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FY
This Amendment No. 1 (this “Amendment”) to our Annual Report on Form 40-F for the period ended December 31, 2020 (the “Form 40-F”) is being filed solely to resubmit the XBRL interactive data file, as a technical error in the version previously submitted affected its filing.
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<p style="text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>NATURE OF OPERATIONS</strong></span></span></span></span></p>
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<p style="text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Metalla Royalty & Streaming Ltd. ("<strong>Metalla</strong>" or the "<strong>Company</strong>"), incorporated in Canada, is a precious metals royalty and streaming company, who engages in the acquisition and management of precious metal royalties, streams, and similar production-based interests. The Company's common shares are listed on the TSX Venture Exchange ("<strong>TSX-V</strong>") under the symbol "<strong>MTA</strong>" and on the NYSE American ("<strong>NYSE</strong>") under the symbol "<strong>MTA</strong>". The head office and principal address is 501 - 543 Granville Street, Vancouver, British Columbia, Canada.</span></span></p>
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<p style="text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">The Company has incurred a cumulative deficit to date of $34,978,936 as at </span></span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December</span></span><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"> 31, 2020 (</span></span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">May 31, 2020</span></span><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"> - $29,532,613) and has had losses from operations for multiple years. Continued operations of the Company are dependent on the Company's ability to generate profitable earnings in the future, receive continued financial support, and/or complete external financing. Management expects that its cash balance, cash flows from operating activities, and available credit facilities will be sufficient to fund the operations of the Company for the next twelve months.</span></span></p>
<p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">In December 2019, the Company completed a consolidation of its common shares on the basis of one new share for four old shares (1:4) effective December 17, 2019 and the listing of its common shares on the NYSE effective January 8, 2020. All figures have been adjusted to reflect the one for four share consolidation.  In order to better align the Company's reporting cycle with its peers and its royalty and stream partners, the Company changed its year-end to December 31, beginning with December 31, 2020.</span></span></p>
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<p><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.</strong><span style="width:29.36pt;display:inline-block"> </span><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</strong><span>   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)</strong><span style="width:8.47pt;text-indent:0pt;display:inline-block"> </span><strong>Statement of Compliance</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards ("<strong>IFRS</strong>") as issued by the International Accounting Standards Board ("<strong>IASB</strong>") and interpretations of the International Financial Reporting Interpretations Committee ("<strong>IFRIC</strong>").<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(b)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Basis of Preparation and Measurement</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments, which have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements are presented in United States Dollars except as otherwise indicated.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(c)</strong><span style="width:8.93pt;text-indent:0pt;display:inline-block"> </span><strong>Foreign Currency Translation</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Functional currency</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Items included in the financial statements of each consolidated entity are measured using the currency of the primary economic environment in which the entity operates (the "<strong>functional currency</strong>"). Commencing on September 1, 2020 (the "<strong>Effective Date</strong>"), the functional currency of the Company and its subsidiaries was reassessed as a result of a change in underlying transactions, events, and conditions. As a result of this reassessment the functional currency of the Canadian parent company and certain subsidiaries changed from the Canadian dollar to the United States dollar commencing on the Effective Date. The change in functional currency was accounted for on a prospective basis, with no impact of this change on prior year comparative information. Determination of functional currency may involve certain judgements to determine the primary economic environment.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Presentation currency</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On September 1, 2020, the Company elected to change its presentation currency from the Canadian dollar ("<strong>C$</strong>" or "<strong>CAD</strong>") to the United States dollar ("<strong>$</strong>" or "<strong>USD</strong>"). The change in presentation currency is to better reflect the Company's business activities and to improve investors' ability to compare the Company's financial results with other publicly traded businesses in comparable industries. The Company applied the change to the United States dollar presentation currency retrospectively, with prior period comparative information translated to the United States dollar at the foreign exchange rate of 1.3042 Canadian dollars per United States dollar.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">From September 1, 2020, the United States dollar presentation currency is consistent with the functional currency of the Company. For periods prior to September 1, 2020, the statements of financial position for each period presented have been translated from the Canadian dollar presentation currency to the new United States dollar presentation currency at the rate of exchange prevailing on September 1, 2020.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Transactions and balances</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transactions in currencies other than the functional currency are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the reporting date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in the consolidated statement of loss and comprehensive loss.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(d)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Principles of Consolidation</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements include the accounts of the parent company and its subsidiaries after eliminating intercompany balances and transactions.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Subsidiaries</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(e)</strong><span style="width:8.38pt;text-indent:0pt;display:inline-block"> </span><strong>Royalty, Stream, and Other Interests</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty, stream, and other interests consist of acquired royalty, stream, and other interests. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific royalty or stream asset are expensed in the period incurred.</span></span><span style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:left">    </span><span style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:left">                                                         </span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Producing royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On acquisition of a royalty or stream interest, an allocation of its fair value may be attributed to the exploration potential of the interest and is recorded as an exploration asset on the acquisition date. The carrying value of the exploration potential is accounted for in accordance with IFRS 6 Exploration and Evaluation of Mineral Resources ("<strong>IFRS 6</strong>") and is not depleted until such time as the technical feasibility and commercial viability have been established, at which point the value of the asset is accounted for in accordance with IAS 16 Property, Plant and Equipment ("<strong>IAS 16</strong>"). Upon demonstration of the technical and commercial feasibility of a project and a development decision, the carrying value related to that project is subject to an impairment test and is reclassified in accordance with IAS 16.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(f)</strong><span style="width:10.44pt;text-indent:0pt;display:inline-block"> </span><strong>Joint Operations</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Under IFRS 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Company recognizes its direct right to the assets, liabilities, revenues, and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues, and expenses.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(g)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Investments in Associates</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;margin-bottom:0pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Companies over which the Company has significant influence, but not control, are determined to be associates and accounted for using the equity basis of accounting, whereby the investment is initially recorded at cost, adjusted to recognize the Company's share of earnings or losses and reduced by dividends received. The Company assesses its equity investments for impairment if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the equity investment and if the event or events have an impact on the estimated future cash flow of the investment. Objective evidence of impairment of an equity investment includes:<span style="text-align:left">  </span></span></span></p>
<ul style="padding-left:0pt;margin-top:0pt" type="disc">
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Significant financial difficulty of the associated companies;      </span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Becoming probable that the associated companies will enter bankruptcy or other financial reorganization; or      </span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">National or local economic conditions that correlate with defaults of the associated companies. </span></span></li>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(h)</strong><span style="width:8.1pt;text-indent:0pt;display:inline-block"> </span><strong>Impairment of Royalty, Stream, and Other interests</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The carrying amounts of non-financial assets, excluding deferred income tax assets, are reviewed for impairment at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. If there are indicators of impairment, a review is undertaken to determine whether the carrying amounts are in excess of their recoverable amounts. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the cash-generating unit ("<strong>CGU</strong>") level.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs to sell and its value-in-use, an impairment loss is recognized in net loss as the excess of the carrying amount over the recoverable amount. With respect to CGUs, impairment losses are allocated to reduce the carrying amounts of the assets of the CGU on a pro-rata basis. The future cash flows expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the Company's royalty, stream, and other production-based interests, respectively, that could affect the future recoverability of the Company's interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In certain circumstances, the Company may use a market approach in determining the recoverable amount which may include an estimate of (a) net present value of estimated future cash flows; (b) dollar value per ounce or pound of reserve/resource; (c) cash-flow multiples; and/or (d) market capitalization of comparable assets.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(i)</strong><span style="width:11.07pt;text-indent:0pt;display:inline-block"> </span><strong>Revenue Recognition</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Revenue is comprised of revenue earned in the year from royalty, stream, and other interests. The Company recognizes revenue upon the transfer of control of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For stream interests, revenue recognition occurs when the relevant commodity received from the stream operator is delivered by the Company to its third-party customers. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the sales contract.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For royalty interests, revenue recognition occurs when control of the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(j)</strong><span style="width:11.07pt;text-indent:0pt;display:inline-block"> </span><strong>Financial Instruments</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">All financial instruments are initially recorded at fair value and designated as follows:<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash includes cash on account and is subsequently measured at amortized cost.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade receivables relate to amounts received from sales of refined gold and silver and royalty revenue. These receivables are non-interest bearing and are recognized at fair value and are subsequently measured at amortized cost. We have applied the simplified approach to determining expected credit losses, which requires expected lifetime losses to be recognized upon initial recognition of the receivables.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Marketable securities are designated as fair value through profit and loss ("<strong>FVTPL</strong>") unless they are irrevocably designated, on an individual basis, as fair value through other comprehensive income ("<strong>FVOCI</strong>"). Investment transactions are recognized on the trade date with transaction costs included in the underlying balance. Fair values are determined by reference to quoted market prices at the statement of financial position date.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative royalty assets are designated as FVTPL.  Fair values are determine using a valuation model and inputs that are not based on observable market data.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accounts payables, accrued liabilities, and loans payable are initially recorded at fair value, less transaction costs. These financial liabilities are subsequently measured at amortized cost, calculated using the effective interest rate method<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(k)</strong><span style="width:8.93pt;text-indent:0pt;display:inline-block"> </span><strong>Related Party Transactions</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties.<span style="text-align:left"> </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(l)</strong><span style="width:11.07pt;text-indent:0pt;display:inline-block"> </span><strong>Share Capital</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Common shares issued for non-monetary consideration are recorded at their fair value based on closing price on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty's performance is complete.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The proceeds from the issue of units are allocated between common shares and share purchase warrants on a pro-rata basis based on the relative fair values. The fair value of the common shares is based on the market closing price on the date of issuance and the fair value of the share purchase warrants is determined using the Black-Scholes option pricing model.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(m)</strong><span style="width:5.52pt;text-indent:0pt;display:inline-block"> </span><strong>Earnings (loss) Per Share</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company presents basic earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to equity holders of the Company by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated by adjusting the earnings attributable to equity holders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares. The calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In periods where a loss is reported, diluted loss per share is the same as basic loss per share as the effects of potentially dilutive common shares would be anti-dilutive.</span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(n)</strong><span style="width:8.1pt;text-indent:0pt;display:inline-block"> </span><strong>Income Taxes</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the consolidated statement of loss and comprehensive loss.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous periods.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and losses carried forward. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(o)</strong><span style="width:7.87pt;text-indent:0pt;display:inline-block"> </span><strong>Share-based Payments</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company grants stock options and restricted share units ("<strong>RSUs</strong>") to directors, officers, employees and consultants to acquire common shares of the Company. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee. The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of the goods or services received.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The fair value method of accounting is used for share-based payment transactions. Under this method, the cost of stock options and other equity-settled share-based payment arrangements are recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed in the period the forfeiture occurs.<span style="text-align:left"> </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(p)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Segment Reporting</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Chief Executive Officer ("<strong>CEO</strong>").<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company operates in a single segment, the acquisition and management of precious metal royalties, streams, and similar production-based interests. In addition, the Company has corporate activities, which include the evaluation and acquisition of new precious metal royalties, streams, and similar production-based interests, treasury and finance, regulatory reporting, and corporate administration.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(q)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Critical Accounting Estimates and Judgments</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. The preparation of consolidated financial statements in conformance with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Critical accounting estimates are estimates and assumptions made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to, the following:<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Royalty interests</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company holds royalty interests in production stage mineral properties. The royalty interests are recorded initially at their costs and are being depleted using the units of production basis over the expected life of the related mineral property, which is determined using available estimates of future metal prices and future production. Proven and probable reserves and future production plans associated with the royalty interests as determined by the operators impact the measurement of the respective assets. These estimates affect the depletion of the royalty interests and the assessment of the recoverability of the carrying value of the royalty interests.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Management considers both external and internal sources of information in assessing whether there are any indications that the Company's royalty interests are impaired. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its royalty interests. Internal sources of information that management considers include the indications of economic performance of the assets.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In determining the recoverable amounts of the Company's royalty interests, management makes estimates of the discounted net cash flows expected to be derived from the Company's royalty interests, costs of disposal, and the appropriate discount rates and discount multiples that apply to the specific asset. Reductions in metal price forecasts, increases in estimated future costs of production for the mine operators, reductions in the amount of recoverable mineral reserves, mineral resources, and exploration potential, and/or adverse current economics can result in a write-down of the carrying amounts of the Company's royalty interests.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Estimation of depletion</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's royalty, stream, and other production-based interests that generate economic benefits are considered depletable and are depleted on a unit-of-production basis over the ounces of production that are expected to generate the cash flows that will be attributable to the Company. These calculations require the use of estimates and assumptions, including the amount of contained metals, the recovery rates, and payable rates for the contained metals being treated through a milling or refining process. Changes to these assumptions may impact the estimated recoverable reserves, resources or exploration potential which could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Derivative royalty</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company holds a derivative royalty asset which is carried at fair value at each period end.  In order to calculate the fair value at period end the Company uses a valuation model and is required to make estimates and assumptions on the timing of delivery of gold ounces, future gold price, as well as future currency exchange rates.  Changes to these assumptions may impact the fair value of the asset at period end, as well as the classification of the amount that is disclosed as current versus non-current.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Income taxes</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The interpretation of existing tax laws or regulations in Canada, Australia, Argentina, Mexico, the United States, or any of the countries in which our property interests are located requires the use of judgment. Differing interpretation of these laws or regulations could result in an increase in the Company's taxes, or other governmental charges, duties or impositions. In addition, the recoverability of deferred income tax assets, including expected periods of reversal of temporary differences and expectations of future taxable income, are assessed by management at the end of each reporting period and adjusted, as necessary, on a prospective basis.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Functional currency</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The determination of an entity's functional currency requires judgment where the operations of the Company are changing, or currency indicators are mixed. Additionally, the timing of a change in functional currency is a judgment as the balance of currency indicators may change over time. The impact on the consolidated results from the change in functional currency is described in Note 2(c).</span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)</strong><span style="width:8.47pt;text-indent:0pt;display:inline-block"> </span><strong>Statement of Compliance</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards ("<strong>IFRS</strong>") as issued by the International Accounting Standards Board ("<strong>IASB</strong>") and interpretations of the International Financial Reporting Interpretations Committee ("<strong>IFRIC</strong>").<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(b)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Basis of Preparation and Measurement</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments, which have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements are presented in United States Dollars except as otherwise indicated.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(c)</strong><span style="width:8.93pt;text-indent:0pt;display:inline-block"> </span><strong>Foreign Currency Translation</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Functional currency</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Items included in the financial statements of each consolidated entity are measured using the currency of the primary economic environment in which the entity operates (the "<strong>functional currency</strong>"). Commencing on September 1, 2020 (the "<strong>Effective Date</strong>"), the functional currency of the Company and its subsidiaries was reassessed as a result of a change in underlying transactions, events, and conditions. As a result of this reassessment the functional currency of the Canadian parent company and certain subsidiaries changed from the Canadian dollar to the United States dollar commencing on the Effective Date. The change in functional currency was accounted for on a prospective basis, with no impact of this change on prior year comparative information. Determination of functional currency may involve certain judgements to determine the primary economic environment.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Presentation currency</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On September 1, 2020, the Company elected to change its presentation currency from the Canadian dollar ("<strong>C$</strong>" or "<strong>CAD</strong>") to the United States dollar ("<strong>$</strong>" or "<strong>USD</strong>"). The change in presentation currency is to better reflect the Company's business activities and to improve investors' ability to compare the Company's financial results with other publicly traded businesses in comparable industries. The Company applied the change to the United States dollar presentation currency retrospectively, with prior period comparative information translated to the United States dollar at the foreign exchange rate of 1.3042 Canadian dollars per United States dollar.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">From September 1, 2020, the United States dollar presentation currency is consistent with the functional currency of the Company. For periods prior to September 1, 2020, the statements of financial position for each period presented have been translated from the Canadian dollar presentation currency to the new United States dollar presentation currency at the rate of exchange prevailing on September 1, 2020.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Transactions and balances</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transactions in currencies other than the functional currency are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the reporting date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in the consolidated statement of loss and comprehensive loss.<span style="text-align:left">   </span></span></span></p>
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1.3042
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(d)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Principles of Consolidation</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements include the accounts of the parent company and its subsidiaries after eliminating intercompany balances and transactions.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Subsidiaries</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(e)</strong><span style="width:8.38pt;text-indent:0pt;display:inline-block"> </span><strong>Royalty, Stream, and Other Interests</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty, stream, and other interests consist of acquired royalty, stream, and other interests. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific royalty or stream asset are expensed in the period incurred.</span></span><span style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:left">    </span><span style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:left">                                                         </span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Producing royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On acquisition of a royalty or stream interest, an allocation of its fair value may be attributed to the exploration potential of the interest and is recorded as an exploration asset on the acquisition date. The carrying value of the exploration potential is accounted for in accordance with IFRS 6 Exploration and Evaluation of Mineral Resources ("<strong>IFRS 6</strong>") and is not depleted until such time as the technical feasibility and commercial viability have been established, at which point the value of the asset is accounted for in accordance with IAS 16 Property, Plant and Equipment ("<strong>IAS 16</strong>"). Upon demonstration of the technical and commercial feasibility of a project and a development decision, the carrying value related to that project is subject to an impairment test and is reclassified in accordance with IAS 16.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(f)</strong><span style="width:10.44pt;text-indent:0pt;display:inline-block"> </span><strong>Joint Operations</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Under IFRS 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Company recognizes its direct right to the assets, liabilities, revenues, and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues, and expenses.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(g)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Investments in Associates</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;margin-bottom:0pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Companies over which the Company has significant influence, but not control, are determined to be associates and accounted for using the equity basis of accounting, whereby the investment is initially recorded at cost, adjusted to recognize the Company's share of earnings or losses and reduced by dividends received. The Company assesses its equity investments for impairment if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the equity investment and if the event or events have an impact on the estimated future cash flow of the investment. Objective evidence of impairment of an equity investment includes:<span style="text-align:left">  </span></span></span></p>
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<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Significant financial difficulty of the associated companies;      </span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Becoming probable that the associated companies will enter bankruptcy or other financial reorganization; or      </span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">National or local economic conditions that correlate with defaults of the associated companies. </span></span></li>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(h)</strong><span style="width:8.1pt;text-indent:0pt;display:inline-block"> </span><strong>Impairment of Royalty, Stream, and Other interests</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The carrying amounts of non-financial assets, excluding deferred income tax assets, are reviewed for impairment at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. If there are indicators of impairment, a review is undertaken to determine whether the carrying amounts are in excess of their recoverable amounts. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the cash-generating unit ("<strong>CGU</strong>") level.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs to sell and its value-in-use, an impairment loss is recognized in net loss as the excess of the carrying amount over the recoverable amount. With respect to CGUs, impairment losses are allocated to reduce the carrying amounts of the assets of the CGU on a pro-rata basis. The future cash flows expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the Company's royalty, stream, and other production-based interests, respectively, that could affect the future recoverability of the Company's interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In certain circumstances, the Company may use a market approach in determining the recoverable amount which may include an estimate of (a) net present value of estimated future cash flows; (b) dollar value per ounce or pound of reserve/resource; (c) cash-flow multiples; and/or (d) market capitalization of comparable assets.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(i)</strong><span style="width:11.07pt;text-indent:0pt;display:inline-block"> </span><strong>Revenue Recognition</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Revenue is comprised of revenue earned in the year from royalty, stream, and other interests. The Company recognizes revenue upon the transfer of control of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For stream interests, revenue recognition occurs when the relevant commodity received from the stream operator is delivered by the Company to its third-party customers. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the sales contract.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For royalty interests, revenue recognition occurs when control of the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(j)</strong><span style="width:11.07pt;text-indent:0pt;display:inline-block"> </span><strong>Financial Instruments</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">All financial instruments are initially recorded at fair value and designated as follows:<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash includes cash on account and is subsequently measured at amortized cost.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade receivables relate to amounts received from sales of refined gold and silver and royalty revenue. These receivables are non-interest bearing and are recognized at fair value and are subsequently measured at amortized cost. We have applied the simplified approach to determining expected credit losses, which requires expected lifetime losses to be recognized upon initial recognition of the receivables.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Marketable securities are designated as fair value through profit and loss ("<strong>FVTPL</strong>") unless they are irrevocably designated, on an individual basis, as fair value through other comprehensive income ("<strong>FVOCI</strong>"). Investment transactions are recognized on the trade date with transaction costs included in the underlying balance. Fair values are determined by reference to quoted market prices at the statement of financial position date.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative royalty assets are designated as FVTPL.  Fair values are determine using a valuation model and inputs that are not based on observable market data.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accounts payables, accrued liabilities, and loans payable are initially recorded at fair value, less transaction costs. These financial liabilities are subsequently measured at amortized cost, calculated using the effective interest rate method<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(k)</strong><span style="width:8.93pt;text-indent:0pt;display:inline-block"> </span><strong>Related Party Transactions</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties.<span style="text-align:left"> </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(l)</strong><span style="width:11.07pt;text-indent:0pt;display:inline-block"> </span><strong>Share Capital</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Common shares issued for non-monetary consideration are recorded at their fair value based on closing price on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty's performance is complete.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The proceeds from the issue of units are allocated between common shares and share purchase warrants on a pro-rata basis based on the relative fair values. The fair value of the common shares is based on the market closing price on the date of issuance and the fair value of the share purchase warrants is determined using the Black-Scholes option pricing model.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(m)</strong><span style="width:5.52pt;text-indent:0pt;display:inline-block"> </span><strong>Earnings (loss) Per Share</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company presents basic earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to equity holders of the Company by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated by adjusting the earnings attributable to equity holders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares. The calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In periods where a loss is reported, diluted loss per share is the same as basic loss per share as the effects of potentially dilutive common shares would be anti-dilutive.</span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(n)</strong><span style="width:8.1pt;text-indent:0pt;display:inline-block"> </span><strong>Income Taxes</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the consolidated statement of loss and comprehensive loss.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous periods.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and losses carried forward. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(o)</strong><span style="width:7.87pt;text-indent:0pt;display:inline-block"> </span><strong>Share-based Payments</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company grants stock options and restricted share units ("<strong>RSUs</strong>") to directors, officers, employees and consultants to acquire common shares of the Company. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee. The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of the goods or services received.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The fair value method of accounting is used for share-based payment transactions. Under this method, the cost of stock options and other equity-settled share-based payment arrangements are recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed in the period the forfeiture occurs.<span style="text-align:left"> </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(p)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Segment Reporting</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Chief Executive Officer ("<strong>CEO</strong>").<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company operates in a single segment, the acquisition and management of precious metal royalties, streams, and similar production-based interests. In addition, the Company has corporate activities, which include the evaluation and acquisition of new precious metal royalties, streams, and similar production-based interests, treasury and finance, regulatory reporting, and corporate administration.<span style="text-align:left">   </span></span></span></p>
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<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(q)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Critical Accounting Estimates and Judgments</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. The preparation of consolidated financial statements in conformance with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Critical accounting estimates are estimates and assumptions made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to, the following:<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Royalty interests</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company holds royalty interests in production stage mineral properties. The royalty interests are recorded initially at their costs and are being depleted using the units of production basis over the expected life of the related mineral property, which is determined using available estimates of future metal prices and future production. Proven and probable reserves and future production plans associated with the royalty interests as determined by the operators impact the measurement of the respective assets. These estimates affect the depletion of the royalty interests and the assessment of the recoverability of the carrying value of the royalty interests.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Management considers both external and internal sources of information in assessing whether there are any indications that the Company's royalty interests are impaired. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its royalty interests. Internal sources of information that management considers include the indications of economic performance of the assets.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In determining the recoverable amounts of the Company's royalty interests, management makes estimates of the discounted net cash flows expected to be derived from the Company's royalty interests, costs of disposal, and the appropriate discount rates and discount multiples that apply to the specific asset. Reductions in metal price forecasts, increases in estimated future costs of production for the mine operators, reductions in the amount of recoverable mineral reserves, mineral resources, and exploration potential, and/or adverse current economics can result in a write-down of the carrying amounts of the Company's royalty interests.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Estimation of depletion</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's royalty, stream, and other production-based interests that generate economic benefits are considered depletable and are depleted on a unit-of-production basis over the ounces of production that are expected to generate the cash flows that will be attributable to the Company. These calculations require the use of estimates and assumptions, including the amount of contained metals, the recovery rates, and payable rates for the contained metals being treated through a milling or refining process. Changes to these assumptions may impact the estimated recoverable reserves, resources or exploration potential which could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Derivative royalty</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company holds a derivative royalty asset which is carried at fair value at each period end.  In order to calculate the fair value at period end the Company uses a valuation model and is required to make estimates and assumptions on the timing of delivery of gold ounces, future gold price, as well as future currency exchange rates.  Changes to these assumptions may impact the fair value of the asset at period end, as well as the classification of the amount that is disclosed as current versus non-current.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Income taxes</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The interpretation of existing tax laws or regulations in Canada, Australia, Argentina, Mexico, the United States, or any of the countries in which our property interests are located requires the use of judgment. Differing interpretation of these laws or regulations could result in an increase in the Company's taxes, or other governmental charges, duties or impositions. In addition, the recoverability of deferred income tax assets, including expected periods of reversal of temporary differences and expectations of future taxable income, are assessed by management at the end of each reporting period and adjusted, as necessary, on a prospective basis.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Functional currency</i><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The determination of an entity's functional currency requires judgment where the operations of the Company are changing, or currency indicators are mixed. Additionally, the timing of a change in functional currency is a judgment as the balance of currency indicators may change over time. The impact on the consolidated results from the change in functional currency is described in Note 2(c).</span></span></p>
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<p style="margin-left:36pt;text-indent:-36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>3.</strong><span style="width:29.36pt;text-indent:0pt;display:inline-block"> </span><strong>ACCOUNTS RECEIVABLE</strong></span></span></span></p>
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</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Royalty, derivative royalty, and stream receivables</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1,547,895</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>GST and other recoverable taxes</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>229,075</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>138,739</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Other receivables</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>36,605</strong></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>39,180</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total accounts receivable</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1,813,575</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>177,919</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="margin:0pt"> </p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>As at December 31, 2020 and May 31, 2020, the Company did not have any royalty, derivative royalty and stream receivables that were past due. The Company's allowance for doubtful accounts as at December 31, 2020 and May 31, 2020, was $<span style="-sec-ix-hidden:Fxbrl_20210323125940229"><span style="-sec-ix-hidden:Fxbrl_20210323125926249">Nil</span></span>.</span></span></span></p>
</div>
</div>
<div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="4" style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>As at</strong></span></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31,</strong></span></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>May 31,</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2020</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2020</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Royalty, derivative royalty, and stream receivables</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1,547,895</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>GST and other recoverable taxes</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>229,075</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>138,739</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Other receivables</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>36,605</strong></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>39,180</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total accounts receivable</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1,813,575</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>177,919</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
1547895
0
229075
138739
36605
39180
<p><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4.</strong><span style="width:29.22pt;text-indent:0pt;display:inline-block"> </span><strong>ROYALTY, STREAM, AND OTHER INTERESTS</strong></span></span></p>
<div>
<div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Producing</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Development</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exploration</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>assets</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>assets</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>assets</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2019</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,773,923</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">39,217,875</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,146,051</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">43,137,849</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Alamos royalty portfolio acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">51,721</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">14,482</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">66,203</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fifteen Mile Stream (FMS) acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">406,431</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">406,431</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">NuevaUnión acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,059,449</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,059,449</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Idaho Resources Corp. acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,417,921</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,417,921</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other additions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">68,013</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">21,448</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">89,461</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depletion</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(698,840</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(698,840</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Recoveries</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(115,013</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(115,013</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Reclassification (Joaquin and COSE)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,440,685</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(6,440,685</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Currency adjustments</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(306,258</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(80,988</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(387,246</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,209,510</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">34,362,804</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,403,901</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">47,976,215</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Wharf acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,899,822</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,899,822</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fosterville acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,224,664</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,224,664</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">La Fortuna acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">645,032</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">645,032</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Genesis and GSI acquisitions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,195,429</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,295,429</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Functional currency change adjustments</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(28,457</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(179,517</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(231,371</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(439,345</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depletion <sup>(1)</sup></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(829,263</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(30,000</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,097</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(869,360</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13,251,612</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>45,218,412</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,262,433</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>63,732,457</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Historical cost</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>19,461,344</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>45,248,412</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,272,530</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>69,982,286</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Accumulated depletion</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(6,209,732</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(30,000</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(10,097</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(6,249,829</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
</tr>
</tbody>
</table>
</div>
<p style="text-align:justify;margin-left:54pt;text-indent:-18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>(1)</i><span style="width:7.14pt;text-indent:0pt;display:inline-block"> </span><i>Fixed royalty payments were received in relation to certain exploration and development assets. The depletion related to these payments was recorded based on the total fixed royalty payments expected to be received under each contract</i></span></span></p>
</div>
</div>
<div>
<div>
<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)</strong><span style="width:8.47pt;text-indent:0pt;display:inline-block"> </span><strong>During the seven months ended December 31, 2020, the Company had the following acquisitions:</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Wharf Acquisition</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In June 2020, the Company closed an agreement to acquire an existing 1.0% Gross Value Return ("<strong>GVR</strong>") royalty interest on the operating Wharf Mine owned by Coeur Mining Inc from third parties. Under the terms of the agreement the third parties received cash of US$1.0 million and 899,201 common shares (valued at $5.52 per share on June 30, 2020) as consideration for the GVR. The Company incurred $149,102 in transaction costs associated with this transaction. The Wharf mine is an open pit, heap leach operation located in the Northern Black Hills of South Dakota and has been in production since 1983, as such the Wharf GVR has been classified as a producing asset upon acquisition.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Fosterville Acquisition</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In September 2020, the Company closed an agreement with NuEnergy Gas Limited to acquire an existing 2.5% GVR royalty on the northern and southern portions of Kirkland Lake Gold Ltd.'s operating Fosterville mine ("<strong>Fosterville</strong>") in Victoria, Australia, for a total consideration of A$6.0 million, including A$2.0 million in cash and 467,730 common shares (valued at $8.10 per share on September 28, 2020). The Company incurred $86,010 in transaction costs associated with this transaction. Fosterville is a high-grade, low cost underground mine in Victoria, Australia which has been in production since 2005. </span></span><span style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:left"> </span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>La Fortuna Acquisition</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In October 2020, the Company exercised its option with Alamos Gold Corp. ("<strong>Alamos Gold</strong>") to acquire its 1.0% NSR royalty on the La Fortuna project ("<strong>La Fortuna</strong>") owned by Minera Alamos Inc. ("<strong>Minera Alamos</strong>") for aggregate consideration of $1.0 million.  As part of the Company's acquisition of a royalty portfolio from Alamos Gold announced in April 2019, the Company acquired an option to acquire the La Fortuna royalty, upon completion of satisfactory due diligence, for a deposit of $0.4 million in common shares of the Company.  The option allowed the Company to complete the acquisition for an additional $0.6 million in cash, which was paid on October 22, 2020 in full satisfaction of the acquisition price.  The Company incurred $45,032 in transaction costs associated with this transaction.  La Fortuna is a high-grade gold, silver, and copper mine in Durango, Mexico currently being moved towards a production decision by Minera Alamos.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Genesis and GSI Acquisitions</strong></span></span></p><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In December 2020, the Company closed stock purchase agreements under which it acquired all outstanding common shares of Genesis Gold Corporation ("<strong>Genesis</strong>") and Geological Services Inc. ("<strong>GSI</strong>"). Under the terms of the stock purchase agreements, shareholders of Genesis and GSI received in aggregate $1.0 million and 401,875 common shares (valued at $10.23 per share on December 11, 2020). The common shares portion of the consideration was recognized in equity reserves at December 31, 2020 as committed shares not issued, the shares were issued on January 4, 2021.  The total consideration for the acquisitions is as follows:</span></span><span style="font-family:Times New Roman, Times, serif;font-size:10pt;text-align:left">                             </span></p>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Consideration paid</strong></span></span></td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Cash paid</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,000,000</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Common shares committed</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,111,181</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Acquisition costs</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">184,248</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total consideration paid</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,295,429</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"> </td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Net assets acquired</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Genesis and GSI NSR interests</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,295,429</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total net assets acquired</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,295,429</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
</tbody>
</table><span style="font-family:Times New Roman, Times, serif;font-size:10pt">   </span>
</div>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Collectively, Genesis and GSI held a portfolio of eleven NSR royalties. The aggregate purchase price of $5,295,429 was allocated to each royalty based on its proportionate fair value within the portfolio of assets acquired.  The Company acquired the following key NSR royalties:</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Big Springs</i></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A 2.0% NSR payable by Anova Metals Limited, on claims located on the Independence Trend north of the operating Jerritt Canyon Mine in Nevada, USA.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Caldera</i></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A 1.0% NSR payable by Discovery Harbour Resources, on claims located less than 50km from Kinross Gold Corporation's Round Mountain mine in Nevada, USA.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Golden Dome</i></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A 2.0% NSR (1.0% NSR on encumbered Golden Dome claims) payable by Anova Metals Limited, on claims located on the Independence Trend north of the operating Jerritt Canyon Mine in Nevada, USA.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Green Springs</i></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A 2.0% NSR payable by Contact Gold Corp., on claims located southeast of Fiore Gold Ltd.'s producing Pan Mine and 45km south of Kinross Gold's Bald Mountain mine complex in Nevada, USA.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Pine Valley</i></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A 3.0% NSR payable by Nevada Gold Mines, a joint venture between Barrick Gold Corporation and Newmont Corporation, on claims located south of the Goldrush Deposit along the Battle Mountain-Eureka Trend in Nevada, USA.</span></span></p>
<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(b)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>During the twelve months ended May 31, 2020, the Company had the following acquisitions:</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>IRC Acquisition</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In May 2020, the Company closed its stock purchase agreement under which it acquired all outstanding common shares of Idaho Resources Corp. ("<strong>IRC</strong>"), who held two gross overriding return ("<strong>GOR</strong>") royalties. Under the terms of stock purchase agreement, shareholders of IRC received in aggregate US$2.0 million and 357,121 common shares (valued at $5.90 per share on May 22, 2020). The purchase price allocation for the IRC acquisitions is as follow:</span></span></p>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Consideration paid</strong></span></span></td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Cash paid</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,147,523</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Common shares issued</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,108,443</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Acquisition costs</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">180,973</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total consideration paid</strong></span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,436,939</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"> </td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Net assets acquired</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">616</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Marketable securities</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,402</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">IRC NSR interests</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,417,921</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total net assets acquired</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,436,939</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
</tbody>
</table><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span>
</div>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company acquired the following GOR interests:</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Anglo/Zeke</i></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A 0.5% GOR payable by Nevada Gold Mines, a joint venture between Barrick Gold Corporation and Newmont Corporation, on claims located southeast of the Cortez Operations and Goldrush project in Nevada, USA.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Red Hill</i></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A 1.5% GOR payable by NuLegacy Gold Corporation, on claims located southeast of the Cortez Operations and Goldrush project and Anglo/Zeke claim in Nevada, USA.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>NuevaUnión Acquisition</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In February 2020, the Company entered into a purchase agreement, jointly with Nova Royalty Corp. ("<strong>Nova</strong>") (formerly BatteryOne Royalty Corp.), to acquire a 2.0% NSR on future gold production from a portion of the La Fortuna deposit and prospective exploration grounds forming part of the NuevaUnión copper-gold project ("<strong>NuevaUnión</strong>") located in Chile. NuevaUnión is jointly owned by Newmont Corporation and Teck Resources Limited. The aggregate consideration of $8.0 million is split between the purchasers, where the Company has agreed to pay 25% or $2.0 million.  On closing the Company paid $0.75 million in cash, in February 2021 paid $0.25 million in cash, and a further $0.5 million in cash and $0.5 million in common shares is payable upon the achievement of commercial production at the La Fortuna deposit. The Company paid $49,518 of acquisition costs related to this transaction.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Alamos Royalty Portfolio Acquisition</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Biricu </i></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In June 2019, the Company issued 2,574 common shares (valued at $3.31 per share on June 20, 2019) for a 2.0% NSR royalty on the Biricu project, in connection to the same purchase and sale agreement dated April 2019.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Orion</i></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In August 2019, the Company and Alamos amended the purchase and sale agreement dated April 2019 to remove one NSR royalty and include the purchase of the Orion NSR royalty for common shares of the Company, which is subject to closing conditions.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the twelve months ended May 31, 2020, the Company paid $57,675 of acquisition costs.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Tower Mountain Acquisition</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Tower Mountain project located in Ontario, Canada was wholly-owned by ValGold Resources Ltd. ("<strong>ValGold</strong>"), who completed an Independent Mineral Resource Estimation report in February 2006 indicating inferred resource of 151,000 ounces in a bulk tonnage model within 7,150,000 tonnes at an average grade of 0.66 grams per tonne gold. In August 2019, the Company entered into an agreement to sell the Tower Mountain project for C$150,000 (offset against pre-production royalty payable to the original owner) and a 2.0% NSR royalty interest on the property was retained for the benefit of the Company.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Fifteen Mile Stream Acquisition</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In August 2019, the Company entered into an agreement to acquire a 3.0% NSR royalty on the western half of the Plenty Zone and Seloam Brook prospect of St. Barbara Ltd.'s ("<strong>St. Barbara</strong>") Fifteen Mile Stream ("<strong>FMS</strong>") project for C$2.0 million; C$0.5 million of which was paid on signing of the agreement and C$1.5 million of which is conditional upon the achievement of certain milestones. This acquisition increased the Company's position at the FMS project. The Company incurred C$30,067 of acquisition costs related to this transaction.</span></span></p>
</div>
</div>
<div>
<div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Producing</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Development</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exploration</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>assets</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>assets</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>assets</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2019</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,773,923</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">39,217,875</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,146,051</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">43,137,849</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Alamos royalty portfolio acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">51,721</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">14,482</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">66,203</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fifteen Mile Stream (FMS) acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">406,431</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">406,431</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">NuevaUnión acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,059,449</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,059,449</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Idaho Resources Corp. acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,417,921</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,417,921</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other additions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">68,013</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">21,448</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">89,461</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depletion</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(698,840</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(698,840</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Recoveries</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(115,013</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(115,013</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Reclassification (Joaquin and COSE)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,440,685</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(6,440,685</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Currency adjustments</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(306,258</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(80,988</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(387,246</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,209,510</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">34,362,804</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,403,901</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">47,976,215</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Wharf acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,899,822</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,899,822</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fosterville acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,224,664</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,224,664</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">La Fortuna acquisition</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">645,032</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">645,032</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Genesis and GSI acquisitions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,195,429</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,295,429</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Functional currency change adjustments</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(28,457</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(179,517</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(231,371</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(439,345</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depletion <sup>(1)</sup></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(829,263</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(30,000</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,097</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(869,360</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13,251,612</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>45,218,412</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,262,433</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>63,732,457</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Historical cost</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>19,461,344</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>45,248,412</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,272,530</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>69,982,286</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Accumulated depletion</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(6,209,732</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(30,000</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(10,097</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(6,249,829</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
