loss carry forward $ 16,926,886 $ 13,633,304 Capital loss carry forward 19,072,271 19,596,218 Plant and equipment 217,340 190,799 Equity investments 568,995 408,622 Share issuance cost 506,890 1,041,630 $ 37,292,382 $ 34,870,573 |
Schedule of Net Operating Losses Expiring in Various Years | As of June 30, 2023, the Company has the following net operating losses, expiring various years to 2043 and available to offset future taxable income in Canada, Bolivia and China, respectively: Canada Bolivia China 2023 - 22,571 - 2024 - 115,876 - 2026 - 763,735 - 2027 - 1,312,466 - 2028 - 1,787,409 - 2032 - - 251,040 2033 - - 24,935 2041 3,251,360 - - 2042 3,496,560 - - 2043 5,900,934 - - $ 12,648,854 $ 4,002,057 $ 275,975 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Segmented Information [Abstract] | |
Schedule of Segment Information for Assets and Liabilities | Segment information for assets and liabilities are as follows: June 30, 2023 Exploration and Development Corporate Silver Sand Carangas Silverstrike Total Cash $ 6,232,985 $ 58,497 $ 260 $ 4,570 $ 6,296,312 Short-term investments 198,375 - - - 198,375 Equity investments 283,081 - - - 283,081 Plant and equipment 104,450 517,065 58,212 660,112 1,339,839 Mineral property interests - 82,683,126 16,269,471 4,653,653 103,606,250 Other assets 908,823 3,563,256 1,888,293 223,312 6,583,684 Total Assets $ 7,727,714 $ 86,821,944 $ 18,216,236 $ 5,541,647 $ 118,307,541 Total Liabilities $ (1,307,795 ) $ (228,966 ) $ (795,379 ) $ (4,515 ) $ (2,336,655 ) June 30, 2022 Exploration and Development Corporate Silver Sand Carangas Silverstrike Total Cash $ 27,721,156 $ 1,008,477 $ 584,375 $ 8,496 $ 29,322,504 Short-term investments 192,398 - - - 192,398 Equity investments 496,741 - - - 496,741 Plant and equipment 86,901 665,207 40,275 670,465 1,462,848 Mineral property interests - 76,568,598 5,460,946 3,269,232 85,298,776 Other assets 3,507,076 3,168,832 559,763 69,317 7,304,988 Total Assets $ 32,004,272 $ 81,411,114 $ 6,645,359 $ 4,017,510 $ 124,078,255 Total Liabilities $ (1,693,443 ) $ (1,076,469 ) $ (1,092,415 ) $ (6,973 ) $ (3,869,300 ) |
Schedule of Segment Information for Operating Results | Segment information for operating results are as follows: Year ended June 30, 2023 Exploration and Development Corporate Silver Sand Carangas Silverstrike Total Project evaluation and corporate development $ (460,901 ) - $ - $ - $ (460,901 ) Salaries and benefits (1,684,063 ) - - - (1,684,063 ) Share-based compensation (3,162,449 ) - - - (3,162,449 ) Other operating expenses (2,560,859 ) (294,361 ) (71,971 ) (21,471 ) (2,948,662 ) Total operating expense (7,868,272 ) (294,361 ) (71,971 ) (21,471 ) (8,256,075 ) Net income from investments 178,046 - - - 178,046 Foreign exchange (loss) gain (41,304 ) 4,296 13,620 1,285 (22,103 ) Net loss $ (7,731,530 ) $ (290,065 ) $ (58,351 ) $ (20,186 ) $ (8,100,132 ) Attributed to: Equity holders of the Company $ (7,726,847 ) $ (290,065 ) $ (58,351 ) $ (20,186 ) $ (8,095,449 ) Non-controlling interests (4,683 ) - - - (4,683 ) Net loss $ (7,731,530 ) $ (290,065 ) $ (58,351 ) $ (20,186 ) $ (8,100,132 ) Year ended June 30, 2022 Exploration and Development Corporate Silver Sand Carangas Silverstrike Total Project evaluation and corporate development $ (582,253 ) - $ - $ - $ (582,253 ) Salaries and benefits (1,828,059 ) - - - (1,828,059 ) Share-based compensation (941,647 ) - - - (941,647 ) Other operating expenses (3,094,578 ) (270,102 ) (50,459 ) (10,301 ) (3,425,440 ) Total operating expense (6,446,537 ) (270,102 ) (50,459 ) (10,301 ) (6,777,399 ) Net income from investments 220,112 - - - 220,112 Loss on disposal of plant and equipment (14,804 ) - - - (14,804 ) Loss on disposal of mineral property interest (85,052 ) - - - (85,052 ) Foreign exchange gain 185,475 - - - 185,475 Net loss $ (6,140,806 ) $ (270,102 ) $ (50,459 ) $ (10,301 ) $ (6,471,668 ) Attributed to: Equity holders of the Company $ (6,090,023 ) $ (270,102 ) $ (50,459 ) $ (10,301 ) $ (6,420,885 ) Non-controlling interests (50,783 ) - - - (50,783 ) Net loss $ (6,140,806 ) $ (270,102 ) $ (50,459 ) $ (10,301 ) $ (6,471,668 ) |
Supplementary Cash Flow Infor_2
Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Supplementary Cash Flow Information [Abstract] | |
Schedule of Change in Non-Cash Operating Working Capital | Changes in non-cash operating working capital: Years Ended June 30, 2023 2022 Receivables $ (215,425 ) $ 30,117 Deposits and prepayments (306,662 ) 27,796 Accounts payable and accrued liabilities (256,447 ) 551,707 Due to a related party (307,610 ) 316,180 $ (1,086,144 ) $ 925,800 |
Schedule of Non-Cash Capital Transactions | Non-cash capital transactions: Years Ended June 30, 2023 2022 Addition of capital expenditures of mineral property interest from deposits and prepayments $ 143,495 $ - (Payment) addition of capital expenditures of mineral property interest in accounts payable and accrued liabilities $ (929,408 ) $ 1,910,439 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
New Pacific Offshore Inc. [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Holding company | ||
Country of incorporation | [1] | BVI (i) | |
Proportion of ownership interest held | 100% | 100% | |
SKN Nickel & Platinum Ltd. [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Holding company | ||
Country of incorporation | BVI | ||
Proportion of ownership interest held | 100% | 100% | |
Glory Metals Investment Corp. Limited [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Holding company | ||
Country of incorporation | Hong Kong | ||
Proportion of ownership interest held | 100% | 100% | |
New Pacific Investment Corp. Limited [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Holding company | ||
Country of incorporation | Hong Kong | ||
