Scandium International Mining (SCYYF) 10-K 7 Mar 23 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 07, 2023	Jun. 30, 2022
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, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		355,860,813
Entity Public Float			$ 26,235,276
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-54416
Entity Incorporation State Country Code	Z4
Entity Tax Identification Number	98-1009717
Entity Interactive Data Current	Yes
Icfr Auditor Attestation Flag	false
Entity Address Address Line 1	1390 Ione Pass Trail
Entity Address City Or Town	Reno
Entity Address State Or Province	NV
Entity Address Postal Zip Code	89523
City Area Code	775
Local Phone Number	355-9500
Auditor Firm Id	731
Auditor Name	DAVIDSON & COMPANY LLP
Auditor Location	Vancouver, Canada

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current
Cash	$ 1,852,710	$ 93,894
Prepaid expenses and receivables	33,541	35,042
Total Current Assets	1,886,251	128,936
Reclamation bond (Note 4)	10,699	11,444
Equipment (Note 3)	0	2,932
Mineral property interests (Note 4)	704,053	704,053
Total Assets	2,601,003	847,365
Current
Accounts payable and accrued liabilities	127,263	568,001
Accounts payable with related parties (Note 5)	185,576	1,159,713
Derivative liability - warrants (Note 6)	1,194,885	0
Total Liabilities	1,507,724	1,727,714
Shareholders' Equity (Deficiency)
Capital stock (Note 6) (Authorized: Unlimited number of common shares; Issued and outstanding: 355,860,813 (2021 - 317,157,595))	111,144,603	110,149,177
Treasury stock (Note 7) (1,033,333 common shares) (2021 - 1,033,333)	(1,264,194)	(1,264,194)
Additional paid in capital (Note 6)	7,019,116	6,891,510
Accumulated other comprehensive loss	(853,400)	(853,400)
Deficit	(114,952,846)	(115,803,442)
Total Shareholders' Equity (Deficiency)	1,093,279	(880,349)
Total Liabilities and Shareholders' Equity (Deficiency)	$ 2,601,003	$ 847,365

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Common stock, issued	355,860,813	317,157,595
Common stock, outstanding	355,860,813	317,157,595
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, 2022	Dec. 31, 2021
EXPENSES
Amortization (Note 3)	$ 2,932	$ 1,728
Consulting (Note 5)	18,363	130,622
Exploration costs (recovery)	(959)	70,450
General and administrative	151,067	212,795
Insurance	31,064	35,535
Professional fees	96,797	63,459
Salaries and benefits	222,138	465,599
Stock-based compensation (Notes 5 & 6)	198,280	610,385
Travel and entertainment	747	380
Total Operating Exp	(720,428)	(1,590,953)
Foreign exchange gain	13,721	23,921
Accruals reversal (Note 8)	1,032,044	0
Unrealized gain on derivative liability - warrants (Note 6)	525,259	0
Income (loss) and comprehensive income (loss) for the year	$ 850,596	$ (1,567,032)
Basic and diluted loss per common share	$ 0	$ 0
Basic and diluted weighted average number of common shares outstanding	340,368,144	316,169,361

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS USED IN OPERATING ACTIVITIES
Income (loss) for the year	$ 850,596	$ (1,567,032)
Items not affecting cash:
Amortization	2,932	1,728
Stock-based compensation	198,280	610,385
Accrual reversal	(1,032,044)	0
Unrealized gain on derivative liability - warrants	(525,259)	0
Unrealized gain on foreign exchange	(60,890)	0
Changes in non-cash working capital items:
Decrease in prepaids and receivables	1,501	7,388
Increase (decrease) in accounts payable, accrued liabilities and accounts payable with related parties	(382,831)	573,326
Net Cash Provided By Used In Operating Activities	(947,715)	(374,205)
CASH FLOWS FROM FINANCING ACTIVITIES
Common shares issued	2,647,852	0
Share issue costs	(48,310)	0
Options exercised for common shares	106,989	297,815
Net Cash Provided By Used In Financing Activities	2,706,531	297,815
Change in cash during the year	1,758,816	(76,390)
Cash, beginning of year	93,894	170,284
Cash, end of year	$ 1,852,710	$ 93,894