</tr>
</tbody>
</table>
</div>
<p style="text-align:justify;margin-left:54pt;text-indent:-18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>(1)</i><span style="width:7.14pt;text-indent:0pt;display:inline-block"> </span><i>Fixed royalty payments were received in relation to certain exploration and development assets. The depletion related to these payments was recorded based on the total fixed royalty payments expected to be received under each contract</i></span></span></p>
</div>
</div>
0
51721
14482
66203
0
406431
0
406431
0
1059449
0
1059449
0
0
4417921
4417921
5899822
0
0
5899822
0
5224664
0
5224664
0
645032
0
645032
0
5195429
100000
5295429
0
68013
21448
89461
698840
0
0
698840
829263
30000
10097
869360
0
0
115013
115013
6440685
-6440685
0
0
306258
0
80988
387246
28457
179517
231371
439345
19461344
45248412
5272530
69982286
6209732
30000
10097
6249829
0.010
0.025
1000000
1000000
8000000
2000000
899201
467730
2574
899201
467730
828331
2574
828331
5.52
8.10
10.23
5.90
3.31
8.38
149102
86010
45032
2000000
600000
750000
250000
500000
500000
1500000
0.010
0.020
0.010
0.020
0.010
0.020
0.030
0.020
0.020
0.020
0.030
0.02
0.0045
0.0045
0.005
0.01
0.02
400000
1000000
2000000
2147523
401875
357121
357121
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Consideration paid</strong></span></span></td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Cash paid</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,000,000</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Common shares committed</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,111,181</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Acquisition costs</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">184,248</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total consideration paid</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,295,429</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"> </td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Net assets acquired</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Genesis and GSI NSR interests</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,295,429</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total net assets acquired</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,295,429</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
</tbody>
</table><span style="font-family:Times New Roman, Times, serif;font-size:10pt">   </span>
</div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Consideration paid</strong></span></span></td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Cash paid</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,147,523</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Common shares issued</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,108,443</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   Acquisition costs</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">180,973</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total consideration paid</strong></span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,436,939</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"> </td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Net assets acquired</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">616</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Marketable securities</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,402</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">IRC NSR interests</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,417,921</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total net assets acquired</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,436,939</span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
</tbody>
</table><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span>
</div>
184248
180973
5295429
4436939
5295429
4417921
5295429
4436939
2108443
616
18402
0.005
0.015
0.25
2000000
11000000
500000
6900000
49518
57675
30067
265500
inferred resource of 151,000 ounces in a bulk tonnage model within 7,150,000 tonnes at an average grade of 0.66 grams per tonne gold.
150000
115013
<p><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6.</strong><span style="width:29.36pt;text-indent:0pt;display:inline-block"> </span><strong>INVESTMENT IN SILVERBACK</strong></span></span></p>
<div>
<div>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="4" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at</strong></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>May 31,</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Opening balance</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,516,672</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,680,288</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income in Silverback for the period</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>152,179</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">75,069</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Distribution</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(238,685</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Ending balance</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,668,851</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,516,672</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="margin:0pt"> </p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company, through its wholly-owned subsidiary, holds a 15% interest in Silverback Ltd. ("<strong>Silverback</strong>"), which is a privately held company, whose sole business is the receipt and distribution of the net earnings of the New Luika Gold Mine ("<strong>NLGM</strong>") silver stream. Distributions to the shareholders are completed on an annual basis at minimum. Given the terms of the shareholders' agreement governing the policies over operations and distributions to shareholders, the Company's judgment is that it has significant influence over Silverback, but not control and therefore equity accounting is appropriate. Summarized financial information for the seven months ended December 31, 2020 and the twelve months ended May 31, 2020 of Silverback is as follows:</span></span></p>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Seven months</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Twelve months</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>May 31,</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current assets</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,983,260</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">363,522</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-current assets</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,635,599</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,349,324</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total assets</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,618,859</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,712,845</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total liabilities</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(183,692</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(155,817</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Revenue from stream interest</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,649,612</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,650,490</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depletion</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(588,391</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,065,514</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net income and comprehensive income for the period</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,014,554</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">500,460</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="4" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at</strong></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>May 31,</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Opening balance</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,516,672</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,680,288</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income in Silverback for the period</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>152,179</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">75,069</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Distribution</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(238,685</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Ending balance</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,668,851</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,516,672</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
0
238685
0.15
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Seven months</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Twelve months</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>May 31,</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current assets</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,983,260</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">363,522</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-current assets</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,635,599</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,349,324</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total assets</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,618,859</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,712,845</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total liabilities</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(183,692</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(155,817</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Revenue from stream interest</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,649,612</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,650,490</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depletion</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(588,391</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,065,514</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net income and comprehensive income for the period</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,014,554</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">500,460</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div>
1014554
500460
<p><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7.</strong><span style="width:29.51pt;text-indent:0pt;display:inline-block"> </span><strong>TRADE AND OTHER PAYABLES</strong></span></span></p>
<div>
<div>
<div>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="4" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at</strong></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>May 31,</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade payables and accrued liabilities</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,400,319</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,004,123</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Payables on acquisitions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>250,000</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">250,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Lease liability</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,976</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Taxes payable</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>121,985</strong></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">160,879</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total trade and other payables</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,772,304</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,417,978</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
</div>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="4" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at</strong></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>May 31,</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade payables and accrued liabilities</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,400,319</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,004,123</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Payables on acquisitions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>250,000</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">250,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Lease liability</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,976</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Taxes payable</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>121,985</strong></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">160,879</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total trade and other payables</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,772,304</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,417,978</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div>
1400319
1004123
250000
250000
0
2976
121985
160879
<p><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>8.</strong><span style="width:29.36pt;text-indent:0pt;display:inline-block"> </span><strong>LOANS PAYABLE</strong></span></span></p>
<div>
<div>
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Other</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>loan facility</strong></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>loans</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2019</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,146,124</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,146,124</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Additions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,367,275</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,367,275</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Allocation of conversion feature</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,133,352</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,133,352</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest expense</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">647,466</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">53,545</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">701,011</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Repayments</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(357,819</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,146,575</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,504,394</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Currency translation adjustments</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(53,094</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(53,094</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,523,570</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,523,570</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Conversion</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(3,603,128</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(3,603,128</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Additions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,833,768</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,833,768</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Allocation of conversion feature</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(955,703</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(955,703</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest expense</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">424,104</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">424,104</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest payments</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(219,164</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(219,164</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign exchange adjustments</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">59,259</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">59,259</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,062,706</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,062,706</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
<p> </p>
<div>
<div>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In March 2019, the Company entered into a convertible loan facility (the "<strong>Loan Facility</strong>") of C$12,000,000 with Beedie Capital ("<strong>Beedie</strong>") to fund acquisitions of new royalties and streams. The Loan Facility consisted an initial advance of C$7,000,000, with the remaining C$5,000,000 available for subsequent advances in minimum tranches of C$1,250,000. The facility carried an interest rate of 8.0% on amount advanced and 2.5% on standby funds available, with the principal repayment due on April 21, 2023. Per the Loan Facility, at the option of Beedie, principal outstanding could be converted into common shares of the Company at a conversion price of C$5.56 per share. In August 2019, the Company drew down the initial advance of $5,367,275 (C$7,000,000), of which $3,233,923 was allocated to the liability portion and the residual value of $2,133,352 was allocated to the conversion feature as equity and a deferred tax liability of $576,050 related to the taxable temporary difference arising from the equity portion of the convertible loan was recognized in equity reserves. The effective interest rate on the liability was 23.5% per annum, with an expected life of <span style="-sec-ix-hidden:Fxbrl_20210323170726814">four year</span>s.</span></span></p>
<p style="margin-left:36pt;margin-bottom:0pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On August 6, 2020, the Company completed an amendment with Beedie on its Loan Facility (the "<strong>Loan Amendment</strong>"). As part of the Loan Amendment the following items of the Loan Facility were amended:</span></span></p>
<ul style="padding-left:0pt;margin-top:0pt" type="disc">
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Beedie converted C$6,000,000 of the C$7,000,000 drawn down on the Loan Facility in 2019 at a conversion price of C$5.56 per share for a total of 1,079,136 common shares of the Company. The conversion price on the remaining C$1,000,000 will remain at C$5.56 per share;</span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">the Company drew down the remaining undrawn C$5,000,000 available from the Loan Facility and the conversion price for this drawn C$5,000,000 was repriced from C$5.56 to C$9.90 per share;</span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">the Loan Facility was increased by an aggregate C$20,000,000. All future advances from the additional C$20,000,000 will have a minimum amount of C$2,500,000 and each advance will have its own conversion price based on a 20% premium to the 30-day Volume Weighted Average Price ("<strong>VWAP</strong>") of the Company's shares on the date of such advance;</span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">if for a period of 30 consecutive trading days the 30-day VWAP is at a 50% premium above any or all of the conversion prices, the Company may elect to convert the principal amount outstanding under the Loan Facility at the respective conversion prices;</span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">the standby fee on all undrawn funds available under the Loan Facility will bear an interest rate of 1.5% (previously 2.5%), the interest rate on all drawn funds will remain unchanged at 8.0%; and</span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">the maturity date remains unchanged with principal payment due April 21, 2023.</span></span></li>
</ul>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Following this conversion and draw down, under the Loan Facility and the Loan Amendment (together the "<strong>Amended Loan Facility</strong>") the Company had C$1,000,000 outstanding with a conversion price of C$5.56, C$5,000,000 outstanding with a conversion price of C$9.90 per share, and had C$20,000,000 million available under the Amended Loan Facility with the conversion price to be determined on the date of any future advances.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In August 2020, the Company drew down $3,833,768 (C$5,000,000) from the Amended Loan Facility of which $2,878,065 was allocated to the liability portion and the residual value of $955,703 was allocated to the conversion feature as equity reserves. A deferred tax liability of $258,040 related to the taxable temporary difference arising from the equity portion of the convertible loan was recognized as an offset in equity reserves. The effective interest rate on the liability portion was 20.0% per annum, with an expected life of approximately three years.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In August 2020, as per the terms of the Loan Amendment, Beedie converted C$6,000,000 of the initial draw-down on the Loan Facility in 2019 at a conversion price of C$5.56 per share for a total of 1,079,136 common shares of the Company. Upon conversion the Company derecognized $3,084,141 from the liability, and $1,828,588 from equity reserves and transferred $4,912,729 to share capital. The Company also recorded a deferred income tax expense of $409,423 with an offset to equity reserves to unwind a portion of the deferred taxes that were recognized in August 2019 upon the first draw-down.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In October 2020, as per the terms of the Loan Amendment, Beedie converted the remaining C$1,000,000 of the initial draw-down on the Loan Facility in 2019 at a conversion price of C$5.56 per share for a total of 179,856 common shares of the Company. Upon conversion the Company derecognized $518,987 from the liability, and $304,764 from equity reserves and transferred $823,751 to share capital. The Company also recorded a deferred income tax expense of $166,583 with an offset to equity reserves to unwind a portion of the deferred taxes that were recognized in August 2019 upon the first draw-down.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the seven months ended December 31, 2020, the Company recognized finance charges of $187,680 (May 31, 2020 - $334,410) related to costs associated with the Amended Loan Facility, including standby fees on the undrawn portion of the Amended Loan Facility, as well as set up and other associated costs. </span></span></p>
