Silver Elephant Mining (SILEF) 20-F 9 May 22 2021 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2021shares
Document Information Line Items
Entity Registrant Name	SILVER ELEPHANT MINING CORP.
Entity Central Index Key	0001545224
Document Type	20-F
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding	24,124,955
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-55985
Entity Incorporation State Country Code	Z4
Entity Address Address Line 1	Suite 1610 - 409 Granville Street
Entity Address City Or Town	Vancouver
Entity Address State Or Province	CA
Entity Address Postal Zip Code	V6C 1T2
Icfr Auditor Attestation Flag	false
Auditor Name	DAVIDSON & COMPANY LLP
Auditor Location	Vancouver, Canada
Auditor Firm Id	731
Security 12g Title	Common Shares without par value
Entity Interactive Data Current	Yes
Document Shell Company Report	false
Document Registration Statement	false
Document Accounting Standard	International Financial Reporting Standards
Business Contact [Member]
Document Information Line Items
Entity Address Address Line 1	Suite 1610 - 409 Granville Street
Entity Address City Or Town	Vancouver
Entity Address State Or Province	CA
Entity Address Postal Zip Code	V6C 1T2
City Area Code	604
Local Phone Number	569-3661
Contact Personnel Email Address	info@silverelef.com
Contact Personnel Name	John Lee

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash	$ 579,508	$ 7,608,149	$ 3,017,704
Receivables	79,036	75,765	246,671
Prepaid Expenses	103,931	114,717	135,767
Assets Held For Sale	40,052,477	0	0
Total Current Assets	40,814,952	7,798,631	3,400,142
Non-current Assets
Restricted Cash Equivalents	34,500	34,500	34,500
Reclamation Deposits	21,055	21,055	21,055
Right-of-use Asset	0	18,430	50,023
Equipment	41,035	153,800	159,484
Mineral Properties	21,134,876	31,806,594	23,782,884
Total Assets	62,046,418	39,833,010	27,448,088
Current Liabilities
Accounts Payable And Accrued Liabilities	2,502,139	1,759,163	2,420,392
Lease Liability	0	20,533	32,285
Liabilities Associated With Assets Held For Sale	6,816,407	0	0
Total Current Liabilities	9,318,546	1,779,696	2,452,677
Non-current Liabilities
Lease Liability	0	0	20,533
Provision For Closure And Reclamation	2,037,731	695,257	266,790
Tax Provision	0	0	0
Total Liabilities	11,356,277	2,474,953	2,740,000
Equity
Share Capital	214,790,904	197,612,182	181,129,012
Reserves	26,335,247	24,852,022	24,058,336
Deficit	(191,935,861)	(185,106,147)	(180,479,260)
Equity Attributable To Owners Of Parent	49,190,290	37,358,057	24,708,088
Equity Attributable To Non-controlling Interests	1,499,851	0	0
Total Liabilities And Equity	$ 62,046,418	$ 39,833,010	$ 27,448,088

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
General And Administrative Expenses
Advertising And Promotion	$ 559,183	$ 541,029	$ 794,182
Consulting And Management Fees	848,146	570,356	251,552
Depreciation And Accretion	22,062	41,116	65,157
Director Fees	119,801	108,600	103,805
Insurance	86,012	100,948	93,661
Office And Administration	196,797	136,274	123,904
Professional Fees	631,478	321,355	228,594
Salaries And Benefits	613,007	530,065	760,182
Share-based Payments	583,801	770,617	707,802
Stock Exchange And Shareholder Services	315,371	180,433	139,908
Travel And Accommodation	25,013	93,323	236,815
Total General And Administrative Expenses	(4,000,671)	(3,394,116)	(3,505,562)
Other Items
Costs In Excess Of Recovered Coal	(1,730,294)	(590,204)	(120,354)
Foreign Exchange Gain/(loss)	349,983	(64,841)	(443,203)
(impairment)/recovery Of Mineral Property	(1,278,817)	0	13,708,200
Impairment Of Prepaid Expenses	0	(121,125)	(51,828)
Recovery Of Receivables, Net	50,906	(470,278)	(16,304)
Loss On Sale Of Marketable Securities	(220,821)	0	0
Gain/(loss) On Sale Of Equipment	0	13,677	(9,795)
Gain On Debt Settlement	0	0	7,952,700
Other Income/(expense)	(2,829,043)	(1,232,771)	21,019,416
Net Income/(loss) For Year	$ (6,829,714)	$ (4,626,887)	$ 17,513,854
Net Income/(loss) Per Common Share,
Basic	$ (0.33)	$ (0.34)	$ 1.71
Diluted	$ (0.33)	$ (0.34)	$ 1.71
Weighted Average Number Of Common Shares Outstanding,
Basic1	20,986,610	13,790,180	10,220,811
Diluted1	20,986,610	13,790,180	10,239,815

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Deficiency) - CAD ($)	Total	Share Capital	Reserves	Deficit	Total Shareholders' Equity (Deficiency)	Noncontrolling Interest
Balance, Shares at Dec. 31, 2018		9,531,613
Balance, Amount at Dec. 31, 2018	$ (759,738)	$ 173,819,546	$ 23,413,830	$ (197,993,114)	$ (759,738)	$ 0
Statement [Line Items]
Private Placements, Net Of Share Issue Costs, Shares		2,275,000
Private Placements, Net Of Share Issue Costs, Amount	6,117,991	$ 6,117,991	0	0	6,117,991	0
Finders Shares, Shares		117,950
Finders Shares, Amount	366,800	$ 366,800	0	0	366,800	0
Debt Settlements, Shares		10,495
Debt Settlements, Amount	43,030	$ 43,030	0	0	43,030	0
Exercise Of Stock Options, Shares		62,250
Exercise Of Stock Options, Amount	174,250	$ 328,095	(153,845)	0	174,250	0
Exercise Of Warrants, Shares		65,143
Exercise Of Warrants, Amount	250,572	$ 279,050	(28,478)	0	250,572	0
Bonus Shares, Shares		50,000
Bonus Shares, Amount	115,000	$ 115,000	0	0	$ 115,000	0
Share Compensation For Services, Shares		17,500			160,100
Share Compensation For Services, Amount	59,500	$ 59,500	0	0	$ 59,500	0
Share-based Payments	826,829	0	826,829	0	826,829	0
Gain For The Year	17,513,854	0	0	17,513,854	17,513,854	0
Flying Nickel Warrants Issuable	0
Balance, Amount at Dec. 31, 2019	$ 24,708,088	$ 181,129,012	24,058,336	(180,479,260)	24,708,088	0
Balance, Shares at Dec. 31, 2019	12,129,951	12,129,951
Statement [Line Items]
Private Placements, Net Of Share Issue Costs, Amount	$ 10,247,206	$ 10,247,206	0	0	10,247,206	0
Exercise Of Stock Options, Shares		123,375
Exercise Of Stock Options, Amount	299,812	$ 572,659	(272,847)	0	299,812	0
Exercise Of Warrants, Shares		1,402,767
Exercise Of Warrants, Amount	3,107,194	$ 3,273,822	(166,628)	0	3,107,194	0
Bonus Shares, Shares		160,100
Bonus Shares, Amount	640,400	$ 640,400	0	0	640,400	0
Share-based Payments	982,244	0	982,244	0	982,244	0
Gain For The Year	(4,626,887)	$ 0	0	(4,626,887)	(4,626,887)	0
Private Placements, Net Of Share Issue Costs, Shares		3,820,000
Finders Units, Shares		15,690
Finders Units, Amount	0	$ (24,000)	24,000	0	0	0
Broker Warrants	0	$ (226,917)	226,917	0	0	0
Shares Issued For Property Acquisition, Shares		400,000
Shares Issued For Property Acquisition, Amount	2,000,000	$ 2,000,000	0	0	2,000,000	0
Flying Nickel Warrants Issuable	0
Balance, Amount at Dec. 31, 2020	$ 37,358,057	$ 197,612,182	24,852,022	(185,106,147)	37,358,057	0
Balance, Shares at Dec. 31, 2020	18,051,883	18,051,883
Statement [Line Items]
Private Placements, Net Of Share Issue Costs, Amount	$ 7,331,633	$ 7,331,633	0	0	7,331,633	0
Exercise Of Stock Options, Shares		99,500
Exercise Of Stock Options, Amount	206,824	$ 386,506	(179,682)	0	206,824	0
Exercise Of Warrants, Shares		1,268,341
Exercise Of Warrants, Amount	3,261,997	$ 3,271,597	(9,600)	0	3,261,997	0
Share-based Payments	743,312	0	743,312	0	743,312	0
Gain For The Year	(6,829,714)	$ 0	0	(6,829,714)	(6,829,714)	0
Private Placements, Net Of Share Issue Costs, Shares		2,700,000
Shares Issued For Property Acquisition, Shares		2,005,231
Shares Issued For Property Acquisition, Amount	6,231,637	$ 6,231,637	0	0	6,231,637	0
Finders Warrants	0	(42,651)	42,651	0	0	0
Warrants Issued For Property Acquisition	886,544	0	886,544	0	886,544	0
Flying Nickel Ft Shares And Warrants, Net Of Share Issuance Cost	1,284,757	0	0	0	0	1,284,757
Flying Nickel Warrants Issuable	215,094	0	0	0	0	215,094
Balance, Amount at Dec. 31, 2021	$ 50,690,141	$ 214,790,904	$ 26,335,247	$ (191,935,861)	$ 49,190,290	$ 1,499,851
Balance, Shares at Dec. 31, 2021	24,124,955	24,124,955

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net Gain/(loss) For Year	$ (6,829,714)	$ (4,626,887)	$ 17,513,854
Adjustments To Reconcile Net Loss To Net Cash Flows:
Depreciation And Accretion	90,197	64,387	65,157
Share-based Payments	583,801	770,617	707,802
Unrealized Foreign Exchange (gain)/loss	0	0	(169,218)
Share Compensation For Services	660,000	720,900	356,003
Impairment/(recovery) Of Mineral Property	1,278,817	0	(13,708,200)
Impairment Of Prepaid Expenses	0	121,125	51,828
Impairment/(recovery) Of Receivables	(50,906)	470,278	16,304
Loss On Sale Of Marketable Securities	220,821	0	0
Gain On Sale Of Equipment	0	13,677	9,795
Change In Estimate Reclamation Provision	1,274,339	405,196	0
Gain On Debt Settlement			(7,952,700)
Total Adjustments Before Working Capital	(2,772,645)	(2,060,707)	(3,109,375)
Changes To Working Capital Items
Receivables	47,635	(299,372)	(196,079)
Prepaid Expenses And Reclamation Deposits	8,614	(100,075)	(29,323)
Accounts Payable And Accrued Liabilities	525,236	(88,888)	659,264
Cashflows From Operating Activities	(2,191,160)	(2,549,042)	(2,675,513)
Investing Activities
Proceeds On Sale Of Equipment	0	50,695
Purchase Of Equipment	0	(111,592)	(113,564)
Mineral Property Expenditures	(15,209,563)	(6,336,166)	(6,123,401)
Purchase Of Marketable Securities	(1,000,000)	0
Sale Of Marketable Securities	779,179	0
Cashflows From Investing Activities	(15,430,384)	(6,397,063)	(6,236,965)
Financing Activities
Proceeds From Share Issuance, Net Of Share Issue Costs	7,331,633	10,201,706	6,237,791
Proceeds From Exercise Of Stock Options	206,824	299,812	174,250
Proceeds From Exercise Of Warrants	2,601,997	3,072,194	250,572
Flow-through Shares, Net Of Share Issue Costs	1,424,228	0
Subscription Receipts, Net Of Deferred Transaction Costs	6,565,752	0
Lease Payments	(22,939)	(37,162)	(36,528)
Cashflows From Financing Activities	18,107,495	13,536,550	6,626,085
Net Decrease In Cash	485,951	4,590,445	(2,286,393)
Cash - Beginning Of Year	7,608,149	3,017,704	5,304,097
Cash Held In Assets Held For Sale	(7,514,592)
Cash - End Of Year	$ 579,508	$ 7,608,149	$ 3,017,704

DESCRIPTION OF BUSINESS AND NAT

DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2021
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS
Description Of Business And Nature Of Operations	1. DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS Silver Elephant Mining Corp. (the “ Company ELEF Common Share s TSX The Company is a mineral exploration stage company. The Company’s projects are the Pulacayo Paca silver-lead-zinc property in Bolivia (the “ Pulacayo Project Triunfo Project Gibellini Project Minago Project As at December 31, 2021 the Company was in the process of completing a strategic reorganization of the business through a statutory plan or arrangement (the “ Arrangement i. complete a consolidation of the outstanding share capital of ELEF whereby each 10 pre-consolidation ELEF share shall be exchanged for one post-consolidation ELEF share; ii. transfer certain royalties presently held by ELEF in certain projects into its own entity, Battery Metals Royalty Corp. (“ RoyaltyCo iii. spin-off the Minago Project into its own entity, Flying Nickel Mining Corp.(“ NickelCo Flying Nickel iv. and spin-off the Gibellini Project into its own entity, Nevada Vanadium Mining Corp. (“ VanadiumCo Subsequent to December 31, 2021, on January 14, 2022, the Company’s share capital was consolidated on the basis of one (1) new share for each ten (10) old shares (the “ Consolidation These consolidated annual financial statements (the “Annual Financial Statements”) have been prepared under the assumption that the Company is a going concern, which contemplates the realization of assets and the payment of liabilities in the ordinary course of business. As at December 31, 2021, the Company has a deficit of $192 million. The operations of the Company were primarily funded by the issuance of capital stock and proceeds from option and warrant exercises. The continued operations of the Company are dependent on its ability to develop a sufficient financing plan, receive continued financial support from related parties, complete sufficient public equity financings or generate profitable operations in the future. These material uncertainties may cast significant doubt on the entity’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue its business. Risks associated with Public Health Crises, including COVID-19 The Company’s business, operations and financial condition could be materially adversely affected by the outbreak of epidemics, pandemics or other health crises, such as the outbreak of COVID-19 that was designated as a pandemic by the World Health Organization on March 11, 2020. The international response to the spread of COVID-19 has led to significant restrictions on travel, temporary business closures, quarantines, global stock market volatility and a general reduction in consumer activity. Such public health crises can result in operating, supply chain and project development delays and disruptions, global stock market and financial market volatility, declining trade and market sentiment, reduced movement of people and labour shortages, and travel and shipping disruption and shutdowns, including as a result of government regulation and prevention measures, or a fear of any of the foregoing, all of which could affect commodity prices, interest rates, credit risk and inflation. In addition, the current COVID-19 pandemic, and any future emergence and spread of similar pathogens could have an adverse impact on global economic conditions which may adversely impact the Company’s operations, and the operations of suppliers, contractors and service providers, including smelter and refining service providers, and the demand for the Company’s production. The Company may experience business interruptions, including suspended (whether government mandated or otherwise) or reduced operations relating to COVID-19 and other such events outside of the Company’s control, which could have a material adverse impact on its business, operations and operating results, financial condition and liquidity. As at the date of the consolidated financial statements, the duration of the business disruptions internationally and related financial impact of COVID-19 cannot be reasonably estimated. It is unknown whether and how the Company may be affected if the pandemic persists for an extended period of time. In particular, the region in which we operate may not have sufficient public infrastructure to adequately respond or efficiently and quickly recover from such event, which could have a materially adverse effect on the Company’s operations. The Company’s exposure to such public health crises also includes risks to employee health and safety. Should an employee, contractor, community member or visitor become infected with a serious illness that has the potential to spread rapidly, this could place the Company’s workforce at risk

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION
Basis Of Presentation	2. BASIS OF PRESENTATION These Annual Financial Statements have been prepared in accordance with and using accounting policies in full compliance with International Financial Reporting Standards (“IFRS”) and International Accounting Standards (“IAS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”), effective for the Company’s reporting year ended December 31, 2021. The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires the Company’s management to exercise judgment in applying the Company’s accounting policies. The areas where significant judgments and estimates have been made in preparing these Annual Financial Statements and their effect are disclosed in Note 5. These Annual Financial Statements have been prepared on a historical cost basis, except for financial instruments classified as fair value through profit or loss (“ FVTPL The accounting policies set out in Note 6 have been applied consistently by the Company and its subsidiaries to all periods presented. The Annual Consolidated Financial Statements were reviewed by the Audit Committee and approved and authorized for issue by the Board of Directors on March 30, 2022.

BASIS OF CONSOLIDATION

BASIS OF CONSOLIDATION	12 Months Ended
	Dec. 31, 2021
BASIS OF CONSOLIDATION
Basis Of Consolidation	3. BASIS OF CONSOLIDATION The Annual Financial Statements comprise the financial statements of the Company and its wholly owned and partially owned subsidiaries as at December 31, 2021. Subsidiaries are consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. Effects of transactions between subsidiaries are eliminated on consolidation. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company. Accounting policies of the subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. The Company’s significant subsidiaries at December 31, 2021 are presented in the following table: Subsidiary Location Ownership Projects Owned Nevada Vanadium Mining Corp.* Canada 100 % Nevada Vanadium Holding Corp.* Canada 100 % Gibellini project Flying Nickel Mining Corp.* Canada 0.01 % Battery Metals Royalty Corp.* Canada 100 % Apogee Minerals Bolivia S. A. Bolivia 98 % Pulacayo project ASC Holdings Limited Bolivia 100 % Paca project Illumina Silver Mining Corp. Canada 100 % Triunfo and Sunawayo projects Red Hill Mongolia LLC Mongolia 100 % Ulaan Ovoo mine Chandgana Coal LLC Mongolia 100 % Chandgana project *Subsidiaries held for spin-off **Percentage of voting power is in proportion to ownership, except for Flying Nickel Mining Corp. Nevada Vanadium Mining Corp. (former 1324825 B.C. Ltd.) (“VanadiumCo”) was incorporated on September 17, 2021, under the laws of the province of British Columbia, Canada and wholly owned by ELEF. Nevada Vanadium Holding Corp. (former Nevada Vanadium Mining Corp.) was incorporated on August 28, 2019, under the laws of the province of British Columbia, Canada and wholly owned by VanadiumCo. Battery Metals Royalties Corp. (“RoyaltyCo”) was incorporated on July 9, 2021, under the laws of the province of British Columbia, Canada and wholly owned by ELEF. Flying Nickel Mining Corp. (“NickelCo”) was incorporated on December 21, 2020, under the laws of the province of British Columbia, Canada and was wholly owned by ELEF.

CHANGES IN ACCOUNTING POLICIES

CHANGES IN ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
CHANGES IN ACCOUNTING POLICIES
Changes In Accounting Policies	4. CHANGES IN ACCOUNTING POLICIES Future Accounting Pronouncements The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IAS 16: Property, Plant and Equipment: Proceeds before Intended Use. In May 2020, the IASB issued amendments to IAS 16, Property, Plant and Equipment Amendments to IAS 1: Classification of Liabilities as Current or Non‐Current and Deferral of Effective Date. In January 2020, the IASB issued amendments to IAS 1, Presentation of Financial Statements, to provide a more general approach to the presentation of liabilities as current or non‐current based on contractual arrangements in place at the reporting date. These amendments: - - - On July 15, 2020, the IASB issued a deferral of the effective date for the new guidance by one year to annual reporting periods beginning on or after January 1, 2023 and is to be applied retrospectively. The Company has not yet determined the impact of these amendments on its financial statements.