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	Total	Additional Paid-In Capital	Treasury Stock	Accumulated other comprehensive loss	Retained Earnings (Accumulated Deficit)	Capital Stock
Balance, shares at Dec. 31, 2020						314,032,595
Balance, amount at Dec. 31, 2020	$ (221,517)	$ 6,505,416	$ (1,264,194)	$ (853,400)	$ (114,236,410)	$ 109,627,071
Options exercised, shares						3,125,000
Options exercised, amount	297,815	(224,291)	0	0	0	$ 522,106
Stock-based compensation	610,385	610,385	0	0	0	0
Loss for the year	(1,567,032)	0	0	0	(1,567,032)	$ 0
Balance, shares at Dec. 31, 2021						317,157,595
Balance, amount at Dec. 31, 2021	(880,349)	6,891,510	(1,264,194)	(853,400)	(115,803,442)	$ 110,149,177
Options exercised, shares						900,000
Options exercised, amount	106,989	(70,674)	0	0	0	$ 177,663
Stock-based compensation	198,280	198,280	0	0	0	0
Loss for the year	850,596	0	0	0	850,596	$ 0
Private placement net of share issuance costs, shares						37,803,218
Private placement net of share issuance costs, amount	2,599,542	0	0	0	0	$ 2,599,542
Derivative liability	(1,781,779)	0	0	0	0	$ (1,781,779)
Balance, shares at Dec. 31, 2022						355,860,813
Balance, amount at Dec. 31, 2022	$ 1,093,279	$ 7,019,116	$ (1,264,194)	$ (853,400)	$ (114,952,846)	$ 111,144,603

NATURE AND CONTINUANCE OF OPERA

NATURE AND CONTINUANCE OF OPERATIONS	12 Months Ended
	Dec. 31, 2022
NATURE AND CONTINUANCE OF OPERATIONS
NATURE AND CONTINUANCE OF OPERATIONS	1. NATURE AND CONTINUANCE OF OPERATIONS Scandium International is a specialty metals and alloys company focusing on scandium and other specialty metals. 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”. The Company’s focus is on the exploration and evaluation of its specialty metals assets, specifically the Nyngan scandium deposit located in New South Wales, Australia. The Company is an exploration stage company and anticipates incurring significant additional expenditures prior to production at any and all of its properties. 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 the Nyngan property. 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, have 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, 2022
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 derivative liabilities, 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. 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) Income (Loss) per share Basic income (loss) per common share is computed using the weighted average number of common shares outstanding during the year. To calculate diluted income (loss) per share, the Company uses the treasury stock method and the if converted method. As at December 31, 2022 there were 37,803,218 warrants outstanding (2021 – Nil) and 34,665,000 options (2021 – 34,615,000) 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, 2022, the Company has 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. 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 and liabilities that are measured at fair value on a recurring basis as at December 31, 2022 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, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash $ 1,852,710 $ 1,852,710 $ — $ — Derivative liability - warrants (1,194,885 ) — — (1,194,885 ) 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 has reviewed this standard and determined that there is no impact on its financial statements.

EQUIPMENT

EQUIPMENT	12 Months Ended
	Dec. 31, 2022
EQUIPMENT
EQUIPMENT	3. EQUIPMENT 2022 December 31, 2021 Net Book Value Additions (disposals) Amortization December 31, 2022 Net Book Value Computer equipment $ 2,932 $ - $ (2,932 ) $ - 2021 December 31, 2020 Net Book Value Additions (disposals) Amortization December 31, 2021 Net Book Value Computer equipment $ 4,660 $ - $ (1,728 ) $ 2,932 During the year period ended December 31, 2022, the remaining fixed assets were disposed for $Nil proceeds.

