Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021 $ / shares shares | |
Registrant CIK | 0001445467 |
Fiscal Year End | --12-31 |
Document Period Start Date | Jan. 01, 2021 |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 000-54728 |
Entity Registrant Name | Avrupa Minerals Ltd. |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | Suite 410 |
Entity Address, Address Line Two | 325 Howe Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6C 1Z7 |
Entity Address, Address Description | Address of principal executive offices |
Title of 12(g) Security | Common Shares |
Entity Listing, Par Value Per Share | $ / shares | $ 0 |
Entity Common Stock, Shares Outstanding | shares | 32,738,087 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction | false |
Entity Accounting Standard | International Financial Reporting Standards |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
No Trading Symbol Flag | true |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Auditor Name | De Visser Gray LLP (1054) |
Auditor Firm ID | 1054 |
Auditor Location | Vancouver, Canada |
Business Contact | |
Entity Address, Address Line One | 410 |
Entity Address, Address Line Two | 325 Howe Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6C 1Z7 |
Entity Address, Address Description | Canada |
Contact Personnel Name | Winnie Wong |
Extension | 236 |
Contact Personnel Email Address | wwong@pacificopportunity.com |
Phone Fax Number Description | Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash | $ 139,164 | $ 205,238 | |
Prepaid expenses and advances | 245 | 54,766 | |
Due from optionees | [1] | 12,751 | 61,249 |
VAT receivables | 1,769 | 21,922 | |
Other receivables | 7,226 | 28,494 | |
Current assets | 161,155 | 371,669 | |
Non-current assets | |||
Property deposits | [2] | 1,439 | 1,561 |
Tax deposits | [2] | 41,201 | 41,201 |
Exploration and evaluation assets | [1] | 167,920 | 167,920 |
Equipment | [3] | 2,090 | 5,296 |
Investment in PorMining | [1] | 765 | 765 |
Deposit - Akkerman Finland OY | [4] | 14,155 | 0 |
Assets, Noncurrent | 227,570 | 216,743 | |
Total assets | 388,725 | 588,412 | |
Current liabilities | |||
Accounts payable and accrued liabilities | 130,019 | 162,566 | |
Accounts payable owed by optionees | 0 | 61,249 | |
Due to related parties | [5] | 671,019 | 754,296 |
Current portion of long-term loan | 2,524 | 7,900 | |
Current liabilities | 803,562 | 986,011 | |
Non-current liabilities | |||
Long-term loan | [6] | 0 | 2,738 |
Non-current liabilities | 0 | 2,738 | |
Shareholders' (deficiency) | |||
Share capital | [7] | 9,994,487 | 9,994,879 |
Reserves | [7] | 6,980,564 | 6,988,675 |
Deficit | (17,389,888) | (17,383,891) | |
Equity | (414,837) | (400,337) | |
Total shareholders' (deficiency) and liabilities | $ 388,725 | $ 588,412 | |
[1]Note 5.[2]Note 6.[3]Note 4.[4]Note 16.[5]Note 8.[6]Note 9.[7]Note 7. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | 12 Months Ended | ||||||
Dec. 31, 2021 $ / shares | Dec. 31, 2021 CAD ($) | Dec. 31, 2020 $ / shares | Dec. 31, 2020 CAD ($) | Dec. 31, 2019 $ / shares | Dec. 31, 2019 CAD ($) | ||
Mineral exploration expenses | |||||||
Mineral exploration expenses | [1] | $ 24,952 | $ 80,343 | $ 566,427 | |||
Reimbursements from optionee | [1] | (483,950) | (434,982) | (291,680) | |||
Operating expense | 458,998 | 354,639 | (274,747) | ||||
General administrative expenses | |||||||
Bank charges | 630 | 974 | 1,784 | ||||
Bad debt expenses | 10,679 | 0 | 0 | ||||
Consulting fees, wages and benefits | 167,170 | 192,577 | 117,278 | ||||
Depreciation | 3,143 | 13,303 | 3,496 | ||||
Investor relations | 120,869 | 94,314 | 139,494 | ||||
Listing and filing fees | 7,068 | 8,035 | 9,062 | ||||
Office and administrative fees | 32,703 | 18,468 | 19,052 | ||||
Professional fees | [2] | 109,079 | 129,511 | 191,238 | |||
Rent | [2] | 11,866 | 10,200 | 12,286 | |||
Share-based payment | [2] | 0 | 0 | 9,369 | |||
Transfer agent fees | 10,971 | 18,648 | 9,472 | ||||
Travel | 1,109 | 8,329 | 35,723 | ||||
General and administrative expense | (475,287) | (494,359) | (548,254) | ||||
Other items | |||||||
Foreign exchange gain (loss) | 61 | 802 | (195) | ||||
Interest income | 0 | 8 | 148 | ||||
Gain on disposal of equipment | 0 | 0 | 6,643 | ||||
Write-off of payables | 10,231 | 0 | 0 | ||||
Write-down of exploration and evaluation assets | [1] | 0 | (1) | (1,239,994) | |||
Write-down of tax deposits | [3] | 0 | 0 | (41,200) | |||
Gains (losses) on net monetary position | 10,292 | 809 | (1,274,598) | ||||
Net loss for the year | (5,997) | (138,911) | (2,097,599) | ||||
Exchange difference arising on the translation of foreign subsidiaries | (8,111) | (16,786) | 20,714 | ||||
Comprehensive loss for the year | $ (14,108) | $ (155,697) | $ (2,076,885) | ||||
Basic and diluted loss per share | $ / shares | [4] | $ 0 | $ 0 | $ (0.08) | |||
[1]Note 5.[2]Note 8.[3]Note 6.[4]Note 10. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN (DEFICIENCY) / EQUITY - CAD ($) | Issued capital | Warrants | Finders options | Equity-settled employee benefits | Exchange | Subtotal | Deficit | Total |
Equity at beginning of period at Dec. 31, 2018 | $ 9,582,406 | $ 5,104,738 | $ 277,893 | $ 1,289,103 | $ 3,330 | $ 6,675,064 | $ (15,147,381) | $ 1,110,089 |
Number of shares outstanding at beginning of period at Dec. 31, 2018 | 27,108,446 | |||||||
Share issues | ||||||||
Shares issued for private placements | $ 204,766 | 77,234 | 0 | 0 | 0 | 77,234 | 0 | 282,000 |
Number of Shares issued for private placement | 1,410,000 | |||||||
Share issue costs | $ (54,033) | 0 | 0 | 0 | 0 | 0 | 0 | (54,033) |
Share-based payment | 0 | 0 | 0 | 9,369 | 0 | 9,369 | 0 | 9,369 |
Comprehensive loss | $ 0 | 0 | 0 | 0 | 20,714 | 20,714 | (2,097,599) | (2,076,885) |
Number of shares outstanding at end of period at Dec. 31, 2019 | 28,518,446 | |||||||
Equity at end of period at Dec. 31, 2019 | $ 9,733,139 | 5,181,972 | 277,893 | 1,298,472 | 24,044 | 6,782,381 | (17,244,980) | (729,460) |
Share issues | ||||||||
Shares issued for private placements | $ 283,277 | 223,080 | 0 | 0 | 0 | 223,080 | 0 | 506,357 |
Number of Shares issued for private placement | 4,219,641 | |||||||
Share issue costs | $ (21,537) | 0 | 0 | 0 | 0 | 0 | 0 | (21,537) |
Comprehensive loss | $ 0 | 0 | 0 | 0 | (16,786) | (16,786) | (138,911) | (155,697) |
Number of shares outstanding at end of period at Dec. 31, 2020 | 32,738,087 | |||||||
Equity at end of period at Dec. 31, 2020 | $ 9,994,879 | 5,405,052 | 277,893 | 1,298,472 | 7,258 | 6,988,675 | (17,383,891) | (400,337) |
Share issues | ||||||||
Share issue costs | (392) | 0 | 0 | 0 | 0 | 0 | 0 | (392) |
Comprehensive loss | $ 0 | 0 | 0 | 0 | (8,111) | (8,111) | (5,997) | (14,108) |
Number of shares outstanding at end of period at Dec. 31, 2021 | 32,738,087 | |||||||
Equity at end of period at Dec. 31, 2021 | $ 9,994,487 | $ 5,405,052 | $ 277,893 | $ 1,298,472 | $ (853) | $ 6,980,564 | $ (17,389,888) | $ (414,837) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities | ||||
Net loss for the year | $ (5,997) | $ (138,911) | $ (2,097,599) | |
Items not involving cash | ||||
Depreciation | 3,143 | 13,303 | 3,496 | |
Bad debt expenses | 10,679 | 0 | 0 | |
Gain on disposal of equipment | 0 | 0 | (6,643) | |
Mineral exploration expenses | 0 | 0 | 10,996 | |
Share-based payment | 0 | 0 | 9,369 | |
Write-off of payables | (10,231) | 0 | 0 | |
Write-down of exploration and evaluation assets | 0 | 1 | 1,239,994 | |
Write-down of tax deposits | [1] | 0 | 0 | 41,200 |
Changes in non-cash working capital items | ||||
VAT receivables | 20,153 | (4,880) | 5,266 | |
Due from optionees | 48,498 | (27,355) | 11,601 | |
Prepaid expenses and advances | 54,521 | (23,432) | 34,674 | |
Other receivables | 10,589 | 602 | 6,540 | |
Accounts payable and accrued liabilities | (20,511) | (363,267) | (101,528) | |
Accounts payable owed by optionees | (61,249) | 29,627 | (11,601) | |
Due from/to related parties | (83,277) | 188,949 | 392,145 | |
Exchange difference arising on the translation of foreign subsidiaries | (8,498) | (18,839) | 26,841 | |
Net cash used in operating activities | (42,180) | (344,202) | (435,249) | |
Cash flows from investing activities | ||||
Investment in PorMining | 0 | (765) | 0 | |
Deposit - Akkerman Finland OY | (14,155) | 0 | 0 | |
Net proceeds from sale of equipment | 0 | 0 | 6,643 | |
Property deposits | 0 | 15,939 | 116,772 | |
Purchase of equipment | (7,542) | (7,452) | (6,567) | |
Net cash provided by (used in) investing activities | (21,697) | 7,722 | 116,848 | |
Cash flows from financing activities | ||||
Proceeds from issuance of common shares | 0 | 506,357 | 282,000 | |
Share issue costs | (2,197) | (22,982) | (11,544) | |
Net cash provided by financing activities | (2,197) | 483,375 | 270,456 | |
Change in cash for the year | (66,074) | 146,895 | (47,945) | |
Cash, beginning of the year | 205,238 | 58,343 | 106,288 | |
Cash, end of the year | 139,164 | 205,238 | 58,343 | |
Supplementary information | ||||
Interest received | $ 0 | $ 8 | $ 148 | |
[1]Note 6. |
1. NATURE OF OPERATIONS AND CON
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS | 1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS Avrupa Minerals Ltd. (the “Company”) was incorporated on January 23, 2008 under the Business Corporations Act of British Columbia and its registered office is 10 th These consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. There are material uncertainties that cast significant doubt about the appropriateness of the going concern assumption. If the Company is to advance or develop its mineral properties further, it will be necessary to obtain additional financing and while it has been successful in the past, there can be no assurance that it will be able to do so in the future. Failure to raise sufficient funds would result in the Company’s inability to make future required property payments, which would result in the loss of those property options. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary were the going concern assumption inappropriate, and these adjustments could be material. |
2. BASIS OF PREPARATION
2. BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
2. BASIS OF PREPARATION | 2. BASIS OF PREPARATION a) These consolidated financial statements have been prepared in accordance and compliance with International Financial Reporting standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). b) These consolidated financial statements have been prepared on a historical cost basis except certain financial instruments which are measured at fair value (‘FVPL”). In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. These consolidated financial statements, including comparatives, have been prepared on the basis of IFRS standards that are effective as at December 31, 2021. |
3. SIGNIFICANT ACCOUNTING POLIC
3. SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
3. SIGNIFICANT ACCOUNTING POLICIES | 3. SIGNIFICANT ACCOUNTING POLICIES a) These consolidated financial statements include the accounts of the Company and its subsidiaries as follows: % of ownership Jurisdiction Nature of operations MAEPA Empreendimentos Mineiros e Participacoes Lda 100% Portugal Exploration Innomatik Exploration Kosovo LLC 100% Kosovo Exploration AVU Kosova LLC 100% Kosovo Exploration Avrupa Holdings Inc. (1) 100% Barbados Holding Avrupa Portugal Holdings Inc. (1) 100% Barbados Holding Avrupa Kosovo Holdings Inc. (1) 100% Barbados Holding (1) All subsidiaries are entities that are controlled, either directly or indirectly. Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when the Company has existing rights that give it the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a company’s share capital. All of the intra-group balances and transactions, including unrealized profits and losses arising from intra-group transactions, have been eliminated in full. For subsidiaries that the Company controls, but does not own 100% of, the net assets and net profit attributable to outside shareholders are presented as amounts attributable to non-controlling interests in the consolidated statements of financial position and consolidated statements of comprehensive loss. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing the consolidated financial statements. b) A joint arrangement can take the form of a joint venture or joint operation. All joint arrangements involve a contractual arrangement that establishes joint control, which exists only when decisions about the activities that significantly affect the returns of the investee require unanimous consent of the parties sharing control. A joint operation is a joint arrangement in which the Company has rights to the assets and obligations for the liabilities relating to the arrangement. A joint venture is a joint arrangement in which the Company has rights to only the net assets of the arrangement. Joint ventures are accounted for in accordance with the policy “Investments in Associates and Joint Ventures.” Joint operations are accounted for by recognizing the Company’s share of the assets, liabilities, revenue, expenses and cash flows of the joint operation in the consolidated financial statements. c) Investments over which the Company exercises significant influence and which it does not control or jointly control are associates. Investments in associates are accounted for using the equity method, except when classified as held for sale. Investments in joint ventures as determined in accordance with the policy “Interests in Joint Arrangements” are also accounted for using the equity method. The equity method involves recording the initial investment at cost and subsequently adjusting the carrying value of the investment for the Company’s proportionate share of the profit or loss, other comprehensive income or loss and any other changes in the associate’s or joint venture’s net assets. The Company’s proportionate share of the associate’s or joint venture’s profit or loss and other comprehensive income or loss is based on its most recent financial statements. Adjustments are made to align any inconsistencies between the Company’s accounting policies and the associate’s or joint venture’s policies before applying the equity method. Adjustments are also made to account for depreciable assets based on their fair values at the acquisition date of the investment and for any impairment losses recognized by the associate or joint venture. If the Company’s share of the associate’s or joint venture’s losses equals or exceeds the investment in the associate or joint venture, recognition of further losses is discontinued. After the Company’s interest is reduced to zero, additional losses will be provided for and a liability recognized only to the extent that the Company has incurred legal or constructive obligations to provide additional funding or make payments on behalf of the associate or joint venture. If the associate or joint venture subsequently reports profits, the Company resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized. At each statement of financial position date, management considers whether there is objective evidence of impairment in associates and joint ventures. If there is such evidence, management determines if there is a need to record an impairment in relation to the associate or joint venture. d) The Company assesses functional currency on an entity by entity basis based on the related fact pattern; however, the presentation currency used in these consolidated financial statements is determined at management’s discretion. The currency of the parent company, and the presentation currency applicable to these consolidated financial statements, is the Canadian dollar. Transactions in currencies other than the functional currency are recorded at the rates of the exchange prevailing on dates of transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at each reporting date. Non-monetary items denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. The Company has determined that the functional currency of its wholly-owned subsidiaries in Europe is the Euro and that the functional currency of its wholly-owned subsidiaries in Barbados is the US dollar. Exchange differences arising from the translation of the subsidiaries’ functional currencies into the Company’s presentation currency are taken directly to the exchange reserve. e) Exploration and evaluation expenditures include the costs of acquiring licenses, costs associated with exploration and evaluation activity, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a business combination. Exploration and evaluation expenditures are expensed as incurred except for expenditures associated with the acquisition of exploration and evaluation assets through a business combination or asset acquisition which are recognized as assets. Costs incurred before the Company has obtained the legal rights to explore an area are recognized in the consolidated statement of comprehensive loss. Capitalized costs, including general and administrative costs, are only allocated to the extent that these costs can be related directly to operational activities in the relevant area of interest where they are considered likely to be recoverable by future exploitation or sale or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds the recoverable amount. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment. Recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. f) The share option plan allows the Company’s employees and consultants to acquire shares of the Company. The fair value of options granted is recognized as a share-based payment expense with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. The fair value is measured at grant date and each tranche is recognized on a graded-vesting basis over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. At each statement of financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. g) The Company presents the basic and diluted earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is determined by adjusting the income (loss) attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares. In the Company’s case, diluted earnings (loss) per share is the same as basic earnings (loss) per share as the effects of including all outstanding options and warrants would be anti-dilutive. h) The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates. These consolidated financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout these consolidated financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and further periods if the revision affects both current and future periods. Significant assumptions about the future and other sources of estimation uncertainty that management has made at the consolidated statement of financial position date, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following: Critical judgments · · · · Significant estimates · i) Provisions are recognized in the consolidated statement of financial position when the Company has a legal or constructive obligation as a result of past events and it is probable that an outflow of economic benefit will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. j) The following financial assets are classified as measured at amortized cost - cash, due from optionees, certain other receivables and property deposits. The following financial liabilities are classified as measured at amortized cost – accounts payable and accrued liabilities, accounts payable owed by optionees, due to related parties and long-term loan. The classification of financial assets is based on how an entity manages its financial instruments and the contractual cash flow characteristics of the financial asset. Transaction costs with respect to financial instruments classified as fair value through profit or loss are recognized as an adjustment to the cost of the underlying instruments. The Company’s financial assets are classified into one of the following two measurement categories: Financial assets held within a business model for the purpose of collecting contractual cash flows (“held to collect”) that represent solely payments of principal and interest (“SPPI”) are measured at amortized cost. Financial assets held within a business model where assets are both held for the purpose of collecting contractual cash flows or sold prior to maturity and the contractual cash flows represent solely payments of principal and interest are measured at FVPL. k) Income tax on the profit or loss for the periods presented comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred tax is recorded using the statement of financial position liability method, providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting or taxable loss; nor differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted that are expected to apply when temporary differences are expected to settle. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. To the extent that the Company does not consider it probable that a future tax asset will be recovered, it provides a valuation allowance against that excess. Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. l) Certain new accounting standards and interpretations have been published that are not mandatory for the December 31, 2021 reporting period. The Company has not early adopted the following new and revised standards, amendments and interpretations that have been issued but are not yet effective: · An amendment to IAS 1 was issued in January 2020 and applies to annual reporting periods beginning on or after January 1, 2023. The amendment clarifies the criterion for classifying a liability as non-current relating to the right to defer settlement of a liability for at least 12 months after the reporting period. The Company anticipates that the application of the above new and revised standards, amendments and interpretations will have no material impact on its results and financial position. |
4. EQUIPMENT
4. EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
4. EQUIPMENT | 4. EQUIPMENT Furniture and other equipment Vehicles Other assets Total Cost As at January 1, 2020 $ 116,067 $ 39,228 $ 21,765 $ 177,060 Exchange adjustment 8,158 2,757 1,530 12,445 As at December 31, 2020 124,225 41,985 23,295 189,505 Additions during the period 257 - - 257 Exchange adjustment (9,687) (3,273) (1,816) (14,776) As at December 31, 2021 $ 114,795 $ 38,712 $ 21,479 $ 174,986 Accumulated depreciation As at January 1, 2020 $ 109,878 $ 27,787 $ 21,265 $ 159,430 Depreciation for the year 3,015 10,288 - 13,303 Exchange adjustment 7,784 2,162 1,530 11,476 As at December 31, 2020 120,677 40,237 23,295 184,209 Depreciation for the year 1,481 1,662 - 3,143 Exchange adjustment (9,453) (3,187) (1,816) (14,456) As at December 31, 2021 $ 112,705 $ 38,712 $ 21,479 $ 172,896 Net book value As at January 1, 2020 $ 6,189 $ 11,441 $ - $ 17,630 As at December 31, 2020 $ 3,548 $ 1,748 $ - $ 5,296 As at December 31, 2021 $ 2,090 $ - $ - $ 2,090 |
5. EXPLORATION AND EVALUATION A
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES | 5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES Portugal Kosovo Germany Others Alvito Alvalade Others Slivovo Others Total Exploration and evaluation assets Acquisition costs As of January 1, 2021 $ - $ 167,920 $ - $ - $ - $ - $ - $ 167,920 As of December 31, 2021 $ - $ 167,920 $ - $ - $ - $ - $ - $ 167,920 Mineral exploration expenses for the year ended December 31, 2021 Concession fees and taxes $ - $ - $ - $ - $ - $ - $ - $ - Geological salaries and consulting - 22,203 - - - - - 22,203 Insurance - 449 - - - - - 449 Legal and accounting - - - - - - - - Office and administrative fees - - - - - - - - Rent - - - - - - - - Site costs - - - - - - - - Travel - 2,300 - - - - - 2,300 Reimbursements from optionee - (483,950) - - - - - (483,950) $ - $ (458,998) $ - $ - $ - $ - $ - $ (458,998) Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ 297,975 $ 65,936 $ 10,846 $ - $ 374,757 Concession fees and taxes 147,900 361,864 545,708 11,839 206,975 4 - 1,274,290 Depreciation 7,191 17,178 91,531 - - - - 115,900 Drilling 472,513 610,197 - 1,180,217 - - - 2,262,927 Geological salaries and consulting 1,624,824 6,537,815 4,692,323 119,801 720,879 12,359 - 13,708,001 Geology work - - 32,377 891,582 402,515 223,619 140,906 1,690,999 Insurance 5,683 24,622 46,429 14,604 15,007 - - 106,345 Legal and accounting 177 1,020 1,067 58,158 13,958 - - 74,380 Office and administrative fees 43,699 253,950 236,040 80,223 101,624 5,255 63,191 783,982 Rent 188,804 606,084 408,092 28,694 88,221 - 20,560 1,340,455 Report - - - 24,232 - - - 24,232 Site costs 71,452 194,203 172,925 185,127 194,582 - 8,865 827,154 Travel 75,625 239,667 171,652 60,107 22,478 - 15,326 584,855 Trenching and road work - - - 34,339 - - - 34,339 Reimbursements from optionee (2,149,344) (8,612,772) (2,741,482) (2,834,986) (45,158) - - (16,383,742) $ 488,524 $ 233,828 $ 3,656,662 $ 151,912 $ 1,787,017 $ 252,083 $ 248,848 $ 6,818,874 Portugal Kosovo Germany Others Alvito Alvalade Others Slivovo Others Total Exploration and evaluation assets Acquisition costs As of January 1, 2020 $ - $ 167,920 $ - $ 1 $ - $ - $ - $ 167,921 Write-down of property during the year - - - (1) - - - (1) As of December 31, 2020 $ - $ 167,920 $ - $ - $ - $ - $ - $ 167,920 Mineral exploration expenses for the year ended December 31, 2020 Concession fees and taxes $ - $ - $ - $ 1,841 $ - $ - $ - $ 1,841 Geological salaries and consulting - 6,872 - - 8,971 - - 15,843 Office and administrative fees - 4,414 - 74 444 - - 4,932 Rent - 55,899 - - - - - 55,899 Site costs - 1,539 - 53 - - - 1,592 Travel - 236 - - - - - 236 Reimbursements from optionee - (434,982) - - - - - (434,982) $ - $ (366,022) $ - $ 1,968 $ 9,415 $ - $ - $ (354,639) Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ 297,975 $ 65,936 $ 10,846 $ - $ 374,757 Concession fees and taxes 147,900 361,864 545,708 11,839 206,975 4 - 1,274,290 Depreciation 7,191 17,178 91,531 - - - - 115,900 Drilling 472,513 610,197 - 1,180,217 - - - 2,262,927 Geological salaries and consulting 1,624,824 6,515,612 4,692,323 119,801 720,879 12,359 - 13,685,798 Geology work - - 32,377 891,582 402,515 223,619 140,906 1,690,999 Insurance 5,683 24,173 46,429 14,604 15,007 - - 105,896 Legal and accounting 177 1,020 1,067 58,158 13,958 - - 74,380 Office and administrative fees 43,699 253,950 236,040 80,223 101,624 5,255 63,191 783,982 Rent 188,804 606,084 408,092 28,694 88,221 - 20,560 1,340,455 Report - - - 24,232 - - - 24,232 Site costs 71,452 194,203 172,925 185,127 194,582 - 8,865 827,154 Travel 75,625 237,367 171,652 60,107 22,478 - 15,326 582,555 Trenching and road work - - - 34,339 - - - 34,339 Reimbursements from optionee (2,149,344) (8,128,822) (2,741,482) (2,834,986) (45,158) - - (15,899,792) $ 488,524 $ 692,826 $ 3,656,662 $ 151,912 $ 1,787,017 $ 252,083 $ 248,848 $ 7,277,872 Portugal Licenses have varying required work commitments and carry a 3% Net Smelter Return (“NSR”) payable to the government of Portugal. Alvalade: On November 19, 2019, the Company and MAEPA (collectively the “Company”) and Minas de Aguas Teñidas, S.A. (“MATSA”) and its wholly-owned subsidiary EUL (collectively “MATSA”) entered into an Earn-In Joint Venture Agreement (the “Agreement”) in respect of the Alvalade project. Pursuant to the Agreement, PorMining, Unipessoal Lda. (“PorMining”) was incorporated on December 17, 2019 to hold assets and develop mineral rights (both as defined) and EUL can earn up to an 85% interest in PorMining. The earning of this interest, subsequent arrangements that may be entered into to explore the assets and, if warranted, the development of one or more projects are referred to as the “Transaction”. On March 27, 2020, MAEPA and EUL entered into a Quota Transfer Agreement pursuant to which MAEPA split its 100% interest in the share capital of PorMining into two quotas, representing 51% and 49% of the company’s share capital, and sold the 51% quota to EUL for the nominal value of €510. On March 27, 2020, the Company, MAEPA, MATSA and EUL entered into the PorMining Lda. Shareholders’ Agreement (the “Agreement”). Pursuant to the Agreement: · · · The effective date of the Transaction is the date that PorMining receives (received on June 15, 2020) the mineral rights in its name from the General Directorate of Energy and Geology of Portugal (“DGEG”). The Transaction is comprised of the following phases: · · · · Phase I – First Option Phase I commences on the effective date and continues until the first to occur of the first option exercise date and the termination of the first option. During Phase I, MAEPA will grant EUL the sole and exclusive right to hold an undivided 51% interest in PorMining (the first option) for at least three years from the effective date or the issue (issued on June 15, 2020) of the Experimental Exploitation License (the “EEL”) by DGEG to PorMining. EUL’s right to maintain its 51% interest is conditional upon MATSA: · · · Funding of the first option expenditures is solely at MATSA’s discretion and MATSA may elect to terminate the first option at any time by delivering notice (the first option termination notice) to the Company. MATSA may elect to accelerate the funding of the first option expenditures in order to exercise the first option at an earlier date. If there is a shortfall in the first option expenditures, MATSA may elect to pay such amount on or before the end of the three-year period and the first option expenditures will be deemed to have been satisfied. Upon MATSA completing all of the requirements of the first option, EUL will have unconditionally earned the 51% interest in PorMining. If the first option is terminated, MAEPA will acquire the 51% interest from EUL for a nominal value, the shares will be cancelled and MAEPA will hold a 100% interest in PorMining. During Phase I, MAEPA will act as the operator of the mineral rights. PorMining will pay MAEPA an operator’s fee equal to €100,000 per year, paid monthly starting June 16, 2020, funded by MATSA and which shall form part of the first option expenditures. During the year 2021, €100,000 ($148,280) was received and has been included in reimbursements from optionee. In all other phases, PorMining will be the operator unless it appoints another person to act as operator. The operator is responsible for developing and submitting work programs to the technical committee or the board of directors for consideration and approval and to implement work programs when approved according to the approved budget. The technical committee is comprised of two representatives from each of EUL and MAEPA and will be in effect until the first option exercise date. Thereafter, the board of directors will make all decisions with respect to the mineral rights. During Phase I, EUL will fund 100% of all maintenance payments (as defined) and approved work programs. As of December 31, 2021, MATSA has funded a total of €2,423,017 on the Alvalade project, including the €100,000 guarantee with DGEG. Subsequently, MATSA funded another €76,983. Phase II – Second Option Phase II commences on the first option exercise date and continues until the first to occur of the second option exercise date and the termination of the second option. On the first option exercise date, the Company will grant EUL the sole and exclusive right and option to acquire an additional 34% (for an aggregate 85% interest) in PorMining (the second option). EUL’s right to exercise the second option is conditional on MATSA satisfying the second option conditions as follows: · · · o o o o o o o The satisfaction of the second option conditions is solely at MATSA’s discretion and MATSA may elect to terminate the second option at any time by delivering notice (the second option termination notice) to the Company. If the second option is terminated, EUL will be entitled to retain its 51% interest in PorMining, plus an additional 1% interest for every €735,294 of expenditures funded during Phase II and the 51/49 Phase will commence. Upon MATSA satisfying the second option conditions, EUL automatically earns an additional 34% interest in PorMining for an aggregate interest of 85%. During Phase II, EUL will fund 100% of all maintenance payments and approved work programs. 51/49 Phase The 51/49 Phase commences on termination of the second option and continues until the deemed conversion of the interest of a party to a royalty. During the 51/49 Phase, PorMining will remain the operator subject to the terms of the Agreement and the shareholders’ agreement and the activities of the parties with respect to the mineral rights will continue to be governed by the shareholder’s agreement. If at any time after the 51/49 Phase has commenced EUL’s interest is reduced to below 10% as a result of dilution calculations, its interest will be deemed to be converted to a 1.5% royalty, which royalty shall only be payable up to a maximum total payment of €13,000,000 after which it will no longer be applicable. Upon conversion to the royalty, EUL will have no further rights or interest in respect of the assets under the Agreement or the shareholders’ agreement except for the royalty and the termination provisions apply. If at any time during the 51/49 Phase MAEPA’s interest is reduced to 15% as a result of dilution calculations, then its interest will be deemed to be converted to a 15% “carried interest” following which MAEPA will not be required to contribute to any further work programs and will not be subject to any further dilution until such time as a feasibility study has been prepared, at which point Phase III will have been deemed to have commenced and MAEPA will have to sell the option. During the 51/49 Phase, the parties will fund the maintenance payments and contribute to the costs of any approved work and/or development programs in proportion to their proportionate share. Phase III – Development and Operation Phase III commences on the second option exercise date and continues until the deemed conversion of the interest of a party to a royalty. Within 90 days of the commencement of Phase III, the Company will transfer its 15% interest in PorMining to MATSA in consideration for €10,000,000 to be paid as follows: · · · During Phase III, the parties will contribute their respective pro rata share of all approved work programs and budgets. If at any time after Phase III has commenced MAEPA’s interest is reduced to below 10% as a result of dilution calculations, its interest will be deemed to be converted to a 1.5% royalty as described above for EUL. Alvito: Callinan Royalties Corporation (“Callinan”) (now Altius Minerals Corporation) has a 1.5% NSR royalty on the Alvito property. During fiscal 2020, the Company dropped the Alvito property. Other including Covas: During fiscal 2018, the Company let the Covas license lapse after Blackheath Resources Inc. (“Blackheath”) terminated the earn-in agreement in March 2018. As part of the termination, the Company incurred an additional amount of $33,844 (€21,684) which was reimbursed by Blackheath in fiscal 2021. December 31, 2021 December 31, 2020 Due from optionees Covas - Blackheath $ - $ 33,844 Alvalade - PorMining 12,751 27,405 $ 12,751 $ 61,249 Kosovo The Company, through its 100% holding in Innomatik, held one exploration license in Kosovo: · Slivovo license: Byrnecut International Limited (“Byrnecut”) earned an 85% interest in the Slivovo property after forwarding $2,834,986 (€2,000,000) for the Slivovo property to the Company and completing a Preliminary Feasibility Study (“PFS”) by April 10, 2017. Byrnecut and the Company set up a joint venture entity known as Peshter Mining J.S.C. (“Peshter Mining”) to reflect the 85:15 ownership and transferred the Slivovo license into Peshter Mining with Byrnecut being the operator. Avrupa’s interest in Peshter Mining was subsequently diluted to below 10%, resulting in the Company’s interest in Peshter Mining being converted into a 2% Net Smelter Return. On December 31, 2019, the Company wrote down its interest in Slivovo by $143,154 to $1 as the Company was in negotiations with the Kosovo Mining Bureau, along with Byrnecut and Peshter Mining as to how to possibly extend the life of this license. During fiscal 2020, Byrnecut decided not to proceed with advancing Slivovo. Rather than dropping the license and potentially allowing a third party to stake the open land, Innomatik Exploration Kosovo LLC (“IEK”), Byrnecut and Peshter Mining entered into a binding term sheet (the “TS”) whereby the parties set out the terms on which Peshter Mining would surrender the existing tenements, thereby enabling IEK to apply, as sole beneficial owner, for one or more tenements over the entirety of the tenement area. The license was officially released back to the government. In March 2021, the Company incorporated a wholly-owned subsidiary, AVU Kosova LLC, to apply for a new Slivovo exploration permit. The application is currently under review by Mining Bureau. As of December 31, 2020, the Company wrote off $1. As consideration for Byrnecut ensuring that Peshter Mining complies with its obligations under the TS, IEK must pay to Byrnecut milestone cash payments totaling €375,000 and milestone gold payments totaling 850 troy ounces of gold as follows: Cash · · · Gold · · · · Germany The Company had earned an 85% interest in the Oelsnitz property under its agreement with Beak Consultants GmbH (“Beak”) by spending €140,000. There was no royalty attached to the property. During fiscal 2020, the Company dropped the property. |
6. PROPERTY DEPOSITS _ TAX DEPO
6. PROPERTY DEPOSITS / TAX DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
6. PROPERTY DEPOSITS / TAX DEPOSITS | 6. PROPERTY DEPOSITS / TAX DEPOSITS Property deposits As of December 31, 2021, the Company had a total of $1,439 (€1,000) (December 31, 2020: $1,561 (€1,000)) of cash pledged for its exploration licenses in Portugal. The advances to the Portuguese regulatory authorities are refundable to the Company, subject to completion of the work obligations described in the exploration license applications. Tax deposits In November 2018, MAEPA paid €56,505 ($88,201) in lieu of bank guarantees of €77,918 ($121,625) to the Directora de Finanças de Braga in Portugal. This amount was comprised of €51,920 ($81,044) in respect of stamp tax and €4,585 ($7,157) in respect of VAT. The stamp tax portion relates to the interpretation that intercompany advances received by MAEPA are financing loans and, accordingly, are subject to stamp tax. The VAT portion relates to certain invoices for vehicle usage and construction services. As of December 31, 2019, the Company estimated that the judicial review process would take approximately one year for the VAT claim and three to five years for the stamp tax claim and that the likelihood of success for each was 50%. As a result, tax deposits were written down by $41,200 (€28,252) during the year ended December 31, 2019. During 2020, the judicial review ruled that approximately €1,971 VAT remained to be paid while the rest were annulled. The Company accepted this ruling. The Company is still waiting for a trial date regarding the stamp tax and it is estimated that the process can take another three to four years. |
7. CAPITAL AND RESERVES
7. CAPITAL AND RESERVES | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
7. CAPITAL AND RESERVES | 7. CAPITAL AND RESERVES (a) At December 31, 2021, the authorized share capital was comprised of an unlimited number of common shares. The common shares do not have a par value. All issued shares are fully paid. (b) On December 21, 2020, the Company consolidated its share capital on the basis of one new share for every 4 old shares. All references to the number of shares and per share amounts have been retroactively restated to reflect the consolidation. (c) i. In connection with the financing, a total of $29,673 share issue costs were incurred. ii. In connection with the financing, a total of $24,360 share issue costs were incurred. iii. In connection with the financing, a total of $21,537 share issue costs were incurred. (d) The Company has established a stock option plan whereby the Company may grant options to directors, officers, employees and consultants of up to 10% of the common shares outstanding at the time of grant. The exercise price, term and vesting period of each option are determined by the board of directors within regulatory guidelines. On December 21, 2020, the Company’s stock options were consolidated on a 4 for 1 basis and the exercised prices were reflected as such (Note 7(b)). Stock option transactions and the number of stock options for the year ended December 31, 2021 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2020 Granted Exercised cancelled 2021 September 26, 2021 $0.72 393,750 - - (393,750) - April 26, 2022 (1) $0.40 327,500 - - - 327,500 March 14, 2023 $0.40 450,000 - - - 450,000 March 26, 2023 $0.40 10,000 - - - 10,000 January 7, 2024 $0.20 45,750 - - - 45,750 Options outstanding 1,227,000 - - (393,750) 833,250 Options exercisable 1,227,000 - - (393,750) 833,250 Weighted average exercise price $0.50 $Nil $Nil $0.72 $0.39 (1) As of December 31, 2021, the weighted average contractual remaining life is 0.90 years (December 31, 2020 – 1.53 years). Stock options transactions and the number of stock options for the year ended December 31, 2020 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2019 Granted Exercised cancelled 2020 July 15, 2020 $0.40 503,750 - - (503,750) - September 26, 2021 $0.72 393,750 - - - 393,750 April 26, 2022 $0.40 327,500 - - - 327,500 March 14, 2023 $0.40 450,000 - - - 450,000 March 26, 2023 $0.40 10,000 - - - 10,000 January 7, 2024 $0.20 45,750 - - - 45,750 Options outstanding 1,730,750 - - (503,750) 1,227,000 Options exercisable 1,730,750 - - (503,750) 1,227,000 Weighted average exercise price $0.47 $Nil $Nil $0.40 $0.50 Stock option transactions and the number of stock options for the year ended December 31, 2019 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2018 Granted Exercised cancelled 2019 March 3, 2019 $0.66 50,000 - - (50,000) - July 15, 2020 $0.40 503,750 - - - 503,750 September 26, 2021 $0.72 393,750 - - - 393,750 April 26, 2022 $0.40 327,500 - - - 327,500 March 14, 2023 $0.40 450,000 - - - 450,000 March 26, 2023 $0.40 10,000 - - - 10,000 January 7, 2024 $0.20 - 45,750 - - 45,750 Options outstanding 1,735,000 45,750 - (50,000) 1,730,750 Options exercisable 1,735,000 45,750 - (50,000) 1,730,750 Weighted average exercise price $0.48 $0.20 $Nil $0.66 $0.47 The weighted average assumptions used to estimate the fair value of options for the years ended December 31, 2021, 2020 and 2019 were: 2021 2020 2019 Risk-free interest rate n/a n/a 1.33% Expected life n/a n/a 5 years Expected volatility n/a n/a 123.92% Expected dividend yield n/a n/a Nil Option pricing models require the input of highly subjective assumptions including the expected price volatility. Changes in the subjective input assumptions can materially affect the fair value estimate, and therefore the existing models do not necessarily provide a reliable measure of the fair value of the Company’s share purchase options. (e) The continuity of finder’s options for the year ended December 31, 2019 is as follows: Exercise December 31, December 31, Expiry date price 2018 Issued Exercised Expired 2019 July 4, 2019 $0.40 102,813 - - (102,813) - Outstanding 102,813 - - (102,813) - Weighted average exercise price $0.40 $Nil $Nil $0.40 $Nil (f) On December 21, 2020, the Company’s warrants were consolidated on a 4 for 1 basis and the exercised prices were reflected as such (Note 7(b)). The continuity of warrants for the year ended December 31, 2021 is as follows: Exercise December 31, December 31, Expiry date price 2020 Issued Exercised Expired 2021 November 9, 2021 (1) $0.40 2,500,000 - - (2,500,000) - December 17, 2021 (1) $0.40 1,160,000 - - (1,160,000) - December 18, 2021 $0.20 455,000 - - (455,000) - February 25, 2022 (1)(2) $0.40 500,000 - - - 500,000 October 23, 2023 $0.20 4,219,641 - - - 4,219,641 Outstanding 8,834,641 - - (4,115,000) 4,719,641 Weighted average exercise price $0.29 $Nil $Nil $0.38 $0.22 (1) th (2) As of December 31, 2021, the weighted average contractual life is 1.64 years (December 31, 2020 – 1.82 years). The continuity of warrants for the year ended December 31, 2020 is as follows: Exercise December 31, December 31, Expiry date price 2019 Issued Exercised Expired 2020 March 26, 2020 $0.48 1,718,750 - - (1,718,750) - July 12, 2020 $0.60 2,542,500 - - (2,542,500) - November 9, 2021 (1) $0.40 2,500,000 - - - 2,500,000 December 17, 2021 (1) $0.40 1,160,000 - - - 1,160,000 December 18, 2021 $0.20 455,000 - - - 455,000 February 25, 2022 (1) $0.40 500,000 - - - 500,000 October 23, 2023 $0.20 - 4,219,641 - - 4,219,641 Outstanding 8,876,250 4,219,641 - (4,261,250) 8,834,641 Weighted average exercise price $0.46 $0.20 $Nil $0.55 $0.29 The continuity of warrants for the year ended December 31, 2019 is as follows: Exercise December 31, December 31, Expiry date price 2018 Issued Exercised Expired 2019 July 4, 2019 $0.60 3,386,750 - - (3,386,750) - March 26, 2020 $0.48 1,718,750 - - - 1,718,750 July 12, 2020 $0.60 2,542,500 - - - 2,542,500 November 9, 2021 (1) $0.40 2,500,000 - - - 2,500,000 December 17, 2021 (1) $0.40 1,160,000 - - - 1,160,000 December 18, 2021 $0.20 - 455,000 - - 455,000 February 25, 2022 (1) $0.40 - 500,000 - - 500,000 Outstanding 11,308,000 955,000 - (3,386,750) 8,876,250 Weighted average exercise price $0.52 $0.30 $Nil $0.60 $0.46 The weighted average assumptions used to estimate the fair value of warrants for the years ended December 31, 2021, 2020 and 2019 were: 2021 2020 2019 Risk-free interest rate n/a 1.46% 1.55% Expected life n/a 3 years 2.52 years Expected volatility n/a 149.71% 118.63% Expected dividend yield n/a Nil Nil |
8. RELATED PARTY TRANSACTIONS A
8. RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
8. RELATED PARTY TRANSACTIONS AND BALANCES | 8. RELATED PARTY TRANSACTIONS AND BALANCES The aggregate value of transactions and outstanding balances relating to key management personnel and entities over which they have control or significant influence were as follows: For the year ended December 31, 2021 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn (e) $ 150,000 $ Nil $ Nil $ Nil $ Nil $ Nil $ 150,000 For the year ended December 31, 2020 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn (e) $ 150,000 $ Nil $ Nil $ Nil $ Nil $ Nil $ 150,000 For the year ended December 31, 2019 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn (e) $ 163,766 $ Nil $ Nil $ Nil $ 53,482 $ Nil $ 217,248 Paul L. Nelles (c) $ 8,070 $ Nil $ Nil $ Nil $ Nil $ Nil $ 8,070 Frank Hogel $ Nil $,Nil $ Nil $ Nil $ Nil $ 5,530 $ 5,530 Related party liabilities Years ended Services / Advances December 31, 2021 December 31, 2020 December 31, 2019 As at December 31, As at December 31, Amounts due to: Pacific Opportunity Capital Ltd. (a) Rent, management, accounting, marketing and financing services $ 94,200 $ 132,435 $ 198,158 $ 534,488 (b) $ 456,055 (b) Paul W. Kuhn (e) Consulting, salaries, housing allowance and share-based payment $ 150,000 $ 150,000 $ 217,248 $ 122,140 (f) $ 282,633 Mark T. Brown (d) Short-term loan and expense reimbursement $ Nil $ Nil $ 16,000 $ Nil $ Nil Paul L. Nelles (c) Salaries and share-based payment $ Nil $ Nil $ 8,070 $ 14,391 $ 15,608 TOTAL: $ 244,200 $ 282,435 $ 439,476 $ 671,019 $ 754,296 (e) · · · (f) |
9. LONG-TERM LOAN
9. LONG-TERM LOAN | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
9. LONG-TERM LOAN | 9. LONG-TERM LOAN In March 2017, the Company entered into a long-term loan to purchase a used vehicle. The long-term loan is repayable in monthly payments totalling $2,572 (€1,787) as of December 31, 2021, including interest calculated at 5.635%, and maturing on April 5, 2022. December 31, 2021 December 31, 2020 Long-term loan $ 2,524 € 1,754 $ 10,638 € 6,816 Less: current portion of long-term loan 2,524 1,754 7,900 5,062 $ - € - $ 2,738 € 1,754 Payment schedule of long-term loan Year 1 $ 2,572 € 1,787 $ 8,370 € 5,363 Year 2 - - 2,789 1,787 2,572 1,787 11,159 7,150 Less: imputed interest 31 21 446 286 Other fees 17 12 75 48 $ 2,524 € 1,754 $ 10,638 € 6,816 |
10. EARNINGS (LOSS) PER SHARE
10. EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
10. EARNINGS (LOSS) PER SHARE | 10. EARNINGS (LOSS) PER SHARE Basic and diluted earnings (loss) per share The calculation of basic and diluted loss per share for the year ended December 31, 2021 was based on the loss attributable to common shareholders of $5,997 (2020 – $138,911; 2019 – $2,097,599) and a weighted average number of common shares outstanding of 32,738,087 (2020 – 29,313,952; 2019 – 27,564,148). Diluted loss per share did not include the effect of 833,250 share purchase options and 4,719,641 warrants outstanding at year end (2020 - 1,227,000 share purchase options and 8,834,641 warrants; 2019 - 1,730,750 share purchase options and 8,876,250 warrants) as they are anti-dilutive. |
11. FINANCIAL INSTRUMENTS
11. FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
11. FINANCIAL INSTRUMENTS | 11. FINANCIAL INSTRUMENTS The fair values of the Company’s cash, other receivables, due from optionees, property deposits, accounts payables and accrued liabilities, accounts payable owed by optionees, due to related parties and loans and other borrowings approximate their carrying values because of the short-term nature of these instruments. The Company’s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, interest risk, commodity price risk and currency risk. (a) The Company’s cash is held in financial institutions in Canada, Portugal and Kosovo and property deposits are held by Portuguese regulatory authorities. Amounts are receivable from optionees. (b) Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure. As at December 31, 2021, the Company had cash of $139,164 (December 31, 2020 - $205,238), VAT receivables of $1,769 (December 31, 2020 - $21,922) and other receivables of $7,226 (December 31, 2020 - $28,494) to settle current liabilities, net of accounts payable owed by optionees, of $803,562 (December 31, 2020 - $924,762). Accounts payable and accrued liabilities are due within the current operating period. (c) Interest rate risk is not material as the Company does not have any significant financial assets or liabilities subject to fluctuation in interest rates. (d) The Company is exposed to price risk with respect to equity market prices. Price risk as it relates to the Company is defined as the potential adverse impact on the Company’s ability to finance due to movements in individual equity prices or general movements in the level of the stock market. The Company closely monitors individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company. (e) The Company’s property interests in Portugal and Kosovo make it subject to foreign currency fluctuations and inflationary pressures which may adversely affect the Company’s financial position, results of operations and cash flows. The Company is affected by changes in exchange rates between the Canadian Dollar and foreign functional currencies. The Company does not invest in foreign currency contracts to mitigate the risks. The Company has net monetary assets of $12,300 dominated in US dollars and Euros. A 1% change in the absolute rate of exchange in US dollars and Euros would affect its net income by $1,000. IFRS 7 establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table sets forth the Company’s financial assets classified as subsequently measured at amortized cost as at December 31, 2021 and 2020. As at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash $ 139,164 $ - $ - $ 139,164 Due from optionees 12,751 - - 12,751 Other receivables 7,226 - - 7,226 Property deposits 1,439 - - 1,439 $ 160,580 $ - $ - $ 160,580 As at December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash $ 205,238 $ - $ - $ 205,238 Due from optionees 61,249 - - 61,249 Other receivables 28,494 - - 28,494 Property deposits 1,561 - - 1,561 $ 296,542 $ - $ - $ 296,542 The financial liabilities are classified as measured at amortized cost. |
12. SUPPLEMENTAL DISCLOSURE WIT
12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS The non-cash transactions during the years ended December 31, 2021, 2020 and 2019 were as follows: · · |
13. MANAGEMENT OF CAPITAL RISK
13. MANAGEMENT OF CAPITAL RISK | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
13. MANAGEMENT OF CAPITAL RISK | 13. MANAGEMENT OF CAPITAL RISK The Company manages its cash, common shares, warrants and share purchase options as capital (see Note 7). The Company’s objectives when managing capital are to safeguard its ability to continue as a going concern and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, acquire or dispose of assets or adjust the amount of cash and cash equivalents held. In order to maximize ongoing operating efforts, the Company does not pay out dividends. The Company’s investment policy is to invest its short-term excess cash in highly liquid short-term interest-bearing investments with maturities of 90 days or less from the original date of acquisition, selected with regards to the expected timing of expenditures from continuing operations. The Company expects its current capital resources will be sufficient to carry out its exploration or operations in the near term. |
14. INCOME TAX
14. INCOME TAX | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
14. INCOME TAX | 14. INCOME TAX A reconciliation of income taxes at statutory rates is as follows: 2021 2020 2019 Net loss $ (5,997) $ (138,911) $ (2,097,599) Expected income tax recovery $ (2,000) $ (37,000) $ (566,352) Effect of foreign tax rate (24,000) (16,000) 46,724 Non-deductible items 4,000 1,000 112,279 Deductible items - (6,000) (15,196) Unrecognized benefit of non-capital losses 22,000 58,000 422,545 $ - $ - The significant components of the Company’s deferred income tax assets are as follows: 2021 2020 Deferred income tax assets Non-capital loss carryforwards $ 2,045,000 $ 1,945,000 Allowable capital losses 9,000 9,000 Share issue costs 12,000 23,000 2,066,000 1,977,000 Valuation allowance (2,066,000) (1,977,000) Net deferred income tax assets $ - $ - The Company has available for deduction against future taxable income non-capital losses of approximately $7,574,500 in Canada (2020 - $7,201,500). These losses, if not utilized, will expire through to 2041. Tax benefits which may arise as a result of these non-capital losses have not been recognized in these consolidated financial statements and have been offset by a valuation allowance. The following table shows the non-capital losses in Canada: Year of Origin Year of Expiry Non-capital losses/(Income) 2008 2028 $ 10,500 2009 2029 45,000 2010 2030 38,500 2010 2030 325,000 2011 2031 51,500 2012 2032 798,000 2013 2033 606,000 2014 2034 921,000 2015 2035 837,000 2016 2036 1,007,000 2017 2037 854,000 2018 2038 657,000 2019 2039 504,000 2020 2040 476,000 2021 2041 444,000 $ 7,574,500 |
15. SEGMENTED FINANCIAL INFORMA
15. SEGMENTED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
15. SEGMENTED FINANCIAL INFORMATION | 15. SEGMENTED FINANCIAL INFORMATION The Company operates in one industry segment, being the acquisition and exploration of mineral properties. Geographic information is as follows: December 31, 2021 December 31, 2020 Non-current assets Portugal $ 213,415 $ 216,743 Finland 14,155 - $ 227,570 $ 216,743 Years ended December 31, 2021 December 31, 2020 Mineral exploration expenses Portugal $ 24,952 $ 68,960 Kosovo - 11,383 $ 24,952 $ 80,343 |
16. EVENTS AFTER THE REPORTING
16. EVENTS AFTER THE REPORTING PERIOD | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
16. EVENTS AFTER THE REPORTING PERIOD | 16. EVENTS AFTER THE REPORTING PERIOD (a) The acquisition terms are as follow: · · During the period between Stage One and Stage Two, the Company will be the operator for all mining work conducted on the Property. During this same period, the Company and AEbv will form a technical committee comprised of one representative from each party, with AEbv’s representative having the casting vote. In connection with this transaction, during December 2021, the Company paid a €10,000 ($14,155) non-refundable advance upon signing the initial letter agreement. This amount has been recorded as a deposit on the statement of financial position as at December 31, 2021. As of the current date, the Company has completed Stage One and acquired 49% of the issued and outstanding shares of AFOy. (b) (c) (d) |
1. NATURE OF OPERATIONS AND C_2
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS: Disclosure of going concern (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Disclosure of going concern | These consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. There are material uncertainties that cast significant doubt about the appropriateness of the going concern assumption. |
2. BASIS OF PREPARATION_ a) Sta
2. BASIS OF PREPARATION: a) Statement of compliance (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
a) Statement of compliance | a) These consolidated financial statements have been prepared in accordance and compliance with International Financial Reporting standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). |
2. BASIS OF PREPARATION_ b) Bas
2. BASIS OF PREPARATION: b) Basis of preparation (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
b) Basis of preparation | b) These consolidated financial statements have been prepared on a historical cost basis except certain financial instruments which are measured at fair value (‘FVPL”). In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. These consolidated financial statements, including comparatives, have been prepared on the basis of IFRS standards that are effective as at December 31, 2021. |
3. SIGNIFICANT ACCOUNTING POL_2
3. SIGNIFICANT ACCOUNTING POLICIES: a) Basis of consolidation (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
a) Basis of consolidation | a) These consolidated financial statements include the accounts of the Company and its subsidiaries as follows: % of ownership Jurisdiction Nature of operations MAEPA Empreendimentos Mineiros e Participacoes Lda 100% Portugal Exploration Innomatik Exploration Kosovo LLC 100% Kosovo Exploration AVU Kosova LLC 100% Kosovo Exploration Avrupa Holdings Inc. (1) 100% Barbados Holding Avrupa Portugal Holdings Inc. (1) 100% Barbados Holding Avrupa Kosovo Holdings Inc. (1) 100% Barbados Holding (1) All subsidiaries are entities that are controlled, either directly or indirectly. Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when the Company has existing rights that give it the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a company’s share capital. All of the intra-group balances and transactions, including unrealized profits and losses arising from intra-group transactions, have been eliminated in full. For subsidiaries that the Company controls, but does not own 100% of, the net assets and net profit attributable to outside shareholders are presented as amounts attributable to non-controlling interests in the consolidated statements of financial position and consolidated statements of comprehensive loss. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing the consolidated financial statements. |
3. SIGNIFICANT ACCOUNTING POL_3
3. SIGNIFICANT ACCOUNTING POLICIES: b) Interests in Joint Arrangements (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
b) Interests in Joint Arrangements | b) A joint arrangement can take the form of a joint venture or joint operation. All joint arrangements involve a contractual arrangement that establishes joint control, which exists only when decisions about the activities that significantly affect the returns of the investee require unanimous consent of the parties sharing control. A joint operation is a joint arrangement in which the Company has rights to the assets and obligations for the liabilities relating to the arrangement. A joint venture is a joint arrangement in which the Company has rights to only the net assets of the arrangement. Joint ventures are accounted for in accordance with the policy “Investments in Associates and Joint Ventures.” Joint operations are accounted for by recognizing the Company’s share of the assets, liabilities, revenue, expenses and cash flows of the joint operation in the consolidated financial statements. |
3. SIGNIFICANT ACCOUNTING POL_4
3. SIGNIFICANT ACCOUNTING POLICIES: c) Investments in Associates and Joint Ventures (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
c) Investments in Associates and Joint Ventures | c) Investments over which the Company exercises significant influence and which it does not control or jointly control are associates. Investments in associates are accounted for using the equity method, except when classified as held for sale. Investments in joint ventures as determined in accordance with the policy “Interests in Joint Arrangements” are also accounted for using the equity method. The equity method involves recording the initial investment at cost and subsequently adjusting the carrying value of the investment for the Company’s proportionate share of the profit or loss, other comprehensive income or loss and any other changes in the associate’s or joint venture’s net assets. The Company’s proportionate share of the associate’s or joint venture’s profit or loss and other comprehensive income or loss is based on its most recent financial statements. Adjustments are made to align any inconsistencies between the Company’s accounting policies and the associate’s or joint venture’s policies before applying the equity method. Adjustments are also made to account for depreciable assets based on their fair values at the acquisition date of the investment and for any impairment losses recognized by the associate or joint venture. If the Company’s share of the associate’s or joint venture’s losses equals or exceeds the investment in the associate or joint venture, recognition of further losses is discontinued. After the Company’s interest is reduced to zero, additional losses will be provided for and a liability recognized only to the extent that the Company has incurred legal or constructive obligations to provide additional funding or make payments on behalf of the associate or joint venture. If the associate or joint venture subsequently reports profits, the Company resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized. At each statement of financial position date, management considers whether there is objective evidence of impairment in associates and joint ventures. If there is such evidence, management determines if there is a need to record an impairment in relation to the associate or joint venture. |
3. SIGNIFICANT ACCOUNTING POL_5
3. SIGNIFICANT ACCOUNTING POLICIES: d) Foreign currencies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
d) Foreign currencies | d) The Company assesses functional currency on an entity by entity basis based on the related fact pattern; however, the presentation currency used in these consolidated financial statements is determined at management’s discretion. The currency of the parent company, and the presentation currency applicable to these consolidated financial statements, is the Canadian dollar. Transactions in currencies other than the functional currency are recorded at the rates of the exchange prevailing on dates of transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at each reporting date. Non-monetary items denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. The Company has determined that the functional currency of its wholly-owned subsidiaries in Europe is the Euro and that the functional currency of its wholly-owned subsidiaries in Barbados is the US dollar. Exchange differences arising from the translation of the subsidiaries’ functional currencies into the Company’s presentation currency are taken directly to the exchange reserve. |
3. SIGNIFICANT ACCOUNTING POL_6
3. SIGNIFICANT ACCOUNTING POLICIES: e) Exploration and evaluation assets and expenditures (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
e) Exploration and evaluation assets and expenditures | e) Exploration and evaluation expenditures include the costs of acquiring licenses, costs associated with exploration and evaluation activity, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a business combination. Exploration and evaluation expenditures are expensed as incurred except for expenditures associated with the acquisition of exploration and evaluation assets through a business combination or asset acquisition which are recognized as assets. Costs incurred before the Company has obtained the legal rights to explore an area are recognized in the consolidated statement of comprehensive loss. Capitalized costs, including general and administrative costs, are only allocated to the extent that these costs can be related directly to operational activities in the relevant area of interest where they are considered likely to be recoverable by future exploitation or sale or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds the recoverable amount. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment. Recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. |
3. SIGNIFICANT ACCOUNTING POL_7
3. SIGNIFICANT ACCOUNTING POLICIES: f) Share-based payment transactions (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
f) Share-based payment transactions | f) The share option plan allows the Company’s employees and consultants to acquire shares of the Company. The fair value of options granted is recognized as a share-based payment expense with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. The fair value is measured at grant date and each tranche is recognized on a graded-vesting basis over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. At each statement of financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. |
3. SIGNIFICANT ACCOUNTING POL_8
3. SIGNIFICANT ACCOUNTING POLICIES: g) Earnings (Loss) per share (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
g) Earnings (Loss) per share | g) The Company presents the basic and diluted earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is determined by adjusting the income (loss) attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares. In the Company’s case, diluted earnings (loss) per share is the same as basic earnings (loss) per share as the effects of including all outstanding options and warrants would be anti-dilutive. |
3. SIGNIFICANT ACCOUNTING POL_9
3. SIGNIFICANT ACCOUNTING POLICIES: h) Significant accounting judgments and estimates (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
h) Significant accounting judgments and estimates | h) The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates. These consolidated financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout these consolidated financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and further periods if the revision affects both current and future periods. Significant assumptions about the future and other sources of estimation uncertainty that management has made at the consolidated statement of financial position date, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following: Critical judgments · · · · Significant estimates · |
3. SIGNIFICANT ACCOUNTING PO_10
3. SIGNIFICANT ACCOUNTING POLICIES: i) Provisions (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
i) Provisions | i) Provisions are recognized in the consolidated statement of financial position when the Company has a legal or constructive obligation as a result of past events and it is probable that an outflow of economic benefit will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. |
3. SIGNIFICANT ACCOUNTING PO_11
3. SIGNIFICANT ACCOUNTING POLICIES: j) Financial instruments (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
j) Financial instruments | j) The following financial assets are classified as measured at amortized cost - cash, due from optionees, certain other receivables and property deposits. The following financial liabilities are classified as measured at amortized cost – accounts payable and accrued liabilities, accounts payable owed by optionees, due to related parties and long-term loan. The classification of financial assets is based on how an entity manages its financial instruments and the contractual cash flow characteristics of the financial asset. Transaction costs with respect to financial instruments classified as fair value through profit or loss are recognized as an adjustment to the cost of the underlying instruments. The Company’s financial assets are classified into one of the following two measurement categories: Financial assets held within a business model for the purpose of collecting contractual cash flows (“held to collect”) that represent solely payments of principal and interest (“SPPI”) are measured at amortized cost. Financial assets held within a business model where assets are both held for the purpose of collecting contractual cash flows or sold prior to maturity and the contractual cash flows represent solely payments of principal and interest are measured at FVPL. |
3. SIGNIFICANT ACCOUNTING PO_12
3. SIGNIFICANT ACCOUNTING POLICIES: k) Income taxes (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
k) Income taxes | k) Income tax on the profit or loss for the periods presented comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred tax is recorded using the statement of financial position liability method, providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting or taxable loss; nor differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted that are expected to apply when temporary differences are expected to settle. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. To the extent that the Company does not consider it probable that a future tax asset will be recovered, it provides a valuation allowance against that excess. Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. |
3. SIGNIFICANT ACCOUNTING PO_13
3. SIGNIFICANT ACCOUNTING POLICIES: l) New accounting standards and interpretations (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
l) New accounting standards and interpretations | l) Certain new accounting standards and interpretations have been published that are not mandatory for the December 31, 2021 reporting period. The Company has not early adopted the following new and revised standards, amendments and interpretations that have been issued but are not yet effective: · An amendment to IAS 1 was issued in January 2020 and applies to annual reporting periods beginning on or after January 1, 2023. The amendment clarifies the criterion for classifying a liability as non-current relating to the right to defer settlement of a liability for at least 12 months after the reporting period. The Company anticipates that the application of the above new and revised standards, amendments and interpretations will have no material impact on its results and financial position. |
3. SIGNIFICANT ACCOUNTING PO_14
3. SIGNIFICANT ACCOUNTING POLICIES: a) Basis of consolidation: Schedule of accounts of the Company and its subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of accounts of the Company and its subsidiaries | % of ownership Jurisdiction Nature of operations MAEPA Empreendimentos Mineiros e Participacoes Lda 100% Portugal Exploration Innomatik Exploration Kosovo LLC 100% Kosovo Exploration AVU Kosova LLC 100% Kosovo Exploration Avrupa Holdings Inc. (1) 100% Barbados Holding Avrupa Portugal Holdings Inc. (1) 100% Barbados Holding Avrupa Kosovo Holdings Inc. (1) 100% Barbados Holding |
5. EXPLORATION AND EVALUATION_2
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Exploration and Evaluation Assets and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Exploration and Evaluation Assets and Expenses | Portugal Kosovo Germany Others Alvito Alvalade Others Slivovo Others Total Exploration and evaluation assets Acquisition costs As of January 1, 2021 $ - $ 167,920 $ - $ - $ - $ - $ - $ 167,920 As of December 31, 2021 $ - $ 167,920 $ - $ - $ - $ - $ - $ 167,920 Mineral exploration expenses for the year ended December 31, 2021 Concession fees and taxes $ - $ - $ - $ - $ - $ - $ - $ - Geological salaries and consulting - 22,203 - - - - - 22,203 Insurance - 449 - - - - - 449 Legal and accounting - - - - - - - - Office and administrative fees - - - - - - - - Rent - - - - - - - - Site costs - - - - - - - - Travel - 2,300 - - - - - 2,300 Reimbursements from optionee - (483,950) - - - - - (483,950) $ - $ (458,998) $ - $ - $ - $ - $ - $ (458,998) Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ 297,975 $ 65,936 $ 10,846 $ - $ 374,757 Concession fees and taxes 147,900 361,864 545,708 11,839 206,975 4 - 1,274,290 Depreciation 7,191 17,178 91,531 - - - - 115,900 Drilling 472,513 610,197 - 1,180,217 - - - 2,262,927 Geological salaries and consulting 1,624,824 6,537,815 4,692,323 119,801 720,879 12,359 - 13,708,001 Geology work - - 32,377 891,582 402,515 223,619 140,906 1,690,999 Insurance 5,683 24,622 46,429 14,604 15,007 - - 106,345 Legal and accounting 177 1,020 1,067 58,158 13,958 - - 74,380 Office and administrative fees 43,699 253,950 236,040 80,223 101,624 5,255 63,191 783,982 Rent 188,804 606,084 408,092 28,694 88,221 - 20,560 1,340,455 Report - - - 24,232 - - - 24,232 Site costs 71,452 194,203 172,925 185,127 194,582 - 8,865 827,154 Travel 75,625 239,667 171,652 60,107 22,478 - 15,326 584,855 Trenching and road work - - - 34,339 - - - 34,339 Reimbursements from optionee (2,149,344) (8,612,772) (2,741,482) (2,834,986) (45,158) - - (16,383,742) $ 488,524 $ 233,828 $ 3,656,662 $ 151,912 $ 1,787,017 $ 252,083 $ 248,848 $ 6,818,874 Portugal Kosovo Germany Others Alvito Alvalade Others Slivovo Others Total Exploration and evaluation assets Acquisition costs As of January 1, 2020 $ - $ 167,920 $ - $ 1 $ - $ - $ - $ 167,921 Write-down of property during the year - - - (1) - - - (1) As of December 31, 2020 $ - $ 167,920 $ - $ - $ - $ - $ - $ 167,920 Mineral exploration expenses for the year ended December 31, 2020 Concession fees and taxes $ - $ - $ - $ 1,841 $ - $ - $ - $ 1,841 Geological salaries and consulting - 6,872 - - 8,971 - - 15,843 Office and administrative fees - 4,414 - 74 444 - - 4,932 Rent - 55,899 - - - - - 55,899 Site costs - 1,539 - 53 - - - 1,592 Travel - 236 - - - - - 236 Reimbursements from optionee - (434,982) - - - - - (434,982) $ - $ (366,022) $ - $ 1,968 $ 9,415 $ - $ - $ (354,639) Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ 297,975 $ 65,936 $ 10,846 $ - $ 374,757 Concession fees and taxes 147,900 361,864 545,708 11,839 206,975 4 - 1,274,290 Depreciation 7,191 17,178 91,531 - - - - 115,900 Drilling 472,513 610,197 - 1,180,217 - - - 2,262,927 Geological salaries and consulting 1,624,824 6,515,612 4,692,323 119,801 720,879 12,359 - 13,685,798 Geology work - - 32,377 891,582 402,515 223,619 140,906 1,690,999 Insurance 5,683 24,173 46,429 14,604 15,007 - - 105,896 Legal and accounting 177 1,020 1,067 58,158 13,958 - - 74,380 Office and administrative fees 43,699 253,950 236,040 80,223 101,624 5,255 63,191 783,982 Rent 188,804 606,084 408,092 28,694 88,221 - 20,560 1,340,455 Report - - - 24,232 - - - 24,232 Site costs 71,452 194,203 172,925 185,127 194,582 - 8,865 827,154 Travel 75,625 237,367 171,652 60,107 22,478 - 15,326 582,555 Trenching and road work - - - 34,339 - - - 34,339 Reimbursements from optionee (2,149,344) (8,128,822) (2,741,482) (2,834,986) (45,158) - - (15,899,792) $ 488,524 $ 692,826 $ 3,656,662 $ 151,912 $ 1,787,017 $ 252,083 $ 248,848 $ 7,277,872 |
5. EXPLORATION AND EVALUATION_3
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Amounts Due from Optionees (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Amounts Due from Optionees | December 31, 2021 December 31, 2020 Due from optionees Covas - Blackheath $ - $ 33,844 Alvalade - PorMining 12,751 27,405 $ 12,751 $ 61,249 |
7. CAPITAL AND RESERVES_ Schedu
7. CAPITAL AND RESERVES: Schedule of Stock option transactions and the number of stock options (Tables) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tables/Schedules | |||
Schedule of Stock option transactions and the number of stock options | Stock option transactions and the number of stock options for the year ended December 31, 2021 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2020 Granted Exercised cancelled 2021 September 26, 2021 $0.72 393,750 - - (393,750) - April 26, 2022 (1) $0.40 327,500 - - - 327,500 March 14, 2023 $0.40 450,000 - - - 450,000 March 26, 2023 $0.40 10,000 - - - 10,000 January 7, 2024 $0.20 45,750 - - - 45,750 Options outstanding 1,227,000 - - (393,750) 833,250 Options exercisable 1,227,000 - - (393,750) 833,250 Weighted average exercise price $0.50 $Nil $Nil $0.72 $0.39 | Stock options transactions and the number of stock options for the year ended December 31, 2020 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2019 Granted Exercised cancelled 2020 July 15, 2020 $0.40 503,750 - - (503,750) - September 26, 2021 $0.72 393,750 - - - 393,750 April 26, 2022 $0.40 327,500 - - - 327,500 March 14, 2023 $0.40 450,000 - - - 450,000 March 26, 2023 $0.40 10,000 - - - 10,000 January 7, 2024 $0.20 45,750 - - - 45,750 Options outstanding 1,730,750 - - (503,750) 1,227,000 Options exercisable 1,730,750 - - (503,750) 1,227,000 Weighted average exercise price $0.47 $Nil $Nil $0.40 $0.50 | Stock option transactions and the number of stock options for the year ended December 31, 2019 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2018 Granted Exercised cancelled 2019 March 3, 2019 $0.66 50,000 - - (50,000) - July 15, 2020 $0.40 503,750 - - - 503,750 September 26, 2021 $0.72 393,750 - - - 393,750 April 26, 2022 $0.40 327,500 - - - 327,500 March 14, 2023 $0.40 450,000 - - - 450,000 March 26, 2023 $0.40 10,000 - - - 10,000 January 7, 2024 $0.20 - 45,750 - - 45,750 Options outstanding 1,735,000 45,750 - (50,000) 1,730,750 Options exercisable 1,735,000 45,750 - (50,000) 1,730,750 Weighted average exercise price $0.48 $0.20 $Nil $0.66 $0.47 |
7. CAPITAL AND RESERVES_ Sche_2
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of options (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of weighted average assumptions used to estimate the fair value of options | 2021 2020 2019 Risk-free interest rate n/a n/a 1.33% Expected life n/a n/a 5 years Expected volatility n/a n/a 123.92% Expected dividend yield n/a n/a Nil |
7. CAPITAL AND RESERVES_ Sche_3
7. CAPITAL AND RESERVES: Schedule of continuity of finder's options (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of continuity of finder's options | The continuity of finder’s options for the year ended December 31, 2019 is as follows: Exercise December 31, December 31, Expiry date price 2018 Issued Exercised Expired 2019 July 4, 2019 $0.40 102,813 - - (102,813) - Outstanding 102,813 - - (102,813) - Weighted average exercise price $0.40 $Nil $Nil $0.40 $Nil |
7. CAPITAL AND RESERVES_ Sche_4
7. CAPITAL AND RESERVES: Schedule of continuity of warrants (Tables) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tables/Schedules | |||
Schedule of continuity of warrants | Exercise December 31, December 31, Expiry date price 2020 Issued Exercised Expired 2021 November 9, 2021 (1) $0.40 2,500,000 - - (2,500,000) - December 17, 2021 (1) $0.40 1,160,000 - - (1,160,000) - December 18, 2021 $0.20 455,000 - - (455,000) - February 25, 2022 (1)(2) $0.40 500,000 - - - 500,000 October 23, 2023 $0.20 4,219,641 - - - 4,219,641 Outstanding 8,834,641 - - (4,115,000) 4,719,641 Weighted average exercise price $0.29 $Nil $Nil $0.38 $0.22 | The continuity of warrants for the year ended December 31, 2020 is as follows: Exercise December 31, December 31, Expiry date price 2019 Issued Exercised Expired 2020 March 26, 2020 $0.48 1,718,750 - - (1,718,750) - July 12, 2020 $0.60 2,542,500 - - (2,542,500) - November 9, 2021 (1) $0.40 2,500,000 - - - 2,500,000 December 17, 2021 (1) $0.40 1,160,000 - - - 1,160,000 December 18, 2021 $0.20 455,000 - - - 455,000 February 25, 2022 (1) $0.40 500,000 - - - 500,000 October 23, 2023 $0.20 - 4,219,641 - - 4,219,641 Outstanding 8,876,250 4,219,641 - (4,261,250) 8,834,641 Weighted average exercise price $0.46 $0.20 $Nil $0.55 $0.29 | The continuity of warrants for the year ended December 31, 2019 is as follows: Exercise December 31, December 31, Expiry date price 2018 Issued Exercised Expired 2019 July 4, 2019 $0.60 3,386,750 - - (3,386,750) - March 26, 2020 $0.48 1,718,750 - - - 1,718,750 July 12, 2020 $0.60 2,542,500 - - - 2,542,500 November 9, 2021 (1) $0.40 2,500,000 - - - 2,500,000 December 17, 2021 (1) $0.40 1,160,000 - - - 1,160,000 December 18, 2021 $0.20 - 455,000 - - 455,000 February 25, 2022 (1) $0.40 - 500,000 - - 500,000 Outstanding 11,308,000 955,000 - (3,386,750) 8,876,250 Weighted average exercise price $0.52 $0.30 $Nil $0.60 $0.46 |
7. CAPITAL AND RESERVES_ Sche_5
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of warrants (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of weighted average assumptions used to estimate the fair value of warrants | The weighted average assumptions used to estimate the fair value of warrants for the years ended December 31, 2021, 2020 and 2019 were: 2021 2020 2019 Risk-free interest rate n/a 1.46% 1.55% Expected life n/a 3 years 2.52 years Expected volatility n/a 149.71% 118.63% Expected dividend yield n/a Nil Nil |
8. RELATED PARTY TRANSACTIONS_2
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of transactions and outstanding balances relating to key management personnel (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of transactions and outstanding balances relating to key management personnel | For the year ended December 31, 2021 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn (e) $ 150,000 $ Nil $ Nil $ Nil $ Nil $ Nil $ 150,000 For the year ended December 31, 2020 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn (e) $ 150,000 $ Nil $ Nil $ Nil $ Nil $ Nil $ 150,000 For the year ended December 31, 2019 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn (e) $ 163,766 $ Nil $ Nil $ Nil $ 53,482 $ Nil $ 217,248 Paul L. Nelles (c) $ 8,070 $ Nil $ Nil $ Nil $ Nil $ Nil $ 8,070 Frank Hogel $ Nil $,Nil $ Nil $ Nil $ Nil $ 5,530 $ 5,530 |
8. RELATED PARTY TRANSACTIONS_3
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of Related Party Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Related Party Liabilities | Related party liabilities Years ended Services / Advances December 31, 2021 December 31, 2020 December 31, 2019 As at December 31, As at December 31, Amounts due to: Pacific Opportunity Capital Ltd. (a) Rent, management, accounting, marketing and financing services $ 94,200 $ 132,435 $ 198,158 $ 534,488 (b) $ 456,055 (b) Paul W. Kuhn (e) Consulting, salaries, housing allowance and share-based payment $ 150,000 $ 150,000 $ 217,248 $ 122,140 (f) $ 282,633 Mark T. Brown (d) Short-term loan and expense reimbursement $ Nil $ Nil $ 16,000 $ Nil $ Nil Paul L. Nelles (c) Salaries and share-based payment $ Nil $ Nil $ 8,070 $ 14,391 $ 15,608 TOTAL: $ 244,200 $ 282,435 $ 439,476 $ 671,019 $ 754,296 |
9. LONG-TERM LOAN_ Schedule of
9. LONG-TERM LOAN: Schedule of Long-term Loan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Long-term Loan | December 31, 2021 December 31, 2020 Long-term loan $ 2,524 € 1,754 $ 10,638 € 6,816 Less: current portion of long-term loan 2,524 1,754 7,900 5,062 $ - € - $ 2,738 € 1,754 Payment schedule of long-term loan Year 1 $ 2,572 € 1,787 $ 8,370 € 5,363 Year 2 - - 2,789 1,787 2,572 1,787 11,159 7,150 Less: imputed interest 31 21 446 286 Other fees 17 12 75 48 $ 2,524 € 1,754 $ 10,638 € 6,816 |
11. FINANCIAL INSTRUMENTS_ Sche
11. FINANCIAL INSTRUMENTS: Schedule of financial assets measured at fair value by level (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of financial assets measured at fair value by level | As at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash $ 139,164 $ - $ - $ 139,164 Due from optionees 12,751 - - 12,751 Other receivables 7,226 - - 7,226 Property deposits 1,439 - - 1,439 $ 160,580 $ - $ - $ 160,580 As at December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash $ 205,238 $ - $ - $ 205,238 Due from optionees 61,249 - - 61,249 Other receivables 28,494 - - 28,494 Property deposits 1,561 - - 1,561 $ 296,542 $ - $ - $ 296,542 |
14. INCOME TAX_ Schedule of rec
14. INCOME TAX: Schedule of reconciliation of income taxes at statutory rates (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of reconciliation of income taxes at statutory rates | 2021 2020 2019 Net loss $ (5,997) $ (138,911) $ (2,097,599) Expected income tax recovery $ (2,000) $ (37,000) $ (566,352) Effect of foreign tax rate (24,000) (16,000) 46,724 Non-deductible items 4,000 1,000 112,279 Deductible items - (6,000) (15,196) Unrecognized benefit of non-capital losses 22,000 58,000 422,545 $ - $ - |
14. INCOME TAX_ Schedule of com
14. INCOME TAX: Schedule of components of deferred income tax assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of components of deferred income tax assets | 2021 2020 Deferred income tax assets Non-capital loss carryforwards $ 2,045,000 $ 1,945,000 Allowable capital losses 9,000 9,000 Share issue costs 12,000 23,000 2,066,000 1,977,000 Valuation allowance (2,066,000) (1,977,000) Net deferred income tax assets $ - $ - |
14. INCOME TAX_ Schedule of non
14. INCOME TAX: Schedule of non-capital losses in Canada (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of non-capital losses in Canada | Year of Origin Year of Expiry Non-capital losses/(Income) 2008 2028 $ 10,500 2009 2029 45,000 2010 2030 38,500 2010 2030 325,000 2011 2031 51,500 2012 2032 798,000 2013 2033 606,000 2014 2034 921,000 2015 2035 837,000 2016 2036 1,007,000 2017 2037 854,000 2018 2038 657,000 2019 2039 504,000 2020 2040 476,000 2021 2041 444,000 $ 7,574,500 |
15. SEGMENTED FINANCIAL INFOR_2
15. SEGMENTED FINANCIAL INFORMATION: Schedule of Geographic information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Geographic information | December 31, 2021 December 31, 2020 Non-current assets Portugal $ 213,415 $ 216,743 Finland 14,155 - $ 227,570 $ 216,743 Years ended December 31, 2021 December 31, 2020 Mineral exploration expenses Portugal $ 24,952 $ 68,960 Kosovo - 11,383 $ 24,952 $ 80,343 |
1. NATURE OF OPERATIONS AND C_3
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Details | |
Entity Incorporation, Date of Incorporation | Jan. 23, 2008 |
Entity Information, Date to Change Former Legal or Registered Name | Jul. 07, 2010 |
Entity Listing, Description | TSX Venture Exchange |
3. SIGNIFICANT ACCOUNTING PO_15
3. SIGNIFICANT ACCOUNTING POLICIES: a) Basis of consolidation: Schedule of accounts of the Company and its subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2021 | ||
MAEPA Empreendimentos Mineiros e Participacoes Lda | ||
% of ownership | 100% | |
Jurisdiction | Portugal | |
Nature of operations | Exploration | |
Innomatik Exploration Kosovo LLC | ||
% of ownership | 100% | |
Jurisdiction | Kosovo | |
Nature of operations | Exploration | |
AVU Kosova LLC | ||
% of ownership | 100% | |
Jurisdiction | Kosovo | |
Nature of operations | Exploration | |
Avrupa Holdings Inc | ||
% of ownership | 100% | [1] |
Jurisdiction | Barbados | [1] |
Nature of operations | Holding | [1] |
Avrupa Portugal Holdings Inc | ||
% of ownership | 100% | [1] |
Jurisdiction | Barbados | [1] |
Nature of operations | Holding | [1] |
Avrupa Kosovo Holdings Inc | ||
% of ownership | 100% | [1] |
Jurisdiction | Barbados | [1] |
Nature of operations | Holding | [1] |
[1]The companies are in the process of being wound up. |
4. EQUIPMENT (Details)
4. EQUIPMENT (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equipment Cost | $ 189,505 | $ 177,060 | |
Exchange adjustment | (14,776) | 12,445 | |
Equipment Cost | 174,986 | 189,505 | |
Additions during the period | 257 | ||
Equipment, Accumulated Depreciation | 184,209 | 159,430 | |
Equipment, depreciation during period | 3,143 | 13,303 | |
Equipment, depreciation, exchange adjustment | (14,456) | 11,476 | |
Equipment, Accumulated Depreciation | 172,896 | 184,209 | |
Equipment, net book value | 2,090 | 5,296 | $ 17,630 |
Furniture and other equipment | |||
Equipment Cost | 124,225 | 116,067 | |
Exchange adjustment | (9,687) | 8,158 | |
Equipment Cost | 114,795 | 124,225 | |
Additions during the period | 257 | ||
Equipment, Accumulated Depreciation | 120,677 | 109,878 | |
Equipment, depreciation during period | 1,481 | 3,015 | |
Equipment, depreciation, exchange adjustment | (9,453) | 7,784 | |
Equipment, Accumulated Depreciation | 112,705 | 120,677 | |
Equipment, net book value | 2,090 | 3,548 | 6,189 |
Motor vehicles | |||
Equipment Cost | 41,985 | 39,228 | |
Exchange adjustment | (3,273) | 2,757 | |
Equipment Cost | 38,712 | 41,985 | |
Additions during the period | 0 | ||
Equipment, Accumulated Depreciation | 40,237 | 27,787 | |
Equipment, depreciation during period | 1,662 | 10,288 | |
Equipment, depreciation, exchange adjustment | (3,187) | 2,162 | |
Equipment, Accumulated Depreciation | 38,712 | 40,237 | |
Equipment, net book value | 0 | 1,748 | 11,441 |
Other property, plant and equipment | |||
Equipment Cost | 23,295 | 21,765 | |
Exchange adjustment | (1,816) | 1,530 | |
Equipment Cost | 21,479 | 23,295 | |
Additions during the period | 0 | ||
Equipment, Accumulated Depreciation | 23,295 | 21,265 | |
Equipment, depreciation during period | 0 | 0 | |
Equipment, depreciation, exchange adjustment | (1,816) | 1,530 | |
Equipment, Accumulated Depreciation | 21,479 | 23,295 | |
Equipment, net book value | $ 0 | $ 0 | $ 0 |
5. EXPLORATION AND EVALUATION_4
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Exploration and Evaluation Assets and Expenses (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Portugal - Alvito | ||
Exploration and Evaluation assets acquisition costs | $ 0 | $ 0 |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 488,524 | 488,524 |
Write-down of property during the year | 0 | |
Portugal - Alvito | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 147,900 | 147,900 |
Portugal - Alvito | Geological salaries and consulting | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 1,624,824 | 1,624,824 |
Portugal - Alvito | Insurance | ||
Cumulative Mineral Exploration Expenses since acquisition | 5,683 | 5,683 |
Portugal - Alvito | Legal and accounting | ||
Cumulative Mineral Exploration Expenses since acquisition | 177 | 177 |
Portugal - Alvito | Office and administrative fees | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 43,699 | 43,699 |
Portugal - Alvito | Rent | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 188,804 | 188,804 |
Portugal - Alvito | Site costs | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 71,452 | 71,452 |
Portugal - Alvito | Travel | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 75,625 | 75,625 |
Portugal - Alvito | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | (2,149,344) | (2,149,344) |
Portugal - Alvito | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvito | Depreciation | ||
Cumulative Mineral Exploration Expenses since acquisition | 7,191 | 7,191 |
Portugal - Alvito | Drilling | ||
Cumulative Mineral Exploration Expenses since acquisition | 472,513 | 472,513 |
Portugal - Alvito | Geology work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvito | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvito | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | ||
Exploration and Evaluation assets acquisition costs | 167,920 | 167,920 |
Exploration and Evaluation assets acquisition costs | 167,920 | 167,920 |
Mineral Exploration Expenses | (458,998) | (366,022) |
Cumulative Mineral Exploration Expenses since acquisition | 233,828 | 692,826 |
Write-down of property during the year | 0 | |
Portugal - Alvalade | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 361,864 | 361,864 |
Portugal - Alvalade | Geological salaries and consulting | ||
Mineral Exploration Expenses | 22,203 | 6,872 |
Cumulative Mineral Exploration Expenses since acquisition | 6,537,815 | 6,515,612 |
Portugal - Alvalade | Insurance | ||
Cumulative Mineral Exploration Expenses since acquisition | 24,622 | 24,173 |
Portugal - Alvalade | Legal and accounting | ||
Cumulative Mineral Exploration Expenses since acquisition | 1,020 | 1,020 |
Portugal - Alvalade | Office and administrative fees | ||
Mineral Exploration Expenses | 0 | 4,414 |
Cumulative Mineral Exploration Expenses since acquisition | 253,950 | 253,950 |
Portugal - Alvalade | Rent | ||
Mineral Exploration Expenses | 0 | 55,899 |
Cumulative Mineral Exploration Expenses since acquisition | 606,084 | 606,084 |
Portugal - Alvalade | Site costs | ||
Mineral Exploration Expenses | 0 | 1,539 |
Cumulative Mineral Exploration Expenses since acquisition | 194,203 | 194,203 |
Portugal - Alvalade | Travel | ||
Mineral Exploration Expenses | 2,300 | 236 |
Cumulative Mineral Exploration Expenses since acquisition | 239,667 | 237,367 |
Portugal - Alvalade | Reimbursements from optionee | ||
Mineral Exploration Expenses | (483,950) | (434,982) |
Cumulative Mineral Exploration Expenses since acquisition | (8,612,772) | (8,128,822) |
Portugal - Alvalade | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | Depreciation | ||
Cumulative Mineral Exploration Expenses since acquisition | 17,178 | 17,178 |
Portugal - Alvalade | Drilling | ||
Cumulative Mineral Exploration Expenses since acquisition | 610,197 | 610,197 |
Portugal - Alvalade | Geology work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Others | ||
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 3,656,662 | 3,656,662 |
Write-down of property during the year | 0 | |
Portugal - Others | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 545,708 | 545,708 |
Portugal - Others | Geological salaries and consulting | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 4,692,323 | 4,692,323 |
Portugal - Others | Insurance | ||
Cumulative Mineral Exploration Expenses since acquisition | 46,429 | 46,429 |
Portugal - Others | Legal and accounting | ||
Cumulative Mineral Exploration Expenses since acquisition | 1,067 | 1,067 |
Portugal - Others | Office and administrative fees | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 236,040 | 236,040 |
Portugal - Others | Rent | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 408,092 | 408,092 |
Portugal - Others | Site costs | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 172,925 | 172,925 |
Portugal - Others | Travel | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 171,652 | 171,652 |
Portugal - Others | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | (2,741,482) | (2,741,482) |
Portugal - Others | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Others | Depreciation | ||
Cumulative Mineral Exploration Expenses since acquisition | 91,531 | 91,531 |
Portugal - Others | Drilling | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Others | Geology work | ||
Cumulative Mineral Exploration Expenses since acquisition | 32,377 | 32,377 |
Portugal - Others | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Others | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Slivovo | ||
Exploration and Evaluation assets acquisition costs | 0 | 1 |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 0 | 1,968 |
Cumulative Mineral Exploration Expenses since acquisition | 151,912 | 151,912 |
Write-down of property during the year | (1) | |
Kosovo - Slivovo | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 1,841 |
Cumulative Mineral Exploration Expenses since acquisition | 11,839 | 11,839 |
Kosovo - Slivovo | Geological salaries and consulting | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 119,801 | 119,801 |
Kosovo - Slivovo | Insurance | ||
Cumulative Mineral Exploration Expenses since acquisition | 14,604 | 14,604 |
Kosovo - Slivovo | Legal and accounting | ||
Cumulative Mineral Exploration Expenses since acquisition | 58,158 | 58,158 |
Kosovo - Slivovo | Office and administrative fees | ||
Mineral Exploration Expenses | 0 | 74 |
Cumulative Mineral Exploration Expenses since acquisition | 80,223 | 80,223 |
Kosovo - Slivovo | Rent | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 28,694 | 28,694 |
Kosovo - Slivovo | Site costs | ||
Mineral Exploration Expenses | 0 | 53 |
Cumulative Mineral Exploration Expenses since acquisition | 185,127 | 185,127 |
Kosovo - Slivovo | Travel | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 60,107 | 60,107 |
Kosovo - Slivovo | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | (2,834,986) | (2,834,986) |
Kosovo - Slivovo | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 297,975 | 297,975 |
Kosovo - Slivovo | Depreciation | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Slivovo | Drilling | ||
Cumulative Mineral Exploration Expenses since acquisition | 1,180,217 | 1,180,217 |
Kosovo - Slivovo | Geology work | ||
Cumulative Mineral Exploration Expenses since acquisition | 891,582 | 891,582 |
Kosovo - Slivovo | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 24,232 | 24,232 |
Kosovo - Slivovo | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 34,339 | 34,339 |
Kosovo - Others | ||
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 0 | 9,415 |
Cumulative Mineral Exploration Expenses since acquisition | 1,787,017 | 1,787,017 |
