Cover
Cover - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 12, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-55600 | |
Entity Registrant Name | NEVADA CANYON GOLD CORP. | |
Entity Central Index Key | 0001605481 | |
Entity Tax Identification Number | 46-5152859 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 5655 Riggins Court | |
Entity Address, Address Line Two | Suite 15 | |
Entity Address, City or Town | Reno | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89502 | |
City Area Code | (888) | |
Local Phone Number | 909-5548 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | NGLD | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,477,760 | |
Entity Listing, Par Value Per Share | $ 0.0001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash | $ 9,106,886 | $ 9,744,392 |
Prepaid expenses | 543,359 | 541,034 |
Total Current Assets | 9,650,245 | 10,285,426 |
Investment in equity securities | 74,779 | 56,105 |
Mineral property and royalty interests | 1,295,395 | 780,395 |
TOTAL ASSETS | 11,020,419 | 11,121,926 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 808,267 | 846,307 |
Related party payables | 500,000 | 460,000 |
Total Liabilities | 1,308,267 | 1,306,307 |
Commitments and Contingencies (Note 4) | ||
Stockholders’ Equity | ||
Preferred Stock: Authorized 10,000,000 preferred shares, $0.0001 par, none issued and outstanding as of June 30, 2024 and December 31, 2023 | ||
Common Stock: Authorized 100,000,000 common shares, $0.0001 par, 26,055,343 and 25,240,051 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 2,605 | 2,523 |
Additional paid-in capital | 16,274,605 | 14,957,547 |
Obligation to issue shares | 302,167 | 18,000 |
Accumulated deficit | (6,867,225) | (5,162,451) |
Total Stockholders’ Equity | 9,712,152 | 9,815,619 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 11,020,419 | $ 11,121,926 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 26,055,343 | 25,240,051 |
Common stock, shares outstanding | 26,055,343 | 25,240,051 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating expenses | ||||
Investor awareness and marketing | $ 359,367 | $ 41,593 | $ 777,642 | $ 48,518 |
Consulting fees | 124,166 | 124,167 | 248,646 | 179,493 |
Director and officer compensation | 420,768 | 421,440 | 841,534 | 723,506 |
General and administrative | 22,272 | 9,258 | 38,279 | 27,047 |
Professional fees | 7,250 | 70,320 | 27,715 | 76,320 |
Transfer agent and filing fees | 4,559 | 3,868 | 15,274 | 8,590 |
Total operating expenses | 938,382 | 670,646 | 1,949,090 | 1,063,474 |
Other income (expense) | ||||
Fair value gain (loss) on equity investments | (38,524) | (6,224) | 18,674 | (94,962) |
Foreign exchange gain (loss) | (1) | 4 | (7) | 4 |
Interest income | 111,578 | 7,321 | 225,649 | 13,813 |
Total other income (expense) | 73,053 | 1,101 | 244,316 | (81,145) |
Net loss | $ 865,329 | $ 669,545 | $ 1,704,774 | $ 1,144,619 |
Net loss per common share - basic | $ 0.04 | $ 0.09 | $ 0.07 | $ 0.16 |
Net loss per common share - diluted | $ 0.04 | $ 0.09 | $ 0.07 | $ 0.16 |
Weighted average number of common shares outstanding : | ||||
Basic | 23,930,830 | 7,074,061 | 23,613,325 | 7,074,061 |
Diluted | 23,930,830 | 7,074,061 | 23,613,325 | 7,074,061 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Obligation To Issue Shares [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 1,107 | $ 3,073,447 | $ (2,507,501) | $ 567,053 | |
Balance, shares at Dec. 31, 2022 | 11,077,394 | ||||
Stock-based compensation - consultants | 38,889 | 38,889 | |||
Stock-based compensation - consultants, shares | |||||
Stock-based compensation - officer | 58,333 | 58,333 | |||
Stock-based compensation - officer, shares | |||||
Stock-based compensation - directors and CEO | 243,733 | 243,733 | |||
Net loss | (475,074) | (475,074) | |||
Balance at Mar. 31, 2023 | $ 1,107 | 97,222 | 3,317,180 | (2,982,575) | 432,934 |
Balance, shares at Mar. 31, 2023 | 11,077,394 | ||||
Balance at Dec. 31, 2022 | $ 1,107 | 3,073,447 | (2,507,501) | 567,053 | |
Balance, shares at Dec. 31, 2022 | 11,077,394 | ||||
Net loss | (1,144,619) | ||||
Balance at Jun. 30, 2023 | $ 1,107 | 388,889 | 3,563,620 | (3,652,120) | 301,496 |
Balance, shares at Jun. 30, 2023 | 11,077,394 | ||||
Balance at Mar. 31, 2023 | $ 1,107 | 97,222 | 3,317,180 | (2,982,575) | 432,934 |
Balance, shares at Mar. 31, 2023 | 11,077,394 | ||||
Stock-based compensation - consultants | 116,667 | 116,667 | |||
Stock-based compensation - consultants, shares | |||||
Stock-based compensation - officer | 175,000 | 175,000 | |||
Stock-based compensation - officer, shares | |||||
Stock-based compensation - directors and CEO | 246,440 | 246,440 | |||
Net loss | (669,545) | (669,545) | |||
Balance at Jun. 30, 2023 | $ 1,107 | 388,889 | 3,563,620 | (3,652,120) | 301,496 |
Balance, shares at Jun. 30, 2023 | 11,077,394 | ||||
Balance at Dec. 31, 2023 | $ 2,523 | 18,000 | 14,957,547 | (5,162,451) | 9,815,619 |
Balance, shares at Dec. 31, 2023 | 25,240,051 | ||||
Stock-based compensation - consultants | $ 17 | 116,650 | 116,667 | ||
Stock-based compensation - consultants, shares | 166,667 | ||||
Stock-based compensation - officer | $ 25 | 174,975 | 175,000 | ||
Stock-based compensation - officer, shares | 250,000 | ||||
Stock-based compensation - directors and CEO | 245,767 | 245,767 | |||
Net loss | (839,445) | (839,445) | |||
Shares issued on exercise of warrants | $ 11 | (6,000) | 126,829 | 120,840 | |
Shares issued on exercise of warrants, shares | 105,700 | ||||
Shares to be issued on exercise of warrants | 38,850 | 38,850 | |||
Share issuance costs | (1,624) | (1,624) | |||
Balance at Mar. 31, 2024 | $ 2,576 | 50,850 | 15,620,144 | (6,001,896) | 9,671,674 |
Balance, shares at Mar. 31, 2024 | 25,762,418 | ||||
Balance at Dec. 31, 2023 | $ 2,523 | 18,000 | 14,957,547 | (5,162,451) | 9,815,619 |
Balance, shares at Dec. 31, 2023 | 25,240,051 | ||||
Net loss | (1,704,774) | ||||
Balance at Jun. 30, 2024 | $ 2,605 | 302,167 | 16,274,605 | (6,867,225) | 9,712,152 |
Balance, shares at Jun. 30, 2024 | 26,055,343 | ||||
Balance at Mar. 31, 2024 | $ 2,576 | 50,850 | 15,620,144 | (6,001,896) | 9,671,674 |
