Scandium International Mining (SCYYF) 10-Q 12 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 10, 2023
Cover [Abstract]
Entity Registrant Name	SCANDIUM INTERNATIONAL MINING CORP.
Entity Central Index Key	0001408146
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		355,860,813
Document Quarterly 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
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current
Cash	$ 1,545,142	$ 1,852,710
Prepaid expenses and receivables	36,232	33,541
Total Current Assets	1,581,374	1,886,251
Reclamation bond (Note 3)	10,876	10,699
Mineral property interests (Note 3)	704,053	704,053
Total Assets	2,293,303	2,601,003
Current
Accounts payable and accrued liabilities	51,209	127,263
Accounts payable with related parties (Note 4)	101,658	185,576
Derivative liability - warrants (Note 5)	787,208	1,194,885
Total Liabilities	940,075	1,507,724
Shareholders' equity
Capital stock (Note 6) (Authorized: Unlimited number of common shares; Issued and outstanding: 355,860,813 (2022 - 355,860,813)	111,144,603	111,144,603
Treasury stock (Note 7) (1,033,333 common shares) (2022 - 1,033,333)	(1,264,194)	(1,264,194)
Additional paid in capital (Note 6)	7,046,065	7,019,116
Accumulated other comprehensive loss	(853,400)	(853,400)
Deficit	(114,716,846)	(114,952,846)
Total Shareholders' Equity	1,356,228	1,093,279
Total Liabilities and Shareholders' Equity	$ 2,292,303	$ 2,601,003

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, issued	355,860,813	355,860,813
Common stock, outstanding	355,860,813	355,860,813
Treasury stock, shares	1,033,333	1,033,333

CONDENSED INTERIM CONSOLIDATED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
EXPENSES
Amortization	$ 0	$ 419
Consulting	0	17,000
Exploration	37,224	19,187
General and administrative	29,751	80,296
Insurance	7,832	7,909
Professional fees	33,178	34,784
Salaries and benefits	41,174	91,223
Stock based compensation	26,949	0
Travel and entertainment	3,737	0
Operating expense	(179,845)	(250,818)
Accruals reversal (Note 8)	0	780,444
Foreign exchange gain (loss)	(21,340)	(6,680)
Interest income	7,379	0
Unrealized gain on derivative liability - warrants (Note 5)	429,806	0
Income and comprehensive income for the period	$ 236,000	$ 522,946
Basic and diluted income (loss) per common share	$ 0	$ 0
Weighted average number of common shares outstanding - basic and diluted	355,860,813	317,157,595

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Income (loss) for the period	$ 236,000	$ 522,946
Items not affecting cash:
Amortization	0	419
Accruals reversal	0	(780,444)
Stock-based compensation	26,949	0
Unrealized gain on derivative liability - warrants	(429,806)	0
Unrealized loss on foreign exchange	21,952	0
Changes in non-cash working capital items:
Decrease in prepaid expenses and receivables	(2,691)	7,486
Decrease in accounts payable, accrued liabilities and accounts payable with related parties	(159,972)	202,569
Total cash used in operating activities	(307,568)	(47,024)
Change in cash during the period	(307,568)	(47,024)
Cash, beginning of period	1,852,710	93,894
Cash, end of period	1,545,142	56,870
Cash paid during the 3-month period for interest	0	0
Cash paid during the 3-month period for taxes	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (DEFICIENCY) (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated other comprehensive loss	Retained Earnings (Accumulated Deficit)
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)
Income for the three months	522,946	$ 0	0	0	0	522,946
Balance, shares at Mar. 31, 2022		317,157,595
Balance, amount at Mar. 31, 2022	(357,403)	$ 110,149,177	6,892,510	(1,264,194)	(853,400)	(115,280,496)
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)
Options exercised, shares	900,000
Options exercised, amount	$ 106,989
Balance, shares at Dec. 31, 2022		355,860,813
Balance, amount at Dec. 31, 2022	1,093,279	$ 111,144,603	7,019,116	(1,264,194)	(853,400)	(114,952,846)
Balance, shares at Mar. 31, 2022		317,157,595
Balance, amount at Mar. 31, 2022	(357,403)	$ 110,149,177	6,892,510	(1,264,194)	(853,400)	(115,280,496)
Income for the three months	28,578	0	0	0	0	28,578
Stock-based compensation	88,447	$ 0	88,447	0	0	0
Options exercised, shares		900,000
Options exercised, amount	106,989	$ 177,663	(70,674)	0	0	0
Private placement net of share issuance cost, shares		37,803,218
Private placement net of share issuance cost, amount	2,619,434	$ 2,619,434	0	0	0	0
Derivative liability	(1,781,779)	$ (1,781,779)	0	0	0	0
Balance, shares at Jun. 30, 2022		355,860,813
Balance, amount at Jun. 30, 2022	704,266	$ 111,164,495	6,909,283	(1,264,194)	(853,400)	(115,251,918)
Income for the three months	70,701	0	0	0	0	70,701
Stock-based compensation	61,622	$ 0	61,222	0	0	0
Balance, shares at Sep. 30, 2022		355,860,813
Balance, amount at Sep. 30, 2022	836,189	$ 111,164,495	6,970,505	(1,264,194)	(853,400)	(115,181,217)
Income for the three months	228,371	0	0	0	0	228,371
Stock-based compensation	48,611	0	48,611	0	0	0
Share issuance costs	(19,892)	$ (19,892)	0	0	0	0
Balance, shares at Dec. 31, 2022		355,860,813
Balance, amount at Dec. 31, 2022	1,093,279	$ 111,144,603	7,019,116	(1,264,194)	(853,400)	(114,952,846)
Income for the three months	236,000	0	0	0	0	236,000
Stock-based compensation	$ 26,949	$ 0	26,949	0	0	0
Options exercised, shares	0
Balance, shares at Mar. 31, 2023		355,860,813
Balance, amount at Mar. 31, 2023	$ 1,356,228	$ 111,144,603	$ 704,665	$ (1,264,194)	$ (853,400)	$ (114,716,846)

NATURE AND CONTINUANCE OF OPERA

NATURE AND CONTINUANCE OF OPERATIONS	3 Months Ended
	Mar. 31, 2023
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 condensed interim 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.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
BASIS OF PRESENTATION
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION Basis of presentation The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed interim consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. In the opinion of management, all adjustments necessary for a fair statement of the consolidated financial position, results of operations and cash flows for the interim periods have been made. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. These condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022 and with our Annual Report on Form 10-K filed with the SEC on March 7, 2023. Operating results for the three-month period ended March 31, 2023 may not necessarily be indicative of the results for the year ending December 31, 2023. These unaudited condensed interim 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”). Use of estimates The preparation of unaudited condensed interim 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 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. 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 cash, receivables, reclamation bond, 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 Company has no leases in the quarter ending March 31, 2023. Short term lease expenses totaled $nil during the quarter ended March 31, 2023 and $7,383 during the quarter ended March 31, 2022. The following table presents information about the assets that are measured at fair value on a recurring basis as at March 31, 2023 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: March 31, 2023 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities Derivative liability - warrants $ 787,208 $ - $ - $ 787,208 Recently Adopted and Recently Issued Accounting Standards There are no recently issued accounting standards updates that are currently expected to have a material impact on the Company.

MINERAL PROPERTY INTERESTS

MINERAL PROPERTY INTERESTS	3 Months Ended
	Mar. 31, 2023
MINERAL PROPERTY INTERESTS
MINERAL PROPERTY INTERESTS	3. MINERAL PROPERTY INTERESTS March 31, 2023 Scandium and other Balance, March 31, 2023, December 31, 2022 $ 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 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 March 31, 2022 the Company has a reclamation bond of $10,876 (€10,000).(December 31, 2022 - $10,669(€10,000)).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	4. RELATED PARTY TRANSACTIONS 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 three months ended March 31, 2023, there were no share issuances pursuant to private placements. 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 unit 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 three months ended March 31, 2023 no stock options were exercised. 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.

CAPITAL STOCK AND ADDITIONAL PA

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL	3 Months Ended
	Mar. 31, 2023
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL	5. 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 three months ended March 31, 2023, there were no share issuances pursuant to private placements. 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 unit 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 three months ended March 31, 2023 no stock options were exercised. 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.. Warrants A summary of warrant activity for the quarter ended March 31, 2023, is as follows: Number of warrants Exercise price Expiry date Outstanding December 31, 2022 - - - Granted 37,803,218 CAD$0.1075 May 20 - June 14, 2027 Outstanding March 31, 2023 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. A fair value of the derivative liability of $1,194,885 was estimated at December 31, 2022 using the Black-Scholes pricing mode. For the quarter ended March 31, 2023, there was a non-cash gain on derivative liability – warrants of $429,806 and an unrealized foreign exchange loss of $22,129 resulting in a fair value as at March 31, 2023 of $787,208 with the following weighted average assumptions: March 31, 2023 Issuance date Exercise price CAD$0.1075 CAD$0.1075 Stock price CAD$0.05 CAD$0.09 Expected term 4.25 years 5 years Expected dividend yield - - Expected stock price volatility 94.26 % 85.69 % Risk-free interest rate 4.50 % 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. 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, 2021 34,615,000 $ 0.18 Granted 5,700,000 0.09 Exercised 900,000 ) 0.15 Expired (3,535,000 ) 0.37 Outstanding, December 31, 2022 34,665,000 0.14 Expired (5,700,000 ) 0.23 Outstanding, March 31, 2023 28,965,000 $ 0.12 Number currently exercisable 26,115,000 $ 0.12 As at March 31, 2023, incentive stock options were outstanding as follows: Number of Options Outstanding Number of Options Exercisable Exercise Price in Canadian $ Expiry Date Options 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 November13, 2025 6,175,000 6,175,000 0.180 May 23, 2026 5,700,000 2,850,000 0.090 June 24, 2027 28,965,000 26,115,000 As at March 31, 2023 the Company’s outstanding and exercisable stock options have an aggregate intrinsic value of $Nil (December 31, 2021 - $Nil).

TREASURY STOCK

TREASURY STOCK	3 Months Ended
	Mar. 31, 2023
TREASURY STOCK
TREASURY STOCK	6. TREASURY STOCK Number Amount Treasury shares, March 31, 2023, and December 31, 2022 1,033,333 $ 1,264,194 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	3 Months Ended
	Mar. 31, 2023
SEGMENTED INFORMATION
SEGMENTED INFORMATION	7. SEGMENTED INFORMATION The Company’s mineral properties are located in Australia. The Company’s capital assets’ geographic information is as follows: March 31, 2023 Australia Total Mineral property interests 704,053 704,053 $ 704,053 $ 704,053 December 31, 2022 Australia Total Mineral property interests 704,053 704,053 $ 704,053 $ 704,053

ACCRUALS REVERSAL

ACCRUALS REVERSAL	3 Months Ended
	Mar. 31, 2023
ACCRUALS REVERSAL
ACCRUALS REVERSAL	8. ACCRUALS REVERSAL During the period ended March 31, 2022, the Company recognized a recovery on historical accruals it had recorded totaling $418,133 to related parties (Note 4) and $362,311 to former contractors and consultants pursuant to various settlement agreements.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2023
BASIS OF PRESENTATION
Basis of presentation	The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed interim consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. In the opinion of management, all adjustments necessary for a fair statement of the consolidated financial position, results of operations and cash flows for the interim periods have been made. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. These condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022 and with our Annual Report on Form 10-K filed with the SEC on March 7, 2023. Operating results for the three-month period ended March 31, 2023 may not necessarily be indicative of the results for the year ending December 31, 2023. These unaudited condensed interim 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”).
Use of estimates	The preparation of unaudited condensed interim 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 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.
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 cash, receivables, reclamation bond, 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 Company has no leases in the quarter ending March 31, 2023. Short term lease expenses totaled $nil during the quarter ended March 31, 2023 and $7,383 during the quarter ended March 31, 2022. The following table presents information about the assets that are measured at fair value on a recurring basis as at March 31, 2023 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: March 31, 2023 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities Derivative liability - warrants $ 787,208 $ - $ - $ 787,208
Recently adopted and recently issued accounting standards	There are no recently issued accounting standards updates that are currently expected to have a material impact on the Company.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2023
BASIS OF PRESENTATION
Schedule of Derivative liabilities - warrants	March 31, 2023 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities Derivative liability - warrants $ 787,208 $ - $ - $ 787,208

