Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-150028 | |
Entity Registrant Name | BUNKER HILL MINING CORP. | |
Entity Central Index Key | 0001407583 | |
Entity Tax Identification Number | 32-0196442 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 82 Richmond Street East | |
Entity Address, City or Town | Toronto | |
Entity Address, State or Province | ON | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | M5C 1P1 | |
City Area Code | (416) | |
Local Phone Number | 477-7771 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 339,099,216 |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash | $ 13,684,542 | $ 20,102,596 |
Restricted cash (note 8) | 6,476,000 | 6,476,000 |
Accounts receivable and prepaid expenses (note 3) | 703,004 | 598,401 |
Total current assets | 20,863,546 | 27,176,997 |
Non-current assets | ||
Spare parts inventory (note 5) | 341,004 | 341,004 |
Long term deposit | 249,265 | 249,265 |
Equipment (note 4) | 1,164,830 | 946,661 |
Right-of-use asset (note 4) | 608,725 | 625,022 |
Bunker Hill Mine and mining interests (note 6) | 15,679,985 | 15,198,259 |
Process plant (note 5) | 22,741,673 | 17,452,470 |
Total assets | 61,649,028 | 61,989,678 |
Current liabilities | ||
Accounts payable (note 16) | 4,417,284 | 1,788,950 |
Accrued liabilities | 1,321,239 | 1,225,525 |
Current portion of lease liability (note 7) | 271,743 | 353,526 |
Deferred share units liability (note 12) | 644,305 | 569,327 |
Environment protection agency cost recovery payable (note 8) | 3,000,000 | 3,000,000 |
Current portion of stream debenture | 2,017,825 | |
Interest payable (note 9) | 529,450 | 534,998 |
Total current liabilities | 12,201,846 | 7,472,326 |
Non-current liabilities | ||
Lease liability (note 7) | 9,983 | 71,808 |
Series 1 convertible debenture (note 9) | 5,212,398 | 5,244,757 |
Series 2 convertible debenture (note 9) | 13,359,789 | 13,458,570 |
Stream debenture (note 9) | 50,695,175 | 51,138,000 |
Environment protection agency cost recovery liability, net of discount (note 8) | 7,026,947 | 6,574,140 |
Deferred tax liability (note 14) | 1,888,670 | 2,588,590 |
Derivative warrant liability (note 10) | 2,072,592 | 1,808,649 |
Total liabilities | 92,467,400 | 88,356,840 |
Shareholders’ Deficiency | ||
Preferred shares, $0.000001 par value, 10,000,000 preferred shares authorized | ||
Common shares, $0.000001 par value, 1,500,000,000 common shares authorized | 331 | 321 |
Additional paid-in-capital (note 10) | 58,691,397 | 57,848,953 |
Accumulated other comprehensive income | 1,097,034 | 808,662 |
Accumulated deficit | (90,607,134) | (85,025,098) |
Total shareholders’ deficiency | (30,818,372) | (26,367,162) |
Total shareholders’ deficiency and liabilities | $ 61,649,028 | $ 61,989,678 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.000001 | $ 0.000001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.000001 | $ 0.000001 |
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Operating expenses (note 15) | $ (3,787,631) | $ (2,185,488) |
Other income or gain (expense or loss) | ||
Interest income | 291,330 | |
Change in derivative liability (note 10) | (263,943) | 4,226,574 |
(Loss) gain on FV of convertible debentures (note 9) | (157,232) | 1,689,701 |
Gain on modification of warrants (note 10) | 214,714 | |
Gain (loss) on foreign exchange | 5,654 | (2,886) |
Interest expense (note 7,8,9) | (2,083,735) | (1,324,629) |
Financing costs (note 10) | (576,751) | |
Loss on stream debentures (note 9) | (217,000) | |
Loss on debt settlement (note 9) | (70,093) | (250,086) |
Other income | 694 | |
(Loss) income for the period pre tax | (6,281,956) | 1,791,149 |
Deferred income tax recovery (note 14) | 699,920 | |
(Loss) income for the period | (5,582,036) | 1,791,149 |
Other comprehensive income (loss), net of tax | ||
Gain on change in FV on own credit risk (note 9) | 288,372 | 807,012 |
Other comprehensive income | 288,372 | 807,012 |
Comprehensive (loss) income | $ (5,293,664) | $ 2,598,161 |
Net (loss)/income per common share – basic | $ (0.02) | $ 0.01 |
Net (loss)/income per common share – fully diluted | $ (0.02) | $ 0.01 |
Weighted average common shares – basic | 329,407,128 | 212,429,683 |
Weighted average common shares – fully diluted | 329,407,128 | 314,666,701 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operating activities | |||
Net (loss) income for the period | $ (5,582,036) | $ 1,791,149 | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation (note 10) | 336,927 | 34,391 | |
Depreciation expense | 90,814 | 51,076 | |
Change in fair value of warrant liability | 263,943 | (4,226,574) | |
Deferred tax expense | 699,920 | ||
Gain on warrant extinguishment | (214,714) | ||
Units issued for services | 68,656 | ||
Interest expense on lease liability (note 7) | 27,008 | 3,611 | |
Financing costs | (384,984) | ||
Loss on debt settlement | 70,093 | 250,086 | |
Loss on debt modification | 217,000 | ||
Accretion of liabilities | 1,551,867 | 374,307 | |
Loss (gain) on fair value of derivatives | 157,232 | (1,689,701) | |
Changes in operating assets and liabilities: | |||
Accounts receivable and prepaid expenses | (104,603) | 236,893 | |
Accounts payable | 608,475 | 954,046 | |
Accrued liabilities | (304,831) | 498,412 | |
Interest payable | 504,864 | 892,753 | |
Net cash used in operating activities | (2,863,167) | (1,360,593) | |
Investing activities | |||
Process plant | (2,596,535) | (93,765) | |
Mine improvements | (495,050) | (280,466) | |
Purchase of machinery and equipment | (264,634) | (60,004) | |
Net cash used in investing activities | (3,356,219) | (434,235) | |
Financing activities | |||
Proceeds from issuance of special warrants | 3,661,822 | ||
Proceeds from warrants exercise | 837,459 | ||
Proceeds from promissory note | 240,000 | ||
Lease payments | (198,668) | (60,000) | |
Net cash (used) provided by financing activities | (198,668) | 4,679,281 | |
Net change in cash | (6,418,054) | 2,884,453 | |
Cash, beginning of period | 26,578,596 | 7,184,105 | $ 7,184,105 |
Cash, end of period | 20,160,542 | 10,068,558 | 26,578,596 |
Non-cash activities | |||
Accounts payable, accrued liabilities, and promissory notes settled with special warrants issuance | 874,198 | ||
Interest payable settled with common shares | 580,498 | 1,368,724 | |
Reconciliation from Cash Flow Statement to Balance Sheet: | |||
Cash and restricted cash end of period | 20,160,542 | 10,068,558 | |
Less restricted cash | 6,476,000 | 6,476,000 | $ 6,476,000 |
Cash end of period | $ 13,684,542 | $ 3,592,558 |
Condensed Interim Consolidate_5
Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance | $ (26,367,162) | $ (26,176,943) |
Stock-based compensation | 261,949 | 233,668 |
Compensation options | 111,971 | 111,971 |
Shares issued for interest payable | 580,505 | 1,618,827 |
Shares issued for RSUs vested | ||
Shares issued for warrant exercise | 907,091 | 907,091 |
Special warrants | 1,484,788 | 1,484,788 |
OCI | 288,372 | 807,012 |
Net income (loss) for the period | (5,582,036) | 1,791,149 |
Balance | (30,818,372) | (19,222,437) |
Common Stock [Member] | ||
Balance | $ 321 | $ 228 |
Balance, shares | 322,661,482 | 229,501,661 |
Shares issued for interest payable | $ 7 | $ 16 |
Shares issued for interest payable, shares | 7,392,859 | 16,180,846 |
Shares issued for RSUs vested | $ 3 | |
Shares issued for RSUs vested, shares | 2,546,436 | |
Shares issued for warrant exercise | $ 10 | $ 11 |
Shares issued for interest payable, shares | 10,416,667 | |
Special warrants | ||
OCI | ||
Net income (loss) for the period | ||
Balance | $ 331 | $ 255 |
Balance, shares | 332,600,777 | 256,099,174 |
Additional Paid-in Capital [Member] | ||
Balance | $ 57,848,953 | $ 45,161,513 |
Stock-based compensation | 261,949 | 233,668 |
Compensation options | 111,971 | 111,971 |
Shares issued for interest payable | 580,498 | 1,618,811 |
Shares issued for RSUs vested | (3) | |
Shares issued for warrant exercise | 907,080 | 907,080 |
Special warrants | ||
OCI | ||
Net income (loss) for the period | ||
Balance | 58,691,397 | 48,033,043 |
Special Warrsnt [Member] | ||
Balance | ||
Stock-based compensation | ||
Compensation options | ||
Shares issued for interest payable | ||
Shares issued for warrant exercise | ||
Special warrants | 1,484,788 | 1,484,788 |
OCI | ||
Net income (loss) for the period | ||
Balance | 1,484,788 | |
AOCI Attributable to Parent [Member] | ||
Balance | 808,662 | 253,875 |
Stock-based compensation | ||
Compensation options | ||
Shares issued for interest payable | ||
Shares issued for warrant exercise | ||
Special warrants | ||
OCI | 288,372 | 807,012 |
Net income (loss) for the period | ||
Balance | 1,097,034 | 1,060,887 |
Retained Earnings [Member] | ||
Balance | (85,025,098) | (71,592,559) |
Stock-based compensation | ||
Compensation options | ||
Shares issued for interest payable | ||
Shares issued for warrant exercise | ||
Special warrants | ||
OCI | ||
Net income (loss) for the period | (5,582,036) | 1,791,149 |
Balance | $ (90,607,134) | $ (69,801,410) |
Nature and Continuance of Opera
Nature and Continuance of Operations | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature and Continuance of Operations | 1. Nature and Continuance of Operations Bunker Hill Mining Corp. (the “Company”) was incorporated under the laws of the state of Nevada The Company was incorporated for the purpose of engaging in mineral exploration, and exploitation activities. It continues to work at developing its project with a view towards putting it into production. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, shareholders’ deficiency, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the annual audited consolidated financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended December 31, 2023. The interim results for the period ended March 31, 2024, are not necessarily indicative of the results for the full fiscal year. The unaudited interim condensed consolidated financial statements are presented in United States dollars, which is the Company’s functional currency. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes for items such as mineral reserves, useful lives and depreciation methods, potential impairment of long-lived assets, sale of mineral properties for the accounting of the conversion of the royalty convertible debenture (the “RCD”), deferred income taxes, settlement pricing of commodity sales, fair value of stock based compensation, accrued liabilities, estimation of asset retirement obligations and reclamation liabilities, convertible debentures, stream obligation, and warrants. Estimates are based on historical experience and various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates. |
Accounts receivable and prepaid
Accounts receivable and prepaid expenses | 3 Months Ended |
Mar. 31, 2024 | |
Credit Loss [Abstract] | |
Accounts receivable and prepaid expenses | 3. Accounts receivable and prepaid expenses Accounts receivable and prepaid expenses consists of the following: Schedule of Accounts receivable and prepaid expenses March 31, December 31, 2024 2023 Prepaid expenses and deposits $ 557,480 $ 382,198 HST Receivable 145,524 121,621 Environment protection agency overpayment (note 8) - 94,582 Total $ 703,004 $ 598,401 |
Equipment, Right-of-Use Asset
Equipment, Right-of-Use Asset | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Equipment, Right-of-Use Asset | 4. Equipment, Right-of-Use Asset Equipment consists of the following: Schedule of Equipment March 31, December 31, 2024 2023 Equipment $ 1,725,009 $ 1,460,375 Equipment, gross 1,725,009 1,460,375 Less accumulated depreciation (560,179 ) (513,714 ) Equipment, net $ 1,164,830 $ 946,661 The total depreciation expense relating to equipment during the three months ended March 31, 2024, and March 31, 2023 was $ 46,465 44,692 Right-of-use asset consists of the following: Schedule of Right-of-use Asset March 31, December 31, 2024 2023 Right-of-use asset 698,860 670,808 Less accumulated depreciation (90,135 ) (45,786 ) Right-of-use asset, net $ 608,725 $ 625,022 The total depreciation expense during the three months ended March 31, 2024, and March 31, 2023, was $ 44,349 6,384 |
Process Plant
Process Plant | 3 Months Ended |
Mar. 31, 2024 | |
Process Plant | |
Process Plant | 5. Process Plant The Company purchased a comprehensive package of equipment and parts inventory from Teck Resources Limited (“Teck”). The package comprises substantially all processing equipment of value located at the Pend Oreille mine site, including complete crushing, grinding and flotation circuits suitable for a planned ~1,500 ton-per-day operation at the Bunker Hill site, and total inventory of nearly 10,000 components and parts for mill, assay lab, conveyer, field instruments, and electrical spares. The process plant was purchased in an assembled state in the seller’s location, and included major processing systems, significant components, and a large inventory of spare parts. The Company has disassembled and transported it to the Bunker Hill site, and will be reassembling it as an integral part of the Company’s future operations. The Company determined that the transaction should be accounted for as an asset acquisition, with the process plant representing a single asset, with the exception of the inventory of spare parts, which has been separated out and appears on the condensed interim consolidated balance sheets as a non-current asset in accordance with a purchase price allocation. As the plant is demobilized, transported and reassembled, installation and other costs associated with these activities is being captured and capitalized as components of the asset. Process plant consists of the following: Schedule of Plant Asset Consists March 31, December 31, 2024 2023 Plant purchase price less inventory $ 3,633,292 $ 3,633,292 Ball Mill 1,007,544 745,626 Demobilization 2,204,539 2,204,539 Site preparation costs 15,403,951 10,635,606 Capitalized interest (note 9) 492,347 233,407 Process Plant $ 22,741,673 $ 17,452,470 |
Bunker Hill Mine and Mining Int
Bunker Hill Mine and Mining Interests | 3 Months Ended |
Mar. 31, 2024 | |
Extractive Industries [Abstract] | |
Bunker Hill Mine and Mining Interests | 6. Bunker Hill Mine and Mining Interests The Company purchased the Bunker Hill Mine (the “Mine”) in January 2022. The carrying cost of the Mine is comprised of the following: Schedule of Mining Interests March 31, December 31, 2024 2023 Bunker Hill Mine purchase $ 14,247,210 $ 14,247,210 Capitalized development 3,204,615 2,722,889 Sale of mineral properties (note 9) (1,973,840 ) (1,973,840 ) Bunker Hill mine $ 15,477,985 $ 14,996,259 Land purchase and leases The Company owns a 225-acre surface land parcel valued at its original purchase price of $ 202,000 During the three months ended March 31, 2023, the Company entered into a lease agreement with C & E Tree Farm LLC for the lease of a land parcel overlaying a portion of the Company’s existing mineral claims package. The Company is committed to making monthly payments of $ 10,000 3,129,500 |
Lease Liability
Lease Liability | 3 Months Ended |
Mar. 31, 2024 | |
Lease Liability | |
Lease Liability | 7. Lease Liability As of March 31, 2024, The Company’s undiscounted lease obligations consisted of the following: Schedule of Lease Liability March 31, December 31, 2024 2023 Gross lease obligation – minimum lease payments 1 year $ 288,007 $ 393,673 2- 3 years 10,337 73,588 4-5 years - - Future interest expense on lease obligations (16,618 ) (41,927 ) Total lease liability 281,726 425,334 Current lease liability 271,743 353,526 Non-current lease liability 9,983 71,808 Total lease liability 281,726 425,334 |
Environmental Protection Agency
Environmental Protection Agency and Water Treatment Liabilities (“EPA”) | 3 Months Ended |
Mar. 31, 2024 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Protection Agency and Water Treatment Liabilities (“EPA”) | 8. Environmental Protection Agency and Water Treatment Liabilities (“EPA”) Effective December 19, 2021, the Company entered into an amended Settlement Agreement between the Company, Idaho Department of Environmental Quality, U.S. Department of Justice, and the EPA (the “Amended Settlement”). Upon the effectiveness of the Amended Settlement, the Company would become fully compliant with its payment obligations to these parties. The Amended Settlement modified the payment schedule and payment terms for recovery of the historical environmental response costs. Pursuant to the terms of the Amended Settlement, upon purchase of the Bunker Hill Mine and the satisfaction of financial assurance commitments (as described below), the $ 19,000,000 Schedule of Amended Settlement Environmental Protection Agency Agreement Date Amount Within 30 days of Settlement Agreement $ 2,000,000 November 1, 2024 $ 3,000,000 November 1, 2025 $ 3,000,000 November 1, 2026 $ 3,000,000 November 1, 2027 $ 3,000,000 November 1, 2028 $ 3,000,000 November 1, 2029 $ 2,000,000 In addition to the changes in payment terms and schedule, the Amended Settlement includes a commitment by the Company to secure $ 17,000,000 As of March 31, 2024 (unchanged from December 31, 2023), the Company had two payment bonds of $ 9,999,000 5,000,000 2,001,000 4,475,000 20,000 6,476,000 6,476,000 The financial assurance can be drawn on by the EPA in the event of non-performance by the Company of its payment obligations under the Amended Settlement (the “Financial Assurance”). The amount of the bonds will decrease over time as individual payments are made. The Company recorded accretion expense on the liability of $ 452,807 374,306 10,026,947 156,343 Water Treatment Charges – Idaho Department of Environmental Quality (“IDEQ”) Separate to the cost recovery liability outlined above, the Company is responsible for the payment of ongoing water treatment charges. Water treatment charges incurred through December 31, 2021, were payable to the EPA, and charges thereafter are payable to the Idaho Department of Environmental Quality (“IDEQ”) following a handover of responsibilities for the Central Treatment Plant from the EPA to the IDEQ as of that date. The Company currently makes monthly payments of $ 100,000 100,000 nil 94,582 |
Convertible Debentures
Convertible Debentures | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Convertible Debentures | 9. Convertible Debentures Project Finance Package with Sprott Private Resource Streaming & Royalty Corp. On December 20, 2021, the Company executed a non-binding term sheet outlining a $ 50,000,000 The non-binding term sheet with SRSR outlined a $ 50,000,000 8,000,000 5,000,000 37,000,000 6,000,000 51,000,000 On June 17, 2022, the Company consummated a new $ 15,000,000 66,000,000 On June 23, 2023, the Company closed the upsized and improved $ 67,000,000 46,000,000 21,000,000 46,000,000 37,000,000 9,000,000 21,000,000 96,000,000 6 15 $8,000,000 Royalty Convertible Debenture The Company closed the $ 8,000,000 9.0 1.85 1.35 Concurrent with the funding of the CD2 in June 2022, the Company and SRSR agreed to a number of amendments to the terms of the RCD, including an amendment of the maturity date from July 7, 2023 to March 31, 2025 8,000,000 On June 23, 2023, the funding date of the Stream, the RCD was repaid by the Company granting a royalty for 1.85 1.35 $6,000,000 Convertible Debenture (CD1) The Company closed the $ 6,000,000 5,000,000 7.5 matures on July 7, 2023 0.30 Concurrent with the funding of the CD2 in June 2022, the Company and SRSR agreed to a number of amendments to the terms of the CD1, including that the maturity date would be amended from July 7, 2023 to March 31, 2025 Concurrent with the funding of the Stream in June 2023, the Company and Sprott agreed to amend the maturity date of CD1 from March 31, 2025, to March 31, 2026 $15,000,000 Series 2 Convertible Debenture (CD2) The Company closed the $ 15,000,000 10.5 matures on March 31, 2025 2,000,000 9,000,000 Concurrent with the funding of the Stream in June 2023, the Company and Sprott agreed to amend the maturity date of the CD2 from 3 quarterly payments of $ 2,000,000 9,000,000 The Company determined that in accordance with ASC 815 Derivatives and Hedging, each debenture will be valued and recorded as a single instrument, with the periodic changes to fair value accounted through earnings, profit and loss. Consistent with the approach above, the following table summarizes the key valuation inputs as at applicable valuation dates: Schedule of Key Valuation Inputs Reference (1,2,3) Valuation date Maturity date Contractual Interest rate Stock price (US$) Expected equity volatility Credit spread Risk-free rate Risk- adjusted rate CD1 note (1)(2)(3) 12-31-23 03-31-26 7.50 % 0.098 115 % 8.41 % 4.18 % 18.89 % CD2 note (1)(2)(3) 12-31-23 03-31-26 10.50 % 0.098 115 % 8.41 % 4.18 % 20.79 % CD1 note (1)(2)(3) 03-31-24 03-31-26 7.50 % 0.104 110 % 10.07 % 4.59 % 20.77 % CD2 note (1)(2)(3) 03-31-24 03-31-26 10.50 % 0.104 110 % 10.07 % 4.59 % 22.65 % Convertible Debenture (1)(2)(3) 03-31-24 03-31-26 10.50 % 0.104 110 % 10.07 % 4.59 % 22.65 % (1) The CD1 carried a Discount for Lack of Marketability (“DLOM”) of 5.0 10.0 (2) CD1 carries an instrument-specific spread of 7.23 9.32 (3) The conversion price of the CD1 is $ 0.221 0.214 0.227 0.219 The resulting fair values of the CD1 and CD2 at March 31, 2024, and as of December 31, 2023, were as follows: Schedule of Fair Value Derivative Liability Instrument Description March 31, 2024 December 31, 2023 CD1 $ 5,212,398 $ 5,244,757 CD2 13,359,789 13,458,570 Total $ 18,572,187 $ 18,703,327 The (loss) gain on changes in FV of convertible debentures recognized on the condensed interim consolidated statements of (loss) Income during the three months ended March 31, 2024, and March 31, 2023, was $ (157,232) 1,689,701 288,372 807,012 504,863 676,849 504,863 510,411 70,093 250,086 The Company performs quarterly testing of the covenants in the CD1 and CD2 and was in compliance with all such covenants as of March 31, 2024. The Stream On June 23, 2023, all conditions were met for the closing of the Stream, and $ 46,000,000 740,956 The Company determined that in accordance with ASC 815 derivatives and hedging, the Stream does not meet the criteria for treatment as a derivate instrument as the quantities of metal to be sold thereunder are not subject to a minimum quantity, and therefore a notional amount is not determinable. The Company has therefore determined that in accordance with ASC 470, the stream obligation should be treated as a liability based on the indexed debt rules thereunder. The initial recognition has been made at fair value based on cash received, net of transaction costs, and the discount rate calibrated so that the future cash flows associated with the Stream, using forward commodity prices, equal the cash received. The measurement of the stream obligation is accounted for at amortized cost with accretion at the discount rate. Subsequent changes to the expected cash flows associated with the Stream will result in the adjustment of the carrying value of the stream obligation using the same discount rate, with changes to the carrying value recognized in the condensed interim consolidated statements of (loss) income and comprehensive (loss) income. The Company determined the effective interest rate of the Stream obligation to be 10.8 1,099,060 nil 258,940 nil 217,000 nil 52,713,000 The key assumptions used in the revaluation are production of 700,000,000 lbs of zinc, 385,000,000 lbs of lead, 8,700,000 oz of silver over 14 years and commodity prices of 1.17 $/lb to 1.22 $/lb for zinc, 0.94 $/lb to 0.96 $/lb for lead, and 23.00 $/oz to $24.50 $/oz for silver. $21,000,000 Debt Facility On June 23, 2023, the Company closed a $ 21,000,000 2 years 10% The maturity date of any drawings under the Debt Facility will be June 23, 2027 5 20 |
Capital Stock, Warrants and Sto
Capital Stock, Warrants and Stock Options | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Capital Stock, Warrants and Stock Options | 10. Capital Stock, Warrants and Stock Options Authorized The total authorized capital is as follows: ● 1,500,000,000 0.000001 ● 10,000,000 0.000001 Issued and outstanding In January 2024, the Company issued 6,377,272 In March 2023, the Company issued 9,803,574 In March 2023, the Company amended the exercise price and expiry date of 10,416,667 0.37 0.37 0.11 March 31, 2023 214,714 10,416,667 0.11 1,145,834 400,152 120 0.11 3.42 4.06 0 In March 2023, the Company closed a brokered private placement of special warrants of the Company (the “March 2023 Offering”), issuing 51,633,727 0.12 4,536,020 6,196,047 3,661,822 874,198 Each March 2023 Unit consists of one share of common stock of the Company (each, a “Unit Share”) and one common stock purchase warrant of the Company (each, a “Warrant”). Each whole Warrant entitles the holder thereof to acquire one share of common stock of the Company (a “Warrant Share”, and together with the Unit Shares, the “Underlying Shares”) at an exercise price of C$0.15 per Warrant Share until March 27, 2026, subject to adjustment in certain events. In the event that the Registration Statement had not been declared effective by the SEC on or before 5:00 p.m. (EST) on July 27, 2023, each unexercised Special Warrant would be deemed to be exercised on the Automatic Exercise Date into one penalty unit of the Company (each, a “Penalty Unit”), with each Penalty Unit being comprised of 1.2 Unit Shares and 1.2 Warrants. Notice of such effectiveness was received on July 11, 2023, eliminating the potential for issuance of the Penalty Units. In connection with the March 2023 Offering, the Company incurred share issuance costs of $ 585,765 2,070,258 0.15 The Special Warrants issued on March 27, 2023 were converted to 51,633,727 In January 2024, the Company issued 7,392,859 In March 2024, the Company issued 2,546,436 In 2023 the Company has accounted for the warrants in accordance with ASC Topic 815. The warrants are considered derivative instruments as they were issued in a currency other than the Company’s functional currency of the U.S. dollar. The estimated fair value of warrants accounted for as liabilities was determined on the date of issue and marked to market at each financial reporting period. The change in fair value of the warrant is recorded in the condensed interim consolidated statements of income (loss) and comprehensive income (loss) as a gain or loss and is estimated using the Binomial model. The fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial model to determine the fair value using the following assumptions as at March 31, 2024 and December 31, 2023: Schedule of Estimated Using the Binomial Model to Determine the Fair Value of Warrant Liabilities March 2023 warrants March 31, 2024 December 31, 2023 Expected life 726 817 Volatility 24 % 24 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 563,970 $ 281,085 Change in derivative liability $ 282,885 April 2022 special warrants issuance March 31, 2024 December 31, 2023 Expected life 366 457 Volatility 100 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 491,622 $ 546,592 Change in derivative liability $ (54,970 ) April 2022 non-brokered issuance March 31, 2024 December 31, 2023 Expected life 366 457 Volatility 100 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 19,115 $ 21,252 Change in derivative liability $ (2,137 ) June 2022 issuance March 31, 2024 December 31, 2023 Expected life 366 457 Volatility 100 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 15,821 $ 17,589 Change in derivative liability $ (1,768 ) February 2021 issuance March 31, 2024 December 31, 2023 Expected life 680 771 Volatility 110 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 455,954 $ 367,349 Change in derivative liability $ (88,605 ) June 2019 issuance March 31, 2024 December 31, 2023 Expected life 640 731 Volatility 110 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 207,385 $ 226,570 Change in derivative liability $ (19,185 ) August 2019 issuance March 31, 2024 December 31, 2023 Expected life 640 731 Volatility 110 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 318,725 $ 348,211 Change in derivative liability $ (29,486 ) Outstanding warrants at March 31, 2024 and March 31, 2023 were as follows: Schedule of Warrant Activity Weighted Weighted average average Number of exercise price grant date warrants (C$) value ($) Balance, December 31, 2022 162,129,064 $ 0.49 $ 0.17 Exercised (10,416,667 ) 0.11 0.12 Balance, March 31, 2023 151,712,397 $ 0.50 $ 0.17 Balance, December 31, 2023 145,061,976 $ 0.37 $ 0.09 - - - Balance, March 31, 2024 145,061,976 $ 0.37 $ 0.09 During the three months ended March 31, 2023, 10,416,667 At March 31, 2024, the following warrants were outstanding: Schedule of Warrants Outstanding Exercise Price Exercise Number of Number of warrants Expiry date price (C$) warrants exercisable April 1, 2025 0.37 40,538,969 40,538,969 December 31, 2025 0.59 32,895,200 32,895,200 February 9, 2026 0.60 17,112,500 17,112,500 February 16, 2026 0.60 2,881,580 2,881,580 March 27, 2026 0.15 51,633,727 51,633,727 145,061,976 145,061,976 Compensation options At March 31, 2024, the following broker options were outstanding: Schedule of Compensation Options Weighted Number of average broker exercise price options (C$) Balance, December 31, 2022 5,470,799 $ 0.34 Issued – March 2023 Compensation Options (i) 2,070,258 0.15 Balance, March 31, 2023 7,541,057 0.28 Balance, December 31, 2023 4,301,150 0.24 Expired – February 2024 (351,000 ) 0.50 Balance, March 31, 2024 3,950,150 0.22 (i) The grant date fair value of the March 2023 Compensation Options was estimated at $ 111,971 Schedule of Estimated Using Black-Scholes Valuation Model for Fair Value of Broker Options Grant Date Risk free interest rate Dividend yield Volatility Stock price Weighted average life March 2023 3.4 % 0 % 120 % C$ 0.11 3 Schedule of Broker Exercise Prices Exercise Number of Grant date Fair value Expiry date price (C$) broker options ($) April 1, 2024 (i) $ 0.30 1,879,892 $ 268,435 March 27, 2026 (ii) $ 0.15 2,070,057 $ 111,971 3,950,150 $ 380,406 i) Exercisable into one April 2022 Unit ii) Exercisable into one March 2023 Unit Stock options The following table summarizes the stock option activity during the three months ended March 31, 2024 and March 31 2023: Schedule of Stock Options Weighted average Number of exercise price stock options (C$) Balance, December 31, 2022 9,320,636 $ 0.51 Balance, March 31, 2023 9,320,636 $ 0.51 Balance, December 31, 2023 8,970,636 $ 0.52 Balance, March 31, 2024 8,970,636 $ 0.52 The following table reflects the actual stock options issued and outstanding as of March 31, 2024: Schedule of Actual Stock Options Issued and Outstanding Number of remaining Number of options Exercise contractual options vested Grant date price (C$) life (years) outstanding (exercisable) fair value ($) 0.60 0.57 1,575,000 1,575,000 435,069 0.335 0.59 1,037,977 1,037,977 204,213 0.55 1.05 5,957,659 4,468,245 1,536,764 0.15 3.65 400,000 300,000 37,387 8,970,636 7,381,222 $ 2,213,433 The vesting of stock options during the three months ending March 31, 2024 and March 31, 2023, resulted in stock based compensation expenses of $ 25,093 58,700 |
Restricted Share Units
Restricted Share Units | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Share Units | 11. Restricted Share Units Effective March 25, 2020, the Board of Directors approved a Restricted Share Unit (“RSU”) Plan to grant RSUs to its officers, directors, key employees and consultants. The following table summarizes the RSU activity during the three months ended March 31, 2024 and March 31, 2023: Schedule of Restricted Share Units Weighted average grant date fair value Number of per share shares (C$) Unvested as at December 31, 2022 4,822,741 $ 0.22 Granted (i, ii) - - Vested - - Unvested as at March 31, 2023 4,822,741 $ 0.22 Unvested as at December 31, 2023 7,044,527 $ 0.24 Granted (i, ii) 9,720,403 0.11 Vested (2,546,436 ) 0.21 Unvested as at March 31, 2024 14,218,493 $ 0.16 (i) On January 29, 2024, the Company granted 672,450 8,880 (ii) On March 13, 2024, the Company granted 9,047,953 22,220 The vesting of RSU’s during the three months ending March 31, 2024, and March 31, 2023, resulted in stock based compensation expense of $ 236,856 174,970 |
Deferred Share Units
Deferred Share Units | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Share Units | |