Write-down of property during the year | 0 | |
Kosovo - Others | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 206,975 | 206,975 |
Kosovo - Others | Geological salaries and consulting | ||
Mineral Exploration Expenses | 0 | 8,971 |
Cumulative Mineral Exploration Expenses since acquisition | 720,879 | 720,879 |
Kosovo - Others | Insurance | ||
Cumulative Mineral Exploration Expenses since acquisition | 15,007 | 15,007 |
Kosovo - Others | Legal and accounting | ||
Cumulative Mineral Exploration Expenses since acquisition | 13,958 | 13,958 |
Kosovo - Others | Office and administrative fees | ||
Mineral Exploration Expenses | 0 | 444 |
Cumulative Mineral Exploration Expenses since acquisition | 101,624 | 101,624 |
Kosovo - Others | Rent | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 88,221 | 88,221 |
Kosovo - Others | Site costs | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 194,582 | 194,582 |
Kosovo - Others | Travel | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 22,478 | 22,478 |
Kosovo - Others | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | (45,158) | (45,158) |
Kosovo - Others | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 65,936 | 65,936 |
Kosovo - Others | Depreciation | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Others | Drilling | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Others | Geology work | ||
Cumulative Mineral Exploration Expenses since acquisition | 402,515 | 402,515 |
Kosovo - Others | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Others | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | ||
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 252,083 | 252,083 |
Write-down of property during the year | 0 | |
Germany | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 4 | 4 |
Germany | Geological salaries and consulting | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 12,359 | 12,359 |
Germany | Insurance | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Legal and accounting | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Office and administrative fees | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 5,255 | 5,255 |
Germany | Rent | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Site costs | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Travel | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 10,846 | 10,846 |
Germany | Depreciation | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Drilling | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Geology work | ||
Cumulative Mineral Exploration Expenses since acquisition | 223,619 | 223,619 |
Germany | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | ||
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 248,848 | 248,848 |
Write-down of property during the year | 0 | |
Others | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Geological salaries and consulting | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Insurance | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Legal and accounting | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Office and administrative fees | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 63,191 | 63,191 |
Others | Rent | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 20,560 | 20,560 |
Others | Site costs | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 8,865 | 8,865 |
Others | Travel | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 15,326 | 15,326 |
Others | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Depreciation | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Drilling | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Geology work | ||
Cumulative Mineral Exploration Expenses since acquisition | 140,906 | 140,906 |
Others | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Exploration and Evaluation assets acquisition costs | 167,920 | 167,921 |
Exploration and Evaluation assets acquisition costs | 167,920 | 167,920 |
Mineral Exploration Expenses | (458,998) | (354,639) |
Cumulative Mineral Exploration Expenses since acquisition | 6,818,874 | 7,277,872 |
Write-down of property during the year | (1) | |
Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 1,841 |
Cumulative Mineral Exploration Expenses since acquisition | 1,274,290 | 1,274,290 |
Geological salaries and consulting | ||
Mineral Exploration Expenses | 22,203 | 15,843 |
Cumulative Mineral Exploration Expenses since acquisition | 13,708,001 | 13,685,798 |
Insurance | ||
Cumulative Mineral Exploration Expenses since acquisition | 106,345 | 105,896 |
Legal and accounting | ||
Cumulative Mineral Exploration Expenses since acquisition | 74,380 | 74,380 |
Office and administrative fees | ||
Mineral Exploration Expenses | 0 | 4,932 |
Cumulative Mineral Exploration Expenses since acquisition | 783,982 | 783,982 |
Rent | ||
Mineral Exploration Expenses | 0 | 55,899 |
Cumulative Mineral Exploration Expenses since acquisition | 1,340,455 | 1,340,455 |
Site costs | ||
Mineral Exploration Expenses | 0 | 1,592 |
Cumulative Mineral Exploration Expenses since acquisition | 827,154 | 827,154 |
Travel | ||
Mineral Exploration Expenses | 2,300 | 236 |
Cumulative Mineral Exploration Expenses since acquisition | 584,855 | 582,555 |
Reimbursements from optionee | ||
Mineral Exploration Expenses | (483,950) | (434,982) |
Cumulative Mineral Exploration Expenses since acquisition | (16,383,742) | (15,899,792) |
Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 374,757 | 374,757 |
Depreciation | ||
Cumulative Mineral Exploration Expenses since acquisition | 115,900 | 115,900 |
Drilling | ||
Cumulative Mineral Exploration Expenses since acquisition | 2,262,927 | 2,262,927 |
Geology work | ||
Cumulative Mineral Exploration Expenses since acquisition | 1,690,999 | 1,690,999 |
Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 24,232 | 24,232 |
Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | $ 34,339 | $ 34,339 |
5. EXPLORATION AND EVALUATION_5
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES (Details) | 12 Months Ended |
Dec. 31, 2021 CAD ($) | |
Details | |
Marateca property termination write off | $ 33,844 |
Slivovo license writeoff | $ 143,154 |
5. EXPLORATION AND EVALUATION_6
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Amounts Due from Optionees (Details) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Due from Related Parties | $ 12,751 | $ 61,249 |
Covas - Blackheath | ||
Due from Related Parties | 0 | 33,844 |
Alvalade - PorMining | ||
Due from Related Parties | $ 12,751 | $ 27,405 |
6. PROPERTY DEPOSITS _ TAX DE_2
6. PROPERTY DEPOSITS / TAX DEPOSITS (Details) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Pledged for its exploration licenses in Portugal | $ 1,439 | $ 1,561 |
7. CAPITAL AND RESERVES (Detail
7. CAPITAL AND RESERVES (Details) | 12 Months Ended | |||
Feb. 28, 2022 shares | Dec. 31, 2021 CAD ($) shares | Dec. 31, 2020 | Dec. 31, 2021 $ / shares | |
Weighted average remaining contractual life, stock options | 10 months 24 days | 1 year 6 months 10 days | ||
Issuance #1 | ||||
Sale of Stock, Transaction Date | Feb. 25, 2019 | |||
Stock Issued During Period, Shares, New Issues | shares | 3,800,000 | 500,000 | ||
Sale of Stock, Price Per Share | $ / shares | $ 0.20 | |||
Stock Issued | $ | $ 100,000 | |||
Issuance #2 | ||||
Sale of Stock, Transaction Date | Dec. 18, 2019 | |||
Stock Issued During Period, Shares, New Issues | shares | 16,666,667 | 910,000 | ||
Sale of Stock, Price Per Share | $ / shares | 0.20 | |||
Stock Issued | $ | $ 182,000 | |||
Issuance #3 | ||||
Sale of Stock, Transaction Date | Oct. 23, 2020 | |||
Stock Issued During Period, Shares, New Issues | shares | 4,219,641 | |||
Sale of Stock, Price Per Share | $ / shares | $ 0.12 | |||
Stock Issued | $ | $ 506,357 |
7. CAPITAL AND RESERVES_ Sche_6
7. CAPITAL AND RESERVES: Schedule of Stock option transactions and the number of stock options (Details) - $ / shares | 12 Months Ended | ||||
Mar. 14, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Optiion Exercise Price | $ 0.08 | ||||
Options Granted | 1,575,000 | ||||
Options Outstanding | 1,227,000 | 1,730,750 | 1,735,000 | ||
Options Outstanding, granted | 0 | 0 | 45,750 | ||
Options Outstanding, exercised | 0 | 0 | 0 | ||
Options Outstanding, expired or cancelled | (393,750) | (503,750) | (50,000) | ||
Options Outstanding | 833,250 | 1,227,000 | 1,730,750 | ||
Options Exercisable | 1,227,000 | 1,730,750 | 1,735,000 | ||
Options Exercisable, granted | 0 | 0 | 45,750 | ||
Options Exercisable, exercised | 0 | 0 | 0 | ||
Options Exercisable, expired or cancelled | (393,750) | (503,750) | (50,000) | ||
Options Exercisable | 833,250 | 1,227,000 | 1,730,750 | ||
Weighted average exercise price | $ 0.50 | $ 0.47 | $ 0.48 | ||
Weighted average exercise price, options granted | 0 | 0 | 0.20 | ||
Weighted average exercise price, options exercised | 0 | 0 | 0 | ||
Weighted average exercise price, options expired or cancelled | 0.72 | 0.40 | 0.66 | ||
Weighted average exercise price | $ 0.39 | $ 0.50 | $ 0.47 | ||
Option 1 | |||||
Expiry Date | Sep. 26, 2021 | ||||
Optiion Exercise Price | $ 0.72 | ||||
Number of Options | 393,750 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | (393,750) | ||||
Stock Options, Balance | 0 | ||||
Option 2 | |||||
Expiry Date | [1] | Apr. 26, 2022 | |||
Optiion Exercise Price | $ 0.40 | ||||
Number of Options | 327,500 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 327,500 | ||||
Option 3 | |||||
Expiry Date | Mar. 14, 2023 | ||||
Optiion Exercise Price | $ 0.40 | ||||
Number of Options | 450,000 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 450,000 | ||||
Option 4 | |||||
Expiry Date | Mar. 26, 2023 | ||||
Optiion Exercise Price | $ 0.40 | ||||
Number of Options | 10,000 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 10,000 | ||||
Option 5 | |||||
Expiry Date | Jan. 07, 2024 | ||||
Optiion Exercise Price | $ 0.20 | ||||
Number of Options | 45,750 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 45,750 | ||||
Option 6 | |||||
Expiry Date | Jul. 15, 2020 | ||||
Optiion Exercise Price | $ 0.40 | ||||
Number of Options | 503,750 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | (503,750) | ||||
Stock Options, Balance | 0 | ||||
Option 7 | |||||
Expiry Date | Sep. 26, 2021 | ||||
Optiion Exercise Price | $ 0.72 | ||||
Number of Options | 393,750 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 393,750 | ||||
Option 8 | |||||
Expiry Date | Apr. 26, 2022 | ||||
Optiion Exercise Price | $ 0.40 | ||||
Number of Options | 327,500 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 327,500 | ||||
Option 9 | |||||
Expiry Date | Mar. 14, 2023 | ||||
Optiion Exercise Price | $ 0.40 | ||||
Number of Options | 450,000 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 450,000 | ||||
Option 10 | |||||
Expiry Date | Mar. 26, 2023 | ||||
Optiion Exercise Price | $ 0.40 | ||||
Number of Options | 10,000 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 10,000 | ||||
Option 11 | |||||
Expiry Date | Jan. 07, 2024 | ||||
Optiion Exercise Price | $ 0.20 | ||||
Number of Options | 45,750 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 45,750 | ||||
Option 12 | |||||
Expiry Date | Mar. 03, 2019 | ||||
Optiion Exercise Price | $ 0.66 | ||||
Number of Options | 50,000 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | (50,000) | ||||
Stock Options, Balance | 0 | ||||
Option 13 | |||||
Expiry Date | Jul. 15, 2020 | ||||
Optiion Exercise Price | $ 0.40 | ||||
Number of Options | 503,750 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 503,750 | ||||
Option 14 | |||||
Expiry Date | Sep. 26, 2021 | ||||
Optiion Exercise Price | $ 0.72 | ||||
Number of Options | 393,750 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 393,750 | ||||
Option 15 | |||||
Expiry Date | Apr. 26, 2022 | ||||
Optiion Exercise Price | $ 0.40 | ||||
Number of Options | 327,500 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 327,500 | ||||
Option 16 | |||||
Expiry Date | Mar. 14, 2023 | ||||
Optiion Exercise Price | $ 0.40 | ||||
Number of Options | 450,000 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 450,000 | ||||
Option 17 | |||||
Expiry Date | Mar. 26, 2023 | ||||
Optiion Exercise Price | $ 0.40 | ||||
Number of Options | 10,000 | ||||
Options Granted | 0 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 10,000 | ||||
Option 18 | |||||
Expiry Date | Jan. 07, 2024 | ||||
Optiion Exercise Price | $ 0.20 | ||||
Number of Options | 0 | ||||
Options Granted | 45,750 | ||||
Options Exercised | 0 | ||||
Options Expired or Cancelled | 0 | ||||
Stock Options, Balance | 45,750 | ||||
[1]These warrants have a forced exercise price. If the closing price of the Company’s shares is $0.80 or greater for a period of 20 consecutive trading days, the warrants will expire on the earlier of the 30 th |
7. CAPITAL AND RESERVES_ Sche_7
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of options (Details) - Options | 12 Months Ended |
Dec. 31, 2019 | |
Risk-free interest rate | 1.33% |
Expected life | 5 years |
Expected volatility | 123.92% |
Expected dividend yield | 0% |
7. CAPITAL AND RESERVES_ Sche_8
7. CAPITAL AND RESERVES: Schedule of continuity of finder's options (Details) | 12 Months Ended |
Dec. 31, 2019 $ / shares shares | |
Finder's Options Outstanding, Number of Options | 102,813 |
Finder's Options Outstanding, Number of Options Issued | 0 |
Finder's Options Outstanding, Number of Options Exercised | 0 |
Finder's Options Outstanding, Number of Options Expired | (102,813) |
Finder's Options Outstanding, Number of Options | 0 |
Finder's Options, Weighted Average Exercise Price | $ / shares | $ 0.40 |
Finder's Options, Weighted Average Exercise Price, Issued | $ / shares | 0 |
Finder's Options, Weighted Average Exercise Price, Exercised | $ / shares | 0 |
Finder's Options, Weighted Average Exercise Price, Expired | $ / shares | 0.40 |
Finder's Options, Weighted Average Exercise Price | $ / shares | $ 0 |
Option 1 | |
Finder's Option, Expiry Date | Jul. 04, 2019 |
Finder's Option, Exercise Price | $ / shares | $ 0.40 |
Finder's Option, Number of Options | 102,813 |
Finder's Option, Number of Options Issued | 0 |
Finder's Option, Number of Options Exercised | 0 |
Finder's Option, Number of Options Expired | (102,813) |
Finder's Option, Number of Options | 0 |
7. CAPITAL AND RESERVES_ Sche_9
7. CAPITAL AND RESERVES: Schedule of continuity of warrants (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Warrants, Outstanding, Number of Options | 8,834,641 | 8,876,250 | 11,308,000 | |
Warrants, Outstanding, Number of Options Issued | 0 | 4,219,641 | 955,000 | |
Warrants, Outstanding, Number of Options Exercised | 0 | 0 | 0 | |
Warrants, Outstanding, Number of Options Expired | (4,115,000) | (4,261,250) | (3,386,750) | |
Warrants, Outstanding, Number of Options | 4,719,641 | 8,834,641 | 8,876,250 | |
Warrants, Weighted Average Exercise Price | $ 0.29 | $ 0.46 | $ 0.52 | |
Warrants, Weighted Average Exercise Price, Issued | 0 | 0.20 | 0.30 | |
Warrants, Weighted Average Exercise Price, Exercised | 0 | 0 | 0 | |
Warrants, Weighted Average Exercise Price, Expired | 0.38 | 0.55 | 0.60 | |
Warrants, Weighted Average Exercise Price | $ 0.22 | $ 0.29 | $ 0.46 | |
Warrants 1 | ||||
Warrants, Expiry Date | [1] | Nov. 09, 2021 | ||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 2,500,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | (2,500,000) | |||
Warrants, Number of Options | 0 | 2,500,000 | ||
Warrants 2 | ||||
Warrants, Expiry Date | [1] | Dec. 17, 2021 | ||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 1,160,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | (1,160,000) | |||
Warrants, Number of Options | 0 | 1,160,000 | ||
Warrants 3 | ||||
Warrants, Expiry Date | Dec. 18, 2021 | |||
Warrants, Exercise Price | $ 0.20 | |||
Warrants, Number of Options | 455,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | (455,000) | |||
Warrants, Number of Options | 0 | 455,000 | ||
Warrants 4 | ||||
Warrants, Expiry Date | [1],[2] | Feb. 25, 2022 | ||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 500,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 500,000 | 500,000 | ||
Warrants 5 | ||||
Warrants, Expiry Date | Oct. 23, 2023 | |||
Warrants, Exercise Price | $ 0.20 | |||