SIGNIFICANT JUDGMENTS, ESTIMATE

SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS
Significant Judgments, Estimates And Assumptions	5. SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS The preparation of a company’s financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continually evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. 5.1 Significant Judgments The significant judgments that the Company’s management has made in the process of applying the Company’s accounting policies, apart from those involving estimation uncertainties (Annual financial statements 5.2), that have the most significant effect on the amounts recognized in the Annual Financial Statements include, but are not limited to: (a) Functional currency determination The functional currency for each of the Company’s subsidiaries is the currency of the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment. Management has determined the functional currency of all entities to be the Canadian dollar. (b) Impairment (recovery) assessment of deferred exploration interests The Company considers both external and internal sources of information in assessing whether there are any indications that mineral property interests are impaired. External sources of information the Company considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of mineral property interest. Internal sources of information the Company considers include the manner in which mineral properties and plant and equipment are being used or are expected to be used and indications of economic performance of the assets. During the year ended December 31, 2021, the Company wrote-off $1,278,816 (2020 - $Nil, 2019 - $Nil) of capitalized mineral property costs. During the year ended December 31, 2019, the Company reversed $13,708,200 of impairment (Note 15). (c) Deferred Tax Assets and Liabilities The measurement of the deferred tax provision is subject to uncertainty associated with the timing of future events and changes in legislation, tax rates and interpretations by tax authorities. The estimation of deferred taxes includes evaluating the recoverability of deferred tax assets based on an assessment of the Company’s ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. For deferred tax calculation purposes, Management assesses whether it is probable that some or all of the deferred income tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income, which in turn is dependent upon the successful discovery, extraction, development and commercialization of mineral reserves. To the extent that management’s assessment of the Company’s ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets, and future tax provisions or recoveries could be affected. (d) Depreciation Significant judgment is involved in the determination of useful life and residual values for the computation of depreciation, depletion and amortization and no assurance can be given that actual useful lives and residual values will not differ significantly from current assumptions. (e) Determination of Control over Non-Controlling Interest The determination of control of subsidiaries involves significant judgment. De facto control exists in circumstances when an entity owns less than 50% voting rights in another entity but has control for reasons other than voting rights or contractual and other statutory means. These consolidated financial statements include the results of Flying Nickel as management has determined that the Company has de facto control over Flying Nickel as the Company has the practical ability to direct the relevant activities of Flying Nickel and controls the Board of Directors for all periods presented. 5.2 Estimates and Assumptions The Company bases its estimates and assumptions on current and various other factors that it believes to be reasonable under the circumstances. Management believes the estimates are reasonable; however, actual results could differ from those estimates and could impact future results of operations and cash flows. The areas which require management to make significant estimates and assumptions in determining carrying values include, but are not limited to: (a) Mineral reserves The recoverability of the carrying value of the mineral properties is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. (b) Impairment The carrying value of long-lived assets are reviewed each reporting period to determine whether there is any indication of impairment. If the carrying amount of an asset exceeds its recoverable amount, the asset is impaired, and an impairment loss is recognized in the consolidated statement of income (loss) and comprehensive income (loss). The assessment of fair values, including those of the cash generating units (the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflow from other assets or groups of assets) (“ CGUs (c) Allowance for doubtful accounts, and the recoverability of receivables and prepaid expense amounts. Significant estimates are involved in the determination of recoverability of receivables and no assurance can be given that actual proceeds will not differ significantly from current estimations. Similarly, significant estimates are involved in the determination of the recoverability of services and/or goods related to the prepaid expense amounts, and actual results could differ significantly from current estimations. Management has made significant assumptions about the recoverability of receivables and prepaid expense amounts. During the year ended December 31, 2021 the Company recovered $81,321 (2020 - $Nil, 2019 - $Nil) of receivables which had been previously written-off. During the year ended December 31, 2021 the Company wrote-off $30,415 (2020 - $470,278; 2019 - $16,304) of trade receivables and $Nil (2020 - $121,125; 2019 - $51,828) of prepaid expenses for which not future benefit is expected to be received. (d) Provision for closure and reclamation The Company assesses its mineral properties’ rehabilitation provision at each reporting date or when new material information becomes available. Exploration, development and mining activities are subject to various laws and regulations governing the protection of the environment. In general, these laws and regulations are continually changing, and the Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. Accounting for reclamation obligations requires management to make estimates of the future costs that the Company will incur to complete the reclamation work required to comply with existing laws and regulations at each location. Actual costs incurred may differ from those amounts estimated. Also, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work required to be performed by the Company. Increases in future costs could materially impact the amounts charged to operations for reclamation and remediation. The provision represents management’s best estimate of the present value of the future reclamation and remediation obligation. The actual future expenditures may differ from the amounts currently provided. (e) Share-based payments Management uses valuation techniques in measuring the fair value of share purchase options granted. The fair value is determined using the Black Scholes option pricing model which requires management to make certain estimates, judgement, and assumptions in relation to the expected life of the share purchase options and share purchase warrants, expected volatility, expected risk-free rate, and expected forfeiture rate. Changes to these assumptions could have a material impact on the Annual Financial Statements. (f) Contingencies The assessment of contingencies involves the exercise of significant judgment and estimates of the outcome of future events. In assessing loss contingencies related to legal proceedings that are pending against the Company and that may result in regulatory or government actions that may negatively impact the Company’s business or operations, the Company and its legal counsel evaluate the perceived merits of the legal proceeding or unasserted claim or action as well as the perceived merits of the nature and amount of relief sought or expected to be sought, when determining the amount, if any, to recognize as a contingent liability or when assessing the impact on the carrying value of the Company’s assets. Contingent assets are not recognized in the Annual Financial Statements. (g) Fair value measurement The Company measures financial instruments at fair value at each reporting date. The fair values of financial instruments measured at amortized cost are disclosed in Note 23. Also, from time to time, the fair values of non-financial assets and liabilities are required to be determined, e.g., when the entity acquires a business, completes an asset acquisition or where an entity measures the recoverable amount of an asset or cash-generating unit at fair value less costs of disposal. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Changes in estimates and assumptions about these inputs could affect the reported fair value. (h) Assets/liabilities held for spin-off Assets held for spin-off and liabilities held for spin-off have been assessed individually to determine their fair value less costs to spin-off under current market conditions. Fair value less costs to spin-off is measured with reference to the fair value of the equity received as consideration. The Company believes that the valuation assumptions reflect a reasonable estimate of the recoverable amount of each account or asset.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary Of Significant Accounting Policies	6. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Restricted cash equivalents Restricted cash equivalents consist of highly liquid investments pledged as collateral for the Company’s credit card and are readily convertible to known amounts of cash. (b) Mineral properties Mineral property assets consist of exploration and evaluation costs. Costs directly related to the exploration and evaluation of resource properties are capitalized to mineral properties once the legal rights to explore the resource properties are acquired or obtained. These costs include acquisition of rights to explore, license and application fees, topographical, geological, geochemical and geophysical studies, exploratory drilling, trenching, sampling, and activities in relation to evaluating the technical feasibility and commercial viability of extracting a mineral resource. If it is determined that capitalized acquisition, exploration and evaluation costs are not recoverable, or the property is abandoned or management has determined an impairment in value, the property is written down to its recoverable amount. Mineral properties are reviewed at least annually for indicators of impairment and are tested for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. From time to time, the Company acquires or disposes of properties pursuant to the terms of option agreements. Options are exercisable entirely at the discretion of the optionee and, accordingly, are recorded as mineral property costs or recoveries when the payments are made or received. After costs are recovered, the balances of the payments received are recorded as a gain on option or disposition of mineral property. (i) Title to mineral properties Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title, nor has the Company insured title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements. (ii) Realization of mineral property assets The investment in and expenditures on mineral property interests comprise a significant portion of the Company’s assets. Realization of the Company’s investment in these assets is dependent upon the establishment of legal ownership, and the attainment of successful production from properties or from the proceeds of their disposal. Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into profitable producing mines. There can be no assurance that current exploration programs will result in the discovery of economically viable quantities of ore. The amounts shown for acquisition costs and deferred exploration expenditures represent costs incurred to date and do not necessarily reflect present or future values. (iii) Environmental The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. Other than as disclosed in Note 18, the Company is not aware of any existing environmental issues related to any of its current or former properties that may result in material liability to the Company. Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company’s operations may cause additional expenses and restrictions. If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the property may be diminished or negated. (c) Equipment Equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any. The cost of an item of property and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Depreciation of equipment is recorded on a declining-balance basis at the following annual rates: Computer equipment 45% Furniture and equipment 20% Mining equipment 20% Vehicles 30% Right-of-use asset Straight line / term of lease When parts of major components of equipment have different useful lives, they are accounted for as a separate item of equipment. The cost of major overhauls of parts of equipment is recognized in the carrying amount of the item if is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of equipment are recognized in profit or loss as incurred. (d) Impairment of non-current assets and Cash Generating Units (“ CGU At the end of each reporting period, the Company reviews the carrying amounts of its long lived assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU, where the recoverable amount of the CGU is the greater of the CGU’s fair value less costs to sell and its value in use to which the assets belong. In assessing value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in the statement of comprehensive loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Each project or group of claims or licenses is treated as a CGU. Discounted cash flow techniques often require management to make estimates and assumptions concerning reserves and expected future production revenues and expenses, which can vary from actual. Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. (d) Foreign currency translation Transactions in currencies other than the functional currency are recorded at the prevailing exchange rates on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rates at the date of the consolidated statement of financial position. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses arising from this translation are included in the determination of net gain or loss for the year. (e) Deferred development costs Exploration expenditures are re-classified from Exploration and evaluation assets to deferred development costs within the property and equipment category once the work completed to date supports the future development of the property and such development receives appropriate approvals. After reclassification, all subsequent expenditure on the construction, installation or completion of infrastructure facilities is capitalized within deferred development cost. Development expenditure is net of proceeds from the sale of coal extracted during the development phase to the extent that it is considered integral to the development of the mine. Any costs incurred in testing the assets to determine if they are functioning as intended, are capitalized, net of any proceeds received from selling any product produced while testing. Where these proceeds exceed the cost of testing, any excess is recognized in the statement of profit or loss and other comprehensive income. (f) Unit offerings Proceeds received on the issuance of units, consisting of common shares and warrants, are allocated first to common shares based on the market trading price of the common shares at the time the units are priced, and any excess is allocated to warrants. (g) Share-based payments The Company has a share purchase option plan that is described in Note 20. The Company accounts for share-based payments using a fair value-based method with respect to all share-based payments to directors, officers, employees, and service providers. Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of the goods or services received or if such fair value is not reliably measurable, at the fair value of the equity instruments issued. The fair value is recognized as an expense or capitalized to mineral properties or property and equipment with a corresponding increase in option reserve. This includes a forfeiture estimate, which is revised for actual forfeitures in subsequent periods. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of income (loss) and consolidated income (loss) over the remaining vesting period. Upon the exercise of the share purchase option, the consideration received, and the related amount transferred from option reserve are recorded as share capital. (h) Loss/gain per share Basic loss/gain per share is calculated using the weighted average number of common shares outstanding during the period. The Company uses the treasury stock method to compute the dilutive effect of options and warrants. Under this method the dilutive effect on earnings per share is calculated presuming the exercise of outstanding options and warrants. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss/gain per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. (i) Income taxes Income tax expense comprises current and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the tax laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. (j) Provision for closure and reclamation The Company assesses its equipment and mineral property rehabilitation provision at each reporting date. Changes to estimated future costs are recognized in the statement of financial position by either increasing or decreasing the rehabilitation liability and asset to which it relates if the initial estimate was originally recognized as part of an asset measured in accordance with IAS 16 Property, Plant and Equipment The Company records the present value of estimated costs of legal and constructive obligations required to restore operations in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures; rehabilitating mineral properties; dismantling operating facilities; closure of plant and waste sites; and restoration, reclamation and vegetation of affected areas. Present value is used where the effect of the time value of money is material. The related liability is adjusted each period for the unwinding of the discount rate and for changes in estimates, changes to the current market-based discount rate, and the amount or timing of the underlying cash flows needed to settle the obligation. (k) Financial instruments Classification Financial assets are classified at initial recognition as either: measured at amortized cost, FVTPL or fair value through other comprehensive income (“FVOCI”). The classification depends on the Company’s business model for managing the financial assets and the contractual cash flow characteristics. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL or the Company has opted to measure at FVTPL. Measurement Financial assets and liabilities at FVTPL are initially recognized at fair value and transaction costs are expensed in the consolidated statement of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets or liabilities held at FVTPL are included in the consolidated statement of income (loss) and comprehensive income (loss) in the period in which they arise. Where the Company has opted to designate a financial liability at FVTPL, any changes associated with the Company’s credit risk will be recognized in OCI. Financial assets and liabilities at amortized cost are initially recognized at fair value, and subsequently carried at amortized cost less any impairment. Impairment The Company assesses on a forward-looking basis the expected credit loss (“ECL”) associated with financial assets measured at amortized cost, contract assets and debt instruments carried at FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Please refer to Note 23 for relevant fair value measurement disclosures. (l) Disposal groups held for sale and discontinued operations Disposal groups are classified as held for sale if their carrying amount will be recovered principally through a spin-off transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from these requirements. An impairment loss or recovery is recognized for any initial or subsequent write-down or write-up of the disposal group to fair value less costs to sale. A gain is recognized for any subsequent increases in fair value less costs to sell of a disposal group, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the disposal group is recognized at the date of derecognition. Non-current assets, including those that are part of a disposal group, are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the statement of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. (m) Leases At inception of a contract, we assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. We assess whether the contract involves the use of an identified asset, whether we have the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement and if we have the right to direct the use of the asset. At inception or on assessment of a contract that contains a lease component, we allocate the consideration in the contract to each lease component on the basis of their relative stand-alone prices. As a lessee, we recognize a right-of-use asset, which is included in property, plant and equipment, and a lease liability at the commencement date of a lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, our incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: · fixed payments, including in-substance fixed payments, less any lease incentives receivable; · variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; · amounts expected to be payable under a residual value guarantee; · exercise prices of purchase options if we are reasonably certain to exercise that option; and · payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in our estimate or assessment of the expected amount payable under a residual value guarantee, purchase, and extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to profit (loss). We have elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to profit (loss) on a straight-line basis over the lease term. (n) Flow-through shares Canadian Income Tax legislation permits an enterprise to issue securities referred to as flow-through shares, whereby the investor can claim the tax deductions arising from the renunciation of the related resource expenditures. The Company accounts for flow-through shares whereby the premium paid for the flow-through shares in excess of the market value of the shares without flow-through features at the time of issue is credited to other liabilities and included in profit or loss at the same time the qualifying expenditures are made. (o) Non-controlling interest Non-controlling interest in the Company’s less than wholly owned subsidiaries is classified as a separate component of equity. On initial recognition, non-controlling interest is measured at the fair value of the non-controlling entity’s contribution into the related subsidiary. Subsequent to the original transaction date, adjustments are made to the carrying amount of non-controlling interest for the non-controlling interest’s share of changes to the subsidiary’s equity. Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interest is adjusted to reflect the change in the non-controlling interest’s relative interest in the subsidiary, and the difference between the adjustment to the carrying amount of non-controlling interests and the Company’s share of proceeds received and/or consideration paid is recognized directly in equity and attributed to owners of the Company.

ARRANGEMENT AND ASSETS HELD FOR

ARRANGEMENT AND ASSETS HELD FOR SALE	12 Months Ended
	Dec. 31, 2021
ARRANGEMENT AND ASSETS HELD FOR SALE
Arrangement And Assets Held For Sale	7. ARRANGEMENT AND ASSETS HELD FOR SALE As at December 31, 2021 the Company was in the process of completing the Arrangement i. complete a consolidation of the outstanding share capital of ELEF whereby each 10 pre-consolidation ELEF share shall be exchanged for one post-consolidation ELEF share (completed); ii. transfer certain royalties presently held by ELEF in certain projects into RoyaltyCo (completed); iii. spin-off the Minago Project into NickelCo (completed); iv. and spin-off the Gibellini Project into VanadiumCo (completed) (collectively, the “SpinCos” or “SpinCo”).. ELEF will transfer assets, as described above, to each spin-out subsidiary in consideration for the following: · NickelCo will purchase the Minago Project assets from ELEF in exchange for the issuance of 50,000,000 NickelCo shares and the assumption of certain liabilities related to the underlying assets; · RoyaltyCo will purchase the royalties from ELEF in exchange for the issuance of 1,785,430 RoyaltyCo shares; · VanadiumCo will purchase the Gibellini Project assets from ELEF in exchange for the issuance of 50,000,000 VanadiumCo shares and the assumption of certain liabilities related to the underlying assets; · and RoyaltyCo will purchase certain of the outstanding shares of both VanadiumCo and NickelCo in exchange for the issuance of RoyaltyCo shares. Upon the Arrangement completion: i. the authorized share capital of ELEF shall be reorganized and its articles amended by the creation of an unlimited number of Class A Shares; ii. and each ELEF shareholder will exchange each post-Consolidation ELEF share to receive: one share of each of NickelCo and VanadiumCo; two shares of RoyaltyCo; and one Class A share of ELEF Holders of outstanding ELEF warrants and options after the Record Date will be entitled to receive, upon exercise of each such warrant and option at the same original exercise price and in accordance with the terms of such warrant and option, one share of each of NickelCo and VanadiumCo.; two shares of the RoyaltyCo (collectively, the “Reserved Shares”); and one Class A share of ELEF. On December 22, 2021, the Company received shareholder approval of the Arrangement. On January 12, 2022, the Company received BC Supreme Court approval of the Arrangement. On January 14, 2022, the Company received regulatory approval and completed the Arrangement. The Company is entered into Services Agreements with each SpinCo pursuant to which the Company will provide office space, furnishings and equipment, communications facilities, and personnel necessary for the SpinCos to fulfill their basic day-to-day head office and executive responsibilities in a pro-rata cost-recovery basis. As at December 31, 2021, management determined the assets and liabilities of the SpinCos met the definitions of assets held for sale in accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations. The net assets to be transferred to NickelCo were valued at $17,192,325 which was based on their carrying value at year-end. The net assets to be transferred to VanadiumCo were valued at $16,043,745 which was based on their carrying value at year-end. There was $Nil value ascribed to the royalties to be transferred to RoyaltyCo as they were internally generated assets with a $Nil carrying value. During the year-ended December 31, 2021, the Company incurred $426,394 in transaction costs related to the Arrangement which were equally applied to each spin-out subsidiary. As at December 31, 2021, the following is a summary of the assets and liabilities held for sale: December 31, 2021 NickelCo VanadiumCo Total Current assets Cash $ 7,514,181 $ 411 $ 7,514,592 Prepaid expenses - 2,172 2,172 Equipment - 65,490 65,490 Mineral properties 16,452,656 16,017,567 32,470,223 23,966,837 16,085,640 40,052,477 Current liabilities Accounts payable and accrued liabilities $ 284,383 $ 41,895 $ 326,278 Flying Nickel FT share liability 139,471 - 139,471 Flying Nickel subscription receipts, net 6,350,658 - 6,350,658 6,774,512 41,895 6,816,407 Net assets $ 17,192,325 $ 16,043,745 $ 33,236,070

SEGMENTED INFORMATION

SEGMENTED INFORMATION	12 Months Ended
	Dec. 31, 2021
SEGMENTED INFORMATION
Segmented Information	8. SEGMENTED INFORMATION The Company operates in one operating segment, being the acquisition, exploration and development of mineral properties. Geographic segmentation of the Company’s non-current assets is as follows: December 31, 2021 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 5,111 - 7,391 28,533 41,035 Mineral properties - - - 21,134,876 21,134,876 $ 5,111 $ - $ 28,446 $ 21,163,409 $ 21,196,966 December 31, 2020 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 9,729 80,401 2,790 60,880 153,800 Mineral properties - 13,290,081 - 18,516,513 31,806,594 $ 9,729 $ 13,370,482 $ 23,845 $ 18,577,393 $ 31,981,449 December 31, 2020 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 12,005 89,826 35,721 21,932 159,484 Mineral properties - 8,600,658 - 15,182,226 23,782,884 $ 12,005 $ 8,690,484 $ 56,776 $ 15,204,158 $ 23,963,423

CASH AND RESTRICTED CASH EQUIVA

CASH AND RESTRICTED CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2021
CASH AND RESTRICTED CASH EQUIVALENTS
Cash And Restricted Cash Equivalents	9. CASH AND RESTRICTED CASH EQUIVALENTS Cash and restricted cash equivalents of the Company are comprised of bank balances and a guaranteed investment certificate which can be readily converted into cash without significant restrictions, changes in value or penalties. December 31, 2021 December 31, 2020 December 31, 2019 Cash $ 579,508 $ 7,608,149 $ 3,017,704 Restricted cash equivalents 34,500 34,500 34,500 614,008 7,642,649 3,052,204 Restricted Cash Equivalents As at December 31, 2021, a guaranteed investment certificate of $34,500 (2020 - $34,500, 2019 – $34,500) has been pledged as collateral for the Company’s credit card.

RECEIVABLES

RECEIVABLES	12 Months Ended
	Dec. 31, 2021
RECEIVABLES
Receivables	10. RECEIVABLES Trade receivables are non-interest-bearing and are generally on terms of 30 to 90 days. December 31, 2021 2020 2019 Input tax recoverable $ 79,036 $ 73,804 $ 20,741 Trade receivable - 1,961 195,433 Subscriptions receivable - - 30,497 $ 79,036 $ 75,765 $ 246,671 During the year ended December 31, 2021, the Company recovered $50,906 (2020 - $Nil, 2019 - $Nil) of receivables which were impaired in the prior year. The Company wrote-off $Nil (2020 - $470,278, 2019 - $16,304) of receivables which are no longer expected to be recovered.

