Lithium (LTUM) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
Cover [Abstract]
Entity Registrant Name	LITHIUM CORPORATION
Entity Central Index Key	0001415332
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	Sep. 30, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		112,092,441
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-54332
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	98-0530295
Entity Address Address Line 1	1031 Railroad St. Ste
Entity Address City Or Town	Elko
Entity Address State Or Province	NV
Entity Address Address Line 2	102B
Entity Address Postal Zip Code	89801
City Area Code	775
Local Phone Number	410-5287
Security 12b Title	Common Stock
Trading Symbol	LTUM
Entity Interactive Data Current	Yes

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash	$ 3,424,685	$ 2,243,121
Marketable securities	584,488	393,481
Deposits	700	700
Prepaid expenses	31,673	21,804
Total Current Assets	4,041,546	2,659,106
OTHER ASSETS
Equipment, net of accumulated depreciation	30,151	0
TOTAL ASSETS	4,071,697	2,659,106
CURRENT LIABILITIES
Accounts payable and accrued liabilities	5,541	18,705
Accounts payable and accrued liabilities - related party	27,851	2,251
Allowance for optioned properties	1,999,364	1,580,970
TOTAL CURRENT LIABILITIES	2,032,756	1,601,926
TOTAL LIABILITIES	2,032,756	1,601,926
STOCKHOLDERS' EQUITY
Common stock, 3,000,000,000 shares authorized, par value $0.001; 110,692,441 and 103,492,441 common shares outstanding, respectively	110,693	103,493
Additional paid in capital	8,267,324	6,925,724
Additional paid in capital - options	887,910	191,513
Additional paid in capital - warrants	369,115	369,115
Accumulated deficit	(7,596,101)	(6,532,665)
TOTAL STOCKHOLDERS' EQUITY	2,038,941	1,057,180
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 4,071,697	$ 2,659,106

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Balance Sheets
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares outstanding	110,692,441	103,492,441

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statements of Operations
REVENUE	$ 0	$ 0	$ 0	$ 0
OPERATING EXPENSES
Professional fees	7,766	8,750	50,079	63,277
Depreciation	1,833	0	5,499	0
Exploration expenses - related party	2,395	0	11,692	0
Exploration expenses	10,919	9,687	82,140	44,755
Consulting fees - related party	45,000	30,000	457,967	90,000
Consulting fees	6,250	975	395,980	558,443
Transfer agent and filing fees	6,647	5,032	23,874	21,188
Travel	4,877	5,730	11,702	8,903
General and administrative expenses	11,088	3,152	21,616	9,711
TOTAL OPERATING EXPENSES	96,775	63,326	1,060,549	796,277
LOSS FROM OPERATIONS	(96,775)	(63,326)	(1,060,549)	(796,277)
OTHER INCOME (EXPENSES)
Change in fair value of marketable securities	(7,382)	0	(62,387)	0
Other income	0	7,000	59,500	48,000
TOTAL OTHER INCOME (EXPENSE)	(7,382)	7,000	(2,887)	48,000
LOSS BEFORE INCOME TAXES	(104,157)	(56,326)	(1,063,436)	(748,277)
PROVISION FOR INCOME TAXES	0	0	0	0
NET INCOME (LOSS)	$ (104,157)	$ (56,326)	$ (1,063,436)	$ (748,277)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0	$ 0	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	108,912,006	101,106,762	106,322,448	98,768,093