MINERAL PROPERTY INTERESTS

MINERAL PROPERTY INTERESTS	12 Months Ended
	Dec. 31, 2022
MINERAL PROPERTY INTERESTS
MINERAL PROPERTY INTERESTS	4. MINERAL PROPERTY INTERESTS Scandium and other Acquisition costs Balance, December 31, 2022, 2021, and 2020 $ 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). 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 of 0.2%, subject to a $370,000 cap. A NSW minerals royalty will also be levied on the project, subject to negotiation, currently 4% on revenue. Honeybugle property, Australia The Company holds a 100% 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. As at December 31, 2022, the Company has a reclamation bond of $10,699 (€10,000), (December 31, 2021 - $11,444 (€10,000)). An application to extend the license for 3 years has been submitted.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	5. RELATED PARTY TRANSACTIONS During the year ended December 31, 2022, the Company expensed $177,745 for stock-based compensation for stock options issued to Company directors. During the year ended December 31, 2021, the Company expensed $441,277 for stock options issued to Company directors. During the year ended December 31, 2022, the Company expensed a consulting fee of $17,000 to one of its directors. During the year ended December 31, 2021, the Company expensed a consulting fee of $102,000 to one of its directors. As at December 31, 2022, the Company owed $185,576 (2021 - $1,159,713) to an officer of the Company. During the year ended December 31, 2022, the Company reversed $669,733 (2021 - $Nil) of accruals to related parties, pursuant to settlement agreements.

CAPITAL STOCK AND ADDITIONAL PA

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL	12 Months Ended
	Dec. 31, 2022
Shareholders' Equity (Deficiency)
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL	6. CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL The holders of common stock are entitled to one vote for each share held. There are no restrictions that limit the Company’s ability to pay dividends on its common stock. The Company has not declared any dividends since incorporation. The Company’s common stock has no par value per common share. During the year ended December 31, 2022, the Company issued 37,803,218 units as part of a private placement valued at CAD$0.09 per unit. Each units consists of one common share and one share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share in the capital of the Company at an exercise price of CAD$0.1075 at any time up to 5 years following the date of issuance. The warrants attached to the private placement are classified as a derivative liability at an initial value of $1,781,779. During the year ended December 31, 2021, there were no share issuances pursuant to private placements. During the year ended December 31, 2022, the holders of 900,000 stock options exercised their options for 900,000 shares for $106,989 (CAD$135,000) at an exercise price of CAD$0.15 per share. During the year ended December 31, 2021, the holders of 3,125,000 stock options exercised their options for 3,125,000 shares for $297,815 (CAD$378,575) at an average exercised price of CAD$0.12. Warrants A summary of warrant activity for the year ended December 31, 2022, are as follows: Number of warrants Exercise price Expiry date Outstanding December 31, 2021, and 2020 - - - Granted 37,803,218 CAD$0.1075 May 20 - June 14, 2027 Outstanding December 31, 2022 37,803,218 CAD$0.1075 A fair value of the derivative liability of $1,781,779 was estimated on the date of the subscription using the Black-Scholes pricing model. For the year ended December 31, 2022, there was a non-cash gain on derivative liability – warrants of $525,259 and an unrealized foreign exchange gain of $61,635 resulting in a fair value as at December 31, 2022 of $1,194,885 with the following weighted average assumptions: December 31, 2022 Issuance date Exercise price CAD$0.1075 CAD$0.1075 Stock price CAD$0.07 CAD$0.09 Expected term 4.5 years 5 years Expected dividend yield - - Expected stock price volatility 91.71 % 85.69 % Risk-free interest rate 2.75 % 2.73 % 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 10% 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. The exercise price 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, 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 Granted 5,700,000 0.09 Exercised (900,000 ) 0.15 Expired (4,750,000 ) 0.37 Outstanding, December 31, 2022 34,665,000 $ 0.14 Number currently exercisable 31,815,000 $ 0.14 As at December 31, 2022, incentive stock options were outstanding as follows: Number of Options (outstanding) Number of Options (exercisable) Exercise Price in Canadian $ Expiry Date Options 5,700,000 5,700,000 0.225 January 19, 2023* 350,000 350,000 0.185 August 30, 2023 3,240,000 3,240,000 0.150 May 9, 2024 50,000 50,000 0.130 June 24, 2024 7,450,000 7,450,000 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 5,700,000 2,850,000 0.090 June 14, 2027 34,665,000 31,815,000 *Options expired subsequent to December 31, 2022, unexercised. As at December 31, 2022 the Company’s outstanding and exercisable stock options have an aggregate intrinsic value of $Nil (2021 - $445,466). Stock-based compensation During the year ended December 31, 2022, the Company recognized stock-based compensation of $198,280 (December 31, 2021 - $610,385) in the statement of profit or loss pursuant to stock options granted and vested. There were 5,700,000 stock options granted during the year ended December 31, 2022 (December 31, 2021 – 6,175,000). The weighted average fair value of the options granted in the year was CAD$0.06 (2021 - CAD$0.18). 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 years ended December 31,2022 and December 31, 2021 are as follows: 2022 2021 Risk-free interest rate 2.79 % 0.32 % Expected life 5 years 5 years Volatility 85.52 % 87.19 % Forfeiture rate 0.00 % 0.00 % Dividend rate 0.00 % 0.00 %