MINERAL PROPERTY INTERESTS (Tab

MINERAL PROPERTY INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2023
MINERAL PROPERTY INTERESTS
Schedule of mineral interests	March 31, 2023 Scandium and other Balance, March 31, 2023, December 31, 2022 $ 704,053

CAPITAL STOCK AND ADDITIONAL _2

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2023
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL
Schedule of warrant activity	Number of warrants Exercise price Expiry date Outstanding December 31, 2022 - - - Granted 37,803,218 CAD$0.1075 May 20 - June 14, 2027 Outstanding March 31, 2023 37,803,218 CAD$0.1075
Schedule of fair value of derivative liabilities	March 31, 2023 Issuance date Exercise price CAD$0.1075 CAD$0.1075 Stock price CAD$0.05 CAD$0.09 Expected term 4.25 years 5 years Expected dividend yield - - Expected stock price volatility 94.26 % 85.69 % Risk-free interest rate 4.50 % 2.73 %
Schedule of stock options activity	Stock Options Number Weighted average exercise price in Canadian $ Outstanding, December 31, 2021 34,615,000 $ 0.18 Granted 5,700,000 0.09 Exercised 900,000 ) 0.15 Expired (3,535,000 ) 0.37 Outstanding, December 31, 2022 34,665,000 0.14 Expired (5,700,000 ) 0.23 Outstanding, March 31, 2023 28,965,000 $ 0.12 Number currently exercisable 26,115,000 $ 0.12
Schedule of stock options outstanding	Number of Options Outstanding Number of Options Exercisable Exercise Price in Canadian $ Expiry Date Options 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 November13, 2025 6,175,000 6,175,000 0.180 May 23, 2026 5,700,000 2,850,000 0.090 June 24, 2027 28,965,000 26,115,000

TREASURY STOCK (Tables)

TREASURY STOCK (Tables)	3 Months Ended
	Mar. 31, 2023
TREASURY STOCK
Schedule of treasury stock	Number Amount Treasury shares, March 31, 2023, and December 31, 2022 1,033,333 $ 1,264,194 1,033,333 $ 1,264,194

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
SEGMENTED INFORMATION
Schedule of segmented information	March 31, 2023 Australia Total Mineral property interests 704,053 704,053 $ 704,053 $ 704,053 December 31, 2022 Australia Total Mineral property interests 704,053 704,053 $ 704,053 $ 704,053

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	Mar. 31, 2023 USD ($)
Derivative liabilities - warrants	$ (787,208)
Level 1
Derivative liabilities - warrants	0
Level 2
Derivative liabilities - warrants	0
Level 3
Derivative liabilities - warrants	$ (787,208)

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
BASIS OF PRESENTATION
Short term lease expense	$ 0	$ 7,383

MINERAL PROPERTY INTERESTS (Det

MINERAL PROPERTY INTERESTS (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
MINERAL PROPERTY INTERESTS
Acquisition costs	$ 704,053

MINERAL PROPERTY INTERESTS (D_2

MINERAL PROPERTY INTERESTS (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
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		$ 10,876	$ 10,669

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Stock option granted			900,000
Options exercised, shares	0		900,000
Options exercised, amount		$ 106,989	$ 106,989
Weighted average fair value of stock options granted			$ 0.15
Exercise price	$ 0.1075		$ 0	$ 0
Expected term			5 years
Recognized Fair value Derivative liability			$ 1,781,779
Private placement [Member]
Value per share common share			$ 0.09
Stock issued during period for private placement	0		37,803,218
Exercise price			$ 0.1075
Expected term			5 years
Recognized Fair value Derivative liability			$ 1,781,779

CAPITAL STOCK AND ADDITIONAL _3

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL
Number of warrants outstanding, beginning	0
Number of warrants granted	37,803,218
Number of warrants outstanding, ending	37,803,218	0
Exercise price, beginning	$ 0	$ 0
Exercise price, granted	0.1075	0.09
Exercise price, ending	$ 0.1075	$ 0
Expiration date	May 20 - June 14, 2027