Proportion of ownership interest held | 100% | 100% | |
New Pacific Andes Corp. Limited [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Holding company | ||
Country of incorporation | Hong Kong | ||
Proportion of ownership interest held | 100% | 100% | |
Fortress Mining Inc. [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Holding company | ||
Country of incorporation | BVI | ||
Proportion of ownership interest held | 100% | 100% | |
New Pacific Success Inc. [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Holding company | ||
Country of incorporation | BVI | ||
Proportion of ownership interest held | 100% | 0% | |
New Pacific Forward Inc. [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Holding company | ||
Country of incorporation | BVI | ||
Proportion of ownership interest held | 100% | 0% | |
Minera Alcira S.A. [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Mining company | ||
Country of incorporation | Bolivia | ||
Proportion of ownership interest held | 100% | 100% | |
Mineral properties | Silver Sand | ||
NPM Minerales S.A. [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Mining company | ||
Country of incorporation | Bolivia | ||
Proportion of ownership interest held | 100% | 100% | |
Colquehuasi S.R.L. [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Mining company | ||
Country of incorporation | Bolivia | ||
Proportion of ownership interest held | 100% | 100% | |
Mineral properties | Silverstrike | ||
Minera Hastings S.R.L. [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Mining company | ||
Country of incorporation | Bolivia | ||
Proportion of ownership interest held | 100% | 100% | |
Mineral properties | Carangas | ||
Qinghai Found Mining Co., Ltd. [Member] | |||
Significant Accounting Policies (Details) - Schedule of Significant Subsidiaries which are Consolidated [Line Items] | |||
Principal activity | Mining company | ||
Country of incorporation | China | ||
Proportion of ownership interest held | 82% | 82% | |
[1]British Virgin Islands (“BVI”) |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives | 12 Months Ended |
Jun. 30, 2023 | |
Land [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | Not depreciated |
Buildings [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 20 years |
Machinery [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Motor vehicles [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Office equipment and furniture [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Computer software [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Short-Term Investments (Details
Short-Term Investments (Details) - Schedule of Short-Term Investments - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Schedule of Short Term Investments [Abstract] | ||
Bonds | $ 198,375 | $ 192,398 |
Short-Term Investments (Detai_2
Short-Term Investments (Details) - Schedule of Continuity of Short-Term Investments - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Continuity of Short Term Investments [Abstract] | ||
Balance beginning | $ 192,398 | $ 143,914 |
Gain (Loss) on fair value change | 5,977 | 48,484 |
Balance ending | $ 198,375 | $ 192,398 |
Equity Investments (Details) -
Equity Investments (Details) - Schedule of Equity Investments - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Common shares | ||
Equity investments | $ 283,081 | $ 496,741 |
Public companies [Member] | ||
Common shares | ||
Equity investments | $ 283,081 | $ 496,741 |
Equity Investments (Details) _2
Equity Investments (Details) - Schedule of Continuity of Equity Investments - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Fair value [Member] | ||
Equity Investments (Details) - Schedule of Continuity of Equity Investments [Line Items] | ||
Balance beginning | $ 496,741 | $ 496,526 |
Change in fair value | (198,031) | 19,517 |
Foreign exchange impact | (15,629) | (19,302) |
Balance, ending | 283,081 | 496,741 |
Accumulated mark-to- market gain included in deficit [Member] | ||
Equity Investments (Details) - Schedule of Continuity of Equity Investments [Line Items] | ||
Balance beginning | 3,990,662 | 3,971,145 |
Change in fair value | (198,031) | 19,517 |
Foreign exchange impact | ||
Balance, ending | $ 3,792,631 | $ 3,990,662 |
Income from Investments (Detail
Income from Investments (Details) - Schedule of Income From Investments - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Income From Investments [Abstract] | ||
Fair value change on equity investments | $ (198,031) | $ 19,517 |
Fair value change on bonds | 5,977 | 48,484 |
Interest income | 370,100 | 152,111 |
Net income from investments | $ 178,046 | $ 220,112 |
Plant and Equipment (Details)
Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Plant and Equipment [Abstract] | ||
Proceeds on disposals | $ 1,808 | |
Loss on disposal of plant and equipment | $ 14,804 |
Plant and Equipment (Details) -
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | $ 1,462,848 | $ 1,462,848 |
Balance | 1,339,839 | 1,462,848 |
Land and Building [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | 630,000 | |
Balance | 630,000 | |
Machinery [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | 294,718 | |
Balance | 314,705 | |
Motor Vehicles [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | 380,460 | |
Balance | 282,122 | |
Office Equipment and Furniture [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | 110,364 | |
Balance | 89,991 | |
Computer Software [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | 47,306 | |
Balance | 23,021 | |
Cost [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | 2,077,528 | 1,591,805 |
Additions | 92,835 | 538,550 |
Disposals | (111,701) | (40,815) |
Reclassifed among asset groups | ||
