false
--05-31
FY
2020
2020-05-31
10-K
0001507964
123987845
Yes
false
Accelerated Filer
Yes
80521510
Corvus Gold Inc.
false
true
No
No
Common Shares, no par value
kor
P5Y
P7Y
31059
31059
2014653
2014653
30000
5000
5000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 0.5in; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">North Bullfrog</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Mother Lode</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(a))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(b))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 0pt">Balance, May 31, 2018</td> <td style="width: 2%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,428,752</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">810,037</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,238,789</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">Acquisition costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Cash payments (note 4(a)(ii)(1))</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47,318</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47,318</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Shares issued (notes 4(a)(ii)(1) and 5)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,500</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,500</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">Asset retirement obligations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,765</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,485</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,250</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; padding-left: 0pt">Currency translation adjustments</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">200,922</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,226</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">237,148</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid; padding-left: 0pt">Balance, May 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,761,257</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">857,748</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,619,005</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">Acquisition costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Cash payments (note 4(a)(ii)(1))</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,705</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,705</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Shares issued (notes 4(a)(ii)(1) and 5)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,750</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,750</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; padding-left: 0pt">Currency translation adjustments</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">95,978</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,486</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,464</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 2.5pt double; padding-left: 0pt">Balance, May 31, 2020</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,957,690</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">874,234</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,831,924</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
36250
1931197
1054967
130000
130000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 0.5in; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">North Bullfrog</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Mother Lode</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Alaskan <br /> royalty interest</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(a))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(b))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(c))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 0pt">Exploration costs:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Assay</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">388,167</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">340,989</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">729,156</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Asset retirement obligations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(42,724</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,519</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(54,243</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Drilling</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,401,882</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,284,109</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,685,991</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Equipment rental</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,267</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,197</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118,464</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Field costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,936</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">931,930</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,191,866</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Geological/ Geophysical</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">579,158</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">756,236</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,335,394</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Land maintenance & tenure</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">471,520</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">130,044</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">601,564</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Permits</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,760</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,609</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98,369</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Studies</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">843,856</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">353,796</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,197,652</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; text-indent: 0pt; padding-left: 10pt">Travel</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,376</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">117,212</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">180,588</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,055,198</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,029,603</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,084,801</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; text-indent: 0pt; padding-left: 0pt">Cost recovery</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(318,537</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(318,537</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 2.5pt double; text-indent: 0pt; padding-left: 0pt">Total expenditures (recovery) for the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,055,198</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,029,603</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(318,537</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,766,264</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 0.5in; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">North Bullfrog</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Mother Lode</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(a))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(b))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt">Exploration costs:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Assay</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,839</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">567,274</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">582,113</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Drilling</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">208,421</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,788,433</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,996,854</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Equipment rental</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,173</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">66,780</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">99,953</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Field costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,620</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">248,059</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">261,679</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Geological/ Geophysical</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">83,972</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">650,424</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">734,396</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Land maintenance & tenure</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">414,636</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">271,749</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">686,385</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Permits</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,546</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">155,661</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">163,207</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Studies</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98,904</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">891,297</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">990,201</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: 0pt; padding-left: 10pt">Travel</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,035</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">107,818</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">121,853</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double; text-indent: 0pt; padding-left: 0pt">Total expenditures for the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">889,146</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,747,495</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,636,641</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
15701000
21333000
35728
15969
1631230
1308792
300000
10000
50000
25000
P5Y
P3Y
3731690
2428534
12000000
P10Y
P10Y
P10Y
P10Y
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">For the year ended May 31,</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Net loss for the year – Canada</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,125,081</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,770,719</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Net loss for the year – United States</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,081,571</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,087,286</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Net loss for the year</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,206,652</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,858,005</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> </tr> </table></div>
0.01
1400
1400
0.04
0.02
0.03
0.03
0.04
0.02
0.02
0.02
0.04
0.01
0.03
0.01
0.02
0.01
0.01
0.02
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Non-monetary transactions</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">All non-monetary transactions are measured at the fair value of the asset surrendered or the asset received, whichever is more reliable, unless the transaction lacks commercial substance or the fair value cannot be reliably established. The commercial substance requirement is met when the future cash flows are expected to change significantly as a result of the transaction. When the fair value of a non-monetary transaction cannot be reliably measured, it is recorded at the carrying amount (after reduction, when appropriate, for impairment) of the asset given up adjusted by the fair value of any monetary consideration received or given. When the asset received or the consideration given up is shares in an actively traded market, the value of those shares will be considered fair value.</div></div></div></div></div></div>
6
12
33
2
3
P10D
5
0.03
0.04
0.02
0.02
350000
318537
160000
1250000
1000000
850000
770000
1000000
1000000
1000000
1000000
500000
5000000
2000000
2550000
2310000
4000000
2000000
2000000
2000000
2000000
3196919
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Country of <br /> Incorporation</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Principal <br /> Activity</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">The Company's<br /> effective <br /> interest for <br /> 2020</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">The Company's <br /> effective <br /> interest for <br /> 2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-size: 10pt; text-align: left">Corvus Gold (USA) Inc.</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 12%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">USA</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 24%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Holding company</div></td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; width: 6%; font-size: 10pt; text-align: left">%</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; width: 6%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Raven Gold Alaska Inc.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">USA</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Exploration company</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Corvus Gold Nevada Inc.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">USA</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Exploration company</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">SoN Land & Water LLC</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">USA</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Exploration company</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Mother Lode Mining Company LLC</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">USA</div></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 2.5pt double"><div style="display: inline; font-style: italic; font: inherit;">Exploration company</div></td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Share capital</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The proceeds from the exercise of stock options, warrants and escrow shares are recorded as share capital in the amount for which the option, warrant or escrow share enabled the holder to purchase a share in the Company.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Commissions paid to agents, and other related share issuance costs, such as legal, auditing, and printing, on the issue of the Company's shares are charged directly to share capital.</div></div></div></div></div></div>
25000
25000
2530770
59500
59500
48750
48750
6580002
6580002
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">8.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">SUBSIDIARIES</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Significant subsidiaries for the years ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> are:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Country of <br /> Incorporation</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Principal <br /> Activity</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">The Company's<br /> effective <br /> interest for <br /> 2020</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">The Company's <br /> effective <br /> interest for <br /> 2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-size: 10pt; text-align: left">Corvus Gold (USA) Inc.</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 12%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">USA</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: center"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 24%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Holding company</div></td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; width: 6%; font-size: 10pt; text-align: left">%</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; width: 6%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Raven Gold Alaska Inc.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">USA</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Exploration company</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Corvus Gold Nevada Inc.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">USA</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Exploration company</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">SoN Land & Water LLC</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">USA</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">Exploration company</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Mother Lode Mining Company LLC</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">USA</div></td> <td style="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="font-size: 10pt; text-align: center; border-bottom: Black 2.5pt double"><div style="display: inline; font-style: italic; font: inherit;">Exploration company</div></td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> </tr> </table> </div></div>
1
100000
300000
200000
300000
14568048
4204082
895848
345632
1274
12810
161305
49658
1578326
1382223
406240
400000
4428752
810037
5238789
4761257
857748
5619005
4957690
874234
5831924
0
5831924
5831924
0
5619005
5619005
14857390
11467753
3196919
-3196919
1633957
1633957
3389637
3389637
1591400
728748
294760
140318
470910
218853
26259
12051
1006308
533987
3389637
1633957
2362008
1147341
12345000
10000000
24765
11485
36250
373103
270000
419286
310000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Asset retirement obligations</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company records a liability based on the best estimate of costs for site closure and reclamation activities that the Company is legally or contractually required to remediate at the time environmental disturbance occurs. The provision for closure and reclamation liabilities is estimated using expected cash flows based on engineering and environmental reports and accreted to full value over time through periodic charges to profit or loss. As at <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>the Company recorded a provision of <div style="display: inline; font-style: italic; font: inherit;">$373,103</div> (USD <div style="display: inline; font-style: italic; font: inherit;">270,000</div>) (<div style="display: inline; font-style: italic; font: inherit;">2019</div> - <div style="display: inline; font-style: italic; font: inherit;">$419,286</div> (USD <div style="display: inline; font-style: italic; font: inherit;">310,000</div>)) for environmental rehabilitation.</div></div></div></div></div></div>
21383428
10213735
15463896
4549714
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Basis of presentation</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">These consolidated financial statements are presented in Canadian dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”).</div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Mineral properties and exploration and evaluation expenditures</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company's mineral projects are currently in the exploration and evaluation phase. All direct costs related to the acquisition of mineral property interests are capitalized. Mineral property exploration costs are expensed as incurred. At such time that the Company determines that a mineral property can be economically developed, subsequent mineral property expenses will be capitalized during the development of such property.</div></div></div></div></div></div>
14913158
4145085
14913158
4145085
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Cash and cash equivalents</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Cash equivalents include highly liquid investments in term deposits that are readily convertible to known amounts of cash with original maturities of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less, and term deposits with original term of maturities greater than <div style="display: inline; font-style: italic; font: inherit;">three</div> months but are cashable after <div style="display: inline; font-style: italic; font: inherit;">30</div> days with <div style="display: inline; font-style: italic; font: inherit;">no</div> penalties, and are subject to an insignificant risk of change in value.</div></div></div></div></div></div>
4145085
2610541
14913158
10768073
1534544
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">9.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">SUPPLEMENTAL CASH FLOW INFORMATION</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">For the year ended May 31,</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Supplemental cash flow information</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%; font-size: 10pt; font-weight: normal; text-align: left; text-indent: -10pt; padding-left: 20pt">Interest paid</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,969</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: normal; text-align: left; text-indent: -10pt; padding-left: 20pt">Income taxes paid (received)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Non-cash financing and investing transactions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: normal; text-align: left; text-indent: -10pt; padding-left: 20pt">Shares issued to acquire mineral properties</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,750</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,500</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: normal; text-align: left; text-indent: -10pt; padding-left: 20pt">Change in asset retirement obligations included in capitalized acquisition costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,250</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: normal; text-align: left; text-indent: -10pt; padding-left: 20pt">Reclassification of contributed surplus on exercise of stock options</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,196,919</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>
120960869
97726772
-16010549
-10599192
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Basis of consolidation</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively, the “Group”), Corvus Gold (USA) Inc. (“Corvus USA”) (a Nevada corporation), Corvus Gold Nevada Inc. (“Corvus Nevada”) (a Nevada corporation), Raven Gold Alaska Inc. (“Raven Gold”) (an Alaska corporation), SoN Land and Water LLC (“SoN”) (a Nevada limited liability company) and Mother Lode Mining Company LLC (a Nevada limited liability company). All intercompany transactions and balances were eliminated upon consolidation.</div></div></div></div></div></div>
0.0477
8313000
9763000
24479000
31135000
453000
27000
12000
12000
24479000
31135000
61513
15069
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">SHARE CAPITAL</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Authorized</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">Unlimited common shares without par value.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Share issuances</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">During the year ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">(a)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 5, 2019, </div>the Company closed a private placement equity financing and issued <div style="display: inline; font-style: italic; font: inherit;">500,000</div> common shares at a price of <div style="display: inline; font-style: italic; font: inherit;">$1.80</div> per common share for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$900,000.</div> In connection with the financing, the Company paid an additional <div style="display: inline; font-style: italic; font: inherit;">$7,701</div> in share issuance costs.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">(b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> August 19, 2019, </div>the Company closed a private placement equity financing and issued <div style="display: inline; font-style: italic; font: inherit;">500,000</div> common shares at a price of <div style="display: inline; font-style: italic; font: inherit;">$2.60</div> per common share for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$1,300,000.</div> In connection with the financing, the Company paid an additional <div style="display: inline; font-style: italic; font: inherit;">$8,927</div> in share issuance costs.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">(c)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> October 10, 2019, </div>the Company closed a public bought deal equity financing and issued <div style="display: inline; font-style: italic; font: inherit;">11,500,000</div> common shares at a price of <div style="display: inline; font-style: italic; font: inherit;">$2.00</div> per common share for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$23,000,000.</div> In connection with the financing, the Company paid an additional <div style="display: inline; font-style: italic; font: inherit;">$1,998,025</div> in share issuance costs.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">(d)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> October 18, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">25,000</div> common shares in connection with the lease on the Mayflower property (note <div style="display: inline; font-style: italic; font: inherit;">4</div>(a)(ii)(<div style="display: inline; font-style: italic; font: inherit;">1</div>)), with a fair value of <div style="display: inline; font-style: italic; font: inherit;">$48,750.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">During the year ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2019:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">(a)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 7, 2018, </div>the Company closed a private placement equity financing and issued <div style="display: inline; font-style: italic; font: inherit;">1,730,770</div> common shares at a price of <div style="display: inline; font-style: italic; font: inherit;">$2.60</div> per common share for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$4,500,002.</div> The Company paid an additional <div style="display: inline; font-style: italic; font: inherit;">$14,605</div> in share issuance costs.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">(b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 26, 2018, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">25,000</div> common shares in connection with the lease on the Mayflower property (note <div style="display: inline; font-style: italic; font: inherit;">4</div>(a)(ii)(<div style="display: inline; font-style: italic; font: inherit;">1</div>)), with a fair value of <div style="display: inline; font-style: italic; font: inherit;">$59,500.</div> The Company paid <div style="display: inline; font-style: italic; font: inherit;">$6,212</div> in share issuance costs.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">(c)</td> <td style="text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">4,036,900</div> common shares on the exercise of <div style="display: inline; font-style: italic; font: inherit;">4,036,900</div> stock options at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$0.86</div> per stock option for net proceeds of <div style="display: inline; font-style: italic; font: inherit;">$3,453,924.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">(d)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> December 20, 2018, </div>the Company closed a private placement equity financing and issued <div style="display: inline; font-style: italic; font: inherit;">800,000</div> common shares at a price of <div style="display: inline; font-style: italic; font: inherit;">$2.60</div> per common share for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$2,080,000.</div> The Company paid an additional <div style="display: inline; font-style: italic; font: inherit;">$10,242</div> in share issuance costs.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">(e)</td> <td style="text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> April 2019, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">615,000</div> common shares on the exercise of <div style="display: inline; font-style: italic; font: inherit;">615,000</div> stock options at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$1.40</div> per stock option for net proceeds of <div style="display: inline; font-style: italic; font: inherit;">$861,000.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Stock options</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">Stock options awarded to employees and non-employees by the Company are measured and recognized in the Consolidated Statement of Operations and Comprehensive Loss over the vesting period.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The Company has adopted an incentive stock option plan, <div style="display: inline; font-style: italic; font: inherit;">first</div> adopted in <div style="display: inline; font-style: italic; font: inherit;">2010</div> and then amended in <div style="display: inline; font-style: italic; font: inherit;">2013</div> (the “Amended <div style="display: inline; font-style: italic; font: inherit;">2010</div> Plan”). The essential elements of the Amended <div style="display: inline; font-style: italic; font: inherit;">2010</div> Plan provide that the aggregate number of common shares of the Company's share capital that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be made issuable pursuant to options granted under the Amended <div style="display: inline; font-style: italic; font: inherit;">2010</div> Plan (together with any other shares which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be issued under other share compensation plans of the Company) <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> exceed <div style="display: inline; font-style: italic; font: inherit;">10%</div> of the number of issued shares of the Company at the time of the granting of the options. Options granted under the Amended <div style="display: inline; font-style: italic; font: inherit;">2010</div> Plan will have a maximum term of <div style="display: inline; font-style: italic; font: inherit;">ten</div> years. The exercise price of options granted under the Amended <div style="display: inline; font-style: italic; font: inherit;">2010</div> Plan will <div style="display: inline; font-style: italic; font: inherit;">not</div> be less than the greater of the market price of the common shares (as defined by TSX, currently defined as the <div style="display: inline; font-style: italic; font: inherit;">5</div> day volume weighted average price for the <div style="display: inline; font-style: italic; font: inherit;">5</div> trading days immediately preceding the date of grant) or the closing market price of the Company's common shares for the trading day immediately preceding the date of grant), or such other price as <div style="display: inline; font-style: italic; font: inherit;"> may </div>be agreed to by the Company and accepted by the TSX. Options granted under the Amended <div style="display: inline; font-style: italic; font: inherit;">2010</div> Plan vest immediately, unless otherwise determined by the directors at the date of grant.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" margin: 0pt 0 0pt 35.45pt; font-size: 10pt; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">A summary of the status of the stock option plan as of <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> and changes during the years are presented below:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div> <table style="border-collapse: collapse; margin-left: 35.45pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-left: Black 1pt solid; border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of <br /> Options</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <br /> Average <br /> Exercise <br /> Price</td> <td style="border-left: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of <br /> Options</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <br /> Average <br /> Exercise <br /> Price</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; font-size: 10pt; text-align: left">Balance, beginning of the year</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,000,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.40</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,861,900</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.85</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left">Granted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,345,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.13</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,920,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.06</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left">Exercised</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,651,900</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.93</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Forfeited</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(130,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.81</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double; text-indent: -7.1pt; padding-left: 8.25pt">Balance, end of the year</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,345,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.54</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,000,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.40</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" margin: 0pt 0 0pt 35.45pt; font-size: 10pt; text-align: justify">The weighted average remaining contractual life of options outstanding at <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020 </div>was <div style="display: inline; font-style: italic; font: inherit;">2.68</div> years (<div style="display: inline; font-style: italic; font: inherit;">2019</div> – <div style="display: inline; font-style: italic; font: inherit;">3.25</div> years).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">Stock options outstanding are as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div> <table style="border-collapse: collapse; margin-left: 35.45pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; border-left: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="11" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expiry Date</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise<br /> Price</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<br /> Options</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercisable<br /> at Year- <br /> End</td> <td style="border-left: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise<br /> Price</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<br /> Options</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercisable<br /> at Year-<br /> End</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 34%; font-size: 10pt; text-align: justify; padding-left: 0pt">September 8, 2019*</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.40</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">635,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">635,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.40</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">635,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">635,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">September 9, 2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.46</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">620,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">620,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.46</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">620,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">620,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">November 13, 2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.49</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,000,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,000,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.49</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,000,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,000,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">September 15, 2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.91</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,085,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,085,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.91</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,085,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,085,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">July 31, 2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.77</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,840,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,225,440</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.77</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,840,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">612,720</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">October 11, 2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.00</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,322</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">November 19, 2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.06</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,420,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,471,860</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.06</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,420,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">April 9, 2024</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.04</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">400,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,200</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.04</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">400,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">June 13, 2024</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.18</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,115,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; padding-left: 0pt">February 3, 2025</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.09</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,210,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 2.5pt double; padding-left: 0pt"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,345,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,183,822</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,000,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,952,720</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" margin: 0pt 0 0pt 35.45pt; font-size: 10pt; text-align: justify">*The Company's share trading policy (the “Policy”) requires that all restricted persons and others who are subject to the Policy refrain from conducting any transactions involving the purchase or sale of the Company's securities, during the period in any quarter commencing <div style="display: inline; font-style: italic; font: inherit;">30</div> days prior to the scheduled issuance of the next quarter or year-end public disclosure of the financial results as well as when there is material data on hand. In accordance with the terms of the Amended <div style="display: inline; font-style: italic; font: inherit;">2010</div> Plan, if stock options are set to expire during a restricted period and are <div style="display: inline; font-style: italic; font: inherit;">not</div> exercised prior to any such restriction, they will <div style="display: inline; font-style: italic; font: inherit;">not</div> expire but instead will be available for exercise for <div style="display: inline; font-style: italic; font: inherit;">ten</div> days after such restrictions are lifted.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" margin: 0pt 0 0pt 35.45pt; font-size: 10pt; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The Company uses the fair value method for determining stock-based compensation for all options granted during the years. The fair value of options granted was <div style="display: inline; font-style: italic; font: inherit;">$2,974,411</div> (<div style="display: inline; font-style: italic; font: inherit;">2019</div> - <div style="display: inline; font-style: italic; font: inherit;">$7,442,708</div>), determined using the Black-Scholes option pricing model based on the following weighted average assumptions:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div> <table style="border-collapse: collapse; margin-left: 35.45pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">For the year ended May 31,</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Risk-free interest rate</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.32</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.22</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected life of options (in years)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4.98</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Annualized volatility</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72.09</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">73.88</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Dividend yield</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Exercise price</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.13</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.06</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Fair value per share</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.27</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.51</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" margin: 0pt 0 0pt 35.45pt; font-size: 10pt; text-align: justify">Annualized volatility was determined by reference to historic volatility of the Company.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">Stock-based compensation has been allocated to the same expenses as cash compensation paid to the same employees or consultants, as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div> <table style="border-collapse: collapse; margin-left: 35.45pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">For the year ended May 31,</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Consulting fees</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,591,400</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">728,748</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Exploration expenditures – Geological/geophysical</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">294,760</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">140,318</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Investor relations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">470,910</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">218,853</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Professional fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,259</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,051</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Wages and benefits</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,006,308</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">533,987</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,389,637</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,633,957</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>
-0.14
-0.10
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Earnings (loss) per share</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Basic loss per share is calculated using the weighted average number of common shares outstanding during the year. The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on earnings (loss) per share is calculated presuming the exercise of outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the year. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. For the year ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">12,345,000</div> outstanding stock options (<div style="display: inline; font-style: italic; font: inherit;">2019</div> – <div style="display: inline; font-style: italic; font: inherit;">10,000,000</div>) were <div style="display: inline; font-style: italic; font: inherit;">not</div> included in the calculation of diluted earnings (loss) per share as their inclusion was anti-dilutive.</div></div></div></div></div></div>
508456
121492
0.27
0.2642
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Valuation of equity units issued in private placements</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method <div style="display: inline; font-style: italic; font: inherit;">first</div> allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The fair value of the common shares issued in the private placements was determined to be the more easily measurable component and were valued at their fair value, as determined by the closing quoted bid price on the announcement date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as contributed surplus. Upon exercise of the warrants, the related fair value is reallocated to share capital.</div></div></div></div></div></div>
9766264
5636641
388167
340989
729156
1401882
3284109
4685991
63267
55197
118464
259936
931930
1191866
579158
756236
1335394
471520
130044
601564
26760
71609
98369
843856
353796
1197652
63376
117212
180588
4055198
6029603
10084801
4055198
6029603
14839
567274
582113
208421
1788433
1996854
33173
66780
99953
13620
248059
261679
83972
650424
734396
414636
271749
686385
7546
155661
163207
98904
891297
990201
14035
107818
121853
889146
4747495
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 35.45pt; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> </tr> <tr style="vertical-align: bottom"> <td style="width: 84%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Cash and cash equivalents</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,913,158</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 35.45pt; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">May 31, 2019</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> </tr> <tr style="vertical-align: bottom"> <td style="width: 84%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Cash and cash equivalents</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,145,085</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">3.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">FAIR VALUE OF FINANCIAL INSTRUMENTS</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <table style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 60pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: middle"> <td style="vertical-align: top; text-align: left; width: 7%">Level <div style="display: inline; font-style: italic; font: inherit;">1</div></td> <td style="vertical-align: top; text-align: center; width: 3%">–</td> <td style="text-align: justify; width: 90%">valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities;</td> </tr> <tr style="vertical-align: middle"> <td style="vertical-align: top; text-align: left">Level <div style="display: inline; font-style: italic; font: inherit;">2</div> </td> <td style="vertical-align: top; text-align: center">–</td> <td style="text-align: justify">valuation techniques based on inputs other than quoted prices included in level <div style="display: inline; font-style: italic; font: inherit;">1</div> that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and</td> </tr> <tr style="vertical-align: middle"> <td style="vertical-align: top; text-align: left">Level <div style="display: inline; font-style: italic; font: inherit;">3</div> </td> <td style="vertical-align: top; text-align: center">–</td> <td style="text-align: justify">valuation techniques using inputs for the asset or liability that are <div style="display: inline; font-style: italic; font: inherit;">not</div> based on observable market data (unobservable inputs).</td> </tr> </table> <div style=" margin: 0pt 0 0pt 35.45pt; font-size: 10pt; text-align: justify"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. The following table presents the financial instruments recorded at fair value, classified using the fair value hierarchy described above:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div> <table style="border-collapse: collapse; margin-left: 35.45pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">May 31, 2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> </tr> <tr style="vertical-align: bottom"> <td style="width: 84%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Cash and cash equivalents</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,913,158</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" margin-top: 0; margin-bottom: 0"> </div> <div> <table style="border-collapse: collapse; margin-left: 35.45pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">May 31, 2019</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> </tr> <tr style="vertical-align: bottom"> <td style="width: 84%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Cash and cash equivalents</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,145,085</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>