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-In Capital	Additional Paid-in Capital - Warrants	Additional Paid-in Capital - Options	Accumulated Deficit
Balance, shares at Dec. 31, 2020		95,651,644
Balance, amount at Dec. 31, 2020	$ 191,235	$ 95,652	$ 4,322,347	$ 369,115	$ 191,513	$ (4,787,392)
Shares issued for services, shares		1,375,779
Shares issued for services, amount	557,190	$ 1,376	555,814	0	0	0
Shares issued for cash, shares		6,465,018
Shares issued for cash, amount	2,054,028	$ 6,465	2,047,563	0	0	0
Net loss	(1,745,273)	$ 0	0	0	0	(1,745,273)
Balance, shares at Dec. 31, 2021		103,492,441
Balance, amount at Dec. 31, 2021	$ 1,057,180	$ 103,493	6,925,724	369,115	191,513	(6,532,665)
Shares issued for services, shares	1,600,000
Shares issued for cash, shares		7,200,000
Shares issued for cash, amount	$ 1,348,800	$ 7,200	1,341,600	0	0	0
Net loss	(1,063,436)	0	0	0	0	(1,063,436)
Stock based compensation	696,397	$ 0	0	0	696,397	0
Balance, shares at Sep. 30, 2022		110,692,441
Balance, amount at Sep. 30, 2022	$ 2,038,941	$ 110,693	$ 8,267,324	$ 369,115	$ 887,910	$ (7,596,101)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) for the period	$ (1,063,436)	$ (748,277)
Adjustment to reconcile net income (loss) to net cash used in operating activities
Shares issued for services	0	557,190
Change in fair value of marketable securities	62,387	0
Depreciation	5,499	0
Stock based compensation	696,397	0
Changes in assets and liabilities:
(Increase) Decrease in prepaid expenses	(9,869)	8,994
Increase (decrease) in accounts payable and accrued liabilities	12,436	11,366
Net Cash Used in Operating Activities	(296,586)	(170,727)
CASH FLOWS FROM INVESTING ACTIVITY:
Cash from properties	165,000	100,000
Purchase of equipment	(35,650)	0
Net Cash Used in Investing Activity	129,350	100,000
CASH FLOWS FROM FINANCING ACTIVITY:
Shares issued for cash	1,348,800	1,772,028
Net Cash Provided by Financing Activity	1,348,800	1,772,028
Increase (Decrease) in cash	1,181,564	1,701,301
Cash, beginning of period	2,243,121	191,125
Cash, end of period	3,424,685	1,892,426
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	0	0
Cash paid for income taxes	0	0
NON CASH TRANSACTIONS
Marketable securities received as consideration for mineral property	$ 253,394	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 1 - Summary of Significant Accounting Policies Lithium Corporation (formerly Utalk Communications Inc.) (the “Company”) was incorporated on January 30, 2007 under the laws of Nevada. Nevada Lithium Corporation was incorporated on March 16, 2009 under the laws of Nevada under the name Lithium Corporation. On September 10, 2009, the Company amended its articles of incorporation to change its name to Nevada Lithium Corporation. By agreement dated October 9, 2009 Nevada Lithium Corporation and Lithium Corporation amalgamated as Lithium Corporation. Lithium Corporation is engaged in the acquisition and development of certain lithium interests in the state of Nevada. Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). The Company has adopted a December 31 fiscal year end. Cash and Cash Equivalents Cash includes cash on account, demand deposits, and short-term instruments with maturities of three months or less. Concentrations of Credit Risk The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured. Income per Share Basic income per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the "if converted" method. In the periods in which a loss is incurred, the effect of potential issuances of shares under options and warrants would be anti-dilutive, and therefore basic and diluted losses per share are the same. The Company did not have any dilutive securities for the periods ended September 30, 2022 and 2021. Income Taxes The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. Financial Instruments The Company's financial instruments consist of cash, deposits, prepaid expenses, and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Because of the short maturity and capacity of prompt liquidation of such assets and liabilities, the fair value of these financial instruments approximate their carrying values, unless otherwise noted. Mineral Properties Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Optioned Properties Properties under the Company’s ownership which have been optioned to a third party are deemed the Company’s property until all obligations under an option agreement are met, at which point the ownership of the property transfers to the third party. All non-refundable payments received prior to all obligations under an option agreement being met are considered liabilities until such time all obligations have been met, at which time ownership of the property transfers to the third party and the Company includes option payments into its statement of operations. Equipment Equipment is stated at cost, less accumulated depreciation and is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Depreciation of equipment is provided utilizing the straight-line method over the estimated useful lives, being 5 years of the respective assets. Expenditures for maintenance and repairs are charged to expense as incurred. Upon sale or retirement of equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statements of operations. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the effect of recently issued standards that are not yet effective will not have a material effect on its financial position or results of operations upon adoption.

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2022
Going Concern
Going Concern	Note 2 – Going Concern As reflected in the accompanying financial statements, the Company has a working capital of $2,008,790 as at September 30, 2022 (December 31, 2021: $1,057,180) and has used $296,586 (2021: $170,727) of cash in operations for the nine months ended September 30, 2022. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 3 – Fair Value of Financial Instruments Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value. The Company has certain financial instruments that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows: - Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. - Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). - Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of September 30, 2022 and December 31, 2021, respectively: Fair Value Measurements at September 30, 2022 Level 1 Level 2 Level 3 Assets Cash $ 3,424,685 $ - $ - Marketable securities 584,488 - - Total Assets 4,009,173 - - Liabilities Total Liabilities - - - $ 4,009,173 $ - $ - Fair Value Measurements at December 31, 2021 Level 1 Level 2 Level 3 Assets Cash $ 2,243,121 $ - $ - Marketable securities 393,481 - Total Assets 2,636,602 - - Liabilities Total Liabilities - - - $ 2,636,602 $ - $ -

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2022
Marketable Securities
Marketable Securities	Note 4 – Marketable Securities The Company owns marketable securities (common stock) as outlined below: Balance, December 31, 2021 $ 393,481 Additions 253,394 Fair value adjustment (62,387 ) Balance, September 30, 2022 $ 584,488 The Company classifies it’s marketable securities as available for sale. During the year ended December 31, 2021, the Company received 200,000 common shares with a value of $51,260 related to the option of the San Emidio Property. During the year ended December 31, 2021, the Company received 28,176,951 common shares from a related party with a value of $1,329,710 related to the option of the Fish Lake Property. During the nine months ended September 30, 2022, the Company received 7,050,000 common shares from a related party with a value of $126,697 related to the option of the Fish Lake Property. During the nine months ended September 30, 2022, the Company received 7,050,000 common shares from a related party with a value of $126,697 related to the option of the North Big Smoky Property.

Prepaid Expenses

Prepaid Expenses	9 Months Ended
	Sep. 30, 2022
Prepaid Expenses
Prepaid Expenses	Note 5 - Prepaid Expenses Prepaid expenses consisted of the following at September 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Professional fees $ - $ 4,800 Exploration 23,000 - Investor relations 3,800 - Transfer agent fees 4,873 17,004 Total prepaid expenses $ 31,673 $ 21,804

Equipment

Equipment	9 Months Ended
	Sep. 30, 2022
Equipment
Equipment	Note 6 – Equipment Equipment, net of depreciation, consisted of the following: Balance Description Useful Life September 30, 2022 December 31, 2021 Exploration Equipment 5 years $ 35,650 $ - Less accumulated depreciation (5,499 ) - Total Equipment $ 30,151 $ - Depreciation expense was $1,833 and $5,499 for the three and nine months ended September 30, 2022 (2021: $Nil and $Nil).

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2022
Capital Stock
Capital Stock	Note 7 - Capital Stock During the year-ended December 31, 2021, the Company issued 6,465,018 common shares for cash proceeds of 2,054,028 and 1,375,779 common shares for services. During the nine months ended September 30, 2022, the Company issued 7,200,000 for cash proceeds of $1,348,800.

