Scandium International Mining (SCYYF) 10-K 11 Mar 22 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 11, 2022	Jun. 30, 2021
Cover [Abstract]
Entity Registrant Name	Scandium International Mining Corp.
Entity Central Index Key	0001408146
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		317,157,595
Entity Public Float			$ 71,161,334
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-54416
Entity Incorporation State Country Code	Z4
Entity Interactive Data Current	Yes
Icfr Auditor Attestation Flag	false
Entity Tax Identification Number	98-1009717
Entity Address Address Line 1	1430 Greg Street
Entity Address Address Line 2	Suite 501
Entity Address City Or Town	Sparks
Entity Address State Or Province	NV
Entity Address Postal Zip Code	89431
City Area Code	775
Local Phone Number	355-9500
Auditor Name	DAVIDSON & COMPANY LLP
Auditor Location	Vancouver, Canada
Auditor Firm Id	731

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current
Cash	$ 93,894	$ 170,284
Prepaid expenses and receivables	35,042	42,430
Total current assets	128,936	212,714
Reclamation bond (Note 4)	11,444	11,444
Equipment (Note 3)	2,932	4,660
Mineral property interests (Note 4)	704,053	704,053
Total assets	847,365	932,871
LIABILITIES AND SHAREHOLDERS' DEFICIENCY
Accounts payable and accrued liabilities	568,001	451,932
Accounts payable with related parties (Note 5)	1,159,713	702,456
Total liabilities	1,727,714	1,154,388
Shareholders' Deficiency
Capital stock (Note 6) (Authorized: Unlimited number of common shares; Issued and outstanding: 314,032,595 (2019 - 312,482,595))	110,149,177	109,627,071
Treasury stock (Note 7) (1,033,333 common shares) (2019 - 1,033,333)	1,264,194	1,264,194
Additional paid in capital (Note 6)	6,891,510	6,505,416
Accumulated other comprehensive loss	(853,400)	(853,400)
Deficit	(115,803,442)	(114,236,410)
Total Equity Shareholders' Deficiency	(880,349)	(221,517)
Total Liabilities and Shareholders' Deficiency	$ 847,365	$ 932,871

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Common stock, issued	317,157,595	314,032,595
Common stock, outstanding	317,157,595	314,032,595
Treasury stock, shares	1,033,333	1,033,333

CONSOLIDATED STATEMENTS OF LOSS

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
EXPENSES
Amortization (Note 3)	$ 1,728	$ 2,307
Consulting (Note 5)	130,622	129,553
Exploration	70,450	80,782
General and administrative	212,795	289,462
Insurance	35,535	33,298
Professional fees	63,459	53,795
Salaries and benefits	465,599	460,809
Stock-based compensation (Notes 5 & 6)	610,385	684,055
Travel and entertainment	380	5,180
Loss from operations	(1,590,953)	1,739,241
Foreign exchange gain (loss)	23,921	(31,029)
Sale of royalty (Note 11)	0	382,430
Loss and comprehensive loss for the year	$ (1,567,032)	$ (1,387,840)
Basic and diluted loss per common share	$ 0	$ 0
Basic and diluted weighted average number of common shares outstanding	316,169,361	312,605,335

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF CASH FLOWS
Loss for the year	$ (1,567,032)	$ (1,387,840)
Items not affecting cash:
Amortization	1,728	2,307
Stock-based compensation	610,385	684,055
Changes in non-cash working capital items:
Decrease in prepaids and receivables	7,388	3,333
Increase in accounts payable, accrued liabilities and accounts payable with related parties	573,326	616,164
Net cash provided by (used) in operating activities	374,205	81,981
CASH FLOWS FROM FINANCING ACTIVITIES
Options exercised for common shares	297,815	136,697
Net cash provided by (used in) Financing activies	297,815	136,697
Change in cash during the year	(76,390)	54,716
Cash, beginning of year	170,284	115,568
Cash, end of year	$ 93,894	$ 170,284

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (DEFICIENCY) (Unaudited) - USD ($)	Total	Common Stock	Additional Paid In Capital	Treasury Stock	Accumulated Other Comprehensive Income [Member]	Deficit
Balance, shares at Dec. 31, 2019		312,482,595
Balance, amount at Dec. 31, 2019	$ 345,571	$ 109,375,661	$ 5,936,074	$ (1,264,194)	$ (853,400)	$ (112,848,570)
Options exercised, shares		1,550,000
Options exercised, amount	136,697	$ 251,410	(114,713)	0	0	0
Stock-based compensation	684,055	0	684,055	0	0	0
Loss for the year	(1,387,840)	$ 0	0	0	0	(1,387,840)
Balance, shares at Dec. 31, 2020		314,032,595
Balance, amount at Dec. 31, 2020	(221,517)	$ 109,627,071	6,505,416	(1,264,194)	(853,400)	(114,236,410)
Options exercised, shares		3,125,000
Options exercised, amount	297,815	$ 522,106	(224,291)	0	0	0
Stock-based compensation	610,385	0	610,385	0	0	0
Loss for the year	(1,567,032)	$ 0	0	0	0	(1,567,032)
Balance, shares at Dec. 31, 2021		317,157,595
Balance, amount at Dec. 31, 2021	$ (880,349)	$ 110,149,177	$ 6,891,510	$ (1,264,194)	$ (853,400)	$ (115,803,442)

NATURE AND CONTINUANCE OF OPERA

NATURE AND CONTINUANCE OF OPERATIONS	12 Months Ended
	Dec. 31, 2021
NATURE AND CONTINUANCE OF OPERATIONS
NATURE AND CONTINUANCE OF OPERATIONS	1. NATURE AND CONTINUANCE OF OPERATIONS Scandium International is a specialty metals company focused on the evaluation and potential development of projects into producing assets. The Company pursues project opportunities from both known geologic resources and existing mine process solutions when it identifies further recovery potential. The Company is an exploration stage company and anticipates incurring significant additional expenditures prior to production at any and all of its properties. The Company was incorporated under the laws of the Province of British Columbia, Canada in 2006. The Company currently trades on the Toronto Stock Exchange under the symbol “SCY”. These consolidated financial statements have been prepared on a going concern basis that contemplates the realization of assets and discharge of liabilities at their carrying values in the normal course of business for the foreseeable future. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern. The Company currently earns no operating revenues and will require additional capital in order to advance both the Nyngan property and the Critical Metals Recovery program with Nevada Gold Mines. The Company’s ability to continue as a going concern is uncertain and is dependent upon the generation of profits from mineral properties, obtaining additional financing and maintaining continued support from its shareholders and creditors. These are material uncertainties that raise substantial doubt about the Company’s ability to continue as a going concern. In the event that additional financial support is not received, or operating profits are not generated, the carrying values of the Company’s assets may be adversely affected. In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or ability to raise funds.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES a) Basis of presentation These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America (“US GAAP”). These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, EMC Metals USA Inc., Scandium International Mining Corp. Norway AS, SCY Exploration Finland Oy and EMC Metals Australia Pty Ltd.(“EMC-A”). All significant intercompany accounts and transactions have been eliminated on consolidation. b) Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, asset impairment, stock-based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. The Company considers itself to be an exploration stage company and will consider the transition to development stage after it receives funding to begin mine construction, and board approval. c) Equipment Equipment is recorded at cost less accumulated amortization, calculated as follows: Computer equipment 30% straight line d) Mineral interests and exploration and development costs The costs of acquiring mineral interests are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral interest is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral interests are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves. 2. SIGNIFICANT ACCOUNTING POLICIES e) Asset retirement obligations The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the long-lived assets. The Company also records a corresponding asset which is amortized over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time (accretion expense) and changes in the estimated future cash flows underlying the obligation (asset retirement cost). f) Long-lived assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows or fair value in use related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. g) Income taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some part or all of the deferred tax asset will not be recognized. h) Loss per share Basic loss per common share is computed using the weighted average number of common shares outstanding during the year. To calculate diluted loss per share, the Company uses the treasury stock method and the if converted method. As at December 31, 2021 and 2020 there were no warrants outstanding and 34,615,000 options (2020 – 35,100,000) outstanding which have not been included in the weighted average number of common shares outstanding as these were anti-dilutive. i) Foreign exchange The Company's and subsidiaries’ functional currency is the US Dollar (“USD”). Any monetary assets and liabilities that are in a currency other than the USD are translated at the rate prevailing at year end. Revenue and expenses in a foreign currency are translated at rates that approximate those in effect at the time of translation. Gains and losses from translation of foreign currency transactions into USD are included in current results of operations. Fixed assets and mineral properties have been translated at historical rates, the rate on the date of the transaction. j) Stock-based compensation The Company accounts for stock-based compensation under the provisions of Accounting Standard Codification (“ASC”) 718, “Compensation-Stock Compensation.” Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date for all stock-based awards to employees, directors and non-employees and is recognized as an expense over the requisite service period, which is generally the vesting period. The Black-Scholes option valuation model is used to calculate fair value. k) Financial instruments The Company’s financial instruments consist of cash, receivables, accounts payable and accrued liabilities, and accounts payable with related parties. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these financial instruments approximate their carrying values unless otherwise noted. The Company has its cash primarily in three commercial banks, one in Chicago, Illinois, United States of America, one in Vancouver, British Columbia, Canada and one in Melbourne, Victoria, Australia. l) Concentration of credit risk The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. As at December 31, 2021, the Company has not exceeded the federally insured limit. The Company has not experienced any losses in such amounts and believes it is not exposed to any significant risks on its cash in bank accounts. 2 . SIGNIFICANT ACCOUNTING POLICIES m) Fair value of financial assets and liabilities The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. Financial instruments, including receivables, accounts payable and accrued liabilities, and accounts payable with related parties are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The following table presents information about the assets that are measured at fair value on a recurring basis as at December 31, 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset: December 31, 2021 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 93,894 $ 93,894 $ - $ - Total $ 93,894 $ 93,894 $ - $ - The fair values of cash are determined through market, observable and corroborated sources. n) Recently Adopted and Recently Issued Accounting Standards Accounting Standards Update 2021-04 - Earnings Per Share (Topic 260), Debt Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40). This update is to provide clarity around earnings per share calculations and is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is reviewing this standard but expects little or no impact on its financial statements. Accounting Standards Update 2019-12 – Income Taxes (Topic 740), The Financial Accounting Standards Board (“Board”) is issuing this Update as part of its initiative to reduce complexity in accounting standards. This standard is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. The Company has implemented this standard for 2021, with little or no impact on its financial statements. Accounting Standards Update 2019-01 – Leases (Topic 842), Codification Improvements - Issue 3 Transition Disclosures Related to Topic 250, Accounting Changes and Error Corrections. The amendments in this Update clarify the Board’s original intent by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements. The Company has implemented this standard for 2021, with little or no impact on its financial statements.

EQUIPMENT

EQUIPMENT	12 Months Ended
	Dec. 31, 2021
EQUIPMENT
EQUIPMENT	3. EQUIPMENT 2021 December 31, 2020 Net Book Value Additions (disposals) Amortization December 31, 2021 Net Book Value Computer equipment $ 4,660 $ - $ 1,728 ) $ 2,932 2020 December 31, 2019 Net Book Value Additions (disposals) Amortization December 31, 2020 Net Book Value Computer equipment $ 6,967 $ - $ 2,307 ) $ 4,660

MINERAL PROPERTY INTERESTS

MINERAL PROPERTY INTERESTS	12 Months Ended
	Dec. 31, 2021
MINERAL PROPERTY INTERESTS
MINERAL PROPERTY INTERESTS	4. MINERAL PROPERTY INTERESTS Scandium and other Acquisition costs Balance, December 31, 2021, 2020, and 2019 $ 704,053 Title to mineral property interests involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many mineral property interests. The Company has investigated title to all of its mineral property interests and, to the best of its knowledge, title to all of its properties is in good standing. SCANDIUM PROPERTIES AND CRITICAL METALS RECOVERY PROJECT Nyngan, New South Wales Property The Company holds a 100% interest in the Nyngan property in New South Wales, Australia (NSW). A definitive feasibility study was completed on the property in 2016. In April 2019, the Company received notice from the New South Wales Department of Planning and Environment (the “Department”) that, due to a procedural issue within the Department, the Company’s Mine Lease Grant (“ML 1763”) pertaining to the Nyngan Scandium Project, previously issued by the Department, was invalid. On September 10, 2020, the Company announced receipt of a Final Determination letter from the Deputy Secretary, Mining, Exploration and Geoscience resolving the outstanding objection filed by the landowner in 2016. This Final Determination will allow all measured and indicated resources included in the Nyngan Scandium Project Definitive Feasibility Study (“DFS”) to be reinstated in a Mining Lease grant. In May 2019, the Company filed a new mine lease application related to the Nyngan Scandium Project to compensate for the procedural issue. On July 24, 2019, the Company announced that a new mine lease (“ML 1792”) had been granted. Royalties attached to the Nyngan property include a 0.7% royalty on gross mineral sales on the property, a 1.5% Net Profits Interest royalty to private parties involved with the early exploration on the property, and a 1.7% Net Smelter Returns royalty payable for 12 years after production commences. Another revenue royalty is payable to private interests of0.2%, subject to a $370,000cap. A NSW minerals royalty will also be levied on the project, subject to negotiation, currently4% on revenue. Honeybugle property, Australia The Company holds a100% interest in the Honeybugle property. Kiviniemi Scandium Property Finland In August 2018, the Company was granted an Exploration License for the Kiviniemi Scandium Property in central Finland from the Finnish regulatory body governing mineral exploration and mining in Finland. During fiscal 2018, a reclamation bond of $11,444(€10,000) was placed. 4. MINERAL PROPERTY INTERESTS Critical Metals Recovery Project In June 2021, the Company entered into a Letter of Intent (“LOI”) with Nevada Gold Mines (“NGM”) to initiate a joint technical and economic feasibility program at NGM’s Phoenix Mine, near Battle Mountain, Nevada. The purpose of this joint development program is to confirm the economic and technical viability of a critical metals recovery (“CMR”)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	5. RELATED PARTY TRANSACTIONS During the year ended December 31, 2021, the Company expensed $441,277 for stock-based compensation for stock options issued to Company directors. During the year ended December 31, 2020, the Company expensed $542,772for stock options issued to Company directors. During each of the years ended December 31, 2021, and December 31, 2020 the Company paid a consulting fee of $102,000 to one of its directors. As at December 31, 2021, the Company owed $1,159,713 (2020 - $702,456) to officers of the Company.

CAPITAL STOCK AND ADDITIONAL PA

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (contd)	12 Months Ended
	Dec. 31, 2021
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (contd)
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (contd)	6. CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL Stock Options The Company established a stock option plan (the “Plan”) under which it is authorized to grant options to executive officers and directors, employees and consultants and the number of options granted under the Plan shall not exceed 15% of the shares outstanding. Under the Plan, the exercise period of the options may not exceed ten years from the date of grant and vesting is determined by the Board of Directors. Stock option transactions are summarized as follows: Stock Options Number Weighted average exercise price in Canadian $ Outstanding, December 31, 2019 34,610,000 $ 0.19 Granted 14,425,000 0.10 Exercised (1,550,000 ) 0.12 Expired (12,385,000 ) 0.14 Outstanding, December 31, 2020 35,100,000 0.17 Granted 6,175,000 0.18 Exercised (3,125,000 ) 0.12 Expired (3,535,000 ) 0.16 Outstanding, December 31, 2021 34,615,000 $ 0.18 Number currently exercisable 34,615,000 $ 0.18 As at December 31, 2021, incentive stock options were outstanding as follows: Number of Options (outstanding) Number of Options (exercisable) Exercise Price in Canadian $ Expiry Date Options 4,400,000 4,400,000 0.370 February 21, 2022* 250,000 250,000 0.300 October 6, 2022 5,700,000 5,700,000 0.225 January 19, 2023 350,000 350,000 0.185 August 30, 2023 4,240,000 4,240,000 0.150 May 9, 2024 50,000 50,000 0.130 June 24, 2024 7,450,000 4,450,000 0.065 March 19, 2025 100,000 100,000 0.075 May 22, 2025 5,900,000 5,900,000 0.140 November 13, 2025 6,175,000 6,175,000 0.180 May 23, 2026 34,615,000 34,615,000 *Options expired subsequent to year-end unexercised. 6. CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL 57 As at December 31, 2021 the Company’s outstanding and exercisable stock options have an aggregate intrinsic value of $445,466 (2020 - $1,891,329). Stock-based compensation During the year ended December 31, 2021, the Company recognized stock-based compensation of $610,385(December 31, 2020 - $684,055) in the statement of loss and comprehensive loss. There were 6,175,000stock options granted during the year ended December 31, 2021 (December 31, 2020 – 14,425,000). The weighted average fair value of the options granted in the year was C$0.18(2020 - C$0.10). The fair value of all compensatory options granted is estimated on grant date using the Black-Scholes option pricing model. The weighted average assumptions used in calculating the fair values of stock options granted in the year ended December 31,2021 are as follows: 2021 2020 Risk-free interest rate 0.32 % 2.31 % Expected life 5 Year 5 Year Volatility 87.19 % 90.40 % Forfeiture rate 0.00 % 0.00 % Dividend rate 0.00 % 0.00 %

TREASURY STOCK

TREASURY STOCK	12 Months Ended
	Dec. 31, 2021
TREASURY STOCK
TREASURY STOCK	7. TREASURY STOCK Number Amount Treasury shares, December 31, 2021, 2020, and 2019 1,033,333 $ 1,264,194 Treasury shares comprise shares of the Company which cannot be sold without the prior approval of the TSX.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	12 Months Ended
	Dec. 31, 2021
SEGMENTED INFORMATION
SEGMENTED INFORMATION	8. SEGMENTED INFORMATION The Company’s mineral properties are located in Australia. The Company’s capital assets’ geographic information is as follows: December 31, 2021 Australia United States Total Equipment $ - $ 2,932 $ 2,932 Mineral property interests 704,053 - 704,053 $ 704,053 $ 2,932 $ 706,958 December 31, 2020 Australia United States Total Equipment $ - $ 4,660 $ 4,660 Mineral property interests 704,053 - 704,053 $ 704,053 $ 4,660 $ 708,713