PREPAID EXPENSES

PREPAID EXPENSES	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES
Prepaid Expenses	11. PREPAID EXPENSES December 31, 2021 2020 2019 General $ 15,467 $ 26,759 $ 44,613 Insurance 71,774 69,096 59,815 Environmental and taxes 6,850 6,850 6,850 Rent 9,840 12,012 24,489 $ 103,931 $ 114,717 $ 135,767 During the year ended December 31, 2021, the Company wrote-off $Nil (2020 - $121,125, 2019 - $51,828) of prepaid expenses for which no future benefit is expected to be received.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	12 Months Ended
	Dec. 31, 2021
MARKETABLE SECURITIES
Marketable Securities	12. MARKETABLE SECURITIES Marketable securities consist of investments in common shares of public companies. The fair value of the listed marketable securities has been determined directly by reference to published price quotation in an active market. On February 8, 2021, pursuant to an Asset Purchase Agreement with Victory Nickel Inc. (“ Victory Nickel VN share The Company has determined it does not have significant influence over Victory Nickel and therefore accounts for the investment at Fair Value Through Profit or Loss. During the year ended December 31, 2021, the Company disposed of 40,000,000 common shares of Victory Nickel for total proceeds of $779,179. As at December 31, 2021, the Company holds Nil Victory Nickel shares. The following table summarizes information regarding the Company’s marketable securities: December 31, Marketable securities 2021 2020 2019 Balance, beginning of year $ - $ - $ - Additions 1,000,000 - - Share sale (779,179 ) - - Loss on share sale (220,821 ) - - Balance, end of year $ - $ - $ -

RIGHT-OF-USE ASSET

RIGHT-OF-USE ASSET	12 Months Ended
	Dec. 31, 2021
RIGHT-OF-USE ASSET
Right-of-use Asset	13. RIGHT-OF-USE ASSET During the first-time application of IFRS 16 to the Company’s office lease, the recognition of a right of use asset was required and the leased asset was measured at the amount of the lease liability using the Company’s current incremental borrowing rate of 10%. The lease contains no extension or termination options. The following table presents the right-of-use-asset as at December 31, 2019, December 31, 2020 and December 31. 2020: Balance at December 31, 2019 $ 50,023 Depreciation (31,593 ) Balance at December 31, 2020 $ 18,430 Depreciation (18,430 ) Balance at December 31, 2021 $ -

EQUIPMENT

EQUIPMENT	12 Months Ended
	Dec. 31, 2021
EQUIPMENT
Equipment	14. EQUIPMENT On October 10, 2018, the Company signed a lease agreement (the “ Lease Lessee Production Royalty The Lease is valid for 3 years with an annual advance royalty payment (“ARP”) for the first year of US$100,000 which was due and paid upon signing, and US$150,000 and US$200,000 due on the 1st and 2nd anniversary of the Lease, respectively. The ARP can be credited towards the US$2.00 per tonne Production Royalty payments to be made to the Company as the Lessee starts to sell Ulaan Ovoo coal. The 3-year Lease will be extended upon mutual agreement and negotiations are in process as at the audit report date. As at December 31, 2020, the first and second anniversary payments due had not been collected and the Company recorded a full provision in the amount of $470,278 (US$350,000) due to uncertainty of their collection. As at December 31, 2021, the Company had collected an additional $81,321 (US $64,504) and recorded a recovery of accounts receivable (Note 10). The impaired value of $Nil for deferred development costs at Ulaan Ovoo property at December 31, 2021 (2020, 2019 - $Nil) remains unchanged. The following table summarized information regarding the Company’s equipment as at December 31, 2021, 2020, and 2019: Computer Furniture & Mining Equipment Equipment Vehicles Equipment Total Cost Balance, December 31, 2018 $ 103,254 $ 278,845 $ 172,692 $ 24,476 $ 579,267 Additions/(Disposals) - - 46,914 - 46,914 Balance, December 31, 2019 $ 103,254 $ 278,845 $ 219,606 $ 24,476 $ 626,181 Accumulated depreciation Balance, December 31, 2018 $ 98,011 $ 233,424 $ 143,179 $ 3,491 $ 478,105 Disposals - - (39,178 ) - (39,178 ) Depreciation for year 792 12,445 10,641 3,892 27,770 Balance, December 31, 2019 $ 98,803 $ 245,869 $ 114,642 $ 7,383 $ 466,697 Carrying amount at December 31, 2019 $ 4,451 $ 32,976 $ 104,964 $ 17,093 $ 159,484 Cost Balance, December 31, 2019 $ 103,254 $ 278,845 $ 219,606 $ 24,476 $ 626,181 Additions - - 111,592 - 111,592 Disposals (1,326 ) - (76,803 ) - (78,129 ) Balance, December 31, 2020 $ 101,928 $ 278,845 $ 254,395 $ 24,476 $ 659,644 Accumulated depreciation Balance, December 31, 2019 $ 98,803 $ 245,869 $ 114,642 $ 7,383 $ 466,697 Disposals - - (12,431 ) - (12,431 ) Depreciation for year 2,003 6,243 40,161 3,171 51,578 Balance, December 31, 2020 $ 100,806 $ 252,112 $ 142,372 $ 10,554 $ 505,844 Carrying amount at December 31, 2020 $ 1,122 $ 26,733 $ 112,023 $ 13,922 $ 153,800 Cost Balance, December 31, 2020 $ 101,928 $ 278,845 $ 254,395 $ 24,476 $ 659,644 Balance, December 31, 2021 $ 101,928 $ 278,845 $ 254,395 $ 24,476 $ 659,644 Accumulated depreciation Balance, December 31, 2020 $ 100,806 $ 252,112 $ 142,372 $ 10,554 $ 505,844 Depreciation for year 1,122 13,716 29,854 2,583 47,275 Balance, December 31, 2021 $ 101,928 $ 265,828 $ 172,226 $ 13,137 $ 553,119 Carrying amount at December 31, 2021 $ - $ 13,017 $ 82,169 $ 11,339 $ 106,525 Cost transfer to held for sale $ - $ (2,012 ) $ (70,539 ) $ (24,476 ) $ (97,027 ) Depreciation transfer to held for sale - 1,078 17,322 13,137 31,537 Carrying amount ransfer to held for sale, Note 7 $ - $ (934 ) $ (53,217 ) $ (11,339 ) $ (65,490 ) Carrying amount at December 31, 2021 $ - $ 12,083 $ 28,952 $ - $ 41,035

MINERAL PROPERTIES

MINERAL PROPERTIES	12 Months Ended
	Dec. 31, 2021
MINERAL PROPERTIES
Mineral Properties	15. MINERAL PROPERTIES Pulacayo Gibellini* Sunawayo Triunfo Minago* Total Balance, December 31, 2018 $ - $ 3,643,720 $ - $ - $ - $ 3,643,720 Additions: Acquisition cost $ - $ - $ - $ - $ - $ - Deferred exploration costs: Licenses, tax, and permits 6,239 286,158 - - - 292,397 Geological and consulting 964,716 3,200,773 - - - 4,165,489 Personnel, camp and general 503,071 1,470,007 - - - 1,973,078 1,474,026 4,956,938 - - - 6,430,965 Impairment Recovery 13,708,200 - - - - 13,708,200 Balance, December 31, 2019 $ 15,182,226 $ 8,600,658 $ - $ - $ - $ 23,782,885 Additions: Acquisition cost $ - $ 2,253,566 $ 396,936 $ 135,676 $ - $ 2,786,178 Deferred exploration costs: Licenses, tax, and permits 5,733 348,165 - - - 353,898 Geological and consulting 1,767,089 897,085 116,152 327,989 - 3,108,315 Personnel, camp and general 584,712 1,190,607 - - - 1,775,320 2,357,534 2,435,857 116,152 327,989 - 5,237,531 Balance, December 31, 2020 $ 17,539,760 $ 13,290,081 $ 513,088 $ 463,665 $ - $ 31,806,594 Additions: Acquisition cost $ - $ - $ - $ - $ 16,011,151 $ 16,011,151 Deferred exploration costs: Licenses, tax, and permits 5,200 390,098 - - 54,276 449,574 Geological and consulting 2,532,970 1,547,810 765,728 209,260 334,648 5,390,416 Personnel, camp and general 384,021 789,578 - - 52,580 1,226,179 2,922,191 2,727,486 765,728 209,260 441,504 7,066,169 Balance, December 31, 2021 20,461,952 16,017,567 1,278,816 672,925 16,452,655 54,883,914 Impairment - - (1,278,816 ) - - (1,278,816 ) Transfer to held for sale, Note 7 - (16,017,567 ) - - (16,452,655 ) (32,470,222 ) Balance, December 31, 2021 $ 20,461,951 $ - $ - $ 672,925 $ - $ 21,134,876 *Mineral properties held for sale. Pulacayo Project, Bolivia The Company holds an interest in the Pulacayo Paca silver-lead-zinc project in Bolivia (the “ Pulacayo Project The Pulacayo Project mining rights are recognized by two legally independent contractual arrangements, one covering all, except the Apuradita deposit, from a mining production contract (the “ Pulacayo MPC COMIBOL Pursuant to the Pulacayo MPC, ASC Bolivia LDC Sucursal Bolivia (“ ASC During the year ended December 31, 2019, the Company assessed whether there was any indication that the previously recognized impairment loss in connection with the Pulacayo Paca property may no longer exist or may have decreased. The Company noted the following indications that the impairment may no longer exist: · the Company signed a mining production contract granting the Company the 100% exclusive right to develop and mine at the Pulacayo Paca property; · the Company renewed its exploration focus to develop the Pulacayo Paca property in the current year; · the Company re-initiated active exploration and drilling program on the property; · the Company completed a positive final settlement of Bolivian tax dispute. As the Company identified indications that the impairment may no longer exist, the Company completed an assessment to determine the recoverable amount of the Pulacayo Paca property. In order to estimate the fair-value of the property the Company engaged a third-party valuation consultant and also utilized level 3 inputs on the fair value hierarchy to estimate the recoverable amount based on the property’s fair value less costs of disposal determined with reference to dollars per unit of metal in-situ. With reference to metal in-situ, the Company applied US$0.79 per ounce of silver resource to its 36.8 million ounces of silver resources and US$0.0136 per pound of zinc or lead in resource to its 303 million pounds of zinc and lead. The Company also considered data derived from properties similar to the Pulacayo Paca Property. The data consisted of property transactions and market valuations of companies holding comparable properties, adjusted to reflect the possible impact of factors such as location, political jurisdiction, commodity, geology, mineralization, stage of exploration, resources, infrastructure and property size. As the recoverable amount estimated with respect to the above was $31.4 million an impairment recovery of $13,708,200 was recorded during the year ended December 31, 2019. Gibellini Project, Nevada, United States The Gibellini Project consists of a total of 587 unpatented lode mining claims that includes: the Gibellini group of 40 claims, the VC Exploration group of 105 claims, the Bisoni group of 201 claims and the Company group of 241 claims. All the claims are located in Eureka County, Nevada, USA. Gibellini Group The Gibellini group of claims were acquired on June 22, 2017, through leasehold assignments from the claimant and then-holder of the Gibellini mineral claims (the “ Gibellini Lessor Gibellini MLA Advance Royalty Payment Gibellini NSR Payments Production Royalty Payments On April 19, 2018, the Gibellini MLA was amended to grant the Company the option, at any time during the term of the Gibellini MLA, which ends on June 22, 2027, to require the Gibellini Lessor to transfer their title over all of the leased mining claims (excluding four claims which will be retained by the Gibellini Lessor) (the “ Transferred Claims Transfer Payment On June 22, 2021, the Company paid US$50,000 (2020 – US$50,000, 2019 – US$120,000) of the Advance Royalty Payment to the Gibellini Lessor. During the year ended December 31, 2020, the Company expanded the land position at the Gibellini Project, by staking a total of 46 new claims immediately adjacent to the Gibellini Project. The Bisoni Group On September 18, 2020, the Company completed the acquisition of the Bisoni vanadium property situated immediately southwest of the Gibellini Project pursuant to an ” Bisoni APA ” Cellcube VC Exploration Group The Company entered into a lease agreement to acquire 10 unpatented lode claims totaling approximately 207 gross acres (the “ Former Louie Hill Claims Former Louie Hill Lessors Louie Hill MLA Current Louie Hill Claims On October 22, 2018, the Company entered into a royalty agreement (the “ Royalty Agreement Further, the Company will pay to the Former Louie Hill Lessors a 2.5% net smelter return royalty (the “ Louie Hill NSR On July 7, 2021, the Company paid US$12,500 (2020 – US$12,500, 2019 - $28,000) comprising the Louie Hill Advance Royalty Payment to the Former Louie Hill Lessors. The Company Group During 2017 and 2018, the Company expanded the land position at the Gibellini Project, by staking a total of 209 new claims immediately adjacent to the Gibellini Project covering 4091 acres. During the year ended December 31, 2021, the Company entered into the Arrangement agreement with Nevada Vanadium Mining Corp. and transferred the property to held for sale (Note 7). Sunawayo Project, Bolivia On September 7, 2020, the Company announced that it had entered into a binding sales and purchase agreement (the “ Sunawayo SPA Sunawayo Vendor Sunawayo Project During the year ended December 31, 2021, the Company suspended the Sunawayo property installment payments pending verification of the status of Sunawayo title and environmental permit (held by the Sunawayo Vendor) with authorities. The Company has notified the Sunawayo Vendor of their breach of certain disclosure representations in the Sunawayo SPA. To date, the Company has made one payment totaling US$300,000 and has no further contractual obligations unless it wishes to pursue the SPA further to acquire Sunawayo. As such, the Company has determined there is an indicator of potential impairment of the carrying value of the Sunawayo property as the option agreement is no longer in good standing. As a result, in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources IAS 36, Impairment of Assets Triunfo Project, Bolivia On July 13, 2020, the Company announced that it had entered into an agreement (the “ Triunfo Agreement ” “Triunfo Vendor” Exploration Right “ Triunfo Project ” Purchase Right Triunfo Rights Residual Interest On June 15, 2021, the Company paid US$50,000 to maintain their Purchase Right to the Triunfo Vendor. If the Company exercises the Purchase Right, the Company may reduce some or all of the Residual Interest at any time by making a lump sum payment to the Triunfo Vendor at any time to reduce some or all of the Residual Interest as follows: · the Residual Interest may be extinguished for US$300,000; · the Residual Interest may be reduced by 4% for US$250,000; · the Residual Interest may be reduced by 3% for US$200,000; · the Residual Interest may be reduced by 2% for US$150,000; or · the Residual Interest may be reduced by 1% for US$100,000. Minago Project, Canada On February 10, 2021, the Company acquired ”APA” Immediately prior to acquiring the Minago Project, the Company acquired a Secured Debt Facility (the “ SDF Warrants DPAA Under the terms of the APA, the Company acquired the Minago Project for aggregate consideration of $16,011,151 (US$11,675,000), which consisted of a $8,505,749 (US$6,675,000) (“Property Payment”) credit against the SDF owed by Victory Nickel to the Company at closing, $886,545 of warrants issued with respect to the SDF, $6,231,673 (US$5,000,000) in the Company common shares (“Consideration Shares”) to be issued over a one-year period (issued), $200,000 in cash paid to Red Cloud and $187,200 in cash transaction costs. Additionally, the Company agreed to issue to Victory Nickel $2,000,000 in Common Shares, upon the price of nickel exceeding US$10 per pound for 30 consecutive business days, at any time before December 31, 2023 – see events after the reporting date (Note 29). The Company granted Victory Nickel the right of first refusal exercisable until December 31, 2023, with respect to the exploration of the sandstone (non-nickel bearing sulphides) resources for frac sand extraction at the Minago Project. During the year ended December 31, 2021, the Company entered into the Arrangement agreement with Flying Nickel Mining Corp. and transferred the property to held for sale (Note 7).

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts Payable And Accrued Liabilities	16. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities of the Company consist of amounts outstanding for trade and other purchases relating to development and exploration, along with administrative activities. The usual credit period taken for trade purchases is between 30 to 90 days. December 31, 2021 2020 2019 Trade accounts payable $ 2,502,139 $ 1,717,977 $ 2,420,392 Accrued liabilities - 41,186 - $ 2,502,139 $ 1,759,163 $ 2,420,392

LEASE LIABILITY

LEASE LIABILITY	12 Months Ended
	Dec. 31, 2021
RIGHT-OF-USE ASSET
Lease Liability	17. LEASE LIABILITY The lease liability during the year ended December 31, 2021. As at December 31, 2021, the Company recorded $Nil of lease liability. The incremental borrowing rate for lease liability initially recognized as of January 1, 2019 was 10%. Balance at December 31, 2019 $ 52,818 Cash flows: Lease payments for year (37,162 ) Non-cash changes: Accretion expenses for year 4,877 Balance at December 31, 2020 20,533 Cash flows: Lease payments for year (22,939 ) Non-cash changes: Accretion expenses for year 2,406 Balance at December 31, 2021 - There were no significant payments made for short-term or low value leases in the year ended December 31, 2021 (2020 - $Nil, 2019 - $nil).

PROVISION FOR CLOSURE AND RECLA

PROVISION FOR CLOSURE AND RECLAMATION	12 Months Ended
	Dec. 31, 2021
PROVISION FOR CLOSURE AND RECLAMATION
Provision For Closure And Reclamation	18. PROVISION FOR CLOSURE AND RECLAMATION The Company’s closure and reclamation costs consists of costs accrued based on the current best estimate of mine closure and reclamation activities that will be required at the Ulaan Ovoo site upon completion of mining activity. These activities include costs for earthworks, including land re-contouring and re-vegetation, water treatment and demolition. The Company’s provision for future site closure and reclamation costs is based on the level of known disturbance at the reporting date, known legal requirements and estimates prepared by a third-party specialist. It is not currently possible to estimate the impact on operating results, if any, of future legislative or regulatory developments. Management used a risk-free interest rate of 1.68% (2020 – 1.14%, 2019 – 1.72%) and a risk premium of 8.55% (2020 – 8.66%, 2019 – 7%) in preparing the Company’s provision for closure and reclamation. Although the ultimate amount of reclamation costs to be incurred cannot be predicted with certainty, the total undiscounted amount of estimated cash flows required to settle the Company’s estimated obligations is $14,294,000 (2020 - $4,951,000, 2019 - $444,000) over the next 20 years. The cash expenditures are expected to occur over a period of time extending several years after the projected mine closure of the mineral properties. December 31, 2021 December 31 2020 December 31, 2019 Balance, beginning of year $ 695,257 $ 266,790 $ 265,239 Change in estimate 1,274,339 405,196 - Accretion 68,135 23,271 1,551 Balance, end of year $ 2,037,731 $ 695,257 $ 266,790

TAX PROVISION

TAX PROVISION	12 Months Ended
	Dec. 31, 2021
TAX PROVISION
Tax Provision	19. TAX PROVISION The Company’s operations are, in part, subject to foreign tax laws where interpretations, regulations and legislation are complex and continually changing. As a result, there are usually some tax matters in question that may, upon resolution in the future, result in adjustments to the amount of deferred income tax assets and liabilities, and those adjustments may be material to the Company’s financial position and results of operations. A reconciliation of income taxes at statutory rates with the reported taxes is as follows: 2021 2020 2019 Income (loss) for the year $ (6,829,714 ) $ (4,626,887 ) 17,513,854 Expected income tax (recovery) $ (1,844,000 ) $ (1,249,000 ) 4,729,000 Change in statutory, foreign tax, foreign exchange rates and other 39,000 117,000 (529,000 ) Permanent differences 134,000 269,000 (4,861,000 ) Impact of flow through shares 22,000 - - Share issue cost (43,000 ) (250,000 ) (103,000 ) Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses (27,000 ) 404,000 1,205,000 Change in unrecognized deductible temporary differences 1,719,000 709,000 (441,000 ) Total income tax expense (recovery) $ - $ - $ - In September 2017, the British Columbia (BC) Government proposed changes to the general corporate income tax rate to increase the rate from 11% to 12% effective January 1, 2018 and onwards. This change in tax rate was substantively enacted on October 26, 2017. The relevant deferred tax balances have been remeasured to reflect the increase in the Company’s combined Federal and Provincial (BC) general corporate income tax rate from 26% to 27%. The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows: 2021 Expiry Date Rang 2020 Expiry Date Rang 2019 Expiry Date Rang Temporary Differences Exploration and evaluation assets $ 211,000 No expiry date $ 6,284,000 No expiry date $ 6,135,000 No expiry date Investment tax credit 23,000 2029 23,000 2029 23,000 2029 Property and equipment 517,000 No expiry date 1,547,000 No expiry date 1,242,000 No expiry date Share issue costs 946,000 2042 to 2045 1,212,000 2041 to 2044 747,000 2040 to 2043 Assets held for sale 5,060,000 No expiry date - - Asset retirement obligation 2,038,000 No expiry date 695,000 No expiry date 267,000 No expiry date Allowable capital losses 4,260,000 No expiry date 4,150,000 No expiry date 5,864,000 No expiry date Non-capital losses available for future periods 38,269,000 2023 onwards 30,569,000 2023 to 2040 27,024,000 2023 to 2039 Bolivia 717,000 2024 - - Canada 36,349,000 2029 to 2041 30,015,000 2029 to 2040 26,980,000 2029 to 2039 Mongolia 1,178,000 2023 to 2029 554,000 2023 to 2028 44,000 2023 to 2027 US 25,000 No expiry date