Deferred Share Units | 12. Deferred Share Units Effective April 21, 2020, the Board of Directors approved a Deferred Share Unit (“DSU”) Plan to grant DSUs to its directors. The DSU Plan permits the eligible directors to defer receipt of all or a portion of their retainer or compensation until termination of their services and to receive such fees in the form of cash at that time. Upon vesting of the DSUs or termination of service as a director, the director will be able to redeem DSUs based upon the then market price of the Company’s Common Share on the date of redemption in exchange for cash. The following table summarizes the DSU activity during the three months ended March 31, 2024 and 2023: Schedule of Deferred Share Units Weighted average grant date fair value Number of per share shares (C$) Unvested as at December 31 2022, and March 31, 2023 2,710,000 $ 0.97 Unvested as at December 31 2023, and March 31, 2024 1,495,454 $ 0.90 The vesting of DSU’s during the three months ended March 31, 2024 resulted in stock based compensation expense of $ 74,978 199,278 0.09 0.08 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies As stipulated in the agreement with the EPA and as described in note 8, the Company is required to make two types of payments to the EPA and IDEQ, one for historical water treatment cost-recovery to the EPA, and the other for ongoing water treatment. Water treatment costs incurred through December 2021 are payable to the EPA, and water treatment costs incurred thereafter are payable to the IDEQ. The IDEQ (as done formerly by the EPA) invoices the Company on an annual basis for the actual water treatment costs, which may exceed the recognized estimated costs significantly. When the Company receives the water treatment invoices, it records any liability for actual costs over and above any estimates made and adjusts future estimates as required based on these actual invoices received. The Company is required to pay for the actual costs regardless of the periodic required estimated accruals and payments made each year. On July 28, 2021, a lawsuit was filed in the US District Court for the District of Idaho brought by Crescent Mining, LLC (“Crescent”). The named defendants include Placer Mining, Robert Hopper Jr., and the Company. The lawsuit alleges that Placer Mining and Robert Hopper Jr. intentionally flooded the Crescent Mine during the period from 1991 and 1994, and that the Company is jointly and severally liable with the other defendants for unspecified past and future costs associated with the presence of AMD in the Crescent Mine. The plaintiff has requested unspecified damages. On September 20, 2021, the Company filed a motion to dismiss Crescent’s claims against it, contending that such claims are facially deficient. On March 2, 2022, Chief US District Court Judge, David C. Nye granted in part and denied in part the Company’s motion to dismiss. The court granted the Company’s motion to dismiss Crescent’s Cost Recovery claim under CERCLA Section 107(a), Declaratory Judgment, Tortious Interference, Trespass, Nuisance and Negligence claims. These claims were dismissed without prejudice. The court denied the motion to dismiss filed by Placer Mining Corp. for Crescent’s trespass, nuisance and negligence claims. Crescent later filed an amended complaint on April 1, 2022. Placer Mining Corp. and Bunker Hill Mining Corp are named as co-defendants. Bunker Hill responded to the amended filing, refuting and denying all allegations made in the complaint except those that are assertions of fact as a matter of public record. The Company believes Crescent’s lawsuit is without merit and is vigorously defending itself, as well as Placer Mining Corp. pursuant to the Company’s indemnification of Placer Mining Corp in the Sale and Purchase agreement executed between the companies for the Mine on December 15, 2021. The lawsuit is currently in the discovery phase, in which information is gathered and exchanged. |
Deferred tax liability
Deferred tax liability | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Deferred tax liability | 14. Deferred tax liability The Company incurred income tax recovery of $ 699,920 no income tax recovery or expense for the three months ended March 31, 2023. The Company’s effective income tax rate for the first three months of 2024 was 12.6 % compared to 0.0 % for the first three months of 2023. The effective tax rate during the first three months of 2024 rate differed from the statutory rate primarily due to the recognition of deferred tax assets available to offset the deferred tax liability associated with the Stream Obligation. The Company maintains a valuation allowance against net operating losses subject to Section 382 and other deferred tax assets. The effective tax rate during the first three months of 2023 rate differed from the statutory rate primarily due to changes in the valuation allowance established to offset net deferred tax assets. A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will likely ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. |
Operating Expenses
Operating Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Operating Expenses | 15. Operating Expenses Schedule of Operating Expenses Three Months Three Months Salaries, wages, and consulting fees $ 942,394 $ 770,585 General administration expenses 2,845,237 1,414,903 Total $ 3,787,631 $ 2,185,488 |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related party transactions | 16. Related party transactions The Company’s key management personnel have the authority and responsibility for planning, directing and controlling the activities of the Company and consists of the Company’s executive management team and management directors. Schedule of Related Party Transactions Three Months Three Months Consulting Fees and Salaries $ 474,185 $ 215,448 At March 31, 2024 and March 31, 2023, $ 89,324 248,533 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events Share Issuance On April 1, 2024, the Company granted 2,527,888 On April 4, 2024, the Company issued 6,398,439 On April 5, 2024, the $ 2,001,000 2,001,000 6,476,000 4,475,000 On April 16, 2024, the Company issued 100,000 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, shareholders’ deficiency, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the annual audited consolidated financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended December 31, 2023. The interim results for the period ended March 31, 2024, are not necessarily indicative of the results for the full fiscal year. The unaudited interim condensed consolidated financial statements are presented in United States dollars, which is the Company’s functional currency. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes for items such as mineral reserves, useful lives and depreciation methods, potential impairment of long-lived assets, sale of mineral properties for the accounting of the conversion of the royalty convertible debenture (the “RCD”), deferred income taxes, settlement pricing of commodity sales, fair value of stock based compensation, accrued liabilities, estimation of asset retirement obligations and reclamation liabilities, convertible debentures, stream obligation, and warrants. Estimates are based on historical experience and various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates. |
Accounts receivable and prepa_2
Accounts receivable and prepaid expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Credit Loss [Abstract] | |
Schedule of Accounts receivable and prepaid expenses | Accounts receivable and prepaid expenses consists of the following: Schedule of Accounts receivable and prepaid expenses March 31, December 31, 2024 2023 Prepaid expenses and deposits $ 557,480 $ 382,198 HST Receivable 145,524 121,621 Environment protection agency overpayment (note 8) - 94,582 Total $ 703,004 $ 598,401 |
Equipment, Right-of-Use Asset (
Equipment, Right-of-Use Asset (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Equipment | Equipment consists of the following: Schedule of Equipment March 31, December 31, 2024 2023 Equipment $ 1,725,009 $ 1,460,375 Equipment, gross 1,725,009 1,460,375 Less accumulated depreciation (560,179 ) (513,714 ) Equipment, net $ 1,164,830 $ 946,661 |
Schedule of Right-of-use Asset | Right-of-use asset consists of the following: Schedule of Right-of-use Asset March 31, December 31, 2024 2023 Right-of-use asset 698,860 670,808 Less accumulated depreciation (90,135 ) (45,786 ) Right-of-use asset, net $ 608,725 $ 625,022 |
Process Plant (Tables)
Process Plant (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Process Plant | |
Schedule of Plant Asset Consists | Process plant consists of the following: Schedule of Plant Asset Consists March 31, December 31, 2024 2023 Plant purchase price less inventory $ 3,633,292 $ 3,633,292 Ball Mill 1,007,544 745,626 Demobilization 2,204,539 2,204,539 Site preparation costs 15,403,951 10,635,606 Capitalized interest (note 9) 492,347 233,407 Process Plant $ 22,741,673 $ 17,452,470 |
Bunker Hill Mine and Mining I_2
Bunker Hill Mine and Mining Interests (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Extractive Industries [Abstract] | |
Schedule of Mining Interests | The carrying cost of the Mine is comprised of the following: Schedule of Mining Interests March 31, December 31, 2024 2023 Bunker Hill Mine purchase $ 14,247,210 $ 14,247,210 Capitalized development 3,204,615 2,722,889 Sale of mineral properties (note 9) (1,973,840 ) (1,973,840 ) Bunker Hill mine $ 15,477,985 $ 14,996,259 |
Lease Liability (Tables)
Lease Liability (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Lease Liability | |
Schedule of Lease Liability | As of March 31, 2024, The Company’s undiscounted lease obligations consisted of the following: Schedule of Lease Liability March 31, December 31, 2024 2023 Gross lease obligation – minimum lease payments 1 year $ 288,007 $ 393,673 2- 3 years 10,337 73,588 4-5 years - - Future interest expense on lease obligations (16,618 ) (41,927 ) Total lease liability 281,726 425,334 Current lease liability 271,743 353,526 Non-current lease liability 9,983 71,808 Total lease liability 281,726 425,334 |
Environmental Protection Agen_2
Environmental Protection Agency and Water Treatment Liabilities (“EPA”) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Amended Settlement Environmental Protection Agency Agreement | Schedule of Amended Settlement Environmental Protection Agency Agreement Date Amount Within 30 days of Settlement Agreement $ 2,000,000 November 1, 2024 $ 3,000,000 November 1, 2025 $ 3,000,000 November 1, 2026 $ 3,000,000 November 1, 2027 $ 3,000,000 November 1, 2028 $ 3,000,000 November 1, 2029 $ 2,000,000 |
Convertible Debentures (Tables)