Stock Options

Stock Options	9 Months Ended
	Sep. 30, 2022
Stock Options
Stock Options	Note 8 – Stock Options On May 26, 2022, the Company granted 3,450,000 stock options with an exercise price of $0.22 and term of 5 years. These options were vested on the date of grant and resulted in stock-based compensation of $696,397. Of the options granted, 1,600,000 were granted to related parties. The options were valued using the Black-Scholes model with a 118% volatility rate and discount rate of 2.8% for a total fair value of $696,397 recognized in the nine months ended September 30, 2022 in consulting fees and consulting – related party and additional paid in capital for the nine months ended September 30, 2022. The following table summarizes the stock options outstanding at September 30, 2022: Issue Date Number Price Expiry Date Outstanding at September 30, 2022 May 26, 2022 3,450,000 $ 0.22 May 26, 2027 3,450,000

Mineral Properties

Mineral Properties	9 Months Ended
	Sep. 30, 2022
Mineral Properties
Mineral Properties	Note 9 – Mineral Properties Fish Lake Valley On April 29, 2021 the Company signed a Letter Of Intent (LOI) with Morella Corporation (formerly Altura Mining Limited) an Australian Lithium explorer and developer, and related party, whereby Morella can earn a 60% interest in the Fish Lake Valley property by paying the Company $675,000, issuing the equivalent of $500,000 worth of Morella Corporation stock, and expending $2,000,000 of exploration work in the next four years. To date Morella Corporation has paid $250,000 and issued 35,226,951 common shares with a fair value of $1,456,407. San Emidio On September 16 th Make cash payments and share issuances to the Optionor in the following manner: · US$50,000 on signing the Agreement and issue 200,000 common shares on the Closing Date (received); and · US$70,000 and US$30,000 in common shares on or before the first anniversary of the Effective Date; and · US$70,000 and US$30,000 in common shares on or before the second anniversary of the Effective Date; and · US$70,000 and US$50,000 in common shares on or before third anniversary of the Effective Date; and · US$70,000 and US$70,000 in common shares on or before the fourth anniversary of the Effective Date; and · US$70,000 and US$90,000 in common shares on or before the fifth anniversary of the Effective Date. Incur a minimum in Expenditures for exploration and development work on the Property of US$1,000,000 as follows: · US$100,000 of Expenditures to be incurred, or caused to be incurred, by the Optionee on the Property on or before the first anniversary of the Effective Date; and · a cumulative total of US$250,000 of Expenditures to be incurred, or caused to be incurred, by the Optionee on the Property on or before the second anniversary of the Effective Date; and · a cumulative total of US$450,000 of Expenditures to be incurred, or caused to be incurred, by the Optionee on the Property on or before the third anniversary of the Effective Date; and · a cumulative total of US$700,000 of Expenditures to be incurred, or caused to be incurred, by the Optionee on the Property on or before the fourth anniversary of the Effective Date; and · a cumulative total of US$1,000,000 of Expenditures to be incurred, or caused to be incurred, by the Optionee on the Property on or before the fifth anniversary of the Effective Date. Once all conditions are met the Optionee will be deemed to have earned an undivided 80% interest in the property, and a Joint Venture will before. Should either party not contribute once the JV commences their interest will be diluted until such point that should they eventually own less than 10% their interest will revert to a 2.5% Net Smelter Revenue. North Big Smoky On May 24, 2022 the Company signed a Letter Of Intent (LOI) with Morella Corporation, an Australian Lithium explorer and developer, and related party, whereby Morella can earn a 60% interest in the Big North Smoky property by issuing the equivalent of $500,000 worth of Morella Corporation stock, and expending $1,000,000 of exploration work in the next four years. To date Morella Corporation has paid $65,000 and issued 7,050,000 common shares with a fair value of $126,697. The Letter of Intent was signed with a purchaser that has a common director as the Company.