Foreign currency translation impact | (3,223) | (12,012) |
Balance | 2,055,439 | 2,077,528 |
Cost [Member] | Land and Building [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | 630,000 | 630,000 |
Additions | ||
Disposals | ||
Reclassifed among asset groups | ||
Foreign currency translation impact | ||
Balance | 630,000 | 630,000 |
Cost [Member] | Machinery [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | 408,358 | 202,247 |
Additions | 77,259 | 135,450 |
Disposals | (5,768) | |
Reclassifed among asset groups | 76,426 | |
Foreign currency translation impact | 3 | |
Balance | 485,617 | 408,358 |
Cost [Member] | Motor Vehicles [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | 579,032 | 242,582 |
Additions | 349,929 | |
Disposals | (13,486) | |
Reclassifed among asset groups | ||
Foreign currency translation impact | 7 | |
Balance | 579,032 | 579,032 |
Cost [Member] | Office Equipment and Furniture [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | 266,364 | 315,241 |
Additions | 15,576 | 53,171 |
Disposals | (12,259) | (21,292) |
Reclassifed among asset groups | (76,426) | |
Foreign currency translation impact | (2,406) | (4,330) |
Balance | 267,275 | 266,364 |
Cost [Member] | Computer Software [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | 193,774 | 201,735 |
Additions | ||
Disposals | (99,442) | (269) |
Reclassifed among asset groups | ||
Foreign currency translation impact | (817) | (7,692) |
Balance | 93,515 | 193,774 |
Accumulated Depreciation and Amortization [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | (614,680) | (473,166) |
Depreciation | (213,531) | (174,007) |
Disposals | 111,701 | 24,203 |
Foreign currency translation impact | 910 | 8,290 |
Balance | (715,600) | (614,680) |
Accumulated Depreciation and Amortization [Member] | Land and Building [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | ||
Depreciation | ||
Disposals | ||
Foreign currency translation impact | ||
Balance | ||
Accumulated Depreciation and Amortization [Member] | Machinery [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | (113,640) | (72,071) |
Depreciation | (57,272) | (44,169) |
Disposals | 2,602 | |
Foreign currency translation impact | (2) | |
Balance | (170,912) | (113,640) |
Accumulated Depreciation and Amortization [Member] | Motor Vehicles [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | (198,572) | (137,584) |
Depreciation | (98,338) | (66,854) |
Disposals | 5,869 | |
Foreign currency translation impact | (3) | |
Balance | (296,910) | (198,572) |
Accumulated Depreciation and Amortization [Member] | Office Equipment and Furniture [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | (156,000) | (135,591) |
Depreciation | (35,170) | (38,907) |
Disposals | 12,259 | 15,502 |
Foreign currency translation impact | 1,627 | 2,996 |
Balance | (177,284) | (156,000) |
Accumulated Depreciation and Amortization [Member] | Computer Software [Member] | ||
Plant and Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance | (146,468) | (127,920) |
Depreciation | (22,751) | (24,077) |
Disposals | 99,442 | 230 |
Foreign currency translation impact | (717) | 5,299 |
Balance | $ (70,494) | $ (146,468) |
Mineral Property Interests (Det
Mineral Property Interests (Details) ¥ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2021 km² | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 CNY (¥) | Jun. 25, 2022 USD ($) | Jun. 25, 2022 CNY (¥) | Dec. 31, 2019 km² | Jul. 20, 2017 km² SquareMeter | |
Mineral Property Interests (Details) [Line Items] | ||||||||
Project elevation area (in Square Kilometers) | km² | 40.75 | 5.42 | ||||||
Acquire interest rate | 98% | 98% | ||||||
Ownership percentage | 100% | |||||||
Renewable term | The agreement has a term of 30 years and is renewable for an additional 15 years. | |||||||
Cash consideration | $ 2,986,188 | ¥ 20 | ||||||
Loss | $ | $ 85,052 | |||||||
Top of range [member] | ||||||||
Mineral Property Interests (Details) [Line Items] | ||||||||
Project elevation area (in Square Kilometers) | km² | 180 | 140 | ||||||
Bottom of range [member] | ||||||||
Mineral Property Interests (Details) [Line Items] | ||||||||
Project elevation area (in Square Kilometers) | km² | 50 | 13 | ||||||
Silver Sand [Member] | ||||||||
Mineral Property Interests (Details) [Line Items] | ||||||||
Project elevation area (in Square Kilometers) | km² | 33 | |||||||
Project elevation area (in SquareMeter) | SquareMeter | 4,072 | |||||||
Capitalized expenditures | $ | 6,316,500 | $ 7,639,287 | ||||||
Bolivian [Member] | ||||||||
Mineral Property Interests (Details) [Line Items] | ||||||||
Ownership percentage | 100% | |||||||
Silverstrike [member] | ||||||||
Mineral Property Interests (Details) [Line Items] | ||||||||
Capitalized expenditures | $ | 10,817,356 | 5,224,138 | ||||||
Carangas [Member] | ||||||||
Mineral Property Interests (Details) [Line Items] | ||||||||
Capitalized expenditures | $ | 1,409,101 | $ 142,078 | ||||||
Qinghai Found Mining Co., Ltd. [Member] | ||||||||
Mineral Property Interests (Details) [Line Items] | ||||||||
Cash compensation | $ 2,990,000 | ¥ 20 |
Mineral Property Interests (D_2
Mineral Property Interests (Details) - Schedule of Mineral Property Acquisition Costs and Deferred Exploration and Development Costs - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Silver Sand [Member] | ||
Mineral Property Interests (Details) - Schedule of Mineral Property Acquisition Costs and Deferred Exploration and Development Costs [Line Items] | ||
Balance at beginning | $ 76,568,598 | $ 69,245,500 |
Capitalized exploration expenditures | ||
Reporting and assessment | 1,008,174 | 353,109 |
Drilling and assaying | 1,925,695 | 4,990,082 |
Project management and support | 2,719,120 | 1,917,060 |
