Permex Petroleum (OILCF) 10-Q 30 Aug 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jun. 30, 2022	Aug. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--09-30
Entity File Number	333-265883
Entity Registrant Name	Permex Petroleum Corporation
Entity Central Index Key	0001922639
Entity Tax Identification Number	98-1384682
Entity Incorporation, State or Country Code	Z4
Entity Address, Address Line One	100 Crescent Court
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(214)
Local Phone Number	459-2782
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		115,956,026

Condensed Interim Consolidated

Condensed Interim Consolidated Balance Sheets (Unaudited)	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Current assets
Cash	$ 5,366,789	$ 25,806
Trade and other receivables	186,740	12,984
Prepaid expenses and deposits	878,119	46,151
Total current assets	6,431,648	84,941
Non-current assets
Reclamation deposits	145,052	144,847
Property and equipment	7,838,520	7,846,145
Right of use asset	37,369	72,539
Total assets	14,452,589	8,148,472
Current liabilities
Trade and other payables	1,123,635	402,979
Amounts due to related party	8,687	16,628
Convertible debentures	77,600	78,500
Lease liability – current portion	39,493	51,963
Total current liabilities	1,249,415	550,070
Non-current liabilities
Decommissioning obligations	1,645,171	1,627,465
Lease liability	3,313	26,986
Loan payable		31,400
Total liabilities	2,897,899	2,235,921
Equity
Common shares no par value per share; unlimited shares authorized, 115,956,026 and 66,180,364 shares issued and outstanding as of June 30, 2022 and September 30, 2021, respectively	14,381,071	8,976,747
Share subscription proceeds	30,456	30,456
Reserves	4,585,598	2,352,649
Accumulated other comprehensive loss	(394,654)	(128,532)
Deficit	(7,047,781)	(5,318,769)
Total equity	11,554,690	5,912,551
Total liabilities and equity	$ 14,452,589	$ 8,148,472

Condensed Interim Consolidate_2

Condensed Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	115,956,026	66,180,364
Common stock, shares outstanding	115,956,026	66,180,364

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited)	3 Months Ended		9 Months Ended
	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares
Revenue
Total revenue	$ 276,722	$ 34,298	$ 625,057	$ 37,392
Expenses
Producing	135,467	11,179	332,346	21,392
Accounting and audit	77,673	16,783	143,153	46,730
Accretion on decommissioning obligations	8,238	2,987	24,714	8,792
Consulting	47,436	3,571	64,209	17,474
Depletion and depreciation	73,093	12,717	161,988	21,955
Filing and transfer agent	19,484	8,925	59,309	43,285
Interest	2,597	1,348	6,285	11,116
Investor relations	54,860	43,685	96,593	46,091
Legal fees	179,190	2,666	203,016	3,336
Management fees	67,216	37,362	176,989	112,478
Marketing and promotion	469,096	4,148	517,914	24,802
Office and general	75,456	16,122	105,679	26,780
Rent	21,389	14,655	54,907	34,791
Salaries	7,500		7,500
Share-based payments	185	486	604,861	2,401
Travel	39,371	1,227	44,289	2,099
Total operating expenses	(1,278,251)	(177,861)	(2,603,752)	(423,522)
Operating loss	(1,001,529)	(143,563)	(1,978,695)	(386,130)
Foreign exchange gain (loss)	222,539	(14,195)	214,404	(41,347)
Forfeiture of reclamation deposit		318		(50,165)
Forgiveness of loan payable	7,900		7,900
Other income	9,787	2,515	27,379	7,643
Settlement of trade payables		1,965		9,683
Non-operating income (expense)	240,226	(9,397)	249,683	(74,186)
Net loss	(761,303)	(152,960)	(1,729,012)	(460,316)
Other comprehensive income
Foreign currency translation adjustment	(375,809)	49,419	(266,122)	245,969
Comprehensive loss	$ (1,137,112)	$ (103,541)	$ (1,995,134)	$ (214,347)
Basic and diluted loss per common share | $ / shares	$ 0	$ 0	$ (0.02)	$ (0.01)
Oil and Gas [Member]
Revenue
Total revenue	$ 258,757	$ 34,298	$ 577,244	$ 37,392
Royalty [Member]
Revenue
Total revenue	$ 17,965		$ 47,813

Condensed Interim Consolidate_4

Condensed Interim Consolidated Statements of Equity (Unaudited) - USD ($)	Total	Share Capital [Member]	Reserves [Member]	Share Subscription Proceeds [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]
Beginning balance at Sep. 30, 2020	$ 3,308,609	$ 6,453,039	$ 1,192,123	$ 30,456	$ (270,235)	$ (4,096,774)
Beginning balance, shares at Sep. 30, 2020		40,024,114
Share-based payments	2,401		2,401
Net loss	(460,316)					(460,316)
Other comprehensive income	245,969				245,969
Shares issued for services	54,958	$ 54,958
Shares issued for services, shares		1,156,250
Ending balance at Jun. 30, 2021	3,151,621	$ 6,507,997	1,194,524	30,456	(24,266)	(4,557,090)
Ending balance, shares at Jun. 30, 2021		41,180,364
Beginning balance at Sep. 30, 2020	3,308,609	$ 6,453,039	1,192,123	30,456	(270,235)	(4,096,774)
Beginning balance, shares at Sep. 30, 2020		40,024,114
Ending balance at Sep. 30, 2021	5,912,551	$ 8,976,747	2,352,649	30,456	(128,532)	(5,318,769)
Ending balance, shares at Sep. 30, 2021		66,180,364
Beginning balance at Mar. 31, 2021	3,219,826	$ 6,473,147	1,194,038	30,456	(73,685)	(4,404,130)
Beginning balance, shares at Mar. 31, 2021		40,680,364
Share-based payments	486		486
Net loss	(152,960)					(152,960)
Other comprehensive income	49,419				49,419
Shares issued for services	34,850	$ 34,850
Shares issued for services, shares		500,000
Ending balance at Jun. 30, 2021	3,151,621	$ 6,507,997	1,194,524	30,456	(24,266)	(4,557,090)
Ending balance, shares at Jun. 30, 2021		41,180,364
Beginning balance at Sep. 30, 2021	5,912,551	$ 8,976,747	2,352,649	30,456	(128,532)	(5,318,769)
Beginning balance, shares at Sep. 30, 2021		66,180,364
Share issuance costs	(1,079,928)	$ (1,962,900)	882,972
Share-based payments	604,861		604,861
Net loss	(1,729,012)					(1,729,012)
Other comprehensive income	(266,122)				(266,122)
Private placements	8,112,340	$ 7,367,224	745,116
Private placements, shares		49,775,662
Ending balance at Jun. 30, 2022	11,554,690	$ 14,381,071	4,585,598	30,456	(394,654)	(7,047,781)
Ending balance, shares at Jun. 30, 2022		115,956,026
Beginning balance at Mar. 31, 2022	12,709,919	$ 14,399,373	4,585,413	3,456	(18,845)	(6,286,478)
Beginning balance, shares at Mar. 31, 2022		115,956,026
Share issuance costs	(18,302)	$ (18,302)
Share-based payments	185		185
Net loss	(761,303)					(761,303)
Other comprehensive income	(375,809)				(375,809)
Shares issued for services
Shares issued for services, shares
Private placements
Private placements, shares
Ending balance at Jun. 30, 2022	$ 11,554,690	$ 14,381,071	$ 4,585,598	$ 30,456	$ (394,654)	$ (7,047,781)
Ending balance, shares at Jun. 30, 2022		115,956,026

Condensed Interim Consolidate_5

Condensed Interim Consolidated Statements of Cash Flows (Unaudited)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (761,303)	$ (152,960)	$ (1,729,012)	$ (460,316)
Adjustments to reconcile net loss to net cash from operating activities:
Accretion on decommissioning obligations	8,238	2,987	24,714	8,792
Depletion and depreciation			161,988	21,955
Foreign exchange loss (gain)			(214,133)	109,103
Forfeiture of reclamation bond				50,165
Forgiveness of loan payable	(7,900)		(7,900)
Interest	2,597	1,348	6,285	11,116	$ 11,116
Settlement of trade payables		(1,965)		(9,683)
Share-based payments	185	486	604,861	2,401
Shares issued for services				54,958
Trade and other receivables			(174,362)	35,414
Prepaid expenses and deposits			(833,922)	(21,336)
Trade and other payables			711,083	(293,869)
Amounts due to related parties			(10,618)	(164,560)
Right of use asset and lease liability			40,731	32,669
Net cash used in operating activities			(1,420,285)	(623,192)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures on property and equipment			(202,136)	(283,298)
Proceeds from sale of oil and gas interests				1,123,244
Net cash provided by (used in) investing activities			(202,136)	839,946
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of share capital			8,112,340
Share issuance costs			(1,079,928)
Convertible debenture repayment				(79,000)	(79,000)
Loan repayment			(23,700)
Loan from related party			(3,647)	(6,329)
Lease payments			(41,661)	(30,193)
Net cash provided by (used in) financing activities			6,963,404	(115,522)
Change in cash during the period			5,340,983	101,232
Cash, beginning of the period			25,806	5,517	5,517
Cash, end of the period	$ 5,366,789	$ 106,749	5,366,789	106,749	25,806
Supplemental disclosures of non-cash investing and financing activities:
Trade and other payables related to property and equipment			93,960	69,262
Share purchase warrants issued in connection with private placement			1,628,088
Supplemental cash flow disclosures:
Interest paid			$ 18,960	$ 13,090	$ 13,090

BACKGROUND

BACKGROUND	9 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND	1. BACKGROUND Permex Petroleum Corporation (the “Company”) was incorporated on April 24, 2017 th

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited condensed interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2022 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s amended Form S-1 for the fiscal year ended September 30, 2021 filed with the Securities and Exchange Commission (“SEC”) on August 8, 2022. There have been no material changes in the Company’s significant accounting policies from those that were disclosed in the fiscal 2021 financial statements, except as noted below. Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary. All intercompany balances and transactions have been eliminated. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) amounts subject to allowances and returns; (ii) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (iii) the costs of site restoration when determining decommissioning liabilities; (iv) income taxes receivable or payable; (v) the useful lives of assets for the purposes of depreciation; (vi) petroleum and natural gas reserves; and (vii) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates. PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTHS ENDED JUNE 30, 2022 (UNAUDITED) 2. Significant Accounting Policies Foreign Currency These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Permex Petroleum US Corporation. These consolidated financial statements are presented in United States dollars (“USD,” “US” or “$”). The functional currency of the Company is the Canadian dollar (“CAD”). The functional currency for the subsidiary of the Company is USD. Recently adopted accounting pronouncement None.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	9 Months Ended
	Jun. 30, 2022
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	3. CONCENTRATION OF CREDIT RISK The Company’s cash balances sometimes exceed the United States’ Federal Deposit Insurance Corporation insurance limits. The Company mitigates this risk by placing its cash and cash equivalents with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution. To date, the Company has not recognized any losses caused by uninsured balances. During the nine months ended June 30, 2022, the Company generated 54 100 107,738 71 2,927 26

NON-CURRENT ASSETS

NON-CURRENT ASSETS	9 Months Ended
	Jun. 30, 2022
Non-current Assets
NON-CURRENT ASSETS	4. NON-CURRENT ASSETS The Company is engaged in the exploration for, and the development of, petroleum and natural gas projects in the United States. The Company holds 100 71.9 81.75 Reclamation bonds As of June 30, 2022, the Company held reclamation bonds of $ 145,052 144,847 50,165 Acquisition During the year ended September 30, 2021, the Company, through its wholly owned subsidiary, Permex Petroleum US Corporation 100 81.75 25,000,000 12,500,000 25,000,000 2,468,750 1,180,718 1.51 10 131.82 0 0.16 0.20 October 1, 2031 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTHS ENDED JUNE 30, 2022 (UNAUDITED) 4. NON-CURRENT ASSETS Property and equipment Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT June 30, September 30, Oil and natural gas properties, at cost $ 8,044,184 $ 7,954,807 Vehicle, at cost 63,918 - Less: accumulated depletion and depreciation (269,582 ) (108,662 ) Property and equipment, net $ 7,838,520 $ 7,846,145 Depletion and depreciation expense was $ 161,988 21,955

DECOMMISSIONING OBLIGATIONS

DECOMMISSIONING OBLIGATIONS	9 Months Ended
	Jun. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
DECOMMISSIONING OBLIGATIONS	5. DECOMMISSIONING OBLIGATIONS The total future decommissioning obligations are based on the Company’s net ownership in wells and facilities, estimated costs to reclaim and abandon the wells and facilities, and the estimated timing of the costs to be incurred in future periods. The total undiscounted amount of estimated cash flows required to settle the Company’s obligations is approximately $ 2,245,388 2,836,777 2.0 2.0 2.02 1.93 Changes to the decommissioning obligations are as follows: SCHEDULE OF DECOMMISSIONING OBLIGATIONS June 30, September 30, Decommissioning obligations, beginning of the year $ 1,627,465 $ 792,814 Obligations acquired - 784,418 Obligations derecognized - (140,704 ) Change in estimates - 234,331 Change in discount rate - (81,236 ) Accretion expense 24,714 11,722 Foreign exchange movement (7,008 ) 26,120 Decommissioning obligation $ 1,645,171 $ 1,627,465 During the year ended September 30, 2021, the Company derecognized $ 140,704 127,510 13,194 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

DEBT

DEBT	9 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	6. DEBT Convertible debentures The Company issued a total of $ 157,000 200,000 maturity date of September 30, 2021 and February 20, 2022 12 0.12 0.15 three years 0.16 0.20 77,600 100,000 78,500 4,241 15,176 During the nine months ended June 30, 2022 and 2021, the Company recorded interest of $ 6,285 11,116 79,000 100,000 13,090 18,960 13,090 Loan payable In May 2020, the Company opened a Canada Emergency Business Account (“CEBA”) and received a loan of $ 32,000 40,000 The CEBA program was established to provide interest-free loans of up to CAD$ 60,000 The loan was unsecured and non-interest bearing with an original repayment deadline of December 31, 2022. In January 2022, the Canadian government extended the repayment deadline to December 31, 2023 in order for the loan to be considered for partial forgiveness of up to one-third of the balance. Any loans not repaid by December 31, 2023 convert to two-year term 5 23,700 30,000 7,900 10,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	7. COMMITMENTS AND CONTINGENCIES Lease Liability The Company has entered into office lease agreements for its office premises for terms ending in 2023. As of June 30, 2022, the Company’s lease had a weighted-average remaining term of 0.93 SCHEDULE OF UNDISCOUNTED FUTURE LEASE PAYMENTS 2022 $ 13,785 2023 31,643 Total lease payments $ 45,428 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTHS ENDED JUNE 30, 2022 (UNAUDITED) 7. COMMITMENTS AND CONTINGENCIES The components of lease expense for the nine month periods ended June 30 were as follows: SCHEDULE OF COMPONENTS OF LEASE EXPENSE 2022 2021 Fixed lease expense $ 41,661 $ 30,194 Variable lease expense 13,246 4,597 Total $ 54,907 $ 34,791 The following is a continuity schedule of the lease liability: SCHEDULE OF LEASE LIABILITY June 30, September 30, Balance, beginning of the year $ 78,949 $ 53,128 Addition - 57,357 Interest expense 5,714 9,812 Lease payments (41,661 ) (43,932 ) Foreign exchange movement (196 ) 2,584 Balance, end of the year $ 42,806 $ 78,949 Current liability $ 39,493 $ 51,963 Long-term liability $ 3,313 $ 26,986