Balance, shares at Mar. 31, 2024 | 25,762,418 | ||||
Stock-based compensation - consultants | 116,667 | 116,667 | |||
Stock-based compensation - officer | 175,000 | 175,000 | |||
Stock-based compensation - directors and CEO | 245,767 | 245,767 | |||
Net loss | (865,329) | (865,329) | |||
Shares issued on exercise of warrants | $ 26 | (50,850) | 309,484 | 258,660 | |
Shares issued on exercise of warrants, shares | 257,925 | ||||
Shares to be issued on exercise of warrants | 10,500 | 10,500 | |||
Share issuance costs | (1,062) | (1,062) | |||
Stock-based compensation - investor awareness and marketing | $ 3 | 100,272 | 100,275 | ||
Stock-based compensation - investor awareness and marketing, shares | 35,000 | ||||
Balance at Jun. 30, 2024 | $ 2,605 | $ 302,167 | $ 16,274,605 | $ (6,867,225) | $ 9,712,152 |
Balance, shares at Jun. 30, 2024 | 26,055,343 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows used in operating activities | ||
Net loss | $ (1,704,774) | $ (1,144,619) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Fair value loss (gain) on equity investments | (18,674) | 94,962 |
Stock-based compensation - directors and CEO | 491,534 | 490,173 |
Stock-based compensation - consultants | 233,334 | 155,556 |
Stock-based compensation - officer | 350,000 | 233,333 |
Stock-based compensation - investor awareness and marketing | 100,275 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (2,325) | (5,027) |
Accounts payable | (18,040) | (15,167) |
Related party payables | (17,031) | |
Net cash used in operating activities | (568,670) | (207,820) |
INVESTING ACTIVITIES: | ||
Acquisition of mineral property and royalty interests | (495,000) | (20,000) |
Net cash used in investing activities | (495,000) | (20,000) |
FINANCING ACTIVITIES: | ||
Cash received on exercise of warrants | 428,850 | |
Share issuance cash costs | (2,686) | |
Net cash provided by financing activities | 426,164 | |
Net decrease in cash | (637,506) | (227,820) |
Cash at beginning of period | 9,744,392 | 1,007,018 |
Cash at end of period | 9,106,886 | 779,198 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Mineral interests acquired with related parties payables, net | $ 40,000 | $ 20,000 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | NOTE 1 - NATURE OF BUSINESS Nevada Canyon Gold Corp. (the “Company”) was incorporated under the laws of the state of Nevada February 27, 2014 Going Concern The Company’s condensed consolidated financial statements are prepared using accounting principles generally accepted in the United States of America (“US GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company is in the business of acquiring and exploring mineral properties and royalty interests and has not generated or realized any revenues from these business operations. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. As of June 30, 2024, the Company’s management has assessed the Company’s ability to continue as a going concern. Management’s assessment is based on various factors, including historical and projected financial performance, liquidity, and other relevant circumstances. As of the date of these condensed consolidated financial statements, the Company has sufficient cash to meet its working capital requirements and fund its exploration programs and general day-to-day operations for at least the next 12 months. This assessment takes into account the Company’s current cash balances as a result of the sale of the Company’s common shares under offering statement on Form 1-A (the “Offering”), and expected future cash inflows from the Offering and future financing the management is planning to undertake. While the Company believes it has the financial resources to continue its operations for the next 12 months, it is important to note that there are inherent uncertainties in projecting future cash flows, and there can be no assurance that these projections will be realized. The Company continues to closely monitor its financial position, market conditions, and other factors that may impact its ability to continue as a going concern. Management’s assessment is based on the information available as of the date of this report. If unforeseen events, adverse market conditions, or other factors negatively affect the Company’s financial position in the future, there may be a need to adjust the going concern assessment. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. In the event that the Company’s ability to continue as a going concern becomes doubtful, adjustments to the carrying values of assets and liabilities, as well as additional disclosures, would be necessary. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements of the Company have been prepared in accordance with US GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by US GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K, filed with the SEC. The condensed consolidated financial statements should be read in conjunction with those consolidated financial statements included in Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three and six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Earnings per Share The Company’s basic earnings per share (“EPS”) is calculated by dividing its net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period, excluding unvested portion of restricted stock. Restricted stock that has been distributed but not yet vested and thus excluded from the weighted average shares calculation, was 2,001,667 The Company’s diluted EPS is calculated by dividing its net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the period. Dilutive earnings per share includes any additional dilution from common stock equivalents, such as stock options, warrants, and convertible instruments, if the impact is not antidilutive. At June 30, 2024 and December 31, 2023, all of the Company’s outstanding warrants and undistributed restricted stock awards are excluded from the diluted earnings per share calculation because their impact would be anti-dilutive. Recent Accounting Pronouncements In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05 Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement In December 