Allowance for Optioned Properti

Allowance for Optioned Properties	9 Months Ended
	Sep. 30, 2022
Allowance for Optioned Properties
Allowance for Optioned Properties	Note 10 – Allowance for Optioned Properties Fish Lake Valley On April 29, 2021, the Company signed a Letter Of Intent (LOI) with Altura Mining Limited an Australian Lithium explorer and developer and related party, whereby the Altura can earn a 60% interest in the Fish Lake Valley property by paying the Company $675,000, issuing the equivalent of $500,000 worth of Altura stock, and expending $2,000,000 of exploration work in the next four years. To date Altura has paid the initial $50,000 due at the signing of the LOI, and the parties had until July 31, 2021 to enter into a formal agreement, however Lithium Corporation agreed to extend the due diligence period until August 31, 2021. On September 16 th As of September 30, 2022, the Company has received $250,000 and received 35,226,951 common shares with a fair value of $1,456,407 in relation to the letter of intent. The Company recorded $1,706,407 as a liability against the property until either the purchaser returns the property to the Company or the purchaser has met all the obligations associated with the agreement, at which time the liability will be charged to the statement of operations. The Letter of Intent was signed with a purchaser that has a common director as the Company. North Big Smokey San Emidio On September 16, 2021, the Company entered into a Letter of Intent with respect to the San Emidio Property whereby the optionor will pay $50,000 on signing (received) and issue 200,000 common shares within 5 days of closing. See Note 8. As of December 31, 2021, the Company has received $50,000 and 200,000 common shares in relation to the letter of intent. The Company recorded $101,260 as a liability against the property until either the purchaser returns the property to the Company or the purchaser has met all the obligations associated with the agreement, at which time the liability will be charged to the statement of operations.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions
Related Party Transactions	Note 11 – Related Party Transactions The Company paid consulting fees totaling $45,000 and $135,000 to related parties for the three and nine months ended September 30, 2022, respectively (2021: $30,000 and $90,000). The Company paid rent fees totaling $1,500 and $4,500 to related parties for the three and nine months ended September 30, 2022, respectively (2021: $1,500 and $4,500). The Company paid consulting fees totaling $4,000 and $4,000 to related parties for the three and nine months ended September 30, 2022, respectively (2021: $Nil and $Nil). As at September 30, 2022, the Company had $27,850 owing to related parties (December 31, 2021 - $2,251). During the three and nine months ended September 30, 2022, the company received $19,500 and $59,500 (2021 - $7,000 and $48,000) in distributions from Summa, LLC, a Limited Liability Corporation with shared management as the Company. The Company holds a 25% investment in Summa LLC. The investment was written off in 2016 as there was significant doubt about the fair value of the investment in the period. During the nine months ended September 30, 2022, the Company has received $65,000 and received 7,050,000 common shares with a fair value of $126,697 from a related party through common directors in relation to the letter of intent signed in relation to the North Big Smokey Property. See notes 9 and 10. During the nine months ended September 30, 2022, the Company has received $150,000 and 28,176,951 common shares from a related party through common directors with a fair value of $1,329,710 in relation to the agreement signed in relation to the Fish Lake property. See note 4, 9 and 10. On May 26, 2022, the Company issued 1,600,000 stock options with a fair value of $322,967 to related parties. See note 8.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and contingencies
Commitments and Contingencies	Note 12 – Commitments and Contingencies On July 1, 2021, the Company signed a rental agreement for office and storage space. The rental agreement is on a month-to-month basis for a monthly fee of $500 with no escalating payments and, as such, does not fall under ASC 842.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events
Subsequent Events	Note 13 – Subsequent Events The Company has analyzed its operations subsequent to September 30, 2022 through the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose other than those below. Subsequent to September 30, 2022, the Company issued 1,400,000 common shares for proceeds of $150,600.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Accounting Basis	The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). The Company has adopted a December 31 fiscal year end.
Cash and Cash Equivalents	Cash includes cash on account, demand deposits, and short-term instruments with maturities of three months or less.
Concentrations of Credit Risk	The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.
Use of Estimates	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products, licensing agreements and contracts to perform pilot studies by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. For the comparative periods, revenue has not been adjusted and continues to be reported under ASC 605 — Revenue Recognition. Under ASC 605, revenue is recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) the performance of service has been rendered to a customer or delivery has occurred; (3) the amount of fee to be paid by a customer is fixed and determinable; and (4) the collectability of the fee is reasonably assured.
Income per Share	Basic income per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the "if converted" method. In the periods in which a loss is incurred, the effect of potential issuances of shares under options and warrants would be anti-dilutive, and therefore basic and diluted losses per share are the same. The Company did not have any dilutive securities for the periods ended September 30, 2022 and 2021.
Income Taxes	The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities.
Financial Instruments	The Company's financial instruments consist of cash, deposits, prepaid expenses, and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Because of the short maturity and capacity of prompt liquidation of such assets and liabilities, the fair value of these financial instruments approximate their carrying values, unless otherwise noted.
Mineral Properties	Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount.
Optioned Properties	Properties under the Company’s ownership which have been optioned to a third party are deemed the Company’s property until all obligations under an option agreement are met, at which point the ownership of the property transfers to the third party. All non-refundable payments received prior to all obligations under an option agreement being met are considered liabilities until such time all obligations have been met, at which time ownership of the property transfers to the third party and the Company includes option payments into its statement of operations.
Equipment	Equipment is stated at cost, less accumulated depreciation and is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Depreciation of equipment is provided utilizing the straight-line method over the estimated useful lives, being 5 years of the respective assets. Expenditures for maintenance and repairs are charged to expense as incurred. Upon sale or retirement of equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the statements of operations.
Recent Accounting Pronouncements	From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the effect of recently issued standards that are not yet effective will not have a material effect on its financial position or results of operations upon adoption.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value of Financial Instruments (Tables)
Schedule of the valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at September 30, 2022 Level 1 Level 2 Level 3 Assets Cash $ 3,424,685 $ - $ - Marketable securities 584,488 - - Total Assets 4,009,173 - - Liabilities Total Liabilities - - - $ 4,009,173 $ - $ - Fair Value Measurements at December 31, 2021 Level 1 Level 2 Level 3 Assets Cash $ 2,243,121 $ - $ - Marketable securities 393,481 - Total Assets 2,636,602 - - Liabilities Total Liabilities - - - $ 2,636,602 $ - $ -