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2021
SHARE CAPITAL
Share Capital	20. SHARE CAPITAL (a) Authorized The authorized share capital of the Company consists of an unlimited number of Common Shares. At December 31, 2021, the Company had 24,124,955 (2020 – 18,051,883, 2019 – 12,129,951) Common Shares issued and outstanding. Subsequent to December 31, 2021, on January 14, 2022, the Company’s share capital was consolidated on the basis of one (1) new share for each ten (10) old shares. All common share, warrant, option and per share amounts have been retroactively adjusted. (b) Equity issuances During the year ended December 31, 2021 On February 5, 2021, the Company closed its non-brokered private placement (the “ February 2021 Placement On February 10, 2021, under the terms of the APA the Company acquired the Minago Project for aggregate consideration of US$11,675,000, which consisted of a US$6,675,000 (“ Property Payment Consideration Shares”) st On November 15, 2021, the Company closed its non-brokered private placement (the “ November 2021 Placement Finder’s Warrants The fair value of $42,651 of the Finder’s Warrants determined using the Black Scholes option pricing model using the following assumptions: (1) a risk-free interest rate of 2%; (2) expected life of one year; (3) expected volatility of 107%; and (4) dividend yield of nil. The Company has recorded the fair value of the finder’s units as share issuance costs. During the year ended December 31, 2021, 1,268,341 Common Share purchase warrants were exercised for total proceeds of $2,601,997 and settlement of outstanding payables for services of $660,000 (Note 25). During the year ended December 31, 2021, 99,500 stock options were exercised for total proceeds of $206,824. During the year ended December 31, 2020 On May 1, 2020, and on May 20, 2020, the Company closed two tranches of a non-brokered private placement (the “ May 2020 Private Placement Unit Warrant based on the offering price of the Units under the May 2020 Private Placement. The Company has recorded the fair value of the finder’s units as share issuance costs. The Company issued 160,100 Common Shares with a value of $640,400 as a bonus payment to certain directors, officers, employees, and consultants of the Company. On September 18, 2020, the Company issued 400,000 Common Shares at a value of $5 per Common Share in relation with purchase of Bisoni Project in Nevada, USA. On November 24, 2020, the Company closed its bought deal short form prospectus offering pursuant to which the Company has issued 2,300,000 Common Shares at a price of $4 per Common Share for aggregate gross proceeds of $9,200,000 (the ”Offering” During the year ended December 31, 2020, the Company issued 123,375 Common Shares on the exercise of stock options for total proceeds of $299,812. During the year ended December 31, 2020, the Company issued 1,402,767 Common Shares on the exercise of warrants for aggregate gross proceeds of $3,072,194 and share compensation for services of $35,000. During the year ended December 31, 2019 On September 6, 2019, the Company closed its non-brokered private placement for $2,600,000 through the issuance of 1,300,000 Common Shares at a price of $2 per Common Share. The Company paid $15,209 and issued 52,500 Common Shares as a finder’s fee valued at $105,000. $175,000 of the private placement was for prepaid consulting fees for the Company’s executive chairman, of which $35,000 is included in prepaid expenses as at December 31, 2019 and $41,503 for services. Included in accounts receivable as at December 31, 2019 is $30,497 of subscriptions receivable. On October 18, 2019, the Company closed its non-brokered private placement for gross proceeds of $3,900,000 through the issuance of 975,000 Common Shares at a price of $4 per Common Share. Also, the Company issued 65,450 Common Shares as a finder’s fee valued at $261,800. On October 9, 2019, the Company issued 10,495 Common Shares with a value of $43,030, to its directors to settle director fees debts owing to them. The Company issued 62,250 and 65,143 Common Shares on the exercise of stock options and warrants respectively for total proceeds of $424,822. The Company issued 50,000 sign-on bonus Common Shares with a fair value of $2.30 per Common Share to an officer valued at $115,000. On September 26, 2019, the Company issued 17,500 Common Shares valued at $59,500 for consulting services. (c) Share-based compensation plan The Company has a 10% rolling equity-based compensation plan in place, as approved by the Company’s shareholders on September 10, 2021 (the “ 2021 Plan During the year ended December 31, 2021, the Company granted 680,000 incentive stock options to its directors, officers, employees and consultants. The options are exercisable at an exercise prices ranging from $2.60 to $3.70 per Common Share and expiry dates ranging from May 24, 2026 to September 22, 2026 and vest at 12.5% per quarter for the first two years following the date of grant. During the year ended December 31, 2020, the Company granted 382,000 incentive stock options to its directors, officers, employees and consultants. The options are exercisable at an exercise prices ranging from $2.20 to $5.00 per Common Share and expiry dates ranging from January 6, 2025 to August 17, 2025 and vest at 12.5% per quarter for the first two years following the date of grant. During the year ended December 31, 2019, the Company granted 396,500 incentive stock options to its directors, officers, employees and consultants. The options are exercisable at an exercise prices ranging from $2.20 to $4.40 per Common Share and expiry dates ranging from April 1, 2024 to November 15, 2024 and vest at 12.5% per quarter for the first two years following the date of grant. The following is a summary of the changes in the Company’s stock options from December 31, 2019 to December 31, 2021: Number of Options Weighted Average Exercise Price Outstanding, December 31, 2018 959,100 $ 3.40 Granted 396,500 $ 3.10 Expired (31,500 ) $ 6.50 Cancelled (224,700 ) $ 3.20 Forfeited (79,400 ) $ 5.40 Exercised (62,250 ) $ 2.80 Outstanding, December 31, 2019 957,750 $ 3.10 Granted 382,000 $ 2.80 Expired (9,000 ) $ 5.00 Cancelled (180,125 ) $ 3.00 Exercised (123,375 ) $ 2.40 Outstanding, December 31, 2020 1,027,250 $ 3.10 Granted 680,000 $ 2.60 Expired (5,000 ) $ 2.00 Cancelled (25,000 ) $ 2.60 Exercised (99,500 ) $ 2.10 Outstanding, December 31, 2021 1,577,750 $ 3.00 As of December 31, 2021, the following the Company stock options were outstanding: Exercise Expiry Options Outstanding Exercisable Unvested Price Date December 31, 2021 $ 2.60 September 22, 2026 650,000 81,250 568,750 $ 3.70 May 24, 2026 30,000 7,500 22,500 $ 5.00 August 17, 2025 72,000 45,000 27,000 $ 2.20 May 4, 2025 203,125 152,344 50,781 $ 4.40 November 1, 2024 110,000 110,000 - $ 2.00 July 29, 2024 144,875 144,875 - $ 3.30 October 17, 2023 61,000 61,000 - $ 2.80 April 6, 2023 59,750 59,750 - $ 3.10 February 20, 2023 20,000 20,000 - $ 3.50 September 1, 2022 86,000 86,000 - $ 3.30 June 12, 2022 79,000 79,000 - $ 4.90 January 12, 2022 62,000 62,000 - 1,577,750 908,719 669,031 Share-based payment expenses resulting from stock options are amortized over the corresponding vesting periods. During the years ended December 31, 2021, 2020 and 2019, the share-based payment expenses were calculated using the following weighted average assumptions: Year ended December 31 2021 2020 2019 Risk-free interest rate 1.46 % 1.46 % 1.54 % Expected life of options in years 4.54 4.06 4.5 Expected volatility 105.91 % 132.74 % 132.75 % Expected dividend yield Nil Nil Nil Expected forfeiture rate 12 % 12 % 12 % Weighted average fair value of options granted during the period $ 2.01 $ 3.00 $ 3.10 The expected volatility used in the Black-Scholes option pricing model is based on the historical volatility of the Company’s shares. The expected forfeiture rate is based on the historical forfeitures of options issued. Share-based payments charged to operations and assets were allocated between deferred mineral properties, and general and administrative expenses. Share-based payments are allocated between being either capitalized to deferred exploration costs where related to mineral properties or expensed as general and administrative expenses where otherwise related to the general operations of the Company. For the year ended December 31, 2021, 2020, and 2019, share-based payments were recorded as follows: SILVER ELEPHANT MINING CORP. Share-based expense for the year ended December 31 2021 2021 2020 2019 Consolidated Statement of Operations Share based payments 583,801 770,617 707,802 $ 583,801 $ 770,617 $ 707,802 Consolidated Statement of Financial Position Gibellini exploration 89,452 124,855 79,888 Pulacayo exploration 70,059 86,772 39,139 159,511 211,627 119,027 Total share-based payments $ 743,312 $ 982,244 $ 826,829 On July 29, 2019, further to the voluntary forfeiture of share options held by certain directors, officers, and employees with expiry dates on April 7, 2020, June 22, 2020, and November 14, 2023, at exercise prices ranging from $5 to $6.50, the Company granted 127,500 new stock options to such individuals with an expiry date of July 29, 2024 at an exercise price of $2 per Common Share subject to a two-year vesting schedule whereby 12.5% vest per quarter following the date of grant. During the year ended December 31, 2020, the re-issuing of these options was approved by the TSX and by the shareholders. There was no increase to the incremental fair value of the share options as a result of these modifications. The impact of these modifications was calculated using the following weighted average assumptions: (1) a risk-free interest rate of 1.46%; (2) expected life of five years; (3) expected volatility of 133.89%, (4) forfeiture rate of 12%, and (5) dividend yield of nil. (d) Share purchase warrants The following is a summary of the changes in The Company’s share purchase warrants from December 31, 2019 to December 31, 2021: Number of Warrants Weighted Average Exercise Price Outstanding, December 31, 2018 2,731,803 $ 4.40 Exercised (65,143 ) $ 3.80 Outstanding, December 31, 2019 2,666,660 $ 4.40 Issued 1,669,190 $ 1.80 Expired (275,976 ) $ 5.10 Exercised (1,402,767 ) $ 2.20 Outstanding, December 31, 2020 2,657,107 $ 2.30 Issued 335,405 $ 4.54 Expired (254,691 ) $ 3.33 Exercised (1,268,341 ) $ 2.57 Outstanding, December 31, 2021 1,469,480 $ 2.39 On February 8, 2021, the Company issued 300,000 Share purchase warrants as a part of consideration for mining claims acquisition (Note 15). The fair value of $886,544 of the issued warrants determined using the Black-Scholes option pricing model using the following assumptions: (1) a risk-free interest rate of 0.2%; (2) expected life of two years; (3) expected volatility of 137%, and (4) dividend yield of nil. As of December 31, 2021, the following share purchase warrants were outstanding: Exercise Price Expiry Date Number of Warrants at December 31, 2021 $ 4.76 February 8, 2023 300,000 $ 1.60 May 20, 2023 496,200 $ 1.60 May 1, 2023 463,800 $ 2.60 October 21, 2022 14,100 $ 2.60 September 22, 2022 21,305 $ 2.60 June 13, 2022 52,159 $ 2.60 April 12, 2022 100,250 $ 2.60 January 13, 2022 21,666 1,469,480

NON-CONTROLLING INTEREST

NON-CONTROLLING INTEREST	12 Months Ended
	Dec. 31, 2021
NON-CONTROLLING INTEREST
Non-controlling Interest	21. NON-CONTROLLING INTEREST As at December 31, 2021, the equity attributable to the 99.99% non-controlling interest in Flying Nickel, whose principal place of business is British Columbia, is $1,499,851 (2020 - $Nil, 2019 - $Nil). On November 30, 2021, pursuant to the Company’s Plan of Arrangement (Note 7), Flying Nickel, completed its offering (“ Flying Nickel Offering Pursuant to the Flying Nickel Offering, Flying Nickel sold 10,094,033 subscription receipts (each, a “ Non-FT Subscription Receipt FT Subscription Receipt Offered Securities Upon the satisfaction of certain escrow release conditions (the “ Escrow Release Conditions” · each Non-FT Subscription Receipt shall be automatically converted into one unit of Flying Nickel (each, a “ Unit · each FT Subscription Receipt shall be automatically converted into one common share of Flying Nickel to be issued as a “flow-through share” within the meaning of the Income Tax Act FT Share Each Unit will consist of one common share of Flying Nickel (each a “ Unit Share Warrant Warrant Share Pursuant to the terms and conditions of the Agency Agreement, Flying Nickel incurred a cash commission to the Agents of $610,019, and will issue 803,684 Share purchase warrants as an agents’ fee in relation with the Offering. The fair value of $252,680 of the issued warrants was determined using the Black-Scholes option pricing model using the following assumptions: (1) a risk-free interest rate of 0.96%; (2) expected life of two years; (3) expected volatility of 83%, and (4) dividend yield of nil. On December 31, 2021, $1,534,176 gross proceeds were released from escrow upon converting an aggregate 1,992,437 FT Subscription Receipts into 1,992,437 FT Shares at a price of $0.77 per share. Flying Nickel incurred agents’ fees of $109,948 in connection with the FT Shares. Flying Nickel used the residual value method to calculate the fair value of the tax deduction attached with the FT Shares and recorded a flow-through liability of $139,471. As at December 31, 2021, Flying Nickel had not incurred any expenditures towards the flow-through liability included in assets held for sale at year-end (Note 7). $37,586 of Flying Nickel warrants were issued in relation to the FT Shares and recorded as share issuance costs. The remaining warrants issuable of $215,094 were recorded as equity attributable to non-controlling interest and added to deferred transaction costs to be included in the spin-out. The remaining gross subscription receipts of $7,065,823, net of cash deferred transaction costs of $500,071 are also included in assets held for sale (Note 7). The following table presents changes in equity related attributable to the 99.99% non-controlling interest in Flying Nickel: Non-Controlling Interest Non-controlling interest Balance, December 31, 2019 $ - Balance, December 31, 2020 $ - Flying Nickel FT shares and warrants, net of share issuance cost 1,284,757 Flying Nickel warrants issuable $ 215,094 Balance, December 31, 2021 1,499,851 As at December 31, 2021, 2020 and 2019, and for the years ended December 31, 2021, 2020 and 2019, summarised financial information about Flying Nickel is as follows: Non-controlling interest. Flying Nickel financial information December 31, 2021 2020 2019 Current assets $ 7,914,319 $ - $ - Current liabilites 6,774,512 - - Net loss $ 360,044 $ - $ - The loss allocated to non-controlling interest based on an ownership interest of 99.99% (2020 – 0%, 2019 – 0%) of $Nil (2020 - $Nil, 2019 - $Nil) is due to the change in ownership interest occurring on December 31, 2021. Therefore, all loss incurred in the year ended December 31, 2021 is attributable to the Company.

CAPITAL RISK MANAGEMENT

CAPITAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2021
CAPITAL RISK MANAGEMENT
Capital Risk Management	22. CAPITAL RISK MANAGEMENT Management considers its capital structure to consist of share capital, share purchase options and warrants. The Company manages its capital structure and makes adjustments to it, based on the funds available to, and required by the Company in order to support the acquisition, exploration and development of mineral properties. The Board of Directors does not establish quantitative returns on capital criteria for management. In order to facilitate the management of its capital requirement, the Company prepares annual expenditure budgets that are updated as necessary depending on various factors. The annual and updated budgets are approved by the Board of Directors. The properties, to which the Company currently has an interest in, are in the exploration stage; as such, the Company is dependent on external financing to fund its activities. In order to carry out the planned exploration and development and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. There were no changes in managements approach to capital management during the year ended December 31, 2021. Neither the Company nor its subsidiaries are subject to externally imposed capital requirements.

FAIR VALUE MEASUREMENTS AND FIN

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
Fair Value Measurements And Financial Instruments	23. FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS Fair Value Measurements Fair value hierarchy Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. The Company utilizes a fair value hierarchy that prioritizes the inputs 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 are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means; and Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. The following table sets forth the Company’s financial assets measured at fair value by level within the fair value hierarchy. Level 1 Level 2 Level 3 Financial assets Cash, December 31, 2021 $ 579,508 $ - $ - Cash, December 31, 2020 $ 7,608,149 $ - $ - Cash, December 31, 2019 $ 3,017,704 $ - $ - Categories of financial instruments The Company considers that the carrying amount of all its financial assets and financial liabilities measured at amortized cost approximates their fair value due to their short term nature. Restricted cash equivalents approximate fair value due to the nature of the instrument. The Company does not offset financial assets with financial liabilities. There were no transfers between Level 1, 2 and 3 for the year ended December 31, 2021. The Company’s financial assets and financial liabilities are categorized as follows: December 31, 2021 2020 2019 Fair value through profit or loss Cash $ 579,508 $ 7,608,149 $ 3,017,704 Amortized cost Receivables $ 79,036 $ 75,765 $ 246,671 Restricted cash equivalents $ 34,500 $ 34,500 $ 34,500 Reclamation deposits $ 21,055 $ 21,055 $ 21,055 $ 714,099 $ 7,739,469 $ 3,319,930 Amortized cost Accounts payable $ 2,502,139 $ 1,759,163 $ 2,420,392

FINANCIAL RISK MANAGEMENT DISCL

FINANCIAL RISK MANAGEMENT DISCLOSURES	12 Months Ended
	Dec. 31, 2021
FINANCIAL RISK MANAGEMENT DISCLOSURES
Financial Risk Management Disclosures	24. FAIR VALUE MEAS FINANCIAL RISK MANAGEMENT DISCLOSURES (a) Liquidity risk Liquidity risk is the risk that an entity will be unable to meet its financial obligations as they fall due. The Company manages liquidity risk by preparing cash flow forecasts of upcoming cash requirements. As at December 31, 2021, the Company had a cash balance of $579,508 (2020 - $7,608,149, 2019 – $3,017,704). As at December 31, 2021 the Company had accounts payable and accrued liabilities of $2,502,139, (2020 - $1,759,163, 2019 - $2,420,392), which have contractual maturities of 90 days or less. The Company has a planning and budgeting process in place by which it anticipates and determines the funds required to support normal operation requirements as well as the growth and development of its mineral property interests. The Company coordinates this planning and budgeting process with its financing activities through the capital management process in normal circumstances. The Company is exposed to liquidity risk – refer to Note 1. The following table details the Company’s current and expected remaining contractual maturities for its financial liabilities with agreed repayment periods. The table is based on the undiscounted cash flows of financial liabilities. 0 to 6 months 6 to 12 months Total Accounts payable and accrued liabilities As at December 31, 2021 $ 2,502,139 $ - $ 2,502,139 As at December 31, 2020 $ 1,759,163 $ - $ 1,759,163 As at December 31, 2019 $ 2,502,139 $ - $ 2,420,392 (b) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily associated to cash and cash equivalents, restricted cash equivalents and receivables, net of allowances. The carrying amount of financial assets included on the statements of financial position represents the maximum credit exposure. (c) Market risk (i) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company’s cash and restricted cash equivalents primarily include highly liquid investments that earn interest at market rates that are fixed to maturity. Due to the short‐ term nature of these financial instruments, fluctuations in market rates do not have significant impact on the fair values of the financial instruments as of December 31, 2021. The Company manages interest rate risk by maintaining an investment policy that focuses primarily on preservation of capital and liquidity. (ii) Foreign currency risk The Company is exposed to foreign currency risk to the extent that monetary assets and liabilities held by the Company are not denominated in Canadian dollars. The Company has exploration and development projects in Mongolia and Bolivia and undertakes transactions in various foreign currencies. The Company is therefore exposed to foreign currency risk arising from transactions denominated in a foreign currency and the translation of financial instruments denominated in US dollars, Mongolian tugrik, and Bolivian boliviano into its functional and reporting currency, the Canadian dollar. Based on the above, net exposures as at December 31, 2021, with other variables unchanged, a 10% strengthening (weakening) of the Canadian dollar against the Mongolian tugrik would impact net loss with other variables unchanged by $88,000. A 10% strengthening (weakening) of the Canadian dollar against the Bolivian boliviano would impact net loss with other variables unchanged by $52,000. A 10% strengthening (weakening) of the US dollar against the Canadian dollar would impact net loss with other variables unchanged by $4,000. The Company currently does not use any foreign exchange contracts to hedge this currency risk. (iii) Commodity and equity price risk Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. Commodity prices fluctuate on a daily basis and are affected by numerous factors beyond the Company’s control. The supply and demand for these commodities, the level of interest rates, the rate of inflation, investment decisions by large holders of commodities including governmental reserves and stability of exchange rates can all cause significant fluctuations in prices. Such external economic factors are in turn influenced by changes in international investment patterns and monetary systems and political developments. The Company is also exposed to price risk with regards to equity prices. Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. The Company closely monitors commodity prices, individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company. Fluctuations in value may be significant.

RELATED PARTY DISCLOSURES

RELATED PARTY DISCLOSURES	12 Months Ended
	Dec. 31, 2021
RELATED PARTY DISCLOSURES
Related Party Disclosures	25. RELATED PARTY DISCLOSURES During the year ended December 31, 2021, the Company had related party transactions with key management personnel and the following companies, related by way of key management personnel: · Linx Partners Ltd., a private company controlled by John Lee, Director, CEO and Executive Chairman of Prophecy, provides management and consulting services to the Company. · MaKevCo Consulting Inc., a private company 50% owned by Greg Hall, Director of The Company, provides consulting services to the Company. · Sophir Asia Ltd., a private company controlled by Masa Igata, Director of The Company, provides consulting services to the Company. A summary of related party transactions by related party (being all key management personnel) is as follows: Year Ended December 31, Related parties 2021 2020 2019 Directors and officers $ 1,580,504 $ 2,260,806 $ 2,057,592 Linx Partners Ltd. 997,672 1,029,673 489,254 MaKevCo Consulting Inc. 70,499 80,139 38,309 Sophir Asia Ltd. 62,814 72,220 36,523 $ 2,711,489 $ 3,442,838 $ 2,621,678 A summary of the transactions by nature among the related parties (being all key management personnel) is as follows: Year Ended December 31, Related parties 2021 2020 2019 Consulting and management fees $ 659,500 $ 370,000 $ 218,500 Directors' fees 119,800 108,600 103,805 Mineral properties 714,068 1,387,067 1,171,585 Salaries and short term benefits 587,869 522,359 696,751 Share-based payments 630,252 1,054,812 431,037 2,711,489 $ 3,442,838 $ 2,621,678 As at December 31, 2021, amounts due to related parties were $68,888 (December 31, 2020 - $1,800, December 31, 2019 - $30,533) and included in accounts payable and accrued liabilities. The Company has entered into Services Agreements with each SpinCo, which commenced December 1, 2021, pursuant to which the Company will provide office space, furnishings and equipment, communications facilities, and personnel necessary for the SpinCos to fulfill their basic day-to-day head office and executive responsibilities in a pro-rata cost-recovery basis.

COSTS IN EXCESS OF RECOVERED CO

COSTS IN EXCESS OF RECOVERED COAL	12 Months Ended
	Dec. 31, 2021
COSTS IN EXCESS OF RECOVERED COAL
Costs In Excess Of Recovered Coal	26. COSTS IN EXCESS OF RECOVERED COAL The Company’s Ulaan Ovoo mine has been impaired to value of $Nil (2020 - $Nil, 2019 - $Nil) and all property costs incurred, including changes in the provision for closure and reclamation costs, are presented net of incidental income earned from the property: December 31, 2021 2020 2019 Costs in excess of recovered coal Property costs $ 387,820 $ 161,737 $ 118,803 Provision for closure and reclamation 1,342,474 428,467 1,551 $ 1,730,294 $ 590,204 $ 120,354

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
Supplemental Cash Flow Information	27. SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2021 2020 2019 Supplementary information Non-Cash Financing and Investing Activities Shares issued on property acquisition $ 6,231,637 $ 2,000,000 $ - Bonus shares $ - $ 640,000 $ 115,000 Shares for services $ - $ 80,500 $ 241,003 Shares issued to settle debt $ - $ - $ 43,030 Shares issed recorded as prepaid expenses $ - $ - $ 35,000 Subscription receivable $ - $ - $ 30,497 Warrants issued on property acquisition $ 886,544 $ - $ - Finder's units $ - $ 24,000 $ - Finder's warrants $ 42,651 $ 226,917 $ - Flying Nickel warrants issuable $ 215,094 $ - $ - Flying Nickel warrans issued for FT shares $ 37,586 $ - $ - Depreciation included in mineral property $ 46,047 $ 46,932 $ 3,487 Equipment expenditures included in accounts payable $ - $ - $ 472,213 Mineral property expenditures included in accounts payable $ 1,225,798 $ 681,781 $ 1,252,796 Share-based payments capitalized in mineral properties $ 159,511 $ 211,627 $ 119,028 Reclassification of contributed surplus on exercise of options $ 179,682 $ 272,848 $ 153,845 Reclassification of contributed surplus on exercise of warrants $ 9,600 $ 166,628 $ 28,478 Depreciation related to UO being recorded directly on P&L through the line item "Costs in excess of recovered coal".