</div>
</div>
<div>
<div>
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Other</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>loan facility</strong></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>loans</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2019</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,146,124</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,146,124</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Additions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,367,275</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,367,275</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Allocation of conversion feature</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,133,352</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,133,352</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest expense</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">647,466</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">53,545</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">701,011</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Repayments</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(357,819</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,146,575</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,504,394</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Currency translation adjustments</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(53,094</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(53,094</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,523,570</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,523,570</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Conversion</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(3,603,128</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(3,603,128</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Additions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,833,768</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,833,768</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Allocation of conversion feature</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(955,703</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(955,703</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest expense</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">424,104</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">424,104</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest payments</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(219,164</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(219,164</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign exchange adjustments</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">59,259</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">59,259</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,062,706</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,062,706</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
0
2146124
2146124
3523570
0
3523570
3062706
0
3062706
5000000
5367275
0
5367275
3833768
0
3833768
5000000
3833768
5000000
2133352
0
2133352
955703
0
955703
357819
2146575
2504394
0
-53094
-53094
59259
0
59259
-3603128
0
-3603128
12000000
7000000
5367275
7000000
7000000
5000000
15000000
1250000
0.080
0.080
0.025
0.015
April 21, 2023
5.56
5.56
5.56
9.90
3233923
2878065
2133352
955703
576050
258040
233390
507291
8176
748857
401189
506291
0
907480
0.235
0.200
6000000
1000000
1079136
179856
1258992
1000000
9.90
20000000
2500000
0.20
3084141
518987
1828588
304764
4912729
823751
409423
166583
<div>
<p><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>10.</strong><span style="width:24.16pt;text-indent:0pt;display:inline-block"> </span><strong>INCOME TAXES</strong></span></span></span></span></p>
<div>
<div>
<p style="margin-left:36pt;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Income tax expense differs from the amount that would result from applying Canadian income tax rates to earnings before income taxes. These differences result from the following items:</span></span></span></span></p>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Seven months</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Twelve months</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>ended</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>ended</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>December 31,</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>May 31,</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>2020</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>2020</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Loss before income taxes</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(4,258,786</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(4,702,285</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Canadian federal and provincial income tax rates</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>27.00%</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>27.00%</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Expected income tax expense (recovery) at statutory income tax rate</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(1,149,872</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(1,269,617</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Difference between Canadian and foreign tax rate</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(77,921</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(14,199</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Permanent differences</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>411,581</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>502,848</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Changes in unrecognized deferred tax assets</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>410,685</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>403,257</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Other adjustments</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>892,550</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>97,953</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total income tax expense (recovery)</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>487,023</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(279,758</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Current income tax expense (recovery)</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>181,315</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(98,695</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Deferred income tax expense (recovery)</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>305,708</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(181,063</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin-left:36pt;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>The current income tax expense (recovery) and deferred income tax expense (recovery) is in respect of the following geographic regions:</span></span></span></span></p>
</div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom;width:40.093%"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td colspan="10" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom;width:56.9302%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Seven months ended December 31, 2020</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;width:40.093%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;vertical-align:bottom;width:12%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;vertical-align:bottom;width:12%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>United States</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;vertical-align:bottom;width:12%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.95349%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;width:40.093%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Canada</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Australia</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>of America</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;width:40.093%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Current income tax expense</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>85,018</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>96,297</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>181,315</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:40.093%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred income tax expense</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>300,576</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>1,065</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>4,067</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>305,708</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:40.093%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total income tax expense</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>300,576</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>86,083</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>100,364</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>487,023</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div> <div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="10" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Twelve months ended May 31, 2020</strong></span></span></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>United States</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Canada</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Australia</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>of America</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Current income tax expense (recovery)</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(98,695</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(98,695</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred income tax expense (recovery)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(576,004</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>394,941</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(181,063</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total income tax expense (recovery)</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(576,004</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>296,246</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(279,758</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin:0pt"> </p>
<p style="margin-left:36pt;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>The composition of the Company's net deferred income tax asset (liability) that has been recognized is as follows:</span></span></span></span></p>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="10" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>As at December 31, 2020</strong></span></span></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>United States</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Canada</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Australia</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>of America</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred tax assets:</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span>   Mineral expenditures and capital assets</span></span></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%">
<p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></p>
</td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span>1,208,361</span></span></span></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%">
<p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></p>
</td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span>—</span></span></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%">
<p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></p>
</td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span>4,109</span></span></span></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%">
<p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></p>
</td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><strong style="font-size:13.3333px">1,212,470</strong></span></span></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>   Share issue costs</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>133,563</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>133,563</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>   Non-capital losses and others</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>3,958,388</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>3,958,388</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>5,300,312</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>4,109</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>5,304,421</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Unrecognized deferred tax assets</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(5,066,922</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(5,066,922</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred tax liabilities</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(233,390</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(507,291</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(8,176</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(748,857</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Net deferred income tax liability</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(507,291</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(4,067</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(511,358</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin:0pt"> </p>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="10" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>As at May 31, 2020</strong></span></span></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>United States</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Canada</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Australia</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>of America</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred tax assets:</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>   Mineral expenditures and capital assets</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>1,181,258</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>1,181,258</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>   Share issue costs</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>130,388</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>130,388</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>   Non-capital losses and others</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>3,908,148</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>3,908,148</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>5,219,794</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>5,219,794</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Unrecognized deferred tax assets</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(4,818,605</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(4,818,605</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred tax liabilities</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(401,189</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(506,291</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(907,480</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Net deferred income tax liability</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(506,291</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(506,291</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin-left:36pt;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>The Company's significant temporary differences, unused tax credits, and unused tax losses that have not been recognized as deferred income tax assets are as follows:</span></span></span></span></p>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid #000000"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Mineral</strong><br/><strong>expenditures</strong><br/><strong>and other</strong><br/><strong>capital assets</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Share issue</strong><br/><strong>costs</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Non- capital</strong><br/><strong>losses and</strong><br/><strong>others</strong></span></span></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid #000000"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Expiry 2026 to 2040</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>494,677</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>11,870,110</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>12,364,787</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>No expiry date</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>4,475,412</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>4,694,775</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td colspan="1" style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td colspan="1" style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>9,170,187</strong></span></span></span></span></td>
<td colspan="1" style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
<p style="margin-left:36pt;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Tax attributes are subject to review, and potential adjustments, by tax authorities.</span></span></span></span></p>
</div>
</div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Seven months</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Twelve months</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>ended</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>ended</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>December 31,</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>May 31,</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>2020</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>2020</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Loss before income taxes</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(4,258,786</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(4,702,285</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Canadian federal and provincial income tax rates</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>27.00%</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>27.00%</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Expected income tax expense (recovery) at statutory income tax rate</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(1,149,872</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(1,269,617</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Difference between Canadian and foreign tax rate</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(77,921</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(14,199</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Permanent differences</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>411,581</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>502,848</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Changes in unrecognized deferred tax assets</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>410,685</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>403,257</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Other adjustments</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>892,550</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>97,953</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total income tax expense (recovery)</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>487,023</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(279,758</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Current income tax expense (recovery)</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>181,315</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(98,695</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Deferred income tax expense (recovery)</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>305,708</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(181,063</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
</tr>
</tbody>
</table>
</div>
-4258786
-4702285
0.2700
0.2700
-1149872
-1269617
-77921
-14199
411581
502848
410685
403257
892550
97953
487023
-279758
300576
86083
100364
-576004
296246
0
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom;width:40.093%"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td colspan="10" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom;width:56.9302%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Seven months ended December 31, 2020</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;width:40.093%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;vertical-align:bottom;width:12%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;vertical-align:bottom;width:12%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>United States</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;vertical-align:bottom;width:12%"> </td>
<td style="text-align:center;vertical-align:bottom;width:1.95349%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;width:40.093%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Canada</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Australia</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>of America</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;width:40.093%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Current income tax expense</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>85,018</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>96,297</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>181,315</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:40.093%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred income tax expense</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>300,576</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>1,065</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>4,067</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.02326%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>305,708</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1.95349%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:40.093%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total income tax expense</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>300,576</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>86,083</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>100,364</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.02326%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>487,023</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1.95349%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div> <div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="10" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Twelve months ended May 31, 2020</strong></span></span></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>United States</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Canada</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Australia</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>of America</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:2px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Current income tax expense (recovery)</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(98,695</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(98,695</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred income tax expense (recovery)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(576,004</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>394,941</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(181,063</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total income tax expense (recovery)</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(576,004</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>296,246</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(279,758</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