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Marketable Securities
Schedule of Marketable Securities	Balance, December 31, 2021 $ 393,481 Additions 253,394 Fair value adjustment (62,387 ) Balance, September 30, 2022 $ 584,488

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Prepaid Expenses
Schedule for prepaid expenses	June 30, 2022 December 31, 2021 Professional fees $ - $ 4,800 Exploration 23,000 - Investor relations 3,800 - Transfer agent fees 4,873 17,004 Total prepaid expenses $ 31,673 $ 21,804

Equipment (Tables)

Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Prepaid Expenses
Schedule of equipment net of depreciation	Balance Description Useful Life September 30, 2022 December 31, 2021 Exploration Equipment 5 years $ 35,650 $ - Less accumulated depreciation (5,499 ) - Total Equipment $ 30,151 $ -

Stock Options (Tables)

Stock Options (Tables)	9 Months Ended
	Sep. 30, 2022
Stock Options
Schedule of stock options	Issue Date Number Price Expiry Date Outstanding at September 30, 2022 May 26, 2022 3,450,000 $ 0.22 May 26, 2027 3,450,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative)	9 Months Ended
	Sep. 30, 2022
Going Concern
Useful life of assets	5 years

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Going Concern
Working capital	$ 2,008,790		$ 1,057,180
Net Cash Used in Operating Activities	$ (296,586)	$ (170,727)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Marketable securities	$ 584,488	$ 393,481
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Cash	3,424,685	2,243,121
Marketable securities	584,488	393,481
Total Assets	4,009,173	2,636,602
Liabilities	0	0
Total Liabilities	4,009,173	2,636,602
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Cash	0	0
Marketable securities	0	0
Total Assets	0	0
Liabilities	0	0
Total Liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Cash	0	0
Marketable securities	0	0
Total Assets	0	0
Liabilities	0	0
Total Liabilities	$ 0	$ 0