TREASURY STOCK

TREASURY STOCK	12 Months Ended
	Dec. 31, 2022
TREASURY STOCK
TREASURY STOCK	7. TREASURY STOCK Number Amount Treasury shares, December 31, 2022, 2021, and 2020 1,033,333 $ 1,264,194 Treasury shares comprise shares of the Company which cannot be sold without the prior approval of the TSX.

ACCRUALS REVERSAL

ACCRUALS REVERSAL	12 Months Ended
	Dec. 31, 2022
ACCRUALS REVERSAL
ACCRUALS REVERSAL	8. ACCRUALS REVERSAL During the year ended December 31, 2022, the Company recognized a recovery on historical accruals it had recorded totaling $669,733 to related parties (Note 5) and $362,311 to former contractors and consultants pursuant to settlement agreements.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	12 Months Ended
	Dec. 31, 2022
SEGMENTED INFORMATION
SEGMENTED INFORMATION	9. SEGMENTED INFORMATION The Company’s mineral properties are located in Australia. The Company’s capital assets’ geographic information is as follows: December 31, 2022 Australia United States Total Mineral property interests 704,053 - 704,053 $ 704,053 $ - $ 704,053 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

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2022
INCOME TAX
INCOME TAX	10. INCOME TAX A reconciliation of income taxes at statutory rates with the reported taxes is as follows: 2022 2021 Loss before income taxes $ 850,596 $ (1,567,032 ) Expected income tax (recovery) 221,000 (407,000 ) Change in statutory, foreign exchange rates, and other (330,000 ) 17,000 Permanent difference (350,000 ) 154,000 Impact of foreign exchange 171,000 (38,000 ) Share issuance costs (13,000 ) - Adjustment to prior years provision versus statutory tax returns 115,000 119,000 Change in unrecognized deductible temporary differences 186,000 155,000 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: 2022 2021 Deferred Tax Assets (Liabilities) Exploration and evaluation assets $ 1,761,000 $ 1,829,000 Property and equipment 118,000 105,000 Share issuance costs 10,000 - Derivative liability 311,000 - Allowable capital losses 1,773,000 1,891,000 Non-capital losses available for future periods 6,629,000 6,591,000 10,602,000 10,416,000 Unrecognized deferred tax assets (10,602,000 ) (10,416,000 ) 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: 2022 Expiry Date Range 2021 Expiry Date Range Temporary Differences Exploration and evaluation assets $ 6,640,000 No expiry date $ 7,036,000 No expiry date Property and equipment 455,000 No expiry date 403,000 No expiry date Derivative liability 1,195,000 2027 - - Share issuance costs 39,000 2042 to 2046 - - Allowable capital losses 6,818,000 No expiry date 7,274,000 No expiry date Non-capital losses available for future periods 24,327,000 2021 to 2042 25,349,000 2019 to 2040