45905
185277
162313
417332
85258
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Foreign currency translation</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The presentation currency of the Company is the Canadian dollar.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The functional currency of each of the parent company and its subsidiaries is measured using the currency of the primary economic environment in which that entity operates. The functional currency of Corvus USA, Corvus Nevada, Raven Gold, SoN, and Mother Lode Mining Company LLC is US dollars, and for the Company the functional currency is Canadian dollars.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></div> <!-- Field: Page; Sequence: 78; Value: 3 --> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal"><div style="display: inline; font-style: italic;">Transactions and balances</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss in the Statement of Operations and Comprehensive Loss in the year in which they arise.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income (loss) in the Statement of Operations and Comprehensive Loss to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income (loss). Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal"><div style="display: inline; font-style: italic;">Parent and Subsidiary Companies</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The financial results and position of foreign operations whose functional currency is different from the presentation currency are translated as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; and</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Income and expenses are translated at monthly average exchange rates during the year.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Exchange differences arising on translation of foreign operations are transferred directly to the Group's exchange difference on translating foreign operations in the Statement of Operations and Comprehensive Loss and are reported as a separate component of shareholders' equity titled “Cumulative Translation Differences”. These differences are recognized in profit or loss in the year in which the operation is disposed of.</div></div></div></div></div></div>
429
430
234846
213548
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Impairment of long-lived assets</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company assesses long-lived assets for impairment or when facts and circumstances suggest that the carrying amount of an asset <div style="display: inline; font-style: italic; font: inherit;"> may </div>exceed its recoverable amount. Impairment analysis includes assessment of the following circumstances: a significant decrease in the market price of a long-lived asset or asset group; a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition; a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset or asset group, including an adverse action or assessment by a regulator; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset or asset group; a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group; a current expectation that, more likely than <div style="display: inline; font-style: italic; font: inherit;">not,</div> a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The term more likely than <div style="display: inline; font-style: italic; font: inherit;">not</div> refers to a level of likelihood that is more than <div style="display: inline; font-style: italic; font: inherit;">50%.</div></div></div></div></div></div></div>
0
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">10.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">INCOME TAXES</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">A reconciliation of income taxes at statutory rates with the reported taxes is as follows for the years ended <div style="display: inline; font-style: italic; font: inherit;"> May 31:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div> <table style="border-collapse: collapse; margin-left: 0.5in; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left; text-indent: 0in">Loss before income taxes</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,206,652</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,858,005</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Statutory Canadian corporate tax rate</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27.00</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26.42</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Income tax recovery at statutory rates</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,375,796</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,868,322</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Stock-based compensation</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">915,202</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">431,637</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Effect of tax rate change</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,650,087</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,432</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Difference in tax rates in other jurisdictions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style=" margin: 0pt 0"><div style="display: inline; font-style: italic; font: inherit;">675,258</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(549,814</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Tax benefits not realized</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style=" margin: 0pt 0"><div style="display: inline; font-style: italic; font: inherit;">(7,864,751</div></div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,998,931</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double; text-indent: 0in">Income tax recovery</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">The significant components of the Company's deferred income tax assets and liabilities are as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div> <table style="border-collapse: collapse; margin-left: 0.5in; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; text-indent: 0pt"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt">Deferred income tax assets (liabilities)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%; font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Mineral properties</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,701,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,333,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Property and equipment</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Share issuance costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">453,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Non-capital losses available for future periods</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,313,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,763,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,479,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,135,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt">Valuation allowance</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(24,479,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(31,135,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt">Net deferred tax assets</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" margin: 0pt 0 0pt 35.45pt; font-size: 10pt; text-align: justify">At <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>the Company has available non-capital tax losses for Canadian income tax purposes of approximately <div style="display: inline; font-style: italic; font: inherit;">$15,722,000</div> and net operating loss for US tax purposes of approximately <div style="display: inline; font-style: italic; font: inherit;">$19,370,000</div> available for carry-forward to reduce future years' taxable income, if <div style="display: inline; font-style: italic; font: inherit;">not</div> utilized, expiring as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div> <table style="border-collapse: collapse; margin-left: 35.45pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Canada</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">United States</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: center">2029</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,318,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center">2030</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center">2031</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">379,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">195,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center">2032</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,089,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,679,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center">2033</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,443,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,214,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center">2034</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,733,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,313,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center">2035</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,806,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,004,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center">2036</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,354,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,761,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center">2037</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,624,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,368,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center">2038</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,943,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,568,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center">2039</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,206,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,646,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2040</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,145,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,302,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 2.5pt double"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,722,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,370,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">In addition, the Company has available mineral resource expenses that are related to the Company's exploration activities in the United States of approximately <div style="display: inline; font-style: italic; font: inherit;">$79,740,000</div> and in Canada of approximately <div style="display: inline; font-style: italic; font: inherit;">$333,000,</div> which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be deductible for tax purposes. Future tax benefits, which <div style="display: inline; font-style: italic; font: inherit;"> may </div>arise as a result of applying these deductions to taxable income, have <div style="display: inline; font-style: italic; font: inherit;">not</div> been recognized in these accounts due to the uncertainty of future taxable income.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Income taxes</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than <div style="display: inline; font-style: italic; font: inherit;">not</div> that some portion or the entire deferred tax asset will <div style="display: inline; font-style: italic; font: inherit;">not</div> be realized.</div></div></div></div></div></div>
10650087
-12432
-4375796
-2868322
915202
431637
675258
-549814
-7864751
2998931
550216
14928
111647
24220
-54242
34462
98199
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Joint venture accounting</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">Where the Company's exploration and development activities are conducted with others, the accounts reflect only the Company's proportionate interest in such activities. The Company currently is <div style="display: inline; font-style: italic; font: inherit;">not</div> a party to any joint venture arrangements.</div></div></div></div></div></div>
255410
76835
2264435
1782198
1600
18179
74529
31463
0.1
1321426
764918
21383428
10213735
895848
345632
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Canada</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">United States</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">May 31, 2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; font-size: 10pt; text-align: left">Capitalized acquisition costs</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,831,924</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,831,924</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Property and equipment</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,488</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,142</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">38,630</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Right-of-use assets</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,978</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,978</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">May 31, 2019</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Capitalized acquisition costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,619,005</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,619,005</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Property and equipment</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,840</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,176</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">45,016</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">4.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">MINERAL PROPERTIES</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company had the following activity related to capitalized acquisition costs:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div> <table style="border-collapse: collapse; margin-left: 0.5in; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">North Bullfrog</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Mother Lode</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(a))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(b))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 0pt">Balance, May 31, 2018</td> <td style="width: 2%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,428,752</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">810,037</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,238,789</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">Acquisition costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Cash payments (note 4(a)(ii)(1))</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47,318</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47,318</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Shares issued (notes 4(a)(ii)(1) and 5)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,500</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,500</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">Asset retirement obligations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,765</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,485</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,250</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; padding-left: 0pt">Currency translation adjustments</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">200,922</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,226</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">237,148</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid; padding-left: 0pt">Balance, May 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,761,257</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">857,748</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,619,005</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">Acquisition costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Cash payments (note 4(a)(ii)(1))</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,705</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,705</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Shares issued (notes 4(a)(ii)(1) and 5)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,750</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,750</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; padding-left: 0pt">Currency translation adjustments</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">95,978</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,486</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,464</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 2.5pt double; padding-left: 0pt">Balance, May 31, 2020</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,957,690</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">874,234</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,831,924</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">The following table presents costs incurred for exploration and evaluation activities for the year ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div> <table style="border-collapse: collapse; margin-left: 0.5in; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">North Bullfrog</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Mother Lode</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Alaskan <br /> royalty interest</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(a))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(b))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(c))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 0pt">Exploration costs:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Assay</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">388,167</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">340,989</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">729,156</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Asset retirement obligations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(42,724</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,519</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(54,243</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Drilling</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,401,882</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,284,109</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,685,991</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Equipment rental</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,267</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,197</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118,464</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Field costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,936</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">931,930</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,191,866</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Geological/ Geophysical</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">579,158</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">756,236</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,335,394</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Land maintenance & tenure</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">471,520</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">130,044</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">601,564</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Permits</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,760</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,609</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98,369</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 10pt">Studies</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">843,856</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">353,796</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,197,652</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; text-indent: 0pt; padding-left: 10pt">Travel</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,376</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">117,212</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">180,588</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,055,198</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,029,603</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,084,801</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; text-indent: 0pt; padding-left: 0pt">Cost recovery</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(318,537</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(318,537</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 2.5pt double; text-indent: 0pt; padding-left: 0pt">Total expenditures (recovery) for the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,055,198</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,029,603</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(318,537</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,766,264</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">The following table presents costs incurred for exploration and evaluation activities for the year ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2019:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div> <table style="border-collapse: collapse; margin-left: 0.5in; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">North Bullfrog</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Mother Lode</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(a))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">(note 4(b))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt">Exploration costs:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Assay</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,839</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">567,274</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="width: 11%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">582,113</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Drilling</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">208,421</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,788,433</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,996,854</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Equipment rental</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,173</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">66,780</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">99,953</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Field costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,620</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">248,059</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">261,679</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Geological/ Geophysical</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">83,972</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">650,424</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">734,396</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Land maintenance & tenure</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">414,636</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">271,749</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">686,385</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Permits</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,546</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">155,661</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">163,207</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Studies</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98,904</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">891,297</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">990,201</div></td> <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: 0pt; padding-left: 10pt">Travel</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,035</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">107,818</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">121,853</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double; text-indent: 0pt; padding-left: 0pt">Total expenditures for the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">889,146</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,747,495</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,636,641</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" margin-top: 0; margin-bottom: 0"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt"><div style="display: inline; font-weight: bold;">(a)</div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">North Bullfrog Project, Nevada</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">The Company's North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned <div style="display: inline; font-style: italic; font: inherit;">100%</div> by the Company.