Lithium (LTUM) 10-Q 19 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 19, 2024
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	Jun. 30, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		117,892,441
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
Entity Address Address Line 2	Ste. 102B
Entity Address City Or Town	Elko
Entity Address State Or Province	NV
Entity Address Postal Zip Code	89801
City Area Code	775
Local Phone Number	410-5287
Security 12b Title	Common Stock
Trading Symbol	LTUM
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash	$ 3,390,604	$ 3,667,617
Marketable securities	175,061	332,082
Deposits	700	700
Prepaid expenses	8,350	22,850
Total Current Assets	3,574,715	4,023,249
OTHER ASSETS
Equipment, net of accumulated depreciation	17,320	20,986
TOTAL ASSETS	3,592,035	4,044,235
CURRENT LIABILITIES
Accounts payable and accrued liabilities	28,190	8,386
Accounts payable and accrued liabilities - related party	33,868	26,489
Allowance for optioned properties	2,191,102	2,191,102
TOTAL CURRENT LIABILITIES	2,253,160	2,225,977
TOTAL LIABILITIES	2,253,160	2,225,977
STOCKHOLDERS' EQUITY
Common stock, 3,000,000,000 shares authorized, par value $0.001; 117,892,441 and 117,892,441 common shares outstanding, respectively	117,893	117,893
Additional paid in capital	8,948,385	8,948,385
Additional paid in capital - options	1,011,639	957,247
Additional paid in capital - warrants	369,115	369,115
Accumulated deficit	(9,108,157)	(8,574,382)
TOTAL STOCKHOLDERS' EQUITY	1,338,875	1,818,258
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,592,035	$ 4,044,235

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Balance Sheets
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares outstanding	117,892,441	117,892,441

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statements of Operations (Unaudited)
REVENUE	$ 0	$ 0	$ 0	$ 0
OPERATING EXPENSES
Professional fees	12,138	24,023	35,976	35,526
Depreciation	1,833	1,833	3,666	3,666
Exploration expenses	55,475	4,798	105,032	8,577
Consulting fees - related party	72,000	68,000	144,000	169,984
Consulting fees	15,000	12,800	84,392	65,953
Transfer agent and filing fees	6,138	4,812	11,163	13,198
Travel	3,333	1,511	13,206	2,596
General and administrative expenses	11,749	7,868	17,719	21,034
TOTAL OPERATING EXPENSES	177,666	125,645	415,154	320,534
LOSS FROM OPERATIONS	(177,666)	(125,645)	(415,154)	(320,534)
OTHER INCOME (EXPENSES)
Change in fair value of marketable securities	(52,695)	(49,773)	(157,021)	(151,448)
Other income	19,270	18,688	38,400	37,076
Gain (Loss) on sale of marketable securities	0	5,805	0	5,805
Other income - related party	0	0	0	10,000
TOTAL OTHER INCOME (EXPENSE)	(33,425)	(25,280)	(118,621)	(98,567)
LOSS BEFORE INCOME TAXES	(211,091)	(150,925)	(533,775)	(419,101)
PROVISION FOR INCOME TAXES	0	0	0	0
NET INCOME (LOSS)	(211,091)	(150,925)	(533,775)	(419,101)
Gain on change in fair value of marketable securities	0	0	0	0
OTHER COMPREHENSIVE INCOME (LOSS)	$ (211,091)	$ (150,925)	$ (533,775)	$ (419,101)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	117,892,441	115,907,826	117,892,441	115,176,419

