MINERAL PROPERTY INTERESTS

12 Months Ended

Dec. 31, 2022

MINERAL PROPERTY INTERESTS

MINERAL PROPERTY INTERESTS

4. MINERAL PROPERTY INTERESTS 

	Scandium and other
Acquisition costs
Balance, December 31, 2022, 2021, and 2020	$	704,053

Title to mineral property interests involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many mineral property interests. The Company has investigated title to all of its mineral property interests and, to the best of its knowledge, title to all of its properties is in good standing.

SCANDIUM PROPERTIES AND CRITICAL METALS RECOVERY PROJECT

Nyngan, New South Wales Property

The Company holds a 100% interest in the Nyngan property in New South Wales, Australia (NSW).

Royalties attached to the Nyngan property include a 0.7% royalty on gross mineral sales on the property, a 1.5% Net Profits Interest royalty to private parties involved with the early exploration on the property, and a 1.7% Net Smelter Returns royalty payable for 12 years after production commences. Another revenue royalty is payable to private interests of 0.2%, subject to a $370,000 cap. A NSW minerals royalty will also be levied on the project, subject to negotiation, currently 4% on revenue.

Honeybugle property, Australia

The Company holds a 100% interest in the Honeybugle property.

Kiviniemi Scandium Property Finland

In August 2018, the Company was granted an Exploration License for the Kiviniemi Scandium Property in central Finland from the Finnish regulatory body governing mineral exploration and mining in Finland. As at December 31, 2022, the Company has a reclamation bond of $10,699 (€10,000), (December 31, 2021 - $11,444 (€10,000)). An application to extend the license for 3 years has been submitted.