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2021
INCOME TAX
INCOME TAX	9. INCOME TAX A reconciliation of income taxes at statutory rates with the reported taxes is as follows: 2021 2020 Loss before income taxes $ (1,567,032 ) $ (1,387,840 ) Expected income tax (recovery) (407,000 ) (361,000 ) Change in statutory, foreign exchange rates, and other 17,000 120,000 Permanent difference 154,000 182,000 Impact of foreign exchange (38,000 ) (190,000 ) Adjustment to prior years provision versus statutory tax returns 119,000 (293,000 ) Change in unrecognized deductible temporary differences 155,000 542,000 Total Income tax expense (recovery) $ - $ - The significant components of the Company’s deferred tax assets that have not been included on the consolidated statement of financial position are as follows: 2021 2020 Deferred Tax Assets (Liabilities) Exploration and evaluation assets $ 1,829,000 $ 1,803,000 Property and equipment 105,000 104,000 Marketable securities - 19,000 Allowable capital losses 1,891,000 1,845,000 Non-capital losses available for future periods 6,591,000 6,450,000 10,416,000 10,261,000 Unrecognized deferred tax assets (10,416,000 ) (10,261,000 ) Net deferred tax assets $ - $ - The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows: 2021 Expiry Date Range 2020 Expiry Date Range Temporary Differences Exploration and evaluation assets $ 7,036,000 No expiry date $ 6,937,000 No expiry date Property and equipment 403,000 No expiry date 400,000 No expiry date Marketable securities - - 145,000 No expiry date Allowable capital losses 7,274,000 No expiry date 7,250,000 No expiry date Non-capital losses available for future periods 25,349,000 2021 to 2041 24,807,000 2019 to 2040

SUPPLEMENTAL DISCLOSURE WITH RE

SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS	10. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS There were no major non-cash transactions in the year ended December 31, 2021, and 2020. There were no amounts paid for taxes and interest in the years ended December 31, 2021, and December 31, 2020.

SALE OF ROYALTY

SALE OF ROYALTY	12 Months Ended
	Dec. 31, 2021
SALE OF ROYALTY
SALE OF ROYALTY	60 SALE OF ROYALTY On January 16, 2020, the Company received net proceeds of $382,430(C$500,000) from completion of a royalty buyback agreement. The Company’s royalty interest was related to the Windfall Lake gold property in Quebec, Canada, and was carried at zero value on the balance sheet.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America (“US GAAP”).
Use of estimates	The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, asset impairment, stock-based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. The Company considers itself to be an exploration stage company and will consider the transition to development stage after it receives funding to begin mine construction, and board approval.
Equipment	Equipment is recorded at cost less accumulated amortization, calculated as follows: Computer equipment 30% straight line
Mineral interests and exploration and development costs	The costs of acquiring mineral interests are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral interest is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral interests are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves.
Asset retirement obligations	The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the long-lived assets. The Company also records a corresponding asset which is amortized over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time (accretion expense) and changes in the estimated future cash flows underlying the obligation (asset retirement cost).
Long-lived assets	Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows or fair value in use related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
Income taxes	The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some part or all of the deferred tax asset will not be recognized.
Loss per share	Basic loss per common share is computed using the weighted average number of common shares outstanding during the year. To calculate diluted loss per share, the Company uses the treasury stock method and the if converted method. As at December 31, 2021 and 2020 there were no warrants outstanding and 34,615,000 options (2020 – 35,100,000) outstanding which have not been included in the weighted average number of common shares outstanding as these were anti-dilutive.
Foreign exchange	The Company's and subsidiaries’ functional currency is the US Dollar (“USD”). Any monetary assets and liabilities that are in a currency other than the USD are translated at the rate prevailing at year end. Revenue and expenses in a foreign currency are translated at rates that approximate those in effect at the time of translation. Gains and losses from translation of foreign currency transactions into USD are included in current results of operations. Fixed assets and mineral properties have been translated at historical rates, the rate on the date of the transaction.
Stock-based compensation	The Company accounts for stock-based compensation under the provisions of Accounting Standard Codification (“ASC”) 718, “Compensation-Stock Compensation.” Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date for all stock-based awards to employees, directors and non-employees and is recognized as an expense over the requisite service period, which is generally the vesting period. The Black-Scholes option valuation model is used to calculate fair value.
Financial instruments	The Company’s financial instruments consist of cash, receivables, accounts payable and accrued liabilities, and accounts payable with related parties. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these financial instruments approximate their carrying values unless otherwise noted. The Company has its cash primarily in three commercial banks, one in Chicago, Illinois, United States of America, one in Vancouver, British Columbia, Canada and one in Melbourne, Victoria, Australia.
Concentration of credit risk	The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. As at December 31, 2021, the Company has not exceeded the federally insured limit. The Company has not experienced any losses in such amounts and believes it is not exposed to any significant risks on its cash in bank accounts.
Fair value of financial assets and liabilities	m) Fair value of financial assets and liabilities The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. Financial instruments, including receivables, accounts payable and accrued liabilities, and accounts payable with related parties are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The following table presents information about the assets that are measured at fair value on a recurring basis as at December 31, 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset: December 31, 2021 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 93,894 $ 93,894 $ - $ - Total $ 93,894 $ 93,894 $ - $ -
Recently adopted and recently issued accounting standards	Accounting Standards Update 2021-04 - Earnings Per Share (Topic 260), Debt Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40). This update is to provide clarity around earnings per share calculations and is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is reviewing this standard but expects little or no impact on its financial statements. Accounting Standards Update 2019-12 – Income Taxes (Topic 740), The Financial Accounting Standards Board (“Board”) is issuing this Update as part of its initiative to reduce complexity in accounting standards. This standard is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. The Company has implemented this standard for 2021, with little or no impact on its financial statements. Accounting Standards Update 2019-01 – Leases (Topic 842), Codification Improvements - Issue 3 Transition Disclosures Related to Topic 250, Accounting Changes and Error Corrections. The amendments in this Update clarify the Board’s original intent by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements. The Company has implemented this standard for 2021, with little or no impact on its financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Schedule of fair value, by balance sheet grouping	December 31, 2021 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash $ 93,894 $ 93,894 $ - $ - Total $ 93,894 $ 93,894 $ - $ -

EQUIPMENT (Tables)

EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
EQUIPMENT
Schedule of property, plant and equipment	December 31, 2020 Net Book Value Additions (disposals) Amortization December 31, 2021 Net Book Value Computer equipment $ 4,660 $ - $ 1,728 ) $ 2,932 2020 December 31, 2019 Net Book Value Additions (disposals) Amortization December 31, 2020 Net Book Value Computer equipment $ 6,967 $ - $ 2,307 ) $ 4,660

MINERAL PROPERTY INTERESTS (Tab

MINERAL PROPERTY INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2021
MINERAL PROPERTY INTERESTS
Schedule of mineral interests	Scandium and other Acquisition costs Balance, December 31, 2021, 2020, and 2019 $ 704,053

CAPITAL STOCK AND ADDITIONAL _2

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2021
Shareholders' Deficiency
Schedule of stock options activity	Stock Options Number Weighted average exercise price in Canadian $ Outstanding, December 31, 2019 34,610,000 $ 0.19 Granted 14,425,000 0.10 Exercised (1,550,000 ) 0.12 Expired (12,385,000 ) 0.14 Outstanding, December 31, 2020 35,100,000 0.17 Granted 6,175,000 0.18 Exercised (3,125,000 ) 0.12 Expired (3,535,000 ) 0.16 Outstanding, December 31, 2021 34,615,000 $ 0.18 Number currently exercisable 34,615,000 $ 0.18
Schedule of weighted average assumptions for fair values	2021 2020 Risk-free interest rate 0.32 % 2.31 % Expected life 5 Year 5 Year Volatility 87.19 % 90.40 % Forfeiture rate 0.00 % 0.00 % Dividend rate 0.00 % 0.00 %
Schedule of stock options outstanding	Number of Options (outstanding) Number of Options (exercisable) Exercise Price in Canadian $ Expiry Date Options 4,400,000 4,400,000 0.370 February 21, 2022* 250,000 250,000 0.300 October 6, 2022 5,700,000 5,700,000 0.225 January 19, 2023 350,000 350,000 0.185 August 30, 2023 4,240,000 4,240,000 0.150 May 9, 2024 50,000 50,000 0.130 June 24, 2024 7,450,000 4,450,000 0.065 March 19, 2025 100,000 100,000 0.075 May 22, 2025 5,900,000 5,900,000 0.140 November 13, 2025 6,175,000 6,175,000 0.180 May 23, 2026 34,615,000 34,615,000 *Options expired subsequent to year-end unexercised.

TREASURY STOCK (Tables)

TREASURY STOCK (Tables)	12 Months Ended
	Dec. 31, 2021
TREASURY STOCK
Schedule of treasury stock	Number Amount Treasury shares, December 31, 2021, 2020, and 2019 1,033,333 $ 1,264,194 Treasury shares comprise shares of the Company which cannot be sold without the prior approval of the TSX.