Statements of Stockholders Equi

Statements of Stockholders Equity (Unaudited) - 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, 2022		113,692,441
Balance, amount at Dec. 31, 2022	$ 1,986,053	$ 113,693	$ 8,571,524	$ 369,115	$ 887,910	$ (7,956,189)
Shares issued for cash, shares		2,200,000
Shares issued for cash, amount	235,400	$ 2,200	233,200	0	0	0
Stock based compensation	69,337	0	0	0	69,337	0
Net income	(268,176)	$ 0	0	0	0	(268,176)
Balance, shares at Mar. 31, 2023		115,892,441
Balance, amount at Mar. 31, 2023	2,022,614	$ 115,893	8,804,724	369,115	957,247	(8,224,365)
Balance, shares at Dec. 31, 2022		113,692,441
Balance, amount at Dec. 31, 2022	1,986,053	$ 113,693	8,571,524	369,115	887,910	(7,956,189)
Stock based compensation	69,337
Net income	(419,101)
Balance, shares at Jun. 30, 2023		116,092,441
Balance, amount at Jun. 30, 2023	1,890,889	$ 116,093	8,823,724	369,115	957,247	(8,375,290)
Balance, shares at Mar. 31, 2023		115,892,441
Balance, amount at Mar. 31, 2023	2,022,614	$ 115,893	8,804,724	369,115	957,247	(8,224,365)
Shares issued for cash, shares		200,000
Shares issued for cash, amount	19,200	$ 200	19,000	0	0	0
Net income	(150,925)	$ 0	0	0	0	(150,925)
Balance, shares at Jun. 30, 2023		116,092,441
Balance, amount at Jun. 30, 2023	1,890,889	$ 116,093	8,823,724	369,115	957,247	(8,375,290)
Balance, shares at Dec. 31, 2023		117,892,441
Balance, amount at Dec. 31, 2023	1,818,258	$ 117,893	8,948,385	369,115	957,247	(8,574,382)
Stock based compensation	54,392	0	0	0	54,392	0
Net income	(322,684)	$ 0	0	0	0	(322,684)
Balance, shares at Mar. 31, 2024		117,892,441
Balance, amount at Mar. 31, 2024	1,549,966	$ 117,893	8,948,385	369,115	1,011,639	(8,897,066)
Balance, shares at Dec. 31, 2023		117,892,441
Balance, amount at Dec. 31, 2023	1,818,258	$ 117,893	8,948,385	369,115	957,247	(8,574,382)
Stock based compensation	54,392
Net income	(533,775)
Balance, shares at Jun. 30, 2024		117,892,441
Balance, amount at Jun. 30, 2024	1,338,875	$ 117,893	8,948,385	369,115	1,011,639	(9,108,157)
Balance, shares at Mar. 31, 2024		117,892,441
Balance, amount at Mar. 31, 2024	1,549,966	$ 117,893	8,948,385	369,115	1,011,639	(8,897,066)
Net income	(211,091)	$ 0	0	0	0	(211,091)
Balance, shares at Jun. 30, 2024		117,892,441
Balance, amount at Jun. 30, 2024	$ 1,338,875	$ 117,893	$ 8,948,385	$ 369,115	$ 1,011,639	$ (9,108,157)