Camp service | 467,690 | 364,507 |
Geological surveys | ||
Permit and license | 195,821 | 14,529 |
Disposition | ||
Foreign currency impact | (201,972) | (316,189) |
Ending at balance | 82,683,126 | 76,568,598 |
Silverstrike [member] | ||
Mineral Property Interests (Details) - Schedule of Mineral Property Acquisition Costs and Deferred Exploration and Development Costs [Line Items] | ||
Balance at beginning | 3,269,232 | 3,163,304 |
Capitalized exploration expenditures | ||
Reporting and assessment | 40 | |
Drilling and assaying | 977,881 | 1,625 |
Project management and support | 256,569 | 45,773 |
Camp service | 174,651 | 61,578 |
Geological surveys | 25,508 | |
Permit and license | 7,554 | |
Disposition | ||
Foreign currency impact | (24,680) | (36,150) |
Ending at balance | 4,653,653 | 3,269,232 |
Carangas [Member] | ||
Mineral Property Interests (Details) - Schedule of Mineral Property Acquisition Costs and Deferred Exploration and Development Costs [Line Items] | ||
Balance at beginning | 5,460,946 | 255,250 |
Capitalized exploration expenditures | ||
Reporting and assessment | 88,558 | |
Drilling and assaying | 8,289,678 | 3,752,094 |
Project management and support | 1,424,573 | 1,020,422 |
Camp service | 1,005,158 | 443,810 |
Geological surveys | ||
Permit and license | 9,389 | 7,812 |
Disposition | ||
Foreign currency impact | (8,831) | (18,442) |
Ending at balance | 16,269,471 | 5,460,946 |
RZY Project [Member] | ||
Mineral Property Interests (Details) - Schedule of Mineral Property Acquisition Costs and Deferred Exploration and Development Costs [Line Items] | ||
Balance at beginning | 2,871,368 | |
Capitalized exploration expenditures | ||
Reporting and assessment | ||
Drilling and assaying | ||
Project management and support | ||
Camp service | ||
Geological surveys | ||
Permit and license | ||
Disposition | (3,071,240) | |
Foreign currency impact | 199,872 | |
Ending at balance | ||
Total [Member] | ||
Mineral Property Interests (Details) - Schedule of Mineral Property Acquisition Costs and Deferred Exploration and Development Costs [Line Items] | ||
Balance at beginning | 85,298,776 | 75,535,422 |
Capitalized exploration expenditures | ||
Reporting and assessment | 1,096,732 | 353,149 |
Drilling and assaying | 11,193,254 | 8,743,801 |
Project management and support | 4,400,262 | 2,983,255 |
Camp service | 1,647,499 | 869,895 |
Geological surveys | 25,508 | |
Permit and license | 205,210 | 29,895 |
Disposition | (3,071,240) | |
Foreign currency impact | (235,483) | (170,909) |
Ending at balance | $ 103,606,250 | $ 85,298,776 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - Schedule of Trade and Other Payables - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Schedule of Trade and Other Payables [Abstract] | ||
Trade payable | $ 1,391,525 | $ 2,087,599 |
Accrued liabilities | 889,028 | 1,404,670 |
Total | $ 2,280,553 | $ 3,492,269 |
Related Party Transactions (Det
Related Party Transactions (Details) - Silvercorp [Member] ¥ in Millions | 12 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 CNY (¥) | |
Related Party Transactions (Details) [Line Items] | |||
General and administrative expenses | $ 844,949 | $ 726,387 | |
Borrowings | $ 283,688 | ¥ 1.9 | |
Loan interest | $ 23,422 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Related Party Transactions - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Silvercorp [Member] | ||
Related Party Transactions (Details) - Schedule of Related Party Transactions [Line Items] | ||
Silvercorp Metals Inc. | $ 56,102 | $ 377,031 |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of Compensation of Key Management Personnel - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule Of Compensation Of Key Management Personnel Abstract | ||
Director’s cash compensation | $ 59,715 | $ 82,608 |
Director’s share-based compensation | 624,263 | 338,702 |
Key management’s cash compensation | 867,499 | 988,753 |
Key management’s share-based compensation | 2,137,888 | 461,947 |
Total compensation of key management personnel | $ 3,689,365 | $ 1,872,010 |
Share Capital (Details)
Share Capital (Details) | 12 Months Ended | |||||
Feb. 28, 2022 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 $ / shares | Feb. 28, 2022 $ / shares | |
Share Capital (Details) [Line Items] | ||||||
Share based payment issued and outstanding percentage | 10% | |||||
Share-based compensation expense | $ | $ 3,162,449 | $ 941,647 | ||||
Project evaluation and corporate development expense | $ | 82,164 | 19,837 | ||||
Capitalized under mineral property interests | $ | $ 1,303,558 | $ 164,943 | ||||
Stock option description | a total of 1,186,000 (year ended June 30, 2022 – 2,702,000) options with a life of five years were granted to directors, officers, and employees at an exercise price of CAD$3.42 to CAD$3.92 (year ended June 30, 2022 – CAD$3.33 to CAD$4.00) per share subject to a vesting schedule over a three-year term with 1/6 of the options vesting every 6 months after the date of grant until fully vested. | |||||
Weighted average grant date fair value of options granted (in Dollars per share) | $ / shares | $ 1.75 | $ 1.8 | ||||
Option with exercise price of exercised | 4,000 | |||||
Option with exercise price of exercised per share (in Dollars per share) | $ / shares | $ 4 | |||||
Restricted stock units vested and distributed shares (in Shares) | shares | 114,168 | |||||
Common shares in private placement (in Shares) | shares | 90,090 | |||||
Private placement per share | (per share) | $ 2.45 | $ 3.33 | ||||
Gross proceeds | $ | $ 220,442 | |||||
Diluted loss per share (in Dollars per share) | $ / shares | ||||||
Mr. Andrew Williams [Member] | ||||||
Share Capital (Details) [Line Items] | ||||||