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 63pt"></td> <td style="width: 36pt">(i)</td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Interests acquired from Redstar Gold Corp.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 99pt">On <div style="display: inline; font-style: italic; font: inherit;"> October 9, 2009, </div>a US subsidiary of ITH at the time (Corvus Nevada) completed the acquisition of all of the interests of Redstar Gold Corp. (“Redstar”) and Redstar Gold U.S.A. Inc. (“Redstar US”) in the North Bullfrog project, which consisted of <div style="display: inline; font-style: italic; font: inherit;">six</div> leases covering <div style="display: inline; font-style: italic; font: inherit;">33</div> patented mining claims. The leases have an initial term of <div style="display: inline; font-style: italic; font: inherit;">ten</div> years, and for so long thereafter as mining activities continue on the claims or contiguous claims held by the Company:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 99pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 99pt">The Company is required to pay annual advance minimum royalty payments (recoupable from production royalties) for as long as there are mining activities continuing on the claims or contiguous claims held by the Company. The required annual advance minimum royalty payments are:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 99pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">39,800</div> USD</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">17,700</div> USD (adjusted annually for inflation)</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 99pt">The lessor is entitled to receive a separate NSR royalty related to all production from the leased property of the various individual leases which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be purchased by the Company as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 99pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">a <div style="display: inline; font-style: italic; font: inherit;">4%</div> NSR royalty, which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be purchased by the Company for USD <div style="display: inline; font-style: italic; font: inherit;">1,250,000</div> per <div style="display: inline; font-style: italic; font: inherit;">1%</div> (USD <div style="display: inline; font-style: italic; font: inherit;">5,000,000</div> for the entire royalty).</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">a <div style="display: inline; font-style: italic; font: inherit;">2%</div> NSR royalty on all production, which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be purchased by the Company for USD <div style="display: inline; font-style: italic; font: inherit;">1,000,000</div> per <div style="display: inline; font-style: italic; font: inherit;">1%</div> (USD <div style="display: inline; font-style: italic; font: inherit;">2,000,000</div> for the entire royalty).</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">a <div style="display: inline; font-style: italic; font: inherit;">3%</div> NSR royalty on all production, which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be purchased by the Company for USD <div style="display: inline; font-style: italic; font: inherit;">850,000</div> per <div style="display: inline; font-style: italic; font: inherit;">1%</div> (USD <div style="display: inline; font-style: italic; font: inherit;">2,550,000</div> for the entire royalty).</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">a <div style="display: inline; font-style: italic; font: inherit;">3%</div> NSR royalty on all production which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be purchased by the Company for USD <div style="display: inline; font-style: italic; font: inherit;">770,000</div> per <div style="display: inline; font-style: italic; font: inherit;">1%</div> (USD <div style="display: inline; font-style: italic; font: inherit;">2,310,000</div> for the entire royalty).</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">a <div style="display: inline; font-style: italic; font: inherit;">4%</div> NSR royalty on all production, which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be purchased by the Company for USD <div style="display: inline; font-style: italic; font: inherit;">1,000,000</div> per <div style="display: inline; font-style: italic; font: inherit;">1%</div> (USD <div style="display: inline; font-style: italic; font: inherit;">4,000,000</div> for the entire royalty).</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">a <div style="display: inline; font-style: italic; font: inherit;">2%</div> NSR royalty on all production, which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be purchased by the Company for USD <div style="display: inline; font-style: italic; font: inherit;">1,000,000</div> per <div style="display: inline; font-style: italic; font: inherit;">1%</div> (USD <div style="display: inline; font-style: italic; font: inherit;">2,000,000</div> for the entire royalty).</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">a <div style="display: inline; font-style: italic; font: inherit;">2%</div> NSR royalty on all production, which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be purchased by the Company for USD <div style="display: inline; font-style: italic; font: inherit;">1,000,000</div> per <div style="display: inline; font-style: italic; font: inherit;">1%</div> (USD <div style="display: inline; font-style: italic; font: inherit;">2,000,000</div> for the entire royalty).</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 99pt">The various NSR royalties above relate only to the property covered by each specific lease and are <div style="display: inline; font-style: italic; font: inherit;">not</div> cumulative.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 99pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 99pt">The Company has an option to purchase a property related to <div style="display: inline; font-style: italic; font: inherit;">twelve</div> patented mining claims for USD <div style="display: inline; font-style: italic; font: inherit;">1,000,000</div> at any time during the life of the lease (subject to the net smelter return (“NSR”) royalty of <div style="display: inline; font-style: italic; font: inherit;">4%</div> which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be purchased by the Company for USD <div style="display: inline; font-style: italic; font: inherit;">1,250,000</div> per <div style="display: inline; font-style: italic; font: inherit;">1%</div> (USD <div style="display: inline; font-style: italic; font: inherit;">5,000,000</div> for the entire royalty).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 99pt"> </div> <div style=" margin: 0pt 0 0pt 99pt; font-size: 10pt; text-align: justify"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 63pt"></td> <td style="width: 36pt">(ii)</td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Interests acquired directly by Corvus Nevada</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 99pt"></td> <td style="width: 18pt">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="text-align: justify">Pursuant to a mining lease and option to purchase agreement made effective <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">1,</div> <div style="display: inline; font-style: italic; font: inherit;">2007</div> between Corvus Nevada and a group of arm's length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the “Mayflower” claims which form part of the North Bullfrog project. The terms of the lease/option are as follows:</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Terms: Initial term of <div style="display: inline; font-style: italic; font: inherit;">five</div> years, commencing <div style="display: inline; font-style: italic; font: inherit;"> December 1, 2007, </div>with the option to extend the lease for an additional <div style="display: inline; font-style: italic; font: inherit;">five</div> years. Pursuant to an extension agreement dated <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2016 </div>and fully executed and effective as of <div style="display: inline; font-style: italic; font: inherit;"> November 22, 2017, </div>the parties agreed to extend the lease and option granted for an additional <div style="display: inline; font-style: italic; font: inherit;">ten</div> years with the same lease payment terms.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Lease Payments: Corvus Nevada will pay USD <div style="display: inline; font-style: italic; font: inherit;">10,000</div> and deliver <div style="display: inline; font-style: italic; font: inherit;">50,000</div> common shares of ITH annually.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in <div style="display: inline; font-style: italic; font: inherit;"> March 2015, </div>the Company, all future payments will be satisfied by the delivery of an additional ½ common shares of the Company for each of the ITH common shares due per the original agreement (<div style="display: inline; font-style: italic; font: inherit;">25,000</div> shares of the Company) annually.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Work Commitments: USD <div style="display: inline; font-style: italic; font: inherit;">100,000</div> per year for the <div style="display: inline; font-style: italic; font: inherit;">first</div> <div style="display: inline; font-style: italic; font: inherit;">three</div> years (incurred), USD <div style="display: inline; font-style: italic; font: inherit;">200,000</div> per year for the years <div style="display: inline; font-style: italic; font: inherit;">four</div> to <div style="display: inline; font-style: italic; font: inherit;">six</div> (incurred), USD <div style="display: inline; font-style: italic; font: inherit;">300,000</div> for the years <div style="display: inline; font-style: italic; font: inherit;">seven</div> to <div style="display: inline; font-style: italic; font: inherit;">ten</div> (incurred) and USD <div style="display: inline; font-style: italic; font: inherit;">300,000</div> for the years <div style="display: inline; font-style: italic; font: inherit;">11</div> – <div style="display: inline; font-style: italic; font: inherit;">20</div> (incurred). Excess expenditures in any year <div style="display: inline; font-style: italic; font: inherit;"> may </div>be carried forward. If Corvus Nevada does <div style="display: inline; font-style: italic; font: inherit;">not</div> incur the required expenditures in year one, the deficiency is required to be paid to the lessors.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 117pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of <div style="display: inline; font-style: italic; font: inherit;">2%</div> if the average gold price is USD <div style="display: inline; font-style: italic; font: inherit;">400</div> per ounce or less, <div style="display: inline; font-style: italic; font: inherit;">3%</div> if the average gold price is between USD <div style="display: inline; font-style: italic; font: inherit;">401</div> and USD <div style="display: inline; font-style: italic; font: inherit;">500</div> per ounce and <div style="display: inline; font-style: italic; font: inherit;">4%</div> if the average gold price is greater than USD <div style="display: inline; font-style: italic; font: inherit;">500</div> per ounce.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 99pt"></td> <td style="width: 18pt">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</td> <td style="text-align: justify">Pursuant to a mining lease and option to purchase made effective <div style="display: inline; font-style: italic; font: inherit;"> March 1, 2011 </div>between Corvus Nevada and an arm's length individual, Corvus Nevada has leased, and has the option to purchase, <div style="display: inline; font-style: italic; font: inherit;">two</div> patented mineral claims which form part of the North Bullfrog project holdings. The lease is for an initial term of <div style="display: inline; font-style: italic; font: inherit;">ten</div> years, subject to extension for an additional <div style="display: inline; font-style: italic; font: inherit;">ten</div> years (provided advance minimum royalties are timely paid), and for so long thereafter as mining activities continue on the claims. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties, but <div style="display: inline; font-style: italic; font: inherit;">not</div> applicable to the purchase price if the option to purchase is exercised) of USD <div style="display: inline; font-style: italic; font: inherit;">30,000</div> (paid to <div style="display: inline; font-style: italic; font: inherit;"> March 1, 2020), </div>adjusted for inflation. The lessor is entitled to receive a <div style="display: inline; font-style: italic; font: inherit;">2%</div> NSR royalty on all production. The lessee <div style="display: inline; font-style: italic; font: inherit;"> may </div>purchase the NSR royalty for USD <div style="display: inline; font-style: italic; font: inherit;">1,000,000</div> per <div style="display: inline; font-style: italic; font: inherit;">1%.</div> If the lessee purchases the entire NSR royalty (USD <div style="display: inline; font-style: italic; font: inherit;">2,000,000</div>) the lessee will also acquire all interest of the lessor in the subject property.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 99pt"></td> <td style="width: 18pt">(<div style="display: inline; font-style: italic; font: inherit;">3</div>)</td> <td style="text-align: justify">Pursuant to a purchase agreement made effective <div style="display: inline; font-style: italic; font: inherit;"> March 28, 2013, </div>Corvus Nevada agreed to purchase the surface rights of <div style="display: inline; font-style: italic; font: inherit;">five</div> patented mining claims owned by <div style="display: inline; font-style: italic; font: inherit;">two</div> arm's length individuals for USD <div style="display: inline; font-style: italic; font: inherit;">160,000</div> paid on closing (<div style="display: inline; font-style: italic; font: inherit;"> March 28, 2013). </div>The terms include payment by Corvus Nevada of a fee of USD <div style="display: inline; font-style: italic; font: inherit;">0.02</div> per ton of overburden to be stored on the property, subject to payment for a minimum of <div style="display: inline; font-style: italic; font: inherit;">12</div> million short tons. The minimum tonnage fee (USD <div style="display: inline; font-style: italic; font: inherit;">240,000</div>) bears interest at <div style="display: inline; font-style: italic; font: inherit;">4.77%</div> per annum from closing and is evidenced by a promissory note due on the sooner of the commencing of use of the property for waste materials storage or <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2015 (</div>balance paid <div style="display: inline; font-style: italic; font: inherit;"> December 17, 2015). </div>As a result, the Company recorded <div style="display: inline; font-style: italic; font: inherit;">$406,240</div> (USD <div style="display: inline; font-style: italic; font: inherit;">400,000</div>) in acquisition costs with <div style="display: inline; font-style: italic; font: inherit;">$157,408</div> paid in cash and the remaining <div style="display: inline; font-style: italic; font: inherit;">$248,832</div> (USD <div style="display: inline; font-style: italic; font: inherit;">240,000</div>) in promissory note payable during the year ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2013.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 99pt"></td> <td style="width: 18pt">(<div style="display: inline; font-style: italic; font: inherit;">4</div>)</td> <td style="text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> December 2013, </div>SoN completed the purchase of a parcel of land approximately <div style="display: inline; font-style: italic; font: inherit;">30</div> kilometres north of the North Bullfrog project which carries with it <div style="display: inline; font-style: italic; font: inherit;">1,600</div> acre feet of irrigation water rights. The cost of the land and associated water rights was cash payment of <div style="display: inline; font-style: italic; font: inherit;">$1,100,118</div> (USD <div style="display: inline; font-style: italic; font: inherit;">1,034,626</div>).</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 99pt"></td> <td style="width: 18pt">(<div style="display: inline; font-style: italic; font: inherit;">5</div>)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> March 30, 2015, </div>Lunar Landing, LLC signed a lease agreement with Corvus Nevada to lease private property containing the <div style="display: inline; font-style: italic; font: inherit;">three</div> patented Sunflower claims to Corvus Nevada, which are adjacent to the Yellow Rose claims leased in <div style="display: inline; font-style: italic; font: inherit;">2014.</div> The term of the lease is <div style="display: inline; font-style: italic; font: inherit;">three</div> years with provision to extend the lease for an additional <div style="display: inline; font-style: italic; font: inherit;">seven</div> years, and an advance minimum royalty payment of USD <div style="display: inline; font-style: italic; font: inherit;">5,000</div> per year with USD <div style="display: inline; font-style: italic; font: inherit;">5,000</div> paid upon signing (paid to <div style="display: inline; font-style: italic; font: inherit;"> March 2020). </div>The lease includes a <div style="display: inline; font-style: italic; font: inherit;">4%</div> NSR royalty on production, with an option to purchase the royalty for USD <div style="display: inline; font-style: italic; font: inherit;">500,000</div> per <div style="display: inline; font-style: italic; font: inherit;">1%</div> or USD <div style="display: inline; font-style: italic; font: inherit;">2,000,000</div> for the entire <div style="display: inline; font-style: italic; font: inherit;">4%</div> royalty. The lease also includes the option to purchase the property for USD <div style="display: inline; font-style: italic; font: inherit;">300,000.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt"><div style="display: inline; font-weight: bold;">(b)</div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Mother Lode Property, Nevada</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">Pursuant to a purchase agreement made effective <div style="display: inline; font-style: italic; font: inherit;"> June 9, 2017 </div>between Corvus Nevada and Goldcorp USA, Inc. (“Goldcorp USA”), Corvus Nevada has acquired <div style="display: inline; font-style: italic; font: inherit;">100%</div> of the Mother Lode property (the “Mother Lode Property”). In addition, Corvus Nevada staked <div style="display: inline; font-style: italic; font: inherit;">two</div> additional adjacent claim blocks to the Mother Lode Property. In connection with the acquisition, the Company issued <div style="display: inline; font-style: italic; font: inherit;">1,000,000</div> common shares at a price of <div style="display: inline; font-style: italic; font: inherit;">$0.81</div> per common share to Goldcorp USA. The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays <div style="display: inline; font-style: italic; font: inherit;">1%</div> from production at the Mother Lode Property when the price of gold is less than USD <div style="display: inline; font-style: italic; font: inherit;">1,400</div> per ounce and an additional <div style="display: inline; font-style: italic; font: inherit;">1%</div> NSR for a total of <div style="display: inline; font-style: italic; font: inherit;">2%</div> NSR when gold price is greater than or equal to USD <div style="display: inline; font-style: italic; font: inherit;">1,400</div> per ounce.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt"><div style="display: inline; font-weight: bold;">(c)</div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Alaskan Royalty Interest, Alaska</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">On <div style="display: inline; font-style: italic; font: inherit;"> June 7, 2019, </div>the Company completed the sale of the royalties where <div style="display: inline; font-style: italic; font: inherit;">four</div> non-core Alaskan royalty interests owned by Corvus were sold to EMX Royalty Corporation (“EMX”) for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$350,000.</div> In connection with the Alaskan royalty package sale, the Company incurred <div style="display: inline; font-style: italic; font: inherit;">$31,463</div> in legal fees, resulting in a total cost recovery for the Alaska Royalty Interest of <div style="display: inline; font-style: italic; font: inherit;">$318,537.