</tbody>
</table>
</div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="10" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>As at December 31, 2020</strong></span></span></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>United States</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Canada</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Australia</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>of America</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred tax assets:</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span>   Mineral expenditures and capital assets</span></span></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%">
<p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></p>
</td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span>1,208,361</span></span></span></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%">
<p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></p>
</td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span>—</span></span></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%">
<p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></p>
</td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span>4,109</span></span></span></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%">
<p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></p>
</td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><strong style="font-size:13.3333px">1,212,470</strong></span></span></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>   Share issue costs</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>133,563</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>133,563</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>   Non-capital losses and others</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>3,958,388</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>3,958,388</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>5,300,312</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>4,109</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>5,304,421</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Unrecognized deferred tax assets</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(5,066,922</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(5,066,922</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred tax liabilities</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(233,390</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(507,291</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(8,176</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(748,857</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Net deferred income tax liability</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(507,291</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(4,067</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(511,358</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
</tbody>
</table>
</div>
<p style="margin:0pt"> </p>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="10" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>As at May 31, 2020</strong></span></span></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>United States</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Canada</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Australia</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>of America</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total</strong></span></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred tax assets:</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>   Mineral expenditures and capital assets</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>1,181,258</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>1,181,258</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>   Share issue costs</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>130,388</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>130,388</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>   Non-capital losses and others</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>3,908,148</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>3,908,148</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>5,219,794</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>5,219,794</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Unrecognized deferred tax assets</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(4,818,605</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(4,818,605</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Deferred tax liabilities</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(401,189</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(506,291</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(907,480</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Net deferred income tax liability</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>(506,291</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>)</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>(506,291</strong></span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>)</strong></span></span></span></span></td>
</tr>
</tbody>
</table>
</div>
1208361
0
4109
1212470
133563
0
0
133563
3958388
0
0
3958388
5300312
0
4109
5304421
1181258
0
0
1181258
130388
0
0
130388
3908148
0
0
3908148
5219794
0
0
5219794
5066922
0
0
5066922
4818605
0
0
4818605
0
494677
11870110
12364787
4475412
0
4694775
9170187
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid #000000"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Mineral</strong><br/><strong>expenditures</strong><br/><strong>and other</strong><br/><strong>capital assets</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Share issue</strong><br/><strong>costs</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Non- capital</strong><br/><strong>losses and</strong><br/><strong>others</strong></span></span></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid rgb(0, 0, 0);white-space:nowrap"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>Total</strong></span></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;border-bottom:1px solid #000000"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>Expiry 2026 to 2040</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>494,677</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>$</span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>11,870,110</span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>$</strong></span></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>12,364,787</strong></span></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>No expiry date</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>4,475,412</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>—</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span>4,694,775</span></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td colspan="1" style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td colspan="1" style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><strong>9,170,187</strong></span></span></span></span></td>
<td colspan="1" style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
<p><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11.</strong><span>          </span><strong>SHARE CAPITAL</strong><span style="text-align:left">   </span></span></span></p>
<div>
<div>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Authorized share capital consists of an unlimited number of common shares without par value.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)</strong><span style="width:8.47pt;text-indent:0pt;display:inline-block"> </span><strong>Issued Share Capital</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at December 31, 2020, the Company had 39,739,047 common shares issued and outstanding (May 31, 2020 - 35,114,048).<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;margin-bottom:0pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the seven months ended December 31, 2020, the Company:      </span></span></p>
<ul style="padding-left:0pt;margin-top:0pt" type="disc">
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 282,700 common shares in the ATM at an average price of $10.58 per share for gross proceeds of $3.0 million, with aggregate commissions paid or payable to the agents and other share issue costs of $0.1 million, resulting in aggregate net proceeds of $2.9 million;  </span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 2,195,262 common shares for the acquisition of royalty and other interests;      </span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 1,258,992 common shares related to the partial conversion of the Loan Facility;      </span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 724,170 common shares related to the exercise of share purchase warrants; and      </span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 163,875 common shares related to the vesting of RSUs, and the exercise of stock options.   </span></span></li>
</ul>
<p style="margin-left:36pt;margin-bottom:0pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the twelve months ended May 31, 2020, the Company:      </span></span></p>
<ul style="padding-left:0pt;margin-top:0pt" type="disc">
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 359,695 common shares for the acquisition of royalty and stream interests;      </span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 959,698 common shares related to the exercise of share purchase warrants; and      </span></span></li>
<li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 656,408 common shares related to the vesting of RSUs, and the exercise of stock options.   </span></span></li>
</ul>
<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(b)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Stock Options</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has adopted a stock option plan approved by the Company's shareholders. The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time, less the amount reserved for RSUs. The vesting terms, if any, are determined by the Company's Board of Directors at the time of the grant.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The continuity of stock options for the seven months ended December 31, 2020 was as follows:<span style="text-align:left">                                                                            </span></span></span></p>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Weighted</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>average</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>exercise price</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="border-bottom:1px solid #000000;text-align:center;vertical-align:bottom"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(C$</strong><strong>)</strong></span></span></td>
<td style="border-bottom:1px solid transparent;text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>outstanding</strong></span></span></td>
<td style="border-bottom:1px solid #000000;text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2019</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.30</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,171,873</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7.66</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">600,000</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.71</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(565,603</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cancelled/Expired</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.32</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(3,125</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.91</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,203,145</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12.85</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">420,000</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.44</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(88,875</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5.44</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,534,270</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
</tbody>
</table>
</div>
</div>
</div></div>
<p style="margin-left:36pt;text-align:justify"><br/><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at December 31, 2020, the weighted average remaining life of the stock options outstanding was 3.01 years (May 31, 2020 - 3.21 years). The Company's outstanding and exercisable stock options as at December 31, 2020 and their expiry dates are as follows:<span style="text-align:left">  </span></span></span></p>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exercise</strong></span></span></td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>price</strong></span></span></td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td>
<td style="vertical-align:bottom"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Expiry date</strong></span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(C$)</strong></span></span></td>
<td style="border-bottom:1px solid transparent;vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>outstanding</strong></span></span></td>
<td style="border-bottom:1px solid transparent;vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>exercisable</strong></span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">July 15, 2021 </span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.84</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">41,666</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">41,666</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">November 30, 2021</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.32</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">116,666</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">116,666</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 6, 2022</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.32</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">93,750</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">93,750</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">July 31, 2022</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.16</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">401,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">401,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 1, 2023</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.56</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">231,500</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">231,500</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">September 17, 2023</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.92</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">320,313</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">320,313</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">January 4, 2024</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.24</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">309,375</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">215,627</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">January 15, 2025</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7.66</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">600,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">150,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">November 6, 2025</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12.85</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">420,000</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,534,270</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,570,522</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"> </p>
<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(c)</strong><span style="width:8.93pt;text-indent:0pt;display:inline-block"> </span><strong>Share Purchase Warrants</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The continuity of share purchase warrants for the seven months ended December 31, 2020 was as follows:<span style="text-align:left">                                                 </span></span></span></p>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Weighted</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>average</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>exercise price</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(C$)</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>outstanding</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2019</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.95</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,690,893</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.62</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(959,698</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.39</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">731,195</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.39</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(724,170</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expired</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.68</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(7,025</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On August 6, 2020, pursuant to the terms of the underlying agreements, the Company announced the acceleration of the expiry dates of certain warrants to September 4, 2020, in prior periods these warrants had expiry dates of December 31, 2020 and January 4, 2021.  As at December 31, 2020, the Company has no share purchase warrants outstanding.<span style="text-align:left">                   </span></span></span></p>
<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(d)</strong><span style="width:7.88pt;text-indent:0pt;display:inline-block"> </span><strong>Restricted Share Units</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has adopted an RSU plan approved by the Company's shareholders. The maximum number of RSUs that may be reserved for issuance under the plan is limited to 800,000. The vesting terms, if any, are determined by the Company's Board of Directors at the time of issuance. The continuity of RSUs for the seven months ended December 31, 2020 was as follows:</span></span></p>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>outstanding</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2019</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">171,805</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(90,805</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">81,000</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">205,000</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vested</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(75,000</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>211,000</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   <span>   </span></span></span>
<p style="margin-left:54pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(e)</strong><span style="width:8.38pt;text-indent:0pt;display:inline-block"> </span><strong>Share-based Payments</strong><span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has an incentive stock option plan whereby the Company may grant share options to employees, directors, officers, and consultants of the Company. During the seven months ended December 31, 2020, the Company granted 420,000 stock options (May 31, 2020 - 600,000) with a weighted-average exercise price of C$12.85 (May 31, 2020 - C$7.66) and a fair value of $2,065,032 or $4.92 per option (May 31, 2020 - $1,738,607 or $2.90). The fair value of the stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:<span style="text-align:left">                                  </span></span></span></p>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Seven months</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Twelve months</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>May 31,</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk free interest rate</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.40%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.54%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected dividend yield</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.63%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected stock price volatility</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">58%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">60%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected life in years</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeiture rate</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div>
<span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the seven months ended December 31, 2020, in accordance with the vesting terms of the stock options granted, the Company recorded a charge to share-based payments expense of $1,066,094 (May 31, 2020 - $1,068,013) with an offsetting credit to reserves.<span style="text-align:left">   </span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the seven months ended December 31, 2020, in accordance with the vesting terms of the RSUs granted, the Company recorded a charge to share-based payments expense of $566,038 (May 31, 2020 - $496,739) with offsetting credits of $225,426 and $340,612 (May 31, 2020 - $290,135 and $206,604) to share capital and reserves, respectively.</span></span></p>
39739047
35114048
10.58
3000000
100000
724170
959698
163875
656408
0.10
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Weighted</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>average</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>exercise price</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="border-bottom:1px solid #000000;text-align:center;vertical-align:bottom"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(C$</strong><strong>)</strong></span></span></td>
<td style="border-bottom:1px solid transparent;text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>outstanding</strong></span></span></td>