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
CONTINGENCIES
Contingencies	28. CONTINGENCIES The Company accrues for liabilities when it is probable, and the amount can be reasonably estimated. As at December 31, 2021, the Company does not have any contingent liabilities (2020 - $Nil, 2019 - $Nil). During the year ended December 31, 2019, the Company recorded a debt settlement gain in the amount of $7,952,700 related to ASC Bolivia LDC Sucursal Bolivia (a wholly owned subsidiary of the Company) tax claim on its consolidated statements of operations and comprehensive loss.

EVENTS AFTER THE REPORTING DATE

EVENTS AFTER THE REPORTING DATE	12 Months Ended
	Dec. 31, 2021
EVENTS AFTER THE REPORTING DATE
Events After The Reporting Date	29. EVENTS AFTER THE REPORTING DATE The following events occurred subsequent to December 31, 2021: · On January 14, 2022, the Company completed the Arrangement. Pursuant to the Arrangement, the common shares of the Company were consolidated on a 10:1 basis and each holder of common shares of the Company received in exchange for every 10 pre-Consolidation common shares held: (i) one post-Consolidation common share of the Company; (ii) one common share of NickelCo; (iii) one common share of VanadiumCo and (iv) two common shares of RoyaltyCo. · Gross proceeds of $6,715,407 were released from escrow to Flying Nickel upon converting 10,094,033 non-flow-through subscription receipts of Flying Nickel into 10,094,033 units each consisting of one common share and one-half of one common share purchase warrant of the Flying Nickel, at a price of $0.70 per unit. In connection with the conversion, 601,269 broker warrants were issued to the agents for Flying Nickel Offering at an exercise price of $0.70 per common share. · A total of 62,000 stock options with an exercise price of $4.90 expired without exercise. · A total of 11,666 share purchase warrants with an exercise price of $2.60 expired without exercise. A total of 10,000 share purchase warrants with an exercise price of $2.60 were exercised for total proceeds of $26,000. · Pursuant the Company’s equity incentive plant dated September 1, 2021, the Company issued 187,049 bonus shares to the company’s directors, officers, employees, and consultants. · The Company entered into agreements with certain option and warrant holders (the “Holders”) pursuant to which the Company can sell some or all the Reserved Shares (Note 7) of NickelCo, VanadiumCo and RoyaltyCo currently held by the Company on behalf of the Holders in order to obtain working capital. At the date of this report, the Company sold 1,835,000 Reserved Shares for proceeds of $1,259,423. · Pursuant to the APA (Note 15), the Company has submitted for approval to the TSX a request to issue 1,267,145 common shares to settle $2,000,000 in contingent consideration payable to Victory Nickel, as the price of nickel exceeded US$10 per pound for 30 consecutive business days subsequent to the year ended December 31, 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Restricted Cash Equivalents	Restricted cash equivalents consist of highly liquid investments pledged as collateral for the Company’s credit card and are readily convertible to known amounts of cash.
Mineral Properties	Mineral property assets consist of exploration and evaluation costs. Costs directly related to the exploration and evaluation of resource properties are capitalized to mineral properties once the legal rights to explore the resource properties are acquired or obtained. These costs include acquisition of rights to explore, license and application fees, topographical, geological, geochemical and geophysical studies, exploratory drilling, trenching, sampling, and activities in relation to evaluating the technical feasibility and commercial viability of extracting a mineral resource. If it is determined that capitalized acquisition, exploration and evaluation costs are not recoverable, or the property is abandoned or management has determined an impairment in value, the property is written down to its recoverable amount. Mineral properties are reviewed at least annually for indicators of impairment and are tested for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. From time to time, the Company acquires or disposes of properties pursuant to the terms of option agreements. Options are exercisable entirely at the discretion of the optionee and, accordingly, are recorded as mineral property costs or recoveries when the payments are made or received. After costs are recovered, the balances of the payments received are recorded as a gain on option or disposition of mineral property. (i) Title to mineral properties Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title, nor has the Company insured title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements. (ii) Realization of mineral property assets The investment in and expenditures on mineral property interests comprise a significant portion of the Company’s assets. Realization of the Company’s investment in these assets is dependent upon the establishment of legal ownership, and the attainment of successful production from properties or from the proceeds of their disposal. Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into profitable producing mines. There can be no assurance that current exploration programs will result in the discovery of economically viable quantities of ore. The amounts shown for acquisition costs and deferred exploration expenditures represent costs incurred to date and do not necessarily reflect present or future values. (iii) Environmental The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. Other than as disclosed in Note 18, the Company is not aware of any existing environmental issues related to any of its current or former properties that may result in material liability to the Company. Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company’s operations may cause additional expenses and restrictions. If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the property may be diminished or negated.
Equipment	Equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any. The cost of an item of property and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Depreciation of equipment is recorded on a declining-balance basis at the following annual rates: Computer equipment 45% Furniture and equipment 20% Mining equipment 20% Vehicles 30% Right-of-use asset Straight line / term of lease When parts of major components of equipment have different useful lives, they are accounted for as a separate item of equipment. The cost of major overhauls of parts of equipment is recognized in the carrying amount of the item if is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of equipment are recognized in profit or loss as incurred.
Impairment Of Non-current Assets And Cash Generating Units ("cgu")	At the end of each reporting period, the Company reviews the carrying amounts of its long lived assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU, where the recoverable amount of the CGU is the greater of the CGU’s fair value less costs to sell and its value in use to which the assets belong. In assessing value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in the statement of comprehensive loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Each project or group of claims or licenses is treated as a CGU. Discounted cash flow techniques often require management to make estimates and assumptions concerning reserves and expected future production revenues and expenses, which can vary from actual. Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years.
Deferred Development Costs	Exploration expenditures are re-classified from Exploration and evaluation assets to deferred development costs within the property and equipment category once the work completed to date supports the future development of the property and such development receives appropriate approvals. After reclassification, all subsequent expenditure on the construction, installation or completion of infrastructure facilities is capitalized within deferred development cost. Development expenditure is net of proceeds from the sale of coal extracted during the development phase to the extent that it is considered integral to the development of the mine. Any costs incurred in testing the assets to determine if they are functioning as intended, are capitalized, net of any proceeds received from selling any product produced while testing. Where these proceeds exceed the cost of testing, any excess is recognized in the statement of profit or loss and other comprehensive income.
Foreign Currency Translation	Transactions in currencies other than the functional currency are recorded at the prevailing exchange rates on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rates at the date of the consolidated statement of financial position. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses arising from this translation are included in the determination of net gain or loss for the year.
Unit Offerings	Proceeds received on the issuance of units, consisting of common shares and warrants, are allocated first to common shares based on the market trading price of the common shares at the time the units are priced, and any excess is allocated to warrants.
Share-based Payments	The Company has a share purchase option plan that is described in Note 20. The Company accounts for share-based payments using a fair value-based method with respect to all share-based payments to directors, officers, employees, and service providers. Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of the goods or services received or if such fair value is not reliably measurable, at the fair value of the equity instruments issued. The fair value is recognized as an expense or capitalized to mineral properties or property and equipment with a corresponding increase in option reserve. This includes a forfeiture estimate, which is revised for actual forfeitures in subsequent periods. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of income (loss) and consolidated income (loss) over the remaining vesting period. Upon the exercise of the share purchase option, the consideration received, and the related amount transferred from option reserve are recorded as share capital.
Loss Per Share	Basic loss/gain per share is calculated using the weighted average number of common shares outstanding during the period. The Company uses the treasury stock method to compute the dilutive effect of options and warrants. Under this method the dilutive effect on earnings per share is calculated presuming the exercise of outstanding options and warrants. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss/gain per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive.
Income Taxes	Income tax expense comprises current and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the tax laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Provision For Closure And Reclamation	The Company assesses its equipment and mineral property rehabilitation provision at each reporting date. Changes to estimated future costs are recognized in the statement of financial position by either increasing or decreasing the rehabilitation liability and asset to which it relates if the initial estimate was originally recognized as part of an asset measured in accordance with IAS 16 Property, Plant and Equipment The Company records the present value of estimated costs of legal and constructive obligations required to restore operations in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures; rehabilitating mineral properties; dismantling operating facilities; closure of plant and waste sites; and restoration, reclamation and vegetation of affected areas. Present value is used where the effect of the time value of money is material. The related liability is adjusted each period for the unwinding of the discount rate and for changes in estimates, changes to the current market-based discount rate, and the amount or timing of the underlying cash flows needed to settle the obligation.
Financial Instruments	Classification Financial assets are classified at initial recognition as either: measured at amortized cost, FVTPL or fair value through other comprehensive income (“FVOCI”). The classification depends on the Company’s business model for managing the financial assets and the contractual cash flow characteristics. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL or the Company has opted to measure at FVTPL. Measurement Financial assets and liabilities at FVTPL are initially recognized at fair value and transaction costs are expensed in the consolidated statement of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets or liabilities held at FVTPL are included in the consolidated statement of income (loss) and comprehensive income (loss) in the period in which they arise. Where the Company has opted to designate a financial liability at FVTPL, any changes associated with the Company’s credit risk will be recognized in OCI. Financial assets and liabilities at amortized cost are initially recognized at fair value, and subsequently carried at amortized cost less any impairment. Impairment The Company assesses on a forward-looking basis the expected credit loss (“ECL”) associated with financial assets measured at amortized cost, contract assets and debt instruments carried at FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Please refer to Note 23 for relevant fair value measurement disclosures. (l) Disposal groups held for sale and discontinued operations Disposal groups are classified as held for sale if their carrying amount will be recovered principally through a spin-off transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from these requirements. An impairment loss or recovery is recognized for any initial or subsequent write-down or write-up of the disposal group to fair value less costs to sale. A gain is recognized for any subsequent increases in fair value less costs to sell of a disposal group, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the disposal group is recognized at the date of derecognition. Non-current assets, including those that are part of a disposal group, are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the statement of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss.
Leases	At inception of a contract, we assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. We assess whether the contract involves the use of an identified asset, whether we have the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement and if we have the right to direct the use of the asset. At inception or on assessment of a contract that contains a lease component, we allocate the consideration in the contract to each lease component on the basis of their relative stand-alone prices. As a lessee, we recognize a right-of-use asset, which is included in property, plant and equipment, and a lease liability at the commencement date of a lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, our incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: · fixed payments, including in-substance fixed payments, less any lease incentives receivable; · variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; · amounts expected to be payable under a residual value guarantee; · exercise prices of purchase options if we are reasonably certain to exercise that option; and · payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in our estimate or assessment of the expected amount payable under a residual value guarantee, purchase, and extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to profit (loss). We have elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to profit (loss) on a straight-line basis over the lease term.
Flow-through Shares	Canadian Income Tax legislation permits an enterprise to issue securities referred to as flow-through shares, whereby the investor can claim the tax deductions arising from the renunciation of the related resource expenditures. The Company accounts for flow-through shares whereby the premium paid for the flow-through shares in excess of the market value of the shares without flow-through features at the time of issue is credited to other liabilities and included in profit or loss at the same time the qualifying expenditures are made.
Non-controlling Interest	Non-controlling interest in the Company’s less than wholly owned subsidiaries is classified as a separate component of equity. On initial recognition, non-controlling interest is measured at the fair value of the non-controlling entity’s contribution into the related subsidiary. Subsequent to the original transaction date, adjustments are made to the carrying amount of non-controlling interest for the non-controlling interest’s share of changes to the subsidiary’s equity. Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interest is adjusted to reflect the change in the non-controlling interest’s relative interest in the subsidiary, and the difference between the adjustment to the carrying amount of non-controlling interests and the Company’s share of proceeds received and/or consideration paid is recognized directly in equity and attributed to owners of the Company.

BASIS OF CONSOLIDATION (Tables)

BASIS OF CONSOLIDATION (Tables)	12 Months Ended
	Dec. 31, 2021
BASIS OF CONSOLIDATION
Summary Of Significant Subsidiaries	Subsidiary Location Ownership Projects Owned Nevada Vanadium Mining Corp.* Canada 100 % Nevada Vanadium Holding Corp.* Canada 100 % Gibellini project Flying Nickel Mining Corp.* Canada 0.01 % Battery Metals Royalty Corp.* Canada 100 % Apogee Minerals Bolivia S. A. Bolivia 98 % Pulacayo project ASC Holdings Limited Bolivia 100 % Paca project Illumina Silver Mining Corp. Canada 100 % Triunfo and Sunawayo projects Red Hill Mongolia LLC Mongolia 100 % Ulaan Ovoo mine Chandgana Coal LLC Mongolia 100 % Chandgana project

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Depreciation Of Equipment	Computer equipment 45% Furniture and equipment 20% Mining equipment 20% Vehicles 30% Right-of-use asset Straight line / term of lease

ARRANGEMENT AND ASSETS HELD F_2

ARRANGEMENT AND ASSETS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2021
ARRANGEMENT AND ASSETS HELD FOR SALE (Tables)
Arrangement And Assets Held For Sale	December 31, 2021 NickelCo VanadiumCo Total Current assets Cash $ 7,514,181 $ 411 $ 7,514,592 Prepaid expenses - 2,172 2,172 Equipment - 65,490 65,490 Mineral properties 16,452,656 16,017,567 32,470,223 23,966,837 16,085,640 40,052,477 Current liabilities Accounts payable and accrued liabilities $ 284,383 $ 41,895 $ 326,278 Flying Nickel FT share liability 139,471 - 139,471 Flying Nickel subscription receipts, net 6,350,658 - 6,350,658 6,774,512 41,895 6,816,407 Net assets $ 17,192,325 $ 16,043,745 $ 33,236,070

CASH AND RESTRICTED CASH EQUI_2

CASH AND RESTRICTED CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2021
CASH AND RESTRICTED CASH EQUIVALENTS
Cash And Restricted Cash Equivalents	December 31, 2021 December 31, 2020 December 31, 2019 Cash $ 579,508 $ 7,608,149 $ 3,017,704 Restricted cash equivalents 34,500 34,500 34,500 614,008 7,642,649 3,052,204

RECEIVABLES (Tables)

RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2021
RECEIVABLES
Trade And Other Receivables	December 31, 2021 2020 2019 Input tax recoverable $ 79,036 $ 73,804 $ 20,741 Trade receivable - 1,961 195,433 Subscriptions receivable - - 30,497 $ 79,036 $ 75,765 $ 246,671

PREPAID EXPENSES (Tables)

PREPAID EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
PREPAID EXPENSES
Prepaid Expenses	December 31, 2021 2020 2019 General $ 15,467 $ 26,759 $ 44,613 Insurance 71,774 69,096 59,815 Environmental and taxes 6,850 6,850 6,850 Rent 9,840 12,012 24,489 $ 103,931 $ 114,717 $ 135,767

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2021
MARKETABLE SECURITIES
Marketable Securities	December 31, Marketable securities 2021 2020 2019 Balance, beginning of year $ - $ - $ - Additions 1,000,000 - - Share sale (779,179 ) - - Loss on share sale (220,821 ) - - Balance, end of year $ - $ - $ -

RIGHT-OF-USE ASSET (Tables)

RIGHT-OF-USE ASSET (Tables)	12 Months Ended
	Dec. 31, 2021
RIGHT-OF-USE ASSET
Schedule Of Right-of-use Asset	Balance at December 31, 2019 $ 50,023 Depreciation (31,593 ) Balance at December 31, 2020 $ 18,430 Depreciation (18,430 ) Balance at December 31, 2021 $ -

EQUIPMENT (Tables)

EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
EQUIPMENT
Equipment	Computer Furniture & Mining Equipment Equipment Vehicles Equipment Total Cost Balance, December 31, 2018 $ 103,254 $ 278,845 $ 172,692 $ 24,476 $ 579,267 Additions/(Disposals) - - 46,914 - 46,914 Balance, December 31, 2019 $ 103,254 $ 278,845 $ 219,606 $ 24,476 $ 626,181 Accumulated depreciation Balance, December 31, 2018 $ 98,011 $ 233,424 $ 143,179 $ 3,491 $ 478,105 Disposals - - (39,178 ) - (39,178 ) Depreciation for year 792 12,445 10,641 3,892 27,770 Balance, December 31, 2019 $ 98,803 $ 245,869 $ 114,642 $ 7,383 $ 466,697 Carrying amount at December 31, 2019 $ 4,451 $ 32,976 $ 104,964 $ 17,093 $ 159,484 Cost Balance, December 31, 2019 $ 103,254 $ 278,845 $ 219,606 $ 24,476 $ 626,181 Additions - - 111,592 - 111,592 Disposals (1,326 ) - (76,803 ) - (78,129 ) Balance, December 31, 2020 $ 101,928 $ 278,845 $ 254,395 $ 24,476 $ 659,644 Accumulated depreciation Balance, December 31, 2019 $ 98,803 $ 245,869 $ 114,642 $ 7,383 $ 466,697 Disposals - - (12,431 ) - (12,431 ) Depreciation for year 2,003 6,243 40,161 3,171 51,578 Balance, December 31, 2020 $ 100,806 $ 252,112 $ 142,372 $ 10,554 $ 505,844 Carrying amount at December 31, 2020 $ 1,122 $ 26,733 $ 112,023 $ 13,922 $ 153,800 Cost Balance, December 31, 2020 $ 101,928 $ 278,845 $ 254,395 $ 24,476 $ 659,644 Balance, December 31, 2021 $ 101,928 $ 278,845 $ 254,395 $ 24,476 $ 659,644 Accumulated depreciation Balance, December 31, 2020 $ 100,806 $ 252,112 $ 142,372 $ 10,554 $ 505,844 Depreciation for year 1,122 13,716 29,854 2,583 47,275 Balance, December 31, 2021 $ 101,928 $ 265,828 $ 172,226 $ 13,137 $ 553,119 Carrying amount at December 31, 2021 $ - $ 13,017 $ 82,169 $ 11,339 $ 106,525 Cost transfer to held for sale $ - $ (2,012 ) $ (70,539 ) $ (24,476 ) $ (97,027 ) Depreciation transfer to held for sale - 1,078 17,322 13,137 31,537 Carrying amount ransfer to held for sale, Note 7 $ - $ (934 ) $ (53,217 ) $ (11,339 ) $ (65,490 ) Carrying amount at December 31, 2021 $ - $ 12,083 $ 28,952 $ - $ 41,035

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2021
MINERAL PROPERTIES
Mineral Properties	Pulacayo Gibellini* Sunawayo Triunfo Minago* Total Balance, December 31, 2018 $ - $ 3,643,720 $ - $ - $ - $ 3,643,720 Additions: Acquisition cost $ - $ - $ - $ - $ - $ - Deferred exploration costs: Licenses, tax, and permits 6,239 286,158 - - - 292,397 Geological and consulting 964,716 3,200,773 - - - 4,165,489 Personnel, camp and general 503,071 1,470,007 - - - 1,973,078 1,474,026 4,956,938 - - - 6,430,965 Impairment Recovery 13,708,200 - - - - 13,708,200 Balance, December 31, 2019 $ 15,182,226 $ 8,600,658 $ - $ - $ - $ 23,782,885 Additions: Acquisition cost $ - $ 2,253,566 $ 396,936 $ 135,676 $ - $ 2,786,178 Deferred exploration costs: Licenses, tax, and permits 5,733 348,165 - - - 353,898 Geological and consulting 1,767,089 897,085 116,152 327,989 - 3,108,315 Personnel, camp and general 584,712 1,190,607 - - - 1,775,320 2,357,534 2,435,857 116,152 327,989 - 5,237,531 Balance, December 31, 2020 $ 17,539,760 $ 13,290,081 $ 513,088 $ 463,665 $ - $ 31,806,594 Additions: Acquisition cost $ - $ - $ - $ - $ 16,011,151 $ 16,011,151 Deferred exploration costs: Licenses, tax, and permits 5,200 390,098 - - 54,276 449,574 Geological and consulting 2,532,970 1,547,810 765,728 209,260 334,648 5,390,416 Personnel, camp and general 384,021 789,578 - - 52,580 1,226,179 2,922,191 2,727,486 765,728 209,260 441,504 7,066,169 Balance, December 31, 2021 20,461,952 16,017,567 1,278,816 672,925 16,452,655 54,883,914 Impairment - - (1,278,816 ) - - (1,278,816 ) Transfer to held for sale, Note 7 - (16,017,567 ) - - (16,452,655 ) (32,470,222 ) Balance, December 31, 2021 $ 20,461,951 $ - $ - $ 672,925 $ - $ 21,134,876

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts Payable And Accrued Liabilities	December 31, 2021 2020 2019 Trade accounts payable $ 2,502,139 $ 1,717,977 $ 2,420,392 Accrued liabilities - 41,186 - $ 2,502,139 $ 1,759,163 $ 2,420,392

LEASE LIABILITY (Tables)

LEASE LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2021
RIGHT-OF-USE ASSET
Lease Liability	Balance at December 31, 2019 $ 52,818 Cash flows: Lease payments for year (37,162 ) Non-cash changes: Accretion expenses for year 4,877 Balance at December 31, 2020 20,533 Cash flows: Lease payments for year (22,939 ) Non-cash changes: Accretion expenses for year 2,406 Balance at December 31, 2021 -