CAPITAL STOCK AND ADDITIONAL _4

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 1)	3 Months Ended
	Mar. 31, 2023 $ / shares
Exercise price	$ 0.1075
Stock price	$ 0.05
Expected term	4 years 3 months
Expected dividend yield	0%
Expected stock price volatility	94.26%
Risk-free interest rate	4.50%
Issuance date [Memebr]
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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL
Number of stock options outstanding, beginning	34,665,000	34,615,000
Number of stock options granted	(5,700,000)	5,700,000
Number of stock options exercised		(900,000)
Number of stock options expired		(3,535,000)
Number of stock options outstanding, ending	28,965,000	34,665,000
Number currently exercisable	26,115,000
Weighted average exercise price of stock options outstanding, beginning	$ 0.14	$ 0.18
Weighted average exercise price of stock options granted	0.1075	0.09
Weighted average exercise price of stock options exercised		0.15
Weighted average exercise price of stock options expired	0.23	0.37
Weighted average exercise price of stock options outstanding, ending	0.12	$ 0.14
Number currently exercisable price	$ 0.12

CAPITAL STOCK AND ADDITIONAL _6

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details 3) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of options exercisable	26,115,000
Number of options outstanding	28,965,000	34,665,000	34,915,000	35,015,000	34,615,000	35,100,000	34,615,000	29,065,000
Weighted average exercise price	$ 0.12	$ 0.14	$ 0.14	$ 0.14	$ 0.18	$ 0.17		$ 0.19
Option 1
Number of options exercisable	350,000
Number of options outstanding	350,000
Expiry Date	August 30, 2023
Weighted average exercise price	$ 0.185
Option 2
Number of options exercisable	3,240,000
Number of options outstanding	3,240,000
Expiry Date	May 9, 2024
Weighted average exercise price	$ 0.150
Option 3
Number of options exercisable	50,000
Number of options outstanding	50,000
Expiry Date	June 24, 2024
Weighted average exercise price	$ 0.130
Option 4
Number of options exercisable	7,450,000
Number of options outstanding	7,450,000
Expiry Date	March 19, 2025
Weighted average exercise price	$ 0.065
Option 5
Number of options exercisable	100,000
Number of options outstanding	100,000
Expiry Date	May 22, 2025
Weighted average exercise price	$ 0.075
Option 6
Number of options exercisable	5,900,000
Number of options outstanding	5,900,000
Expiry Date	November13, 2025
Weighted average exercise price	$ 0.140
Option 7
Number of options exercisable	6,175,000
Number of options outstanding	6,175,000
Expiry Date	May 23, 2026
Weighted average exercise price	$ 0.180
Option 8
Number of options exercisable	2,850,000
Number of options outstanding	5,700,000
Expiry Date	June 24, 2027
Weighted average exercise price	$ 0.090

CAPITAL STOCK AND ADDITIONAL _7

CAPITAL STOCK AND ADDITIONAL PAID IN CAPITAL (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Common shares			$ 106,989
Weighted average fair value of stock options granted			$ 0.15
Unrealized foreign exchange gain	$ 22,129
Derivative-warrants	787,208
Weighted average exercise price of stock			$ 0.1075
Expected life			5 years
Recognized Fair value Derivative liability			$ 1,781,779
Recognized Fair value Derivative liability initial value			1,781,779
Unrealized gain on derivative liability - warrants (Note 6)	$ 429,806	$ 0
Common Stock Issuances
Common shares			$ 37,803,218
Number of shares granted			900,000
Value per share common share | $ / shares			$ 0.09
Recognized Fair value Derivative liability			$ 1,194,885
Aggregate intrinsic value of outstanding and exercisable stock options			$ 900,000

TREASURY STOCK (Details)

TREASURY STOCK (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
TREASURY STOCK
Treasury shares	1,033,333	1,033,333
Treasury stock amount	$ 1,264,194	$ 1,264,194

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Mineral property interests	$ 704,053	$ 704,053
Australia
Mineral property interests	704,053	704,053
Capital assets	704,053	704,053
Total [Member]
Mineral property interests	704,053	704,053
Capital assets	$ 704,053	$ 704,053

ACCRUALS REVERSAL (Details Narr

ACCRUALS REVERSAL (Details Narrative)	3 Months Ended
	Mar. 31, 2023 USD ($)
Accruals reversal to related parties	$ 362,311
Former Contractors Member
Accruals reversal to related parties	$ 418,133