2023, the FASB issued ASU 2023-09 ( Topic 740) Improvements to Income Tax Disclosures Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 3 – RELATED PARTY TRANSACTIONS Amounts due to related parties at June 30, 2024 and December 31, 2023: SCHEDULE OF RELATED PARTY TRANSACTIONS June 30, 2024 December 31, Amounts due to the Chairman of the Board and Chief Financial Officer (“CFO”) (a) $ 100,000 $ 100,000 Amounts due to a company controlled by the Chairman of the Board and CFO (a) 360,000 360,000 Amounts due to companies controlled by the Chief Executive Officer (“CEO”), President, and director (a,b) 40,000 - Total related party payables $ 500,000 $ 460,000 (a) These amounts are non-interest bearing, unsecured and due on demand. (b) This amount includes annual property payment totaling $ 20,000 20,000 During the three- and six-month periods ended June 30, 2024 and 2023, the Company had the following transactions with its related parties: SCHEDULE OF TRANSACTIONS WITH ITS RELATED PARTIES Three months ended Six months ended 2024 2023 2024 2023 Director stock-based compensation incurred to the Chairman of the Board and CFO $ 82,059 $ 82,283 $ 164,118 $ 163,663 Director stock-based compensation incurred to a director 40,927 41,039 81,854 81,627 Director stock-based compensation incurred to CEO, President, and director 122,781 123,118 245,562 244,883 Officer stock-based compensation incurred to VP of Operations 175,000 175,000 350,000 233,333 Related party transactions $ 420,767 $ 421,440 $ 841,534 $ 723,506 See Note 4 – Mineral Property and Royalty Interests Note 6 – Stockholders’ Equity |
MINERAL PROPERTY AND ROYALTY IN
MINERAL PROPERTY AND ROYALTY INTERESTS | 6 Months Ended |
Jun. 30, 2024 | |
Extractive Industries [Abstract] | |
MINERAL PROPERTY AND ROYALTY INTERESTS | NOTE 4 – MINERAL PROPERTY AND ROYALTY INTERESTS As of June 30, 2024, the Company’s mineral property interests are comprised of the Lazy Claims Property, the Loman Property, and the Agai-Pah Property located in Mineral County, Nevada, the Swales Property located in Elko County, Nevada, and the Belshazzar Property located in Quartzburg mining district, Boise County, Idaho. In addition, the Company acquired an option to acquire 100 1 2 2 1 2 SCHEDULE OF MINERAL PROPERTY INTERESTS June 30, December 31, Mineral Property Interests Lazy Claims $ - $ - Loman 10,395 10,395 Agai-Pah 80,000 60,000 Belshazzar 80,000 60,000 Swales 60,000 60,000 Sub-total, Mineral Property Interests 230,395 190,395 Royalty Interests Olinghouse 240,000 240,000 Palmetto 350,000 350,000 Lapon Canyon (including Sleeper claims) 325,000 - Pikes Peak 150,000 - Sub-total, Royalty Interests 1,065,000 590,000 Total Mineral Property and Royalty Interests $ 1,295,395 $ 780,395 Lazy Claims Property On August 2, 2017, the Company entered into an exploration lease agreement (the “Lazy Claims Agreement”) with Tarsis Resources US Inc. (“Tarsis”), a Nevada corporation, to lease the Lazy Claims, consisting of three claims. The term of the Lazy Claims Agreement is ten years, and is subject to extension for additional two consecutive 10 1,000 2,000 2 2,000 2,000 During the three- and six-month periods ended June 30, 2024 and 2023, the Company did not incur any expenses associated with the Lazy Claims. Loman Property In December 2019, the Company acquired 27 10,395 During the three- and six-month periods ended June 30, 2024 and 2023, the Company did not incur any expenses associated with the Loman Claims. Agai-Pah Property On May 19, 2021, the Company entered into exploration lease with option to purchase agreement (the “Agai-Pah Property Agreement”) with MSM Resource, L.L.C. (“MSM”), a Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20 400 The term of the Agreement commenced on May 19, 2021, and continues for ten years, subject to the Company’s right to extend the Agai-Pah Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Property. Full consideration of the Agai-Pah Property Agreement consists of the following: (i) an initial cash payment of $ 20,000 20,000 The Company has the exclusive option and right to acquire 100 750,000 20,000 During the three- and six-month periods ended June 30, 2024 and 2023, the Company did not incur any expenses associated with the Agai-Pah Property. Belshazzar Property On June 4, 2021, the Company entered into exploration lease with option to purchase agreement (the “Belshazzar Property Agreement”) with Belshazzar Holdings, L.L.C. (“Belshazzar”), a Nevada Limited Liability Corporation on the Belshazzar Property, consisting of ten unpatented lode mining claims and seven unpatented placer mineral claims totaling 200 The term of the Belshazzar Property Agreement commenced on June 4, 2021, and continues for ten years, subject to the Company’s right to extend the Belshazzar Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Belshazzar Property. Full consideration of the Belshazzar Property Agreement consists of the following: (i) an initial cash payment of $ 20,000 20,000 The Company has the exclusive option and right to acquire 100 800,000 1 20,000 During the three- and six-month periods ended June 30, 2024 and 2023, the Company did not incur any expenses associated with the Belshazzar Property. Swales Property On December 27, 2021, the Company entered into exploration lease with option to purchase agreement (the “Swales Property Agreement”) with Mr. W. Wright Parks III., (“Mr. Parks”) on the Swales Property, consisting of 40 800 The term of the Swales Property Agreement commenced on December 27, 2021, and continues for ten years, subject to the Company’s right to extend the Swales Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Swales Property. Full consideration of the Swales Property Agreement consists of the following: (i) an initial cash payment of $ 20,000 20,000 The Company has the exclusive option and right to acquire 100 750,000 The Company made the initial cash payment of $ 20,000 20,000 20,000 During the three- and six-month periods ended June 30, 2024 and 2023, the Company did not incur any expenses associated with the Swales Property. Olinghouse Project On December 17, 2021, the Company’s wholly-owned