Common shares in private placement (in Shares) | shares | 75,075 | |||||
Mr. Dickson Hall [Member] | ||||||
Share Capital (Details) [Line Items] | ||||||
Common shares in private placement (in Shares) | shares | 15,015 | |||||
Restricted Stock Units [Member] | ||||||
Share Capital (Details) [Line Items] | ||||||
Stock option description | a total of 967,000 (year ended June 30, 2022 – 1,299,000) RSUs were granted to directors, officers, employees, and consultants of the Company at grant date closing price of CAD$3.42 to CAD$3.92 per share (year ended June 30, 2022 – CAD$3.33 to CAD$4.00 per share) subject to a vesting schedule over a three-year term with 1/6 of the RSUs vesting every six months from the date of grant. |
Share Capital (Details) - Sched
Share Capital (Details) - Schedule of Stock Options - Stock options [Member] - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share Capital (Details) - Schedule of Stock Options [Line Items] | ||
Number of options, Balance | 3,662,167 | 3,115,832 |
Weighted average exercise price, Balance | $ 3.18 | $ 1.56 |
Number of options, Options Granted | 1,186,000 | 2,702,000 |
Weighted average exercise price, Options Granted | $ 3.47 | $ 3.72 |
Number of options, Options exercised | (445,000) | (1,838,331) |
Weighted average exercise price, Options exercised | $ 1.82 | $ 1.23 |
Number of options, Options forfeited | (446,000) | (317,334) |
Weighted average exercise price, Options forfeited | $ 3.66 | $ 3.13 |
Number of options, Balance | 3,957,167 | 3,662,167 |
Weighted average exercise price, Balance | $ 3.37 | $ 3.18 |
Share Capital (Details) - Sch_2
Share Capital (Details) - Schedule of Options Granted - Black-Scholes option [Member] | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share Capital (Details) - Schedule of Options Granted [Line Items] | ||
Risk free interest rate | 3.31% | 2.33% |
Expected volatility | 79.79% | 76.40% |
Expected life of options in years | 2 years 9 months | 2 years 9 months |
Estimated forfeiture rate | 14.40% | 14.10% |
Share Capital (Details) - Sch_3
Share Capital (Details) - Schedule of Information about Stock Options Outstanding | 12 Months Ended |
Jun. 30, 2023 $ / shares | |
Share Capital (Details) - Schedule of Information about Stock Options Outstanding [Line Items] | |
Number of options outstanding | 3,957,167 |
Weighted average remaining contractual life (Years) | 3 years 4 months 28 days |
Number of options exercisable | 1,468,166 |
Weighted average exercise price | $ 2.92 |
Bottom of Range [Member] | |
Share Capital (Details) - Schedule of Information about Stock Options Outstanding [Line Items] | |
Exercise price | 2.15 |
Top of Range [Member] | |
Share Capital (Details) - Schedule of Information about Stock Options Outstanding [Line Items] | |
Exercise price | 4 |
2.15 [Member] | |
Share Capital (Details) - Schedule of Information about Stock Options Outstanding [Line Items] | |
Exercise price | $ 2.15 |
Number of options outstanding | 774,167 |
Weighted average remaining contractual life (Years) | 7 months 24 days |
Number of options exercisable | 774,167 |
Weighted average exercise price | $ 2.15 |
3.33 [Member] | |
Share Capital (Details) - Schedule of Information about Stock Options Outstanding [Line Items] | |
Exercise price | $ 3.33 |
Number of options outstanding | 713,000 |
Weighted average remaining contractual life (Years) | 3 years 7 months 6 days |
Number of options exercisable | 237,667 |
Weighted average exercise price | $ 3.33 |
3.42 [Member] | |
Share Capital (Details) - Schedule of Information about Stock Options Outstanding [Line Items] | |
Exercise price | $ 3.42 |
Number of options outstanding | 939,000 |
Weighted average remaining contractual life (Years) | 4 years 6 months 21 days |
Number of options exercisable | |
Weighted average exercise price | |
3.67 [Member] | |
Share Capital (Details) - Schedule of Information about Stock Options Outstanding [Line Items] | |
Exercise price | $ 3.67 |
Number of options outstanding | 120,000 |
Weighted average remaining contractual life (Years) | 4 years 6 months 25 days |
Number of options exercisable | |
Weighted average exercise price | |
3.89 [Member] | |
Share Capital (Details) - Schedule of Information about Stock Options Outstanding [Line Items] | |
Exercise price | $ 3.89 |
Number of options outstanding | 10,000 |
Weighted average remaining contractual life (Years) | 3 years 7 months 24 days |
Number of options exercisable | 3,334 |
Weighted average exercise price | $ 3.89 |
3.92 [Member] | |
Share Capital (Details) - Schedule of Information about Stock Options Outstanding [Line Items] | |
Exercise price | $ 3.92 |
Number of options outstanding | 50,000 |
Weighted average remaining contractual life (Years) | 4 years 9 months 14 days |
Number of options exercisable | |
Weighted average exercise price | |
4.00 [Member] | |
Share Capital (Details) - Schedule of Information about Stock Options Outstanding [Line Items] | |
Exercise price | $ 4 |
Number of options outstanding | 1,351,000 |
Weighted average remaining contractual life (Years) | 3 years 11 months 4 days |
Number of options exercisable | 452,998 |
Weighted average exercise price | $ 4 |
Share Capital (Details) - Sch_4
Share Capital (Details) - Schedule of Continuity RSUs - Restricted stock units [Member] | 12 Months Ended | |
Jun. 30, 2023 $ / shares | Jun. 30, 2022 $ / shares | |
Share Capital (Details) - Schedule of Continuity RSUs [Line Items] | ||
Number of shares, Balance | 1,477,216 | 794,900 |
Weighted average exercise price, Balance | $ 4.11 | $ 5.48 |
Number of shares, Granted | 967,000 | 1,299,000 |
Weighted average exercise price, Granted | $ 3.48 | $ 3.8 |
Number of shares, Forfeited | (222,801) | (274,451) |
