9 unchanged sentences
Filing and regulatory
−Removed: Foreign exchange loss (gain)
+Added: Foreign exchange loss
General and administrative
7 unchanged sentences
Write-off on payable
−Removed: Net loss for the year
−Removed: Cumulative translation adjustment
Net loss and comprehensive loss for the year
2 unchanged sentences
Our operating expenses increased during the year ended July 31, 2023 compared to the prior year primarily as a result of increased costs as a result of increased activities by our Company.
−Removed: These include salaries, filing and regulatory, general and administrative, professional fees, driven by the need for expenses related to planning and researching our mineral properties, and activity involved in raising funds in the recent private placements.
+Added: These include salaries, filing and regulatory, general and administrative, professional fees, driven by the need for expenses related to obtaining a use permit while planning and researching our mineral properties, along with activities relating to raising funds in the recent private placements.
As a result of the ongoing activities, significant expenses during the year ended July 31, 2023 include:
Increase in mineral exploration costs to $772,636 (2022 - $788,684) related to activities surrounding the Use Permit application;
−Removed: Decrease in share-based payments to $406,790 (2021 - $560,792) for the grant of options pursuant to our stock option plan to incentivize management and certain consultants;
−Removed: Increase in professional fees to $738,119 (2021 - $517,092) related to an increase in legal and regulatory items pertaining to the application for a Use Permit to Nevada County California;
−Removed: Increase in other income to $79,137 (2021 - $4,888) related to an increase in rental income for property use and license agreement;
+Added: Increase in share-based payments to $466,527 (2022 - $406,790) for the grant of options pursuant to our stock option plan to incentivize management and certain consultants;
+Added: Increase in consulting and professional fees $565,885 and $757,769 respectively (2022 - $527,320 and $738,119, respectively) related to an increase in legal and regulatory items pertaining to the application for a Use Permit to Nevada County California;
+Added: Decrease in other income to $11,863 (2022 - $79,137) as there were less rental income for property use in 2023;
Liquidity and Capital Resources
1 unchanged sentence
During the year ended July 31, 2023, the Company used $2,476,478 in net cash on operating activities, compared to $2,694,359 in net cash on operating activities during the prior year.
−Removed: The difference in net cash used in operating activities during the year was largely due to the increase in our net loss for the most recent year, as we incurred expenses relating to activities surrounding the Use Permit application .
+Added: The difference in net cash used in operating activities during the year was due to the gain on the fair value of the derivative liability.
During the year ended July 31, 2023, we used net cash of $Nil (2022 - $Nil) in investing activities for the Company.
−Removed: During the year ended July 31, 2022, the Company received cash from financing activities of $2,392,998 (2021 - $248,198) related to the private placement during the year ended July 31, 2022.
+Added: During the year ended July 31, 2023, the Company received cash from financing activities of $2,762,832 (2022 - $2,392,998) related to the private placements during the year ended July 31, 2023.
The Company expects to operate at a loss for at least the next 12 months.
2 unchanged sentences
However, the Company has been able to obtain such financings in the past.
−Removed: If the Company is unable to achieve the financing necessary to continue its plan of operations, then it will not be able to carry out any exploration work on the Idaho-Maryland Property or the other properties in which it owns an interest and its business may fail.
−Removed: On March 11, 2020, the novel coronavirus outbreak ("COVID-19") was declared a pandemic by the World Health Organization.
−Removed: governmental authorities around the world have implemented measures to reduce the spread of COVID-19.
−Removed: These measures have adversely affected workforces, customers, supply chains, consumer sentiment, economies, and financial markets, and, along with decreased consumer spending, have led to an economic downturn across many global economies.
−Removed: The extent to which COVID-19 ultimately impacts our business, financial condition and results of operations will depend on future developments, which are highly uncertain and unpredictable, including new information which may emerge concerning the severity and duration of the COVID-19 pandemic and the effectiveness of actions taken to contain the COVID-19 pandemic or treat its impact.