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">The general terms of the Alaskan royalty package sale include:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 81pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Chisna project <div style="display: inline; font-style: italic; font: inherit;">1%</div> NSR</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 81pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">LMS project <div style="display: inline; font-style: italic; font: inherit;">3%</div> NSR</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 81pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Goodpaster District <div style="display: inline; font-style: italic; font: inherit;">1%</div> NSR</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 81pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">West Pogo project <div style="display: inline; font-style: italic; font: inherit;">2%</div> NSR. The Company has retained a <div style="display: inline; font-style: italic; font: inherit;">1%</div> NSR in the West Pogo project which is immediately west of the operating Pogo mine in the Goodpaster District of Alaska.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Acquisitions</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The acquisition of title to mineral properties is a detailed and time-consuming process. The Company has taken steps, in accordance with industry norms, to verify title to mineral properties in which it has an interest. Although the Company has taken every reasonable precaution to ensure that legal title to its properties is properly recorded in the name of the Company (or, in the case of an option, in the name of the relevant optionor), there can be <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that such title will ultimately be secured.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Environmental Expenditures</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The operations of the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>in the future be affected from time to time in varying degrees by changes in environmental regulations, including those for future removal and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are <div style="display: inline; font-style: italic; font: inherit;">not</div> predictable. The Company's policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. Estimated future removal and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The Company has estimated the fair value of the liability for asset retirement that arose as a result of exploration activities to be <div style="display: inline; font-style: italic; font: inherit;">$373,103</div> (USD <div style="display: inline; font-style: italic; font: inherit;">270,000</div>) (<div style="display: inline; font-style: italic; font: inherit;"> May 31, 2019 - </div><div style="display: inline; font-style: italic; font: inherit;">$419,286</div> (USD <div style="display: inline; font-style: italic; font: inherit;">310,000</div>)). The fair value of the liability was determined to be equal to the estimated remediation costs. Due to the early stages of the project, and that extractive activities have <div style="display: inline; font-style: italic; font: inherit;">not</div> yet begun, the Company is unable to predict with any precision the timing of the cash flow related to the reclamation activities.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div></div></td> <td style="text-align: left"><div style="display: inline; font-weight: bold;">NATURE AND CONTINUANCE OF OPERATIONS</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">On <div style="display: inline; font-style: italic; font: inherit;"> August 25, 2010, </div>International Tower Hill Mines Ltd. (“ITH”) completed a Plan of Arrangement (the “Arrangement”) whereby its existing Alaska mineral properties (other than the Livengood project) and related assets and the North Bullfrog mineral property and related assets in Nevada (collectively, the “Nevada and Other Alaska Business”) were indirectly spun out into a new public company, being Corvus Gold Inc. (“Corvus” or the “Company”). As part of the Arrangement, ITH transferred its wholly-owned subsidiary Corvus Gold Nevada Inc. (“Corvus Nevada”) (which held the North Bullfrog property), to Corvus and a wholly-owned Alaskan subsidiary of ITH, Talon Gold Alaska, Inc. sold to Raven Gold Alaska Inc. (“Raven Gold”), the Terra, Chisna, LMS and West Pogo properties. As a consequence of the completion of the Arrangement, the Terra, Chisna, LMS, West Pogo and North Bullfrog properties were transferred to Corvus.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company was incorporated on <div style="display: inline; font-style: italic; font: inherit;"> April 13, 2010 </div>under the <div style="display: inline; font-style: italic;">Business Corporations Act</div> (British Columbia). These consolidated financial statements reflect the cumulative operating results of the predecessor, as related to the mineral properties that were transferred to the Company from <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2006.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company is engaged in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. At <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>the Company had interests in properties in Nevada, U.S.A.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The business of mining and exploration involves a high degree of risk and there can be <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that current exploration programs will result in profitable mining operations. The Company has <div style="display: inline; font-style: italic; font: inherit;">no</div> source of revenue, and has significant cash requirements to meet its administrative overhead and maintain its mineral property interests. The recoverability of amounts shown for mineral properties is dependent on several factors. These include the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of these properties, and future profitable production or proceeds from disposition of mineral properties. The carrying value of the Company's mineral properties does <div style="display: inline; font-style: italic; font: inherit;">not</div> reflect current or future values.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">These consolidated financial statements have been prepared on a going concern basis, which presume the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. The Company's ability to continue as a going concern is dependent upon achieving profitable operations and/or obtaining additional financing.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future within <div style="display: inline; font-style: italic; font: inherit;">one</div> year from the date the consolidated financial statements are issued. </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company has sustained significant losses from operations, has negative cash flows, and has an ongoing requirement for capital investment to explore its mineral properties. As at <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>the Company had working capital of <div style="display: inline; font-style: italic; font: inherit;">$14,568,048</div> compared to working capital of <div style="display: inline; font-style: italic; font: inherit;">$4,204,082</div> as at <div style="display: inline; font-style: italic; font: inherit;"> May </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2019.</div> On <div style="display: inline; font-style: italic; font: inherit;"> June 5, 2019, </div>the Company closed a non-brokered private placement equity financing and issued <div style="display: inline; font-style: italic; font: inherit;">500,000</div> common shares at a price of <div style="display: inline; font-style: italic; font: inherit;">$1.80</div> per common share for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$900,000.</div> On <div style="display: inline; font-style: italic; font: inherit;"> August 19, 2019, </div>the Company closed a non-brokered private placement equity financing and issued <div style="display: inline; font-style: italic; font: inherit;">500,000</div> common shares at a price of <div style="display: inline; font-style: italic; font: inherit;">$2.60</div> per common share for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$1,300,000.</div> On <div style="display: inline; font-style: italic; font: inherit;"> October 10, 2019, </div>the Company closed a public bought deal equity financing and issued <div style="display: inline; font-style: italic; font: inherit;">11,500,000</div> common shares at a price of <div style="display: inline; font-style: italic; font: inherit;">$2.00</div> per common share for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$23,000,000.</div> Based on its current plans, budgeted expenditures, and cash requirements, the Company has sufficient cash to finance its current plans for at least <div style="display: inline; font-style: italic; font: inherit;">12</div> months from the date the consolidated financial statements are issued.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company expects that it will need to raise substantial additional capital to accomplish its business plan over the next several years. There is <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that additional capital or other types of financing will be available if needed or that these financings will be on terms at least as favourable to the Company as those previously obtained, or at all. As well, there can be <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that the Company will <div style="display: inline; font-style: italic; font: inherit;">not</div> be impacted by adverse consequences that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be brought about by pandemics on global financial markets <div style="display: inline; font-style: italic; font: inherit;"> may </div>reduce resources, share prices and financial liquidity that <div style="display: inline; font-style: italic; font: inherit;"> may </div>severely limit the financing capital available in the mineral exploration sector. Should such financing <div style="display: inline; font-style: italic; font: inherit;">not</div> be available in that time-frame, the Company will be required to reduce its activities and will <div style="display: inline; font-style: italic; font: inherit;">not</div> be able to carry out all of its presently planned exploration and development activities on its currently anticipated scheduling. </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">These consolidated financial statements do <div style="display: inline; font-style: italic; font: inherit;">not</div> include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue in business.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">All currency amounts are stated in Canadian dollars unless noted otherwise.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;">Adoption of New Accounting Standards and Amendments</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-style: italic;">Accounting Standards Update: <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>)(“Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Leases”)</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Effective <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019, </div>the Company adopted <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s, which specifies how to recognize, measure, present and disclose leases. The standard provides a single accounting model, requiring the recognition of assets and liabilities for all major leases previously classified as “operational leases”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></div> <!-- Field: Page; Sequence: 81; Value: 3 --> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt"><div style="display: inline; font-weight: bold;">(a)</div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">The Company's accounting policy under <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;">Definition of a lease</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company has elected to apply the practical expedient to grandfather the lease definition for existing contracts on transition. It applied the definition of a lease under <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s to existing contracts as of <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company has also elected to apply the practical expedient to account for each lease component and any non-lease components as a single lease component.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;">As a lessee</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company leases its head office space, based on lease agreement having a fixed duration until <div style="display: inline; font-style: italic; font: inherit;"> January 30, 2023 (</div>lessor provided early termination notice on <div style="display: inline; font-style: italic; font: inherit;"> May 22, 2020 </div>where the lease will terminate early on <div style="display: inline; font-style: italic; font: inherit;"> July 31, 2020) </div>and a Denver office space, based on lease agreement having a fixed duration until <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2020 </div>with anticipated renewal for <div style="display: inline; font-style: italic; font: inherit;">one</div> additional year until <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2021.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, based on the initial amount of the lease liability. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern of consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. In addition, the right-of-use asset is periodically adjusted for certain remeasurements of the lease liability.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The lease liability is initially measured at the present value of the lease payments that are <div style="display: inline; font-style: italic; font: inherit;">not</div> paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The ongoing lease liability is measured at amortized cost using the effective interest method. It is measured when there is a change in future lease payments, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">When the lease liability is remeasured in this way a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt"><div style="display: inline; font-weight: bold;">(b)</div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Impact of transition to <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Leases</div></div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Effective <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019, </div>the Company adopted <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s using the modified retrospective approach and accordingly the information presented for the year ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2019 </div>has <div style="display: inline; font-style: italic; font: inherit;">not</div> been restated. The cumulative effect of initial application is recognized in deficit at <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019. </div>Comparative amounts for <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2019 </div>remain as previously reported.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">On initial application, the Company has elected to record right-of-use assets based on the corresponding lease receivables and/or lease liabilities. Lease receivables and liabilities have been measured by discounting future lease payments at the incremental borrowing rate at <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019. </div>The incremental borrowing rate applied was <div style="display: inline; font-style: italic; font: inherit;">10%</div> per annum and represents the Company's best estimate of the rate of interest that it would expect to pay to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in the current economic environment. As of the initial date of application of <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s, the remaining non-cancellable period of the office lease was <div style="display: inline; font-style: italic; font: inherit;">three</div> years and <div style="display: inline; font-style: italic; font: inherit;">eight</div> months.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></div> <!-- Field: Page; Sequence: 82; Value: 3 --> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company has elected to apply the practical expedient to account for leases for which the lease term ends within <div style="display: inline; font-style: italic; font: inherit;">12</div> months of the date of initial application and leases of low value assets as short-term leases. The lease payments associated with these leases are recognized as expenses on a straight-line basis over the lease term.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company has also elected to apply the practical expedient for excluding the initial direct costs for the measurement of right-of-use assets at the date of initial application, as well as for using hindsight in determining the lease term where the contract contains options to extend or terminate the lease.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The application of <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s to leases previously classified as operating leases, resulted in the recognition of right-of-use assets and lease liabilities as at <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019 </div>as summarized in the following table:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">June 1, 2019 <br /> prior to adoption of <br /> <div style="display: inline; font-style: italic;">Topic 842 – Lease</div>s</div></td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">June 1, 2019 <br /> after adoption of <div style="display: inline; font-style: italic;"><br /> Topic 842 – Lease</div>s</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Non-current assets:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 52%; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Right-of-use assets</td> <td style="width: 2%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">–</td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Non-current liabilities</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; text-align: justify; border-bottom: Black 2.5pt double">Lease liabilities</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">–</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt 0 0pt 35.45pt; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">Recently Issued Accounting Standards Updates </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"><div style="display: inline; font-style: italic;">Accounting Standards Update <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">01</div> Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>): Codification Improvements.</div> In <div style="display: inline; font-style: italic; font: inherit;"> March 2019, </div>the FASB issued amendments on certain aspects of the new leasing standards. Accounting Standards Update <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">01</div> addresses the following issues: Determining the fair value of the underlying asset by lessors that are <div style="display: inline; font-style: italic; font: inherit;">not</div> manufactures or dealers; statement of cash flows presentation for sales-type and direct financing leases by lessors within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">942;</div> and clarification of interim disclosure requirements during transition. Public business entities are required to adopt the new standard for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019. </div>For calendar year-end public companies, this means an adoption date of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2020. </div>Early adoption is permitted. The adoption of the guidance has <div style="display: inline; font-style: italic; font: inherit;">no</div> material impact on the Company's consolidated financial statements and disclosures.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">Early adoption is permitted. The adoption of the guidance will have an immaterial impact on the Company's consolidated financial statements and disclosures.</div></div></div></div></div></div>
48750
59500
168797
155219
672742
162093
240000
248832
240000
1
2
16879394
11020098
88957
88957
52475
48978
48978
88957
88957
48978
15722000
19370000
200922
36226
237148
95978
16486
112464
196103
258813
258813
196103
139338
119687
39800
17700
7701
8927
1998025
14605
6212
10242
2014653
31059
157408
1100118
1034626
51705
47318
47318
51705
5151
1769
389433
354971
25200000
10894926
900000
1300000
23000000
4500002
2080000
3453924
861000
374012
376322
30%
30%
20%
5488
33142
38630
7840
37176
45016
38630
45016
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Property and equipment</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">a)</td> <td style="text-align: justify">Recognition and measurement</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">On initial recognition, property and equipment are valued at cost, being the purchase price and directly attributable costs of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company, including appropriate borrowing costs and the estimated present value of any future unavoidable costs of dismantling and removing items.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">Property and equipment is subsequently measured at cost less accumulated depreciation, less any accumulated impairment losses, with the exception of land which is <div style="display: inline; font-style: italic; font: inherit;">not</div> depreciated.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">b)</td> <td style="text-align: justify">Subsequent costs</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">The cost of replacing part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefit embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property and equipment are recognized in profit or loss as incurred.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 36.35pt"></td> <td style="width: 27pt">c)</td> <td style="text-align: justify">Major maintenance and repairs</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63.35pt">Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance expenditures are charged to profit or loss during the financial year in which they are incurred.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63.35pt"> </div> <div style=" margin: 0pt 0 0pt 63.35pt; font-size: 10pt; text-align: justify"></div> <!-- Field: Page; Sequence: 79; Value: 3 --> <div style=" margin: 0pt 0 0pt 63.35pt; font-size: 10pt; text-align: justify"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 36.35pt"></td> <td style="width: 27pt">d)</td> <td style="text-align: justify">Gains and losses</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63.35pt">Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount, and are recognized net within other items in profit or loss.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63.35pt"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">e)</td> <td style="text-align: justify">Depreciation</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">Depreciation is recognized in profit or loss on a declining-balance basis at the following annual rates:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 63pt; min-width: 700px;"> <tr style="vertical-align: middle"> <td style="white-space: nowrap; text-align: justify; width: 25%">Computer equipment</td> <td style="text-align: left; width: 8%">-</td> <td style="text-align: justify; width: 67%"><div style="display: inline; font-style: italic; font: inherit;">30%</div> declining balance</td> </tr> <tr style="vertical-align: middle"> <td style="text-align: justify">Vehicles</td> <td style="text-align: left">-</td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">30%</div> declining balance</td> </tr> <tr style="vertical-align: middle"> <td style="text-align: justify">Tent</td> <td style="text-align: left">-</td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">20%</div> declining balance</td> </tr> </table> <div style=" margin: 0pt 0 0pt 63pt; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0 0pt 63pt; font-size: 10pt; text-align: justify"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">Additions during the year are depreciated at <div style="display: inline; font-style: italic; font: inherit;">one</div>-half the annual rates.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.</div></div></div></div></div></div>