Weighted average exercise price, Forfeited | $ 4.01 | $ 5.25 |
Number of shares, Distributed | (324,255) | (342,233) |
Weighted average exercise price, Distributed | $ 4.2 | $ 5.21 |
Number of shares, Balance | 1,897,160 | 1,477,216 |
Weighted average exercise price, Balance | $ 3.79 | $ 4.11 |
Share Capital (Details) - Sch_5
Share Capital (Details) - Schedule of Loss Per Share - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Loss Per Share [Abstract] | ||
Net loss Attributable to equity holders of the Company | $ (8,095,449) | $ (6,420,885) |
Basic loss per share, Loss/Income | $ (8,095,449) | $ (6,420,885) |
Basic loss per share, Shares | 156,991,661 | 155,626,128 |
Basic loss per share, Per-Share | $ (0.05) | $ (0.04) |
Effect of dilutive securities: | ||
Stock options and RSUs, Shares | ||
Diluted loss per share, Loss/Income | $ (8,095,449) | $ (6,420,885) |
Diluted loss per share, Shares | 156,991,661 | 155,626,128 |
Diluted loss per share, Per-Share | $ (0.05) | $ (0.04) |
Non-Controlling Interest (Detai
Non-Controlling Interest (Details) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Non-Controlling Interest [Abstract] | ||
Percentage of non-controlling interests | 18% | 18% |
Non-Controlling Interest (Det_2
Non-Controlling Interest (Details) - Schedule of Non-Controlling Interests - Qinghai Found [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Non-Controlling Interest (Details) - Schedule of Non-Controlling Interests [Line Items] | ||
Balance, Beginning | $ (71,199) | $ (3,590) |
Share of net loss | (4,683) | (50,783) |
Share of other comprehensive loss | (34,255) | (16,826) |
Balance, Ending | $ (110,137) | $ (71,199) |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Financial Instruments (Details) [Line Items] | ||
Working capital | $ 5,211,294 | |
Other variables percentage | 1% | |
Net income | $ 2,500 | |
Trade and other receivables | $ 421,860 | $ 3,193,926 |
Increase (decrease) in the market price of the securities held | 10% | |
Increase (decrease) to net income | $ 30,000 | |
Bolivianos [Member] | ||
Financial Instruments (Details) [Line Items] | ||
Other variables percentage | 1% | |
Net income | $ 6,800 | |
Trade and other receivables |
Financial Instruments (Detail_2
Financial Instruments (Details) - Schedule of Financial Assets Measured at Fair Value Level on Recurring Basis - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Cash [Member] | ||
Financial Assets | ||
Financial Assets | $ 6,296,312 | $ 29,322,504 |
Short-term investments [Member] | ||
Financial Assets | ||
Financial Assets | 198,375 | 192,398 |
Equity investments [Member] | ||
Financial Assets | ||
Financial Assets | 283,081 | 496,741 |
Level 1 [Member] | Cash [Member] | ||
Financial Assets | ||
Financial Assets | 6,296,312 | 29,322,504 |
Level 1 [Member] | Short-term investments [Member] | ||
Financial Assets | ||
Financial Assets | 198,375 | 192,398 |
Level 1 [Member] | Equity investments [Member] | ||
Financial Assets | ||
Financial Assets | 283,081 | 496,741 |
Level 2 [Member] | Cash [Member] | ||
Financial Assets | ||
Financial Assets | ||
Level 2 [Member] | Short-term investments [Member] | ||
Financial Assets | ||
Financial Assets | ||
Level 2 [Member] | Equity investments [Member] | ||
Financial Assets | ||
Financial Assets | ||
Level 3 [Member] | Cash [Member] | ||
Financial Assets | ||
Financial Assets | ||
Level 3 [Member] | Short-term investments [Member] | ||
Financial Assets | ||
Financial Assets | ||
Level 3 [Member] | Equity investments [Member] | ||
Financial Assets | ||
Financial Assets |
Financial Instruments (Detail_3
Financial Instruments (Details) - Schedule of Remaining Contractual Maturities of Financial Liabilities - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Financial Instruments (Details) - Schedule of Remaining Contractual Maturities of Financial Liabilities [Line Items] | ||
Accounts payable and accrued liabilities | $ 2,280,553 | $ 3,492,269 |
Due to a related party | 56,102 | 377,031 |
Total financial liabilities | 2,336,655 | $ 3,869,300 |
Due Within A Year [Member] | ||
Financial Instruments (Details) - Schedule of Remaining Contractual Maturities of Financial Liabilities [Line Items] | ||
Accounts payable and accrued liabilities | 2,280,553 | |
Due to a related party | 56,102 | |
Total financial liabilities | $ 2,336,655 |
Financial Instruments (Detail_4
Financial Instruments (Details) - Schedule of Currency Risk Affect Net Income - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Financial Instruments (Details) - Schedule of Currency Risk Affect Net Income [Line Items] | ||
Financial assets | $ 1,190,863 | $ 1,354,902 |
Financial liabilities | 1,617,859 | 1,619,261 |
United States Dollars [Member] | ||
Financial Instruments (Details) - Schedule of Currency Risk Affect Net Income [Line Items] | ||
Financial assets | 320,994 | 468,714 |
Financial liabilities | 73,970 | |
Bolivianos [Member] | ||
Financial Instruments (Details) - Schedule of Currency Risk Affect Net Income [Line Items] | ||
Financial assets | 869,869 | 886,188 |
Financial liabilities | $ 1,543,889 | $ 1,619,261 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes [Abstract] | ||
Operating losses, expiring year | 2043 | |
Capital loss carry forward | $ 19,072,271 | $ 19,596,218 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Provision of Income Tax Rates to Loss Before Income Tax - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Provision of Income Tax Rates to Loss Before Income Tax [Abstract] | ||
Canadian statutory tax rate | 27% | 27% |
Loss before income taxes | $ (8,100,132) | $ (6,471,668) |
Income tax recovery computed at Canadian statutory rates | (2,187,036) | (1,747,348) |