Convertible Debentures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Key Valuation Inputs | Consistent with the approach above, the following table summarizes the key valuation inputs as at applicable valuation dates: Schedule of Key Valuation Inputs Reference (1,2,3) Valuation date Maturity date Contractual Interest rate Stock price (US$) Expected equity volatility Credit spread Risk-free rate Risk- adjusted rate CD1 note (1)(2)(3) 12-31-23 03-31-26 7.50 % 0.098 115 % 8.41 % 4.18 % 18.89 % CD2 note (1)(2)(3) 12-31-23 03-31-26 10.50 % 0.098 115 % 8.41 % 4.18 % 20.79 % CD1 note (1)(2)(3) 03-31-24 03-31-26 7.50 % 0.104 110 % 10.07 % 4.59 % 20.77 % CD2 note (1)(2)(3) 03-31-24 03-31-26 10.50 % 0.104 110 % 10.07 % 4.59 % 22.65 % Convertible Debenture (1)(2)(3) 03-31-24 03-31-26 10.50 % 0.104 110 % 10.07 % 4.59 % 22.65 % (1) The CD1 carried a Discount for Lack of Marketability (“DLOM”) of 5.0 10.0 (2) CD1 carries an instrument-specific spread of 7.23 9.32 (3) The conversion price of the CD1 is $ 0.221 0.214 0.227 0.219 |
Schedule of Fair Value Derivative Liability | The resulting fair values of the CD1 and CD2 at March 31, 2024, and as of December 31, 2023, were as follows: Schedule of Fair Value Derivative Liability Instrument Description March 31, 2024 December 31, 2023 CD1 $ 5,212,398 $ 5,244,757 CD2 13,359,789 13,458,570 Total $ 18,572,187 $ 18,703,327 |
Capital Stock, Warrants and S_2
Capital Stock, Warrants and Stock Options (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Estimated Using the Binomial Model to Determine the Fair Value of Warrant Liabilities | The fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial model to determine the fair value using the following assumptions as at March 31, 2024 and December 31, 2023: Schedule of Estimated Using the Binomial Model to Determine the Fair Value of Warrant Liabilities March 2023 warrants March 31, 2024 December 31, 2023 Expected life 726 817 Volatility 24 % 24 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 563,970 $ 281,085 Change in derivative liability $ 282,885 April 2022 special warrants issuance March 31, 2024 December 31, 2023 Expected life 366 457 Volatility 100 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 491,622 $ 546,592 Change in derivative liability $ (54,970 ) April 2022 non-brokered issuance March 31, 2024 December 31, 2023 Expected life 366 457 Volatility 100 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 19,115 $ 21,252 Change in derivative liability $ (2,137 ) June 2022 issuance March 31, 2024 December 31, 2023 Expected life 366 457 Volatility 100 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 15,821 $ 17,589 Change in derivative liability $ (1,768 ) February 2021 issuance March 31, 2024 December 31, 2023 Expected life 680 771 Volatility 110 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 455,954 $ 367,349 Change in derivative liability $ (88,605 ) June 2019 issuance March 31, 2024 December 31, 2023 Expected life 640 731 Volatility 110 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 207,385 $ 226,570 Change in derivative liability $ (19,185 ) August 2019 issuance March 31, 2024 December 31, 2023 Expected life 640 731 Volatility 110 % 110 % Risk free interest rate 4.17 % 3.88 % Dividend yield 0 % 0 % Share price (C$) $ 0.125 $ 0.11 Fair value $ 318,725 $ 348,211 Change in derivative liability $ (29,486 ) |
Schedule of Warrant Activity | Outstanding warrants at March 31, 2024 and March 31, 2023 were as follows: Schedule of Warrant Activity Weighted Weighted average average Number of exercise price grant date warrants (C$) value ($) Balance, December 31, 2022 162,129,064 $ 0.49 $ 0.17 Exercised (10,416,667 ) 0.11 0.12 Balance, March 31, 2023 151,712,397 $ 0.50 $ 0.17 Balance, December 31, 2023 145,061,976 $ 0.37 $ 0.09 - - - Balance, March 31, 2024 145,061,976 $ 0.37 $ 0.09 |
Schedule of Warrants Outstanding Exercise Price | At March 31, 2024, the following warrants were outstanding: Schedule of Warrants Outstanding Exercise Price Exercise Number of Number of warrants Expiry date price (C$) warrants exercisable April 1, 2025 0.37 40,538,969 40,538,969 December 31, 2025 0.59 32,895,200 32,895,200 February 9, 2026 0.60 17,112,500 17,112,500 February 16, 2026 0.60 2,881,580 2,881,580 March 27, 2026 0.15 51,633,727 51,633,727 145,061,976 145,061,976 |
Schedule of Compensation Options | At March 31, 2024, the following broker options were outstanding: Schedule of Compensation Options Weighted Number of average broker exercise price options (C$) Balance, December 31, 2022 5,470,799 $ 0.34 Issued – March 2023 Compensation Options (i) 2,070,258 0.15 Balance, March 31, 2023 7,541,057 0.28 Balance, December 31, 2023 4,301,150 0.24 Expired – February 2024 (351,000 ) 0.50 Balance, March 31, 2024 3,950,150 0.22 (i) The grant date fair value of the March 2023 Compensation Options was estimated at $ 111,971 |
Schedule of Estimated Using Black-Scholes Valuation Model for Fair Value of Broker Options | Schedule of Estimated Using Black-Scholes Valuation Model for Fair Value of Broker Options Grant Date Risk free interest rate Dividend yield Volatility Stock price Weighted average life March 2023 3.4 % 0 % 120 % C$ 0.11 3 |
Schedule of Broker Exercise Prices | Schedule of Broker Exercise Prices Exercise Number of Grant date Fair value Expiry date price (C$) broker options ($) April 1, 2024 (i) $ 0.30 1,879,892 $ 268,435 March 27, 2026 (ii) $ 0.15 2,070,057 $ 111,971 3,950,150 $ 380,406 i) Exercisable into one April 2022 Unit ii) Exercisable into one March 2023 Unit |
Schedule of Stock Options | The following table summarizes the stock option activity during the three months ended March 31, 2024 and March 31 2023: Schedule of Stock Options Weighted average Number of exercise price stock options (C$) Balance, December 31, 2022 9,320,636 $ 0.51 Balance, March 31, 2023 9,320,636 $ 0.51 Balance, December 31, 2023 8,970,636 $ 0.52 Balance, March 31, 2024 8,970,636 $ 0.52 |
Schedule of Actual Stock Options Issued and Outstanding | The following table reflects the actual stock options issued and outstanding as of March 31, 2024: Schedule of Actual Stock Options Issued and Outstanding Number of remaining Number of options Exercise contractual options vested Grant date price (C$) life (years) outstanding (exercisable) fair value ($) 0.60 0.57 1,575,000 1,575,000 435,069 0.335 0.59 1,037,977 1,037,977 204,213 0.55 1.05 5,957,659 4,468,245 1,536,764 0.15 3.65 400,000 300,000 37,387 8,970,636 7,381,222 $ 2,213,433 |
Restricted Share Units (Tables)
Restricted Share Units (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Share Units | The following table summarizes the RSU activity during the three months ended March 31, 2024 and March 31, 2023: Schedule of Restricted Share Units Weighted average grant date fair value Number of per share shares (C$) Unvested as at December 31, 2022 4,822,741 $ 0.22 Granted (i, ii) - - Vested - - Unvested as at March 31, 2023 4,822,741 $ 0.22 Unvested as at December 31, 2023 7,044,527 $ 0.24 Granted (i, ii) 9,720,403 0.11 Vested (2,546,436 ) 0.21 Unvested as at March 31, 2024 14,218,493 $ 0.16 (i) On January 29, 2024, the Company granted 672,450 8,880 (ii) On March 13, 2024, the Company granted 9,047,953 22,220 |
Deferred Share Units (Tables)
Deferred Share Units (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Share Units | |
Schedule of Deferred Share Units | The following table summarizes the DSU activity during the three months ended March 31, 2024 and 2023: Schedule of Deferred Share Units Weighted average grant date fair value Number of per share shares (C$) Unvested as at December 31 2022, and March 31, 2023 2,710,000 $ 0.97 Unvested as at December 31 2023, and March 31, 2024 1,495,454 $ 0.90 |
Operating Expenses (Tables)
Operating Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Operating Expenses | Schedule of Operating Expenses Three Months Three Months Salaries, wages, and consulting fees $ 942,394 $ 770,585 General administration expenses 2,845,237 1,414,903 Total $ 3,787,631 $ 2,185,488 |
Related party transactions (Tab
Related party transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Schedule of Related Party Transactions Three Months Three Months Consulting Fees and Salaries $ 474,185 $ 215,448 |
Nature and Continuance of Ope_2
Nature and Continuance of Operations (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity incorporation, state or country code | NV |
Schedule of Accounts receivable
Schedule of Accounts receivable and prepaid expenses (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Credit Loss [Abstract] | ||
Prepaid expenses and deposits | $ 557,480 | $ 382,198 |
HST Receivable | 145,524 | 121,621 |
Environment protection agency overpayment (note 8) | 94,582 | |
Total | $ 703,004 | $ 598,401 |
Schedule of Equipment (Details)
Schedule of Equipment (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] | ||
Equipment, gross | $ 1,725,009 | $ 1,460,375 |
Less accumulated depreciation | (560,179) | (513,714) |
Equipment, net | $ 1,164,830 | $ 946,661 |
Schedule of Right-of-use Asset
Schedule of Right-of-use Asset (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] | ||
Right-of-use asset | $ 698,860 | $ 670,808 |
Less accumulated depreciation | (90,135) | (45,786) |
Right-of-use asset, net | $ 608,725 | $ 625,022 |
Equipment, Right-of-Use Asset_2
Equipment, Right-of-Use Asset (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expenses | $ 90,814 | $ 51,076 |
Depreciation expenses lease | 44,349 | 6,384 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expenses | $ 46,465 | $ 44,692 |
Schedule of Plant Asset Consist
Schedule of Plant Asset Consists (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Process Plant | ||
Plant purchase price less inventory | $ 3,633,292 | $ 3,633,292 |
Ball Mill | 1,007,544 | 745,626 |
Demobilization | 2,204,539 | 2,204,539 |
Site preparation costs | 15,403,951 | 10,635,606 |
Capitalized interest (note 9) | 492,347 | 233,407 |
Process Plant | $ 22,741,673 | $ 17,452,470 |
Schedule of Mining Interests (D
Schedule of Mining Interests (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Extractive Industries [Abstract] | ||
Bunker Hill Mine purchase | $ 14,247,210 | $ 14,247,210 |
Capitalized development | 3,204,615 | 2,722,889 |
Sale of mineral properties (note 9) | (1,973,840) | (1,973,840) |
Bunker Hill mine | $ 15,477,985 | $ 14,996,259 |
Bunker Hill Mine and Mining I_3
Bunker Hill Mine and Mining Interests (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Land purchase | $ 202,000 | |
C and E Tree Farm LLC [Member] | Through February 2026 [Member] | ||
Monthly payments | $ 10,000 | |
C and E Tree Farm LLC [Member] | Through March 1, 2026 [Member] | ||
Option to purchase land | $ 3,129,500 |
Schedule of Lease Liability (De
Schedule of Lease Liability (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Gross lease obligation – minimum lease payments | ||
1 year | $ 288,007 | $ 393,673 |
2- 3 years | 10,337 | 73,588 |
4-5 years | ||
Future interest expense on lease obligations | (16,618) | (41,927) |
Total lease liability | 281,726 | 425,334 |
Current lease liability | 271,743 | 353,526 |
Non-current lease liability | 9,983 | 71,808 |
Total lease liability | $ 281,726 | $ 425,334 |
Schedule of Amended Settlement