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) for the period	$ (533,775)	$ (419,101)
Adjustment to reconcile net income (loss) to net cash used in operating activities
Change in fair value of marketable securities	157,021	151,448
Depreciation	3,666	3,666
Stock based compensation	54,392	69,337
Gain on sale of marketable securities	0	(5,805)
Changes in assets and liabilities:
(Increase) Decrease in prepaid expenses	14,500	19,076
Increase (decrease) in accounts payable and accrued liabilities	27,183	(5,818)
Net Cash (Used in) Operating Activities	(277,013)	(187,197)
CASH FLOWS FROM INVESTING ACTIVITY:
Cash from sale of marketable securities	0	15,082
Net Cash Provided by Investing Activities	0	15,082
CASH FLOWS FROM FINANCING ACTIVITY:
Shares issued for cash	0	254,600
Net Cash Provided by Financing Activity	0	254,600
Increase (Decrease) in cash	(277,013)	82,485
Cash, beginning of period	3,667,617	3,576,911
Cash, end of period	3,390,604	3,659,396
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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. On September 30, 2009, Utalk Communications Inc. changed its name to Lithium Corporation. 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, and battery or Tech metals prospects in British Columbia and is currently in the exploration stage. 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. Such estimates include the useful life of equipment and inputs related to the calculation of the fair value of stock options. 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. Research and Development Research and development costs are expensed as incurred. During the six months ended June 30, 2024 and 2023, the Company did not have any research and development costs. Advertising Costs Advertising costs are expensed as incurred. During the six months ended June 30, 2024 and 2023, the Company did not have any advertising costs. 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, represented by 4,200,000 stock options outstanding, is excluded 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 period ended June 30, 2024. 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. Investments in Marketable Securities The Company’s Marketable Securities are considered Held-For-Trading (“HFT”) or Trading Assets. HTF- Trading securities are valued at their fair value when purchased/sold, and any unrealized gains or losses are recorded periodically on financial reporting dates as other income or loss. 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. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. The Company does not expect that recent accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2024, are of significance or potential significance to the Company.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2024
Going Concern
Going Concern	Note 2 – Going Concern As reflected in the accompanying financial statements, the Company has used $277,013 (2023: $187,197) of cash in operations for the six months ended June 30, 2024. 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	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023, respectively: Fair Value Measurements at June 30, 2024 Level 1 Level 2 Level 3 Assets Cash $ 3,390,604 $ - $ - Marketable securities 175,061 Total Assets 3,565,665 - - Liabilities Total Liabilities - - - $ 3,565,665 $ - $ - Fair Value Measurements at December 31, 2023 Level 1 Level 2 Level 3 Assets Cash $ 3,667,617 $ - $ - Marketable securities Total Assets 332,082 - - Liabilities 3,999,699 Total Liabilities - - - $ - $ - $ 3,999,699

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2024
Marketable Securities
Marketable Securities	Note 4 – Marketable Securities The Company owns marketable securities (common stock) as outlined below: Balance, December 31, 2023 $ 332,082 Fair value adjustment (157,021 ) Balance, June 30, 2024 $ 175,061 The Company classifies it’s marketable securities as available for sale. During the six months ended June 30 2024, there were no receipts or sales of marketable securities. During the year ended December 31, 2023, the Company received 20,333,575 common shares from a related party with a value of $85,224 related to the option of the Fish Lake Property. During the year ended December 31, 2023, the Company received 19,741,685 common shares from a related party with a value of $82,774 related to the option of the North Big Smoky Property.

Prepaid Expenses

Prepaid Expenses	6 Months Ended
	Jun. 30, 2024
Prepaid Expenses
Prepaid Expenses	Note 5 – Prepaid Expenses Prepaid expenses consisted of the following at June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Professional fees $ - $ 5,500 Other 7,250 15,150 Transfer agent fees 1,100 2,200 Total prepaid expenses $ 8,350 $ 22,850

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2024
Capital Stock
Capital Stock	Note 6 – Capital Stock The Company is authorized to issue 3,000,000,000 shares of it $0.001 par value common stock. Common Stock During the six months ended June 30, 2024, the Company did not issue any common shares. During the year-ended December 31, 2023, we issued 4,400,000 common shares for proceeds of $381,061.