42724
11519
54243
318537
318537
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">6.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">RELATED PARTY TRANSACTIONS</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company entered into the following transactions with related parties:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 35.45pt; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">For the year ended May 31,</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: justify">Consulting fees to CFO</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">130,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">130,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Wages and benefits to CEO and COO</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,035,157</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">995,974</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: -17.1pt; padding-left: 17.1pt">Geological consulting fees to a company owned by a director in common</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,728</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Directors fees (included in consulting fees)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">168,797</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">155,219</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; text-indent: -8.25pt; padding-left: 8.25pt">Stock-based compensation to related parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,362,008</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,147,341</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 2.5pt double"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,731,690</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,428,534</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">As at <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>included in accounts payable and accrued liabilities was <div style="display: inline; font-style: italic; font: inherit;">$1,274</div> (<div style="display: inline; font-style: italic; font: inherit;">2019</div> – <div style="display: inline; font-style: italic; font: inherit;">$12,810</div>) in expenses owing to companies related to officers and officers of the Company.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">These amounts were unsecured, non-interest bearing and had <div style="display: inline; font-style: italic; font: inherit;">no</div> fixed terms or terms of repayment. Accordingly, fair value could <div style="display: inline; font-style: italic; font: inherit;">not</div> be readily determined.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company has also entered into change of control agreements with officers of the Company. In the case of termination, the officers are entitled to an amount equal to a multiple (ranging from <div style="display: inline; font-style: italic; font: inherit;">two</div> times to <div style="display: inline; font-style: italic; font: inherit;">three</div> times) of the sum of the annual base salary or fees then payable to the officer, the aggregate amount of bonus(es) (if any) paid to the officer within the calendar year immediately preceding the Effective Date of Termination, and an amount equal to the vacation pay which would otherwise be payable for the <div style="display: inline; font-style: italic; font: inherit;">one</div> year period next following the Effective Date of Termination.</div></div>
-117334583
-101127931
1035157
995974
1.80
2.60
2
2.60
0.86
1.40
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">For the year ended May 31,</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Supplemental cash flow information</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%; font-size: 10pt; font-weight: normal; text-align: left; text-indent: -10pt; padding-left: 20pt">Interest paid</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,969</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: normal; text-align: left; text-indent: -10pt; padding-left: 20pt">Income taxes paid (received)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Non-cash financing and investing transactions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: normal; text-align: left; text-indent: -10pt; padding-left: 20pt">Shares issued to acquire mineral properties</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,750</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,500</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: normal; text-align: left; text-indent: -10pt; padding-left: 20pt">Change in asset retirement obligations included in capitalized acquisition costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,250</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: normal; text-align: left; text-indent: -10pt; padding-left: 20pt">Reclassification of contributed surplus on exercise of stock options</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,196,919</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 0.5in; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; text-indent: 0pt"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt">Deferred income tax assets (liabilities)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 64%; font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Mineral properties</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,701,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,333,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Property and equipment</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Share issuance costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">453,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Non-capital losses available for future periods</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,313,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,763,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,479,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,135,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt">Valuation allowance</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(24,479,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(31,135,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 0pt">Net deferred tax assets</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 0.5in; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left; text-indent: 0in">Loss before income taxes</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,206,652</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,858,005</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Statutory Canadian corporate tax rate</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27.00</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26.42</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Income tax recovery at statutory rates</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,375,796</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,868,322</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Stock-based compensation</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">915,202</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">431,637</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Effect of tax rate change</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,650,087</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,432</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Difference in tax rates in other jurisdictions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style=" margin: 0pt 0"><div style="display: inline; font-style: italic; font: inherit;">675,258</div></div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(549,814</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Tax benefits not realized</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style=" margin: 0pt 0"><div style="display: inline; font-style: italic; font: inherit;">(7,864,751</div></div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,998,931</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double; text-indent: 0in">Income tax recovery</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 35.45pt; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">For the year ended May 31,</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Consulting fees</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,591,400</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">728,748</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Exploration expenditures – Geological/geophysical</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">294,760</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">140,318</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Investor relations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">470,910</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">218,853</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Professional fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,259</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,051</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Wages and benefits</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,006,308</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">533,987</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,389,637</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,633,957</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 0.5in; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">June 1, 2019 <br /> prior to adoption of <br /> <div style="display: inline; font-style: italic;">Topic 842 – Lease</div>s</div></td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">June 1, 2019 <br /> after adoption of <div style="display: inline; font-style: italic;"><br /> Topic 842 – Lease</div>s</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Non-current assets:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 52%; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Right-of-use assets</td> <td style="width: 2%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">–</td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Non-current liabilities</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; text-align: justify; border-bottom: Black 2.5pt double">Lease liabilities</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">–</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 35.45pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">For the year ended May 31,</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: justify">Consulting fees to CFO</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">130,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">130,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Wages and benefits to CEO and COO</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,035,157</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">995,974</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: -17.1pt; padding-left: 17.1pt">Geological consulting fees to a company owned by a director in common</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,728</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Directors fees (included in consulting fees)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">168,797</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">155,219</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; text-indent: -8.25pt; padding-left: 8.25pt">Stock-based compensation to related parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,362,008</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,147,341</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 2.5pt double"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,731,690</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,428,534</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 35.45pt; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold"> </td> <td colspan="11" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; border-left: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="11" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expiry Date</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise<br /> Price</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<br /> Options</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercisable<br /> at Year- <br /> End</td> <td style="border-left: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise<br /> Price</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<br /> Options</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercisable<br /> at Year-<br /> End</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 34%; font-size: 10pt; text-align: justify; padding-left: 0pt">September 8, 2019*</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.40</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">635,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">635,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.40</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">635,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">635,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">September 9, 2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.46</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">620,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">620,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.46</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">620,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">620,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">November 13, 2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.49</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,000,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,000,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.49</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,000,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,000,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">September 15, 2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.91</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,085,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,085,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.91</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,085,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,085,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">July 31, 2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.77</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,840,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,225,440</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.77</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,840,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">612,720</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">October 11, 2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.00</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,322</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">November 19, 2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.06</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,420,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,471,860</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.06</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,420,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">April 9, 2024</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.04</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">400,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,200</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.04</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">400,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt">June 13, 2024</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.18</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,115,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; padding-left: 0pt">February 3, 2025</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.09</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,210,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 2.5pt double; padding-left: 0pt"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,345,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,183,822</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,000,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,952,720</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 35.45pt; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-left: Black 1pt solid; border-top: Black 2.5pt double; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of <br /> Options</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <br /> Average <br /> Exercise <br /> Price</td> <td style="border-left: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of <br /> Options</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted <br /> Average <br /> Exercise <br /> Price</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; font-size: 10pt; text-align: left">Balance, beginning of the year</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,000,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.40</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,861,900</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.85</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left">Granted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,345,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.13</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,920,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.06</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left">Exercised</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,651,900</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.93</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Forfeited</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(130,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.81</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double; text-indent: -7.1pt; padding-left: 8.25pt">Balance, end of the year</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,345,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.54</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-left: Black 1pt solid; font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,000,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.40</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 35.45pt; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">For the year ended May 31,</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Risk-free interest rate</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.32</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.22</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected life of options (in years)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4.98</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Annualized volatility</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72.09</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">73.88</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Dividend yield</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Exercise price</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.13</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2.06</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Fair value per share</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.27</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.51</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">7.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">GEOGRAPHIC SEGMENTED INFORMATION</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company operates in <div style="display: inline; font-style: italic; font: inherit;">one</div> industry segment, the mineral resources industry, and in <div style="display: inline; font-style: italic; font: inherit;">two</div> geographical segments, Canada and the United States. All current exploration activities are conducted in the United States and Canada. The significant asset categories identifiable with these geographical areas are as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Canada</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">United States</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">May 31, 2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; font-size: 10pt; text-align: left">Capitalized acquisition costs</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,831,924</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,831,924</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Property and equipment</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,488</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,142</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">38,630</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Right-of-use assets</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,978</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,978</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">May 31, 2019</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Capitalized acquisition costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,619,005</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,619,005</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Property and equipment</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,840</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,176</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">45,016</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">For the year ended May 31,</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Net loss for the year – Canada</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,125,081</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,770,719</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Net loss for the year – United States</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,081,571</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,087,286</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">Net loss for the year</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,206,652</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,858,005</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> </tr> </table> </div></div>
3389637
1633957
2.13
2.06
0
0
0.7209
0.7388
0.0132
0.0222
635000
635000
620000
620000
1000000
1000000
1085000
1085000
1225440
612720
13322
1471860
133200
6183822
3952720
130000
2345000
4920000
10000000
9861900
12345000
635000
635000
620000
620000
1000000
1000000
1085000
1085000
1840000
1840000
20000
4420000
4420000
400000
400000
1115000
1210000
1.40
0.85
1.54
1.40
1.40
0.46
0.46
0.49
0.49
0.91
0.91
0.77
0.77
2
2.06
2.06
2.04
2.04
2.18
2.09
0.1
0.93
1.81
2.13
2.06
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Stock-based compensation</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The Company follows the provisions of Financial Accounting Standards Board Accounting Standards Codification Section <div style="display: inline; font-style: italic; font: inherit;">718</div> “Compensation - Stock Compensation”, which establishes accounting for equity based compensation awards to be accounted for using the fair value method. The Company uses the Black-Scholes option pricing model to determine the grant date fair value of the awards. Compensation expense is measured at the grant date and recognized over the requisite service period, on a straight line basis, which is generally the vesting period. Upon exercise of stock options, the related fair value is reallocated to share capital.</div></div></div></div></div></div>