<td style="border-bottom:1px solid #000000;text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2019</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.30</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,171,873</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7.66</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">600,000</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.71</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(565,603</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cancelled/Expired</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.32</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(3,125</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.91</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,203,145</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12.85</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">420,000</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.44</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(88,875</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5.44</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,534,270</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
</tbody>
</table>
</div>
</div>
2.30
3.91
5.44
2171873
2203145
2534270
41666
116666
93750
401000
231500
320313
309375
600000
420000
7.66
12.85
600000
420000
1.71
2.44
565603
88875
2.32
3125
P3Y3D
P3Y2M15D
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exercise</strong></span></span></td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>price</strong></span></span></td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td>
<td style="vertical-align:bottom"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Expiry date</strong></span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(C$)</strong></span></span></td>
<td style="border-bottom:1px solid transparent;vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>outstanding</strong></span></span></td>
<td style="border-bottom:1px solid transparent;vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;text-align:center;white-space:nowrap"> </td>
<td style="border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>exercisable</strong></span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">July 15, 2021 </span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.84</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">41,666</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">41,666</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">November 30, 2021</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.32</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">116,666</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">116,666</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 6, 2022</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.32</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">93,750</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">93,750</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">July 31, 2022</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.16</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">401,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">401,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 1, 2023</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.56</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">231,500</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">231,500</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">September 17, 2023</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.92</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">320,313</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">320,313</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">January 4, 2024</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.24</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">309,375</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">215,627</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">January 15, 2025</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7.66</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">600,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">150,000</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">November 6, 2025</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12.85</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">420,000</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,534,270</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,570,522</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
0.84
1.32
2.32
2.16
2.56
2.92
3.24
7.66
12.85
41666
116666
93750
401000
231500
320313
215627
150000
0
1570522
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Weighted</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>average</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>exercise price</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(C$)</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>outstanding</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2019</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.95</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,690,893</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.62</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(959,698</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.39</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">731,195</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.39</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(724,170</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expired</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.68</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(7,025</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span>
3.95
4.39
0
1690893
731195
0
3.62
4.39
959698
724170
4.68
7025
800000
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>outstanding</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2019</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">171,805</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(90,805</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">81,000</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td>
<td style="vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">205,000</span></span></td>
<td style="vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vested</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:1%;text-align:left"> </td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:12%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(75,000</span></span></td>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;width:2%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:12%;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>211,000</strong></span></span></td>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   <span>   </span></span></span>
0
81000
211000
171805
205000
90805
75000
2065032
1738607
4.92
2.90
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Seven months</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Twelve months</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>May 31,</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk free interest rate</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.40%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.54%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected dividend yield</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.63%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected stock price volatility</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">58%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">60%</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected life in years</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:15%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeiture rate</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:15%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div>
0.0040
0.0154
0
0.0063
0.58
0.60
5
5
0
0
566038
496739
225426
290135
340612
206604
<div>
<div>
<div>
<div>
<p style="margin-left:36pt;text-indent:-36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>12.</strong><span style="width:23.66pt;text-indent:0pt;display:inline-block"> </span><strong>RELATED PARTY TRANSACTIONS AND BALANCES</strong></span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>The aggregate value of transactions and outstanding balances relating to key management personnel were as follows:</span></span></span></p>
</div>
</div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Seven months</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Twelve months</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>ended</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>ended</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31,</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>May 31,</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2020</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2020</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Salaries and fees <sup>(1)</sup></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>865,052</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>880,556</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Share-based payments</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1,175,647</strong></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,297,981</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2,040,699</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>2,178,537</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<div>
<div>
<p style="text-align:justify;margin-left:54pt;text-indent:-18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><i>(1)</i><span style="width:6.14pt;text-indent:0pt;display:inline-block"> </span><i>The services of the Chief Financial Officer ("<strong>CFO</strong>") of the Company were previously provided through a management services company, Seaboard Services Corp., which bills the Company for various administrative and regulatory services on a monthly basis and included within the monthly amount was the cost of the CFO which is not billed separately. For the seven months ended December 31, 2020, the Company was billed $77,698 (May 31, 2020 - $133,415) by the management services company and part of that amount was for the CFO services, such amount is not included in the table above.  The Company hired a full-time CFO in November 2020 and is no longer using the management services company to provide the services of a CFO.</i></span></span></span></p>
</div>
</div>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>As at December 31, 2020, the Company had $451,105 (May 31, 2020 - $452,658) due to directors and management related to remuneration and expense reimbursements, which have been included in accounts payable and accrued liabilities. As at December 31, 2020, the Company had $36,605 (May 31, 2020 -<span style="-sec-ix-hidden:Fxbrl_20210323095844704"> </span>$nil) due from directors and management related to the payment of withholding amounts.  As at December 31, 2020, the Company had $2,274 (May 31, 2020 -<span style="-sec-ix-hidden:Fxbrl_20210323101352569"> </span>$Nil) due to Nova Royalty Corp., which is related to the Company by virtue of having two common directors on the respective boards of directors.</span></span></span></p>
</div>
</div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Seven months</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Twelve months</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>ended</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>ended</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31,</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>May 31,</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2020</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2020</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Salaries and fees <sup>(1)</sup></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>865,052</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>880,556</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Share-based payments</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1,175,647</strong></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,297,981</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2,040,699</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>2,178,537</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<div>
<div>
<p style="text-align:justify;margin-left:54pt;text-indent:-18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><i>(1)</i><span style="width:6.14pt;text-indent:0pt;display:inline-block"> </span><i>The services of the Chief Financial Officer ("<strong>CFO</strong>") of the Company were previously provided through a management services company, Seaboard Services Corp., which bills the Company for various administrative and regulatory services on a monthly basis and included within the monthly amount was the cost of the CFO which is not billed separately. For the seven months ended December 31, 2020, the Company was billed $77,698 (May 31, 2020 - $133,415) by the management services company and part of that amount was for the CFO services, such amount is not included in the table above.  The Company hired a full-time CFO in November 2020 and is no longer using the management services company to provide the services of a CFO.</i></span></span></span></p>
</div>
</div>
865052
880556
77698
133415
1175647
1297981
2040699
2178537
<p><a id="page_26"/></p>
<table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLOR:black;FONT-SIZE:10pt;BORDER-COLLAPSE:collapse" width="100%">
<tbody>
<tr>
<td style="width:5%" valign="top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13.</strong></span></span></td>
<td>
<p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS </strong></span></span></p>
<div>
<div>
<p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Significant Non-Cash Investing and Financing Activities</strong></span></span></p>
<p style="margin-bottom:0pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the seven months ended December 31, 2020, the Company:</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a)<span style="width:11.01pt;text-indent:0pt;display:inline-block"> </span>issued 1,258,992 common shares, valued at $5,736,480, for the partial conversion of the Loan Facility (Note 8);</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b)<span style="width:10.42pt;text-indent:0pt;display:inline-block"> </span>issued 899,201 common shares, valued at $4,964,152, for the acquisition of the Wharf GVR (Note 4);</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c)<span style="width:11.47pt;text-indent:0pt;display:inline-block"> </span>issued 467,730 common shares, valued at $3,786,452, for the acquisition of the Fosterville NSR (Note 4);</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">d)<span style="width:10.42pt;text-indent:0pt;display:inline-block"> </span>issued 828,331 common shares, valued at $6,937,974, for the acquisition of the Higginsville PPR (Note 5);</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">e)<span style="width:10.92pt;text-indent:0pt;display:inline-block"> </span>recognized $4,111,181 in reserves as committed shares not issued for the acquisition of Genesis and GSI (Note 4).  The shares were issued in January 2021;</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">f)<span style="width:12.98pt;text-indent:0pt;display:inline-block"> </span>reallocated $225,426 from reserves for 75,000 RSUs that vested;</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">g)<span style="width:10.42pt;text-indent:0pt;display:inline-block"> </span>reallocated $96,254 from reserves for 88,875 stock options exercised; and</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">h)<span style="width:10.64pt;text-indent:0pt;display:inline-block"> </span>reallocated $223,846 from reserves for 724,170 share purchase warrants exercised.</span></span></p>
<p style="margin-bottom:0pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the twelve months ended May 31, 2020, the Company:</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a)<span style="width:11.01pt;text-indent:0pt;display:inline-block"> </span>issued 357,121 common shares, valued at $2,108,443, for the acquisition of IRC (Note 4);</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b)<span style="width:10.42pt;text-indent:0pt;display:inline-block"> </span>issued 2,574 common shares, valued at $8,529, for the acquisition of the Alamos NSR (Note 4);</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c)<span style="width:11.47pt;text-indent:0pt;display:inline-block"> </span>recognized $250,000 of accounts payable for the acquisition of NuevaUnión NSR (Note 4);</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">d)<span style="width:10.42pt;text-indent:0pt;display:inline-block"> </span>entered into an agreement to sell the Tower Mountain project for $115,013 (offset against pre-production royalty payable to the original owner) and a 2.0% NSR royalty interest on the property (Note 4);</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">e)<span style="width:10.92pt;text-indent:0pt;display:inline-block"> </span>issued 90,805 common shares, valued at $290,135, for RSUs that vested;</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">f)<span style="width:12.98pt;text-indent:0pt;display:inline-block"> </span>reallocated $696,214 from reserves for 565,603 stock options exercised; and</span></span></p>
<p style="margin-top:0pt;margin-left:40pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">g)<span style="width:10.42pt;text-indent:0pt;display:inline-block"> </span>reallocated $503,121 from reserves for 959,698 share purchase warrants exercised.</span></span></p>
</div>
</div>
</td>
</tr>
<tr>
<td style="width:5%"> </td>
<td> </td>
</tr>
</tbody>
</table>
5736480
4964152
3786452
6937974
8529
225426
290135
75000
90805
96254
696214
223846
503121
724170
959698
250000
<div>
<div>
<p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>14.</strong><span style="width:24.02pt;display:inline-block"> </span><strong>FINANCIAL INSTRUMENTS</strong></span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>The Company classified its financial instruments as follows:</span></span></span></p>
</div>
<div>
<div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-color:#000000;font-size:10pt;width:80%">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="4" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>As at</strong></span></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31,</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>May 31,</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2020</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2020</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Financial assets</strong></span></span></span></td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Amortized cost:</span></span></span></td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Cash</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>5,299,904</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>3,600,409</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Royalty, derivative royalty, and stream receivables</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1,547,895</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Other receivables</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>265,680</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>39,180</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Fair value through profit or loss:</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Derivative royalty asset</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>6,432,610</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Marketable securities</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>43,984</strong></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>27,603</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total financial assets</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>13,590,073</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>3,667,192</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Financial liabilities</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Amortized cost:</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Trade and other payables</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1,772,304</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,254,123</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Loans payable</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>3,062,706</strong></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>3,523,570</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total financial liabilities</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>4,835,010</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>4,777,693</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
<p style="margin:0pt"> </p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Fair value</strong></span></span></span></p>
<p style="margin-left:36pt;margin-bottom:0pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Financial instruments recorded at fair value on the consolidated statement of financial position 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:</span></span></span></p>
<p style="margin-top:0pt;margin-left:72pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>a)<span style="width:11.01pt;text-indent:0pt;display:inline-block"> </span>Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;</span></span></span></p>
<p style="margin-top:0pt;margin-left:72pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>b)<span style="width:10.42pt;text-indent:0pt;display:inline-block"> </span>Level 2 - Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and</span></span></span></p>
<p style="margin-top:0pt;margin-left:72pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>c)<span style="width:11.47pt;text-indent:0pt;display:inline-block"> </span>Level 3 - Inputs for assets and liabilities that are not based on observable market data.</span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>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.</span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>The carrying value of cash, receivables, and accounts payable and accrued liabilities approximated their fair value because of the short-term nature of these instruments. Marketable securities are classified within Level 1 of the fair value hierarchy. Royalty, derivative royalty, and stream receivables that reflect amounts that are receivable to the Company without further adjustments are classified as amortized cost. The fair value of the Company's loans payable is approximated by its carrying value as its interest rates are comparable to market interest rates. The derivative royalty asset was valued using inputs that are not observable, including a gold forward price curve, US$/A$ foreign exchange rates based on forward curves, and an estimated discount rate (Note 5). Therefore, the derivate royalty asset is classified within Level 3 of the fair value hierarchy. </span></span></span></p>