Stock Options

Stock Options	6 Months Ended
	Jun. 30, 2024
Stock Options
Stock Options	Note 7 – Stock Options On May 26, 2022, the Company granted 3,700,000 stock options with an exercise price of $0.22, a term of 5 years and vest immediately. 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 4 related parties including officers and directors and 2,100,000 were granted to 15 consultants of the Company. Due to the continuing decline of the company’s share price these options were repriced to $0.10 on January 24 th th The fair value of options granted during the six months ended June 30, 2024 were determined using the Black Scholes method with the following assumptions: Six Months Ended June 30, 2024 Risk free interest rate 4.0 % Stock volatility factor 98 % Weighted average expected life of options 5 years Expected dividend yield 0 % A summary of the Company’s stock option activity and related information follows: Period Ended June 30, 2024 Year Ended December 31, 2023 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding, beginning of period 3,700,000 $ 0.10 - - Granted 500,000 0.04 3,700,000 $ 0.22 Repricing - (0.06 ) - (0.12 ) Outstanding, end of period 4,200,000 $ 0.04 3,700,000 $ 0.10 As of June 30, 2024, the intrinsic value of the stock options was approximately $0. Stock option expense for the six months ended June 30, 2024 was $54,392 (2023: $69,337). As at June 30, 2024, 4,200,000 are exercisable (December 31, 2023: 3,700,000). The following table summarizes the stock options outstanding at June 30, 2024: Issue Date Number Price Expiry Date Outstanding at June 30, 2024 Weighted Average Remaining Contractual Life (in years) May 26, 2022 3,700,000 $ 0.04 May 26, 2027 3,700,000 1.90 January 10, 2024 500,000 $ 0.04 January 10, 2029 500,000 4.51

Mineral Properties

Mineral Properties	6 Months Ended
	Jun. 30, 2024
Mineral Properties
Mineral Properties	Note 8 – Mineral Properties Fish Lake Valley On April 29, 2021 we 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 Altura stock, and expending $2,000,000 of exploration work in the next four years. To date Morella Corporation has paid $375,000 and issued 55,560,526 common shares with a fair value of $1,541,631. The Letter of Intent was signed with a purchaser that has a common director as the Company. San Emidio On September 16 th North Big Smokey On May 24, 2022 our 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 Smokey 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 26,791,685 common shares with a fair value of $209,441. 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	6 Months Ended
	Jun. 30, 2024
Allowance for Optioned Properties
Allowance for Optioned Properties	Note 9 – Allowance for Optioned Properties Fish Lake Valley On October 21, 2021 we signed an agreement with Morella Corporation, an Australian Lithium explorer and developer, and related entity whereby Morella Corporation 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. As of June 30, 2024, the Company has received $375,000 and received 55,560,526 common shares with a fair value of $1,541,631 in relation to the letter of intent. The Company recorded $1,916,631 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 agreement was signed with a purchaser that has a common director as the Company. North Big Smokey 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 Smokey 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. As of June 30, 2024, the Company has received $65,000 and our company has received 26,791,685 common shares with a fair value of $209,441. The Company recorded $274,471 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. San Emidio On September 16 th