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	8. RELATED PARTY TRANSACTIONS During the year ended September 30, 2020, the Company issued a total of $ 157,000 200,000 79,000 100,000 13,090 77,600 100,000 78,500 4,241 15,176 During the nine months ended June 30, 2022, the Company incurred management fees of $ 176,989 112,478 On May 1, 2022, the Company amended the employment with the CEO of the Company for an annual base salary of $ 250,000 The CEO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to three years of base salary and a bonus equal to 20% of the annual base salary. On May 1, 2022, the Company entered into an employment with the CFO of the Company for an annual base salary of $ 50,000 The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to two months of base salary. PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

EQUITY

EQUITY	9 Months Ended
	Jun. 30, 2022
Equity [Abstract]
EQUITY	9. EQUITY Common shares The Company has authorized an unlimited no 115,956,026 66,180,364 During the nine months ended June 30, 2022, the Company: a) Completed a non-brokered private placement of 2,647,037 0.22 0.27 571,760 714,700 0.43 0.54 137,946 34,733 160,800 24,543 0.98 2 153.02 0 800 b) Completed a brokered private placement of 47,128,625 0.16 7,540,580 5 0.21 607,170 754,058 4,712,862 131,560 858,429 2.45 5 134.66 0 140,475 During the year ended September 30, 2021, the Company: a) Issued 1,156,250 54,313 b) Issued 25,000,000 2,468,750 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTHS ENDED JUNE 30, 2022 (UNAUDITED) 9. EQUITY Share-based payments Stock options The Company has a stock option plan (the “Plan”) in place under which it is authorized to grant options to executive officers and directors, employees and consultants. Pursuant to the Plan, the Company may issue aggregate stock options totaling up to 10 10 Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Price Balance, September 30, 2020 2,340,189 $ 0.31 Cancelled (65,189 ) 0.40 Balance, September 30, 2021 2,275,000 $ 0.33 Granted 3,300,000 0.19 Balance, June 30, 2022 5,575,000 $ 0.24 Exercisable at June 30, 2022 5,500,000 $ 0.25 Weighted average fair value of options granted $ 0.19 (2021 - $ nil The aggregate intrinsic value of options outstanding and exercisable as at June 30, 2022 was $ nil nil The options outstanding as of June 30, 2022 equaled 5,575,000 0.04 0.39 7.88 0.19 no During the nine months ended June 30, 2022 and 2021, the Company recognized share-based payment expense of $ 604,861 2,401 SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE 2022 2021 Risk-free interest rate 1.50 % - Expected life of options 10 - Expected annualized volatility 131 % - Dividend rate Nil - PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTHS ENDED JUNE 30, 2022 (UNAUDITED) 9. EQUITY Share-based payments As at June 30, 2022, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Expiry Date 1,675,000 $ 0.39 December 4, 2027 300,000 $ 0.23 November 1, 2028 300,000 $ 0.04 March 16, 2030 3,300,000 $ 0.19 October 6, 2031 5,575,000 Warrants Warrants are measured at fair value on the date of the grant as determined using the Black-Scholes option pricing model. Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Average Price Balance, September 30, 2020 4,805,206 $ 0.21 Granted 12,500,000 0.16 Warrants expired (4,805,206 ) 0.22 Balance, September 30, 2021 12,500,000 $ 0.16 Granted 53,325,806 0.21 Balance, June 30, 2022 65,825,806 $ 0.21 As at June 30, 2022, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Expiry Date 1,484,318 $ 0.42 November 4, 2023 51,841,488 $ 0.20 March 29, 2027 12,500,000 $ 0.16 October 1, 2031 65,825,806 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

LOSS PER SHARE

LOSS PER SHARE	9 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
LOSS PER SHARE	10. LOSS PER SHARE The calculation of basic and diluted loss per share for the nine month periods ended June 30, 2022 and 2021 was based on the losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE 2022 2021 Net loss $ (1,729,012 ) $ (460,316 ) Weighted average common shares outstanding 84,704,029 40,588,217 Basic and diluted loss per share $ (0.02 ) $ (0.01 ) As of June 30, 2022, $ 77,600 100,000 666,667 5,575,000 2,340,189 65,825,806 4,805,206

SEGMENTED INFORMATION

SEGMENTED INFORMATION	9 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
SEGMENTED INFORMATION	11. SEGMENTED INFORMATION Operating segments The Company operates in a single reportable segment – the acquisition, development and production of oil and gas properties in the United States.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited condensed interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2022 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s amended Form S-1 for the fiscal year ended September 30, 2021 filed with the Securities and Exchange Commission (“SEC”) on August 8, 2022. There have been no material changes in the Company’s significant accounting policies from those that were disclosed in the fiscal 2021 financial statements, except as noted below.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary. All intercompany balances and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) amounts subject to allowances and returns; (ii) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (iii) the costs of site restoration when determining decommissioning liabilities; (iv) income taxes receivable or payable; (v) the useful lives of assets for the purposes of depreciation; (vi) petroleum and natural gas reserves; and (vii) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates. PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS NINE MONTHS ENDED JUNE 30, 2022 (UNAUDITED) 2. Significant Accounting Policies
Foreign Currency	Foreign Currency These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Permex Petroleum US Corporation. These consolidated financial statements are presented in United States dollars (“USD,” “US” or “$”). The functional currency of the Company is the Canadian dollar (“CAD”). The functional currency for the subsidiary of the Company is USD.
Recently adopted accounting pronouncement	Recently adopted accounting pronouncement None.