<p style="text-indent:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Capital risk management</strong></span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>The Company's objectives when managing capital are to provide shareholder returns through maximization of the profitable growth of the business and to maintain a degree of financial flexibility relevant to the underlying operating and metal price risks while safeguarding the Company's ability to continue as a going concern. The capital of the Company consists of share capital. The Board of Directors does not establish a quantitative return on capital criteria for management. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Company may issue new shares in order to meet its financial obligations. The management of the Company believes that the capital resources of the Company as at December 31, 2020 are sufficient for its present needs for at least the next twelve months. The Company is not subject to externally imposed capital requirements.</span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Credit risk</strong></span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Credit risk arises from cash deposits, as well as credit exposures to counterparties of outstanding receivables and committed transactions. There is no significant concentration of credit risk other than cash deposits. The Company's cash deposits are primarily held with a Canadian chartered bank. Receivables include value added tax due from the Canadian government. The carrying amount of financial assets recorded in the financial statements represents the Company's maximum exposure to credit risk. The Company believes it is not exposed to significant credit risk and overall, the Company's credit risk has not declined from the prior year.</span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Liquidity risk</strong></span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty interests, its holdings of cash, and its committed liabilities. The maturities of the Company's non‐current liability are disclosed in Note 8. All current liabilities are settled within one year.</span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Currency risk</strong></span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company primarily operates in Canada, Australia, Argentina, Mexico, and the United States and incurs expenditures in currencies other than United States dollars. Thereby, the Company is exposed to foreign exchange risk arising from currency exposure. The Company has not hedged its exposure to currency fluctuations. Based on the above net exposure, as at December 31, 2020, and assuming that all other variables remain constant, a 1% depreciation or appreciation of the United States dollar against the Canadian dollar, Australian dollar, Argentinian peso, and Mexican peso would result in an increase/decrease in the Company's pre-tax income or loss of approximately $22,990.</span></span></span></p>
</div>
<div>
<div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-color:#000000;font-size:10pt;width:80%">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td colspan="4" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>As at</strong></span></span></span></td>
<td colspan="1" style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31,</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>May 31,</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2020</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2020</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Financial assets</strong></span></span></span></td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
<td style="vertical-align:bottom;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Amortized cost:</span></span></span></td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
<td style="text-align:right;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Cash</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>5,299,904</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>3,600,409</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Royalty, derivative royalty, and stream receivables</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1,547,895</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Other receivables</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>265,680</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>39,180</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Fair value through profit or loss:</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Derivative royalty asset</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>6,432,610</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Marketable securities</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>43,984</strong></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>27,603</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total financial assets</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>13,590,073</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>3,667,192</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Financial liabilities</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Amortized cost:</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Trade and other payables</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1,772,304</strong></span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,254,123</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Loans payable</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>3,062,706</strong></span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>3,523,570</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total financial liabilities</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>4,835,010</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>4,777,693</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
265680
39180
6432610
0
7200000
43984
27603
13590073
3667192
1772304
1254123
4835010
4777693
0.01
22990
<div>
<p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>15.</strong><span style="width:24.16pt;display:inline-block"> </span><strong>COMMITMENTS</strong></span></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>As at December 31, 2020, the Company had the following contractual obligations:</span></span></span></p>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Less than</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1 to</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Over</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1 year</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>3 years</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>4 years</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Trade and other payables</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,522,304</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,522,304</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Loans payable principal and interest payments</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>549,797</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>4,644,108</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>5,193,905</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Payments related to acquisition of royalties and streams</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>250,000</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>250,000</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Tot al commitments</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>2,322,101</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>4,644,108</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>6,966,209</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="margin-left:36pt;text-align:justify"> </p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>In addition to the commitments above, the Company could in the future have additional commitments payable in cash and/or shares related to the acquisition of royalty and stream interests as disclosed in Note 4.  However, these payments are subject to certain triggers or milestone conditions that have not been met as of December 31, 2020.</span></span></span></p>
</div>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Less than</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1 to</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Over</strong></span></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>1 year</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>3 years</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>4 years</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total</strong></span></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Trade and other payables</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,522,304</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,522,304</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Loans payable principal and interest payments</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>549,797</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>4,644,108</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>5,193,905</span></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Payments related to acquisition of royalties and streams</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>250,000</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>250,000</span></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Tot al commitments</strong></span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>2,322,101</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>4,644,108</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>—</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>6,966,209</span></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
1522304
0
0
1522304
549797
4644108
0
5193905
250000
0
0
250000
2322101
4644108
0
6966209
<div>
<div>
<p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>16.</strong><span style="width:23.16pt;display:inline-block"> </span><strong>EVENTS AFTER REPORTING DATE</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Subsequent to December 31, 2020, the Company had the following transactions:</span></span></p>
<p style="margin-left:72pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a)<span style="width:11.01pt;text-indent:0pt;display:inline-block"> </span>Amalgamated Kirkland Acquisition - acquired an existing 0.45% NSR royalty on Agnico Eagle Mines Ltd.'s Amalgamated Kirkland property in its Kirkland Lake project and an existing 0.45% NSR royalty on Kirkland Lake Gold's North Amalgamated Kirkland property at its Macassa mine, from private third parties for total consideration of C$0.7 million in cash;</span></span></p>
<p style="margin-left:72pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>b)<span style="width:10.42pt;text-indent:0pt;display:inline-block"> </span>Del Carmen Acquisition - acquired an existing 0.5% NSR royalty on Barrick Gold Corp.'s Del Carmen, which is part of the 9Moz Au Alturas-Del Carmen project in the prolific El Indio belt in the San Juan province of Argentina, from Coin Hodl Inc. for a total consideration of C$1.6 million in cash;</span></span></span></p>
<p style="margin-left:72pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c)<span style="width:11.47pt;text-indent:0pt;display:inline-block"> </span>Tocantinzinho Acquisition - acquired an existing 0.75% GVR royalty on Eldorado Gold Corp.'s 2Moz Au Tocantinzinho project located in the prolific Tapajos district in the State of Para in northern Brazil, from Sailfish Royalty Corp. for a total consideration of $9.0 million in cash, of which $6.0 million was paid upon closing and the remaining $3.0 million is payable 60 days after closing;</span></span></p>
<p style="margin-left:72pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>d)<span style="width:10.42pt;text-indent:0pt;display:inline-block"> </span>CentroGold Acquisition - acquired an existing 1%-2% NSR royalty on OZ Minerals 1.7Moz Au CentroGold (Gurupi) project located in the State of Maranhão in northern Brazil, from Jaguar Mining Inc. for total consideration of $7.0 million in cash and with additional potential payments of up to $11.0 million in shares and cash subject to the completion of certain milestones;</span></span></span></p>
<p style="margin-left:72pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">e)<span style="width:10.92pt;text-indent:0pt;display:inline-block"> </span>Beedie Loan Conversion and Drawdown - In March 2021, Beedie converted the C$5.0 million outstanding at the time at C$9.90 per share for a total of 505,050 common shares and the Company drew down an additional C$5.0 million from the Amended Loan Facility with a conversion price of C$14.30 per share. Following the conversion and the additional drawdown, the Company has a total of C$5.0 million outstanding and C$15.0 million available on standby under the Amended Loan Facility; and</span></span></p>
<p style="margin-left:72pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">f)<span style="width:12.98pt;text-indent:0pt;display:inline-block"> </span>Distributed an additional 1,018,893 common shares through the ATM program for gross proceeds of $9.9 million.  In total the Company has distributed 1,301,593 common shares through the ATM program for gross proceeds of $12.9 million.</span></span></p>
</div>
</div>
0.0075
5000000
505050
5000000
14.30
9900000
1301593
12900000
<div>
<p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9.</strong><span style="width:29.36pt;display:inline-block"> </span><strong>REVENUE</strong></span></span></p>
<div>
<div>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Seven months</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Twelve months</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>May 31,</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty revenue</span></span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Wharf</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>894,872</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">COSE</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>237,228</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">47,321</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Joaquin</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>85,707</strong></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">21,896</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total royalty revenue</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,217,807</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">69,217</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Stream revenue - Endeavor</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,699,607</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other fixed royalty payments</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>91,845</strong></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total revenue</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,309,652</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,768,824</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<p style="margin:0pt"> </p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company operates in one industry and has one reportable segment, which is reviewed by the chief operating decision maker.</span></span></p>
</div>
<div style="margin-left:36pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Seven months</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Twelve months</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ended</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom"> </td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td>
<td colspan="1" style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>May 31,</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid transparent;vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2020</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty revenue</span></span></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Wharf</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>894,872</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">COSE</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>237,228</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">47,321</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Joaquin</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>85,707</strong></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">21,896</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total royalty revenue</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,217,807</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">69,217</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Stream revenue - Endeavor</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>—</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,699,607</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other fixed royalty payments</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>91,845</strong></span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total revenue</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,309,652</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,768,824</span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
</tbody>
</table>
</div>
</div>
894872
0
237228
47321
85707
21896
1217807
69217
91845
0
<div>
<p style="margin-left:36pt;text-indent:-36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5.</strong><span style="width:29.36pt;text-indent:0pt;display:inline-block"> </span><strong>DERIVATIVE ROYALTY ASSET</strong></span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In October 2020, the Company closed an agreement to acquire an existing 27.5% price participation royalty ("<strong>PPR</strong>") interest on the operating Higginsville Gold Operations ("<strong>Higginsville</strong>") owned by Karora Resources Inc. from the Morgan Stanley Capital Group, Inc. for total consideration of $6.9 million payable in common shares of the Company. The Company issued 828,331 common shares (valued at $8.38 per share on October 13, 2020) and incurred $265,500 in transaction costs associated with this transaction. Higginsville is a low-cost open pit gold operation in Higginsville, Western Australia.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The royalty is a 27.5% PPR royalty on the difference between the average London PM fix gold price for the quarter and A$1,340/oz on the first 2,500 ounces per quarter for a cumulative total of 34,000 ounces of gold.  As the amount received by the Company will vary depending on changes in the London PM fix gold price and the changes in the exchange rate between the A$ and the US$, the Company has recognized the Higginsville PPR as a derivative asset caried at fair value through profit and loss. As per IFRS 9, the Higginsville PPR was recognized as a derivative asset upon inception at $7.2 million, any cash received from the Higginsville PPR will be used to reduce the derivative asset, and at each period-end the Company will estimate the fair value of the Higginsville PPR using a valuation model with any changes between the estimated fair value and the carrying value flowing through profit or loss in the period.</span></span></p>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The changes in the derivative royalty asset for the seven months ended December 31, 2020 were as follows:</span></span></p>
<div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Derivative</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>royalty asset</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Additions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,203,474</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Payments received or due under derivative royalty asset</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,040,100</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mark-to-market gain on derivative royalty asset</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">269,236</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,432,610</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Current portion</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,416,461</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Long - term portion</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,016,149</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
<p style="margin:0pt"> </p>
<p style="margin-bottom:0pt;text-align:justify;margin-left:36pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">At December 31, 2020, the key inputs used in the Company's valuation model for the Higginsville PPR derivate asset were:</span></span></p>
<ul style="padding-left:0pt;margin-top:0pt" type="disc">
<li style="margin-left:65.74pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">29,890 ounces of gold remaining to be delivered;</span></span></li>
<li style="margin-left:65.74pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Gold price estimates ranging from $1,773/oz to $1,936/oz; and</span></span></li>
<li style="margin-left:65.74pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">U.S. Dollar to Australian Dollar exchange rate estimates ranging from A$1.35 to A$1.37 per $1.00.</span></span></li>
</ul>
<p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Based on the valuation model the Company estimated the fair value at December 31, 2020 of $6,432,610 and recorded a mark-to-market gain on the Higginsville derivate asset of $269,236.</span></span></p>
</div>
0.275
1340
2500
34000
<div>
<div style="margin-left:36pt">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000">
<tbody>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom"> </td>
<td style="text-align:center;vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Derivative</strong></span></span></td>
<td style="text-align:center;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
<td style="text-align:center;border-bottom:1px solid rgb(0, 0, 0);vertical-align:bottom;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>royalty asset</strong></span></span></td>
<td style="text-align:center;border-bottom:1px solid #000000;vertical-align:bottom"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at May 31, 2020</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">—</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Additions</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,203,474</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Payments received or due under derivative royalty asset</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,040,100</span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td>
</tr>
<tr>
<td style="border-bottom:1px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mark-to-market gain on derivative royalty asset</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;border-bottom:1px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">269,236</span></span></td>
<td style="text-align:left;border-bottom:1px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2020</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,432,610</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="vertical-align:bottom"> </td>
<td style="text-align:left;vertical-align:bottom;width:1%"> </td>
<td style="text-align:right;vertical-align:bottom;width:12%"> </td>
<td style="text-align:left;vertical-align:bottom;width:2%"> </td>
</tr>
<tr>
<td style="vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Current portion</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;vertical-align:bottom;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,416,461</strong></span></span></td>
<td style="text-align:left;vertical-align:bottom;width:2%;background-color:#e6efff"> </td>
</tr>
<tr>
<td style="border-bottom:2px solid #000000;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Long - term portion</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td>
<td style="text-align:right;border-bottom:2px solid #000000;vertical-align:bottom;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,016,149</strong></span></span></td>
<td style="text-align:left;border-bottom:2px solid #000000;vertical-align:bottom;width:2%"> </td>
</tr>
</tbody>
</table>
</div>
</div>
7203474
-1040100
29890
1773
1936
1.35
1.37