SUPPLEMENTAL DISCLOSURE WITH RE

SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS	12 Months Ended
	Dec. 31, 2022
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS	11. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS During the year ended December 31, 2022, the Company recognized $1,781,779 as a derivative liability associated with warrants attached to a private placement financing as a non-cash transaction. There were no significant non-cash transactions during the year ended December 31, 2022, and 2021. There were no amounts paid for taxes and interest in the years ended December 31, 2022, and December 31, 2021.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
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”). 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.
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 derivative liabilities, 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.
Income (Loss) per share	Basic income (loss) per common share is computed using the weighted average number of common shares outstanding during the year. To calculate diluted income (loss) per share, the Company uses the treasury stock method and the if converted method. As at December 31, 2022 there were 37,803,218 warrants outstanding (2021 – Nil) and 34,665,000 options (2021 – 34,615,000) 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, 2022, the Company has 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	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 and liabilities that are measured at fair value on a recurring basis as at December 31, 2022 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, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash $ 1,852,710 $ 1,852,710 $ — $ — Derivative liability - warrants (1,194,885 ) — — (1,194,885 ) The fair values of cash are determined through market, observable and corroborated sources.
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 has reviewed this standard and determined that there is no impact on its financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Schedule of amortization rate	30% straight line
Schedule of fair value, by balance sheet grouping	December 31, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash $ 1,852,710 $ 1,852,710 $ — $ — Derivative liability - warrants (1,194,885 ) — — (1,194,885 )

EQUIPMENT (Tables)

EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
EQUIPMENT
Schedule of property, plant and equipment	December 31, 2021 Net Book Value Additions (disposals) Amortization December 31, 2022 Net Book Value Computer equipment $ 2,932 $ - $ (2,932 ) $ - 2021 December 31, 2020 Net Book Value Additions (disposals) Amortization December 31, 2021 Net Book Value Computer equipment $ 4,660 $ - $ (1,728 ) $ 2,932

MINERAL PROPERTY INTERESTS (Tab

MINERAL PROPERTY INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2022
MINERAL PROPERTY INTERESTS
Schedule of mineral interests	Scandium and other Acquisition costs Balance, December 31, 2022, 2021, and 2020 $ 704,053

CAPITAL STOCK AND ADDITIONAL _2

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2022
Shareholders' Equity (Deficiency)
Schedule of stock options activity	Number of warrants Exercise price Expiry date Outstanding December 31, 2021, and 2020 - - - Granted 37,803,218 CAD$0.1075 May 20 - June 14, 2027 Outstanding December 31, 2022 37,803,218 CAD$0.1075
Schedule of fair value of the derivative liability	December 31, 2022 Issuance date Exercise price CAD$0.1075 CAD$0.1075 Stock price CAD$0.07 CAD$0.09 Expected term 4.5 years 5 years Expected dividend yield - - Expected stock price volatility 91.71 % 85.69 % Risk-free interest rate 2.75 % 2.73 %
Schedule of Stock option transactions summarized	Stock Options Number Weighted average exercise price in Canadian $ 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 Granted 5,700,000 0.09 Exercised (900,000 ) 0.15 Expired (4,750,000 ) 0.37 Outstanding, December 31, 2022 34,665,000 $ 0.14 Number currently exercisable 31,815,000 $ 0.14
Schedule of stock options outstanding	Number of Options (outstanding) Number of Options (exercisable) Exercise Price in Canadian $ Expiry Date Options 5,700,000 5,700,000 0.225 January 19, 2023* 350,000 350,000 0.185 August 30, 2023 3,240,000 3,240,000 0.150 May 9, 2024 50,000 50,000 0.130 June 24, 2024 7,450,000 7,450,000 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 5,700,000 2,850,000 0.090 June 14, 2027 34,665,000 31,815,000
Schedule of weighted average assumptions for fair values	2022 2021 Risk-free interest rate 2.79 % 0.32 % Expected life 5 years 5 years Volatility 85.52 % 87.19 % Forfeiture rate 0.00 % 0.00 % Dividend rate 0.00 % 0.00 %