subsidiary, Nevada Canyon, LLC, entered into an Option to Purchase Agreement (the “ ” Nevada company, to acquire 100 The Company has the exclusive right and option (the “Olinghouse Purchase Option”), exercisable at any time during the Olinghouse Option period, at its sole discretion, to acquire 100% of a 1% production royalty from the net smelter returns on all minerals and products produced from certain properties comprising the Olinghouse Project. The term of the Olinghouse Purchase Option shall be the later of one year, or 60 days after the date on which the Company delivers to Target a written notice to exercise the Olinghouse Purchase Option, subject to further extension if Target’s conditions to closing are not fully satisfied or otherwise waived by the Company. Full consideration of the Olinghouse Agreement consists of the following: (i) an initial cash option payment of $ 200,000 ● if the Company’s 10-day volume weighted average price (“VWAP”) Calculation is less than $ 1.25 ● if the Company’s 10-day VWAP Calculation is more than $ 1.25 2,000,000 On December 23, 2022, the Company and Target agreed to extend the Olinghouse Purchase Option for an additional one-year term, expiring on December 17, 2023, for a one-time cash payment of $ 40,000 1 During the three- and six-month periods ended June 30, 2024 and 2023, the Company did not incur any expenses associated with the Olinghouse Project. Palmetto Project On January 27, 2022, Nevada Canyon, LLC entered into a Royalty Purchase Agreement with Smooth Rock Ventures, LLC, a wholly-owned subsidiary of Smooth Rock Ventures Corp. (“Smooth Rock”), to acquire a 2 To acquire the 2 350,000 During the three- and six-month periods ended June 30, 2024 and 2023, the Company did not incur any expenses associated with the Palmetto Project. Lapon Canyon Project On May 24, 2024, Nevada Canyon, LLC entered into a Royalty Purchase Agreement with Walker River Resources, LLC (“Walker River”), a wholly owned subsidiary of Walker River Resources Corp. 2 300,000 The Lapon Canyon Project consists of 96 unpatented lode mining claims identified as the Sleeper and Lapon Rose claim groups situated in Mineral County, Nevada, within the northern portion of the Walker Lane gold trend. In order to finalize the Royalty Purchase Agreement, the Company was required to acquire an additional 1 25,000 1 Pikes Peak Project On June 12, 2024, the Company acquired a 2 100 150,000 |
INVESTMENT IN EQUITY SECURITIES
INVESTMENT IN EQUITY SECURITIES | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN EQUITY SECURITIES | NOTE 5 – INVESTMENT IN EQUITY SECURITIES As at June 30, 2024 and December 31, 2023, the Company’s equity investment consisted of 511,750 At June 30, 2024 and December 31, 2023, the fair value of the equity investment was $ 74,779 56,105 During the three-month period ended June 30, 2024, the revaluation of the equity investment in WRR resulted in a $ 38,524 6,224 During the six-month period ended June 30, 2024, the revaluation of the equity investment in WRR resulted in a $ 18,674 94,962 The Company did not sell any WRR Shares during the three- and six-month periods ended June 30, 2024 and 2023. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 6 – STOCKHOLDERS’ EQUITY The Company was formed with one class of common stock, $ 0.0001 100,000,000 0.0001 10,000,000 Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company. On June 7, 2024, the Company issued 35,000 Common Shares valued at $ 100,275 for investor awareness and marketing services. The fair value of the shares issued was based on the trading price of the Company’s Common Shares on the date of issuance, being $ 2.865 During the six-month period ended June 30, 2024, the Company issued 363,625 436,350 18,000 2,686 Subsequent to June 30, 2024, the Company issued further 5,750 6,900 3,600 Warrants The changes in the number of warrants outstanding for the six-month period ended June 30, 2024, and for the year ended December 31, 2023, are as follows: SCHEDULE OF CHANGES IN NUMBER OF WARRANTS OUTSTANDING Six months ended June 30, 2024 Year ended December 31, 2023 Number of warrants Weighted average exercise price Number of warrants Weighted average exercise price Warrants outstanding, beginning 12,349,912 $ 1.20 - $ n/a Warrants issued - offering - $ n/a 12,499,343 $ 1.20 Warrants issued - agent - $ n/a 124,994 $ 1.20 Warrants exercised (363,625 ) $ 1.20 (274,425 ) $ 1.20 Warrants outstanding, ending 11,986,287 $ 1.20 12,349,912 $ 1.20 Details of warrants outstanding as at June 30, 2024, are as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of warrants exercisable Expiry date Exercise price 402,239 July 27, 2025 $ 1.20 2,763,574 August 28, 2025 $ 1.20 2,054,097 September 23, 2025 $ 1.20 55,373 (1) September 23, 2028 $ 1.20 4,697,267 October 18, 2025 $ 1.20 1,944,116 November 3, 2025 $ 1.20 69,621 (1) November 3, 2028 $ 1.20 11,986,287 (1) Agent warrants At June 30, 2024, the weighted average life of the warrants was 1.29 Share-based compensation During the three- and six-month periods ended June 30, 2024 and 2023, the Company recognized share-based compensation as follows: SCHEDULE OF RECOGNIZED SHARE-BASED COMPENSATION 2024 2023 2024 2023 Three months ended Six months ended 2024 2023 2024 2023 Directors and CEO $ 245,767 $ 246,440 $ 491,534 $ 490,173 Officer – VP of Operations 175,000 175,000 350,000 233,333 Consultants 116,667 116,667 233,334 155,556 Total $ 537,434 $ 538,107 $ 1,074,868 $ 879,062 Directors: On December 30, 2021, the Company distributed a total of 6,005,000 3 The fair value of the shares was determined to be approximately $ 2,965,413 0.4938 As stated above, the Company distributed all of the awarded shares prior to vesting. As at June 30, 2024, 4,003,333 2,001,667 496,936 six months Officer – VP of Operations: On February 24, 2023, the Company entered into a consulting agreement with the Company’s newly appointed Vice President of Operations (the “VP Agreement”). The Company agreed to issue 2,000,000 1,400,000 0.70 1,083,333 250,000 Unvested compensation related to the shares to be issued under the VP Agreement of $ 466,667 eight months Consultants: On February 24, 2023, the Company entered into two separate consulting agreements with consultants (the “Consulting Agreements”) in exchange for a total of 2,000,000 1,400,000 0.70 722,223 166,667 Unvested compensation related to the Shares to be issued under the Consulting Agreements of $ 777,778 1.67 |
PREPAID EXPENSES
PREPAID EXPENSES | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid Expenses | |
PREPAID EXPENSES | NOTE 7 – PREPAID EXPENSES Prepaid expenses at June 30, 2024 and December 31, 2023: SCHEDULE OF PREPAID EXPENSES June 30, 2024 December 31, 2023 Prepaid investor awareness and marketing $ 500,000 $ 500,367 Prepaid filing and listing fees 40,734 38,042 Prepaid consulting fees 2,625 2,625 Total $ 543,359 $ 541,034 |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Earnings per Share | Earnings per Share The Company’s basic earnings per share (“EPS”) is calculated by dividing its net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period, excluding unvested portion of restricted stock. Restricted stock that has been distributed but not yet vested and thus excluded from the weighted average shares calculation, was 2,001,667 The Company’s diluted EPS is calculated by dividing its net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the period. Dilutive earnings per share includes any additional dilution from common stock equivalents, such as stock options, warrants, and convertible instruments, if the impact is not antidilutive. At June 30, 2024 and December 31, 2023, all of the Company’s outstanding warrants and undistributed restricted stock awards are excluded from the diluted earnings per share calculation because their impact would be anti-dilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05 Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement In December 2023, the FASB issued ASU 2023-09 ( Topic 740) Improvements to Income Tax Disclosures Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | Amounts due to related parties at June 30, 2024 and December 31, 2023: SCHEDULE OF RELATED PARTY TRANSACTIONS June 30, 2024 December 31, Amounts due to the Chairman of the Board and Chief Financial Officer (“CFO”) (a) $ 100,000 $ 100,000 Amounts due to a company controlled by the Chairman of the Board and CFO (a) 360,000 360,000 Amounts due to companies controlled by the Chief Executive Officer (“CEO”), President, and director (a,b) 40,000 - Total related party payables $ 500,000 $ 460,000 (a) These amounts are non-interest bearing, unsecured and due on demand. (b) This amount includes annual property payment totaling $ 20,000 20,000 |
SCHEDULE OF TRANSACTIONS WITH ITS RELATED PARTIES | During the three- and six-month periods ended June 30, 2024 and 2023, the Company had the following transactions with its related parties: SCHEDULE OF TRANSACTIONS WITH ITS RELATED PARTIES Three months ended Six months ended 2024 2023 2024 2023 Director stock-based compensation incurred to the Chairman of the Board and CFO $ 82,059 $ 82,283 $ 164,118 $ 163,663 Director stock-based compensation incurred to a director 40,927 41,039 81,854 81,627 Director stock-based compensation incurred to CEO, President, and director 122,781 123,118 245,562 244,883 Officer stock-based compensation incurred to VP of Operations 175,000 175,000 350,000 233,333 Related party transactions $ 420,767 $ 421,440 $ 841,534 $ 723,506 |
MINERAL PROPERTY AND ROYALTY _2
MINERAL PROPERTY AND ROYALTY INTERESTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Extractive Industries [Abstract] | |
SCHEDULE OF MINERAL PROPERTY INTERESTS | SCHEDULE OF MINERAL PROPERTY INTERESTS June 30, December 31, Mineral Property Interests Lazy Claims $ - $ - Loman 10,395 10,395 Agai-Pah 80,000 60,000 Belshazzar 80,000 60,000 Swales 60,000 60,000 Sub-total, Mineral Property Interests 230,395 190,395 Royalty Interests Olinghouse 240,000 240,000 Palmetto 350,000 350,000 Lapon Canyon (including Sleeper claims) 325,000 - Pikes Peak 150,000 - Sub-total, Royalty Interests 1,065,000 590,000 Total Mineral Property and Royalty Interests $ 1,295,395 $ 780,395 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
SCHEDULE OF CHANGES IN NUMBER OF WARRANTS OUTSTANDING | The changes in the number of warrants outstanding for the six-month period ended June 30, 2024, and for the year ended December 31, 2023, are as follows: SCHEDULE OF CHANGES IN NUMBER OF WARRANTS OUTSTANDING Six months ended June 30, 2024 Year ended December 31, 2023 Number of warrants Weighted average exercise price Number of warrants Weighted average exercise price Warrants outstanding, beginning 12,349,912 $ 1.20 - $ n/a Warrants issued - offering - $ n/a 12,499,343 $ 1.20 Warrants issued - agent - $ n/a 124,994 $ 1.20 Warrants exercised (363,625 ) $ 1.20 (274,425 ) $ 1.20 Warrants outstanding, ending 11,986,287 $ 1.20 12,349,912 $ 1.20 |
SCHEDULE OF WARRANTS OUTSTANDING | Details of warrants outstanding as at June 30, 2024, are as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of warrants exercisable Expiry date Exercise price 402,239 July 27, 2025 $ 1.20 2,763,574 August 28, 2025 $ 1.20 2,054,097 September 23, 2025 $ 1.20 55,373 (1) September 23, 2028 $ 1.20 4,697,267 October 18, 2025 $ 1.20 1,944,116 November 3, 2025 $ 1.20 69,621 (1) November 3, 2028 $ 1.20 11,986,287 (1) Agent warrants |
SCHEDULE OF RECOGNIZED SHARE-BASED COMPENSATION | During the three- and six-month periods ended June 30, 2024 and 2023, the Company recognized share-based compensation as follows: SCHEDULE OF RECOGNIZED SHARE-BASED COMPENSATION 2024 2023 2024 2023 Three months ended Six months ended 2024 2023 2024 2023 Directors and CEO $ 245,767 $ 246,440 $ 491,534 $ 490,173 Officer – VP of Operations 175,000 175,000 350,000 233,333 Consultants 116,667 116,667 233,334 155,556 Total $ 537,434 $ 538,107 $ 1,074,868 $ 879,062 |
PREPAID EXPENSES (Tables)
PREPAID EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid Expenses | |
SCHEDULE OF PREPAID EXPENSES | Prepaid expenses at June 30, 2024 and December 31, 2023: SCHEDULE OF PREPAID EXPENSES June 30, 2024 December 31, 2023 Prepaid investor awareness and marketing $ 500,000 $ 500,367 Prepaid filing and listing fees 40,734 38,042 Prepaid consulting fees 2,625 2,625 Total $ 543,359 $ 541,034 |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