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions
Related Party Transactions	Note 10 – Related Party Transactions The Company paid cash consulting fees totaling $72,000 and $144,000 (2023: $68,000 and $140,000) to related parties and non-cash stock option compensation expenses of $Nil and $Nil (2023: $Nil and $29,984) to related parties for the three and six months ended June 30, 2024, respectively. The Company paid rent fees totaling $1,500 and $3,000 to related parties for the three and six months ended June 30, 2024 (2023: $1,500 and $3,000). As at June 30, 2024, the Company had $33,868 (December 31, 2023: $26,489) owing to related parties. During the year ended December 31, 2023, the company received $10,000 in distributions from Summa, LLC, a Limited Liability Corporation with some shared management. 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 year ended December 31, 2023, the Company received 20,037,630 common shares with a fair value of $83,984 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 4, 8 and 9. During the year ended December 31, 2023, the Company received $150,000 and 35,226,951 common shares from a related party through common directors with a fair value of $1,456,407 in relation to the agreement signed in relation to the Fish Lake property. See note 4, 8 and 9.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and contingencies
Commitments and Contingencies	Note 12 – Commitments and Contingencies On July 1, 2021, the Company signed a rental agreement with a related party 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. As the Company cannot determine the amount of time it will stay in the lease then a lease period cannot be determined and, as such, the agreement does not fall under ASC 842. From time to time, we may be involved in routine legal proceedings, as well as demands, claims and threatened litigation that arise in the normal course of our business. The ultimate amount of liability, if any, for any claims of any type (either alone or in the aggregate) may materially and adversely affect our financial condition, results of operations and liquidity. In addition, the ultimate outcome of any litigation is uncertain. Any outcome, whether favorable or unfavorable, may materially and adversely affect us due to legal costs and expenses, diversion of management attention and other factors. We expense legal costs in the period incurred. We cannot assure you that additional contingencies of a legal nature or contingencies having legal aspects will not be asserted against us in the future, and these matters could relate to prior, current or future transactions or events. As of June 30, 2024, there were no pending or threatened litigation against the Company.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events
Subsequent Events	Note 13 – Subsequent Events The Company has analyzed its operations subsequent to June 30, 2024 through the date these financial statements were issued, and has determined that it does not have any material subsequent events.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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. Such estimates include the useful life of equipment and inputs related to the calculation of the fair value of stock options. 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.
Research and Development	Research and development costs are expensed as incurred. During the six months ended June 30, 2024 and 2023, the Company did not have any research and development costs.
Advertising Costs	Advertising costs are expensed as incurred. During the six months ended June 30, 2024 and 2023, the Company did not have any advertising costs.
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, represented by 4,200,000 stock options outstanding, is excluded 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 period ended June 30, 2024.
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.
Investments in Marketable Securities	The Company’s Marketable Securities are considered Held-For-Trading (“HFT”) or Trading Assets. HTF- Trading securities are valued at their fair value when purchased/sold, and any unrealized gains or losses are recorded periodically on financial reporting dates as other income or loss.
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.
Recent Accounting Pronouncements	The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. The Company does not expect that recent accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2024, are of significance or potential significance to the Company.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value of Financial Instruments
Schedule of the valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at June 30, 2024 Level 1 Level 2 Level 3 Assets Cash $ 3,390,604 $ - $ - Marketable securities 175,061 Total Assets 3,565,665 - - Liabilities Total Liabilities - - - $ 3,565,665 $ - $ - Fair Value Measurements at December 31, 2023 Level 1 Level 2 Level 3 Assets Cash $ 3,667,617 $ - $ - Marketable securities Total Assets 332,082 - - Liabilities 3,999,699 Total Liabilities - - - $ - $ - $ 3,999,699

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Marketable Securities
Schedule of Marketable Securities	Balance, December 31, 2023 $ 332,082 Fair value adjustment (157,021 ) Balance, June 30, 2024 $ 175,061

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Prepaid Expenses
Schedule of prepaid expenses	June 30, 2024 December 31, 2023 Professional fees $ - $ 5,500 Other 7,250 15,150 Transfer agent fees 1,100 2,200 Total prepaid expenses $ 8,350 $ 22,850

Stock Options (Tables)

Stock Options (Tables)	6 Months Ended
	Jun. 30, 2024
Stock Options
Schedule of assumptions used to value stock options	Six Months Ended June 30, 2024 Risk free interest rate 4.0 % Stock volatility factor 98 % Weighted average expected life of options 5 years Expected dividend yield 0 %
Schedule of stock options activity	Period Ended June 30, 2024 Year Ended December 31, 2023 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding, beginning of period 3,700,000 $ 0.10 - - Granted 500,000 0.04 3,700,000 $ 0.22 Repricing - (0.06 ) - (0.12 ) Outstanding, end of period 4,200,000 $ 0.04 3,700,000 $ 0.10
Schedule of stock options outstanding	Issue Date Number Price Expiry Date Outstanding at June 30, 2024 Weighted Average Remaining Contractual Life (in years) May 26, 2022 3,700,000 $ 0.04 May 26, 2027 3,700,000 1.90 January 10, 2024 500,000 $ 0.04 January 10, 2029 500,000 4.51

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative)	6 Months Ended
	Jun. 30, 2024 shares
Stock Option [Member]
Antidilutive shares	4,200,000