Marketable Securities (Details)

Marketable Securities (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Marketable Securities
Marketable Securities, Beginning	$ 393,481
Additions	253,394
Fair value adjustment	(62,387)
Marketable Securities,Ending	$ 584,488

Marketable Securities (Details

Marketable Securities (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
San Emidio [Member]
Common shares received, shares	7,050,000	200,000
Common shares received, amount	$ 126,697	$ 51,260
Fish Lake Property [Member]
Common shares received, shares	7,050,000	28,176,951
Common shares received, amount	$ 126,697	$ 1,329,710

Prepaid Expenses (Details)

Prepaid Expenses (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Prepaid Expenses (Details)
Professional fees	$ 0	$ 4,800
Exploration	23,000	0
Investor relations	3,800	0
Transfer agent fees	4,873	17,004
Total prepaid expenses	$ 31,673	$ 21,804

Equipment (Details)

Equipment (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Less accumulated depreciation	$ (5,499)	$ 0
Total Equipment	$ 30,151	0
Exploration Equipment [Member]
Property plant equipment useful life	5 years
Exploration Equipment	$ 35,650	$ 0

Equipment (Details Narrative)

Equipment (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equipment
Depreciation expense	$ 1,833	$ 0	$ 5,499	$ 0

Capital Stock (Details Narrativ

Capital Stock (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Capital Stock (Details Narrative)
Common Stock issued for cash , Shares	7,200,000	6,465,018
Common Stock issued for cash , Amount	$ 1,348,800	$ 2,054,028
Common shares issued for services		1,375,779

Stock Options (Details)

Stock Options (Details) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Capital Stock (Details Narrative)
Stock option issuance date	May 26, 2027
Number of outstanding share	3,450,000	3,450,000
Stock option expire date	May 26, 2022
Stock option, price per share	$ 0.22

Stock Options (Details Narrativ

Stock Options (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Capital Stock (Details Narrative)
Stock option term	5 years
Number of granted shares	3,450,000
Stock option, price per share	$ 0.22
Stock-based compensation	$ 696,397	$ 0
Shares granted to related parties	1,600,000
Volatility rate	118%
Discount rate	2.80%
Fair value recognized	$ 696,397

Mineral Properties (Details Nar

Mineral Properties (Details Narrative) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	May 24, 2022	Sep. 16, 2021	Apr. 29, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Common shares issued, shares			35,226,951			28,176,951
Company paid			250,000
Initial amount paid on signing LOI				$ 250,000		$ 250,000
Expenditure in exploration				$ 10,919	$ 9,687	82,140	$ 44,755
Fair value of stock option						1,456,407
Fish Lake Property [Member]
Common shares issued, shares				7,050,000
Initial amount paid on signing LOI			$ 50,000					$ 50,000
Ownership percentage			60%
Expenditure in exploration			$ 2,000,000
Amount paid for acquisition			675,000
Common stock issued, amount			500,000
Common shares received, amount						126,697		1,329,710
Fish Lake Property [Member] | Altura [Member]
Initial amount paid on signing LOI			$ 500,000
Ownership percentage			60%
Expenditure in exploration			$ 2,000,000
Fair value of stock option	$ 126,697	$ 1,456,407	1,456,407
Amount paid for acquisition			675,000
Common stock issued, amount			$ 500,000
San Emidio [Member]
Common shares issued, shares		200,000
Initial amount paid on signing LOI		$ 50,000
Ownership percentage		80%
Common shares received, amount						$ 126,697		$ 51,260
San Emidio [Member] | Surge Battery Metals [Member]
Initial amount paid on signing LOI		$ 0
Ownership percentage		80%
Expenditure in exploration		$ 1,000,000
Joint venture description		an undivided 80% interest in the property, and a Joint Venture will before. Should either party not contribute once the JV commences their interest will be diluted until such point that should they eventually own less than 10% their interest will revert to a 2.5% Net
San Emidio [Member] | Surge Battery Metals [Member] | Closing Date [Member]
Common shares issued, shares		200,000
San Emidio [Member] | Surge Battery Metals [Member] | First Anniversary [Member]
Expenditure in exploration		$ 100,000
Amount paid for acquisition		0
Common stock issued, amount		30,000
San Emidio [Member] | Surge Battery Metals [Member] | Second Anniversary [Member]
Expenditure in exploration		250,000
Amount paid for acquisition		70,000
Common stock issued, amount		30,000
San Emidio [Member] | Surge Battery Metals [Member] | Third Anniversary [Member]
Expenditure in exploration		450,000
Amount paid for acquisition		70,000
Common stock issued, amount		50,000
San Emidio [Member] | Surge Battery Metals [Member] | Fourth Anniversary [Member]
Expenditure in exploration		700,000
Amount paid for acquisition		70,000
Common stock issued, amount		70,000
San Emidio [Member] | Surge Battery Metals [Member] | Fifth Anniversary [Member]
Expenditure in exploration		1,000,000
Amount paid for acquisition		70,000
Common stock issued, amount		$ 90,000
Big North Smokey [Member] | Altura [Member]
Common shares issued, shares	7,050,000
Ownership percentage	60%
Expenditure in exploration	$ 1,000,000
Amount paid for acquisition	65,000
Common stock issued, amount	$ 500,000