Foreign tax rates different from statutory rate | (178,193) | 234,160 |
Permanent items and other | 1,169,318 | 459,813 |
Change in unrecognized deferred tax assets | 1,195,911 | 1,053,375 |
Income tax expense |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Temporary Differences and Unused Tax Losses - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Income Taxes (Details) - Schedule of Temporary Differences and Unused Tax Losses [Line Items] | ||
Deferred tax asset | $ 37,292,382 | $ 34,870,573 |
Non-capital loss carry forward [Member] | ||
Income Taxes (Details) - Schedule of Temporary Differences and Unused Tax Losses [Line Items] | ||
Deferred tax asset | 16,926,886 | 13,633,304 |
Capital loss carry forward [Member] | ||
Income Taxes (Details) - Schedule of Temporary Differences and Unused Tax Losses [Line Items] | ||
Deferred tax asset | 19,072,271 | 19,596,218 |
Plant and equipment [Member] | ||
Income Taxes (Details) - Schedule of Temporary Differences and Unused Tax Losses [Line Items] | ||
Deferred tax asset | 217,340 | 190,799 |
Equity investments [Member] | ||
Income Taxes (Details) - Schedule of Temporary Differences and Unused Tax Losses [Line Items] | ||
Deferred tax asset | 568,995 | 408,622 |
Share issuance cost [Member] | ||
Income Taxes (Details) - Schedule of Temporary Differences and Unused Tax Losses [Line Items] | ||
Deferred tax asset | $ 506,890 | $ 1,041,630 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Canada [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | $ 12,648,854 |
Canada [Member] | 2023 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
Canada [Member] | 2024 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
Canada [Member] | 2026 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
Canada [Member] | 2027 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
Canada [Member] | 2028 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
Canada [Member] | 2032 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
Canada [Member] | 2033 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
Canada [Member] | 2041 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 3,251,360 |
Canada [Member] | 2042 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 3,496,560 |
Canada [Member] | 2043 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 5,900,934 |
Bolivia [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 4,002,057 |
Bolivia [Member] | 2023 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 22,571 |
Bolivia [Member] | 2024 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 115,876 |
Bolivia [Member] | 2026 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 763,735 |
Bolivia [Member] | 2027 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 1,312,466 |
Bolivia [Member] | 2028 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 1,787,409 |
Bolivia [Member] | 2032 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
Bolivia [Member] | 2033 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
Bolivia [Member] | 2041 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
Bolivia [Member] | 2042 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
Bolivia [Member] | 2043 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
China [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 275,975 |
China [Member] | 2023 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
China [Member] | 2024 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
China [Member] | 2026 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
China [Member] | 2027 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
China [Member] | 2028 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
China [Member] | 2032 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 251,040 |
China [Member] | 2033 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | 24,935 |
China [Member] | 2041 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
China [Member] | 2042 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses | |
China [Member] | 2043 [Member] | |
Income Taxes (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net operating losses |
Segmented Information (Details)
Segmented Information (Details) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Exploration and Development [Member] | ||
Segmented Information (Details) [Line Items] | ||
Number of reportable operating segments | 3 | 4 |
Corporate Segment [Member] | ||
Segmented Information (Details) [Line Items] | ||
Number of reportable operating segments | 1 | |
Operating Segments [Member] | ||
Segmented Information (Details) [Line Items] | ||
Number of reportable operating segments | 4 |
Segmented Information (Detail_2
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities - Segmented Information [Member] - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities [Line Items] | ||
Cash | $ 6,296,312 | $ 29,322,504 |
Short-term investments | 198,375 | 192,398 |
Equity investments | 283,081 | 496,741 |
Plant and equipment | 1,339,839 | 1,462,848 |
Mineral property interests | 103,606,250 | 85,298,776 |
Other assets | 6,583,684 | 7,304,988 |
Total Assets | 118,307,541 | 124,078,255 |
Total Liabilities | (2,336,655) | (3,869,300) |
Corporate [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities [Line Items] | ||
Cash | 6,232,985 | 27,721,156 |
Short-term investments | 198,375 | 192,398 |
Equity investments | 283,081 | 496,741 |
Plant and equipment | 104,450 | 86,901 |
Mineral property interests | ||
Other assets | 908,823 | 3,507,076 |
Total Assets | 7,727,714 | 32,004,272 |
Total Liabilities | (1,307,795) | (1,693,443) |
Exploration and Development [Member] | Silver Sand [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities [Line Items] | ||