TREASURY STOCK (Tables)

TREASURY STOCK (Tables)	12 Months Ended
	Dec. 31, 2022
TREASURY STOCK
Schedule of treasury stock	Number Amount Treasury shares, December 31, 2022, 2021, and 2020 1,033,333 $ 1,264,194

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
SEGMENTED INFORMATION
Schedule of segmented information	December 31, 2022 Australia United States Total Mineral property interests 704,053 - 704,053 $ 704,053 $ - $ 704,053 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

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME TAX
A reconciliation of income taxes at statutory rates	2022 2021 Loss before income taxes $ 850,596 $ (1,567,032 ) Expected income tax (recovery) 221,000 (407,000 ) Change in statutory, foreign exchange rates, and other (330,000 ) 17,000 Permanent difference (350,000 ) 154,000 Impact of foreign exchange 171,000 (38,000 ) Share issuance costs (13,000 ) - Adjustment to prior years provision versus statutory tax returns 115,000 119,000 Change in unrecognized deductible temporary differences 186,000 155,000 Total Income tax expense (recovery) $ - $ -
Deferred tax assets	2022 2021 Deferred Tax Assets (Liabilities) Exploration and evaluation assets $ 1,761,000 $ 1,829,000 Property and equipment 118,000 105,000 Share issuance costs 10,000 - Derivative liability 311,000 - Allowable capital losses 1,773,000 1,891,000 Non-capital losses available for future periods 6,629,000 6,591,000 10,602,000 10,416,000 Unrecognized deferred tax assets (10,602,000 ) (10,416,000 ) Net deferred tax assets $ - $ -
Unused tax credits and unused tax losses	2022 Expiry Date Range 2021 Expiry Date Range Temporary Differences Exploration and evaluation assets $ 6,640,000 No expiry date $ 7,036,000 No expiry date Property and equipment 455,000 No expiry date 403,000 No expiry date Derivative liability 1,195,000 2027 - - Share issuance costs 39,000 2042 to 2046 - - Allowable capital losses 6,818,000 No expiry date 7,274,000 No expiry date Non-capital losses available for future periods 24,327,000 2021 to 2042 25,349,000 2019 to 2040

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2022
BASIS OF PRESENTATION (Details)
Computer equipment	30% straight line

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details 1) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Cash	$ 1,852,710	$ 93,894
Derivative liabilities - warrants	1,194,885
Level 3
Cash	0
Derivative liabilities - warrants	1,194,885
Level 2
Cash	0
Derivative liabilities - warrants	0
Level 1
Cash	1,852,710
Derivative liabilities - warrants	$ 0

BASIS OF PRESENTATION (Detail_2

BASIS OF PRESENTATION (Details Narrative) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
BASIS OF PRESENTATION (Details)
Outstanding warrants	37,803,218	0	37,803,218	0
Outstanding options	34,665,000	34,615,000

EQUIPMENT (Details)

EQUIPMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net book value, beginning of period	$ 2,932
Amortization	(2,932)	$ (1,728)
Net book value, end of period	0	2,932
Level 2
Net book value, beginning of period	2,932	4,660
Additions (disposals) (write-offs)	0	0
Amortization	(2,932)	(1,728)
Net book value, end of period	$ 0	$ 2,932

MINERAL PROPERTY INTERESTS (Det

MINERAL PROPERTY INTERESTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
MINERAL PROPERTY INTERESTS
Acquisition costs	$ 704,053	$ 704,053	$ 704,053

MINERAL PROPERTY INTERESTS (D_2

MINERAL PROPERTY INTERESTS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Royalty percentage on gross mineral sales	0.70%
Net Profits Interest royalty percentage	1.50%
Revenue royalty payable percentage	0.20%
Revenue royalty is payable	$ 370,000
Nyngan Property [Member]
Ownership percentage	100%
Net Smelter Returns royalty percentage	1.70%
NSW minerals royalty percentage	4%
Honeybugle property [Member]
Ownership percentage	100%
Kiviniemi Scandium Property Finland [Member]
Reclamation bond	$ 10,699	$ 11,444