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Going Concern
Net Cash (Used in) Operating Activities	$ (277,013)	$ (187,197)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Marketable securities	$ 175,061	$ 332,082
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Cash	3,390,604	3,667,617
Marketable securities	175,061	332,082
Total Assets	3,565,665	3,999,699
Liabilities	0
Total Liabilities	3,565,665	3,999,699
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Cash	0	0
Marketable securities		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
Total Assets	0	0
Liabilities	0	0
Total Liabilities	$ 0	$ 0

Marketable Securities (Details)

Marketable Securities (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Marketable Securities
Marketable Securities, Beginning	$ 332,082
Fair value adjustment	(157,021)
Marketable Securities, Ending	$ 175,061

Marketable Securities (Details

Marketable Securities (Details Narrative)	12 Months Ended
	Dec. 31, 2023 USD ($) shares
Fish Lake Property [Member]
Common shares received, shares | shares	20,333,575
Common shares received, amount | $	$ 85,224
North Big Smoky Property [Member]
Common shares received, shares | shares	19,741,685
Common shares received, amount | $	$ 82,774

Prepaid Expenses (Details)

Prepaid Expenses (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expenses
Professional fees	$ 0	$ 5,500
Other	7,250	15,150
Transfer agent fees	1,100	2,200
Total prepaid expenses	$ 8,350	$ 22,850

Capital Stock (Details Narrativ

Capital Stock (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Capital Stock
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares par value	$ 0.001	$ 0.001
Stock issued during period, shares	4,400,000
Stock issued during period, amount	$ 381,061

Stock Options (Details)

Stock Options (Details)	6 Months Ended
	Jun. 30, 2024
Stock Options
Risk free interest rate	4%
Stock volatility factor	98%
Weighted average expected life of options	5 years
Expected dividend yield	0%

Stock Options (Details 1)

Stock Options (Details 1) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Stock Options
Options outstanding, beginning of year	3,700,000
Options granted	500,000	3,700,000
Options outstanding, end of year	4,200,000	3,700,000
Weighted average exercise price outstanding, beginning of year	$ 0.10	$ 0
Weighted average exercise price, granted	0.04	0.22
Weighted Average Exercise Price, Repricing	(0.06)	(0.12)
Weighted average exercise price outstanding, end of year	$ 0.04	$ 0.10

Stock Options (Details 2)

Stock Options (Details 2) - $ / shares	1 Months Ended	6 Months Ended
	May 26, 2022	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Remaining Contractual Life	5 years
Stock option, price per share		$ 0.04	$ 0.04	$ 0.10	$ 0
Stock Option [Member]
Weighted Average Remaining Contractual Life		1 year 10 months 24 days
Stock option issuance date		May 26, 2022
Number of share issued		3,700,000
Number of outstanding share		3,700,000
Stock option expire date		May 26, 2027
Stock option, price per share		$ 0.04
Stock Option 1 [Member]
Weighted Average Remaining Contractual Life		4 years 6 months 3 days
Stock option issuance date		Jan. 10, 2024
Number of share issued		500,000
Number of outstanding share		500,000
Stock option expire date		Jan. 10, 2029
Stock option, price per share		$ 0.04

Stock Options (Details Narrativ

Stock Options (Details Narrative) - USD ($)	1 Months Ended		6 Months Ended
	Jan. 24, 2023	May 26, 2022	Jun. 30, 2024	Jun. 30, 2023	Jan. 11, 2024	Dec. 31, 2023
Intrinsic value of the stock options			$ 0
Stock option expenses			$ 54,392	$ 69,337
Stock option exercisable			4,200,000			3,700,000
Stock option term		5 years
Exercise price	$ 0.10	$ 0.22			$ 0.04
Stock-based compensation	$ 69,337	$ 696,397	$ 34,827
Shares granted to related parties		1,600,000
15 Consultants [Member]
Shares granted to related parties		2,100,000

