9 unchanged sentences
• identify and secure sources of equity and/or debt financing for property payments;
−Removed: • identify and secure sources of equity and/or debt financing for resource acquisitions;
• identify and secure sources of equity and/or debt financing for continued testing for Lithium technology
2 unchanged sentences
Estimated Funding Required During the 12 Months beginning September 1, 2024
+Added: Expense Amount ($)
Mineral Costs 19,000
−Removed: Bench Tests for Lithium Technology
−Removed: Resource Acquisitions and or Drilling
Management Consulting Fees 140,000
−Removed: Technology Acquisition and Development
+Added: Technology Development 120,000
Professional fees 75,000
Other general administrative expenses 125,000
+Added: Total $491,000
As at the date of this annual report, we do not have sufficient cash on hand to finance our entire potential and estimated $491,000 cash obligation to the proposed spending for the 12 months beginning September 1, 2024.
Based on our current cash position of $247,350 we anticipate that we will require approximately $243,650 in additional cash to execute our business plan.
−Removed: In the event that we are unable raise sufficient cash we intend to reduce our planned expenditures to accommodate our means with a view toward prioritizing revenue generating activity and fulfilling our public reporting obligations.
−Removed: As at the date of this registration statement we have no financing arrangements in place.
+Added: In the event that we are unable raise sufficient cash we intend to reduce our planned expenditures to accommodate our means with a view toward prioritizing our pending patents and fulfilling our public reporting obligations.
+Added: As at the date of this annual report we have no financing arrangements in place.
Results of Operations for our Years Ended August 31, 2024 and 2023
Our net income (loss) and comprehensive income (loss) for our year ended August 31, 2024, for our year ended August 31, 2023 and the changes between those periods for the respective items are summarized as follows:
+Added: August 31, August 31,
+Added: 2024 2023 Change
+Added: Revenue $ - $ - $ -
General and administrative 64,304 110,789 46,485
5 unchanged sentences
Professional fees 126,731 158,286 31,555
−Removed: Other expense (income)
−Removed: Net loss (income)
+Added: Other expenses 333,377 607,593 274,216
+Added: Net loss $ 999,010 $ 1,832,178 $ 833,168
Our consolidated financial statements report no revenue for the years ended August 31, 2024, and August 31, 2023.
−Removed: Our consolidated financial statements report a net loss of $1,832,178 for the year ended August 31, 2023, compared to a net income of $1,974,407 for the year ended August 31, 2022.
−Removed: Our net income has decreased by $3,806,585 for the year ended August 31, 2023, primarily due to the decrease in Other expense (income).
−Removed: Our operating costs were lower by $341,651 for August 31, 2023, compared to August 31, 2022, primarily due to increase costs of our drilling program of $325,170 offset by reduced research and development technology costs of $156,561 compared to $808,800 in the prior year).
−Removed: The increase of exploration costs by $252,317 is primarily due to the exploration drilling activities of the Company in our West Tonopah property.
−Removed: Other expense (income) for the year ended August 31, 2023 primarily consisted of realized losses and realized foreign exchange losses on the sale of marketable securities of $564,346 and $41,735, compared to unrealized losses and unrealized foreign exchange losses on marketable securities of $923,533 and $62,388, respectively, and a gain on the sale of a mineral property of $4,532,382 in the prior year.
+Added: Our consolidated financial statements report a net loss of $999,010 for the year ended August 31, 2024, compared to a net loss of $1,832,178 for the year ended August 31, 2023.
+Added: Our net loss has decreased by $833,168 for the year ended August 31, 2024, primarily due to the decrease in Other expenses and the completion of the drilling program in he prior year.
+Added: Our operating costs were lower by $558,952 for August 31, 2024, compared to August 31, 2023, primarily due to the costs of our drilling program of $325,170 in the prior year and general cost containment efforts.
+Added: Other expense for the year ended August 31, 2024 primarily consisted of realized losses and realized foreign exchange losses on the sale of marketable securities of $1,265,781 and $67,053, offset by unrealized gains and unrealized foreign exchange losses on marketable securities of $1,003,760 and $6,596, respectively.
Liquidity and Financial Condition
−Removed: Working Capital
+Added: Working Capital August 31, August 31,
Current assets $ 332,130 $ 1,347,708
1 unchanged sentence
Working capital $ 16,098 $ 1,015,108
+Added: August 31, August 31,
+Added: Cash Flows 2024 2023
Cash flows used in operating activities $ (665,810 ) $ (1,212,225 )
4 unchanged sentences
Net cash used in operating activities was $665,810 for the year ended August 31, 2024 compared with cash used in operating activities of $1,212,225 in 2023.
−Removed: The increase in net cash used in operating activities is due to the overall increase in cost as described above.
+Added: The decrease in net cash used in operating activities is due to the overall decrease in costs as described above.
Investing Activities
Net cash provided in investing activities was $586,122 for the year ended August 31, 2024 compared to $854,599 in the same period in 2023.
−Removed: During the year ended August 31, 2023, the net cash was provided by the sale of the Century Lithium stock compared to the prior year being the result of the sale of Clayton Valley, Nevada claims.
+Added: During the year ended August 31, 2024 and 2023, the net cash was provided by the sale of the Century Lithium stock.
Financing Activities
43 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.