PBMLF Pacific Booker Minerals Inc (PK)

Cash and cash equivalents

Jan. 31, 2023

Current assets

Prepaid expenses and deposits

Exploration and evaluation assets

419,046

Equipment, vehicles and furniture

Accounts payable and accrued liabilities

Current liabilities

21,833

29,662

Amounts owing to related parties

^[3]

Shareholders' equity

^[4]

^[4]

Total liabilities and shareholders’ equity

$ 705,731

$ 883,127

[1]	Note 5Note 5
[2]	Note 6
[3]	Note 9
[4]	Note 7

STATEMENTS OF COMPREHENSIVE LOSS

OPERATING EXPENSES

Consulting fees – related party

Consulting fees - Option based payments

$ 900

$ 1,125

$ 900

Directors fees - Option based payments

Filing and transfer agent fees

2,228,650

25,404

31,566

25,062

Foreign exchange (gain)loss

Investor relations – related party

Investor relations - Option based payments

132,000

Loss on disposal of equipment, vehicles and furniture

42,090

333,918

1,094,123

222

Office and miscellaneous

Professional fees - Option based payments

Shareholder information and promotion

355,836

Impairment allowance-mineral interests

^[3]

4,832,500

Impairment allowance-deferred E&E costs

^[3]

25,004,416

Net loss and comprehensive loss for the year

$ (523,905)

$ (903,039)

$ (34,405,463)

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

16,816,969

16,773,544

[1]	Note 9
[2]	Note 7 & 9Note 7 & 9
[3]	Note 5Note 5

STATEMENTS OF CHANGES IN EQUITY - CAD ($)	Issued capital	Contributed Surplus	Deficit	Total
Equity balance at Jan. 31, 2021	$ 54,223,481	$ 17,707,324	$ (40,521,193)	$ 31,409,612
Number of shares outstanding at Jan. 31, 2021	16,766,969
Options exercised, Value	$ 150,000	0	0	150,000
Options exercised, Shares	50,000
Option based payments reclassified upon exercise	$ 79,030	(79,030)	0	0
Option based payments	0	4,138,604	0	4,138,604
Net loss and comprehensive loss for the year	0	0	(34,405,463)	(34,405,463)
Equity balance at Jan. 31, 2022	$ 54,452,511	21,766,898	(74,926,656)	1,292,753
Number of shares outstanding at Jan. 31, 2022	16,816,969
Option based payments	$ 0	432,895	0	432,895
Net loss and comprehensive loss for the year	0	0	(903,039)	(903,039)
Equity balance at Jan. 31, 2023	$ 54,452,511	22,199,793	(75,829,695)	822,609
Number of shares outstanding at Jan. 31, 2023	16,816,969
Option based payments	$ 0	42,090	0	42,090
Net loss and comprehensive loss for the year	0	0	(523,905)	(523,905)
Equity balance at Jan. 31, 2024	$ 54,452,511	$ 22,241,883	$ (76,353,600)	$ 340,794
Number of shares outstanding at Jan. 31, 2024	16,816,969

STATEMENTS OF CASH FLOWS - CAD ($)	12 Months Ended
STATEMENTS OF CASH FLOWS - CAD ($)	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the year	$ (523,905)	$ (903,039)	$ (34,405,463)
Items not affecting cash:
Depreciation	5,609	8,040	11,604
Loss on disposal of equipment, vehicles and furniture	0	222	0
Option based payments	42,090	432,895	4,138,604
Impairment allowances	0	0	29,836,916
Changes in non-cash working capital items:
(Increase)/decrease in receivables	1,162	317	(1,105)
Decrease in prepaids and deposits	1,294	1,132	70,554
Increase/(decrease) in accounts payable and accrued liabilities	(7,827)	(2,500)	13,037
Increase in amounts owing to related parties	312,248	16,388	490
Net cash used in operating activities	(169,329)	(446,545)	(335,363)
CASH FLOWS FROM FINANCING ACTIVITIES
Options exercised	0	0	150,000
Net cash provided by financing activities	0	0	150,000
CASH FLOWS FROM INVESTING ACTIVITIES
Exploration and evaluation costs (net of recovery)	(236,592)	(182,644)	(123,546)
Net cash used in investing activities	(236,592)	(182,644)	(123,546)
Change in cash and cash equivalents during the year	(405,921)	(629,189)	(308,909)
Cash and cash equivalents, beginning of year	543,204	1,172,393	1,481,302
Cash and cash equivalents, end of year	$ 137,283	$ 543,204	$ 1,172,393

1. CORPORATE INFORMATION

Notes

1. CORPORATE INFORMATION

1.CORPORATE INFORMATION

2. BASIS OF PRESENTATION

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

Notes

2. BASIS OF PRESENTATION

2.BASIS OF PRESENTATION

(a)Statement of compliance

All adjustments necessary to present fairly the financial position of the Company as at January 31, 2024 and the results of its operations and cash flows for the year then ended have been made.

The Board of Directors have approved the annual financial statements for issue on May 27, 2024.

(b)Going concern of operations

	2024	2023	2022

Working capital (deficiency)	$ (214,915)	$ 497,881	$ 1,142,219
Loss for the year	(523,905)	(903,039)	(34,405,463)
Deficit	(76,353,600)	(75,829,695)	(74,926,656)

(c)Basis of Measurement

The financial statements have been prepared under the historical cost convention, except for certain financial instruments which are measured at fair value.