State of incorporation | NV |
Date of incorporation | Feb. 27, 2014 |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 2,001,667 | 2,001,667 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - Related Party [Member] - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Amounts due to the Chief Executive Officer | $ 500,000 | $ 460,000 | |
Chairman of the Board, Chief Financial Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts due to the Chief Executive Officer | [1] | 100,000 | 100,000 |
Company Controlled by the Chairman of the Board And Chief Financial Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts due to the Chief Executive Officer | [1] | 360,000 | 360,000 |
Company Controlled by the Chief Executive Officer President And Director [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts due to the Chief Executive Officer | [1],[2] | $ 40,000 | |
[1]These amounts are non-interest bearing, unsecured and due on demand.[2]This amount includes annual property payment totaling $ 20,000 20,000 |
SCHEDULE OF RELATED PARTY TRA_2
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) (Parenthetical) | Jun. 30, 2024 USD ($) |
MSM Resource LLC [Member] | |
Related Party Transaction [Line Items] | |
Related party payables | $ 20,000 |
Belshazzar Holdings LLC [Member] | |
Related Party Transaction [Line Items] | |
Related party payables | $ 20,000 |
SCHEDULE OF TRANSACTIONS WITH I
SCHEDULE OF TRANSACTIONS WITH ITS RELATED PARTIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Related party transactions | $ 420,767 | $ 421,440 | $ 841,534 | $ 723,506 |
Chairman of the Board, CFO [Member] | ||||
Related party transactions | 82,059 | 82,283 | 164,118 | 163,663 |
Director [Member] | ||||
Related party transactions | 40,927 | 41,039 | 81,854 | 81,627 |
CEO, President and Director [Member] | ||||
Related party transactions | 122,781 | 123,118 | 245,562 | 244,883 |
VP of Operations [Member] | ||||
Related party transactions | $ 175,000 | $ 175,000 | $ 350,000 | $ 233,333 |
SCHEDULE OF MINERAL PROPERTY IN
SCHEDULE OF MINERAL PROPERTY INTERESTS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Sub-total, Mineral Property Interests | $ 230,395 | $ 190,395 |
Sub-total, Royalty Interests | 1,065,000 | 590,000 |
Total Mineral Property and Royalty Interests | 1,295,395 | 780,395 |
Lazy Cliams [Member] | ||
Sub-total, Mineral Property Interests | ||
Loman [Member] | ||
Sub-total, Mineral Property Interests | 10,395 | 10,395 |
Agai-Pah [Member] | ||
Sub-total, Mineral Property Interests | 80,000 | 60,000 |
Belshazzar [Member] | ||
Sub-total, Mineral Property Interests | 80,000 | 60,000 |
Swales [Member] | ||
Sub-total, Mineral Property Interests | 60,000 | 60,000 |
Olinghouse [Member] | ||
Sub-total, Royalty Interests | 240,000 | 240,000 |
Palmetto [Member] | ||
Sub-total, Royalty Interests | 350,000 | 350,000 |
Lapon Canyon Including Sleeper Claims [Member] | ||
Sub-total, Royalty Interests | 325,000 | |
Pikes Peak [Member] | ||
Sub-total, Royalty Interests | $ 150,000 |
MINERAL PROPERTY AND ROYALTY _3
MINERAL PROPERTY AND ROYALTY INTERESTS (Details Narrative) | 1 Months Ended | 6 Months Ended | |||||||||||||||
Jun. 12, 2024 USD ($) | May 24, 2024 USD ($) | Feb. 16, 2024 USD ($) | Mar. 14, 2023 USD ($) | Dec. 23, 2022 USD ($) | Feb. 07, 2022 USD ($) | Jan. 27, 2022 | Jan. 15, 2022 USD ($) | Dec. 27, 2021 USD ($) ft² Integer | Dec. 18, 2021 USD ($) | Dec. 17, 2021 $ / shares shares | Jun. 04, 2021 USD ($) ft² | May 19, 2021 USD ($) ft² Integer | Aug. 02, 2017 USD ($) | Dec. 31, 2019 USD ($) Integer | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | |
Payments to acquire mineral interest | $ 495,000 | $ 20,000 | |||||||||||||||
Olinghouse Project Agreement [Member] | |||||||||||||||||
Payments to acquire rights of the property | 1% | ||||||||||||||||
Olinghouse Project Agreement [Member] | Target Minerals Inc [Member] | |||||||||||||||||
Description of current status of project | Nevada company, to acquire 100% interest of Target’s 1% production royalty on the Olinghouse Project, located in the Olinghouse Mining District, Washoe County, Nevada. | ||||||||||||||||
Equity method investment, ownership percentage | 100% | ||||||||||||||||
Aquisition of net smelter royalty, description | the Olinghouse Option period, at its sole discretion, to acquire 100% of a 1% production royalty from the net smelter returns on all minerals and products produced from certain properties comprising the Olinghouse Project. | ||||||||||||||||
Cash option payment to acquire royalty interest | $ 40,000 | $ 200,000 | |||||||||||||||
Net smelter returns royalty percentage | 1% | ||||||||||||||||
Olinghouse Project Agreement [Member] | Target Minerals Inc [Member] | Volume Weighted Average Price [Member] | |||||||||||||||||
Purchase price per share | $ / shares | $ 1.25 | ||||||||||||||||
Common stock shares | shares | 2,000,000 | ||||||||||||||||
Palmetto Project Agreement [Member] | |||||||||||||||||
Payments to acquire rights of the property | 2% | ||||||||||||||||
Lapon Canyon Project Agreement [Member] | |||||||||||||||||
Payments to acquire rights of the property | 2% | ||||||||||||||||
36 Sleeper Claims Project Agreement [Member] | |||||||||||||||||
Payments to acquire rights of the property | 1% | ||||||||||||||||
Pikes Peak Project Agreement [Member] | |||||||||||||||||
Payments to acquire rights of the property | 2% | ||||||||||||||||
Lease Agreement [Member] | Tarsis Resources US Inc [Member] | |||||||||||||||||
Payments to acquire rights of the property | 2% | ||||||||||||||||
Lease description | The term of the Lazy Claims Agreement is ten years, and is subject to extension for additional two consecutive 10-year terms. Full consideration of the Lazy Claims Agreement consists of the following: an initial cash payment of $1,000 to Tarsis, paid upon the execution of the Lazy Claims Agreement, with $2,000 payable to Tarsis on each subsequent anniversary of the effective date. The Company agreed to pay Tarsis a 2% production royalty (the “Lazy Claims Royalty”) based on the gross returns from the production and sale of minerals from the Lazy Claims. Should the Lazy Claims Royalty payments to Tarsis be in excess of $2,000 per year, the Company will not be required to pay a $2,000 annual minimum payment. | ||||||||||||||||