Allowance for Optioned Proper_2

Allowance for Optioned Properties (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 16, 2021	Apr. 29, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Initial amount received on signing LOI			$ 250,000		$ 250,000
Expenditure in exploration			$ 1,706,407		1,706,407
Fair value of stock option					$ 1,456,407
Common shares issued, shares			35,226,951		35,226,951
Common shares issued, shares		35,226,951			28,176,951
Expenditure in exploration			$ 10,919	$ 9,687	$ 82,140	$ 44,755
San Emidio [Member]
Initial amount received on signing LOI	$ 50,000
Ownership percentage	80%
Liability against the property							$ 101,260
Common shares issued, shares	200,000
Fish Lake Property [Member]
Initial amount received on signing LOI		$ 50,000					50,000
Ownership percentage		60%
Liability against the property							$ 200,000
Common shares issued, shares			7,050,000
Amount paid for acquisition		$ 675,000
Common stock issued, amount		500,000
Expenditure in exploration		$ 2,000,000
Agreement entering date		Jul. 31, 2021
Due deligence date of agreement		Aug. 31, 2021

Related Party Transactions (Det

Related Party Transactions (Detail Narrative) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	May 26, 2022	Apr. 29, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Consulting fees - related party			$ 45,000	$ 30,000	$ 135,000	$ 90,000
Fair value common stock					1,329,710
Stock option issued	1,600,000
Owing to related parties			27,850		$ 27,850		$ 2,251
Expenditure in exploration			4,000		4,000
Rent fees			1,500	1,500	4,500	4,500
Other income			$ 19,500	$ 7,000	$ 59,500	$ 48,000
Common shares issued, shares		35,226,951			28,176,951
Fair value of stock option					$ 1,456,407
Shares [Member]
Common shares issued, shares	150,000
Summa LLC [Member]
Company investment percentage					25%
North Big Smokey Property [Member]
Fair value of stock option					$ 126,697
Proceeds from related party					$ 65,000
Fish Lake Property [Member]
Common shares issued, shares			7,050,000
Proceeds from related party	$ 322,967

Commitments and Contingencies (

Commitments and Contingencies (Detail Narrative)	Jul. 01, 2021 USD ($)
Commitments and contingencies
Monthly rent	$ 500

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	1 Months Ended
	Sep. 30, 2022 shares
Subsequent Events
Common stock, shares issued	1,400,000
Proceeds from shares issued	150,600