NON-CURRENT ASSETS (Tables)

NON-CURRENT ASSETS (Tables)	9 Months Ended
	Jun. 30, 2022
Non-current Assets
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT June 30, September 30, Oil and natural gas properties, at cost $ 8,044,184 $ 7,954,807 Vehicle, at cost 63,918 - Less: accumulated depletion and depreciation (269,582 ) (108,662 ) Property and equipment, net $ 7,838,520 $ 7,846,145

DECOMMISSIONING OBLIGATIONS (Ta

DECOMMISSIONING OBLIGATIONS (Tables)	9 Months Ended
	Jun. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
SCHEDULE OF DECOMMISSIONING OBLIGATIONS	Changes to the decommissioning obligations are as follows: SCHEDULE OF DECOMMISSIONING OBLIGATIONS June 30, September 30, Decommissioning obligations, beginning of the year $ 1,627,465 $ 792,814 Obligations acquired - 784,418 Obligations derecognized - (140,704 ) Change in estimates - 234,331 Change in discount rate - (81,236 ) Accretion expense 24,714 11,722 Foreign exchange movement (7,008 ) 26,120 Decommissioning obligation $ 1,645,171 $ 1,627,465

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
SCHEDULE OF UNDISCOUNTED FUTURE LEASE PAYMENTS	SCHEDULE OF UNDISCOUNTED FUTURE LEASE PAYMENTS 2022 $ 13,785 2023 31,643 Total lease payments $ 45,428
SCHEDULE OF COMPONENTS OF LEASE EXPENSE	The components of lease expense for the nine month periods ended June 30 were as follows: SCHEDULE OF COMPONENTS OF LEASE EXPENSE 2022 2021 Fixed lease expense $ 41,661 $ 30,194 Variable lease expense 13,246 4,597 Total $ 54,907 $ 34,791
SCHEDULE OF LEASE LIABILITY	The following is a continuity schedule of the lease liability: SCHEDULE OF LEASE LIABILITY June 30, September 30, Balance, beginning of the year $ 78,949 $ 53,128 Addition - 57,357 Interest expense 5,714 9,812 Lease payments (41,661 ) (43,932 ) Foreign exchange movement (196 ) 2,584 Balance, end of the year $ 42,806 $ 78,949 Current liability $ 39,493 $ 51,963 Long-term liability $ 3,313 $ 26,986

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Jun. 30, 2022
Equity [Abstract]
SCHEDULE OF STOCK OPTION TRANSACTIONS	Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Price Balance, September 30, 2020 2,340,189 $ 0.31 Cancelled (65,189 ) 0.40 Balance, September 30, 2021 2,275,000 $ 0.33 Granted 3,300,000 0.19 Balance, June 30, 2022 5,575,000 $ 0.24 Exercisable at June 30, 2022 5,500,000 $ 0.25 Weighted average fair value of options granted $ 0.19 (2021 - $ nil
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE	SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE 2022 2021 Risk-free interest rate 1.50 % - Expected life of options 10 - Expected annualized volatility 131 % - Dividend rate Nil -
SCHEDULE OF STOCK OPTIONS OUTSTANDING	As at June 30, 2022, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Expiry Date 1,675,000 $ 0.39 December 4, 2027 300,000 $ 0.23 November 1, 2028 300,000 $ 0.04 March 16, 2030 3,300,000 $ 0.19 October 6, 2031 5,575,000
SCHEDULE OF WARRANTS TRANSACTIONS	Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Average Price Balance, September 30, 2020 4,805,206 $ 0.21 Granted 12,500,000 0.16 Warrants expired (4,805,206 ) 0.22 Balance, September 30, 2021 12,500,000 $ 0.16 Granted 53,325,806 0.21 Balance, June 30, 2022 65,825,806 $ 0.21
SCHEDULE OF WARRANTS OUTSTANDING	As at June 30, 2022, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Expiry Date 1,484,318 $ 0.42 November 4, 2023 51,841,488 $ 0.20 March 29, 2027 12,500,000 $ 0.16 October 1, 2031 65,825,806

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	9 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE	SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE 2022 2021 Net loss $ (1,729,012 ) $ (460,316 ) Weighted average common shares outstanding 84,704,029 40,588,217 Basic and diluted loss per share $ (0.02 ) $ (0.01 )

BACKGROUND (Details Narrative)

BACKGROUND (Details Narrative)	9 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Apr. 24, 2017

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021
Concentration Risk [Line Items]
Revenue	$ 276,722	$ 34,298	$ 625,057	$ 37,392
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member]
Concentration Risk [Line Items]
Percentage of concentration credit risk			54%		100%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member]
Concentration Risk [Line Items]
Percentage of concentration credit risk			71%		26%
Accounts Receivable [Member] | One Customer [Member]
Concentration Risk [Line Items]
Revenue			$ 107,738		$ 2,927