PROVISION FOR CLOSURE AND REC_2

PROVISION FOR CLOSURE AND RECLAMATION (Tables)	12 Months Ended
	Dec. 31, 2021
PROVISION FOR CLOSURE AND RECLAMATION
Provision For Closure And Reclamation	December 31, 2021 December 31 2020 December 31, 2019 Balance, beginning of year $ 695,257 $ 266,790 $ 265,239 Change in estimate 1,274,339 405,196 - Accretion 68,135 23,271 1,551 Balance, end of year $ 2,037,731 $ 695,257 $ 266,790

TAX PROVISION (Tables)

TAX PROVISION (Tables)	12 Months Ended
	Dec. 31, 2021
TAX PROVISION
Reconciliation Of Income Taxes	2021 2020 2019 Income (loss) for the year $ (6,829,714 ) $ (4,626,887 ) 17,513,854 Expected income tax (recovery) $ (1,844,000 ) $ (1,249,000 ) 4,729,000 Change in statutory, foreign tax, foreign exchange rates and other 39,000 117,000 (529,000 ) Permanent differences 134,000 269,000 (4,861,000 ) Impact of flow through shares 22,000 - - Share issue cost (43,000 ) (250,000 ) (103,000 ) Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses (27,000 ) 404,000 1,205,000 Change in unrecognized deductible temporary differences 1,719,000 709,000 (441,000 ) Total income tax expense (recovery) $ - $ - $ -
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	2021 Expiry Date Rang 2020 Expiry Date Rang 2019 Expiry Date Rang Temporary Differences Exploration and evaluation assets $ 211,000 No expiry date $ 6,284,000 No expiry date $ 6,135,000 No expiry date Investment tax credit 23,000 2029 23,000 2029 23,000 2029 Property and equipment 517,000 No expiry date 1,547,000 No expiry date 1,242,000 No expiry date Share issue costs 946,000 2042 to 2045 1,212,000 2041 to 2044 747,000 2040 to 2043 Assets held for sale 5,060,000 No expiry date - - Asset retirement obligation 2,038,000 No expiry date 695,000 No expiry date 267,000 No expiry date Allowable capital losses 4,260,000 No expiry date 4,150,000 No expiry date 5,864,000 No expiry date Non-capital losses available for future periods 38,269,000 2023 onwards 30,569,000 2023 to 2040 27,024,000 2023 to 2039 Bolivia 717,000 2024 - - Canada 36,349,000 2029 to 2041 30,015,000 2029 to 2040 26,980,000 2029 to 2039 Mongolia 1,178,000 2023 to 2029 554,000 2023 to 2028 44,000 2023 to 2027 US 25,000 No expiry date

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2021
SHARE CAPITAL
Stock Option Activity	Number of Options Weighted Average Exercise Price Outstanding, December 31, 2018 959,100 $ 3.40 Granted 396,500 $ 3.10 Expired (31,500 ) $ 6.50 Cancelled (224,700 ) $ 3.20 Forfeited (79,400 ) $ 5.40 Exercised (62,250 ) $ 2.80 Outstanding, December 31, 2019 957,750 $ 3.10 Granted 382,000 $ 2.80 Expired (9,000 ) $ 5.00 Cancelled (180,125 ) $ 3.00 Exercised (123,375 ) $ 2.40 Outstanding, December 31, 2020 1,027,250 $ 3.10 Granted 680,000 $ 2.60 Expired (5,000 ) $ 2.00 Cancelled (25,000 ) $ 2.60 Exercised (99,500 ) $ 2.10 Outstanding, December 31, 2021 1,577,750 $ 3.00
Stock Options Outstanding	Exercise Expiry Options Outstanding Exercisable Unvested Price Date December 31, 2021 $ 2.60 September 22, 2026 650,000 81,250 568,750 $ 3.70 May 24, 2026 30,000 7,500 22,500 $ 5.00 August 17, 2025 72,000 45,000 27,000 $ 2.20 May 4, 2025 203,125 152,344 50,781 $ 4.40 November 1, 2024 110,000 110,000 - $ 2.00 July 29, 2024 144,875 144,875 - $ 3.30 October 17, 2023 61,000 61,000 - $ 2.80 April 6, 2023 59,750 59,750 - $ 3.10 February 20, 2023 20,000 20,000 - $ 3.50 September 1, 2022 86,000 86,000 - $ 3.30 June 12, 2022 79,000 79,000 - $ 4.90 January 12, 2022 62,000 62,000 - 1,577,750 908,719 669,031
Weighted Average Assumptions	Year ended December 31 2021 2020 2019 Risk-free interest rate 1.46 % 1.46 % 1.54 % Expected life of options in years 4.54 4.06 4.5 Expected volatility 105.91 % 132.74 % 132.75 % Expected dividend yield Nil Nil Nil Expected forfeiture rate 12 % 12 % 12 % Weighted average fair value of options granted during the period $ 2.01 $ 3.00 $ 3.10
Share-based Payments	2021 2020 2019 Consolidated Statement of Operations Share based payments 583,801 770,617 707,802 $ 583,801 $ 770,617 $ 707,802 Consolidated Statement of Financial Position Gibellini exploration 89,452 124,855 79,888 Pulacayo exploration 70,059 86,772 39,139 159,511 211,627 119,027 Total share-based payments $ 743,312 $ 982,244 $ 826,829
Warrant Activity	Number of Warrants Weighted Average Exercise Price Outstanding, December 31, 2018 2,731,803 $ 4.40 Exercised (65,143 ) $ 3.80 Outstanding, December 31, 2019 2,666,660 $ 4.40 Issued 1,669,190 $ 1.80 Expired (275,976 ) $ 5.10 Exercised (1,402,767 ) $ 2.20 Outstanding, December 31, 2020 2,657,107 $ 2.30 Issued 335,405 $ 4.54 Expired (254,691 ) $ 3.33 Exercised (1,268,341 ) $ 2.57 Outstanding, December 31, 2021 1,469,480 $ 2.39
Warrants Outstanding	Exercise Price Expiry Date Number of Warrants at December 31, 2021 $ 4.76 February 8, 2023 300,000 $ 1.60 May 20, 2023 496,200 $ 1.60 May 1, 2023 463,800 $ 2.60 October 21, 2022 14,100 $ 2.60 September 22, 2022 21,305 $ 2.60 June 13, 2022 52,159 $ 2.60 April 12, 2022 100,250 $ 2.60 January 13, 2022 21,666 1,469,480

NON-CONTROLLING INTEREST (Table

NON-CONTROLLING INTEREST (Tables)	12 Months Ended
	Dec. 31, 2021
SHARE CAPITAL
Schedule Of Non Comtrolling Interest	Non-controlling interest Balance, December 31, 2019 $ - Balance, December 31, 2020 $ - Flying Nickel FT shares and warrants, net of share issuance cost 1,284,757 Flying Nickel warrants issuable $ 215,094 Balance, December 31, 2021 1,499,851
Schedule Of Non-controlling Interest Financial Information	December 31, 2021 2020 2019 Current assets $ 7,914,319 $ - $ - Current liabilites 6,774,512 - - Net loss $ 360,044 $ - $ -

FAIR VALUE MEASUREMENTS AND F_2

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
Financial Assets And Financial Liabilities	December 31, 2021 2020 2019 Fair value through profit or loss Cash $ 579,508 $ 7,608,149 $ 3,017,704 Amortized cost Receivables $ 79,036 $ 75,765 $ 246,671 Restricted cash equivalents $ 34,500 $ 34,500 $ 34,500 Reclamation deposits $ 21,055 $ 21,055 $ 21,055 $ 714,099 $ 7,739,469 $ 3,319,930 Amortized cost Accounts payable $ 2,502,139 $ 1,759,163 $ 2,420,392
Fair Value Hierarchy	Level 1 Level 2 Level 3 Financial assets Cash, December 31, 2021 $ 579,508 $ - $ - Cash, December 31, 2020 $ 7,608,149 $ - $ - Cash, December 31, 2019 $ 3,017,704 $ - $ -

FINANCIAL RISK MANAGEMENT DIS_2

FINANCIAL RISK MANAGEMENT DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
Schedule Of Undiscounted Cash Flows Of Financial Liabilities	0 to 6 months 6 to 12 months Total Accounts payable and accrued liabilities As at December 31, 2021 $ 2,502,139 $ - $ 2,502,139 As at December 31, 2020 $ 1,759,163 $ - $ 1,759,163 As at December 31, 2019 $ 2,502,139 $ - $ 2,420,392

RELATED PARTY DISCLOSURES (Tabl

RELATED PARTY DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED PARTY DISCLOSURES
Related Party Transactions By Related Party	Year Ended December 31, Related parties 2021 2020 2019 Directors and officers $ 1,580,504 $ 2,260,806 $ 2,057,592 Linx Partners Ltd. 997,672 1,029,673 489,254 MaKevCo Consulting Inc. 70,499 80,139 38,309 Sophir Asia Ltd. 62,814 72,220 36,523 $ 2,711,489 $ 3,442,838 $ 2,621,678
Related Party Transactions By Nature Of Transaction	Year Ended December 31, Related parties 2021 2020 2019 Consulting and management fees $ 659,500 $ 370,000 $ 218,500 Directors' fees 119,800 108,600 103,805 Mineral properties 714,068 1,387,067 1,171,585 Salaries and short term benefits 587,869 522,359 696,751 Share-based payments 630,252 1,054,812 431,037 2,711,489 $ 3,442,838 $ 2,621,678

COSTS IN EXCESS OF RECOVERED _2

COSTS IN EXCESS OF RECOVERED COAL (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED PARTY DISCLOSURES
Summary Of Incidental Income Earned From Property	December 31, 2021 2020 2019 Costs in excess of recovered coal Property costs $ 387,820 $ 161,737 $ 118,803 Provision for closure and reclamation 1,342,474 428,467 1,551 $ 1,730,294 $ 590,204 $ 120,354

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
Schedule Od Supplemental Cash Flow Information	Year Ended December 31, 2021 2020 2019 Supplementary information Non-Cash Financing and Investing Activities Shares issued on property acquisition $ 6,231,637 $ 2,000,000 $ - Bonus shares $ - $ 640,000 $ 115,000 Shares for services $ - $ 80,500 $ 241,003 Shares issued to settle debt $ - $ - $ 43,030 Shares issed recorded as prepaid expenses $ - $ - $ 35,000 Subscription receivable $ - $ - $ 30,497 Warrants issued on property acquisition $ 886,544 $ - $ - Finder's units $ - $ 24,000 $ - Finder's warrants $ 42,651 $ 226,917 $ - Flying Nickel warrants issuable $ 215,094 $ - $ - Flying Nickel warrans issued for FT shares $ 37,586 $ - $ - Depreciation included in mineral property $ 46,047 $ 46,932 $ 3,487 Equipment expenditures included in accounts payable $ - $ - $ 472,213 Mineral property expenditures included in accounts payable $ 1,225,798 $ 681,781 $ 1,252,796 Share-based payments capitalized in mineral properties $ 159,511 $ 211,627 $ 119,028 Reclassification of contributed surplus on exercise of options $ 179,682 $ 272,848 $ 153,845 Reclassification of contributed surplus on exercise of warrants $ 9,600 $ 166,628 $ 28,478

BASIS OF CONSOLIDATION (Details

BASIS OF CONSOLIDATION (Details)	12 Months Ended
	Dec. 31, 2021
Subsidiary 7
Statement [Line Items]
Subsidiary	Illumina Silver Mining Corp.
Location	Canada
Ownership Interest	100.00%
Projects Owned	Triunfo and Sunawayo projects
Subsidiary 8
Statement [Line Items]
Subsidiary	Red Hill Mongolia LLC
Location	Mongolia
Ownership Interest	100.00%
Projects Owned	Ulaan Ovoo mine
Subsidiary 1
Statement [Line Items]
Subsidiary	Nevada Vanadium Mining Corp.
Location	Canada
Ownership Interest	100.00%
Subsidiary 2
Statement [Line Items]
Subsidiary	Nevada Vanadium Holding Corp.
Location	Canada
Ownership Interest	100.00%
Projects Owned	Gibellini project
Subsidiary 3
Statement [Line Items]
Subsidiary	Flying Nickel Mining Corp.
Location	Canada
Ownership Interest	0.01%
Subsidiary 4
Statement [Line Items]
Subsidiary	Battery Metals Royalty Corp.
Location	Canada
Ownership Interest	100.00%
Subsidiary 5
Statement [Line Items]
Subsidiary	Apogee Minerals Bolivia S. A.
Location	Bolivia
Ownership Interest	98.00%
Projects Owned	Pulacayo project
Subsidiary 6
Statement [Line Items]
Subsidiary	ASC Holdings Limited
Location	Bolivia
Ownership Interest	100.00%
Projects Owned	Paca project
Subsidiary 9
Statement [Line Items]
Subsidiary	Chandgana Coal LLC
Location	Mongolia
Ownership Interest	100.00%
Projects Owned	Chandgana project

SIGNIFICANT JUDGMENTS ESTIMATES

SIGNIFICANT JUDGMENTS ESTIMATES AND ASSUMPTIONS (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS
Capitalized Mineral Property Costs Written Off	$ 1,278,816	$ 0	$ 0
Voting Rights Percentage	50.00%
(impairment)/recovery Of Mineral Property		(13,708,200)
Impairment Of Receivables	$ 81,321	0	0
Impairment Of Prepaid Expenses	0	121,125	51,828
Trade Receivables Written Off	$ 30,415	$ 470,278	$ 16,304

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2021
Furniture and Equipment
Statement [Line Items]
Depreciation Of Equipment	20.00%
Mining equipment
Statement [Line Items]
Depreciation Of Equipment	20.00%
Right-Of-Use Asset
Statement [Line Items]
Depreciation Of Equipment	Straight line / term of lease
Vehicles
Statement [Line Items]
Depreciation Of Equipment	30.00%
Computer Equipment
Statement [Line Items]
Depreciation Of Equipment	45.00%

ARRANGEMENT AND ASSETS HELD F_3

ARRANGEMENT AND ASSETS HELD FOR SALE (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Cash	$ 579,508	$ 7,608,149	$ 3,017,704
Equipment	41,035	153,800	159,484
Total	40,814,952	7,798,631	3,400,142
Accounts Payble And Accrued Liabilities	2,502,139	1,759,163	2,420,392
Net Asset	62,046,418	39,833,010	27,448,088
Mineral Properties	21,134,876	31,806,594	23,782,884
Total Liabilities	9,318,546	$ 1,779,696	$ 2,452,677
Nickel Co
Statement [Line Items]
Cash	7,514,181
Prepaid Expences	0
Equipment	0
Accounts Payble And Accrued Liabilities	284,383
Flying Nickel Ft Share Liability	139,471
Flying Nickel Subscription Receipts, Net	6,350,658
Net Asset	17,192,325
Mineral Properties	16,452,656
Total Assets	23,966,837
Total Liabilities	6,774,512
Vanadium Co
Statement [Line Items]
Cash	411
Prepaid Expences	2,172
Equipment	65,490
Total	16,085,640
Accounts Payble And Accrued Liabilities	41,895
Flying Nickel Ft Share Liability	0
Flying Nickel Subscription Receipts, Net	0
Net Asset	16,043,745
Mineral Properties	16,017,567
Total Liabilities	41,895
Assets as held for sale
Statement [Line Items]
Cash	7,514,592
Prepaid Expences	2,172
Equipment	65,490
Mineral Properties	32,470,223
Total	40,052,477
Accounts Payble And Accrued Liabilities	326,278
Flying Nickel Ft Share Liability	139,471
Flying Nickel Subscription Receipts, Net	6,350,658
Net Asset	$ 33,236,070

ARRANGEMENT AND ASSETS HELD F_4

ARRANGEMENT AND ASSETS HELD FOR SALE (Details Narrative)	Dec. 31, 2021CAD ($)shares
Statement [Line Items]
Business Arrangement Transaction Costs | $	$ 426,394
Nickel Co
Statement [Line Items]
Issuance Of Shares | shares	50,000,000
Transferred Net Assets | $	$ 17,192,325
Vanadium Co
Statement [Line Items]
Issuance Of Shares | shares	50,000,000
Transferred Net Assets | $	$ 16,043,745
Royalty Co
Statement [Line Items]
Royalties Purchase From Exchange Of Issuance Of Shares | shares	1,785,430

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Equipment	$ 41,035	$ 153,800	$ 159,484
Mineral Properties	21,134,876	31,806,594	23,782,884
Total	21,196,966	31,981,449	23,963,423
Reclamation Deposits	21,055	21,055	21,055
Canada
Statement [Line Items]
Equipment	5,111	9,729	12,005
Mineral Properties	0	0	0
Total	5,111	9,729	12,005
Reclamation Deposits	0	0	0
USA
Statement [Line Items]
Equipment	0	80,401	89,826
Mineral Properties	0	13,290,081	8,600,658
Total	0	13,370,482	8,690,484
Reclamation Deposits	0	0	0
Mongolia
Statement [Line Items]
Equipment	7,391	2,790	35,721
Mineral Properties	0	0	0
Total	28,446	23,845	56,776
Reclamation Deposits	21,055	21,055	21,055
Bolivia
Statement [Line Items]
Equipment	28,533	60,880	21,932
Mineral Properties	21,134,876	18,516,513	15,182,226
Total	21,163,409	18,577,393	15,204,158
Reclamation Deposits	$ 0	$ 0	$ 0

CASH AND RESTRICTED CASH EQUI_3

CASH AND RESTRICTED CASH EQUIVALENTS (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH AND RESTRICTED CASH EQUIVALENTS
Cash	$ 579,508	$ 7,608,149	$ 3,017,704
Restricted Cash Equivalents	34,500	34,500	34,500
Total	$ 614,008	$ 7,642,649	$ 3,052,204

CASH AND RESTRICTED CASH EQUI_4

CASH AND RESTRICTED CASH EQUIVALENTS (Details Narrative) - CAD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH AND RESTRICTED CASH EQUIVALENTS
Guaranteed Investment Certificate	$ 34,500	$ 34,500	$ 34,500

RECEIVABLES (Details)

RECEIVABLES (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RECEIVABLES
Input Tax Recoverable	$ 79,036	$ 73,804	$ 20,741
Trade Receivable	0	1,961	195,433
Subscriptions Receivable	0	0	30,497
Total	$ 79,036	$ 75,765	$ 246,671

RECEIVABLES (Details Narrative)

RECEIVABLES (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RECEIVABLES
Trade Receivables	$ 50,906	$ 0	$ 0
Impairment Of Receivables	$ (50,906)	$ 470,278	$ 16,304

PREPAID EXPENSES (Details)

PREPAID EXPENSES (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Prepaid Expenses	$ 103,931	$ 114,717	$ 135,767
General
Statement [Line Items]
Prepaid Expenses	15,467	26,759	44,613
Insurance
Statement [Line Items]
Prepaid Expenses	71,774	69,096	59,815
Environmental and Taxes
Statement [Line Items]
Prepaid Expenses	6,850	6,850	6,850
Rent
Statement [Line Items]
Prepaid Expenses	$ 9,840	$ 12,012	$ 24,489

PREPAID EXPENSES (Details Narra

PREPAID EXPENSES (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PREPAID EXPENSES
Impairment Of Prepaid Expenses	$ 0	$ 121,125	$ 51,828

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
MARKETABLE SECURITIES
Marketable Securities, Beginning	$ 0	$ 0	$ 0
Additions	1,000,000	0	0
Share Sale	(779,179)	0	0
Loss On Share Sale	(220,821)	0	0
Marketable Securities, Ending	$ 0	$ 0	$ 0

MARKETABLE SECURITIES (Details

MARKETABLE SECURITIES (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Cash Consideration	$ 50,906	$ (470,278)	$ (16,304)
Victory Nickel Inc
Statement [Line Items]
Common Shares Subscribed	40,000,000
Price Per Share	$ 0.025
Cash Consideration	$ 1,000,000
Owing Percentage	29.00%
Common Share Disposed	40,000,000
Total Proceeds From Consideration	$ 779,179

RIGHT OF USE ASSET (Details)

RIGHT OF USE ASSET (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
RIGHT-OF-USE ASSET
Depreciation	$ (18,430)	$ (31,593)
Right-of-use-asset, Beginning	18,430	50,023
Right-of-use-asset, Ending	$ 0	$ 18,430

RIGHT OF USE ASSET (Details Nar

RIGHT OF USE ASSET (Details Narrative)	Dec. 31, 2021
RIGHT-OF-USE ASSET
Borrowing Rate	10.00%

EQUIPMENT (Details)

