| | | | | |
| | Three months ended | |||
| | March 31, 2024 | March 31, 2023 | ||
| EXPENSES | | | | |
| General and administration expenses | 1,865,253 | 1,857,412 | ||
| Depreciation | 364,228 | 45,762 | ||
| General exploration expenses | 5,731,998 | 4,015,841 | ||
| Interest and bank charges | 94,617 | 49,939 | ||
| Share-based payment | 389,612 | — | ||
| Deferred share units granted | 281,249 | 173,292 | ||
| Fair value movement of deferred shares units | (226,602) | (16,000) | ||
| Net foreign exchange loss | 66,013 | 30,416 | ||
| Operating loss | 8,566,368 | 6,156,662 | ||
| | | | | |
| Interest expenses (income) | 20,702 | (9,677) | ||
| Interest expense on Term Loan | 519,206 | 220,787 | ||
| Accretion and transaction fee of Term Loan | 240,904 | — | ||
| LOSS BEFORE TAX | 9,347,180 | 6,367,772 | ||
| | | | | |
| OTHER COMPREHENSIVE LOSS | ||||
| Exchange differences on translation of foreign operations | 137,237 | 272,337 | ||
| TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | 9,484,417 | 6,640,109 | ||
| | | | | |
| | | Year ended | ||
| | December 31, 2023 | December 31, 2022 | ||
| EXPENSES | ||||
| General and administration expenses | 8,674,041 | 7,631,027 | ||
| Depreciation | 744,783 | 96,543 | ||
| General exploration expenses | 19,179,663 | 20,157,701 | ||
| Interest and bank charges | 40,390 | 93,937 | ||
| Share-based payment | 657,138 | 7,731,117 | ||
| DSU granted | 798,122 | 298,000 | ||
| Fair value movement of DSUs | (128,114) | — | ||
| Warrant fair value movement | — | (8,974,901) | ||
| Net foreign exchange gain (loss) | 395,020 | (143,777) | ||
| Operating loss | 30,361,043 | 26,889,647 | ||
| | | | | |
| Interest expenses and fees | 2,539,557 | 416,703 | ||
| LOSS BEFORE TAX | 32,900,600 | 27,306,350 | ||
| | | | | |
| Deferred tax recovery | (524,531) | — | ||
| NET LOSS FOR THE PERIOD | 32,376,069 | 27,306,350 | ||
| | | | | |
| Exchange differences on translation of foreign operations | 588,471 | 1,178,200 | ||
| TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | 32,964,540 | 28,484,550 | ||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Accumulated | | | ||||||||
| | | | | | | | | | Additional | | | | | Other | | Total | |||
| | | | | | | Preferred | | paid-in | | | | | Comprehensive | | Shareholders’ | ||||
| | Notes | Number of | shares | capital | Deficit | Loss | Equity | ||||||||||||
| | | | | Shares | | $ | | $ | | $ | | $ | | $ | |||||
| BALANCE AS AT DECEMBER 31, 2021 | 13 | 76,679,908 | | | — | | | 9,214,566 | | | (16,609,142) | | | (22,316) | | | (7,416,892) | ||
| Net loss for the year | | | — | | — | | — | | (27,306,350) | | — | | (27,306,350) | ||||||
| Share capital issued through private placement | | | 8,936,167 | | — | | 22,388,599 | | — | | — | | 22,388,599 | ||||||
| Share issue costs | | | — | | — | | (1,535,727) | | — | | — | | (1,535,727) | ||||||
| Acquisition of NAN Cancelled PNRC shares held by NAN | | | (7,667,707) | | — | | (19,710,608) | | — | | — | | (19,710,608) | ||||||
| Cancelled PNRC warrant held by NAN | | | — | | — | | — | | (28,275,255) | | — | | (28,275,255) | ||||||
| PNRC shares exchanged | | | (77,948,368) | | — | | — | | — | | — | | — | ||||||
| PNRC shares received in exchange | | | 82,157,536 | | — | | — | | — | | — | | — | ||||||
| Outstanding shares of NAN acquired on RTO | | | 31,748,399 | | 31,516 | | 87,096,729 | | — | | — | | 87,128,245 | ||||||
| Recapitalization on RTO | | | — | | — | | (29,174,415) | | — | | — | | (29,174,415) | ||||||
| Exercise of warrants | | | 1,236,408 | | — | | 569,399 | | — | | — | | 569,399 | ||||||
| Exercise of options | | | 1,379,000 | | — | | 723,076 | | — | | — | | 723,076 | ||||||
| Share-based payment | | | — | | — | | 7,731,117 | | — | | — | | 7,731,117 | ||||||
| Exchange differences on translation of foreign operations | | | — | | — | | — | | — | | (1,178,200) | | (1,178,200) | ||||||
| BALANCE AS AT DECEMBER 31, 2022 | 13 | 116,521,343 | | 31,516 | | 77,302,736 | | (72,190,747) | | (1,200,516) | | 3,942,989 | |||||||
| Net loss for the year | | | — | | — | | — | | (32,376,069) | | — | | (32,376,069) | ||||||