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Consulting fees	$ 17,000	$ 102,000
Due to officers	185,576	1,159,713
Accruals reversal to related parties	669,733	0
Stock-based compensation for stock options	$ 177,745	$ 441,277

CAPITAL STOCK AND ADDITIONAL _3

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details)	12 Months Ended
	Dec. 31, 2022 shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2020 $ / shares shares
Shareholders' Equity (Deficiency)
Number of stock options granted	5,700,000	6,175,000	37,803,218	37,803,218
Number of exercise price granted | $ / shares				$ 0.1075
Granted expiry date			May 20 - June 14, 2027	May 20 - June 14, 2027
Number of warrant outstanding, beginning	0	37,803,218	0	0
Number of warrant outstanding, ending	37,803,218	0	37,803,218	37,803,218
Number of exercise price , beginning | (per share)		$ 0.1075	$ 0
Number of exercise price, ending | $ / shares				$ 0.1075

CAPITAL STOCK AND ADDITIONAL _4

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Expected term	5 years	5 years
Expected dividend yield	0%	0%
Expected stock price volatility	85.52%	87.19%
Risk-free interest rate	2.79%	0.32%
Warrant [Member]
Exercise price	$ 0.1075
Stock price	$ 0.07
Expected term	4 years 6 months
Expected dividend yield	0%
Expected stock price volatility	91.71%
Risk-free interest rate	2.75%
Issuance Date
Exercise price	$ 0.1075
Stock price	$ 0.09
Expected term	5 years
Expected dividend yield	0%
Expected stock price volatility	85.69%
Risk-free interest rate	2.73%

CAPITAL STOCK AND ADDITIONAL _5

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 2) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shareholders' Equity (Deficiency)
Weighted average exercise price, Number currently exercisable	$ 0.14
Number of stock options outstanding, beginning	34,615,000	35,100,000	34,610,000
Number of stock options granted	5,700,000	6,175,000	37,803,218
Number of stock options exercised	(900,000)	(3,125,000)
Number of stock options expired	(4,750,000)	(3,535,000)
Number of stock options outstanding, ending	34,665,000	34,615,000	35,100,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.18	$ 0.17	$ 0.19
Weighted average exercise price of stock options granted	0.09	0.18
Weighted average exercise price of stock options exercised	0.15	0.12
Weighted average exercise price of stock options expired	0.37	0.16
Weighted average exercise price of stock options outstanding, ending	$ 0.14	$ 0.18	$ 0.17
Number currently exercisable	31,815,000

CAPITAL STOCK AND ADDITIONAL _6

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 3) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of stock options outstanding, beginning	34,665,000	34,615,000	35,100,000	34,610,000	29,065,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.14	$ 0.18	$ 0.17	$ 0.19	$ 0.19
Option 1
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 2
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 3
Number of options exercisable	3,240,000
Number of stock options outstanding, beginning	3,240,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.150
Expiration date	May 09, 2024
Option 4
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 5
Number of options exercisable	7,450,000
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 6
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 7
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 8
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
Option 9
Number of options exercisable	2,850,000
Number of stock options outstanding, beginning	5,700,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.090
Expiration date	Jun. 14, 2027
Option 10
Number of options exercisable	31,815,000
Number of stock options outstanding, beginning	34,665,000

CAPITAL STOCK AND ADDITIONAL _7

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 4)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Shareholders' Equity (Deficiency)
Risk-free interest rate	2.79%	0.32%
Expected life	5 years	5 years
Volatility	85.52%	87.19%
Forfeiture rate	0%	0%
Dividend rate	0%	0%