1.27
1.51
P10Y
P4Y357D
P5Y
P2Y248D
P3Y91D
1.80
2.60
2
0.81
2.60
104255175
111462845
123987845
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">SIGNIFICANT ACCOUNTING POLICIES</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Basis of presentation</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">These consolidated financial statements are presented in Canadian dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Basis of consolidation</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively, the “Group”), Corvus Gold (USA) Inc. (“Corvus USA”) (a Nevada corporation), Corvus Gold Nevada Inc. (“Corvus Nevada”) (a Nevada corporation), Raven Gold Alaska Inc. (“Raven Gold”) (an Alaska corporation), SoN Land and Water LLC (“SoN”) (a Nevada limited liability company) and Mother Lode Mining Company LLC (a Nevada limited liability company). All intercompany transactions and balances were eliminated upon consolidation.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Significant judgments, estimates and assumptions</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The preparation of these financial statements in accordance with US GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting year. Actual outcomes could differ from these estimates. These financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the financial statements, and <div style="display: inline; font-style: italic; font: inherit;"> may </div>require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the year in which the estimate is revised and future periods if the revision affects both current and future years. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal"><div style="display: inline; font-style: italic;">Significant estimates</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting year, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are <div style="display: inline; font-style: italic; font: inherit;">not</div> limited to, the carrying value and the recoverability of the capitalized acquisition costs, the assumptions used to determine the fair value of stock-based compensation, and the estimated amounts of reclamation and environmental obligations.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal"><div style="display: inline; font-style: italic;">Significant judgments</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Critical accounting judgments are accounting policies that have been identified as being complex or involving subjective judgments or assessments. The Company made the following critical accounting judgments:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">The determination of deferred tax assets and liabilities.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">The analysis of resource calculations, drill results, laboratory work, etc., which can impact the Company's assessment of impairments, and provisions, if any, for environmental rehabilitation and restorations.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">The determination of functional currency. Using the currency of the primary economic environment in which each of the parent company and its subsidiaries operates.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">The assessment of the Company's ability to continue as a going concern.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Cash and cash equivalents</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Cash equivalents include highly liquid investments in term deposits that are readily convertible to known amounts of cash with original maturities of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less, and term deposits with original term of maturities greater than <div style="display: inline; font-style: italic; font: inherit;">three</div> months but are cashable after <div style="display: inline; font-style: italic; font: inherit;">30</div> days with <div style="display: inline; font-style: italic; font: inherit;">no</div> penalties, and are subject to an insignificant risk of change in value.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Foreign currency translation</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The presentation currency of the Company is the Canadian dollar.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The functional currency of each of the parent company and its subsidiaries is measured using the currency of the primary economic environment in which that entity operates. The functional currency of Corvus USA, Corvus Nevada, Raven Gold, SoN, and Mother Lode Mining Company LLC is US dollars, and for the Company the functional currency is Canadian dollars.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal"><div style="display: inline; font-style: italic;">Transactions and balances</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss in the Statement of Operations and Comprehensive Loss in the year in which they arise.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income (loss) in the Statement of Operations and Comprehensive Loss to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income (loss). Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal"><div style="display: inline; font-style: italic;">Parent and Subsidiary Companies</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The financial results and position of foreign operations whose functional currency is different from the presentation currency are translated as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; and</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Income and expenses are translated at monthly average exchange rates during the year.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Exchange differences arising on translation of foreign operations are transferred directly to the Group's exchange difference on translating foreign operations in the Statement of Operations and Comprehensive Loss and are reported as a separate component of shareholders' equity titled “Cumulative Translation Differences”. These differences are recognized in profit or loss in the year in which the operation is disposed of.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Property and equipment</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">a)</td> <td style="text-align: justify">Recognition and measurement</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">On initial recognition, property and equipment are valued at cost, being the purchase price and directly attributable costs of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company, including appropriate borrowing costs and the estimated present value of any future unavoidable costs of dismantling and removing items.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">Property and equipment is subsequently measured at cost less accumulated depreciation, less any accumulated impairment losses, with the exception of land which is <div style="display: inline; font-style: italic; font: inherit;">not</div> depreciated.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">b)</td> <td style="text-align: justify">Subsequent costs</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">The cost of replacing part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefit embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property and equipment are recognized in profit or loss as incurred.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36.35pt"></td> <td style="width: 27pt">c)</td> <td style="text-align: justify">Major maintenance and repairs</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63.35pt">Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance expenditures are charged to profit or loss during the financial year in which they are incurred.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63.35pt"> </div> <div style=" margin: 0pt 0 0pt 63.35pt; font-size: 10pt; text-align: justify"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36.35pt"></td> <td style="width: 27pt">d)</td> <td style="text-align: justify">Gains and losses</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63.35pt">Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount, and are recognized net within other items in profit or loss.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63.35pt"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt">e)</td> <td style="text-align: justify">Depreciation</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">Depreciation is recognized in profit or loss on a declining-balance basis at the following annual rates:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <table style="; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 63pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: middle"> <td style="white-space: nowrap; text-align: justify; width: 25%">Computer equipment</td> <td style="text-align: left; width: 8%">-</td> <td style="text-align: justify; width: 67%"><div style="display: inline; font-style: italic; font: inherit;">30%</div> declining balance</td> </tr> <tr style="vertical-align: middle"> <td style="text-align: justify">Vehicles</td> <td style="text-align: left">-</td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">30%</div> declining balance</td> </tr> <tr style="vertical-align: middle"> <td style="text-align: justify">Tent</td> <td style="text-align: left">-</td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">20%</div> declining balance</td> </tr> </table> <div style=" margin: 0pt 0 0pt 63pt; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0 0pt 63pt; font-size: 10pt; text-align: justify"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">Additions during the year are depreciated at <div style="display: inline; font-style: italic; font: inherit;">one</div>-half the annual rates.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt">Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 63pt"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Mineral properties and exploration and evaluation expenditures</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company's mineral projects are currently in the exploration and evaluation phase. All direct costs related to the acquisition of mineral property interests are capitalized. Mineral property exploration costs are expensed as incurred. At such time that the Company determines that a mineral property can be economically developed, subsequent mineral property expenses will be capitalized during the development of such property.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Impairment of long-lived assets</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company assesses long-lived assets for impairment or when facts and circumstances suggest that the carrying amount of an asset <div style="display: inline; font-style: italic; font: inherit;"> may </div>exceed its recoverable amount. Impairment analysis includes assessment of the following circumstances: a significant decrease in the market price of a long-lived asset or asset group; a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition; a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset or asset group, including an adverse action or assessment by a regulator; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset or asset group; a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group; a current expectation that, more likely than <div style="display: inline; font-style: italic; font: inherit;">not,</div> a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The term more likely than <div style="display: inline; font-style: italic; font: inherit;">not</div> refers to a level of likelihood that is more than <div style="display: inline; font-style: italic; font: inherit;">50%.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Asset retirement obligations</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company records a liability based on the best estimate of costs for site closure and reclamation activities that the Company is legally or contractually required to remediate at the time environmental disturbance occurs. The provision for closure and reclamation liabilities is estimated using expected cash flows based on engineering and environmental reports and accreted to full value over time through periodic charges to profit or loss. As at <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div>the Company recorded a provision of <div style="display: inline; font-style: italic; font: inherit;">$373,103</div> (USD <div style="display: inline; font-style: italic; font: inherit;">270,000</div>) (<div style="display: inline; font-style: italic; font: inherit;">2019</div> - <div style="display: inline; font-style: italic; font: inherit;">$419,286</div> (USD <div style="display: inline; font-style: italic; font: inherit;">310,000</div>)) for environmental rehabilitation.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Income taxes</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than <div style="display: inline; font-style: italic; font: inherit;">not</div> that some portion or the entire deferred tax asset will <div style="display: inline; font-style: italic; font: inherit;">not</div> be realized.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Share capital</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The proceeds from the exercise of stock options, warrants and escrow shares are recorded as share capital in the amount for which the option, warrant or escrow share enabled the holder to purchase a share in the Company.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Commissions paid to agents, and other related share issuance costs, such as legal, auditing, and printing, on the issue of the Company's shares are charged directly to share capital.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Valuation of equity units issued in private placements</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method <div style="display: inline; font-style: italic; font: inherit;">first</div> allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The fair value of the common shares issued in the private placements was determined to be the more easily measurable component and were valued at their fair value, as determined by the closing quoted bid price on the announcement date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as contributed surplus. Upon exercise of the warrants, the related fair value is reallocated to share capital.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Earnings (loss) per share</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Basic loss per share is calculated using the weighted average number of common shares outstanding during the year. The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on earnings (loss) per share is calculated presuming the exercise of outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the year. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. For the year ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">12,345,000</div> outstanding stock options (<div style="display: inline; font-style: italic; font: inherit;">2019</div> – <div style="display: inline; font-style: italic; font: inherit;">10,000,000</div>) were <div style="display: inline; font-style: italic; font: inherit;">not</div> included in the calculation of diluted earnings (loss) per share as their inclusion was anti-dilutive.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Stock-based compensation</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">The Company follows the provisions of Financial Accounting Standards Board Accounting Standards Codification Section <div style="display: inline; font-style: italic; font: inherit;">718</div> “Compensation - Stock Compensation”, which establishes accounting for equity based compensation awards to be accounted for using the fair value method. The Company uses the Black-Scholes option pricing model to determine the grant date fair value of the awards. Compensation expense is measured at the grant date and recognized over the requisite service period, on a straight line basis, which is generally the vesting period. Upon exercise of stock options, the related fair value is reallocated to share capital.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Non-monetary transactions</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">All non-monetary transactions are measured at the fair value of the asset surrendered or the asset received, whichever is more reliable, unless the transaction lacks commercial substance or the fair value cannot be reliably established. The commercial substance requirement is met when the future cash flows are expected to change significantly as a result of the transaction. When the fair value of a non-monetary transaction cannot be reliably measured, it is recorded at the carrying amount (after reduction, when appropriate, for impairment) of the asset given up adjusted by the fair value of any monetary consideration received or given. When the asset received or the consideration given up is shares in an actively traded market, the value of those shares will be considered fair value.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Joint venture accounting</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">Where the Company's exploration and development activities are conducted with others, the accounts reflect only the Company's proportionate interest in such activities. The Company currently is <div style="display: inline; font-style: italic; font: inherit;">not</div> a party to any joint venture arrangements.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;">Adoption of New Accounting Standards and Amendments</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-style: italic;">Accounting Standards Update: <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div> Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>)(“Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Leases”)</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Effective <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019, </div>the Company adopted <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s, which specifies how to recognize, measure, present and disclose leases. The standard provides a single accounting model, requiring the recognition of assets and liabilities for all major leases previously classified as “operational leases”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt"><div style="display: inline; font-weight: bold;">(a)</div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">The Company's accounting policy under <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;">Definition of a lease</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company has elected to apply the practical expedient to grandfather the lease definition for existing contracts on transition. It applied the definition of a lease under <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s to existing contracts as of <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company has also elected to apply the practical expedient to account for each lease component and any non-lease components as a single lease component.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;">As a lessee</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company leases its head office space, based on lease agreement having a fixed duration until <div style="display: inline; font-style: italic; font: inherit;"> January 30, 2023 (</div>lessor provided early termination notice on <div style="display: inline; font-style: italic; font: inherit;"> May 22, 2020 </div>where the lease will terminate early on <div style="display: inline; font-style: italic; font: inherit;"> July 31, 2020) </div>and a Denver office space, based on lease agreement having a fixed duration until <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2020 </div>with anticipated renewal for <div style="display: inline; font-style: italic; font: inherit;">one</div> additional year until <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2021.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, based on the initial amount of the lease liability. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern of consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. In addition, the right-of-use asset is periodically adjusted for certain remeasurements of the lease liability.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The lease liability is initially measured at the present value of the lease payments that are <div style="display: inline; font-style: italic; font: inherit;">not</div> paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The ongoing lease liability is measured at amortized cost using the effective interest method. It is measured when there is a change in future lease payments, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">When the lease liability is remeasured in this way a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 36pt"></td> <td style="width: 27pt"><div style="display: inline; font-weight: bold;">(b)</div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Impact of transition to <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Leases</div></div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Effective <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019, </div>the Company adopted <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s using the modified retrospective approach and accordingly the information presented for the year ended <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2019 </div>has <div style="display: inline; font-style: italic; font: inherit;">not</div> been restated. The cumulative effect of initial application is recognized in deficit at <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019. </div>Comparative amounts for <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2019 </div>remain as previously reported.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">On initial application, the Company has elected to record right-of-use assets based on the corresponding lease receivables and/or lease liabilities. Lease receivables and liabilities have been measured by discounting future lease payments at the incremental borrowing rate at <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019. </div>The incremental borrowing rate applied was <div style="display: inline; font-style: italic; font: inherit;">10%</div> per annum and represents the Company's best estimate of the rate of interest that it would expect to pay to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in the current economic environment. As of the initial date of application of <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s, the remaining non-cancellable period of the office lease was <div style="display: inline; font-style: italic; font: inherit;">three</div> years and <div style="display: inline; font-style: italic; font: inherit;">eight</div> months.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company has elected to apply the practical expedient to account for leases for which the lease term ends within <div style="display: inline; font-style: italic; font: inherit;">12</div> months of the date of initial application and leases of low value assets as short-term leases. The lease payments associated with these leases are recognized as expenses on a straight-line basis over the lease term.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The Company has also elected to apply the practical expedient for excluding the initial direct costs for the measurement of right-of-use assets at the date of initial application, as well as for using hindsight in determining the lease term where the contract contains options to extend or terminate the lease.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The application of <div style="display: inline; font-style: italic;">Topic <div style="display: inline; font-style: italic; font: inherit;">842</div> – Lease</div>s to leases previously classified as operating leases, resulted in the recognition of right-of-use assets and lease liabilities as at <div style="display: inline; font-style: italic; font: inherit;"> June 1, 2019 </div>as summarized in the following table:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div> <table style="border-collapse: collapse; margin-left: 0.5in; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">June 1, 2019 <br /> prior to adoption of <br /> <div style="display: inline; font-style: italic;">Topic 842 – Lease</div>s</div></td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Adjustments</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">June 1, 2019 <br /> after adoption of <div style="display: inline; font-style: italic;"><br /> Topic 842 – Lease</div>s</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: justify"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Non-current assets:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 52%; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Right-of-use assets</td> <td style="width: 2%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">–</td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Non-current liabilities</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; text-align: justify; border-bottom: Black 2.5pt double">Lease liabilities</td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">–</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,957</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt 0 0pt 35.45pt; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">Recently Issued Accounting Standards Updates </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"><div style="display: inline; font-style: italic;">Accounting Standards Update <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">01</div> Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>): Codification Improvements.</div> In <div style="display: inline; font-style: italic; font: inherit;"> March 2019, </div>the FASB issued amendments on certain aspects of the new leasing standards. Accounting Standards Update <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">01</div> addresses the following issues: Determining the fair value of the underlying asset by lessors that are <div style="display: inline; font-style: italic; font: inherit;">not</div> manufactures or dealers; statement of cash flows presentation for sales-type and direct financing leases by lessors within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">942;</div> and clarification of interim disclosure requirements during transition. Public business entities are required to adopt the new standard for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019. </div>For calendar year-end public companies, this means an adoption date of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2020. </div>Early adoption is permitted. The adoption of the guidance has <div style="display: inline; font-style: italic; font: inherit;">no</div> material impact on the Company's consolidated financial statements and disclosures.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">Early adoption is permitted. The adoption of the guidance will have an immaterial impact on the Company's consolidated financial statements and disclosures.</div></div>