Extension agreement term | 10 years | ||||||||||||||||
Initial cash payment of lease | $ 1,000 | ||||||||||||||||
Lease payable | 2,000 | ||||||||||||||||
Annual minimum payment | $ 2,000 | ||||||||||||||||
Loman Claims [Member] | |||||||||||||||||
Number of mining properties acquired | Integer | 27 | ||||||||||||||||
Payments mineral property interest | $ 10,395 | ||||||||||||||||
Agai Pah Property Agreement [Member] | MSM Resource LLC [Member] | |||||||||||||||||
Description of current status of project | Nevada limited liability Corporation on the Agai-Pah Property, consisting of 20 unpatented mining claims totaling 400 acres, located in sections 32 & 33, T4N, R34E, MDM, Mineral County, Nevada about 10 miles northeast of the town of Hawthorne (the “Agai-Pah Property”). | ||||||||||||||||
Number of mining properties unpatented | Integer | 20 | ||||||||||||||||
Area of land | ft² | 400 | ||||||||||||||||
Extension of agreement, description | The term of the Agreement commenced on May 19, 2021, and continues for ten years, subject to the Company’s right to extend the Agai-Pah Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Property. | ||||||||||||||||
Anniversary payment | $ 20,000 | ||||||||||||||||
Annual payments | $ 20,000 | ||||||||||||||||
Option to acquire property, description | The Company has the exclusive option and right to acquire 100% ownership of the Agai-Pah Property (the “Agai-Pah Purchase Option”). | ||||||||||||||||
Percentage of ownership property | 100% | ||||||||||||||||
Payments to acquire mineral interest | $ 750,000 | $ 20,000 | |||||||||||||||
Belshazzar Property Agreement [Member] | Belshazzar Holdings LLC [Member] | |||||||||||||||||
Payments to acquire rights of the property | 1% | ||||||||||||||||
Description of current status of project | a Nevada Limited Liability Corporation on the Belshazzar Property, consisting of ten unpatented lode mining claims and seven unpatented placer mineral claims totaling 200 acres, within Quartzburg mining district, in Boise County, Idaho (the “Belshazzar Property”). | ||||||||||||||||
Area of land | ft² | 200 | ||||||||||||||||
Extension of agreement, description | The term of the Belshazzar Property Agreement commenced on June 4, 2021, and continues for ten years, subject to the Company’s right to extend the Belshazzar Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Belshazzar Property. | ||||||||||||||||
Anniversary payment | $ 20,000 | ||||||||||||||||
Annual payments | $ 20,000 | ||||||||||||||||
Option to acquire property, description | The Company has the exclusive option and right to acquire 100% ownership of the Belshazzar Property (the “Belshazzar Purchase Option”). | ||||||||||||||||
Percentage of ownership property | 100% | ||||||||||||||||
Payments to acquire mineral interest | $ 800,000 | $ 20,000 | |||||||||||||||
Swales Property Agreement [Member] | Wright Parks III [Member] | |||||||||||||||||
Equity method investment, ownership percentage | 100% | ||||||||||||||||
Swales Property Agreement [Member] | Wright Parks III [Member] | |||||||||||||||||
Description of current status of project | the Swales Property, consisting of 40 unpatented lode mining claims totaling 800 acres, within Swales Mountain Mining District in Elko County, Nevada (the “Swales Property”). | ||||||||||||||||
Number of mining properties unpatented | Integer | 40 | ||||||||||||||||
Area of land | ft² | 800 | ||||||||||||||||
Extension of agreement, description | The term of the Swales Property Agreement commenced on December 27, 2021, and continues for ten years, subject to the Company’s right to extend the Swales Property Agreement for two additional terms of ten years each, and subject to the Company’s option to purchase the Swales Property. | ||||||||||||||||
Anniversary payment | $ 20,000 | ||||||||||||||||
Annual payments | $ 20,000 | ||||||||||||||||
Payments to acquire mineral interest | $ 20,000 | $ 20,000 | $ 20,000 | ||||||||||||||
Noncontrolling interest, description | The Company has the exclusive option and right to acquire 100% ownership of the Swales Property (the “Swales Purchase Option”). | ||||||||||||||||
Payments to acquire equity method investments | $ 750,000 | ||||||||||||||||
Royalty Purchase Agreement [Member] | Pikes Peak Project [Member] | |||||||||||||||||
Equity method investment, ownership percentage | 100% | ||||||||||||||||
Royalty Purchase Agreement [Member] | Smooth Rock Ventures, LLC [Member] | |||||||||||||||||
Description of current status of project | Nevada Canyon, LLC entered into a Royalty Purchase Agreement with Smooth Rock Ventures, LLC, a wholly-owned subsidiary of Smooth Rock Ventures Corp. (“Smooth Rock”), to acquire a 2% net smelter returns royalty on the Palmetto Project. | ||||||||||||||||
Net smelter returns royalty percentage | 2% | ||||||||||||||||
One-time cash payment | $ 350,000 | ||||||||||||||||
Royalty Purchase Agreement [Member] | Walker River Resources Corp [Member] | |||||||||||||||||
Description of current status of project | Nevada Canyon, LLC entered into a Royalty Purchase Agreement with Walker River Resources, LLC (“Walker River”), a wholly owned subsidiary of Walker River Resources Corp. | ||||||||||||||||
Net smelter returns royalty percentage | 2% | ||||||||||||||||
One-time cash payment | $ 300,000 | ||||||||||||||||
Royalty Purchase Agreement [Member] | Lapon Canyon Project [Member] | |||||||||||||||||
Payments to acquire mineral interest | $ 25,000 | ||||||||||||||||
Net smelter returns royalty percentage | 1% | ||||||||||||||||
Royalty Purchase Agreement [Member] | Pikes Peak Project [Member] | |||||||||||||||||
Net smelter returns royalty percentage | 2% | ||||||||||||||||
One-time cash payment | $ 150,000 | ||||||||||||||||
Target Minerals Inc [Member] | |||||||||||||||||
Percentage of acquire interest | 100% |
INVESTMENT IN EQUITY SECURITI_2
INVESTMENT IN EQUITY SECURITIES (Details Narrative) - Walker River Resources Corp [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Shares held as investment | 511,750 | 511,750 | 511,750 | ||
Fair value of equity investments | $ 74,779 | $ 74,779 | $ 56,105 | ||
Gain/loss on equity investment | $ 38,524 | $ 6,224 | $ 18,674 | $ 94,962 |
SCHEDULE OF CHANGES IN NUMBER O
SCHEDULE OF CHANGES IN NUMBER OF WARRANTS OUTSTANDING (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Equity [Abstract] | ||
Number of warrants outstanding, beginning | 12,349,912 | |
Weighted average exercise price, warrants outstanding, beginning | $ 1.20 | |
Number of warrants issued - offering | 12,499,343 | |
Weighted average exercise price, warrants issued - offering | $ 1.20 | |
Number of warrants issued - agent | 124,994 | |
Weighted average exercise price, warrants issued - agent | $ 1.20 | |
Number of warrants exercised | (363,625) | (274,425) |
Weighted average exercise price, warrants exercised | $ 1.20 | $ 1.20 |
Number of warrants outstanding, ending | 11,986,287 | 12,349,912 |
Weighted average exercise price, warrants outstanding, ending | $ 1.20 | $ 1.20 |
SCHEDULE OF WARRANTS OUTSTANDIN
SCHEDULE OF WARRANTS OUTSTANDING (Details) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of warrants exercisable | 11,986,287 | 12,349,912 | ||
Exercise Price Range One [Member] | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of warrants exercisable | 402,239 | |||
Expiry date | Jul. 27, 2025 | |||
Exercise price | $ 1.20 | |||
Exercise Price Range Two [Member] | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of warrants exercisable | 2,763,574 | |||
Expiry date | Aug. 28, 2025 | |||
Exercise price | $ 1.20 | |||
Exercise Price Range Three [Member] | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of warrants exercisable | 2,054,097 | |||
Expiry date | Sep. 23, 2025 | |||
Exercise price | $ 1.20 | |||
Exercise Price Range Four [Member] | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of warrants exercisable | [1] | 55,373 | ||
Expiry date | Sep. 23, 2028 | |||
Exercise price | $ 1.20 | |||
Exercise Price Range Five [Member] | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of warrants exercisable | 4,697,267 | |||
Expiry date | Oct. 18, 2025 | |||
Exercise price | $ 1.20 | |||
Exercise Price Range Six [Member] | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of warrants exercisable | 1,944,116 | |||
Expiry date | Nov. 03, 2025 | |||
Exercise price | $ 1.20 | |||
Exercise Price Range Seven [Member] | ||||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Number of warrants exercisable | [1] | 69,621 | ||
Expiry date | Nov. 03, 2028 | |||
Exercise price | $ 1.20 | |||
[1]Agent warrants |
SCHEDULE OF RECOGNIZED SHARE-BA
SCHEDULE OF RECOGNIZED SHARE-BASED COMPENSATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total | $ 537,434 | $ 538,107 | $ 1,074,868 | $ 879,062 |
Director and Chief Executive Officer [Member] | ||||
Total | 245,767 | 246,440 | 491,534 | 490,173 |
Officer [Member] | ||||
Total | 175,000 | 175,000 | 350,000 | 233,333 |
Consultants [Member] | ||||
Total | $ 116,667 | $ 116,667 | $ 233,334 | $ 155,556 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jul. 01, 2024 | Jun. 07, 2024 | Feb. 24, 2023 | Dec. 30, 2021 | Aug. 12, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Common stock par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||||
Preferred stock par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||||||
Voting rights | Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company. | |||||||||
Proceeds from warrants exercise | $ 428,850 | |||||||||
Weighted average life of warrants | 1 year 3 months 14 days | |||||||||
Stock based compensation | $ 537,434 | $ 538,107 | $ 1,074,868 | 879,062 | ||||||
Director [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 6,005,000 | |||||||||
Stock based compensation, vesting | 3 years | 6 months | ||||||||
Stock based compensation | $ 2,965,413 | |||||||||
Share price | $ 0.4938 | |||||||||
Shares vested | 4,003,333 | 4,003,333 | ||||||||
Shares unvested | 2,001,667 | 2,001,667 | ||||||||
Shares not yet recognized | $ 496,936 | $ 496,936 | ||||||||
Officer [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 2,000,000 | 1,083,333 | ||||||||
Stock based compensation | 175,000 | $ 175,000 | $ 350,000 | $ 233,333 | ||||||
Share price | $ 0.70 | |||||||||
Shares not yet recognized | 466,667 | $ 466,667 | ||||||||
Fair value of shares | $ 1,400,000 | |||||||||
Unvested compensation related shares to be recognized period | 8 months | |||||||||
Consultant [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 722,223 | |||||||||
Stock based compensation | $ 1,400,000 | |||||||||
Share price | $ 0.70 | |||||||||
Shares not yet recognized | 777,778 | $ 777,778 | ||||||||
Unvested compensation related shares to be recognized period | 1 year 8 months 1 day | |||||||||
Number of shares committed to issue | 2,000,000 | |||||||||
Subsequent Event [Member] | Officer [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 250,000 | |||||||||
Subsequent Event [Member] | Consultant [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 166,667 | |||||||||
Common Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 35,000 | 363,625 | ||||||||
Value of shares issued | $ 100,275 | |||||||||
Shares issued price per share | $ 2.865 | |||||||||
Proceeds from warrants exercise | $ 436,350 | |||||||||
Deferred share issuance cost | $ 2,686 | 2,686 | $ 18,000 | |||||||
Common Stock [Member] | Subsequent Event [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 5,750 | |||||||||
Common Stock [Member] | Subsequent Event [Member] | IPO [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Proceeds from warrants exercise | $ 6,900 | |||||||||
Warrant [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Proceeds from warrants exercise | $ 3,600 |
SCHEDULE OF PREPAID EXPENSES (D
SCHEDULE OF PREPAID EXPENSES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Prepaid Expenses | ||
Prepaid investor awareness and marketing | $ 500,000 | $ 500,367 |
Prepaid filing and listing fees | 40,734 | 38,042 |
Prepaid consulting fees | 2,625 | 2,625 |
Total | $ 543,359 | $ 541,034 |