−Removed: The COVID-19 pandemic is evolving and new information emerges regularly, and as a result, the ultimate duration and magnitude of the impact on the economy and our business are not known at this time.
−Removed: These conditions may affect our ability to obtain debt and equity financing to fund ongoing exploration activities, as well as conduct business more efficiently.
−Removed: We have taken action to minimize the risks of the COVID-19 virus for our employees, contractors and other people participating in our operations, programs, and activities.
−Removed: Although there have been no known or suspected cases of the virus reported at any of our workplaces, either in Canada or the United States, the health and safety of our work force remains a priority.
−Removed: We are closely monitoring the rapid developments of the outbreak and continually assessing the potential impact on our business.
−Removed: We continue to follow government health protocols including our continued "work from home" protocol for personnel whose attendance at the office or work sites is not critical.
−Removed: In late February 2022, Russia launched a large scale military attack on Ukraine.
−Removed: The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including Canada.
−Removed: In response to the military action by Russia, various countries, including Canada, the United States, the United Kingdom and European Union issued broad-ranging economic sanctions against Russia.
−Removed: Such sanctions included, among other things, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs;
−Removed: a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications, or SWIFT, the electronic banking network that connects banks globally;
−Removed: a ban of oil imports from Russia to the United States;
−Removed: and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions.
−Removed: Additional sanctions may be imposed in the future.
−Removed: Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors;
−Removed: result in a decline in the value and liquidity of Russian securities;
−Removed: result in boycotts, tariffs, and purchasing and financing restrictions on Russia's government, companies and certain individuals;
−Removed: weaken the value of the ruble;
−Removed: downgrade the country's credit rating;
−Removed: freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets;
−Removed: and have other adverse consequences on the Russian government, economy, companies and region.
−Removed: Further, several large corporations and U.S.
−Removed: states have announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.
−Removed: The ramifications of the hostilities and sanctions may not be limited to Russia, Ukraine and Russian and Ukrainian companies and may spill over to and negatively impact other regional and global economic markets (including Europe, Canada and the United States), companies in other countries (particularly those that have done business with Russia and Ukraine) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas.
−Removed: Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and cause severe negative effects on regional and global economic markets, industries, and companies.
−Removed: In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies around the world, which may negatively impact such countries and companies.
−Removed: The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted.
−Removed: While we expect any direct impacts to our business to be limited, the indirect impacts on the economy and on the mining industry and other industries in general could negatively affect our business and may make it more difficult for us to raise equity or debt financing.
−Removed: In addition, the impact of other current macro-economic factors on our business, which may be exacerbated by the war in Ukraine - including inflation, supply chain constraints and geopolitical events - is uncertain.
+Added: If the Company is unable to achieve the financing necessary to continue its plan of operations, then it will not be able to carry out any exploration work on the I-M Mine Property or the other properties in which it owns an interest and its business may fail.
+Added: In recent years, global financial conditions have been characterized by increased volatility which has impacted many industries, including the mining industry.
+Added: Global financial conditions are subject to sudden and rapid destabilization in response to current and future events, as governmental authorities may have limited resources to respond to such events.
+Added: Global capital markets continue to experience increased volatility in response to global events such as the significant increase in the rate of inflation in recent years, and the effects of certain countermeasures taken by central banks including increased interest rates.
+Added: Future economic crises may be precipitated by any number of causes, including natural disasters, epidemics (such as the COVID-19 virus pandemic), geopolitical instability and war (such as the Russian invasion of Ukraine and the current escalating Israel-Palestine conflict), the failure of financial institutions, terrorism, material changes in the price of oil, the volatility of metal prices, and the volatility of global financial markets.
+Added: Continued increased levels of volatility or a sudden or rapid destabilization of global economic conditions could negatively impact our ability to obtain equity or debt financing or to make other suitable arrangements to finance our Idaho-Maryland Mine Project which, in turn, could have a material adverse effect on our operations and financial condition.
Off-Balance Sheet Arrangements
3 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.