Schedule of Amended Settlement Environmental Protection Agency Agreement (Details) - Environmental Protection Agency Agreement [Member] | Mar. 31, 2024 USD ($) |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Within 30 days of Settlement Agreement | $ 2,000,000 |
November 1, 2024 | 3,000,000 |
November 1, 2025 | 3,000,000 |
November 1, 2026 | 3,000,000 |
November 1, 2027 | 3,000,000 |
November 1, 2028 | 3,000,000 |
November 1, 2029 | $ 2,000,000 |
Environmental Protection Agen_3
Environmental Protection Agency and Water Treatment Liabilities (“EPA”) (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Payments for Deposits | $ 19,000,000 | ||
Monthly fee | 20,000 | ||
Restricted cash | 6,476,000 | $ 6,476,000 | $ 6,476,000 |
Discount amortization expense | 452,807 | $ 374,306 | |
Environment protection agency cost recovery liability, net of discount | 10,026,947 | ||
Interest payable | 156,343 | ||
Monthly instalments | 100,000 | ||
Monthly costs water treatment charges | 100,000 | ||
Prepaid expense | 94,582 | ||
Third Party [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Payment bond | 4,475,000 | ||
EPA Settlement Agreement Amendment [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Payment bond | 17,000,000 | ||
Letter of credit | 2,001,000 | ||
Secured deposits | 6,476,000 | $ 6,476,000 | |
EPA Settlement Agreement Amendment [Member] | Payment Bond One [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Payment bond | 9,999,000 | ||
EPA Settlement Agreement Amendment [Member] | Payment Bond Two [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Payment bond | $ 5,000,000 |
Schedule of Key Valuation Input
Schedule of Key Valuation Inputs (Details) | 3 Months Ended | |
Mar. 31, 2024 $ / shares | [1],[2],[3] | |
CD1 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Valuation date | Dec. 31, 2023 | |
Maturity date | Mar. 31, 2026 | |
Share price | $ 0.098 | |
CD2 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Valuation date | Dec. 31, 2023 | |
Maturity date | Mar. 31, 2026 | |
Share price | $ 0.098 | |
CD1 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Valuation date | Mar. 31, 2024 | |
Maturity date | Mar. 31, 2026 | |
Share price | $ 0.104 | |
CD2 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Valuation date | Mar. 31, 2024 | |
Maturity date | Mar. 31, 2026 | |
Share price | $ 0.104 | |
Measurement Input Contractual Interest Rate [Member] | CD1 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 7.50 | |
Measurement Input Contractual Interest Rate [Member] | CD2 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 10.50 | |
Measurement Input Contractual Interest Rate [Member] | CD1 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 7.50 | |
Measurement Input Contractual Interest Rate [Member] | CD2 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 10.50 | |
Measurement Input, Option Volatility [Member] | CD1 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 115 | |
Measurement Input, Option Volatility [Member] | CD2 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 115 | |
Measurement Input, Option Volatility [Member] | CD1 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 110 | |
Measurement Input, Option Volatility [Member] | CD2 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 110 | |
Measurement Input, Credit Spread [Member] | CD1 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 8.41 | |
Measurement Input, Credit Spread [Member] | CD2 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 8.41 | |
Measurement Input, Credit Spread [Member] | CD1 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 10.07 | |
Measurement Input, Credit Spread [Member] | CD2 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 10.07 | |
Measurement Input, Risk Free Interest Rate [Member] | CD1 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 4.18 | |
Measurement Input, Risk Free Interest Rate [Member] | CD2 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 4.18 | |
Measurement Input, Risk Free Interest Rate [Member] | CD1 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 4.59 | |
Measurement Input, Risk Free Interest Rate [Member] | CD2 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 4.59 | |
Measurement Input Risk Adjusted Rate [Member] | CD1 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 18.89 | |
Measurement Input Risk Adjusted Rate [Member] | CD2 Note One [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 20.79 | |
Measurement Input Risk Adjusted Rate [Member] | CD1 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 20.77 | |
Measurement Input Risk Adjusted Rate [Member] | CD2 Note Two [Member] | ||
Short-Term Debt [Line Items] | ||
Convertible Debenture | 22.65 | |
[1]CD1 carries an instrument-specific spread of 7.23 9.32 5.0 10.0 0.221 0.214 0.227 0.219 |
Schedule of Key Valuation Inp_2
Schedule of Key Valuation Inputs (Details) (Parenthetical) | Mar. 31, 2024 $ / shares | Dec. 31, 2023 $ / shares | Jun. 30, 2022 | Mar. 31, 2022 |
CD1 Note [Member] | ||||
Short-Term Debt [Line Items] | ||||
CD2 note | 5 | |||
Conversion price | $ 0.221 | $ 0.227 | ||
CD2 Note [Member] | ||||
Short-Term Debt [Line Items] | ||||
CD2 note | 10 | |||
Conversion price | $ 0.214 | $ 0.219 | ||
CD2 Note [Member] | Measurement Input, Credit Spread [Member] | ||||
Short-Term Debt [Line Items] | ||||
CD2 note | 9.32 | |||
CD1 and RCD [Member] | Measurement Input, Credit Spread [Member] | ||||
Short-Term Debt [Line Items] | ||||
CD2 note | 7.23 |
Schedule of Fair Value Derivati
Schedule of Fair Value Derivative Liability (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Short-Term Debt [Line Items] | ||
Total Fair Value | $ 18,572,187 | $ 18,703,327 |
CD1 Note [Member] | ||
Short-Term Debt [Line Items] | ||
Total Fair Value | 5,212,398 | 5,244,757 |
CD2 Note [Member] | ||
Short-Term Debt [Line Items] | ||
Total Fair Value | $ 13,359,789 | $ 13,458,570 |
Convertible Debentures (Details
Convertible Debentures (Details Narrative) | 1 Months Ended | 3 Months Ended | |||||||||
Jun. 23, 2023 USD ($) | Jun. 17, 2022 USD ($) | Jan. 28, 2022 USD ($) | Jan. 07, 2022 USD ($) | Dec. 20, 2021 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Jan. 28, 2022 $ / shares | |
Short-Term Debt [Line Items] | |||||||||||
Project finance package convertible debenture | $ 50,000,000 | ||||||||||
Convertible debt | $ 66,000,000 | ||||||||||
Project financing fee | 51,000,000 | ||||||||||
Project finance package amount | $ 67,000,000 | ||||||||||
Debt amount available under stream | 46,000,000 | ||||||||||
Debt face amount | 21,000,000 | ||||||||||
Previously proposed | 37,000,000 | ||||||||||
Gross proceeds received | $ 9,000,000 | ||||||||||
Royalty percentage | 1.35% | 1.35% | |||||||||
Interest rate | 10.80% | ||||||||||
Debenture fair value other comprehensive income | $ (157,232) | $ 1,689,701 | |||||||||
Loss on debt settlement | 70,093 | 250,086 | |||||||||
Stream funding description | On June 23, 2023, all conditions were met for the closing of the Stream, and $46,000,000 was advanced to the Company. The Stream is secured by the same security package that is in place with respect to the RCD, CD1, and CD2. The Stream is repayable by applying 10% of all payable metals sold until a minimum quantity of metal is delivered consisting of, individually, 63.5 million pounds of zinc, 40.4 million pounds of lead, and 1.2 million ounces of silver (subsequently amended, as described below). Thereafter, the Stream would be repayable by applying 2% of payable metals sold. The delivery price of streamed metals will be 20% of the applicable spot price. At the Company’s option, the Company may buy back 50% of the Stream Amount at a 1.40x multiple of the Stream Amount between the second and third anniversary of the date of funding, and at a 1.65x multiple of the Stream Amount between the third and fourth anniversary of the date of funding. | ||||||||||
Transactions costs related to stream | $ 740,956 | ||||||||||
Other expenses | 1,099,060 | ||||||||||
Loss on revaluation of the liability | 217,000 | ||||||||||
Stream debenture, liability | $ 52,713,000 | ||||||||||
Debt description | The key assumptions used in the revaluation are production of 700,000,000 lbs of zinc, 385,000,000 lbs of lead, 8,700,000 oz of silver over 14 years and commodity prices of 1.17 $/lb to 1.22 $/lb for zinc, 0.94 $/lb to 0.96 $/lb for lead, and 23.00 $/oz to $24.50 $/oz for silver. | ||||||||||
Other Comprehensive Income (Loss) [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Debenture fair value other comprehensive income | $ 288,372 | 807,012 | |||||||||
Consolidated Balance Sheets [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Interest expense | 504,863 | $ 676,849 | |||||||||
Interest payable | 504,863 | $ 510,411 | |||||||||
Interest Expense [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Other expenses | $ 258,940 | ||||||||||
Convertible Debt [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Increase in debt | $ 5,000,000 | ||||||||||
Debt face amount | 21,000,000 | $ 15,000,000 | $ 6,000,000 | ||||||||
Debt advance payment | $ 5,000,000 | ||||||||||
Maturity date, description | matures on March 31, 2025 | matures on July 7, 2023 | the maturity date of CD1 from March 31, 2025, to March 31, 2026 | maturity date would be amended from July 7, 2023 to March 31, 2025 | |||||||
Interest rate | 10.50% | 7.50% | 10% | ||||||||
Debt instrument convertible conversion price | $ / shares | $ 0.30 | ||||||||||
Debt description | The maturity date of any drawings under the Debt Facility will be June 23, 2027. For every $5 million or part thereof advanced under the Debt Facility, the Company will grant a new 0.5% life-of-mine gross revenue royalty, on the same terms as the Royalty, to a maximum of 2.0% on the Primary Claims and 1.4% on the Secondary Claims. The Company may buy back 50% of these royalties for $20 million. The Company determined that no recognition is required on the financial statements as of March 31, 2024, as no amount has been drawn from the facility. | ||||||||||
Debt term | 2 years | ||||||||||
Maturity date | Jun. 23, 2027 | ||||||||||
Royalties payment | $ 20,000,000 | ||||||||||
Convertible Debt [Member] | 3 Quartely Payments Beginning June 30, 2024 [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Debt advance payment | $ 2,000,000 | $ 2,000,000 | |||||||||
Convertible Debt [Member] | Maturity Date [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Debt advance payment | 9,000,000 | $ 9,000,000 | |||||||||
Multi-metal Stream [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Convertible debt | 37,000,000 | ||||||||||
RCD Note [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Convertible debt | $ 96,000,000 | 8,000,000 | $ 8,000,000 | ||||||||
Debt face amount | $ 8,000,000 | ||||||||||
Interest rate | 9% | ||||||||||
Royalty percentage | 1.85% | 1.85% | |||||||||
Maturity date, description | maturity date from July 7, 2023 to March 31, 2025 | ||||||||||
CD1 Note [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Convertible debt | 5,000,000 | ||||||||||
Increase in debt | $ 6,000,000 | ||||||||||
Debt instrument convertible conversion price | $ / shares | $ 0.221 | $ 0.227 | |||||||||
CD2 Note [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Convertible debt | $ 15,000,000 | ||||||||||
Debt instrument convertible conversion price | $ / shares | $ 0.214 | $ 0.219 | |||||||||
CD1 And CD2 Note [Member] | Minimum [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Debt advance payment | $ 6,000,000 | ||||||||||
CD1 And CD2 Note [Member] | Maximum [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Debt advance payment | $ 15,000,000 |
Schedule of Estimated Using the
Schedule of Estimated Using the Binomial Model to Determine the Fair Value of Warrant Liabilities (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2024 $ / shares | Dec. 31, 2023 $ / shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Fair value | $ 263,943 | $ (4,226,574) | |||
Change in derivative liability | (263,943) | $ 4,226,574 | |||
Warrant [Member] | March 2023 Warrants [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Expected life | 726 days | 817 days | |||
Share price | $ / shares | $ 0.125 | $ 0.11 | |||
Fair value | 563,970 | $ 281,085 | |||
Change in derivative liability | 282,885 | ||||
Warrant [Member] | March 2023 Warrants [Member] | Measurement Input, Option Volatility [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 24 | 24 | |||
Warrant [Member] | March 2023 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 4.17 | 3.88 | |||
Warrant [Member] | March 2023 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 0 | 0 | |||
Special Warrant Issuance [Member] | April 2022 Issuance [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Expected life | 366 days | 457 days | |||
Share price | $ / shares | $ 0.125 | $ 0.11 | |||
Fair value | 491,622 | 546,592 | |||
Change in derivative liability | (54,970) | ||||
Special Warrant Issuance [Member] | April 2022 Issuance [Member] | Measurement Input, Option Volatility [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 100 | 110 | |||
Special Warrant Issuance [Member] | April 2022 Issuance [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 4.17 | 3.88 | |||
Special Warrant Issuance [Member] | April 2022 Issuance [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 0 | 0 | |||
Non Brokered Issuance [Member] | April 2022 Issuance [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Expected life | 366 days | 457 days | |||
Share price | $ / shares | $ 0.125 | $ 0.11 | |||
Fair value | 19,115 | 21,252 | |||
Change in derivative liability | (2,137) | ||||
Non Brokered Issuance [Member] | April 2022 Issuance [Member] | Measurement Input, Option Volatility [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 100 | 110 | |||
Non Brokered Issuance [Member] | April 2022 Issuance [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 4.17 | 3.88 | |||
Non Brokered Issuance [Member] | April 2022 Issuance [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 0 | 0 | |||
Warrant Liabilities [Member] | June 2022 Issuance [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Expected life | 366 days | 457 days | |||
Share price | $ / shares | $ 0.125 | $ 0.11 | |||
Fair value | 15,821 | 17,589 | |||
Change in derivative liability | (1,768) | ||||
Warrant Liabilities [Member] | June 2022 Issuance [Member] | Measurement Input, Option Volatility [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 100 | 110 | |||
Warrant Liabilities [Member] | June 2022 Issuance [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 4.17 | 3.88 | |||
Warrant Liabilities [Member] | June 2022 Issuance [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 0 | 0 | |||
Warrant Liabilities [Member] | February 2021 Issuance [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Expected life | 680 days | 771 days | |||
Share price | $ / shares | $ 0.125 | $ 0.11 | |||
Fair value | 455,954 | 367,349 | |||
Change in derivative liability | (88,605) | ||||
Warrant Liabilities [Member] | February 2021 Issuance [Member] | Measurement Input, Option Volatility [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 110 | 110 | |||
Warrant Liabilities [Member] | February 2021 Issuance [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 4.17 | 3.88 | |||
Warrant Liabilities [Member] | February 2021 Issuance [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 0 | 0 | |||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Expected life | 640 days | 731 days | |||
Share price | $ / shares | $ 0.125 | $ 0.11 | |||
Fair value | 207,385 | 226,570 | |||
Change in derivative liability | (19,185) | ||||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | Measurement Input, Option Volatility [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 110 | 110 | |||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 4.17 | 3.88 | |||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 0 | 0 | |||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Expected life | 640 days | 731 days | |||
Share price | $ / shares | $ 0.125 | $ 0.11 | |||
Fair value | 318,725 | $ 348,211 | |||
Change in derivative liability | $ (29,486) | ||||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | Measurement Input, Option Volatility [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 110 | 110 | |||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 4.17 | 3.88 | |||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Warrants and right measurement input | 0 | 0 |
Schedule of Warrant Activity (D
Schedule of Warrant Activity (Details) - Warrant [Member] | 3 Months Ended | |||
Mar. 31, 2024 $ / shares shares | Mar. 31, 2024 $ / shares shares | Mar. 31, 2023 $ / shares shares | Mar. 31, 2023 $ / shares shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of warrants, beginning balance | shares | 145,061,976 | 145,061,976 | 162,129,064 | 162,129,064 |
Weighted average exercise price, beginning balance | $ 0.37 | $ 0.49 | ||
Weighted average grant date, beginning balance | $ 0.09 | $ 0.17 | ||
Number of warrants, Exercised | shares | (10,416,667) | (10,416,667) | ||
Weighted average exercise price, Exercised | $ 0.11 | |||
Weighted average grant date, Expired | $ 0.12 | |||
Number of warrants, ending balance | shares | 145,061,976 | 145,061,976 | 151,712,397 | 151,712,397 |
Weighted average exercise price, ending balance | $ 0.37 | $ 0.50 | ||
Weighted average grant date, ending balance | $ 0.09 | $ 0.17 |
Schedule of Warrants Outstandin
Schedule of Warrants Outstanding Exercise Price (Details) | Mar. 31, 2024 $ / shares shares |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants | 145,061,976 |
Number of warrants exercisable | 145,061,976 |
Warrants One [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Expiry date | Apr. 01, 2025 |
Exercise price | $ / shares | $ 0.37 |
Number of warrants | 40,538,969 |
Number of warrants exercisable | 40,538,969 |
Warrants Two [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Expiry date | Dec. 31, 2025 |
Exercise price | $ / shares | $ 0.59 |
Number of warrants | 32,895,200 |
Number of warrants exercisable | 32,895,200 |
Warrants Three [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Expiry date | Feb. 09, 2026 |
Exercise price | $ / shares | $ 0.60 |
Number of warrants | 17,112,500 |
Number of warrants exercisable | 17,112,500 |
Warrants Four [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Expiry date | Feb. 16, 2026 |
Exercise price | $ / shares | $ 0.60 |
Number of warrants | 2,881,580 |
Number of warrants exercisable | 2,881,580 |
Warrants Five [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Expiry date | Mar. 27, 2026 |
Exercise price | $ / shares | $ 0.15 |
Number of warrants | 51,633,727 |
Number of warrants exercisable | 51,633,727 |
Schedule of Compensation Option
Schedule of Compensation Options (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of stock options, beginning | 8,970,636 | 9,320,636 | |
Weighted average exercise price beginning balance | $ 0.52 | $ 0.51 | |
Number of stock options, ending | 8,970,636 | 9,320,636 | |
Weighted average exercise price ending balance | $ 0.52 | $ 0.51 | |
Compensation Options [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of stock options, beginning | 4,301,150 | 5,470,799 | |
Weighted average exercise price beginning balance | $ 0.24 | $ 0.34 | |
Issued - Compensation Options | [1] | 2,070,258 | |
Weighted Average exercise price, Compensation Options Issued | [1] | $ 0.15 | |
Number of stock options, ending | 3,950,150 | 7,541,057 | |
Weighted average exercise price ending balance | $ 0.22 | $ 0.28 | |
Expired - Compensation Options | (351,000) | ||
Weighted Average exercise price, Compensation Options Expired | $ 0.50 | ||
[1]The grant date fair value of the March 2023 Compensation Options was estimated at $ 111,971 |
Schedule of Compensation Opti_2
Schedule of Compensation Options (Details) (Parenthetical) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
March 2023 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Options grant fair value | $ 111,971 |
Schedule of Estimated Using Bla
Schedule of Estimated Using Black-Scholes Valuation Model for Fair Value of Broker Options (Details) - March 2023 [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Risk free interest rate | 3.40% |
Dividend yield | 0% |
Volatility | 120% |
Stock price | $ 0.11 |
Weighted average life | 3 years |
Schedule of Broker Exercise Pri
Schedule of Broker Exercise Prices (Details) | Mar. 31, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of warrants exercisable | 145,061,976 | |
Broker Options [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of broker options | 3,950,150 | |
Number of warrants exercisable | 380,406 | |
April 1, 2024 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expiry date | Apr. 01, 2024 | [1] |
Exercise price | $ / shares | $ 0.30 | [1] |
Number of broker options | 1,879,892 | [1] |
Number of warrants exercisable | 268,435 | [1] |
March 27, 2024 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expiry date | Mar. 27, 2026 | [2] |
Exercise price | $ / shares | $ 0.15 | [2] |
Number of broker options | 2,070,057 | [2] |
Number of warrants exercisable | 111,971 | [2] |
[1]Exercisable into one April 2022 Unit[2]Exercisable into one March 2023 Unit |
Schedule of Stock Options (Deta
Schedule of Stock Options (Details) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Equity [Abstract] | |||
Number of stock options, beginning | 8,970,636 | 9,320,636 | 9,320,636 |
Weighted average exercise price beginning balance | $ 0.52 | $ 0.51 | $ 0.51 |
Number of stock options, ending | 8,970,636 | 8,970,636 | 9,320,636 |
Weighted average exercise price ending balance | $ 0.52 | $ 0.52 | $ 0.51 |
Schedule of Actual Stock Option
Schedule of Actual Stock Options Issued and Outstanding (Details) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) $ / shares shares | Dec. 31, 2023 shares | Mar. 31, 2023 shares | Dec. 31, 2022 shares | |
Subsidiary, Sale of Stock [Line Items] | ||||
Number of stock options outstanding | 8,970,636 | 8,970,636 | 9,320,636 | 9,320,636 |
Number of options vested (exercisable) | 7,381,222 | |||
Grant date fair value | $ | $ 2,213,433 | |||
Stock Options One [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Exercise price | $ / shares | $ 0.60 | |||
Remaining contractual life (years) | 6 months 25 days | |||
Number of stock options outstanding | 1,575,000 | |||
Number of options vested (exercisable) | 1,575,000 | |||
Grant date fair value | $ | $ 435,069 | |||
Stock Options Two [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Exercise price | $ / shares | $ 0.335 | |||
Remaining contractual life (years) | 7 months 2 days | |||
Number of stock options outstanding | 1,037,977 | |||
Number of options vested (exercisable) | 1,037,977 | |||
Grant date fair value | $ | $ 204,213 | |||
Stock Options Three [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Exercise price | $ / shares | $ 0.55 | |||
Remaining contractual life (years) | 1 year 18 days | |||
Number of stock options outstanding | 5,957,659 | |||
Number of options vested (exercisable) | 4,468,245 | |||
Grant date fair value | $ | $ 1,536,764 | |||
Stock Options Four [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Exercise price | $ / shares | $ 0.15 | |||
Remaining contractual life (years) | 3 years 7 months 24 days | |||
Number of stock options outstanding | 400,000 | |||
Number of options vested (exercisable) | 300,000 | |||
Grant date fair value | $ | $ 37,387 |
Capital Stock, Warrants and S_3
Capital Stock, Warrants and Stock Options (Details Narrative) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 27, 2023 shares | Jan. 31, 2024 shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 CAD ($) $ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 $ / shares | May 13, 2022 $ / shares shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 | |||||||
Common stock, par value | $ / shares | $ 0.000001 | $ 0.000001 | |||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||||
Preferred stock, par value | $ / shares | $ 0.000001 | $ 0.000001 | |||||||
Warrants shares | 145,061,976 | ||||||||
Gain on modification of warrants | $ | $ 214,714 | ||||||||
Gross proceeds from warrants | $ | 837,459 | ||||||||
Gross proceeds, received in cash | $ | 13,684,542 | $ 20,102,596 | |||||||
Share-Based Payment Arrangement [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Options grant fair value | $ | $ 25,093 | $ 58,700 | |||||||
Teck Resources Limited [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Warrants shares | 10,416,667 | ||||||||
Warrants exercise price | $ / shares | $ 0.11 | $ 0.37 | |||||||
Warrants maturity date | Mar. 31, 2023 | Mar. 31, 2023 | |||||||
Gain on modification of warrants | $ | $ 214,714 | ||||||||
Warrants exercised | 10,416,667 | 10,416,667 | |||||||
Gross proceeds from warrants | $ | $ 1,145,834 | ||||||||
Change in derivative liability | $ | $ 400,152 | ||||||||
Volatility | 120% | 120% | |||||||
Stock price | $ / shares | $ 0.11 | ||||||||
Interest rate minimum | 3.42% | 3.42% | |||||||
Interest rate maximum | 4.06% | 4.06% | |||||||
Dividend yield | 0% | 0% | |||||||
Common Stock [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Issuance of common stock, shares | 6,377,272 | 9,803,574 | 9,803,574 | ||||||
Stock issued during period shares conversion of units | 51,633,727 | ||||||||
Number of shares issued | 7,392,859 | 2,546,436 | |||||||
March 2023 Special Warrants Issuance [Member] | Brokered Private Placement [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Warrants shares | 51,633,727 | 51,633,727 | |||||||
Issue price | $ / shares | $ 0.12 | $ 0.12 | |||||||
Gross proceeds | $ 4,536,020 | $ 6,196,047 | |||||||
Gross proceeds, received in cash | $ | 3,661,822 | $ 3,661,822 | |||||||
Settlement of accounts payable, accrued liabilities | $ | $ 874,198 | $ 874,198 | |||||||
Warrants description | Each March 2023 Unit consists of one share of common stock of the Company (each, a “Unit Share”) and one common stock purchase warrant of the Company (each, a “Warrant”). Each whole Warrant entitles the holder thereof to acquire one share of common stock of the Company (a “Warrant Share”, and together with the Unit Shares, the “Underlying Shares”) at an exercise price of C$0.15 per Warrant Share until March 27, 2026, subject to adjustment in certain events. In the event that the Registration Statement had not been declared effective by the SEC on or before 5:00 p.m. (EST) on July 27, 2023, each unexercised Special Warrant would be deemed to be exercised on the Automatic Exercise Date into one penalty unit of the Company (each, a “Penalty Unit”), with each Penalty Unit being comprised of 1.2 Unit Shares and 1.2 Warrants. Notice of such effectiveness was received on July 11, 2023, eliminating the potential for issuance of the Penalty Units. | Each March 2023 Unit consists of one share of common stock of the Company (each, a “Unit Share”) and one common stock purchase warrant of the Company (each, a “Warrant”). Each whole Warrant entitles the holder thereof to acquire one share of common stock of the Company (a “Warrant Share”, and together with the Unit Shares, the “Underlying Shares”) at an exercise price of C$0.15 per Warrant Share until March 27, 2026, subject to adjustment in certain events. In the event that the Registration Statement had not been declared effective by the SEC on or before 5:00 p.m. (EST) on July 27, 2023, each unexercised Special Warrant would be deemed to be exercised on the Automatic Exercise Date into one penalty unit of the Company (each, a “Penalty Unit”), with each Penalty Unit being comprised of 1.2 Unit Shares and 1.2 Warrants. Notice of such effectiveness was received on July 11, 2023, eliminating the potential for issuance of the Penalty Units. | |||||||
Warrant [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Warrants exercised | 10,416,667 | ||||||||
Warrant [Member] | Compensation Options [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Payments of Stock Issuance Costs | $ | $ 585,765 | ||||||||
Options granted | 2,070,258 | 2,070,258 | |||||||
Exercise price | $ / shares | $ 0.15 | ||||||||
May 2022 Teck Warrants [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Warrants expired | 10,416,667 |
Schedule of Restricted Share Un
Schedule of Restricted Share Units (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Share-Based Payment Arrangement [Abstract] | |||
Number of shares, Unvested, Beginning balance | 7,044,527 | 4,822,741 | |
Weighted average grant date fair value per share, Unvested, Beginning balance | $ 0.24 | $ 0.22 | |
Number of shares, Granted | [1],[2] | 9,720,403 | |
Weighted average grant date fair value per share, Granted | [1],[2] | $ 0.11 | |
Number of shares, Vested | (2,546,436) | ||
Weighted average grant date fair value per share, Vested | $ 0.21 | ||
Number of shares, Unvested, ending balance | 14,218,493 | 4,822,741 | |
Weighted average grant date fair value per share, Unvested, Ending balance | $ 0.16 | $ 0.22 | |
[1]On January 29, 2024, the Company granted 672,450 8,880 9,047,953 22,220 |
Schedule of Restricted Share _2
Schedule of Restricted Share Units (Details) (Parenthetical) - USD ($) | 3 Months Ended | ||||
Mar. 13, 2024 | Jan. 29, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share based payment award, grants in period | [1],[2] | 9,720,403 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock based compensation | $ 236,856 | $ 174,970 | |||
Chief Financial Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share based payment award, grants in period | 672,450 | ||||
Stock based compensation | 8,880 | ||||
Executives and Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share based payment award, grants in period | 9,047,953 | ||||
Stock based compensation | $ 22,220 | ||||
[1]On January 29, 2024, the Company granted 672,450 8,880 9,047,953 22,220 |
Restricted Share Units (Details
Restricted Share Units (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock based compensation expense | $ 236,856 | $ 174,970 |
Schedule of Deferred Share Unit
Schedule of Deferred Share Units (Details) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares, Unvested, Balance | 14,218,493 | 7,044,527 | 4,822,741 | 4,822,741 |
Weighted average grant date fair value per share, Unvested, Balance | $ 0.16 | $ 0.24 | $ 0.22 | $ 0.22 |
Deferred Share Unit [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares, Unvested, Balance | 1,495,454 | 1,495,454 | 2,710,000 | 2,710,000 |
Weighted average grant date fair value per share, Unvested, Balance | $ 0.90 | $ 0.90 | $ 0.97 | $ 0.97 |
Deferred Share Units (Details N
Deferred Share Units (Details Narrative) - Deferred Share Unit [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options grant fair value | $ 74,978 | $ 199,278 |
Shares issued price per share | $ 0.09 | $ 0.08 |
Deferred tax liability (Details
Deferred tax liability (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 699,920 | $ 0 |
Income tax rate | 12.60% | 0% |
Schedule of Operating Expenses
Schedule of Operating Expenses (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
Salaries, wages, and consulting fees | $ 942,394 | $ 770,585 |
General administration expenses | 2,845,237 | 1,414,903 |
Total | $ 3,787,631 | $ 2,185,488 |
Schedule of Related Party Trans
Schedule of Related Party Transactions (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transactions [Abstract] | ||
Consulting Fees and Salaries | $ 474,185 | $ 215,448 |
Related party transactions (Det
Related party transactions (Details Narrative) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Key Management Personnel [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts payable and accrued liabilities | $ 89,324 | $ 248,533 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | |||||
Apr. 16, 2024 | Apr. 05, 2024 | Apr. 04, 2024 | Apr. 01, 2024 | Jan. 31, 2024 | Mar. 31, 2023 | |
Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Issuance of common stock, shares | 6,377,272 | 9,803,574 | ||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Letter of credit | $ 2,001,000 | |||||
Decreased in restricted cash | 2,001,000 | |||||
Restricted cash and cash equivalents | $ 4,475,000 | $ 6,476,000 | ||||
Issuance of restricted stock unit | 100,000 | |||||
Subsequent Event [Member] | Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Issuance of common stock, shares | 6,398,439 | |||||
Subsequent Event [Member] | Deferred Share Unit [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of shares, Granted | 2,527,888 |