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
SEGMENTED INFORMATION
Schedule of segmented information	December 31, 2021 Australia United States Total Equipment $ - $ 2,932 $ 2,932 Mineral property interests 704,053 - 704,053 $ 704,053 $ 2,932 $ 706,958 December 31, 2020 Australia United States Total Equipment $ - $ 4,660 $ 4,660 Mineral property interests 704,053 - 704,053 $ 704,053 $ 4,660 $ 708,713

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAX
A reconciliation of income taxes at statutory rates	2021 2020 Loss before income taxes $ (1,567,032 ) $ (1,387,840 ) Expected income tax (recovery) (407,000 ) (361,000 ) Change in statutory, foreign exchange rates, and other 17,000 120,000 Permanent difference 154,000 182,000 Impact of foreign exchange (38,000 ) (190,000 ) Adjustment to prior years provision versus statutory tax returns 119,000 (293,000 ) Change in unrecognized deductible temporary differences 155,000 542,000 Total Income tax expense (recovery) $ - $ - 2021 2020 Deferred Tax Assets (Liabilities) Exploration and evaluation assets $ 1,829,000 $ 1,803,000 Property and equipment 105,000 104,000 Marketable securities - 19,000 Allowable capital losses 1,891,000 1,845,000 Non-capital losses available for future periods 6,591,000 6,450,000 10,416,000 10,261,000 Unrecognized deferred tax assets (10,416,000 ) (10,261,000 ) Net deferred tax assets $ - $ - 2021 Expiry Date Range 2020 Expiry Date Range Temporary Differences Exploration and evaluation assets $ 7,036,000 No expiry date $ 6,937,000 No expiry date Property and equipment 403,000 No expiry date 400,000 No expiry date Marketable securities - - 145,000 No expiry date Allowable capital losses 7,274,000 No expiry date 7,250,000 No expiry date Non-capital losses available for future periods 25,349,000 2021 to 2041 24,807,000 2019 to 2040

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Computer equipment	30% straight line

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash	$ 93,894	$ 170,284	$ 115,568
Assets	93,894
Level 2
Cash	0
Assets	0
Level 3
Cash	0
Assets	0
Level 1
Cash	93,894
Assets	$ 93,894

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Anti-dilutive securities	34,615,000	35,100,000

EQUIPMENT (Details)

EQUIPMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net book value, beginning of period	$ 4,660
Amortization	1,728	$ 2,307
Net book value, end of period	2,932	4,660
Computer Equipment
Net book value, beginning of period	4,660	6,967
Additions (disposals) (write-offs)	0	0
Amortization	1,728	2,307
Net book value, end of period	$ 2,932	$ 4,660

MINERAL PROPERTY INTERESTS (Det

MINERAL PROPERTY INTERESTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
MINERAL PROPERTY INTERESTS
Acquisition costs	$ 704,053	$ 704,053	$ 704,053

MINERAL PROPERTY INTERESTS (D_2

MINERAL PROPERTY INTERESTS (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2018	Dec. 31, 2016
Letter of intent amoount	$ 2,700,000
Ownership percentage		100.00%
Royalty percentage on gross mineral sales		0.70%
Net Profits Interest royalty percentage		50.00%
Revenue royalty payable percentage		0.20%
Net Smelter Returns royalty percentage		1.50%
Revenue royalty is payable		$ 370,000
Nyngan Property [Member]
Ownership percentage		100.00%		100.00%
Net Smelter Returns royalty percentage		1.70%
NSW minerals royalty percentage		4.00%
Honeybugle property [Member]
Ownership percentage		100.00%
Kiviniemi Scandium Property Finland [Member]
Reclamation bond			$ 11,444

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Option expense	$ 441,277	$ 542,772
Consulting fees	102,000	102,000
Due to officers	$ 1,159,713	$ 702,456

CAPITAL STOCK AND ADDITIONAL _3

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shareholders' Deficiency
Number currently exercisable	34,615,000
Weighted average exercise price, Number currently exercisable	$ 0.18
Number of stock options granted	6,175,000	14,425,000
Number of stock options exercised	3,125,000	1,550,000
Number of stock options expired	3,535,000	12,385,000
Number of stock options outstanding, ending	34,615,000	35,100,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.17	$ 0.19
Weighted average exercise price of stock options granted	0.18	0.10
Weighted average exercise price of stock options exercised	0.12	0.12
Weighted average exercise price of stock options expired	0.16	0.14
Weighted average exercise price of stock options outstanding, ending	$ 0.18	$ 0.17
Number of stock options outstanding, beginning	35,100,000	34,610,000