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Less: accumulated depletion and depreciation	$ (269,582)	$ (108,662)
Property and equipment, net	7,838,520	7,846,145
Oil and Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,044,184	7,954,807
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 63,918

NON-CURRENT ASSETS (Details Nar

NON-CURRENT ASSETS (Details Narrative)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2021 $ / shares
Property, Plant and Equipment [Line Items]
Percentage of working interests	100%		100%
Reclamation bonds	$ 145,052		$ 145,052		$ 144,847
Amount of reclamation deposit forfeited		$ 318		$ (50,165)	$ 50,165
Common stock, shares issued | shares	115,956,026		115,956,026		66,180,364
Fair value of common stock	$ 14,381,071		$ 14,381,071		$ 8,976,747
Risk-free interest rate			1.50%
Expected life (years)			10 years
Volatility rate			131%
Dividend rate
Depletion and depreciation expenses	$ 73,093	$ 12,717	$ 161,988	$ 21,955
Permex Petroleum US Corporation [Member]
Property, Plant and Equipment [Line Items]
Net revenue interest rate					81.75%
Name of acquired entity					Permex Petroleum US Corporation
Percentage of acquired working interest					100%
Common stock, shares issued | shares					25,000,000
Number of shares purchase warrants as consideration | shares					12,500,000
Fair value of common stock					$ 2,468,750
Risk-free interest rate					1.51%
Expected life (years)					10 years
Volatility rate					131.82%
Dividend rate					0%
Exercise price of warrants | (per share)					$ 0.16	$ 0.20
Date of warrants exercisable					Oct. 01, 2031
Permex Petroleum US Corporation [Member] | Valuation Technique, Option Pricing Model [Member]
Property, Plant and Equipment [Line Items]
Share purchase warrants					$ 1,180,718
Oil and Gas Properties [Member] | TEXAS
Property, Plant and Equipment [Line Items]
Net revenue interest rate	71.90%		71.90%
Oil and Gas Properties [Member] | NEW MEXICO
Property, Plant and Equipment [Line Items]
Royalty interest rate	81.75%		81.75%

SCHEDULE OF DECOMMISSIONING OBL

SCHEDULE OF DECOMMISSIONING OBLIGATIONS (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Asset Retirement Obligation Disclosure [Abstract]
Decommissioning obligations, beginning of the year	$ 1,627,465	$ 792,814
Obligations acquired		784,418
Obligations derecognized		(140,704)
Change in estimates		234,331
Change in discount rate		(81,236)
Accretion expense	24,714	11,722
Foreign exchange movement	(7,008)	26,120
Decommissioning obligation	$ 1,645,171	$ 1,627,465

DECOMMISSIONING OBLIGATIONS (De

DECOMMISSIONING OBLIGATIONS (Details Narrative)	9 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total undiscounted amount of estimated cash flows	$ 2,245,388	$ 2,836,777
Decommissioning obligations derecognized		140,704
Decommissioning provision		127,510
Gain on loss, sale of properties		$ 13,194
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Decommissioning obligations, risk-free rate	2	2
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Decommissioning obligations, risk-free rate	2.02	1.93

DEBT (Details Narrative)

DEBT (Details Narrative)	1 Months Ended		3 Months Ended		9 Months Ended			12 Months Ended
	May 31, 2020 USD ($)	May 31, 2020 CAD ($)	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 CAD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 CAD ($)	Jun. 30, 2022 CAD ($) $ / shares	Feb. 21, 2020 USD ($)	Feb. 21, 2020 CAD ($)	Oct. 17, 2019 USD ($)	Oct. 17, 2019 CAD ($)
Short-Term Debt [Line Items]
Convertible debt			$ 77,600		$ 77,600			$ 78,500		$ 100,000
Loans payable			4,241		4,241			15,176
Interest			2,597	$ 1,348	6,285		$ 11,116	11,116
Convertible debenture repayment							79,000	79,000	$ 100,000
Accrued interest debentures					18,960		13,090	13,090
Repaid loan balance					23,700	$ 30,000
Forgiveness of loan payable			$ 7,900		$ 7,900	$ 10,000
Loans Payable [Member]
Short-Term Debt [Line Items]
Maturity date, description	December 31, 2023 convert to two-year term	December 31, 2023 convert to two-year term
Interest annual rate		5%
Proceeds from loans	$ 32,000	$ 40,000
Interest-free loans		$ 60,000
Debt instrument description	The loan was unsecured and non-interest bearing with an original repayment deadline of December 31, 2022. In January 2022, the Canadian government extended the repayment deadline to December 31, 2023 in order for the loan to be considered for partial forgiveness of up to one-third of the balance. Any loans not repaid by December 31, 2023 convert to two-year term loans bearing interest at an annual rate of 5% starting January 1, 2024, with loans fully due by December 31, 2025.	The loan was unsecured and non-interest bearing with an original repayment deadline of December 31, 2022. In January 2022, the Canadian government extended the repayment deadline to December 31, 2023 in order for the loan to be considered for partial forgiveness of up to one-third of the balance. Any loans not repaid by December 31, 2023 convert to two-year term loans bearing interest at an annual rate of 5% starting January 1, 2024, with loans fully due by December 31, 2025.
Convertible Debt [Member]
Short-Term Debt [Line Items]
Maturity date, description					maturity date of September 30, 2021 and February 20, 2022	maturity date of September 30, 2021 and February 20, 2022
Interest annual rate			12%		12%					12%
Debt instrument convertible price | (per share)			$ 0.12		$ 0.12					$ 0.15
Debt instrument term					3 years	3 years
Exercise price | (per share)			$ 0.16		$ 0.16					$ 0.20
Convertible debt			$ 77,600		$ 77,600			78,500		$ 100,000
Loans payable			$ 4,241		$ 4,241			$ 15,176
Director [Member] | Convertible Debt [Member]
Short-Term Debt [Line Items]
Convertible debt											$ 157,000	$ 200,000	$ 157,000	$ 200,000
Chief Executive Officer [Member] | Convertible Debt [Member]
Short-Term Debt [Line Items]
Convertible debt											$ 157,000	$ 200,000	$ 157,000	$ 200,000

SCHEDULE OF UNDISCOUNTED FUTURE

SCHEDULE OF UNDISCOUNTED FUTURE LEASE PAYMENTS (Details)	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 13,785
2023	31,643
Total lease payments	$ 45,428

SCHEDULE OF COMPONENTS OF LEASE

SCHEDULE OF COMPONENTS OF LEASE EXPENSE (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Fixed lease expense			$ 41,661		$ 30,194
Variable lease expense			13,246		4,597
Total	$ 21,389	$ 14,655	$ 54,907	$ 34,791	$ 34,791

SCHEDULE OF LEASE LIABILITY (De

SCHEDULE OF LEASE LIABILITY (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Beginning balance	$ 78,949	$ 53,128
Addition		57,357
Interest expense	5,714	9,812
Lease payments	(41,661)	(43,932)
Foreign exchange movement	(196)	2,584
Ending balance	42,806	78,949
Current liability	39,493	51,963
Long-term liability	$ 3,313	$ 26,986

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative)	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	11 months 4 days

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)		3 Months Ended		9 Months Ended		12 Months Ended
	May 01, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 CAD ($)	Jun. 30, 2022 CAD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 CAD ($)
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Repayments of convertible debt					$ 79,000	$ 79,000	$ 100,000
Convertible debt		$ 77,600		77,600		78,500		$ 100,000
Loans payable		4,241		4,241		15,176
Management fees		67,216	$ 37,362	176,989	112,478
Annual base salary		$ 7,500		7,500
Director [Member] | Convertible Debentures [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Convertible debt									$ 157,000	$ 200,000
Repayments of convertible debt						79,000	$ 100,000
Interest payable						$ 13,090
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Management fees				$ 176,989	$ 112,478
Annual base salary	$ 250,000
Related party transaction, description	The CEO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to three years of base salary and a bonus equal to 20% of the annual base salary.
Chief Financial Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Annual base salary	$ 50,000
Related party transaction, description	The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to two months of base salary.

SCHEDULE OF STOCK OPTION TRANSA

SCHEDULE OF STOCK OPTION TRANSACTIONS (Details) - $ / shares	9 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021
Equity [Abstract]
Number of options, beginning balance	2,275,000	2,340,189	2,340,189
Weighted average exercise price,beginning balance	$ 0.33	$ 0.31	$ 0.31
Cancelled			(65,189)
Weighted average exercise price, cancelled			$ 0.40
Granted	3,300,000		0
Weighted average exercise price, granted	$ 0.19
Number of options, ending balance	5,575,000		2,275,000
Weighted average exercise price, ending balance	$ 0.24		$ 0.33
Exercisable	5,500,000
Weighted average exercise price, exercisable	$ 0.25
Weighted average fair value of options granted	$ 0.19

SCHEDULE OF WEIGHTED AVERAGE AS

SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE (Details)	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Risk-free interest rate	1.50%
Expected life of options	10 years
Expected annualized volatility	131%
Dividend rate

SCHEDULE OF STOCK OPTIONS OUTST

SCHEDULE OF STOCK OPTIONS OUTSTANDING (Details) - $ / shares	9 Months Ended
	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Offsetting Assets [Line Items]
Number of options	5,575,000	2,275,000	2,340,189
Exercise Price	$ 0.24	$ 0.33	$ 0.31
Stock Option One [Member]
Offsetting Assets [Line Items]
Number of options	1,675,000
Exercise Price	$ 0.39
Expiry date	Dec. 04, 2027
Stock Option Two [Member]
Offsetting Assets [Line Items]
Number of options	300,000
Exercise Price	$ 0.23
Expiry date	Nov. 01, 2028
Stock Option Three [Member]
Offsetting Assets [Line Items]
Number of options	300,000
Exercise Price	$ 0.04
Expiry date	Mar. 16, 2030
Stock Option Four [Member]
Offsetting Assets [Line Items]
Number of options	3,300,000
Exercise Price	$ 0.19
Expiry date	Oct. 06, 2031

SCHEDULE OF WARRANTS TRANSACTIO

SCHEDULE OF WARRANTS TRANSACTIONS (Details) - $ / shares	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Number of warrants, beginning balance	12,500,000	4,805,206
Weighted Average Exercise Price	$ 0.16	$ 0.21
Granted	53,325,806	12,500,000
Weighted average exercise price, granted	$ 0.21	$ 0.16
Warrants expired		(4,805,206)
Weighted average exercise price, warrants expired		$ 0.22
Number of warrants, ending balance	65,825,806	12,500,000
Weighted Average Exercise Price	$ 0.21	$ 0.16