Cash | 58,497 | 1,008,477 |
Short-term investments | ||
Equity investments | ||
Plant and equipment | 517,065 | 665,207 |
Mineral property interests | 82,683,126 | 76,568,598 |
Other assets | 3,563,256 | 3,168,832 |
Total Assets | 86,821,944 | 81,411,114 |
Total Liabilities | (228,966) | (1,076,469) |
Exploration and Development [Member] | Carangas [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities [Line Items] | ||
Cash | 260 | 584,375 |
Short-term investments | ||
Equity investments | ||
Plant and equipment | 58,212 | 40,275 |
Mineral property interests | 16,269,471 | 5,460,946 |
Other assets | 1,888,293 | 559,763 |
Total Assets | 18,216,236 | 6,645,359 |
Total Liabilities | (795,379) | (1,092,415) |
Exploration and Development [Member] | Silverstrike [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities [Line Items] | ||
Cash | 4,570 | 8,496 |
Short-term investments | ||
Equity investments | ||
Plant and equipment | 660,112 | 670,465 |
Mineral property interests | 4,653,653 | 3,269,232 |
Other assets | 223,312 | 69,317 |
Total Assets | 5,541,647 | 4,017,510 |
Total Liabilities | $ (4,515) | $ (6,973) |
Segmented Information (Detail_3
Segmented Information (Details) - Schedule of Segment Information for Operating Results - Segment Information [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Segmented Information (Details) - Schedule of Segment Information for Operating Results [Line Items] | ||
Project evaluation and corporate development | $ (460,901) | $ (582,253) |
Salaries and benefits | (1,684,063) | (1,828,059) |
Share-based compensation | (3,162,449) | (941,647) |
Other operating expenses | (2,948,662) | (3,425,440) |
Total operating expense | (8,256,075) | (6,777,399) |
Net income from investments | 178,046 | 220,112 |
Loss on disposal of plant and equipment | (14,804) | |
Loss on disposal of mineral property interest | (85,052) | |
Foreign exchange (loss) gain | (22,103) | 185,475 |
Net loss | (8,100,132) | (6,471,668) |
Equity holders of the Company | (8,095,449) | (6,420,885) |
Non-controlling interests | (4,683) | (50,783) |
Corporate [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Operating Results [Line Items] | ||
Project evaluation and corporate development | (460,901) | (582,253) |
Salaries and benefits | (1,684,063) | (1,828,059) |
Share-based compensation | (3,162,449) | (941,647) |
Other operating expenses | (2,560,859) | (3,094,578) |
Total operating expense | (7,868,272) | (6,446,537) |
Net income from investments | 178,046 | 220,112 |
Loss on disposal of plant and equipment | (14,804) | |
Loss on disposal of mineral property interest | (85,052) | |
Foreign exchange (loss) gain | (41,304) | 185,475 |
Net loss | (7,731,530) | (6,140,806) |
Equity holders of the Company | (7,726,847) | (6,090,023) |
Non-controlling interests | (4,683) | (50,783) |
Exploration and Development [Member] | Silver Sand [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Operating Results [Line Items] | ||
Project evaluation and corporate development | ||
Salaries and benefits | ||
Share-based compensation | ||
Other operating expenses | (294,361) | (270,102) |
Total operating expense | (294,361) | (270,102) |
Net income from investments | ||
Loss on disposal of plant and equipment | ||
Loss on disposal of mineral property interest | ||
Foreign exchange (loss) gain | 4,296 | |
Net loss | (290,065) | (270,102) |
Equity holders of the Company | (290,065) | (270,102) |
Non-controlling interests | ||
Exploration and Development [Member] | Carangas [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Operating Results [Line Items] | ||
Project evaluation and corporate development | ||
Salaries and benefits | ||
Share-based compensation | ||
Other operating expenses | (71,971) | (50,459) |
Total operating expense | (71,971) | (50,459) |
Net income from investments | ||
Loss on disposal of plant and equipment | ||
Loss on disposal of mineral property interest | ||
Foreign exchange (loss) gain | 13,620 | |
Net loss | (58,351) | (50,459) |
Equity holders of the Company | (58,351) | (50,459) |
Non-controlling interests | ||
Exploration and Development [Member] | Silverstrike [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Operating Results [Line Items] | ||
Project evaluation and corporate development | ||
Salaries and benefits | ||
Share-based compensation | ||
Other operating expenses | (21,471) | (10,301) |
Total operating expense | (21,471) | (10,301) |
Net income from investments | ||
Loss on disposal of plant and equipment | ||
Loss on disposal of mineral property interest | ||
Foreign exchange (loss) gain | 1,285 | |
Net loss | (20,186) | (10,301) |
Equity holders of the Company | (20,186) | (10,301) |
Non-controlling interests |
Supplementary Cash Flow Infor_3
Supplementary Cash Flow Information (Details) - Schedule of Change in Non-Cash Operating Working Capital - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Change in Non Cash Operating Working Capital [Abstract] | ||
Receivables | $ (215,425) | $ 30,117 |
Deposits and prepayments | (306,662) | 27,796 |
Accounts payable and accrued liabilities | (256,447) | 551,707 |
Due to a related party | (307,610) | 316,180 |
Total changes in non-cash operating working capital | $ (1,086,144) | $ 925,800 |
Supplementary Cash Flow Infor_4
Supplementary Cash Flow Information (Details) - Schedule of Non-Cash Capital Transactions - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Non-Cash Capital Transactions [Abstract] | ||
Addition of capital expenditures of mineral property interest from deposits and prepayments | $ 143,495 | |
(Payment) addition of capital expenditures of mineral property interest in accounts payable and accrued liabilities | $ (929,408) | $ 1,910,439 |