(d)Functional and presentation currency

The financial statements are presented in Canadian dollars, which is Company’s functional and presentation currency.

(e)Critical accounting judgements

(i)Going concern

(f)Key sources of estimation uncertainty

(i)Recoverability of asset carrying values for equipment, vehicles and furniture

The declining balance depreciation method used reflects the pattern in which management expects the asset’s future economic benefits to be consumed by the Company. The Company assesses its equipment, vehicles and furniture for possible impairment as described in Note 3(d), if there are events or changes in circumstances that indicate that the recorded carrying values of the assets may not be recoverable at every reporting period. Such indicators include changes in the Company’s business plans affecting the asset use and anticipated life and evidence of current physical damage.

(ii)Option based payments

The Company has an equity-settled option to purchase shares plan for Eligible Persons (as defined by the policies of the TSX Venture Exchange and/or National Instrument 45-106). The fair value of the share purchase options are estimated on the measurement date by using the Black-Scholes option-pricing model, based on certain assumptions and recognized as option based payments expense over the vesting period of the option with a corresponding increase to equity as contributed surplus. Those assumptions are described in Note 7 of the annual financial statements and include, among others, expected volatility, forfeiture rate, expected life of the options and number of options expected to vest.

(iii)Exploration and evaluation assets

(iv)Restoration and close down provisions

(v)Taxes

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

Notes

3.SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

The accounting policies set out below have been applied consistently, to all periods presented in these financial statements. The material accounting policies adopted by the Company are as follows:

(a)Foreign currency translation

(b)Cash and cash equivalents

(c)Mineral property interests and Exploration and evaluation assets

(d)Impairment

(i)Financial assets

(ii)Non-financial assets

The carrying amounts of equipment, vehicles and furniture are reviewed at each reporting date to determine whether there is any indication of impairment.

·Exploration rights have / will expire in the near future;

·No future substantive exploration expenditures are budgeted;

·No commercially viable quantities discovered and exploration and evaluation activities will be discontinued;

·Exploration and evaluation assets are unlikely to be fully recovered from successful development or sale. If any such indication exists, then the asset’s recoverable amount is estimated.

Prior to January 31, 2022, the carrying value of the exploration and evaluation assets was reflective of historical costs incurred, which may or may not reflect their eventual recoverable value.

(ii)Non-financial assets (cont’d)

(e)Restoration and close down provision

The Company has determined that it has no additional restoration obligations as at January 31, 2024.

(f)Equipment, vehicles and furniture


Automobile	30% declining balance
Computer equipment	30% to 45% declining balance
Office furniture and equipment	20% declining balance

(g)Option based payments

(h)Private placement unit offerings

Warrants that are issued as payments for agency fees or other transaction costs are accounted for as share-based payments and are recognized in equity.

(i)Loss per share

The basic and diluted loss per share shown in these statements is calculated using the weighted-average number of common shares outstanding during the year.

(j)Income taxes

(i)Current tax

(ii)Deferred tax

Deferred tax liabilities:

·are generally recognized for all taxable temporary differences;

·are not recognized on temporary differences that arise from goodwill which is not deductible for tax purposes.

Deferred tax assets:

·are recognized to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilized; and

(k)Financial instruments

Financial liabilities are initially recognized at fair value and classified as either FVTPL or amortized cost, as appropriate.

At each reporting date, the Company assesses whether there is objective evidence that a financial asset has been impaired.

The Company had made the following classification of its financial instruments:

Financial asset or liability	Category
Cash and cash equivalents	amortized cost
Receivables (excluding GST receivable)	amortized cost
Reclamation deposits	amortized cost
Accounts payable and accrued liabilities	amortized cost
Amounts owing to related parties	amortized cost

·Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

·Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly;

·Level 3 – Inputs that are not based on observable market data.

(l)Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received net of direct issuance costs. The Company has its common shares as equity instruments.

(m)Leases

(n)Provisions

(o)Finance costs

4. RECENTLY ADOPTED ACCOUNTING STANDARDS, AND ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

4. RECENTLY ADOPTED ACCOUNTING STANDARDS, AND ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

Notes

4.RECENTLY ADOPTED ACCOUNTING STANDARDS, AND ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

5. EXPLORATION AND EVALUATION ASSETS

5. EXPLORATION AND EVALUATION ASSETS

Notes

5.EXPLORATION AND EVALUATION ASSETS

Morrison claims, Omineca Mining Division, British Columbia

On April 19, 2004, the Company signed an agreement whereby Noranda agreed to sell its remaining 50% interest to the Company such that the Company would have a 100% interest in the Morrison claims.

In order to obtain the remaining 50% interest, the Company agreed to:

i)on or before June 19, 2004, pay $1,000,000 (paid), issue 250,000 common shares (issued) and issue 250,000 share purchase warrants exercisable at $4.05 per share until June 5, 2006 (issued);

ii)pay $1,000,000 on or before October 19, 2005 (paid);

iii)pay $1,500,000 on or before April 19, 2007 (paid); and

The Company has agreed to execute a re-transfer of its 100% interest to Glencore if it fails to comply with the outstanding terms of the agreement ((iv) above).

The Company is currently in the design stage of the exploration and evaluation of the Morrison property.

Indication of Impairment

The impairment charge recorded is based solely on the lack of available objective evidence that would support an alternative estimate of fair value in respect to the property interest.

Prior to January 31, 2022, the Company had capitalized and continued to defer its historic exploration and evaluation costs incurred on the basis that no clear indicators of impairment existed.

Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists.

Continuity of acquisition cost

Morrison claims, Canada	2024		2023		2022

Balance, beginning of year	$	-	$	-	$	4,832,500

Impairment Allowance		-		-		(4,832,500)

Balance, end of year	$	-	$	-	$	-

Continuity of exploration costs


Morrison claims, Canada	2024		2023		2022

Balance, beginning of year	$	182,456	$	-	$	24,880,659

Exploration and evaluation costs
Additions
Staking and recording		233,429		178,706		88,020
Environmental
Geological and geophysical		-		-		2,300
Sub-contracts and labour		3,161		3,323		-
Supplies and general		-		100		-
Travel		-		327		-
Scoping/Feasibility study
Sub-contracts and labour		-		-		24,211
Sub-contracts and labour-related parties		-		-		4,500
Travel		-		-		4,726

Total exploration and evaluation costs for the year		236,590		182,456		123,757

Impairment allowance		-		-		(25,004,416)

Balance, end of year	$	419,046	$	182,456	$	-

6. EQUIPMENT, VEHICLES AND FURNITURE

6. EQUIPMENT, VEHICLES AND FURNITURE

Notes

6.EQUIPMENT, VEHICLES AND FURNITURE

	Balance February 1, 2023		Additions for the year		Disposals for the year		Balance January 31, 2024

Automobile
Value at Cost	$	62,633	$	-	$	-	$	62,633
Accumulated Depreciation		(44,373)		(5,478)		-		(49,851)
Net book value		18,260		(5,478)		-		12,782

Office furniture and equipment
Value at Cost		15,394		-		-		15,394
Accumulated Depreciation		(15,178)		(43)		-		(15,221)
Net book value		216		(43)		-		173

Computer equipment
Value at Cost		33,384		-		-		33,384
Accumulated Depreciation		(33,188)		(88)		-		(33,276)
Net book value		196		(88)		-		108

Totals	$	18,672	$	(5,609)	$	-	$	13,063

	Balance February 1, 2022		Additions for the year		Disposals for the year		Balance January 31, 2023

Automobile
Value at Cost	$	62,633	$	-	$	-	$	62,633
Accumulated Depreciation		(36,547)		(7,826)		-		(44,373)
Net book value		26,086		(7,826)		-		18,260

Office furniture and equipment
Value at Cost		23,397		-		(8,003)		15,394
Accumulated Depreciation		(22,931)		(54)		7,807		(15,178)
Net book value		466		(54)		(196)		216

Computer equipment
Value at Cost		97,620		-		(64,236)		33,384
Accumulated Depreciation		(97,238)		(160)		64,210		(33,188)
Net book value		382		(160)		(26)		196

Totals	$	26,934	$	(8,040)	$	(222)	$	18,672

7. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS

7. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS

Notes

7.SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS

Authorized Share Capital: 100,000,000 common shares without par value

During the years ended January 31, 2024 and 2023, the Company did not announce or complete any private placements.

Option based payments

During the year ended January 31, 2024, 700,000 stock options were granted (2023 – 850,000) at an averaged exercise price of $3.00 (2023 - $2.74).

During the year ended January 31, 2024, 1,460,000 stock options expired unexercised (2023 – 700,000) at an averaged exercise price of $2.86 (2023 - $3.00).

During the year ended January 31, 2024, no stock options were exercised (2023 – nil).

Stock option transactions are summarized as follows:


	2024			2023			2022
	Number of Options	Weighted Average Exercise Price		Number of Options	Weighted Average Exercise Price		Number of Options	Weighted Average Exercise Price

Outstanding, beginning of year	3,225,000	$	2.84	3,075,000	$	2.90	2,975,000	$	1.47
Granted	700,000	$	3.00	850,000	$	2.74	3,025,000	$	2.97
Expired	(1,460,000)	$	2.86	(700,000)	$	3.00	(2,875,000)	$	1.49
Exercised	-	$	-	-	$	-	(50,000)	$	3.00

Outstanding, end of year	2,465,000	$	2.87	3,225,000	$	2.84	3,075,000	$	2.90

Options exercisable, end of year	2,465,000	$	2.87	3,225,000	$	2.84	3,025,000	$	2.90

Weighted average remaining life of outstanding options granted in years			2.10			2.89			3.56

Weighted average fair value per option granted		$	0.06		$	0.49		$	1.32

The following stock options were outstanding at January 31, 2024:

Number of Options Outstanding	Number Currently Exercisable	Exercise Price	Expiry Date

700,000	700,000	$ 3.00	November 6, 2024
100,000	100,000	$ 2.00	February 23, 2026
1,515,000	1,515,000	$ 3.00	August 17, 2026
150,000	150,000	$ 1.50	November 22, 2027

Option based payment expense

The fair value of stock options granted during the year ended January 31, 2024 was $42,090 (2023 – $418,710; 2022 – $4,152,789) which has been recognized as option based payments.

The following weighted average assumptions were used for the Black-Scholes valuation of stock options granted during the years:

	2024	2023	2022

Risk-free interest rate	4.45%	3.82%	0.85%
Expected life of options	1 year	1.70 years	4.08 years
Annualized volatility	97.27%	167.44%	102.9%
Dividends	0.00%	0.00%	0.00%

Warrants

No share purchase warrants were outstanding and exercisable at January 31 2024, 2023 and 2022.

8. LOSS PER SHARE

9. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES

Notes

8. LOSS PER SHARE

8.LOSS PER SHARE

	2024	2023	2022

Basic and diluted loss per common share	$ (0.03)	$ (0.05)	$ (2.05)

Weighted average number of common shares outstanding (basic and diluted)	16,816,969	16,816,969	16,773,544

9. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES

Notes

9.TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES

The Company entered into the following transactions with related parties:

	2024			2023			2022
	Amounts paid or payable	Option based payment	Payable at year end	Amounts paid or payable	Option based payment	Payable at year end	Amounts paid or payable	Option based payment	Payable at year end
To a director for:
investor relations	$ 132,000	$ 42,090	$ 319,702	$ 132,000	$ 333,918	$ 23,231	$ 132,000	$ 1,094,123	$ 12,919
consulting (a)	900	-	-	1,125	-	-	5,400	158,060	-

To an officer of the company (b)	40,413	-	23,402	41,787	-	7,625	39,225	355,836	1,549

	$ 173,313	$ 42,090	$ 343,104	$ 174,912	$ 333,918	$ 30,856	$ 176,625	$ 1,608,019	$ 14,468

b)for accounting and management services.

Compensation of key management personnel

	2024	2023	2022

Remuneration or fees	$ 184,813	$ 183,412	$ 186,625
Option based payments (non-cash item)	42,090	333,918	3,836,669
Total compensation for key management personnel	$ 226,903	$ 517,330	$ 4,023,293

10. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

10. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

Notes

10.SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

	2024	2023	2022

Non-cash transactions were as follows:
exploration and evaluation asset
included in accounts payable	$ 21	$ 23	$ 211

11. INCOME TAXES

Notes

11. INCOME TAXES

11.INCOME TAXES

	2024		2023		2022

Loss before income taxes	$	(523,905)	$	(903,039)	$	(34,405,463)
Canadian statutory income tax rate		27.0%		27.0%		27.0%
Computed “expected” income tax expense		(141,454)		(243,821)		(9,289,475)

Differences resulting from:
Option based payments		11,364		116,882		1,117,423
Other items		90		1,939		3,052
Change in deferred tax assets not recognized		130,000		125,000		8,169,000

Provision for income tax expense	$	-	$	-	$	-

The unrecognized deductible temporary differences are as follows:

	2024	2023	2022
Unrecognized deductible temporary differences-Canada

Non-capital loss carry forwards	$ 11,735,000	$ 11,258,000	$ 10,801,000
Exploration and evaluation asset costs	34,926,000	34,926,000	34,926,000

Total Unrecognized deductible temporary differences not recognized	$ 46,661,000	$ 46,184,000	$ 45,727,000

The Company has Canadian non-capital loss carry forwards which expire as follows:


2026	$	605,469
2027		808,472
2028		942,980
2029		466,936
2030		957,373
2031		974,551
2032		876,759
2033		910,383
2034		908,862
2035		606,902
2036		488,504
2037		366,614
2038		336,016
2039		205,817
2040		522,300
2041		406,645
2042		416,062
2043		457,565
2044		477,091

Total	$	11,735,301

12. COMMITMENTS

Notes

12. COMMITMENTS

12.COMMITMENTS

13. SEGMENTED INFORMATION

13. SEGMENTED INFORMATION

Notes

13.SEGMENTED INFORMATION

14. FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT

14. FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT

Notes

14.FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT

(a)Credit risk

(b)Liquidity risk

The Company anticipates it will have adequate liquidity to fund its financial liabilities through cash on hand and future equity contributions.

(c)Market risk

Currency risk

Commodity price risk

Interest rate risk

15. CAPITAL MANAGEMENT

Notes

15. CAPITAL MANAGEMENT

15.CAPITAL MANAGEMENT

Management reviews its capital management approach on an on-going basis and believes that this approach, given the relative size of the Company, is reasonable.

16. SUBSEQUENT EVENT

2. BASIS OF PRESENTATION: (a) Statement of compliance (Policies)

Notes

16. SUBSEQUENT EVENT

16.SUBSEQUENT EVENT

Subsequent to the end of the period, the Company granted 700,000 options with an exercise price of $1.00 for a 1 year period and 168,000 options with an exercise price of $1.00 for a 2 year period.

(a) Statement of compliance

Policies

(a)Statement of compliance

All adjustments necessary to present fairly the financial position of the Company as at January 31, 2024 and the results of its operations and cash flows for the year then ended have been made.

The Board of Directors have approved the annual financial statements for issue on May 27, 2024.

2. BASIS OF PRESENTATION: (b) Going concern of operations (Policies)

(b) Going concern of operations

Policies

(b)Going concern of operations

	2024	2023	2022

Working capital (deficiency)	$ (214,915)	$ 497,881	$ 1,142,219
Loss for the year	(523,905)	(903,039)	(34,405,463)
Deficit	(76,353,600)	(75,829,695)	(74,926,656)

2. BASIS OF PRESENTATION: (c) Basis of Measurement (Policies)

2. BASIS OF PRESENTATION: (d) Functional and presentation currency (Policies)

Policies

(c)Basis of Measurement

The financial statements have been prepared under the historical cost convention, except for certain financial instruments which are measured at fair value.

(d) Functional and presentation currency

Policies

(d)Functional and presentation currency

The financial statements are presented in Canadian dollars, which is Company’s functional and presentation currency.

2. BASIS OF PRESENTATION: (e) Critical accounting judgements (Policies)

(e) Critical accounting judgements

Policies

(e)Critical accounting judgements

(i)Going concern

2. BASIS OF PRESENTATION: (f) Key sources of estimation uncertainty (Policies)

(f) Key sources of estimation uncertainty

Policies

(f)Key sources of estimation uncertainty

(i)Recoverability of asset carrying values for equipment, vehicles and furniture

The declining balance depreciation method used reflects the pattern in which management expects the asset’s future economic benefits to be consumed by the Company. The Company assesses its equipment, vehicles and furniture for possible impairment as described in Note 3(d), if there are events or changes in circumstances that indicate that the recorded carrying values of the assets may not be recoverable at every reporting period. Such indicators include changes in the Company’s business plans affecting the asset use and anticipated life and evidence of current physical damage.

(ii)Option based payments

The Company has an equity-settled option to purchase shares plan for Eligible Persons (as defined by the policies of the TSX Venture Exchange and/or National Instrument 45-106). The fair value of the share purchase options are estimated on the measurement date by using the Black-Scholes option-pricing model, based on certain assumptions and recognized as option based payments expense over the vesting period of the option with a corresponding increase to equity as contributed surplus. Those assumptions are described in Note 7 of the annual financial statements and include, among others, expected volatility, forfeiture rate, expected life of the options and number of options expected to vest.

(iii)Exploration and evaluation assets

(iv)Restoration and close down provisions

(v)Taxes

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (a) Foreign currency translation (Policies)

(a) Foreign currency translation

Policies

(a)Foreign currency translation

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (b) Cash and cash equivalents (Policies)

(b) Cash and cash equivalents

Policies

(b)Cash and cash equivalents

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (c) Mineral property interests and Exploration and evaluation assets (Policies)

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (d) Impairment (Policies)

Policies

(c)Mineral property interests and Exploration and evaluation assets

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (e) Restoration and close down provision (Policies)

Policies

(d) Impairment

(d)Impairment

(i)Financial assets

(ii)Non-financial assets

The carrying amounts of equipment, vehicles and furniture are reviewed at each reporting date to determine whether there is any indication of impairment.

·Exploration rights have / will expire in the near future;

·No future substantive exploration expenditures are budgeted;

·No commercially viable quantities discovered and exploration and evaluation activities will be discontinued;

·Exploration and evaluation assets are unlikely to be fully recovered from successful development or sale. If any such indication exists, then the asset’s recoverable amount is estimated.

Prior to January 31, 2022, the carrying value of the exploration and evaluation assets was reflective of historical costs incurred, which may or may not reflect their eventual recoverable value.

(ii)Non-financial assets (cont’d)

(e) Restoration and close down provision

Policies

(e)Restoration and close down provision

The Company has determined that it has no additional restoration obligations as at January 31, 2024.

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (f) Equipment, vehicles and furniture (Policies)

(f) Equipment, vehicles and furniture

Policies

(f)Equipment, vehicles and furniture


Automobile	30% declining balance
Computer equipment	30% to 45% declining balance
Office furniture and equipment	20% declining balance

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (g) Option based payments (Policies)

(g) Option based payments

Policies

(g)Option based payments

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (h) Private placement unit offerings (Policies)

(h) Private placement unit offerings

Policies

(h)Private placement unit offerings

Warrants that are issued as payments for agency fees or other transaction costs are accounted for as share-based payments and are recognized in equity.

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (i) Loss per share (Policies)

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (j) Income taxes (Policies)

Policies

(i) Loss per share

(i)Loss per share

The basic and diluted loss per share shown in these statements is calculated using the weighted-average number of common shares outstanding during the year.

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (k) Financial instruments (Policies)

Policies

(j) Income taxes

(j)Income taxes

(i)Current tax

(ii)Deferred tax

Deferred tax liabilities:

·are generally recognized for all taxable temporary differences;

·are not recognized on temporary differences that arise from goodwill which is not deductible for tax purposes.

Deferred tax assets:

·are recognized to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilized; and

(k) Financial instruments

Policies

(k)Financial instruments

Financial liabilities are initially recognized at fair value and classified as either FVTPL or amortized cost, as appropriate.

At each reporting date, the Company assesses whether there is objective evidence that a financial asset has been impaired.

The Company had made the following classification of its financial instruments:

Financial asset or liability	Category
Cash and cash equivalents	amortized cost
Receivables (excluding GST receivable)	amortized cost
Reclamation deposits	amortized cost
Accounts payable and accrued liabilities	amortized cost
Amounts owing to related parties	amortized cost

·Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

·Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly;

·Level 3 – Inputs that are not based on observable market data.

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (l) Equity instruments (Policies)

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (m) Leases (Policies)

Policies

(l) Equity instruments

(l)Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received net of direct issuance costs. The Company has its common shares as equity instruments.

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (n) Provisions (Policies)

Policies

(m) Leases

(m)Leases

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (o) Finance costs (Policies)

Policies

(n) Provisions

(n)Provisions

2. BASIS OF PRESENTATION: (b) Going concern of operations: Schedule of working capital, loss and deficit (Tables)

Policies

(o) Finance costs

(o)Finance costs

Schedule of working capital, loss and deficit

	2024	2023	2022

Working capital (deficiency)	$ (214,915)	$ 497,881	$ 1,142,219
Loss for the year	(523,905)	(903,039)	(34,405,463)
Deficit	(76,353,600)	(75,829,695)	(74,926,656)

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (f) Equipment, vehicles and furniture: Schedule of annual depreciation of equipment, vehicles and furniture (Tables)

Schedule of annual depreciation of equipment, vehicles and furniture


Automobile	30% declining balance
Computer equipment	30% to 45% declining balance
Office furniture and equipment	20% declining balance

5. EXPLORATION AND EVALUATION ASSETS: Schedule of Morrison Claims Acquisition Cost (Tables)

Schedule of Morrison Claims Acquisition Cost

Continuity of acquisition cost

Morrison claims, Canada	2024		2023		2022

Balance, beginning of year	$	-	$	-	$	4,832,500

Impairment Allowance		-		-		(4,832,500)

Balance, end of year	$	-	$	-	$	-

5. EXPLORATION AND EVALUATION ASSETS: Schedule of Morrison claims (Tables)

Schedule of Morrison claims

Continuity of exploration costs


Morrison claims, Canada	2024		2023		2022

Balance, beginning of year	$	182,456	$	-	$	24,880,659

Exploration and evaluation costs
Additions
Staking and recording		233,429		178,706		88,020
Environmental
Geological and geophysical		-		-		2,300
Sub-contracts and labour		3,161		3,323		-
Supplies and general		-		100		-
Travel		-		327		-
Scoping/Feasibility study
Sub-contracts and labour		-		-		24,211
Sub-contracts and labour-related parties		-		-		4,500
Travel		-		-		4,726

Total exploration and evaluation costs for the year		236,590		182,456		123,757

Impairment allowance		-		-		(25,004,416)

Balance, end of year	$	419,046	$	182,456	$	-

6. EQUIPMENT, VEHICLES AND FURNITURE: Schedule of Equipment, Vehicles and Furniture (Tables)

Schedule of Equipment, Vehicles and Furniture

	Balance February 1, 2023		Additions for the year		Disposals for the year		Balance January 31, 2024

Automobile
Value at Cost	$	62,633	$	-	$	-	$	62,633
Accumulated Depreciation		(44,373)		(5,478)		-		(49,851)
Net book value		18,260		(5,478)		-		12,782

Office furniture and equipment
Value at Cost		15,394		-		-		15,394
Accumulated Depreciation		(15,178)		(43)		-		(15,221)
Net book value		216		(43)		-		173

Computer equipment
Value at Cost		33,384		-		-		33,384
Accumulated Depreciation		(33,188)		(88)		-		(33,276)
Net book value		196		(88)		-		108

Totals	$	18,672	$	(5,609)	$	-	$	13,063

	Balance February 1, 2022		Additions for the year		Disposals for the year		Balance January 31, 2023

Automobile
Value at Cost	$	62,633	$	-	$	-	$	62,633
Accumulated Depreciation		(36,547)		(7,826)		-		(44,373)
Net book value		26,086		(7,826)		-		18,260

Office furniture and equipment
Value at Cost		23,397		-		(8,003)		15,394
Accumulated Depreciation		(22,931)		(54)		7,807		(15,178)
Net book value		466		(54)		(196)		216

Computer equipment
Value at Cost		97,620		-		(64,236)		33,384
Accumulated Depreciation		(97,238)		(160)		64,210		(33,188)
Net book value		382		(160)		(26)		196

Totals	$	26,934	$	(8,040)	$	(222)	$	18,672

7. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of Stock option transactions (Tables)

Schedule of Stock option transactions

Stock option transactions are summarized as follows:


	2024			2023			2022
	Number of Options	Weighted Average Exercise Price		Number of Options	Weighted Average Exercise Price		Number of Options	Weighted Average Exercise Price

Outstanding, beginning of year	3,225,000	$	2.84	3,075,000	$	2.90	2,975,000	$	1.47
Granted	700,000	$	3.00	850,000	$	2.74	3,025,000	$	2.97
Expired	(1,460,000)	$	2.86	(700,000)	$	3.00	(2,875,000)	$	1.49
Exercised	-	$	-	-	$	-	(50,000)	$	3.00

Outstanding, end of year	2,465,000	$	2.87	3,225,000	$	2.84	3,075,000	$	2.90

Options exercisable, end of year	2,465,000	$	2.87	3,225,000	$	2.84	3,025,000	$	2.90

Weighted average remaining life of outstanding options granted in years			2.10			2.89			3.56

Weighted average fair value per option granted		$	0.06		$	0.49		$	1.32

7. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of Stock options outstanding (Tables)

Schedule of Stock options outstanding

The following stock options were outstanding at January 31, 2024:

Number of Options Outstanding	Number Currently Exercisable	Exercise Price	Expiry Date

700,000	700,000	$ 3.00	November 6, 2024
100,000	100,000	$ 2.00	February 23, 2026
1,515,000	1,515,000	$ 3.00	August 17, 2026
150,000	150,000	$ 1.50	November 22, 2027

7. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of valuation of stock options granted (Tables)

Schedule of valuation of stock options granted

The following weighted average assumptions were used for the Black-Scholes valuation of stock options granted during the years:

	2024	2023	2022

Risk-free interest rate	4.45%	3.82%	0.85%
Expected life of options	1 year	1.70 years	4.08 years
Annualized volatility	97.27%	167.44%	102.9%
Dividends	0.00%	0.00%	0.00%

9. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES: Schedule of transactions with related parties (Tables)

Schedule of transactions with related parties

The Company entered into the following transactions with related parties:

	2024			2023			2022
	Amounts paid or payable	Option based payment	Payable at year end	Amounts paid or payable	Option based payment	Payable at year end	Amounts paid or payable	Option based payment	Payable at year end
To a director for:
investor relations	$ 132,000	$ 42,090	$ 319,702	$ 132,000	$ 333,918	$ 23,231	$ 132,000	$ 1,094,123	$ 12,919
consulting (a)	900	-	-	1,125	-	-	5,400	158,060	-

To an officer of the company (b)	40,413	-	23,402	41,787	-	7,625	39,225	355,836	1,549

	$ 173,313	$ 42,090	$ 343,104	$ 174,912	$ 333,918	$ 30,856	$ 176,625	$ 1,608,019	$ 14,468

9. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES: Schedule of option-based payments and compensation (Tables)

Schedule of option-based payments and compensation

	2024	2023	2022

Remuneration or fees	$ 184,813	$ 183,412	$ 186,625
Option based payments (non-cash item)	42,090	333,918	3,836,669
Total compensation for key management personnel	$ 226,903	$ 517,330	$ 4,023,293

11. INCOME TAXES: Schedule of Income Tax Reconciliation (Tables)

Schedule of Income Tax Reconciliation

	2024		2023		2022

Loss before income taxes	$	(523,905)	$	(903,039)	$	(34,405,463)
Canadian statutory income tax rate		27.0%		27.0%		27.0%
Computed “expected” income tax expense		(141,454)		(243,821)		(9,289,475)

Differences resulting from:
Option based payments		11,364		116,882		1,117,423
Other items		90		1,939		3,052
Change in deferred tax assets not recognized		130,000		125,000		8,169,000

Provision for income tax expense	$	-	$	-	$	-

11. INCOME TAXES: Schedule of Unrecognized deductible temporary differences (Tables)

Schedule of Unrecognized deductible temporary differences

	2024	2023	2022
Unrecognized deductible temporary differences-Canada

Non-capital loss carry forwards	$ 11,735,000	$ 11,258,000	$ 10,801,000
Exploration and evaluation asset costs	34,926,000	34,926,000	34,926,000

Total Unrecognized deductible temporary differences not recognized	$ 46,661,000	$ 46,184,000	$ 45,727,000

11. INCOME TAXES: Schedule of expiration of non-capital loss carry forwards (Tables)

Schedule of expiration of non-capital loss carry forwards

The Company has Canadian non-capital loss carry forwards which expire as follows:


2026	$	605,469
2027		808,472
2028		942,980
2029		466,936
2030		957,373
2031		974,551
2032		876,759
2033		910,383
2034		908,862
2035		606,902
2036		488,504
2037		366,614
2038		336,016
2039		205,817
2040		522,300
2041		406,645
2042		416,062
2043		457,565
2044		477,091

Total	$	11,735,301

1. CORPORATE INFORMATION (Details)	12 Months Ended
1. CORPORATE INFORMATION (Details)	Jan. 31, 2024
Details
Entity Incorporation, Date of Incorporation	Feb. 18, 1983
Entity Information, Date to Change Former Legal or Registered Name	Feb. 08, 2000
Entity Address, Address Line One	Suite #1203 - 1166 Alberni Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Incorporation, State or Country Code	A1
Entity Listing, Description	listed on the TSX Venture Exchange (“TSX-V”) under the symbol “BKM”

2. BASIS OF PRESENTATION: (b) Going concern of operations: Schedule of working capital, loss and deficit (Details) - CAD ($)	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Details
Working capital (deficiency)	$ (214,915)	$ 497,881	$ 1,142,219
Net loss for the year	(523,905)	(903,039)	(34,405,463)
Deficit	$ (76,353,600)	$ (75,829,695)	$ (74,926,656)

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (f) Equipment, vehicles and furniture: Schedule of annual depreciation of equipment, vehicles and furniture (Details)	12 Months Ended
	Jan. 31, 2024
Vehicles
Depreciation method, property, plant and equipment	30% declining balance
Computer equipment
Depreciation method, property, plant and equipment	30% to 45% declining balance
Office equipment
Depreciation method, property, plant and equipment	20% declining balance

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (i) Loss per share (Details) - shares	Jan. 31, 2024	Jan. 31, 2023
Details
Anti-dilutive warrants outstanding	2,465,000	3,225,000

3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION: (m) Leases (Details) - CAD ($)	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Details
Operating Lease, Expense	$ 77,280	$ 93,406

5. EXPLORATION AND EVALUATION ASSETS: Schedule of Morrison Claims Acquisition Cost (Details) - CAD ($)

Impairment allowance-mineral interests

Mineral Property Interest, Morrison Claims

$ (4,832,500)

Morrison claims, Canada

4,832,500

Impairment allowance-mineral interests

(4,832,500)

Mineral Property Interest, Morrison Claims

5. EXPLORATION AND EVALUATION ASSETS: Schedule of Morrison claims (Details) - CAD ($)

[1]	Note 5Note 5

Morrison Claims, Starting balance

Impairment allowance-deferred E&E costs

$ 182,456

Scoping/Feasibility study

Morrison Claims, Ending balance

$ (25,004,416)

419,046

Morrison Claims, Starting balance

Morrison claims, Canada

Geological and geophysical

24,880,659

Additions

Staking and recording

233,429

178,706

88,020

Environmental

2,300

Exploration and Evaluation, Sub-contracts and labour

3,161

3,323

Exploration and Evaluation, Supplies and general

100

Exploration and Evaluation, Travel

327

Scoping/Feasibility study

Sub-contracts and labour

24,211

Sub-contracts and labour-related parties

4,500

Travel

4,726

Total Exploration and evaluation costs

236,590

Impairment allowance-deferred E&E costs

123,757

(25,004,416)

Morrison Claims, Ending balance

$ 419,046

$ 182,456

6. EQUIPMENT, VEHICLES AND FURNITURE: Schedule of Equipment, Vehicles and Furniture (Details) - CAD ($)

[1]	Note 5Note 5

Jan. 31, 2023

$ 18,672

$ 26,934

Automobiles - Value at Cost

13,063

18,672

62,633

Automobiles - Accumulated Depreciation

62,633

(44,373)

(36,547)

(5,478)

(7,826)

Automobiles - Net book value

(49,851)

(44,373)

18,260

26,086

(5,478)

(7,826)

Office furniture and equipment - Value at Cost

12,782

18,260

15,394

23,397

(8,003)

Office furniture and equipment - Accumulated Depreciation

15,394

(15,178)

(22,931)

Office furniture and equipment - Net book value

(15,221)

(15,178)

216

466

Computer equipment - Value at Cost

173

216

33,384

97,620

(64,236)

Computer equipment - Accumulated Depreciation

33,384

(33,188)

(97,238)

Computer equipment - Net book value

(33,276)

(33,188)

196

382

Basic and diluted loss per share

7. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS (Details) - $ / shares	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Details
Authorized Share Capital	100,000,000
Number of stock options granted	700,000	850,000
Stock options Exercise Price	$ 3	$ 2.74
Stock options expired unexercised	1,460,000	700,000
Stock options expired unexercised, price per share	$ 2.86	$ 3
Stock options exercised	0	0

7. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of Stock option transactions (Details) - Stock Options - $ / shares	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance	3,225,000	3,075,000	2,975,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance	$ 2.84	$ 2.9	$ 1.47
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	700,000	850,000	3,025,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 3	$ 2.74	$ 2.97
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period	(1,460,000)	(700,000)	(2,875,000)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 2.86	$ 3	$ 1.49
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	0	0	(50,000)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 0	$ 0	$ 3
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance	2,465,000	3,225,000	3,075,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 2.87	$ 2.84	$ 2.9
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number	2.87	2.84	2.9
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price		$ 3,225,000	$ 3,025,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	2 years 1 month 6 days	2 years 10 months 20 days	3 years 6 months 21 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.06	$ 0.49	$ 1.32

7. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of Stock options outstanding (Details)	12 Months Ended
	Jan. 31, 2024 $ / shares shares
Stock Option Outstanding 1
Number of Options Outstanding	700,000
Number Currently Exercisable	700,000
Exercise Price \| $ / shares	$ 3
Expiry Date	Nov. 06, 2024
Stock Option Outstanding 2
Number of Options Outstanding	100,000
Number Currently Exercisable	100,000
Exercise Price \| $ / shares	$ 2
Expiry Date	Feb. 23, 2026
Stock Option Outstanding 3
Number of Options Outstanding	1,515,000
Number Currently Exercisable	1,515,000
Exercise Price \| $ / shares	$ 3
Expiry Date	Aug. 17, 2026
Stock Option Outstanding 4
Number of Options Outstanding	150,000
Number Currently Exercisable	150,000
Exercise Price \| $ / shares	$ 1.5
Expiry Date	Nov. 22, 2027

7. SHARE CAPITAL, OPTION BASED PAYMENTS & CONTRIBUTED SURPLUS: Schedule of valuation of stock options granted (Details)	12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Details
Risk-free interest rate	4.45%	3.82%	0.85%
Expected life of options	1 year	1 year 8 months 12 days	4 years 29 days
Annualized volatility	97.27%	167.44%	102.90%
Dividends	0.00%	0.00%	0.00%

8. LOSS PER SHARE (Details) - $ / shares

Details

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

$ (0.03)

$ (0.05)

$ (2.05)

9. TRANSACTIONS WITH AND AMOUNTS OWING TO RELATED PARTIES: Schedule of transactions with related parties (Details) - CAD ($)

Director for Investor Relations

To an officer of the company (b)