SCHEDULE OF WARRANTS OUTSTANDIN

SCHEDULE OF WARRANTS OUTSTANDING (Details)	9 Months Ended
	Jun. 30, 2022 USD ($) $ / shares
Class of Warrant or Right [Line Items]
Number of options	$ 65,825,806
Warrant One [Member]
Class of Warrant or Right [Line Items]
Number of options	$ 1,484,318
Exercise price | $ / shares	$ 0.42
Expiry date	Nov. 04, 2023
Warrant Two [Member]
Class of Warrant or Right [Line Items]
Number of options	$ 51,841,488
Exercise price | $ / shares	$ 0.20
Expiry date	Mar. 29, 2027
Warrant Three [Member]
Class of Warrant or Right [Line Items]
Number of options	$ 12,500,000
Exercise price | $ / shares	$ 0.16
Expiry date	Oct. 01, 2031

EQUITY (Details Narrative)

EQUITY (Details Narrative)	3 Months Ended		9 Months Ended			12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 CAD ($) shares	Jun. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2022 $ / shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized			Unlimited	Unlimited		Unlimited
Common stock, par value | $ / shares	$ 0		$ 0			$ 0
Common stock, shares issued | shares	115,956,026		115,956,026			66,180,364
Common stock, shares outstanding | shares	115,956,026		115,956,026			66,180,364
Warrants and rights outstanding	$ 65,825,806		$ 65,825,806
Warrants issued	(18,302)		$ (1,079,928)
Risk-free interest rate			1.50%	1.50%
Expected life			10 years	10 years
Annualized volatility			131%	131%
Dividend rate
Cash commission	$ 5,366,789		$ 5,366,789			$ 25,806
Common stock, shares issued | shares
Fair value of common stock		$ 34,850			$ 54,958
Percentage issued and outstanding for common stock	10%		10%
Vested			10 years	10 years
Aggregate intrinsic value of options outstanding and exercisable
Options outstanding | shares	5,575,000	2,340,189	5,575,000		2,340,189
Exercise price range | $ / shares			$ 0.04
Exercise price range | $ / shares			$ 0.39
Weighted average remaining contractual life			7 years 10 months 17 days	7 years 10 months 17 days
Weighted average fair value of options granted | $ / shares			$ 0.19
Options granted | shares			3,300,000	3,300,000		0
Share-based payment expense	$ 185	$ 486	$ 604,861		$ 2,401
Service agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued | shares						1,156,250
Fair value of common stock						$ 54,313
Property acquisition agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued | shares						25,000,000
Fair value of common stock						$ 2,468,750
Think Equity LLC [Member]
Subsidiary, Sale of Stock [Line Items]
Other expenses			131,560
Cash commission	$ 754,058		$ 754,058
Broker warrants | shares	4,712,862		4,712,862
Broker Warrants			$ 858,429
Non Brokered Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock shares new issue | shares			2,647,037	2,647,037
Sale of stock price per share | (per share)	$ 0.22		$ 0.22				$ 0.27
Common stock, gross proceeds			$ 571,760	$ 714,700
Exercise price | (per share)	$ 0.43		$ 0.43				$ 0.54
Proceeds from allocated warrants			$ 137,946
Warrants and rights outstanding	$ 34,733		$ 34,733
Risk-free interest rate			0.98%	0.98%
Expected life			2 years	2 years
Annualized volatility			153.02%	153.02%
Dividend rate			0%	0%
Other expenses			$ 800
Non Brokered Private Placement [Member] | Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Stock shares new issue | shares			160,800	160,800
Warrants issued			$ 24,543
Brokered Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock shares new issue | shares			47,128,625	47,128,625
Sale of stock price per share | $ / shares	$ 0.16		$ 0.16
Common stock, gross proceeds			$ 7,540,580
Exercise price | $ / shares	$ 0.21		$ 0.21
Proceeds from allocated warrants			$ 607,170
Risk-free interest rate			2.45%	2.45%
Expected life			5 years	5 years
Annualized volatility			134.66%	134.66%
Dividend rate			0%	0%
Other expenses			$ 140,475
Warrants term	5 years		5 years

SCHEDULE OF BASIC AND DILUTED L

SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (761,303)	$ (152,960)	$ (1,729,012)	$ (460,316)
Weighted average common shares outstanding			84,704,029	40,588,217
Basic and diluted loss per share	$ 0	$ 0	$ (0.02)	$ (0.01)

LOSS PER SHARE (Details Narrati

LOSS PER SHARE (Details Narrative)	9 Months Ended
	Jun. 30, 2022 USD ($) shares	Jun. 30, 2022 CAD ($) shares	Sep. 30, 2021 USD ($) shares	Jun. 30, 2021 shares	Sep. 30, 2020 shares
Earnings Per Share [Abstract]
Convertible debentures	$ 77,600	$ 100,000	$ 78,500
Convertible of common shares	666,667
Stock options outstanding	5,575,000	5,575,000		2,340,189
Warrants outstanding	65,825,806	65,825,806	12,500,000	4,805,206	4,805,206