| Share capital issued through private placement | | | 32,342,551 | | — | | 39,774,313 | | — | | — | | 39,774,313 | ||||||
| Share issue costs | | | — | | — | | (3,058,875) | | — | | — | | (3,058,875) | ||||||
| FV of lender warrants | | | — | | — | | 1,744,192 | | — | | — | | 1,744,192 | ||||||
| Deferred tax liability on lender warrants | | | — | | — | | (524,531) | | — | | — | | (524,531) | ||||||
| Exercise of options, net | | | 337,026 | | — | | — | | — | | — | | — | ||||||
| Exercise of warrants | | | 100,000 | | — | | 175,000 | | — | | — | | 175,000 | ||||||
| Share-based payment | | | — | | — | | 657,138 | | — | | — | | 657,138 | ||||||
| Exchange differences on translation of foreign operations | | | — | | — | | — | | — | | (588,471) | | (588,471) | ||||||
| BALANCE AS AT DECEMBER 31, 2023 | 13 | 149,300,920 | | 31,516 | | 116,069,973 | | (104,566,816) | | (1,788,987) | | 9,745,686 | |||||||
| | | | | | | |
| | | Year ended | ||||
| | Notes | December 31, 2023 | December 31, 2022 | |||
| | | | | $ | | $ |
| OPERATING ACTIVITIES | ||||||
| Net loss for the year | | (32,376,069) | (27,306,350) | |||
| Interest received | | | | 110,886 | | — |
| Interest payment on the Term Loan | | | | (980,892) | | — |
| Items not affecting cash: | | |||||
| Share-based payment | | 657,138 | 7,731,117 | |||
| Deferred share units granted | 13(d) | 798,121 | 298,000 | |||
| FV movement of deferred share units | 13(d) | (128,114) | — | |||
| Depreciation | 7 | 744,783 | 96,543 | |||
| Provision for leave and severance | | 332,261 | 177,941 | |||
| Accretion on loans | | 674,121 | 70,959 | |||
| Deferred tax recovery | 19 | (524,531) | — | |||
| Warrant fair value movement | | — | (8,974,901) | |||
| Changes in non-cash working capital and non-current liability | | |||||
| Prepaid expenses and other receivables | | (157,790) | (1,127,061) | |||
| Trade payables and accrued expenses | | 254,430 | 3,445,230 | |||
| Deferred share units redemption | 13(d) | (83,527) | — | |||
| Spare parts | | (212,135) | — | |||
| Net cash used in operating activities | | (30,891,318) | (25,588,522) | |||
| | | | | | | |
| INVESTING ACTIVITIES | | |||||
| Acquisition of property, plant and equipment | 7 | (4,746,256) | (737,271) | |||
| Additions to expenditures on exploration and evaluation assets | 6 | (483,883) | (8,578,627) | |||
| NSR Option payment received | 6 | 2,750,000 | — | |||
| Cash received through RTO transaction | | — | 11,051,917 | |||
| Net cash used in investing activities | | (2,480,139) | 1,736,019 | |||
| | | | | | | |
| FINANCING ACTIVITIES | ||||||
| Proceeds from issuance of units | | 39,774,312 | 23,404,857 | |||
| Share issue costs | | (2,808,231) | (1,535,727) | |||
| Proceeds from exercise of options and warrants | | 175,000 | — | |||
| Loan proceeds, net of fees | | 19,605,000 | — | |||
| Promissory Note (repayment) financing | | (7,637,329) | 6,740,000 | |||
| Vehicle loan financing | | 71,480 | 164,644 | |||
| Lease payment | | (2,241,906) | — | |||
| Net cash provided by financing activities | | 46,938,326 | 28,773,774 | |||
| | | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | 515,768 | (1,748,483) | |||
| Change in cash and cash equivalents for the year | | 14,082,637 | 3,172,788 | |||
| Cash and cash equivalents at the beginning of the year | | 5,162,991 | 1,990,203 | |||
| Cash and cash equivalents at the end of the year | | 19,245,628 | 5,162,991 | |||
| Supplemental cash flow information | | | | | | |
| Income taxes paid | | | | — | | — |
| Interest paid | | | | 1,633,888 | | 68,285 |
| Supplemental disclosure of non-cash investing and financing activities | | | | | | |
| Right of use asset additions | | | | 1,023,615 | | 3,077,421 |
| | | | | | | |
| | Year ended | Year ended | ||||
| | | December 31, | | December 31, | ||
| | | 2023 | | 2022 | ||
| | | $ | | $ | ||
| Deferred tax asset | | | — | | | — |
| Non-capital losses available for carry forward | | 1,362,834 | | 94,260 | ||
| Right-of-use asset | | 354,451 | | 600,907 | ||
| Deferred tax liabilities | | | ||||
| Term Loan | | (512,921) | | |||
| Right of use asset | | (1,204,364) | | (695,166) | ||
| Net deferred tax asset (liability) | | | — | | | — |