EQUIPMENT (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Cost Transfer To Held For Sale	$ (97,027)
Depreciation Transfer To Held For Sale	31,537
Carrying Amount Ransfer To Held For Sale, Note 7	(65,490)
Property Plant Equipment Carrying Amount	41,035
Property And Equipment, Beginning	153,800	$ 159,484
Property And Equipment, Ending	41,035	153,800	$ 159,484
Accumulated Depreciation
Statement [Line Items]
Property Plant Equipment Carrying Amount	106,525	153,800	159,484
Property And Equipment, Beginning	505,844	466,697	478,105
Disposals		(12,431)	(39,178)
Depreciation	47,275	51,578	27,770
Property And Equipment, Ending	533,119	505,844	466,697
Costs
Statement [Line Items]
Property And Equipment, Beginning	659,644	626,181	579,267
Disposals		(78,129)
Property And Equipment, Ending	659,644	659,644	626,181
Additions		111,592	46,914
Furniture and Equipment
Statement [Line Items]
Cost Transfer To Held For Sale	(2,012)
Depreciation Transfer To Held For Sale	1,078
Carrying Amount Ransfer To Held For Sale, Note 7	(934)
Property Plant Equipment Carrying Amount	12,083
Furniture and Equipment | Accumulated Depreciation
Statement [Line Items]
Property Plant Equipment Carrying Amount	13,017	26,733	32,976
Property And Equipment, Beginning	252,112	245,869	233,424
Disposals		0	0
Depreciation	13,716	6,243	12,445
Property And Equipment, Ending	265,828	252,112	245,869
Furniture and Equipment | Costs
Statement [Line Items]
Property And Equipment, Beginning	278,845	278,845	278,845
Disposals		0
Property And Equipment, Ending	278,845	278,845	278,845
Additions		0	0
Vehicles
Statement [Line Items]
Cost Transfer To Held For Sale	(70,539)
Depreciation Transfer To Held For Sale	17,322
Carrying Amount Ransfer To Held For Sale, Note 7	(53,217)
Property Plant Equipment Carrying Amount	28,952
Vehicles | Accumulated Depreciation
Statement [Line Items]
Property Plant Equipment Carrying Amount	82,169	112,023	104,964
Property And Equipment, Beginning	142,372	114,642	143,179
Disposals		(12,431)	(39,178)
Depreciation	29,854	40,161	10,641
Property And Equipment, Ending	172,226	142,372	114,642
Vehicles | Costs
Statement [Line Items]
Property And Equipment, Beginning	254,395	219,606	172,692
Disposals		(76,803)
Property And Equipment, Ending	254,395	254,395	219,606
Additions		111,592	46,914
Computer Equipment
Statement [Line Items]
Cost Transfer To Held For Sale	0
Depreciation Transfer To Held For Sale	0
Carrying Amount Ransfer To Held For Sale, Note 7	0
Property Plant Equipment Carrying Amount	0
Computer Equipment | Accumulated Depreciation
Statement [Line Items]
Property Plant Equipment Carrying Amount	0	1,122	4,451
Property And Equipment, Beginning	100,806	98,803	98,011
Disposals		0	0
Depreciation	1,122	2,003	792
Property And Equipment, Ending	101,928	100,806	98,803
Computer Equipment | Costs
Statement [Line Items]
Property And Equipment, Beginning	101,928	103,254	103,254
Disposals		(1,326)
Property And Equipment, Ending	101,928	101,928	103,254
Additions			0
Mining Equipment
Statement [Line Items]
Cost Transfer To Held For Sale	(24,476)
Depreciation Transfer To Held For Sale	13,137
Carrying Amount Ransfer To Held For Sale, Note 7	(11,339)
Property Plant Equipment Carrying Amount	0
Mining Equipment | Accumulated Depreciation
Statement [Line Items]
Property Plant Equipment Carrying Amount	11,339	13,922	17,093
Property And Equipment, Beginning	10,554	7,383	3,491
Disposals		0	0
Depreciation	2,583	3,171	3,892
Property And Equipment, Ending	13,137	10,554	7,383
Mining Equipment | Costs
Statement [Line Items]
Property And Equipment, Beginning	24,476	24,476	24,476
Disposals		0
Property And Equipment, Ending	$ 24,476	24,476	24,476
Additions		$ 0	$ 0

EQUIPMENT (Details Narrative)

EQUIPMENT (Details Narrative) - Ulaan Ovoo Coal Mine [Member] - CAD ($)	Oct. 10, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Provision For Doubtful Debts			$ 470,278
Recovery Of Accounts Receivable		$ 81,321
Deferred Development Costs		$ 0	$ 0	$ 0
Production Royalty	$ 2
Lessee Payment	$ 100,000
Lease Description	Lease is valid for 3 years with an annual advance royalty payment (“ARP”) for the first year of US$100,000 which was due and paid upon signing, and US$150,000 and US$200,000 due on the 1st and 2nd anniversary of the Lease, respectively. The ARP can be credited towards the US$2.00 per tonne Production Royalty payments to be made to the Company as the Lessee starts to sell Ulaan Ovoo coal. The 3-year Lease will be extended upon mutual agreement and negotiations are in process as at the audit report date.

MINERAL PROPERTIES (Details)

MINERAL PROPERTIES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Mineral Properties, Beginning	$ 31,806,594	$ 23,782,885	$ 3,643,720
Acquisition Cost	16,011,151	2,786,178	0
Deferred Exploration Costs:
Licenses, Tax, And Permits	449,574	353,898	292,397
Geological And Consulting	5,390,416	3,108,315	4,165,489
Personnel, Camp And General	1,226,179	1,775,320	1,973,078
Deferred Exploration Costs	7,066,169	5,237,531	6,430,965
Impairment Recovery			13,708,200
Mineral Properties, Ending	54,883,914	31,806,594	23,782,885
Impairment	(1,278,816)
Transfer To Held For Sale	(32,470,222)
Mineral Properties Held For Sale	21,134,876
Pulacayo
Statement [Line Items]
Mineral Properties, Beginning	17,539,760	15,182,226	0
Acquisition Cost	0	0	0
Deferred Exploration Costs:
Licenses, Tax, And Permits	5,200	5,733	6,239
Geological And Consulting	2,532,970	1,767,089	964,716
Personnel, Camp And General	384,021	584,712	503,071
Deferred Exploration Costs	2,922,191	2,357,534	1,474,026
Impairment Recovery			13,708,200
Mineral Properties, Ending	20,461,952	17,539,760	15,182,226
Impairment	0
Transfer To Held For Sale	0
Mineral Properties Held For Sale	20,461,951
Gibellini
Statement [Line Items]
Mineral Properties, Beginning	13,290,081	8,600,658	3,643,720
Acquisition Cost	0	2,253,566	0
Deferred Exploration Costs:
Licenses, Tax, And Permits	390,098	348,165	286,158
Geological And Consulting	1,547,810	897,085	3,200,773
Personnel, Camp And General	789,578	1,190,607	1,470,007
Deferred Exploration Costs	2,727,486	2,435,857	4,956,938
Impairment Recovery			0
Mineral Properties, Ending	16,017,567	13,290,081	8,600,658
Impairment	0
Transfer To Held For Sale	(16,017,567)
Mineral Properties Held For Sale	0
Sunawayo
Statement [Line Items]
Mineral Properties, Beginning	513,088	0	0
Acquisition Cost	0	396,936	0
Deferred Exploration Costs:
Licenses, Tax, And Permits	0	0	0
Geological And Consulting	765,728	116,152	0
Personnel, Camp And General	0	0	0
Deferred Exploration Costs	765,728	116,152	0
Impairment Recovery			0
Mineral Properties, Ending	1,278,816	513,088	0
Impairment	(1,278,816)
Transfer To Held For Sale	0
Mineral Properties Held For Sale	0
Triunfo
Statement [Line Items]
Mineral Properties, Beginning	463,665	0	0
Acquisition Cost	0	135,676	0
Deferred Exploration Costs:
Licenses, Tax, And Permits	0	0	0
Geological And Consulting	209,260	327,989	0
Personnel, Camp And General	0	0	0
Deferred Exploration Costs	209,260	327,989	0
Impairment Recovery			0
Mineral Properties, Ending	672,925	463,665	0
Impairment	0
Transfer To Held For Sale	0
Mineral Properties Held For Sale	672,925
Minago
Statement [Line Items]
Mineral Properties, Beginning	0	0	0
Acquisition Cost	16,011,151	0	0
Deferred Exploration Costs:
Licenses, Tax, And Permits	54,276	0	0
Geological And Consulting	334,648	0	0
Personnel, Camp And General	52,580	0	0
Deferred Exploration Costs	441,504	0	0
Impairment Recovery			0
Mineral Properties, Ending	16,452,655	$ 0	$ 0
Impairment	0
Transfer To Held For Sale	(16,452,655)
Mineral Properties Held For Sale	$ 0

MINERAL PROPERTIES (Details Nar

MINERAL PROPERTIES (Details Narrative)

Jul. 07, 2021CAD ($)

Feb. 10, 2021CAD ($)$ / sharesshares

Feb. 10, 2021USD ($)shares

Sep. 07, 2020USD ($)

Jul. 13, 2020USD ($)

Jun. 22, 2021CAD ($)

Jun. 15, 2021USD ($)

Oct. 22, 2018

Apr. 19, 2018USD ($)

Dec. 31, 2021CAD ($)

Dec. 31, 2021USD ($)$ / sharesshares

Dec. 31, 2020CAD ($)shares

Dec. 31, 2019CAD ($)shares

Nov. 24, 2020shares

Sep. 18, 2020shares

May 01, 2020shares

Oct. 09, 2019shares

Sep. 26, 2019shares

Statement [Line Items]

Description Of Bisoni Group Acquisition

the Company issued 4 million Common Shares (the “Bisoni APA Shares”) and paid $200,000 cash to Cellcube. Additionally, subject to TSX approval, if, on or before December 31, 2023, the price of European vanadium pentoxide on the Metal Bulletin (or an equivalent publication) exceeds US$12 a pound for 30 consecutive days, the Company will issue to Cellcube additional Common Shares with a value of $500,000 calculated based upon the 5-day volume weighted average price of the Common Shares immediately following the satisfaction of the vanadium pentoxide pricing condition.

the Company issued 4 million Common Shares (the “Bisoni APA Shares”) and paid $200,000 cash to Cellcube. Additionally, subject to TSX approval, if, on or before December 31, 2023, the price of European vanadium pentoxide on the Metal Bulletin (or an equivalent publication) exceeds US$12 a pound for 30 consecutive days, the Company will issue to Cellcube additional Common Shares with a value of $500,000 calculated based upon the 5-day volume weighted average price of the Common Shares immediately following the satisfaction of the vanadium pentoxide pricing condition.

Issue Common Shares To Victory Nickel | shares

24,124,955

18,051,883

12,129,951

2,300,000

400,000

160,100

10,495

17,500

Impairment/(recovery) Of Mineral Property

$ 1,278,817

$ 0

$ (13,708,200)

VC Exploration Group

Statement [Line Items]

Description Of Royalty Agreement

the Former Louie Hill Lessors as an advance royalty: (i) US$75,000 upon the Company achieving Commercial Production (as defined in the Royalty Agreement) at the Gibellini Project; (ii) US$50,000 upon the Company selling, conveying, transferring or assigning all or any portion of certain claims defined in the Royalty Agreement to any third party and (iii) annually upon the anniversary date of July 10, 2018, and the anniversary date of each year thereafter during the term of the Royalty Agreement: (a) if the average vanadium pentoxide price per pound as quoted on www.metalbulletin.com (the “Metal Bulletin”) or another reliable and reputable industry source as agreed by the parties, remains below US$7.00/lb during the preceding 12 months, US$12,500; or (b) if the average vanadium pentoxide price per pound as quoted on Metal Bulletin or another reliable and reputable industry source as agreed by the parties, remains equal to or above US$7.00/lb during the preceding 12 months, US$2,000 x average vanadium pentoxide price per pound up to a maximum annual advance royalty payment of US$28,000.

Sunawayo Project

Statement [Line Items]

Transfer Mining Rights For Consideration

$ 6,500,000

Paid Execution Of Sunawayo Spa

300,000

Remaining To Be Paid In Cash Twelve Equal Monthly Installments

$ 6,200,000

Made One Payment Totaling To Date

$ 300,000

Impairment Charge Of Deferred Exploration Costs

1,278,817

Triunfo Project

Statement [Line Items]

Right To Purchase Project

$ 1,000,000

Company Paid The Triunfo Vendor

$ 100,000

Description Of Company Pay The Triunfo Vendor

Until the Company exercises its Purchase Right, beginning in 2021 the Company must pay the Triunfo Vendor US$50,000 on June 15 of each year to maintain the Triunfo Rights.

Paid To Maintain Their Purchase Right To The Triunfo Vendor

$ 50,000

Residual Interest May Be Extinguished

300,000

Residual Interest May Be Reduced By Four Percent

250,000

Residual Interest May Be Reduced By Three Percent

200,000

Residual Interest May Be Reduced By Two Percent

150,000

Residual Interest May Be Reduced By One Percent

$ 100,000

Minago Project

Statement [Line Items]

Acquired A Secured Debt Facility Owed By Victory Nickel

$ 8,505,749

Acquired A Secured Debt Facility In Cash

$ 6,675,000

Common Share Purchase Warrants, Shares | shares

300,000

300,000

Common Share Purchase Warrants, Valued

$ 886,545

Exercise Price, Per Share | $ / shares

$ 4.76

Expiring Date

Feb. 8, 2026

Feb. 8, 2026

Description Of Expiring Date Extended

automatically be extended in 5-year increments

automatically be extended in 5-year increments

Contingent Asset

$ 6,675,000

Financial Advisory Services Rendered By Red Cloud Securities Inc.

$ 200,000

Description Of Acquired The Minago Project

the Company acquired the Minago Project for aggregate consideration of $16,011,151 (US$11,675,000), which consisted of a $8,505,749 (US$6,675,000) (“Property Payment”) credit against the SDF owed by Victory Nickel to the Company at closing, $886,545 of warrants issued with respect to the SDF, $6,231,673 (US$5,000,000) in the Company common shares (“Consideration Shares”) to be issued over a one-year period (issued), $200,000 in cash paid to Red Cloud and $187,200 in cash transaction costs.

the Company acquired the Minago Project for aggregate consideration of $16,011,151 (US$11,675,000), which consisted of a $8,505,749 (US$6,675,000) (“Property Payment”) credit against the SDF owed by Victory Nickel to the Company at closing, $886,545 of warrants issued with respect to the SDF, $6,231,673 (US$5,000,000) in the Company common shares (“Consideration Shares”) to be issued over a one-year period (issued), $200,000 in cash paid to Red Cloud and $187,200 in cash transaction costs.

Issue Common Shares To Victory Nickel | shares

2,000,000

Comman Share, Price | $ / shares

$ 10

Pulacayo Project

Statement [Line Items]

Description Of Royalty Payments

The Pulacayo MPC grants the Company the 100% exclusive right to develop and mine at the Pulacayo and Paca concessions for up to 30 years against certain royalty payments.

The Pulacayo MPC grants the Company the 100% exclusive right to develop and mine at the Pulacayo and Paca concessions for up to 30 years against certain royalty payments.

Monthly Rent Payment

$ 1,000

Sale Of Silver Resource

$ 36,800,000

Sale Of Silver Resource Per Ounce | $ / shares

$ 0.79

Sale Of Zinc Or Lead

$ 303,000,000

Sale Of Zinc Or Lead Per Pound | $ / shares

$ 0.0136

Estimated Recoverable Amount

$ 31,400,000

Impairment/(recovery) Of Mineral Property

13,708,200

Pulacayo Ltda

Statement [Line Items]

Monthly Rent Payment

1,500

Gibellini Project

Statement [Line Items]

Advance Royalty Payment

$ 120,000

Net Smelter Return Royalty

2.50%

Nsr Payments

$ 3,000,000

Rduced Remaining Life Of Mine

2.00%

2.00%

Production Royalty Payments Lease Term

10 years

10 years

Production Royalty Payments Expiring Date

Jun. 22, 2027

Jun. 22, 2027

Additioanl Lease Term

10 years

10 years

Gibellini MLA

Statement [Line Items]

Transferred Claims Amount

$ 1,000,000

Transfer Payment Amount

99,027

Transfer Payment Due Remaining

$ 900,973

Gibellini Lessor

Statement [Line Items]

Advance Royalty Payment

$ 50,000

50,000

120,000

Former Louie Hill Lessors

Statement [Line Items]

Advance Royalty Payment

$ 12,500

$ 12,500

$ 28,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Trade Accounts Payable	$ 2,502,139	$ 1,717,977	$ 2,420,392
Accrued Liabilities	0	41,186	0
Total	$ 2,502,139	$ 1,759,163	$ 2,420,392

LEASE LIABILITY (Details)

LEASE LIABILITY (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RIGHT-OF-USE ASSET
Lease Payments	$ (22,939)	$ (37,162)	$ (36,528)
Lease Liability, Beginning	20,533	52,818
Accretion Expenses	2,406	4,877
Lease Liability, Ending	$ 0	$ 20,533

LEASE LIABILITY (Details Narrat

LEASE LIABILITY (Details Narrative)	12 Months Ended
	Dec. 31, 2021
RIGHT-OF-USE ASSET
Lease Liability Borrowing Rate	10.00%

PROVISION FOR CLOSURE AND REC_3

PROVISION FOR CLOSURE AND RECLAMATION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PROVISION FOR CLOSURE AND RECLAMATION
Provision For Closure And Reclamation, Balance Beginning	$ 695,257	$ 266,790	$ 265,239
Change In Estimate	1,274,339	405,196	0
Accretion	68,135	23,271	1,551
Provision For Closure And Reclamation, Balance Ending	$ 2,037,731	$ 695,257	$ 266,790

PROVISION FOR CLOSURE AND REC_4

PROVISION FOR CLOSURE AND RECLAMATION (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PROVISION FOR CLOSURE AND RECLAMATION
Risk-free Interest Rate	1.68%	1.14%	1.72%
Risk Premium	8.55%	8.66%	7.00%
Total Undiscounted Amount Of Estimated Cash Flows	$ 14,294,000	$ 4,951,000	$ 444,000
Estimated Obligations Term	over the next 20 years

TAX PROVISION (Details)

TAX PROVISION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TAX PROVISION
Income (loss) For The Year	$ (6,829,714)	$ (4,626,887)	$ 17,513,854
Expected Income Tax (recovery)	(1,844,000)	(1,249,000)	4,729,000
Change In Statutory, Foreign Tax, Foreign Exchange Rates And Other	39,000	117,000	(529,000)
Permanent Differences	134,000	269,000	(4,861,000)
Impact Of Flow Through Shares	22,000	0	0
Share Issue Cost	(43,000)	(250,000)	(103,000)
Adjustment To Prior Years Provision Versus Statutory Tax Returns And Expiry Of Non-capital Losses	(27,000)	404,000	1,205,000
Change In Unrecognized Deductible Temporary Differences	1,719,000	709,000	(441,000)
Total Income Tax Expense (recovery)	$ 0	$ 0	$ 0

TAX PROVISION (Details 1)

TAX PROVISION (Details 1) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Canada
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 36,349,000	$ 30,015,000	$ 26,980,000
Expiry Dates	2029 to 2041	2029 to 2040	2029 to 2039
Mongolia
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 1,178,000	$ 554,000	$ 44,000
Expiry Dates	2023 to 2029	2023 to 2028	2023 to 2027
Bolivia
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 717,000	$ 0	$ 0
Expiry Dates	2024
US
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 25,000
Expiry Dates	No expiry date
Exploration and Evaluation Assets
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 211,000	$ 6,284,000	$ 6,135,000
Expiry Dates	No expiry date	No expiry date	No expiry date
Investment Tax Credits
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 23,000	$ 23,000	$ 23,000
Expiry Dates	2029	2029	2029
Property and Equipment
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 517,000	$ 1,547,000	$ 1,242,000
Expiry Dates	No expiry date	No expiry date	No expiry date
Share Issue Costs
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 946,000	$ 1,212,000	$ 747,000
Expiry Dates	2042 to 2045	2041 to 2044	2040 to 2043
Asset Retirement Obligation
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 2,038,000	$ 695,000	$ 267,000
Expiry Dates	No expiry date	No expiry date	No expiry date
Assets Held For Sale
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 5,060,000	$ 0	$ 0
Expiry Dates	No expiry date
Allowable Capital Losses
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 4,260,000	$ 4,150,000	$ 5,864,000
Expiry Dates	No expiry date	No expiry date	No expiry date
Non-capital Losses Available For Future Periods
Statement [Line Items]
Deductible And Taxable Temporary Differences, Unused Tax Losses And Unused Tax Credits	$ 38,269,000	$ 30,569,000	$ 27,024,000
Expiry Dates	2023 onwards	2023 to 2040	2023 to 2039

TAX PROVISION (Details Narrativ

TAX PROVISION (Details Narrative)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
TAX PROVISION
Corporate Income Tax Rate	26.00%	27.00%
Description Of Changes To The General Corporate Income Tax Rate	the British Columbia (BC) Government proposed changes to the general corporate income tax rate to increase the rate from 11% to 12% effective January 1, 2018 and onwards

SHARE CAPITAL (Details)

SHARE CAPITAL (Details)	12 Months Ended
	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares	Dec. 31, 2019$ / shares
SHARE CAPITAL
Options, Outstanding, Beginning	1,027,250	957,750	959,100
Options, Granted	680,000	382,000	396,500
Options, Expired	5,000	9,000	31,500
Options, Cancelled	25,000	180,125	224,700
Options, Forfeited			79,400
Options, Exercised	99,500	123,375	62,250
Options, Outstanding, Ending	1,577,750	1,027,250	957,750
Weighted Average Exercise Price, Beginning	$ 3.10	$ 3.10	$ 3.40
Weighted Average Exercise Price, Granted	2.60	2.80	3.10
Weighted Average Exercise Price, Expired	2	5	6.50
Weighted Average Exercise Price, Cancelled	2.60	3	3.20
Weighted Average Exercise Price, Forfeited			5.40
Weighted Average Exercise Price, Exercised	2.10	2.40	2.80
Weighted Average Exercise Price, Ending	$ 3	$ 3.10	$ 3.10

SHARE CAPITAL (Details 1)