CAPITAL STOCK AND ADDITIONAL _8

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common shares	$ 106,989	$ 297,815
Recognized Fair value Derivative liability	1,781,779
Unrealized foreign exchange gain	61,635
Derivative-warrants	$ 1,194,885
Weighted average exercise price of stock	$ 0.1075
Expected life	5 years	5 years
Unrealized gain on derivative liability - warrants (Note 6)	$ 525,259	$ 0
Number of stock options granted	5,700,000	6,175,000	37,803,218
Stock-based compensation [Member]
Aggregate intrinsic value of outstanding and exercisable stock options	$ 0	$ 445,466
Stock-based compensation	$ 198,280	$ 610,385
Number of stock options granted	5,700,000	6,175,000
Weighted average fair value of stock options granted	$ 0.06	$ 0.18
Common Stock Issuances
Common shares	$ 37,803,218
Recognized Fair value Derivative liability	$ 1,781,779
Number of shares granted	900,000	3,125,000
Value per share common share | $ / shares	$ 0.09
Aggregate intrinsic value of outstanding and exercisable stock options	$ 900,000	$ 3,125,000
Weighted average fair value of stock options granted	$ 0.15	$ 0.12

TREASURY STOCK (Details)

TREASURY STOCK (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TREASURY STOCK
Treasury shares	1,033,333	1,033,333	1,033,333
Treasury stock amount	$ 1,264,194	$ 1,264,194	$ 1,264,194

ACCRUALS REVERSAL (Details Narr

ACCRUALS REVERSAL (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accruals reversal to related parties	$ 669,733	$ 0
Former Contractors Member
Accruals reversal to related parties	$ 362,311

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Equipment	$ 0	$ 2,932
Mineral property interests	704,053	704,053
Total [Member]
Equipment		2,932
Mineral property interests	704,053	704,053
Capital assets	704,053	706,958
United States [Member]
Equipment		2,932
Mineral property interests	0	0
Capital assets	0	2,932
Australia
Mineral property interests	704,053	704,053
Capital assets	$ 704,053	$ 704,053

INCOME TAX (Details)

INCOME TAX (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INCOME TAX
Loss before income taxes	$ (850,596)	$ (1,567,032)
Expected income tax (recovery)	221,000	(407,000)
Change in statutory, foreign exchange rates, and other	(330,000)	17,000
Permanent difference	350,000	(154,000)
Impact of foreign exchange	171,000	(38,000)
Share issuance costs	(13,000)	0
Adjustment to prior years provision versus statutory tax returns	115,000	119,000
Change in unrecognized deductible temporary differences	186,000	155,000
Total income tax expense (recovery)	$ 0	$ 0

INCOME TAX (Details 1)

INCOME TAX (Details 1) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
INCOME TAX
Exploration and evaluation assets	$ 1,761,000	$ 1,829,000
Property and equipment	118,000	105,000
Share issuance costs	10,000	0
Derivative liability	311,000	0
Allowable capital losses	1,773,000	1,891,000
Non-capital losses available for future periods	6,629,000	6,591,000
Gross deferred tax assets	10,602,000	10,416,000
Unrecognized deferred tax assets	(10,602,000)	(10,416,000)
Net deferred tax assets	$ 0	$ 0

INCOME TAX (Details 2)

INCOME TAX (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Exploration and Evaluation Assets
Temporary differences	$ 6,640,000	$ 7,036,000
Expiry date range	No expiry date	No expiry date
Allowable Capital Losses
Temporary differences	$ 6,818,000	$ 7,274,000
Expiry date range	No expiry date	No expiry date
Derivative Liability
Temporary differences	$ 1,195,000	$ 0
Expiry date range	2027	0
Property and Equipment
Temporary differences	$ 455,000	$ 403,000
Expiry date range	No expiry date	No expiry date
Non-capital Losses Available for Future Periods
Temporary differences	$ 24,327,000	$ 25,349,000
Expiry date range	2021 to 2042	2019 to 2040
Share Issuance Costs
Temporary differences	$ 39,000	$ 0
Expiry date range	2042 to 2046	0

SUPPLEMENTAL DISCLOSURE WITH _2

SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Details Narrative)	12 Months Ended
	Dec. 31, 2022 USD ($)
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
Recognized Derivative liability	$ 1,781,779