Warrants, Number of Options | 4,219,641 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 4,219,641 | 4,219,641 | ||
Warrants 6 | ||||
Warrants, Expiry Date | Mar. 26, 2020 | |||
Warrants, Exercise Price | $ 0.48 | |||
Warrants, Number of Options | 0 | 1,718,750 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | (1,718,750) | |||
Warrants, Number of Options | 0 | 1,718,750 | ||
Warrants 7 | ||||
Warrants, Expiry Date | Jul. 12, 2020 | |||
Warrants, Exercise Price | $ 0.60 | |||
Warrants, Number of Options | 0 | 2,542,500 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | (2,542,500) | |||
Warrants, Number of Options | 0 | 2,542,500 | ||
Warrants 8 | ||||
Warrants, Expiry Date | [1] | Nov. 09, 2021 | ||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 2,500,000 | 2,500,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 2,500,000 | 2,500,000 | ||
Warrants 9 | ||||
Warrants, Expiry Date | [1] | Dec. 17, 2021 | ||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 1,160,000 | 1,160,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 1,160,000 | 1,160,000 | ||
Warrants 10 | ||||
Warrants, Expiry Date | Dec. 18, 2021 | |||
Warrants, Exercise Price | $ 0.20 | |||
Warrants, Number of Options | 455,000 | 455,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 455,000 | 455,000 | ||
Warrants 11 | ||||
Warrants, Expiry Date | [1] | Feb. 25, 2022 | ||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 500,000 | 500,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 500,000 | 500,000 | ||
Warrants 12 | ||||
Warrants, Expiry Date | Oct. 23, 2023 | |||
Warrants, Exercise Price | $ 0.20 | |||
Warrants, Number of Options | 4,219,641 | 0 | ||
Warrants, Number of Options Issued | 4,219,641 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 4,219,641 | 0 | ||
Warrants 13 | ||||
Warrants, Expiry Date | Jul. 04, 2019 | |||
Warrants, Exercise Price | $ 0.60 | |||
Warrants, Number of Options | 0 | 3,386,750 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | (3,386,750) | |||
Warrants, Number of Options | 0 | |||
Warrants 14 | ||||
Warrants, Expiry Date | Mar. 26, 2020 | |||
Warrants, Exercise Price | $ 0.48 | |||
Warrants, Number of Options | 1,718,750 | 1,718,750 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 1,718,750 | |||
Warrants 15 | ||||
Warrants, Expiry Date | Jul. 12, 2020 | |||
Warrants, Exercise Price | $ 0.60 | |||
Warrants, Number of Options | 2,542,500 | 2,542,500 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 2,542,500 | |||
Warrants 16 | ||||
Warrants, Expiry Date | [1] | Nov. 09, 2021 | ||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 2,500,000 | 2,500,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 2,500,000 | |||
Warrants 17 | ||||
Warrants, Expiry Date | [1] | Dec. 17, 2021 | ||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 1,160,000 | 1,160,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 1,160,000 | |||
Warrants 18 | ||||
Warrants, Expiry Date | Dec. 18, 2021 | |||
Warrants, Exercise Price | $ 0.20 | |||
Warrants, Number of Options | 455,000 | 0 | ||
Warrants, Number of Options Issued | 455,000 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 455,000 | |||
Warrants 19 | ||||
Warrants, Expiry Date | [1] | Feb. 25, 2022 | ||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 500,000 | 0 | ||
Warrants, Number of Options Issued | 500,000 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 500,000 | |||
[1]These warrants have a forced exercise price. If the closing price of the Company’s shares is $0.80 or greater for a period of 20 consecutive trading days, the warrants will expire on the earlier of the 30 th |
7. CAPITAL AND RESERVES_ Sch_10
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of warrants (Details) - Warrants | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Risk-free interest rate | 1.46% | 1.55% |
Expected life | 3 years | 2 years 6 months 7 days |
Expected volatility | 149.71% | 118.63% |
Expected dividend yield | 0% | 0% |
8. RELATED PARTY TRANSACTIONS_4
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of transactions and outstanding balances relating to key management personnel (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Paul W. Kuhn Chief Executive Officer, Director | |||
Aggregate value of transaction - Short-term employee benefits | $ 150,000 | $ 150,000 | $ 163,766 |
Aggregate value of transaction - Post-employment benefits | 0 | 0 | 0 |
Aggregate value of transaction - Other long-term benefits | 0 | 0 | 0 |
Aggregate value of transaction - Termination benefits | 0 | 0 | 0 |
Aggregate value of transaction - Other expenses | 0 | 0 | 53,482 |
Aggregate value of transaction - Share-based payments | 0 | 0 | 0 |
Aggregate value of transaction - Total | $ 150,000 | $ 150,000 | 217,248 |
Paul L. Nelles (c) Director | |||
Aggregate value of transaction - Short-term employee benefits | 8,070 | ||
Aggregate value of transaction - Post-employment benefits | 0 | ||
Aggregate value of transaction - Other long-term benefits | 0 | ||
Aggregate value of transaction - Termination benefits | 0 | ||
Aggregate value of transaction - Other expenses | 0 | ||
Aggregate value of transaction - Share-based payments | 0 | ||
Aggregate value of transaction - Total | 8,070 | ||
Frank Hogel Director | |||
Aggregate value of transaction - Short-term employee benefits | 0 | ||
Aggregate value of transaction - Post-employment benefits | 0 | ||
Aggregate value of transaction - Other long-term benefits | 0 | ||
Aggregate value of transaction - Termination benefits | 0 | ||
Aggregate value of transaction - Other expenses | 0 | ||
Aggregate value of transaction - Share-based payments | 5,530 | ||
Aggregate value of transaction - Total | $ 5,530 |
8. RELATED PARTY TRANSACTIONS_5
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of Related Party Liabilities (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Related Party Liability - Amount during period | $ 244,200 | $ 282,435 | $ 439,476 | |
Related Party Liability | $ 671,019 | 754,296 | ||
Pacific Opportunity Capital Ltd | ||||
Related Party Liability - Description of Services | [1] | Rent, management, accounting, marketing and financing services | ||
Related Party Liability - Amount during period | [1] | $ 94,200 | 132,435 | 198,158 |
Related Party Liability | [1] | $ 534,488 | 456,055 | |
Paul W. Kuhn | ||||
Related Party Liability - Description of Services | [2] | Consulting, salaries, housing allowance and share-based payment | ||
Related Party Liability - Amount during period | [2] | $ 150,000 | 150,000 | 217,248 |
Related Party Liability | [2] | $ 122,140 | 282,633 | |
Mark T. Brown (f) | ||||
Related Party Liability - Description of Services | [3] | Short-term loan and expense reimbursement | ||
Related Party Liability - Amount during period | [3] | $ 0 | 0 | 16,000 |
Related Party Liability | [3] | $ 0 | 0 | |
Paul L. Nelles | ||||
Related Party Liability - Description of Services | [4] | Salaries and share-based payment | ||
Related Party Liability - Amount during period | [4] | $ 0 | 0 | $ 8,070 |
Related Party Liability | [4] | $ 14,391 | $ 15,608 | |
[1]Pacific Opportunity Capital Ltd., a company controlled by a director of the Company.[2] (e) · · · |
9. LONG-TERM LOAN (Details)
9. LONG-TERM LOAN (Details) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Long-term loan, with payment schedule, including interest | $ 2,572 | $ 11,159 |
Borrowings, interest rate | 5.635% |
9. LONG-TERM LOAN_ Schedule o_2
9. LONG-TERM LOAN: Schedule of Long-term Loan (Details) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Long-term loan, gross amount | $ 2,524 | $ 10,638 |
Current portion of long-term loan | 2,524 | 7,900 |
Long-term loan, less current portion | 0 | 2,738 |
Long-term loan payment schedule - Year 1 | 2,572 | 8,370 |
Long-term loan payment schedule - Year 2 | 0 | 2,789 |
Long-term loan, with payment schedule | 2,572 | 11,159 |
Long-term loan, imputed interest | 31 | 446 |
Long-term loan, other fees | 17 | 75 |
Long-term loan, less imputed interest | $ 2,524 | $ 10,638 |
10. EARNINGS (LOSS) PER SHARE (
10. EARNINGS (LOSS) PER SHARE (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Details | |||
Income (Loss) attributable to common shareholders | $ 5,997 | $ 138,911 | $ 2,097,599 |
Income (Loss) attributable to common shareholders | 32,738,087 | 29,313,952 | 27,564,148 |
Share Purchase Optioins not included in dilution | 833,250 | 1,227,000 | 1,730,750 |
Warrants outstanding not included in dilution | 4,719,641 | 8,834,641 | 8,876,250 |
11. FINANCIAL INSTRUMENTS (Deta
11. FINANCIAL INSTRUMENTS (Details) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Cash | $ 139,164 | $ 205,238 |
Current trade receivables | 1,769 | 21,922 |
Other receivables | 7,226 | 28,494 |
Funds held for optionees and accounts payable owed by optionees | $ 803,562 | $ 924,762 |
11. FINANCIAL INSTRUMENTS_ Sc_2
11. FINANCIAL INSTRUMENTS: Schedule of financial assets measured at fair value by level (Details) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Level 1 of fair value hierarchy | ||
Assets | ||
Fair value - Cash | $ 139,164 | $ 205,238 |
Fair value - Due from optionees | 12,751 | 61,249 |
Fair value - Other receivables | 7,226 | 28,494 |
Fair value - Property deposits | 1,439 | 1,561 |
Fair value - Assets | 160,580 | 296,542 |
Level 2 of fair value hierarchy | ||
Assets | ||
Fair value - Cash | 0 | 0 |
Fair value - Due from optionees | 0 | 0 |
Fair value - Other receivables | 0 | 0 |
Fair value - Property deposits | 0 | 0 |
Fair value - Assets | 0 | 0 |
Level 3 of fair value hierarchy | ||
Assets | ||
Fair value - Cash | 0 | 0 |
Fair value - Due from optionees | 0 | 0 |
Fair value - Other receivables | 0 | 0 |
Fair value - Property deposits | 0 | 0 |
Fair value - Assets | 0 | 0 |
Fair value - Cash | 139,164 | 205,238 |
Fair value - Due from optionees | 12,751 | 61,249 |
Fair value - Other receivables | 7,226 | 28,494 |
Fair value - Property deposits | 1,439 | 1,561 |
Fair value - Assets | $ 160,580 | $ 296,542 |
12. SUPPLEMENTAL DISCLOSURE W_2
12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Details) - CAD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||||||
Mineral exploration expenses related to depreciation | $ 0 | $ 0 | $ 10,996 | |||
Share issue costs included in accounts payable and accrued liabilities | $ 0 | $ 1,805 | $ 0 | |||
Share issue costs included in Due to related parties | $ 74,550 | $ 74,550 | $ 77,800 |
14. INCOME TAX_ Schedule of r_2
14. INCOME TAX: Schedule of reconciliation of income taxes at statutory rates (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Details | |||
Net loss for the year | $ (5,997) | $ (138,911) | $ (2,097,599) |
Expected income tax recovery | (2,000) | (37,000) | (566,352) |
Effect of foreign tax rate | (24,000) | (16,000) | 46,724 |
Non-deductible items | 4,000 | 1,000 | 112,279 |
Deductible items | 0 | (6,000) | (15,196) |
Unrecognized benefit of non-capital losses | $ 22,000 | 58,000 | 422,545 |
Income taxes at statutory | $ 0 | $ 0 |
14. INCOME TAX_ Schedule of c_2
14. INCOME TAX: Schedule of components of deferred income tax assets (Details) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax assets | ||
Non-capital loss carryforwards | $ 2,045,000 | $ 1,945,000 |
Allowable capital losses | 9,000 | 9,000 |
Share issue costs | 12,000 | 23,000 |
Deferred tax assets | 2,066,000 | 1,977,000 |
Valuation allowance | (2,066,000) | (1,977,000) |
Net deferred income tax assets | $ 0 | $ 0 |
14. INCOME TAX_ Schedule of n_2
14. INCOME TAX: Schedule of non-capital losses in Canada (Details) | 12 Months Ended |
Dec. 31, 2021 CAD ($) | |
Non-capital losses (income) | $ 7,574,500 |
Non-capital loss - Item 1 | |
Non-capital losses - Year of Origin | 2,008 |
Non-capital losses - Year of Expiry | 2,028 |
Non-capital losses (income) | $ 10,500 |
Non-capital loss - Item 2 | |
Non-capital losses - Year of Origin | 2,009 |
Non-capital losses - Year of Expiry | 2,029 |
Non-capital losses (income) | $ 45,000 |
Non-capital loss - Item 3 | |
Non-capital losses - Year of Origin | 2,010 |
Non-capital losses - Year of Expiry | 2,030 |
Non-capital losses (income) | $ 38,500 |
Non-capital loss - Item 4 | |
Non-capital losses - Year of Origin | 2,010 |
Non-capital losses - Year of Expiry | 2,030 |
Non-capital losses (income) | $ 325,000 |
Non-capital loss - Item 5 | |
Non-capital losses - Year of Origin | 2,011 |
Non-capital losses - Year of Expiry | 2,031 |
Non-capital losses (income) | $ 51,500 |
Non-capital loss - Item 6 | |
Non-capital losses - Year of Origin | 2,012 |
Non-capital losses - Year of Expiry | 2,032 |
Non-capital losses (income) | $ 798,000 |
Non-capital loss - Item 7 | |
Non-capital losses - Year of Origin | 2,013 |
Non-capital losses - Year of Expiry | 2,033 |
Non-capital losses (income) | $ 606,000 |
Non-capital loss - Item 8 | |
Non-capital losses - Year of Origin | 2,014 |
Non-capital losses - Year of Expiry | 2,034 |
Non-capital losses (income) | $ 921,000 |
Non-capital loss - Item 9 | |
Non-capital losses - Year of Origin | 2,015 |
Non-capital losses - Year of Expiry | 2,035 |
Non-capital losses (income) | $ 837,000 |
Non-capital loss - Item 10 | |
Non-capital losses - Year of Origin | 2,016 |
Non-capital losses - Year of Expiry | 2,036 |
Non-capital losses (income) | $ 1,007,000 |
Non-capital loss - Item 11 | |
Non-capital losses - Year of Origin | 2,017 |
Non-capital losses - Year of Expiry | 2,037 |
Non-capital losses (income) | $ 854,000 |
Non-capital loss - Item 12 | |
Non-capital losses - Year of Origin | 2,018 |
Non-capital losses - Year of Expiry | 2,038 |
Non-capital losses (income) | $ 657,000 |
Non-capital loss - Item 13 | |
Non-capital losses - Year of Origin | 2,019 |
Non-capital losses - Year of Expiry | 2,039 |
Non-capital losses (income) | $ 504,000 |
Non-capital loss - Item 14 | |
Non-capital losses - Year of Origin | 2,020 |
Non-capital losses - Year of Expiry | 2,040 |
Non-capital losses (income) | $ 476,000 |
Non-capital loss - Item 15 | |
Non-capital losses - Year of Origin | 2,021 |
Non-capital losses - Year of Expiry | 2,041 |
Non-capital losses (income) | $ 444,000 |
15. SEGMENTED FINANCIAL INFOR_3
15. SEGMENTED FINANCIAL INFORMATION: Schedule of Geographic information (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Mineral exploration expenses | [1] | $ 24,952 | $ 80,343 | $ 566,427 |
Portugal | ||||
Non-current assets | 213,415 | 216,743 | ||
Mineral exploration expenses | 24,952 | 68,960 | ||
Kosovo | ||||
Non-current assets | 14,155 | 0 | ||
Mineral exploration expenses | 0 | 11,383 | ||
All | ||||
Non-current assets | 227,570 | 216,743 | ||
Mineral exploration expenses | $ 24,952 | $ 80,343 | ||
[1]Note 5. |
16. EVENTS AFTER THE REPORTIN_2
16. EVENTS AFTER THE REPORTING PERIOD (Details) | 12 Months Ended | ||||||
Mar. 14, 2022 $ / shares shares | Feb. 28, 2022 $ / shares | Feb. 28, 2022 CAD ($) shares | Feb. 25, 2022 | Dec. 31, 2021 shares | Dec. 31, 2020 CAD ($) | Dec. 31, 2019 CAD ($) | |
Subsequent Event, Description | Company granted a total of 1,575,000 options at an exercise price of $0.08 for a period of five years to its directors, officers, consultants and contractors | Company signed a Share Purchase Agreement with Akkerman Exploration B.V. (“AEbv”) to acquire up to a 100% ownership interest in Akkerman Finland OY (“AFOy”) | |||||
Shares issued for private placements | $ | $ 506,357 | $ 282,000 | |||||
Options Granted | shares | 1,575,000 | ||||||
Optiion Exercise Price | $ / shares | $ 0.08 | ||||||
Issuance #1 | |||||||
Subsequent Event, Description | Company issued 3,800,000 shares at a price of $0.075 per share to settle outstanding debt for $285,000. | ||||||
Stock Issued During Period, Shares, New Issues | shares | 3,800,000 | 500,000 | |||||
Common shares issued, price per share | $ / shares | $ 0.075 | ||||||
Shares issued for private placements | $ | $ 285,000 | ||||||
Issuance #2 | |||||||
Subsequent Event, Description | Company completed a non-brokered private placement of 16,666,667 units at $0.075 for gross proceeds of $1,250,000 | ||||||
Stock Issued During Period, Shares, New Issues | shares | 16,666,667 | 910,000 | |||||
Common shares issued, price per share | $ / shares | $ 0.075 | ||||||
Shares issued for private placements | $ | $ 1,250,000 |