SHARE CAPITAL (Details 1)	12 Months Ended
	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares	Dec. 31, 2019$ / shares	Dec. 31, 2018$ / shares
Statement [Line Items]
Options, Outstanding, Beginning	1,577,750	1,027,250	957,750	959,100
Options, Exercisable	908,719
Options, Unvested	669,031
Weighted Average Exercise Price, Beginning	$ 3	$ 3.10	$ 3.10	$ 3.40
Stock Option 2
Statement [Line Items]
Options, Outstanding, Beginning	30,000
Options, Exercisable	7,500
Options, Unvested	22,500
Weighted Average Exercise Price, Beginning	$ 3.70
Expiry Date	May 24, 2026
Stock Option 3
Statement [Line Items]
Options, Outstanding, Beginning	72,000
Options, Exercisable	45,000
Options, Unvested	27,000
Weighted Average Exercise Price, Beginning	$ 5
Expiry Date	August 17, 2025
Stock Option 4
Statement [Line Items]
Options, Outstanding, Beginning	203,125
Options, Exercisable	152,344
Options, Unvested	50,781
Weighted Average Exercise Price, Beginning	$ 2.20
Expiry Date	May 4, 2025
Stock Option 5
Statement [Line Items]
Options, Outstanding, Beginning	110,000
Options, Exercisable	110,000
Options, Unvested	0
Weighted Average Exercise Price, Beginning	$ 4.40
Expiry Date	November 1, 2024
Stock Option 6
Statement [Line Items]
Options, Outstanding, Beginning	144,875
Options, Exercisable	144,875
Options, Unvested	0
Weighted Average Exercise Price, Beginning	$ 2
Expiry Date	July 29, 2024
Stock Option 7
Statement [Line Items]
Options, Outstanding, Beginning	61,000
Options, Exercisable	61,000
Options, Unvested	0
Weighted Average Exercise Price, Beginning	$ 3.30
Expiry Date	October 17, 2023
Stock Option 8
Statement [Line Items]
Options, Outstanding, Beginning	59,750
Options, Exercisable	59,750
Options, Unvested	0
Weighted Average Exercise Price, Beginning	$ 2.80
Expiry Date	April 6, 2023
Stock Option 9
Statement [Line Items]
Options, Outstanding, Beginning	20,000
Options, Exercisable	20,000
Options, Unvested	0
Weighted Average Exercise Price, Beginning	$ 3.10
Expiry Date	February 20, 2023
Stock Option 10
Statement [Line Items]
Options, Outstanding, Beginning	86,000
Options, Exercisable	86,000
Options, Unvested	0
Weighted Average Exercise Price, Beginning	$ 3.50
Expiry Date	September 1, 2022
Stock Option 11
Statement [Line Items]
Options, Outstanding, Beginning	79,000
Options, Exercisable	79,000
Options, Unvested	0
Weighted Average Exercise Price, Beginning	$ 3.30
Expiry Date	June 12, 2022
Stock Option 12
Statement [Line Items]
Options, Outstanding, Beginning	62,000
Options, Exercisable	62,000
Options, Unvested	0
Weighted Average Exercise Price, Beginning	$ 4.90
Expiry Date	January 12, 2022
Stock Option 1
Statement [Line Items]
Options, Outstanding, Beginning	650,000
Options, Exercisable	81,250
Options, Unvested	568,750
Weighted Average Exercise Price, Beginning	$ 2.60
Expiry Date	September 22, 2026

SHARE CAPITAL (Details 2)

SHARE CAPITAL (Details 2) - $ / shares	Feb. 08, 2021	Nov. 15, 2021	Nov. 24, 2020	Jul. 29, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SHARE CAPITAL
Risk-free Interest Rate	0.20%	2.00%	0.20%	1.46%	1.46%	1.46%	1.54%
Expected Life Of Options In Years					4 years 6 months 15 days	4 years 22 days	4 years 5 months 30 days
Expected Volatility	137.00%	107.00%	107.00%	133.89%	105.91%	132.74%	132.75%
Expected Dividend Yield					0.00%	0.00%	0.00%
Expected Forfeiture Rate					12.00%	12.00%	12.00%
Weighted Average Fair Value Of Options Granted During The Year					$ 2.01	$ 3	$ 3.10

SHARE CAPITAL (Details 3)

SHARE CAPITAL (Details 3) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statement Of Operations
Share-based Payments	$ (583,801)	$ (770,617)	$ (707,802)
Consolidated Statement Of Financial Position
Share-based Payments	159,511	211,627	119,027
Total Share-based Payments	743,312	982,244	826,829
Gibellini Exploration
Consolidated Statement Of Financial Position
Share-based Payments	89,452	124,855	79,888
Pulacayo Exploration
Consolidated Statement Of Financial Position
Share-based Payments	$ 70,059	$ 86,772	$ 39,139

SHARE CAPITAL (Details 4)

SHARE CAPITAL (Details 4)	12 Months Ended
	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares	Dec. 31, 2019$ / shares
SHARE CAPITAL
Warrants, Outstanding, Beginning	2,657,107	2,666,660	2,731,803
Warrants, Issued	335,405	1,669,190
Warrants, Expired	(254,691)	(275,976)
Warrants, Exercised	(1,268,341)	(1,402,767)	(65,143)
Warrants, Outstanding, Ending	1,469,480	2,657,107	2,666,660
Weighted Average Exercise Price, Beginning	$ 2.30	$ 4.40	$ 4.40
Weighted Average Exercise Price, Issued	4.54	1.80
Weighted Average Exercise Price, Expired	3.33	5.10
Weighted Average Exercise Price, Exercised	2.57	2.20	3.80
Weighted Average Exercise Price, Ending	$ 2.39	$ 2.30	$ 4.40

SHARE CAPITAL (Details 5)

SHARE CAPITAL (Details 5)	12 Months Ended
	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares	Dec. 31, 2019$ / shares	Dec. 31, 2018$ / shares
Statement [Line Items]
Warrants, Outstanding, Beginning	1,469,480	2,657,107	2,666,660	2,731,803
Exercise Price	$ 2.39	$ 2.30	$ 4.40	$ 4.40
Warrants 2
Statement [Line Items]
Warrants, Outstanding, Beginning	496,200
Exercise Price	$ 1.60
Expiry Date	May 20, 2023
Warrants 3
Statement [Line Items]
Warrants, Outstanding, Beginning	463,800
Exercise Price	$ 1.60
Expiry Date	May 1, 2023
Warrants 4
Statement [Line Items]
Warrants, Outstanding, Beginning	14,100
Exercise Price	$ 2.60
Expiry Date	October 21, 2022
Warrants 5
Statement [Line Items]
Warrants, Outstanding, Beginning	21,305
Exercise Price	$ 2.60
Expiry Date	September 22, 2022
Warrants 6
Statement [Line Items]
Warrants, Outstanding, Beginning	52,159
Exercise Price	$ 2.60
Expiry Date	June 13, 2022
Warrants 7
Statement [Line Items]
Warrants, Outstanding, Beginning	100,250
Exercise Price	$ 2.60
Expiry Date	April 12, 2022
Warrants 8
Statement [Line Items]
Warrants, Outstanding, Beginning	21,666
Exercise Price	$ 2.60
Expiry Date	January 13, 2022
Warrants 1
Statement [Line Items]
Warrants, Outstanding, Beginning	300,000
Exercise Price	$ 4.76
Expiry Date	February 8, 2023

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative)	Feb. 10, 2021USD ($)	Feb. 08, 2021CAD ($)shares	Feb. 05, 2021USD ($)$ / sharesshares	Oct. 09, 2019CAD ($)shares	Sep. 06, 2019USD ($)shares	Sep. 06, 2019CAD ($)shares	Nov. 15, 2021USD ($)$ / sharesshares	Nov. 15, 2021CAD ($)shares	Nov. 24, 2020USD ($)	Nov. 24, 2020CAD ($)$ / sharesshares	May 01, 2020USD ($)shares	May 01, 2020CAD ($)shares	Oct. 18, 2019CAD ($)$ / sharesshares	Jul. 29, 2019$ / sharesshares	Dec. 31, 2021USD ($)shares	Dec. 31, 2021CAD ($)$ / sharesshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2020CAD ($)$ / sharesshares	Dec. 31, 2019$ / sharesshares	Dec. 30, 2021CAD ($)shares	Nov. 15, 2021$ / shares	Aug. 31, 2021shares	Feb. 09, 2021USD ($)shares	Sep. 18, 2020$ / sharesshares	May 01, 2020$ / shares	Oct. 09, 2019USD ($)shares	Oct. 09, 2019CAD ($)shares	Sep. 26, 2019CAD ($)shares	Sep. 06, 2019CAD ($)$ / sharesshares
Statement [Line Items]
Issue Common Shares To Victory Nickel | shares										2,300,000	160,100				24,124,955	24,124,955	18,051,883	18,051,883	12,129,951					400,000		10,495	10,495	17,500
Common Stock Value											$ 640,400																$ 43,030	$ 59,500
Issuance Of New Shares | shares		300,000	1,000,000		52,500	52,500	35,405	35,405			15,690	15,690	975,000
Expected Volatility		137.00%					107.00%	107.00%	107.00%	107.00%				133.89%	105.91%	105.91%	132.74%	132.74%	132.75%
Expected Life		2 years												5 years
Forfeiture Rate														12.00%
Risk Free Interest Rate		0.20%					2.00%	2.00%	0.20%	0.20%				1.46%	1.46%	1.46%	1.46%	1.46%	1.54%
Fair Value Of Warrant		$ 886,544
Share Issuance Price | (per share)			$ 3.75							$ 4			$ 4								$ 2.60			$ 5	$ 1.30				$ 2
Cash Proceeds From Issuance Of Shares			$ 3,750,000					$ 3,740,000
Finders Fees Paid			$ 73,875									$ 24,000	$ 261,800
Total Consideration Paid For Acquisition	$ 11,675,000
Total Property Payment	6,675,000
Total Consideration Shares Payment	$ 5,000,000
Inial Tranche, Shares | shares																				460,718		1,008,150	536,363
Inial Tranche, Value																				$ 3,818,003			$ 2,413,634
Non Brokered Private Placement Offering Shares | shares					1,300,000		1,700,000																						1,300,000
Price Per Common Share | $ / shares							$ 2.20
November 2021 Placement Cash Paid						$ 15,209	$ 84,492			$ 534,000		3,250
Common Share Purchase Warrants Exercised | shares				65,143											1,268,341	1,268,341
Total Proceeds From Warrants Exercised						105,000						$ 3,072,194				$ 2,601,997
Settlement Of Outstanding Payables For Services															$ 660,000
Stock Options Exercised | shares				62,250											99,500	99,500	123,375	123,375
Total Proceeds From Exercise Of Stock Options				$ 424,822											$ 206,824			$ 299,812
Gross Proceeds From Non Brokered Private Placement						2,600,000				9,200,000	$ 1,930,500		$ 3,900,000
Share Compensation For Services											$ 45,500
Issuance Of New Units | shares											1,520,000	1,520,000
Fair Value Of Warrants							$ 42,651			$ 226,917
Additional Fees						$ 41,503			$ 391,544
Share Purchase Warrants Issued | shares										133,500										1,402,767
Total Compensation Paid For Service																	$ 35,000
Stock Option Vesting Terms															10 years	10 years
Prepaid Consulting Fees					$ 175,000
Prepaid Expenses																													$ 35,000
Subscriptions Receivable					$ 30,497
Additional Share Issued | shares													65,450
Sign In Bonus Shares Issued | shares																										50,000	50,000
Sign In Bonus Share, Value																										$ 115,000
Voluntary Forfeiture Of Share Options Expiry Date														Jul. 29, 2024
Options Vesting Percentage														12.50%	12.50%	12.50%	12.50%	12.50%	12.50%
Options, Granted															680,000	680,000	382,000	382,000	396,500
Stock Option Granted | shares														127,500
Share Option Exercise Prices | $ / shares														$ 2
Weighted Average Exercise Price, Granted | $ / shares																$ 2.60		$ 2.80	$ 3.10
Top of range [member]
Statement [Line Items]
Share Option Exercise Prices | $ / shares														6.50
Weighted Average Exercise Price, Granted | $ / shares																3.70		5	4.40
Bottom of range [member]
Statement [Line Items]
Share Option Exercise Prices | $ / shares														$ 5
Weighted Average Exercise Price, Granted | $ / shares																$ 2.60		$ 2.20	$ 2.20
Directors
Statement [Line Items]
Voluntary Forfeiture Of Share Options Expiry Date														Apr. 7, 2020
Officer
Statement [Line Items]
Voluntary Forfeiture Of Share Options Expiry Date														Jun. 22, 2020
Employees
Statement [Line Items]
Voluntary Forfeiture Of Share Options Expiry Date														Nov. 14, 2023

NON-CONTROLLING INTEREST (Detai

NON-CONTROLLING INTEREST (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Flying Nickel Warrants Issuable	$ 215,094	$ 0	$ 0
Non-controlling Interest, Balance Ending	1,499,851	0	$ 0
Non-controlling Interest, Balance Beggining	0	$ 0
Flying Nickel Ft Shares And Warrants, Net Of Share Issuance Cost	$ 1,284,757

NON-CONTROLLING INTEREST (Det_2

NON-CONTROLLING INTEREST (Details 1) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Current Assets	$ 40,814,952	$ 7,798,631	$ 3,400,142
Current Liabilites	9,318,546	1,779,696	2,452,677
Noncontrolling Interest
Statement [Line Items]
Current Assets	7,914,319	0	0
Current Liabilites	6,774,512	0	0
Net Loss	$ 360,044	$ 0	$ 0

NON-CONTROLLING INTEREST (Det_3

NON-CONTROLLING INTEREST (Details Narrative) - CAD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Loss Allocated To Non-controlling Interest Based On Ownership Interest		99.99%	0.00%	0.00%
Non-controlling Interest, Amount		$ 1,499,851	$ 0	$ 0
Flying Nickel [member]
Statement [Line Items]
Equity Related Attributable To Non-controlling Interest		99.99%
Non-controlling Interest, Amount		$ 1,499,851	$ 0	$ 0
Offering Gross Proceeds	$ 8,600,000
Offering Sold, Shares	10,094,033
Subscription Receipts Price, Per Share	$ 0.70
Flow-through Eligible Subscription Receipts	$ 1,992,437
Flow-through Subscription Receipt, Per Share	$ 0.77
Warrant Share Price, Per Share		$ 1
Cash Commission To Agents		$ 610,019
Issue Share Purchase Warrants As An Agents' Fee		803,684
Issue Warrants Fair Value		$ 252,680
Flow-through Escrow Upon Converting An Aggregate, Shares		1,992,437
Flow-through Subscription Receipts, Shares		1,992,437
Flow-through Price, Per Share		$ 0.77
Gross Proceeds Released From Escrow Upon Converting		$ 1,534,176
Flow-through Liability		139,471
Share Issuance Costs		37,586
Warrants Issuable Of Equity Attributable To Non-controlling Interest		215,094
Net Of Cash Deferred Transaction Costs		500,071
Remaining Gross Receipts		$ 7,065,823
Flying Nickel [member] | Black Scholes Option Pricing Model [member]
Statement [Line Items]
Risk-free Interest Rate		0.96%
Expected Life		two years
Expected Volatility		83.00%
Dividend Yield		$ 0

FAIR VALUE MEASUREMENTS AND F_3

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement [Line Items]
Cash	$ 579,508	$ 7,608,149	$ 3,017,704	$ 5,304,097
Level 1
Statement [Line Items]
Cash	579,508	7,608,149	3,017,704
Level 2
Statement [Line Items]
Cash	0	0	0
Level 3
Statement [Line Items]
Cash	$ 0	$ 0	$ 0

FAIR VALUE MEASUREMENTS AND F_4

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details 1) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Through Profit Or Loss
Cash	$ 579,508	$ 7,608,149	$ 3,017,704	$ 5,304,097
Amortized Cost
Receivables	79,036	75,765	246,671
Restricted Cash Equivalents	34,500	34,500	34,500
Reclamation Deposits	21,055	21,055	21,055
Financial Assets	714,099	7,739,469	3,319,930
Accounts Payable	$ 2,502,139	$ 1,759,163	$ 2,420,392

FINANCIAL RISK MANAGEMENT DIS_3

FINANCIAL RISK MANAGEMENT DISCLOSURES (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Accounts Payable	$ 2,502,139	$ 1,759,163	$ 2,420,392
0 to 6 Months
Statement [Line Items]
Accounts Payable	2,502,139	1,759,163	2,502,139
6 to 12 Months
Statement [Line Items]
Accounts Payable	$ 0	$ 0	$ 0

FINANCIAL RISK MANAGEMENT DIS_4

FINANCIAL RISK MANAGEMENT DISCLOSURES (Details Narrative) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
FINANCIAL RISK MANAGEMENT DISCLOSURES
Cash	$ 579,508	$ 7,608,149	$ 3,017,704	$ 5,304,097
Accounts Payable	$ 2,502,139	$ 1,759,163	$ 2,420,392

RELATED PARTY DISCLOSURES (Deta

RELATED PARTY DISCLOSURES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Related Party Transactions	$ 2,711,489	$ 3,442,838	$ 2,621,678
Directors and Officers
Statement [Line Items]
Related Party Transactions	1,580,504	2,260,806	2,057,592
LinxPartners Ltd.
Statement [Line Items]
Related Party Transactions	997,672	1,029,673	489,254
MakevCo Consulting Inc.
Statement [Line Items]
Related Party Transactions	70,499	80,139	38,309
Sophir Asia Ltd.
Statement [Line Items]
Related Party Transactions	$ 62,814	$ 72,220	$ 36,523

RELATED PARTY DISCLOSURES (De_2

RELATED PARTY DISCLOSURES (Details 1) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement [Line Items]
Related Party Transactions	$ 2,711,489	$ 3,442,838	$ 2,621,678
Consulting and Management Fees
Statement [Line Items]
Related Party Transactions	659,500	370,000	218,500
Directors' Fees
Statement [Line Items]
Related Party Transactions	119,800	108,600	103,805
Mineral Properties
Statement [Line Items]
Related Party Transactions	714,068	1,387,067	1,171,585
Salaries and Short Term Benefits
Statement [Line Items]
Related Party Transactions	587,869	522,359	696,751
Share-Based Payments
Statement [Line Items]
Related Party Transactions	$ 630,252	$ 1,054,812	$ 431,037

RELATED PARTY DISCLOSURES (De_3

RELATED PARTY DISCLOSURES (Details Narrative) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RELATED PARTY DISCLOSURES
Due To Related Parties	$ 68,888	$ 1,800	$ 30,533

COSTS IN EXCESS OF RECOVERED _3

COSTS IN EXCESS OF RECOVERED COAL (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Costs In Excess Of Recovered Coal
Property Costs	$ 387,820	$ 161,737	$ 118,803
Provision For Closure And Reclamation	1,342,474	428,467	1,551
Costs In Excess Of Recovered Coal Total	$ 1,730,294	$ 590,204	$ 120,354

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-cash Financing And Investing Activities
Shares Issued On Property Acquisition	$ 6,231,637	$ 2,000,000	$ 0
Bonus Shares	0	640,000	115,000
Shares For Services	0	80,500	241,003
Shares Issued To Settle Debt	0	0	43,030
Shares Issued Recorded As Prepaid Expenses	0	0	35,000
Subscription Receivable	0	0	30,497
Warrants Issued On Property Acquisition	886,544	0	0
Finders Units	0	24,000	0
Finder's Warrants	42,651	226,917	0
Flying Nickel Warrants Issuable	215,094	0	0
Flying Nickel Warrans Issued For Ft Shares	37,586	0	0
Depreciation Included In Mineral Property	46,047	46,932	3,487
Equipment Expenditures Included In Accounts Payable	0	0	472,213
Mineral Property Expenditures Included In Accounts Payable	1,225,798	681,781	1,252,796
Share-based Payments Capitalized In Mineral Properties	159,511	211,627	119,028
Reclassification Of Contributed Surplus On Exercise Of Options	179,682	272,848	153,845
Reclassification Of Contributed Surplus On Exercise Of Warrants	$ 9,600	$ 166,628	$ 28,478

CONTINGENCIES (Details Narrativ

CONTINGENCIES (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH AND RESTRICTED CASH EQUIVALENTS
Contingent Liabilities		$ 0	$ 0
Gain In Debt Settlement Amount	$ 7,952,700

EVENTS AFTER THE REPORTING DA_2

EVENTS AFTER THE REPORTING DATE (Details Narrative)	Jan. 14, 2022CAD ($)$ / sharesshares	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)	Nov. 15, 2021$ / shares	Feb. 05, 2021$ / shares	Nov. 24, 2020$ / shares	Sep. 18, 2020$ / shares	May 01, 2020$ / shares	Oct. 18, 2019$ / shares	Sep. 06, 2019$ / shares
Statement [Line Items]
Proceeds From Stock Exercised | $		$ 206,824	$ 299,812	$ 174,250
Share Price Per Unit | (per share)					$ 2.60	$ 3.75	$ 4	$ 5	$ 1.30	$ 4	$ 2
Subsequent Event [Member]
Statement [Line Items]
Gross Proceeds Released From Escrow | $	$ 6,715,407
Conversion Of Non-flow-through Subscription Receipts	10,094,033
Broker Warrants Issued	601,269
Exercise Price | $ / shares	$ 0.70
Stock Options Expired	62,000
Stock Options Expired, Per Share | $ / shares	$ 4.90
Stock Purchase Warrants Expired	11,666
Stock Purchase Warrants, Per Share | $ / shares	$ 2.60
Stock Purchase Warrants Exercised	10,000
Proceeds From Stock Exercised | $	$ 26,000
Bonus Shares Issued	187,049
Reserved Shares Sold	1,835,000
Reserved Shares Sold, Proceeds | $	$ 1,259,423
Request To Issue Common Share	1,267,145
Share Price Per Unit | $ / shares	$ 0.70
Contingent Consideration Payable | $	$ 2,000,000