2974411
7442708
1000000
25000
25000
500000
500000
11500000
1730770
800000
12500000
4036900
4036900
615000
615000
4651900
4651900
48750
59500
59500
59500
48750
48750
25200000
25200000
4314924
4314924
83606486
13030715
1123410
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7490685
97726772
11467753
1382223
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14857390
1578326
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20062002
1
1
1
1
1
1
1
1
1
1
Holding company
Exploration company
Exploration company
Exploration company
Exploration company
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; margin-left: 35.45pt; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 2.5pt double; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Canada</td> <td style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="border-top: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">United States</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: center">2029</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,318,000</div></td> <td style="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center">2030</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">–</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center">2031</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">379,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">195,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center">2032</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,089,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,679,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center">2033</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,443,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,214,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center">2034</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,733,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,313,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center">2035</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,806,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,004,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center">2036</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,354,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,761,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center">2037</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,624,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,368,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center">2038</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,943,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,568,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center">2039</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,206,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,646,000</div></td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2040</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,145,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,302,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="white-space: nowrap; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 2.5pt double"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,722,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,370,000</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
1318000
2000
379000
195000
1089000
1679000
1443000
2214000
1733000
4313000
1806000
2004000
1354000
1761000
1624000
1368000
1943000
1568000
2206000
1646000
2145000
1302000
15722000
19370000
272674
275602
79740000
333000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in">Significant judgments, estimates and assumptions</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The preparation of these financial statements in accordance with US GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting year. Actual outcomes could differ from these estimates. These financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the financial statements, and <div style="display: inline; font-style: italic; font: inherit;"> may </div>require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the year in which the estimate is revised and future periods if the revision affects both current and future years. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal"><div style="display: inline; font-style: italic;">Significant estimates</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting year, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are <div style="display: inline; font-style: italic; font: inherit;">not</div> limited to, the carrying value and the recoverability of the capitalized acquisition costs, the assumptions used to determine the fair value of stock-based compensation, and the estimated amounts of reclamation and environmental obligations.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal"><div style="display: inline; font-style: italic;">Significant judgments</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Critical accounting judgments are accounting policies that have been identified as being complex or involving subjective judgments or assessments. The Company made the following critical accounting judgments:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">The determination of deferred tax assets and liabilities.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">The analysis of resource calculations, drill results, laboratory work, etc., which can impact the Company's assessment of impairments, and provisions, if any, for environmental rehabilitation and restorations.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">The determination of functional currency. Using the currency of the primary economic environment in which each of the parent company and its subsidiaries operates.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.75in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">The assessment of the Company's ability to continue as a going concern.</td> </tr> </table></div></div></div></div></div>
119748842
108584442
North Bullfrog Project, Nevada The Company's North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% by the Company. (i) Interests acquired from Redstar Gold Corp. On October 9, 2009, a US subsidiary of ITH at the time (Corvus Nevada) completed the acquisition of all of the interests of Redstar Gold Corp. ("Redstar") and Redstar Gold U.S.A. Inc. ("Redstar US") in the North Bullfrog project, which consisted of six leases covering 33 patented mining claims. The leases have an initial term of ten years, and for so long thereafter as mining activities continue on the claims or contiguous claims held by the Company: The Company is required to pay annual advance minimum royalty payments (recoupable from production royalties) for as long as there are mining activities continuing on the claims or contiguous claims held by the Company. The required annual advance minimum royalty payments are: 39,800 USD 17,700 USD (adjusted annually for inflation) The lessor is entitled to receive a separate NSR royalty related to all production from the leased property of the various individual leases which may be purchased by the Company as follows: a 4% NSR royalty, which may be purchased by the Company for USD 1,250,000 per 1% (USD 5,000,000 for the entire royalty). a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). a 3% NSR royalty on all production, which may be purchased by the Company for USD 850,000 per 1% (USD 2,550,000 for the entire royalty). a 3% NSR royalty on all production which may be purchased by the Company for USD 770,000 per 1% (USD 2,310,000 for the entire royalty). a 4% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 4,000,000 for the entire royalty). a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). The various NSR royalties above relate only to the property covered by each specific lease and are not cumulative. The Company has an option to purchase a property related to twelve patented mining claims for USD 1,000,000 at any time during the life of the lease (subject to the net smelter return ("NSR") royalty of 4% which may be purchased by the Company for USD 1,250,000 per 1% (USD 5,000,000 for the entire royalty). (ii) Interests acquired directly by Corvus Nevada (1) Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm's length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the "Mayflower" claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. Lease Payments: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH annually. Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company, all future payments will be satisfied by the delivery of an additional 1/2 common shares of the Company for each of the ITH common shares due per the original agreement (25,000 common shares of the Company) annually. Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 - 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce. (2) Pursuant to a mining lease and option to purchase made effective March 1, 2011 between Corvus Nevada and an arm's length individual, Corvus Nevada has leased, and has the option to purchase, two patented mineral claims which form part of the North Bullfrog project holdings. The lease is for an initial term of ten years, subject to extension for an additional ten years (provided advance minimum royalties are timely paid), and for so long thereafter as mining activities continue on the claims. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties, but not applicable to the purchase price if the option to purchase is exercised) of USD 30,000 (paid to March 1, 2020), adjusted for inflation. The lessor is entitled to receive a 2% NSR royalty on all production. The lessee may purchase the NSR royalty for USD 1,000,000 per 1%. If the lessee purchases the entire NSR royalty (USD 2,000,000) the lessee will also acquire all interest of the lessor in the subject property. (3) Pursuant to a purchase agreement made effective March 28, 2013, Corvus Nevada agreed to purchase the surface rights of five patented mining claims owned by two arm's length individuals for USD 160,000 paid on closing (March 28, 2013). The terms include payment by Corvus Nevada of a fee of USD 0.02 per ton of overburden to be stored on the property, subject to payment for a minimum of 12 million short tons. The minimum tonnage fee (USD 240,000) bears interest at 4.77% per annum from closing and is evidenced by a promissory note due on the sooner of the commencing of use of the property for waste materials storage or December 31, 2015 (balance paid December 17, 2015). As a result, the Company recorded $406,240 (USD 400,000) in acquisition costs with $157,408 paid in cash and the remaining $248,832 (USD 240,000) in promissory note payable during the year ended May 31, 2013. (4) In December 2013, SoN completed the purchase of a parcel of land approximately 30 kilometres north of the North Bullfrog project which carries with it 1,600 acre feet of irrigation water rights. The cost of the land and associated water rights was cash payment of $1,100,118 (USD 1,034,626). (5) On March 30, 2015, Lunar Landing, LLC signed a lease agreement with Corvus Nevada to lease private property containing the three patented Sunflower claims to Corvus Nevada, which are adjacent to the Yellow Rose claims leased in 2014. The term of the lease is three years with provision to extend the lease for an additional seven years, and an advance minimum royalty payment of USD 5,000 per year with USD 5,000 paid upon signing (paid to March 2020). The lease includes a 4% NSR royalty on production, with an option to purchase the royalty for USD 500,000 per 1% or USD 2,000,000 for the entire 4% royalty. The lease also includes the option to purchase the property for USD 300,000.
Mother Lode Property, Nevada Pursuant to a purchase agreement made effective June 9, 2017 between Corvus Nevada and Goldcorp USA, Inc. ("Goldcorp USA"), Corvus Nevada has acquired 100% of the Mother Lode property (the "Mother Lode Property"). In addition, Corvus Nevada staked two additional adjacent claim blocks to the Mother Lode Property. In connection with the acquisition, the Company issued 1,000,000 common shares at a price of $0.81 per common share to Goldcorp USA (note 5). The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays 1% from production at the Mother Lode Property when the price of gold is less than USD 1,400 per ounce and an additional 1% NSR for a total of 2% NSR when gold price is greater than or equal to USD 1,400 per ounce.
The Company's share trading policy (the "Policy") requires that all restricted persons and others who are subject to the Policy refrain from conducting any transactions involving the purchase or sale of the Company's securities, during the period in any quarter commencing 30 days prior to the scheduled issuance of the next quarter or year-end public disclosure of the financial results as well as when there is material data on hand. In accordance with the terms of the Amended 2010 Plan, if stock options are set to expire during a restricted period and are not exercised prior to any such restriction, they will not expire but instead will be available for exercise for ten days after such restrictions are lifted.
North Bullfrog Project, Nevada The Company's North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% by the Company. (i) Interests acquired from Redstar Gold Corp. On October 9, 2009, a US subsidiary of ITH at the time (Corvus Nevada) completed the acquisition of all of the interests of Redstar Gold Corp. ("Redstar") and Redstar Gold U.S.A. Inc. ("Redstar US") in the North Bullfrog project, which consisted of six leases covering 33 patented mining claims. The leases have an initial term of ten years, and for so long thereafter as mining activities continue on the claims or contiguous claims held by the Company: The Company is required to pay annual advance minimum royalty payments (recoupable from production royalties) for as long as there are mining activities continuing on the claims or contiguous claims held by the Company. The required annual advance minimum royalty payments are: 39,800 USD 17,700 USD (adjusted annually for inflation) The lessor is entitled to receive a separate NSR royalty related to all production from the leased property of the various individual leases which may be purchased by the Company as follows: a 4% NSR royalty, which may be purchased by the Company for USD 1,250,000 per 1% (USD 5,000,000 for the entire royalty). a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). a 3% NSR royalty on all production, which may be purchased by the Company for USD 850,000 per 1% (USD 2,550,000 for the entire royalty). a 3% NSR royalty on all production which may be purchased by the Company for USD 770,000 per 1% (USD 2,310,000 for the entire royalty). a 4% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 4,000,000 for the entire royalty). a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). The various NSR royalties above relate only to the property covered by each specific lease and are not cumulative. The Company has an option to purchase a property related to twelve patented mining claims for USD 1,000,000 at any time during the life of the lease (subject to the net smelter return ("NSR") royalty of 4% which may be purchased by the Company for USD 1,250,000 per 1% (USD 5,000,000 for the entire royalty). (ii) Interests acquired directly by Corvus Nevada (1) Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm's length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the "Mayflower" claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. Lease Payments: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH annually. Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company, all future payments will be satisfied by the delivery of an additional 1/2 common shares of the Company for each of the ITH common shares due per the original agreement (25,000 common shares of the Company) annually. Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 - 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce. (2) Pursuant to a mining lease and option to purchase made effective March 1, 2011 between Corvus Nevada and an arm's length individual, Corvus Nevada has leased, and has the option to purchase, two patented mineral claims which form part of the North Bullfrog project holdings. The lease is for an initial term of ten years, subject to extension for an additional ten years (provided advance minimum royalties are timely paid), and for so long thereafter as mining activities continue on the claims. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties, but not applicable to the purchase price if the option to purchase is exercised) of USD 30,000 (paid to March 1, 2020), adjusted for inflation. The lessor is entitled to receive a 2% NSR royalty on all production. The lessee may purchase the NSR royalty for USD 1,000,000 per 1%. If the lessee purchases the entire NSR royalty (USD 2,000,000) the lessee will also acquire all interest of the lessor in the subject property. (3) Pursuant to a purchase agreement made effective March 28, 2013, Corvus Nevada agreed to purchase the surface rights of five patented mining claims owned by two arm's length individuals for USD 160,000 paid on closing (March 28, 2013). The terms include payment by Corvus Nevada of a fee of USD 0.02 per ton of overburden to be stored on the property, subject to payment for a minimum of 12 million short tons. The minimum tonnage fee (USD 240,000) bears interest at 4.77% per annum from closing and is evidenced by a promissory note due on the sooner of the commencing of use of the property for waste materials storage or December 31, 2015 (balance paid December 17, 2015). As a result, the Company recorded $406,240 (USD 400,000) in acquisition costs with $157,408 paid in cash and the remaining $248,832 (USD 240,000) in promissory note payable during the year ended May 31, 2013. (4) In December 2013, SoN completed the purchase of a parcel of land approximately 30 kilometres north of the North Bullfrog project which carries with it 1,600 acre feet of irrigation water rights. The cost of the land and associated water rights was cash payment of $1,100,118 (USD 1,034,626). (5) On March 30, 2015, Lunar Landing, LLC signed a lease agreement with Corvus Nevada to lease private property containing the three patented Sunflower claims to Corvus Nevada, which are adjacent to the Yellow Rose claims leased in 2014. The term of the lease is three years with provision to extend the lease for an additional seven years, and an advance minimum royalty payment of USD 5,000 per year with USD 5,000 paid upon signing (paid to March 2020). The lease includes a 4% NSR royalty on production, with an option to purchase the royalty for USD 500,000 per 1% or USD 2,000,000 for the entire 4% royalty. The lease also includes the option to purchase the property for USD 300,000.
Mother Lode Property, Nevada Pursuant to a purchase agreement made effective June 9, 2017 between Corvus Nevada and Goldcorp USA, Inc. ("Goldcorp USA"), Corvus Nevada has acquired 100% of the Mother Lode property (the "Mother Lode Property"). In addition, Corvus Nevada staked two additional adjacent claim blocks to the Mother Lode Property. In connection with the acquisition, the Company issued 1,000,000 common shares at a price of $0.81 per common share to Goldcorp USA (note 5). The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays 1% from production at the Mother Lode Property when the price of gold is less than USD 1,400 per ounce and an additional 1% NSR for a total of 2% NSR when gold price is greater than or equal to USD 1,400 per ounce.
Alaskan Royalty Interest, Alaska On June 7, 2019, the Company completed the sale of the royalties where four non-core Alaskan royalty interests owned by Corvus were sold to EMX Royalty Corporation ("EMX") for a purchase price of $350,000. In connection with the Alaskan royalty package sale, the Company incurred $31,463 in legal fees, resulting in a total cost recovery for the Alaska Royalty Interest of $318,537. The general terms of the Alaskan royalty package sale include: * Chisna project 1% NSR * LMS project 3% NSR * Goodpaster District 1% NSR * West Pogo project 2% NSR. The Company has retained a 1% NSR in the West Pogo project which is immediately west of the operating Pogo mine in the Goodpaster District of Alaska.
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