CAPITAL STOCK AND ADDITIONAL _4

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of options exercisable	34,615,000
Number of stock options outstanding, beginning	34,615,000	35,100,000	34,610,000	29,065,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.18	$ 0.17	$ 0.19	$ 0.19
Option 1
Number of options exercisable	4,400,000
Number of stock options outstanding, beginning	4,400,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.370
Expiration date	Feb. 21, 2022
Option 2
Number of options exercisable	250,000
Number of stock options outstanding, beginning	250,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.300
Expiration date	Oct. 6, 2022
Option 3
Number of options exercisable	5,700,000
Number of stock options outstanding, beginning	5,700,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.225
Expiration date	Jan. 19, 2023
Option 4
Number of options exercisable	350,000
Number of stock options outstanding, beginning	350,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.185
Expiration date	Aug. 30, 2023
Option 5
Number of options exercisable	4,240,000
Number of stock options outstanding, beginning	4,240,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.150
Expiration date	May 9, 2024
Option 6
Number of options exercisable	50,000
Number of stock options outstanding, beginning	50,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.130
Expiration date	Jun. 24, 2024
Option 7
Number of options exercisable	4,450,000
Number of stock options outstanding, beginning	7,450,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.065
Expiration date	Mar. 19, 2025
Option 8
Number of options exercisable	100,000
Number of stock options outstanding, beginning	100,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.075
Expiration date	May 22, 2025
Option 9
Number of options exercisable	5,900,000
Number of stock options outstanding, beginning	5,900,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.140
Expiration date	Nov. 13, 2025
Option 10
Number of options exercisable	6,175,000
Number of stock options outstanding, beginning	6,175,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.180
Expiration date	May 23, 2026

CAPITAL STOCK AND ADDITIONAL _5

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 2)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shareholders' Deficiency
Risk-free interest rate	0.32%	2.31%
Expected life	5 years	5 years
Volatility	87.19%	90.40%
Forfeiture rate	0.00%	0.00%
Dividend rate	0.00%	0.00%

CAPITAL STOCK AND ADDITIONAL _6

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of stock options granted	6,175,000	14,425,000
Nyngan Property [Member]
Aggregate intrinsic value of outstanding and exercisable stock options	$ 445,466	$ 1,891,329
Stock-based compensation	$ 610,385	$ 684,055
Number of stock options granted	6,175,000	14,425,000
Weighted average fair value of stock options granted	$ 0.18	$ 0.10

TREASURY STOCK (Details)

TREASURY STOCK (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TREASURY STOCK
Treasury shares	1,033,333	1,033,333	1,033,333
Treasury stock (Note 7) (1,033,333 common shares) (2019 - 1,033,333)	$ 1,264,194	$ 1,264,194	$ 1,264,194

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
United States
Equipment	$ 2,932	$ 4,660
Mineral property interests	704,053	704,053
Capital assets	2,932	4,660
Australia
United States
Equipment	0	0
Mineral property interests	704,053	704,053
Capital assets	704,053	704,053
United States [Member]
United States
Capital assets	2,932	4,660
Australia [Member]
United States
Capital assets	$ 704,053	$ 704,053

INCOME TAX (Details)

INCOME TAX (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INCOME TAX
Loss before income taxes	$ (1,567,032)	$ (1,387,840)
Expected income tax (recovery)	(407,000)	(361,000)
Change in statutory, foreign exchange rates, and other	17,000	120,000
Permanent difference	(154,000)	(182,000)
Impact of foreign exchange	(38,000)	(190,000)
Adjustment to prior years provision versus statutory tax returns	119,000	(293,000)
Change in unrecognized deductible temporary differences	155,000	542,000
Total income tax expense (recovery)	$ 0	$ 0

INCOME TAX (Details 1)

INCOME TAX (Details 1) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
INCOME TAX
Exploration and evaluation assets	$ 1,829,000	$ 1,803,000
Property and equipment	105,000	104,000
Marketable securities	0	19,000
Allowable capital losses	1,891,000	1,845,000
Non-capital losses available for future periods	6,591,000	6,450,000
Gross deferred tax assets	10,416,000	10,261,000
Unrecognized deferred tax assets	(10,416,000)	(10,261,000)
Net deferred tax assets	$ 0	$ 0

INCOME TAX (Details 2)

INCOME TAX (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment
Temporary differences	$ 403,000	$ 400,000
Expiry date range	No expiry date	No expiry date
Non-capital Losses Available for Future Periods
Temporary differences	$ 25,349,000	$ 24,807,000
Expiry date range	2021 to 2041	2019 to 2040
Exploration and Evaluation Assets
Temporary differences	$ 7,036,000	$ 6,937,000
Expiry date range	No expiry date	No expiry date
Marketable Securities
Temporary differences	$ 0	$ 145,000
Expiry date range	0	No expiry date
Allowable Capital Losses
Temporary differences	$ 7,274,000	$ 7,250,000
Expiry date range	No expiry date	No expiry date

SALE OF ROYALTY (Details Narrat

SALE OF ROYALTY (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SALE OF ROYALTY (Details Narrative)
Sale of royalty	$ 382,430	$ 500,000