Mineral Properties (Details Nar

Mineral Properties (Details Narrative) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
	May 24, 2022	Oct. 21, 2021	Sep. 16, 2021	Apr. 29, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Initial amount paid on signing LOI					$ 375,000		$ 375,000
Expenditure in exploration					$ 55,475	$ 4,798	105,032	$ 8,577
Fish Lake Property [Member]
Fair value of stock option									$ 150,000
San Emidio [Member]
Common shares issued, shares			200,000
Initial amount paid on signing LOI			$ 50,000
Ownership percentage			80%
Altura [Member] | Fish Lake Property [Member]
Common shares issued, shares				55,560,526
Common shares fair values				$ 1,541,631
Company paid				375,000
Initial amount paid on signing LOI		$ 500,000		$ 500,000
Ownership percentage		60%		60%
Expenditure in exploration		$ 2,000,000		$ 2,000,000
Fair value of stock option							$ 1,541,631
Amount paid for acquisition		$ 675,000		$ 675,000
Altura [Member] | San Emidio [Member]
Ownership percentage			80%
Altura [Member] | Big North Smokey [Member]
Common shares issued, shares	26,791,685						26,791,685
Initial amount paid on signing LOI	$ 500,000
Ownership percentage	60%
Expenditure in exploration	$ 1,000,000
Fair value of stock option	209,441						$ 209,441
Amount paid for acquisition	$ 65,000						$ 65,000

Allowance for Optioned Proper_2

Allowance for Optioned Properties (Details Narrative) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
	May 24, 2022	Oct. 21, 2021	Sep. 16, 2021	Apr. 29, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Liability against the property					$ 274,471		$ 274,471
Initial amount received on signing LOI					375,000		375,000
Expenditure in exploration					$ 1,916,631		$ 1,916,631
Common shares issued, shares					55,560,526		55,560,526
Other income					$ 19,270	$ 18,688	$ 38,400	$ 37,076
Expenditure in exploration					$ 55,475	$ 4,798	105,032	$ 8,577
Fish Lake Property [Member]
Fair value of stock option									$ 150,000
San Emidio [Member]
Common shares issued, shares			200,000
Initial amount received on signing LOI			$ 50,000
Ownership percentage			80%
Altura [Member] | Fish Lake Property [Member]
Common shares issued, shares				55,560,526
Initial amount received on signing LOI		$ 500,000		$ 500,000
Fair value of stock option							$ 1,541,631
Ownership percentage		60%		60%
Expenditure in exploration		$ 2,000,000		$ 2,000,000
Amount paid for acquisition		$ 675,000		$ 675,000
Altura [Member] | Big North Smokey [Member]
Common shares issued, shares	26,791,685						26,791,685
Initial amount received on signing LOI	$ 500,000
Fair value of stock option	$ 209,441						$ 209,441
Ownership percentage	60%
Expenditure in exploration	$ 1,000,000
Amount paid for acquisition	$ 65,000						$ 65,000
Altura [Member] | San Emidio [Member]
Ownership percentage			80%
Other income									$ 101,260
Cancellation of the agreement							Surge paid Lithium Corporation $50,000 and issued 200,000 common shares valued at $51,260 on signing the agreement but relinquished all interest in the agreement and the property

Related Party Transactions (Det

Related Party Transactions (Detail Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Stock option compensation expenses			$ 144,000	$ 140,000
Consulting fees - related party			72,000	68,000
Owing to related parties	$ 33,868		33,868		$ 26,489
Rent fees	$ 1,500	$ 1,500	$ 3,000	$ 3,000
Summa LLC [Member]
Other income					$ 10,000
Company investment percentage					25%
North Big Smokey Property [Member]
Fair value of stock option					$ 83,984
Common share receive					20,037,630
Fish Lake Property [Member]
Fair value of stock option					$ 150,000
Common share receive					35,226,951
Proceeds from related party					$ 1,456,407

Commitments and Contingencies (

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