What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-06-16 compared with 2025-03-17 · 30 added, 27 removed, 154 unchanged (27% of the section changed)

17 unchanged sentences

Business Development

On May 22, 2025, the Company granted a total of 3,320,000 stock options to directors, officers, and consultants of the Company.

The stock options are exercisable at a price of US$0.10 per share until May 22, 2030.

On May 16, 2025, the Company entered into an agreement to sell its drilling equipment for a sale price of $200,000.

$100,000 was received on June 6, 2025 and subsequent payments of $50,000 payable for each of the two drilling rigs sold are to be received when each rig drills its first hole to a depth of 200m.

On May 9, 2025, the Company closed a financing and raised $3,000,000 through the issuance of up to 36,585,361 units at a price of US$0.082 per Unit (~CDN$0.11), with each unit comprising one share of common stock and one-half of one share purchase warrant.

Each whole warrant entitles the holder to acquire one share of common stock at an exercise price of US$0.15 (~CDN$0.21) for a period of three years from the date of issuance.

On March 25, 2025 the Company granted a total of 1,142,410 stock options to directors and officers of the Company.

The stock options are exercisable at a price of US$0.10 per share until March 25, 2030.

On November 27, 2024 the Company announced it had contracted to sell 66 acres of industrial land located adjacent to the Company's I-M Mine Property for $4.3 million.

5 unchanged sentences

On January 14, 2025, the Company and the Purchaser negotiated a discounted, accelerated payment with the purchaser whereby the Company received $702,000 in lieu of the second $900,000 payment due in November 2026.

The second sale agreement covers 50 acres of land for total sale price of $2.5 million and is expected to close on May 26, 2025, at which point half of the sale price will be due, with the other half due on May 26, 2027.

The buyer has placed $200,000 in escrow and will pay $12,500 per month in rent until closing, with the rent payments to be applied against the purchase price.

The second sale agreement covers 50 acres of land for total sale price of $2.5 million and closed on May 27, 2025, at which point half of the sale price will be due, with the other half due on May 27, 2027.

Commencing on the closing date, the buyer will pay monthly interest at an annual rate of 5% per year on the balance of the purchase price until it is paid in full.

66 unchanged sentences

Plan of Operations

As at January 31, 2025, the Company had a cash balance of $743,546, compared to a cash balance of $243,669 as at July 31, 2024.

As at April 30, 2025, the Company had a cash balance of $ $2,327,424, compared to a cash balance of $243,669 as at July 31, 2024.

Our plan of operations for the next 12 months is to continue to review litigation options in pursuit of protecting the Company's property rights under both California state and US federal laws, including asserting its 5th Amendment rights under the US Constitution and other due process rights under the 14th Amendment of the US Constitution.

25 unchanged sentences

Results of Operations

For the Periods Ended January 31, 2025 and 2024

ended January

31, 2025 Three months

ended January

31, 2024 Six months

ended January

31, 2025 Six months

ended January

For the Periods Ended April 30, 2025 and 2024

ended April 30,

Accretion expense (Note 9 and 11)

Consulting 66,784 113,600 121,890 166,183

Directors' fees

6 unchanged sentences

Promotion and shareholder communication

Salaries - 5,268 - 89,569

Share-based compensation (Note 12)

Loss $ (538,142 ) $ (811,048 ) $ (1,166,535 ) $ (2,050,101 )

Gain on fair value adjustment on derivative liability (Note 10)

Impairment of assets held for sale (Note 6)

Loss on note receivable (Note 5)

Other income 7,536 2,492 7,536 10,039

Write-off of receivable

Net loss and comprehensive loss for the period

1 unchanged sentence

Weighted average number of common shares outstanding (basic and diluted)

The Company's operating results for the periods ended January 31, 2025 and 2024 are summarized as follows:

The Company's operating results for the periods ended April 30, 2025 and 2024 are summarized as follows:

Liquidity and Capital Resources

Working Capital

At January 31,

At April 30, 2025

At July 31, 2024

3 unchanged sentences

Working Capital

For the six-month

January 31, 2025 For the six-month

January 31, 2024

For the nine-month

period ended April

For the nine-month

period ended April

Net Cash used in Operating Activities

Net Cash from in Investing Activities $ 1,589,349 $ -

Net Cash from Investing Activities

Net Cash provided by /(used in) Financing Activities

$ (359,873 ) $ 950,855

Net increase/(decrease) in Cash During the Period

As of January 31, 2025, the Company had $743,546 in cash, $1,428,672 in current assets, $3,924,052 in total assets, $1,862,154 in current liabilities and $311,460 in non-current liabilities, a working capital deficit of $433,482 and an accumulated deficit of $31,549,343.

During the six-month period ended January 31, 2025, the Company used $729,599 (2024 - $1,140,620) in net cash on operating activities.

As of April 30, 2025, the Company had $2,327,424 in cash, $2,638,570 in current assets, $ $5,088,693 in total assets, $2,062,447 in current liabilities and $336,140 in non-current liabilities, a working capital surplus of $576,123 and an accumulated deficit of $32,305,377.

During the nine-month period ended April 30, 2025, the Company used $849,659 (2024 - $1,826,580) in net cash on operating activities.

The difference in net cash used in operating activities during the two periods was largely due to the professional fees related to the Use Permit and Vested Rights petition..

The Company had $1,589,349 cash received from investing activities during the six-month period ended January 31, 2025 (January 31, 2024 - $Nil from the contracts to sell the 66 acres of land.

For the six-month period ended January 31, 2025, the Company had a negative net cash of $359,873 (2024 - positive $950,855) from financing activities related to the loan received and payments made towards the outstanding loan and credit facility.

The Company had $1,614,349 cash received from investing activities during the nine-month period ended April 30, 2025 (April 30, 2024 - $Nil) from the contracts to sell the 66 acres of land.

For the nine-month period ended April 30, 2025, the Company had a positive net cash of $1,319,065 (2024 - positive $1,698,598) from financing activities related to loans received and private placements and payments made towards the outstanding loans.

The Company expects to operate at a loss for at least the next 12 months.

Other than the second tranche of the sale of its 66 acres of land, the Company has no agreements for additional financing and cannot provide any assurance that additional funding will be available to finance its operations on acceptable terms in order to enable it to carry out its business plan.

With the recent financing activities in the month of May 2025, the Company expects to be able to continue its planned operations until 2027.

However, the Company cannot provide any assurance that additional funding will be available in the future to finance its operations on acceptable terms in order to enable it to carry out its business plan.

There are no assurances that the Company will be able to complete further sales of its common stock or any other form of additional financing.

6 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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis