Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-32702 |
Entity Registrant Name | ALMADEN MINERALS LTD. |
Entity Central Index Key | 0001015647 |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | 1333 Johnston Street |
Entity Address, Address Line Two | #210 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6H 3R9 |
Title of 12(b) Security | Common shares without Par Value |
Trading Symbol | AAU |
Security Exchange Name | NYSEAMER |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 137,221,408 |
ICFR Auditor Attestation Flag | false |
Auditor Name | DAVIDSON & COMPANY LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 731 |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 1333 Johnston Street |
Entity Address, Address Line Two | #210 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6H 3R9 |
Contact Personnel Name | Korm Trieu |
Contact Personnel Email Address | ktrieu@almadenminerals.com |
Consolidated statements of fina
Consolidated statements of financial position | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) |
Current assets | ||
Cash and cash equivalents (Note 13) | $ 10,170,376 | $ 2,534,698 |
Gold in trust (Note 8) | 915,995 | 955,781 |
Accounts receivable and prepaid expenses (Note 4) | 155,638 | 175,008 |
Total current assets | 11,242,009 | 3,665,487 |
Non-current assets | ||
Right-of-use assets (Note 5) | 539,110 | 151,790 |
Property, plant and equipment (Note 6) | 14,019,532 | 14,025,665 |
Exploration and evaluation assets (Note 7) | 61,431,639 | 58,605,829 |
Total non-current assets | 75,990,281 | 72,783,284 |
TOTAL ASSETS | 87,232,290 | 76,448,771 |
Current liabilities | ||
Trade and other payables (Note 11 (a)(c)) | 508,068 | 447,551 |
Current portion of lease liabilities (Note 5) | 82,677 | 134,950 |
Total current liabilities | 590,745 | 582,501 |
Non-current liabilities | ||
Long-term portion of lease liabilities (Note 5) | 465,930 | 35,781 |
Gold loan payable (Note 8) | 3,227,545 | 2,842,756 |
Warrant liability (Note 9) | 623,290 | |
Derivative financial liabilities (Note 8) | 391,620 | 375,417 |
Deferred income tax liability (Note 14) | 1,749,023 | 1,434,882 |
Total non-current liabilities | 6,457,408 | 4,688,836 |
Total liabilities | 7,048,153 | 5,271,337 |
EQUITY | ||
Share capital (Note 10) | 141,040,654 | 131,189,978 |
Reserves (Note 10) | 21,068,273 | 19,243,992 |
Deficit | (81,924,790) | (79,256,536) |
Total equity | 80,184,137 | 71,177,434 |
TOTAL EQUITY AND LIABILITIES | $ 87,232,290 | $ 76,448,771 |
Consolidated statements of comp
Consolidated statements of comprehensive loss - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | |||
Professional fees (Note 11(a)) | $ 772,887 | $ 564,145 | $ 928,119 |
Salaries and benefits (Note 11(a)) | 1,876,911 | 1,337,010 | 1,378,501 |
Travel and promotion | 200,995 | 82,013 | 262,094 |
Depreciation (Note 6) | 16,638 | 19,564 | 24,199 |
Office and license (Note 11(b)) | 218,879 | 140,137 | 93,252 |
Amortization of right-of-use assets (Note 5) | 121,479 | 121,432 | 121,432 |
Occupancy expenses (Note 5) | 40,542 | 45,248 | 39,561 |
Interest expense on lease liabilities (Note 5) | 13,330 | 21,480 | 32,305 |
Arrangement fee on gold loan payable (Note 8) | 50,000 | ||
Interest, accretion and standby fees on gold loan payable (Note 8) | 394,371 | 371,250 | 216,918 |
Listing and filing fees | 187,169 | 199,327 | 225,432 |
Insurance | 89,476 | 75,568 | 66,096 |
Directors’ fees (Note 11(a)) | 102,500 | 70,000 | 70,000 |
Share-based payments (Note 10(d) and 11(a)) | 1,870,800 | 1,784,500 | 933,120 |
Total Expenses | 5,905,977 | 4,831,674 | 4,441,029 |
Other income (loss) | |||
Administrative services fees (Note 11(b)) | 1,382,344 | 1,404,099 | 959,413 |
Interest income | 490,245 | 40,196 | 41,650 |
Finance fees | (54,577) | (204,231) | |
Impairment of exploration and evaluation assets (Note 7) | (501,620) | ||
Unrealized gain (loss) on derivative financial liabilities (Note 8) | (18,156) | 44,049 | (66,631) |
Unrealized gain (loss) on gold in trust (Note 8) | (35,775) | 199,379 | 236,217 |
Unrealized foreign exchange gain on gold loan payable (Note 8) | 11,535 | 81,331 | 102,104 |
Unrealized foreign exchange loss on gold in trust (Note 8) | (4,011) | (21,017) | (73,937) |
Unrealized gain on warrant liability (Note 9) | 1,747,884 | ||
Realized gain on sale of gold in trust (Note 8) | 19,413 | 200,932 | |
Foreign exchange loss | (22,202) | (10,567) | (15,943) |
Total other income (loss) | 3,551,864 | 1,702,306 | 677,954 |
Loss before income taxes | (2,354,113) | (3,129,368) | (3,763,075) |
Deferred income tax expense (Note 14) | (314,141) | ||
Net loss for the year | (2,668,254) | (3,129,368) | (3,763,075) |
Total comprehensive loss for the year | $ (2,668,254) | $ (3,129,368) | $ (3,763,075) |
Basic and diluted net loss per share (Note 12) | $ (0.02) | $ (0.03) | $ (0.03) |
Consolidated statements of cash
Consolidated statements of cash flows | 12 Months Ended | ||
Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | |
Operating activities | |||
Net loss for the year | $ (2,668,254) | $ (3,129,368) | $ (3,763,075) |
Items not affecting cash | |||
Deferred income tax expense | 314,141 | ||
Depreciation | 16,638 | 19,564 | 24,199 |
Impairment of exploration and evaluation assets | 501,620 | ||
Amortization of right-of-use assets | 121,479 | 121,432 | 121,432 |
Arrangement fee on gold loan payable | 50,000 | ||
Interest, accretion and standby fees on gold loan payable | 394,371 | 371,250 | 216,918 |
Unrealized (gain) loss on derivative financial liabilities | 18,156 | (44,049) | 66,631 |
Unrealized (gain) loss on gold in trust | 35,775 | (199,379) | (236,217) |
Realized gain on sale of gold in trust | (19,413) | (200,932) | |
Unrealized foreign exchange gain on gold loan payable | (11,535) | (81,331) | (102,104) |
Unrealized gain on warrant liability | (1,747,884) | ||
Unrealized foreign exchange loss on gold in trust | 4,011 | 21,017 | 73,937 |
Share-based payments | 1,870,800 | 1,784,500 | 933,120 |
Accounts receivable and prepaid expenses | 19,370 | (14,291) | 243,699 |
Trade and other payables | 19,352 | (83,294) | 178,447 |
Net cash used in operating activities | (1,613,580) | (1,253,362) | (1,892,325) |
Investing activities | |||
Property, plant and equipment – purchase | (10,505) | (6,783) | (427,597) |
Exploration and evaluation assets – costs | (2,784,645) | (1,750,935) | (3,324,173) |
Net cash used in investing activities | (2,795,150) | (1,757,718) | (3,751,770) |
Financing activities | |||
Issuance of shares, net of share issue costs | 11,610,581 | 3,850,209 | |
Options exercised | 564,750 | 158,090 | |
Share issue costs on cashless exercise of options (Note 9(d)) | (40,157) | ||
Share issue costs (Note 9(b)) | (40,990) | ||
Warrants exercised | 10,000 | ||
Net proceeds on gold in trust | 818,360 | 1,577,704 | |
Repayment of lease liabilities | (130,923) | (121,948) | (101,975) |
Net cash from financing activities | 12,044,408 | 4,633,564 | 1,475,729 |
Change in cash and cash equivalents | 7,635,678 | 1,622,484 | (4,168,366) |
Cash and cash equivalents, beginning of year | 2,534,698 | 912,214 | 5,080,580 |
Cash and cash equivalents, end of year | $ 10,170,376 | $ 2,534,698 | $ 912,214 |
Consolidated statements of chan
Consolidated statements of changes in equity - CAD ($) | Issued capital [member] | Reserve of share-based payments [member] | Warrants [Member] | Total Reserves [Member] | Retained earnings [member] | Total |
Beginning balance, value at Dec. 31, 2018 | $ 127,022,366 | $ 15,990,864 | $ 715,968 | $ 16,706,832 | $ (72,364,093) | $ 71,365,105 |
Beginning Balance (in shares) at Dec. 31, 2018 | 111,726,719 | |||||
IfrsStatementLineItems [Line Items] | ||||||
Share-based payments | 933,120 | 933,120 | 933,120 | |||
Fair value of warrants issued for arrangement fee on gold loan payable | 50,000 | 50,000 | 50,000 | |||
Total comprehensive loss for the year | (3,763,075) | (3,763,075) | ||||
Ending balance, value at Dec. 31, 2019 | $ 127,022,366 | 16,973,984 | 715,968 | 17,689,952 | (76,127,168) | 68,585,150 |
Ending Balance (in shares) at Dec. 31, 2019 | 111,726,719 | |||||
IfrsStatementLineItems [Line Items] | ||||||
Share-based payments | 1,784,500 | 1,784,500 | 1,784,500 | |||
Private placements, net of share issue costs | $ 3,850,209 | 3,850,209 | ||||
Private placements, net of share issue costs (in shares) | 8,609,658 | |||||
Shares issued for cash on exercise of stock options | $ 158,090 | 158,090 | ||||
Shares issued for cash on exercise of stock options (in shares) | 188,000 | |||||
Fair value of cash stock options transferred to share capital | $ 51,980 | (51,980) | (51,980) | |||
Shares issued on cashless exercise of stock options | ||||||
Shares issued on cashless exercise of stock options (in shares) | 105,877 | |||||
Share issue costs on cashless exercise of options | $ (40,157) | (40,157) | ||||
Share issue costs | (40,990) | (40,990) | ||||
Fair value of cashless stock options transferred to share capital | 178,480 | (178,480) | (178,480) | |||
Warrants exercised | 10,000 | 10,000 | ||||
Total comprehensive loss for the year | (3,129,368) | (3,129,368) | ||||
Warrants exercised (in shares) | 20,000 | |||||
Ending balance, value at Dec. 31, 2020 | $ 131,189,978 | 18,528,024 | 715,968 | 19,243,992 | (79,256,536) | 71,177,434 |
Ending Balance (in shares) at Dec. 31, 2020 | 120,650,254 | |||||
IfrsStatementLineItems [Line Items] | ||||||
Share-based payments | 1,870,800 | 1,870,800 | 1,870,800 | |||
Private placements, net of share issue costs | $ 11,610,581 | 11,610,581 | ||||
Private placements, net of share issue costs (in shares) | 15,846,154 | |||||
Warrant liability | $ (2,371,174) | (2,371,174) | ||||
Finders’ warrants issued pursuant to private placement | (130,731) | 130,731 | 130,731 | |||
Shares issued for cash on exercise of stock options | $ 564,750 | 564,750 | ||||
Shares issued for cash on exercise of stock options (in shares) | 725,000 | |||||
Fair value of cash stock options transferred to share capital | $ 177,250 | (177,250) | (177,250) | |||
Total comprehensive loss for the year | (2,668,254) | (2,668,254) | ||||
Ending balance, value at Dec. 31, 2021 | $ 141,040,654 | $ 20,352,305 | $ 715,968 | $ 21,068,273 | $ (81,924,790) | $ 80,184,137 |
Ending Balance (in shares) at Dec. 31, 2021 | 137,221,408 |
Nature of operations
Nature of operations | 12 Months Ended |
Dec. 31, 2021 | |
Nature Of Operations | |
Nature of operations | Nature of operations Almaden Minerals Ltd. (the “Company” or “Almaden”) was formed by amalgamation under the laws of the Province of British Columbia, Canada on February 1, 2002. The Company is an exploration stage public company that is engaged directly in the exploration and development of exploration and evaluation properties in Canada and Mexico. The address of the Company’s registered office is Suite 1710 –1177 West Hastings Street, Vancouver, BC, Canada V6E 2L3. The Company is in the business of exploring and developing mineral projects and its principal asset is the Ixtaca precious metals project located on its Tuligtic claim in Mexico. The Company has not yet determined whether this project has economically recoverable mineral reserves. The recoverability of amounts shown for mineral properties is dependent upon the establishment of a sufficient quantity of economically recoverable reserves, the ability of the Company to obtain the necessary financing or participation of joint venture partners to complete development of the properties, and upon future profitable production or proceeds from the disposition of exploration and evaluation assets. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Presentation | |
Basis of presentation | 2. Basis of presentation (a) Statement of Compliance with International Financial Reporting Standards (“IFRS”) These consolidated financial statements have been prepared in accordance and compliance with IFRS as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). (b) Basis of preparation These consolidated financial statements have been prepared on a historical cost basis except for the revaluation of certain financial assets and financial liabilities at fair value through profit or loss. In addition, these financial statements have been prepared using the accrual basis of accounting, except for cash flow information. These consolidated financial statements, including comparatives, have been prepared on the basis of IFRS standards that are effective as at December 31, 2021. Certain amounts in prior years have been reclassified to conform to the current period presentation. (c) Functional currency The functional and reporting currency of the Company and its subsidiaries is the Canadian dollar. (d) Significant accounting judgments and estimates The preparation of these consolidated financial statements requires management to make judgements and estimates that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these judgements and estimates. The consolidated financial statements include judgements and estimates which, by their nature, are uncertain. The impacts of such judgements and estimates are pervasive throughout the consolidated financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and the revision affects both current and future periods. Significant assumptions about the future and other sources of judgements and estimates that management has made at the statement of financial position dates, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following: Critical Judgments o The analysis of the functional currency for each entity of the Company determined by conducting an analysis of the consideration factors identified in IAS 21, “The Effect of Changes in Foreign Exchange Rates”. In concluding that the Canadian dollar is the functional currency of the parent and its subsidiary companies, management considered the currency that mainly influences the cost of providing goods and services in each jurisdiction in which the Company operates. As no single currency was clearly dominant, the Company also considered secondary indicators including the currency in which funds from financing activities are denominated and the currency in which funds are retained. Estimates o A global pandemic related to COVID-19 was declared in March 2020. The current and expected impacts on global commerce have been, and are anticipated to be, far-reaching. To date, there has been significant volatility in commodity prices and foreign exchange rates, restrictions on the conduct of business in many jurisdictions, including travel restrictions, and supply chain disruptions. There is significant ongoing uncertainty surrounding COVID-19 and the extent and duration of the impact that it may have; o The estimated useful lives of property, plant and equipment which are included in the consolidated statements of financial position and the related depreciation included in profit or loss; o The recoverability of the value of the exploration and evaluation assets which is recorded in the consolidated statements of financial position (Note 3(f)); o The Company uses the Black-Scholes option pricing model to determine the fair value of options, warrants, and derivative financial liabilities in order to calculate share-based payments expense, warrant liability and the fair value of finders’ warrants and stock options. Certain inputs into the model are estimates that involve considerable judgment or could be affected by significant factors that are out of the Company’s control; o The provision for income taxes which is included in profit or loss and the composition of deferred income tax liability included in the consolidated statement of financial position and the evaluation of the recoverability of deferred tax assets based on an assessment of the Company’s ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions; o The assessment of indications of impairment of each exploration and evaluation asset and property plant and equipment and related determination of the net realizable value and write-down of those assets where applicable (Note 3(f)); o The estimated incremental borrowing rate used to calculate the lease liabilities; o The estimated fair value of gold in trust; and o The estimated initial fair value of gold loan payable. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Significant accounting policies | 3. Significant accounting policies ( a) Basis of consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Schedule of Consolidated Financial Statement Jurisdiction Nature of operations Puebla Holdings Inc. Canada Holding company Minera Gorrion, S.A. de C.V. Mexico Exploration company Molinos de Puebla, S.A. de C.V. Mexico Holding company Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing these consolidated financial statements. ( b) Foreign currencies Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the transaction dates. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. (c) Financial instruments A financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification. The Company's financial assets consist primarily of cash and cash equivalents, and accounts receivable and are classified at amortized cost. Financial liabilities comprise the Company’s trade and other payables. Financial liabilities are initially recognized on the date they are originated and are derecognized when the contractual obligations are discharged or cancelled or expire. Trade and other payables and lease obligations are recognized initially at fair value and subsequent are measured at amortized costs using the effective interest method, when materially different from the initial amount. Derivative financial liabilities are classified as FVTPL. Fair value is determined based on the present value of future cash flow, discounted at the market rate of interest. (i) Impairment of financial assets An ‘expected credit loss’ (ECL) model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. The Company's financial assets measured at amortized cost and subject to the ECL model include cash and cash equivalents, and accounts receivable. (ii) Embedded derivatives Derivatives may be embedded in other financial instruments (the “host instrument”). Embedded derivatives are treated as separate derivatives when their economic characteristics and risks are not clearly and closely related to those of the host instrument, the terms of the embedded derivative are the same as those of a stand-alone derivative, and the combined contract is not held for trading or designated at fair value. These embedded derivatives are measured at fair value with subsequent changes recognized in profit or loss. The Company issues warrants exercisable in a currency other than the Company’s functional currency and as a result, the warrants are derivative financial instruments. Derivative financial instruments are initially recognized at fair value and subsequently measured at fair value with changes in fair value recognized in profit or loss. Transaction costs are recognized in profit or loss as incurred. (d) Cash and cash equivalents Cash equivalents include term deposits and money market instruments which are readily convertible into cash or have maturities at the date of purchase of less than ninety days. (e) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, and are depreciated annually on a declining-balance basis if available-for-use at the following rates: Schedule of Property, Plant and Equipment Furniture, fixtures and other 20 Computer hardware and software 30 Geological library 20 Field equipment 20 Mill equipment Straight line over mine life (11 years) (f) Exploration and evaluation assets The Company is in the exploration stage with respect to its investment in exploration and evaluation assets and, accordingly, follows the practice of capitalizing all costs relating to the acquisition of, exploration for and development of mineral claims to which the Company has rights and crediting all proceeds received from farm-out arrangements or recovery of costs against the cost of the related claims. Acquisition costs include, but are not exclusive to land surface rights acquired. Deferred exploration costs include, but are not exclusive to geological, geophysical studies, annual mining taxes, exploratory drilling and sampling. At such time as commercial production commences, these costs will be charged to profit or loss on a unit-of-production method based on proven and probable reserves. The aggregate costs related to abandoned mineral claims are charged to profit or loss at the time of any abandonment or when it has been determined that there is evidence of an impairment. The Company considers the following facts and circumstances in determining if it should test exploration and evaluation assets for impairment: (i) the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; (ii) substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; (iii) exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and (iv) sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation assets is unlikely to be recovered in full from successful development or by sale. An impairment charge may be reversed but only to the extent that this does not exceed the original carrying value of the property that would have resulted if no impairment had been recognized. General exploration costs in areas of interest in which the Company has not secured rights are expensed as incurred. The recoverability of amounts shown for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain financing to complete development of the properties, and on future production or proceeds of disposition. The Company recognizes in profit or loss costs recovered on exploration and evaluation assets when amounts received or receivable are in excess of the carrying amount. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to development asset within property, plant and equipment. All capitalized exploration and evaluation expenditures are monitored for indications of impairment. Where a potential impairment is indicated, assessments are performed for each area of interest. To the extent that exploration expenditure is not expected to be recovered, it is charged to profit or loss. Exploration areas where reserves have been discovered, but require major capital expenditure before production can begin, are continually evaluated to ensure that commercial quantities of reserves exist or to ensure that additional exploration work is underway as planned. (g) Impairment of property, plant and equipment Property, plant and equipment are reviewed for impairment at least annually, or if there is any indication that the carrying amount may not be recoverable. If any such indication is present, the recoverable amount of the asset is estimated in order to determine whether impairment exists. Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs. An asset’s recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount by way of recording an impairment charge to profit or loss. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount but only to the extent that this does not exceed the carrying value that would have been determined if no impairment had previously been recognized. (h) Income taxes Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. (i) Share-based payments The Company’s stock option plan allows Company employees, directors, officers and consultants to acquire shares of the Company. The fair value of options granted is recognized as share-based payment expense with a corresponding increase in equity reserves. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. Fair value is measured at grant date, and each tranche is recognized using the graded vesting method over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option-pricing model, taking into account the terms and conditions upon which the options were granted. At each financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of stock options that are expected to vest. In situations where equity instruments are issued to consultants 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 goods or services received. (j) Share capital Proceeds from the exercise of stock options and warrants are recorded as share capital in the amount for which the option or warrant enabled the holder to purchase a share in the Company, in addition to the proportionate amount of reserves originally created at the issuance of the stock options or warrants. Share capital issued for non-monetary consideration is valued at the closing market price at the date of issuance. The proceeds from the issuance of units are allocated between common shares and common share purchase warrants based on the residual value method. Under this method, the proceeds are allocated to common shares based on the fair value of a common share at the announcement date of the unit offering and any residual remaining is allocated to common share purchase warrants. Certain of the Company’s warrants are exercisable in a currency other than the functional currency of the Company. As a result, the fair value allocated to the warrant is recorded as a derivative financial liability with residual value being attributed to the equity unit. The fair value of the warrant is determined using the Black-Scholes Option Pricing Model and is marked to market at the end of each period. Upon exercise of the warrant, the fair value of the warrant at the date of exercise is transferred to share capital. (k) Reclamation and closure cost obligations Decommissioning and restoration provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation and discount rates. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows discounted for the market discount rate. Over time, the discounted liability is increased for the changes in the present value based on the current market discount rates and liability risks. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount receivable can be measured reliably. When the Company enters into an option agreement on its exploration and evaluations assets, as part of the option agreement, responsibility for any reclamation and remediation becomes the responsibility of the optionee. (l) Net loss per share The Company presents the basic and diluted net loss per share data for its common shares, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted net loss per share is determined by adjusting the net loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares (Note 12). (m) Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement exists, and if the Company has the right to direct the use of the asset. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. As a lessee, the Company recognizes a right-of-use asset and a lease liability at the commencement date of a lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, the incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: · fixed payments, including in-substance fixed payments, less any lease incentives receivable; · variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; · amounts expected to be payable under a residual value guarantee; · exercise prices of purchase options if the Company is reasonably certain to exercise that option; and · payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in the estimate or assessment of the expected amount payable under a residual value guarantee, purchase, extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to profit or loss. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to profit or loss on a straight-line basis over the lease term. (n) Standards issued or amended but not yet effective The Company has not applied the following revised IFRS that has been issued but was not yet effective at December 31, 2021. This accounting standard is not currently expected to have a significant effect on the Company’s accounting policies or financial statements. IAS 16, Property, Plant and Equipment - Proceeds before Intended Use |
Accounts receivable and prepaid
Accounts receivable and prepaid expenses | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable And Prepaid Expenses | |
Accounts receivable and prepaid expenses | 4. Accounts receivable and prepaid expenses Accounts receivable and prepaid expenses consist of the following: Schedule of Accounts Receivable and Prepaid Expenses December 31, December 31, 2021 2020 Accounts receivable (Note 11(b)) $ 92,005 $ 122,967 Prepaid expenses 63,633 52,041 Total accounts receivable and prepaid expenses $ 155,638 $ 175,008 At December 31, 2021, the Company has recorded value added taxes of $ 308,457 120,964 |
Right-of-use assets and lease l
Right-of-use assets and lease liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Right-of-use Assets And Lease Liabilities | |
Right-of-use assets and lease liabilities | 5. Right-of-use assets and lease liabilities The Company has lease agreements for its headquarter office space in Vancouver, B.C. Upon transition to IFRS 16, the Company recognized $ 394,654 394,654 One lease contains an extension option exercisable only by the Company was exercised on November 22, 2021. The lease was therefore extended from March 31, 2022 to March 31, 2027. The Company reassessed this significant event as a lease modification and has estimated that the potential future lease payments under the extended lease term would result in an increase in lease liability by $ 508,799 The continuity of lease liabilities for the years ended December 31, 2021 and 2020 are as follows: Schedule of Continuity of Lease Liabilities December 31, 2021 December 31, Opening balance $ 170,731 $ 292,679 Modification by extending the lease term 508,799 - Less: lease payments (144,253 ) (143,428 ) Interest expense 13,330 21,480 548,607 170,731 Less: current portion of lease liabilities (82,677 ) (134,950 ) Long-term portion of lease liabilities $ 465,930 $ 35,781 The Company entered into a sublease arrangement with a third party to lease an office unit from May 1, 2021 to March 31, 2022 under the same terms of the Company’s lease. The Company remains beholden to the obligations set out in its lease dated October 31, 2018. The rental income during the period ended December 31, 2021 from this operating sublease was $ 22,452 The continuity of ROU assets for the years ended December 31, 2021 and 2020 are as follows: Schedule of Right of Use Assets December 31, 2021 December 31, Opening balance $ 151,790 $ 273,222 Modification by extending the lease term 508,799 - Less: amortization of ROU assets (121,479 ) (121,432 ) $ 539,110 $ 151,790 During the year ended December 31, 2021, the Company recognized occupancy expenses of $ 40,542 45,248 39,561 As at December 31, 2021, the remaining payments for the operating lease are due as follows: Schedule of Remaining Payments For Operating Lease 2022 2023 2024 2025 2026 Total Office lease $ 171,759 $ 167,374 $ 170,672 $ 173,970 $ 177,268 $ 861,043 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | 6. Property, plant and equipment Schedule of Property, Plant and Equipment Furniture and fixtures and other Computer hardware Computer software Geological library Field equipment Mill equipment Total $ $ $ $ $ $ $ Cost December 31, 2020 158,219 256,873 198,607 51,760 245,647 13,968,566 14,879,672 Additions/reduction (1) - 10,131 374 - - - 10,505 December 31, 2021 158,219 267,004 198,981 51,760 245,647 13,968,566 14,890,177 Accumulated depreciation December 31, 2020 147,662 238,060 185,130 50,534 232,621 - 854,007 Depreciation 3,728 5,983 4,076 245 2,606 - 16,638 December 31, 2021 151,390 244,043 189,206 50,779 235,227 - 870,645 Carrying amounts December 31, 2020 10,557 18,813 13,477 1,226 13,026 13,968,566 14,025,665 December 31, 2021 6,829 22,961 9,775 981 10,420 13,968,566 14,019,532 Furniture and fixtures and other Computer hardware Computer software Geological library Field equipment Mill equipment Total $ $ $ $ $ $ $ Cost December 31, 2019 158,219 251,346 197,351 51,760 245,647 14,098,446 15,002,769 Additions/reduction (1) - 5,527 1,256 - - (129,880 ) (123,097 ) December 31, 2020 158,219 256,873 198,607 51,760 245,647 13,968,566 14,879,672 Accumulated depreciation December 31, 2019 143,541 231,597 179,713 50,228 229,364 - 834,443 Depreciation 4,121 6,463 5,417 306 3,257 - 19,564 December 31, 2020 147,662 238,060 185,130 50,534 232,621 - 854,007 Carrying amounts December 31, 2019 14,678 19,749 17,638 1,532 16,283 14,098,446 14,168,326 December 31, 2020 10,557 18,813 13,477 1,226 13,026 13,968,566 14,025,665 (1) At December 31, 2019, the Company accrued in accounts payable USD$ 250,000 324,700 250,000 150,000 50,000 |
Exploration and evaluation asse
Exploration and evaluation assets | 12 Months Ended |
Dec. 31, 2021 | |
Exploration And Evaluation Assets | |
Exploration and evaluation assets | 7. Exploration and evaluation assets Schedule of Exploration and Evaluation Assets Tuligtic Other Property Total Exploration and evaluation assets $ $ $ Acquisition costs: Opening balance - (December 31, 2020) 10,319,510 1 10,319,511 Additions 892,246 - 892,246 Closing balance - (December 31, 2021) 11,211,756 1 11,211,757 Deferred exploration costs: Opening balance - (December 31, 2020) 48,286,318 - 48,286,318 Costs incurred during the year Drilling and related costs 178,070 - 178,070 Professional/technical fees 276,305 - 276,305 Claim maintenance/lease costs 159,942 - 159,942 Geochemical, metallurgy 22,639 - 22,639 Travel and accommodation 256,641 - 256,641 Geology, geophysics and exploration 299,960 - 299,960 Supplies and miscellaneous 196,508 - 196,508 Environmental and permit 741,436 - 741,436 Value-added tax (Note 4) 308,457 308,457 Refund - Value-added tax (506,394 ) - (506,394 ) Total deferred exploration costs during the year 1,933,564 - 1,933,564 Closing balance - (December 31, 2021) 50,219,882 - 50,219,882 Total exploration and evaluation assets 61,431,638 1 61,431,639 Tuligtic Other Property Total Exploration and evaluation assets $ $ $ Acquisition costs: Opening balance - (December 31, 2019) 9,460,274 1 9,460,275 Additions 859,236 - 859,236 Closing balance - (December 31, 2020) 10,319,510 1 10,319,511 Deferred exploration costs: Opening balance - (December 31, 2019) 47,512,735 - 47,512,735 Costs incurred during the year Professional/technical fees 137,167 - 137,167 Claim maintenance/lease costs 159,934 - 159,934 Geochemical, metallurgy 11,947 - 11,947 Technical studies 117,058 - 117,058 Travel and accommodation 125,679 - 125,679 Geology, geophysics and exploration 111,773 - 111,773 Supplies and miscellaneous 115,587 - 115,587 Environmental and permit 6,916 - 6,916 Value-added tax (Note 4) 120,964 120,964 Refund - Value-added tax (133,442 ) - (133,442 ) Total deferred exploration costs during the year 773,583 - 773,583 Closing balance - (December 31, 2020) 48,286,318 - 48,286,318 Total exploration and evaluation assets 58,605,828 1 58,605,829 Title to exploration and evaluation assets 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 claims. The Company has investigated title to all of its exploration and evaluation assets and, to the best of its knowledge, title to all of its interests are in good standing. The following is a description of the Company’s most significant property interests: (a) Tuligtic In 2001, the Company acquired by staking a 100 In 2015, legal proceedings against the Mexican mining authorities regarding certain mining concessions held by the Company were initiated by the Ejido Tecoltemi. These mining concessions covered approximately 14,000 Ha, including the Company’s project in the Ixtaca Zone and certain endowed lands of the Ejido (the “Ejido Land”), which comprise approximately 330 Ha (the “Original Concessions”). In 2015, Almaden commenced a process to voluntarily cancel approximately 7,000 Ha of its Original Concessions, including the area covering the Ejido Lands. Almaden divided the Original Concessions into nine 9 2 In 2017, the Ejido Tecoltemi filed a legal complaint about the court order leading to the New Concessions. On February 1, 2018, the court reviewing the complaint ruled the Ejido’s complaint was founded, and sent the ruling to the court hearing the Amparo. On December 21, 2018, the General Directorate of Mines issued a resolution that the New Concessions are left without effect, and the Original Concessions are in full force and effect. On February 13, 2019, the General Directorate of Mines delivered, to the court hearing the Amparo, mining certificates stating that the Original Concessions are valid, and the New Concessions are cancelled. On December 16, 2019 the General Directorate of Mines issued mineral title certificates directly to Almaden that the Original Concessions are active and owned by Minera Gorrión and the New Concessions are left without effect. Currently, applicable Mexican mining authority records show the Original Concessions as Almaden’s sole mineral claims to the Ixtaca Project. On January 21, 2020, Almaden filed an administrative challenge against the Mexican mining authorities’ issuance of the December 2019 Certificates. Almaden’s appeals to this change in mineral tenure are based on Mexican legal advice that the New Concessions remain in full force and effect. Almaden continues to file taxes and assessment reports on the New Concessions, which have been accepted by the Mexican mining authorities, and Almaden has not received any notifications from the Mexican mining authorities regarding unpaid taxes on the Original Concessions. On February 14, 2020 and March 24, 2020, the Company entered into two 2 100 2 3,000,000 375,000 (b) Other Property The Company holds a 40 1 (c) Other Expenditures incurred by the Company in Mexico are subject to Mexican Value added tax (“VAT”). The VAT is included in exploration and evaluation assets as incurred. Under Mexican law VAT paid can be used in the future to offset amounts resulting from VAT charge on sales. Under certain circumstances and subject to approval from tax authorities as Company can also apply for early refund of VAT prior to generating sales. During 2021, the Company received a VAT recovery of $ 506,394 446,184 |
Gold loan payable and gold in t
Gold loan payable and gold in trust | 12 Months Ended |
Dec. 31, 2021 | |
Gold Loan Payable And Gold In Trust | |
Gold loan payable and gold in trust | 8. Gold loan payable and gold in trust The Company has entered into a secured gold loan agreement (“Gold Loan”) with Almadex Minerals Ltd. (“Almadex” or the “Lender”) pursuant to which Almadex has agreed to loan up to 1,597 2,072,060 2,790,858 Under the terms of the Gold Loan, the Company will be entitled to draw-down the gold in minimum 400 ounce tranches. At any given time, the amount of gold ounces drawn multiplied by the London Bullion Market Association (“LBMA”) AM gold price in US dollars, plus any accrued interest or unpaid fees, shall constitute the Loan Value. The maturity date for the Gold Loan is March 31, 2024, and can be extended by two 2 100 The interest rate of the Gold Loan is 10 1 In addition, the Company has issued Almadex 500,000 1.50 50,000 5 1.54 0 44.25 Security for the loan is certain equipment related to the Rock Creek Mill, which is not required for the Ixtaca Project. The Gold Loan includes industry standard provisions in the event of default, material breach and change of control. The Gold Loan was recorded at fair value at inception and is subsequently measured at amortized cost using the effective interest method, recognizing interest expense on an effective yield basis. The Company has determined that the Gold Loan contains multiple derivatives which are embedded in the US dollar denominated debt instrument. As the convertible Gold Loan is denominated in US dollars and is convertible into common shares based upon a variable Canadian dollar conversion rate, the fixed for fixed criteria is not met. As such, the conversion option cannot be classified as an equity instrument and is deemed to have no value. The embedded derivative from indexation of the loan principal portion to the movement in the price of gold is classified as a derivate financial liability and is marked to market at each period end using the Black-Scholes option-pricing model. At inception, the following assumptions were used: expected life of five 5 1.57 11.06 18,156 2.25 1.23 15.63 The continuity of gold loan payable and derivative financial liabilities are as follows: Schedule of Gold Loan Payable December 31, 2021 December 31, Gold loan payable – opening balance $ 2,842,756 $ 2,541,338 Accrued interest expense 271,093 261,151 Accrued standby fees 8,743 9,536 Accretion expense 114,535 100,563 Foreign exchange difference (9,582 ) (69,832 ) Gold loan payable $ 3,227,545 $ 2,842,756 Derivative financial liabilities – opening balance $ 375,417 $ 430,965 Change in fair value through profit & loss 18,156 (44,049 ) Foreign exchange difference (1,953 ) (11,499 ) Derivative financial liabilities $ 391,620 $ 375,417 As at December 31, 2021, Almaden has 397 397 915,995 955,781 On January 22, 2020, the Company received $ 818,360 400 19,413 The continuity of gold in trust are as follows: Schedule of Gold in Trust December 31, 2021 December 31, 2020 Ounces $ Ounces $ Gold in trust, opening balance 397 955,781 797 1,576,366 Sale of gold in trust - - (400 ) (818,360 ) Gain on sale - - - 19,413 Change in fair value through profit & loss - (35,775 ) - 199,379 Foreign exchange difference - (4,011 ) - (21,017 ) 397 915,995 397 955,781 |
Warrant liability
Warrant liability | 12 Months Ended |
Dec. 31, 2021 | |
Warrant Liability | |
Warrant liability | 9. Warrant liability In connection with the registered direct offering private placement completed during the year ended December 31, 2021, the Company issued a total of 7,923,077 0.80 2,371,174 Schedule of Warrant Assumptions Risk-free interest rate 0.53 % Expected life of warrants (in years) 3.00 Expected annualized volatility 72.42 % Dividend Nil Forfeiture rate 0 % The fair value is recorded as a derivative financial liability as these warrants are exercisable in US dollars, differing from the Company’s functional currency. The change in fair value resulted in a gain of $ 1,747,884 Schedule of Derivative Financial Liability Risk-free interest rate 0.95 % Expected life of warrants (in years) 2.21 Expected annualized volatility 78.39 % Dividend Nil Forfeiture rate 0 % |
Share capital and reserves
Share capital and reserves | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital And Reserves | |
Share capital and reserves | 10. Share capital and reserves (a) Authorized share capital At December 31, 2021, the authorized share capital comprised an unlimited number of common shares. The common shares do not have a par value. All issued shares are fully paid. (b) Details of private placements and other issues of common shares in 2021, 2020 and 2019 On March 18, 2021, the Company closed a registered direct offering private placement for the purchase and sale of 15,846,154 common shares and common share warrants to purchase up to 7,923,077 common shares at a combined purchase price of US$0.65 per unit for aggregate gross proceeds of US$10.3 million (CAD$12,838,950). The common share warrants will be immediately exercisable, have an exercise price of US$0.80 per share and will expire three years from the date of issuance. Share issue costs included a finder’s fee of $834,532 in cash, and finders’ warrants to purchase up to 435,769 common shares at a price of US$0.80 per common share until March 18, 2024. The fair value of the finders’ warrants was $130,731. In connection with the registered direct offering, the Company also incurred $393,837 in share issue costs. These amounts were recorded as a reduction to share capital. The proceeds of the registered direct offering were allocated $10,467,776 to share capital and $2,371,174 to warrants. Share issue costs of $40,990 was recorded for fees paid related to the Short Form Base Shelf Prospectus file subsequent to year-end on February 25, 2021. On August 6, 2020, the Company closed a non-brokered private placement by the issuance of 3,100,000 units at a price of $0.65 per unit for gross proceeds of $2,015,000. Each unit consists of one common share and one non-transferable common share purchase warrant. Each whole warrant allows the holder to purchase one common share of the Company at a price of $0.90 per share until August 6, 2023. Share issue costs included a finder’s fee of $52,341 in cash. In connection with the private placement, the Company also incurred $108,674 in share issue costs. These amounts were recorded as a reduction to share capital. The proceeds of the private placement were allocated entirely to share capital. On March 27, 2020, the Company closed a non-brokered private placement by the issuance of 5,509,658 0.37 2,038,573 1 1 1 0.50 42,349 (c) Warrants The continuity of warrants for the years ended December 31, 2021, 2020 and 2019 are as follows: Schedule of Continuity of Warrants Exercise December 31, Issued Exercised Expired December 31, June 7, 2022 $ 1.35 4,720,000 - - - 4,720,000 March 27, 2023 $ 0.50 5,489,658 - - - 5,489,658 August 6, 2023 $ 0.90 3,100,000 - - - 3,100,000 March 18, 2024 USD$ 0.80 - 7,923,077 - - 7,923,077 March 18, 2024 USD$ 0.80 - 435,769 435,769 May 14, 2024 $ 1.50 500,000 - - - 500,000 Warrants outstanding and exercisable 13,809,658 8,358,846 - - 22,168,504 Weighted average exercise price $ 0.92 $ 1.00 - - $ 0.95 The weighted average remaining life of warrants outstanding at December 31, 2021 was 1.51 2.08 Exercise December 31, December 31, June 1, 2020 $ 2.45 4,928,900 - - (4,928,900 ) - June 7, 2020 $ 1.35 192,450 - - (192,450 ) - June 7, 2022 $ 1.35 4,720,000 - - - 4,720,000 March 27, 2023 $ 0.50 - 5,509,658 (20,000 ) - 5,489,658 August 6, 2023 $ 0.90 - 3,100,000 - - 3,100,000 May 14, 2024 $ 1.50 500,000 - - - 500,000 Warrants outstanding and exercisable 10,341,350 8,609,658 (20,000 ) (5,121,350 ) 13,809,658 Weighted average exercise price $ 1.88 $ 0.64 $ 0.50 $ 2.41 $ 0.92 The weighted average remaining life of warrants outstanding at December 31, 2020 was 2.08 1.53 Exercise December 31, Issued Exercised Expired December 31, June 1, 2019 $ 2.00 295,734 - - (295,734 ) - August 7, 2019 $ 2.00 1,259,704 - - (1,259,704 ) - August 7, 2019 $ 1.35 10,411 - - (10,411 ) - June 1, 2020 $ 2.45 4,928,900 - - - 4,928,900 June 7, 2020 $ 1.35 192,450 - - - 192,450 June 7, 2022 $ 1.35 4,720,000 - - - 4,720,000 May 14, 2024 $ 1.50 - 500,000 - - 500,000 Warrants outstanding and exercisable 11,407,199 500,000 - (1,565,849 ) 10,341,350 Weighted average exercise price $ 1.91 $ 1.50 - $ 2.00 $ 1.88 The weighted average remaining life of warrants outstanding at December 31, 2019 was 1.53 2.14 The weighted average fair value of finders’ warrants granted during the years ended December 31, 2021, 2020 and 2019 calculated using the Black-Scholes option-pricing model at the issue dates, are as follows: Weighted average assumptions used Schedule of - Warrant Fair Value Assumptions Number of warrants Date of issue Fair value per share Risk free interest rate Expected life (in years) Expected volatility Expected dividends 435,769 March 18, 2021 $ 0.30 0.53 % 3 72.42 % $Nil 500,000 May 14, 2019 $ 0.10 1.54 % 5 44.25 % $Nil (d) Share purchase option compensation plan The Company’s stock option plan permits the issuance of options up to a maximum of 10 2 1,732,141 The maximum term of all options is five years. The Board of Directors determines the term of the option (to a maximum of five years) and the time during which any option may vest. Options granted to consultants or persons providing investor relations services shall vest in stages with no more than 25 The Company’s stock option plan permits the option holder to exercise cashless by surrendering a portion of the underlying option shares to pay for the exercise price and the corresponding withholding taxes, if applicable. The continuity of stock options for the years ended December 31, 2021, 2020 and 2019 are as follows: Schedule of Share options Expiry date Exercise price December 31, 2020 Granted Exercised Expired December 31, 2021 February 7, 2021 $ 1.11 300,000 - - (300,000 ) - February 7, 2021 $ 0.84 425,000 - (375,000 ) (50,000 ) - March 29, 2021 $ 1.08 400,000 - - (400,000 ) - March 29, 2021 $ 0.90 100,000 - - (100,000 ) - May 6, 2021 $ 0.69 557,000 - (275,000 ) (282,000 ) - July 7, 2021 $ 0.80 1,612,000 - (75,000 ) (1,537,000 ) - August 13, 2021 $ 1.01 150,000 - - (150,000 ) - September 16, 2021 $ 0.90 1,155,000 - - (1,155,000 ) - December 12, 2021 $ 1.00 200,000 - - (200,000 ) - March 4, 2022 $ 0.47 1,125,000 - - - 1,125,000 April 30, 2022 $ 0.41 100,000 - - - 100,000 April 30, 2022 $ 0.58 220,000 - - - 220,000 May 31, 2022 $ 0.62 700,000 - - (100,000 ) 600,000 June 9, 2022 $ 0.64 2,180,000 - - (200,000 ) 1,980,000 October 3, 2022 $ 1.13 1,346,000 - - (486,000 ) 860,000 December 15, 2022 $ 0.89 972,000 - - (72,000 ) 900,000 February 9, 2023 $ 0.97 - 450,000 - (100,000 ) 350,000 March 3, 2023 $ 0.96 - 325,000 - (75,000 ) 250,000 March 31, 2023 $ 0.68 - 1,975,000 - - 1,975,000 May 8, 2023 $ 0.69 - 100,000 - - 100,000 May 28, 2023 $ 0.65 - 100,000 - - 100,000 July 8, 2023 $ 0.62 - 2,470,000 - - 2,470,000 September 18, 2023 $ 0.51 - 960,000 - - 960,000 Options outstanding and exercisable 11,542,000 6,380,000 (725,000 ) (5,207,000 ) 11,990,000 Weighted average exercise price $ 0.80 $ 0.67 $ 0.78 $ 0.90 $ 0.68 The weighted average remaining life of stock options outstanding at December 31, 2021 was 0.98 1.08 Expiry date Exercise price December 31, 2019 Granted Exercised Expired December 31, 2020 April 10, 2020 $ 1.03 90,000 - - (90,000 ) - April 30, 2020 $ 1.53 500,000 - - (500,000 ) - April 30, 2020 $ 1.14 100,000 - - (100,000 ) - April 30, 2020 $ 1.04 100,000 - - (100,000 ) - June 8, 2020 $ 0.98 2,180,000 - - (2,180,000 ) - September 30, 2020 $ 1.25 1,095,000 - (25,000 ) (1,070,000 ) - September 30, 2020 $ 0.83 106,000 - (106,000 )(i) - - September 30, 2020 $ 0.79 170,000 - (150,000 )(i) (20,000 ) - December 13, 2020 $ 0.86 762,000 - (635,000 )(i) (127,000 ) - February 7, 2021 $ 1.11 300,000 - - - 300,000 February 7, 2021 $ 0.84 425,000 - - - 425,000 March 29, 2021 $ 1.08 400,000 - - - 400,000 March 29, 2021 $ 0.90 100,000 - - - 100,000 May 6, 2021 $ 0.69 557,000 - - - 557,000 July 7, 2021 $ 0.80 1,612,000 - - - 1,612,000 August 13, 2021 $ 1.01 150,000 - - - 150,000 September 16, 2021 $ 0.90 1,160,000 - - (5,000 ) 1,155,000 December 12, 2021 $ 1.00 200,000 - - - 200,000 March 4, 2022 $ 0.47 - 1,130,000 (5,000 ) - 1,125,000 April 30, 2022 $ 0.41 - 115,000 (15,000 ) - 100,000 April 30, 2022 $ 0.58 - 220,000 - - 220,000 May 31, 2022 $ 0.62 - 700,000 - - 700,000 June 9, 2022 $ 0.64 - 2,180,000 - - 2,180,000 October 3, 2022 $ 1.13 - 1,346,000 - - 1,346,000 December 15, 2022 $ 0.89 - 972,000 - - 972,000 Options outstanding and exercisable 10,007,000 6,663,000 (936,000 ) (4,192,000 ) 11,542,000 Weighted averageexercise price $ 0.97 $ 0.74 $ 0.85 $ 1.12 $ 0.80 (i) In accordance with the Company’s stock option plan, options holders exercised 100,000 68,000 580,000 0.79 0.83 0.86 105,877 The weighted average remaining life of stock options outstanding at December 31, 2020 was 1.08 1.02 Expiry date Exercise price December 31, 2018 Granted Exercised Expired December 31, 2019 January 2, 2019 $ 1.04 375,000 - - (375,000 ) - March 17, 2019 $ 1.35 207,000 - - (207,000 ) - May 4, 2019 $ 1.99 175,000 - - (175,000 ) - May 19, 2019 $ 1.84 75,000 - - (75,000 ) - June 12, 2019 $ 1.89 75,000 - - (75,000 ) - July 2, 2019 $ 1.32 150,000 - - (150,000 ) - July 2, 2019 $ 1.19 60,000 - - (60,000 ) - July 2, 2019 $ 1.34 1,427,000 - - (1,427,000 ) - September 19, 2019 $ 1.40 1,160,000 - - (1,160,000 ) - April 10, 2020 $ 1.03 90,000 - - - 90,000 April 30, 2020 $ 1.53 500,000 - - - 500,000 April 30, 2020 $ 1.14 100,000 - - - 100,000 April 30, 2020 $ 1.04 100,000 - - - 100,000 June 8, 2020 $ 0.98 2,180,000 - - - 2,180,000 September 30, 2020 $ 1.25 1,095,000 - - - 1,095,000 September 30, 2020 $ 0.83 106,000 - - - 106,000 September 30, 2020 $ 0.79 170,000 - - - 170,000 December 13, 2020 $ 0.86 762,000 - - - 762,000 February 7, 2021 $ 1.11 300,000 - - - 300,000 February 7, 2021 $ 0.84 - 425,000 - - 425,000 March 29, 2021 $ 1.08 400,000 - - - 400,000 March 29, 2021 $ 0.90 - 100,000 - - 100,000 May 6, 2021 $ 0.69 - 557,000 - - 557,000 July 7, 2021 $ 0.80 - 1,612,000 - - 1,612,000 August 13, 2021 $ 1.01 - 150,000 - - 150,000 September 16, 2021 $ 0.90 - 1,160,000 - - 1,160,000 December 12, 2021 $ 1.00 200,000 - - - 200,000 Options outstanding and exercisable 9,707,000 4,004,000 - (3,704,000 ) 10,007,000 Weighted average exercise price $ 1.19 $ 0.83 - $ 1.38 $ 0.97 The weighted average remaining life of stock options outstanding at December 31, 2019 was 1.02 1.24 The fair value of options granted during the years ended December 31, 2021, 2020 and 2019, calculated using the Black-Scholes option-pricing model at grant date, are as follows: Schedule of Share Option Fair Value Assumptions Number of options Date of grant Fair value per share Risk free interest rate Expected life (in years) Expected volatility Expected dividends 960,000 September 17, 2021 $ 0.23 0.45 % 2 82.96 % $Nil 2,470,000 July 8, 2021 $ 0.25 0.45 % 2 84.98 % $Nil 100,000 May 28, 2021 $ 0.30 0.32 % 2 86.03 % $Nil 100,000 May 7, 2021 $ 0.30 0.33 % 2 86.33 % $Nil 1,975,000 March 31, 2021 $ 0.31 0.22 % 2 85.85 % $Nil 325,000 March 2, 2021 $ 0.43 0.26 % 2 85.48 % $Nil 450,000 February 9, 2021 $ 0.49 0.19 % 2 84.04 % $Nil 972,000 December 15, 2020 $ 0.35 0.25 % 2 76.39 % $Nil 1,346,000 October 1, 2020 $ 0.35 0.24 % 2 65.81 % $Nil 2,180,000 June 9, 2020 $ 0.25 0.28 % 2 62.07 % $Nil 700,000 May 1, 2020 $ 0.20 0.30 % 2 61.30 % $Nil 220,000 April 29, 2020 $ 0.22 0.32 % 2 61.31 % $Nil 115,000 April 13, 2020 $ 0.12 0.33 % 2 60.60 % $Nil 1,130,000 March 4, 2020 $ 0.20 0.92 % 2 55.66 % $Nil 1,160,000 September 16, 2019 $ 0.29 1.60 % 2 50.73 % $Nil 150,000 August 13, 2019 $ 0.28 1.35 % 2 50.20 % $Nil 1,612,000 July 4, 2019 $ 0.19 1.58 % 2 45.82 % $Nil 557,000 May 6, 2019 $ 0.17 1.59 % 2 45.42 % $Nil 100,000 March 1, 2019 $ 0.22 1.68 % 2 50.79 % $Nil 425,000 January 3, 2019 $ 0.31 1.91 % 2 50.28 % $Nil Total share-based payments expenses as a result of options granted and vested during the year ended December 31, 2021 was $ 1,870,800 1,784,500 933,120 |
Related party transactions and
Related party transactions and balances | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions and balances | 11. Related party transactions and balances (a) Compensation of key management personnel Key management includes members of the Board, the Chairman, the President and Chief Executive Officer, the Chief Financial Officer, the Executive Vice President, the Vice President Operations & Projects, and the Vice President, Project Development. The net aggregate compensation paid or payable to key management for services after recovery from Azucar Minerals Ltd. (Azucar) and Almadex Minerals Ltd. (Note 11 (b)) is as follows: Schedule of Related Party Payments December 31, December 31, December 31, 2021 2020 2019 Professional fees $ 60,000 $ 65,000 $ 276,491 Salaries and benefits (1) 450,522 101,200 404,800 Share-based payments 1,551,850 1,471,300 768,020 Directors’ fees 102,500 70,000 70,000 Total $ 2,164,872 $ 1,707,500 $ 1,519,311 (1) Effective May 1, 2019, the Chairman has deferred payment of his salary of $ 8,000 256,000 160,000 64,000 (b) Administrative Services Agreements The Company recovers a portion of rent, office and license expenses from Azucar pursuant to an Administrative Services Agreement dated May 15, 2015 and First Amending Agreement dated December 16, 2015 between the Company and Azucar. The Company also recovers a portion of rent, office and license expenses from Almadex pursuant to an Administrative Services Agreement dated March 29, 2018 between the Company and Almadex. During the year ended December 31, 2021, the Company received $ 412,812 935,872 639,320 969,532 468,227 320,093 At December 31, 2021, included in accounts receivable is $ 15,063 81,623 69,298 40,678 Under the Administrative Services Agreements, the Company is the sole and exclusive manager of Azucar and Almadex that provides general management services, office space, executive personnel, human resources, geological technical support, accounting and financial services at cost with no mark-up or additional direct charge. The three companies are considered related parties though common directors and officers. (c) Other related party transactions At December 31, 2021, the Company accrued $ 72,130 37,689 During the year ended December 31, 2021, the Company employed the Chairman’s daughter for a salary of $ 41,300 41,300 41,300 |
Net loss per share
Net loss per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Net loss per share | 12. Net loss per share Basic and diluted net loss per share The calculation of basic net loss per share for the year ended December 31, 2021 was based on the loss attributable to common shareholders of $ 2,668,254 3,129,368 3,763,075 133,842,894 117,264,220 111,726,719 The calculation of diluted net loss per share for the year ended December 31, 2021, 2020 and 2019 did not include the effect of stock options and warrants, as they were considered to be anti-dilutive. |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information | |
Supplemental cash flow information | 13. Supplemental cash flow information Supplemental information regarding non-cash transactions is as follows: Schedule of Cash Flow Information Investing and financing activities December 31, 2021 December 31, December 31, Exploration and evaluation assets expenditures included in trade and other payables $ 89,203 $ 48,038 $ 166,154 Right-of-use assets (508,799 ) - (394,654 ) Gold in trust - - (2,790,858 ) Gold loan payable - - 2,412,534 Derivative financial liabilities - - 378,324 Warrant liability 2,371,174 - - Fair value of finders’ warrants 130,731 - - Lease liabilities 508,799 - 394,654 Fair value of cash stock options transferred to share capital on exercise of options 177,250 51,980 - Fair value of cashless stock options transferred to share capital on exercise of options - 178,480 - Supplemental information regarding the split between cash and cash equivalents is as follows: Schedule of supplemental information of cash and cash equivalents December 31, 2021 December 31, 2020 Cash $ 2,133,076 $ 1,234,698 Term Deposits 8,037,300 1,300,000 Total cash and cash equivalents $ 10,170,376 $ 2,534,698 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Income Taxes | 14. Income Taxes (a) The provision for income taxes differs from the amounts computed by applying the Canadian statutory rates to the net loss before income taxes due to the following: Schedule of Deferred Income Taxes December 31, 2021 December 31, 2020 December 31, 2019 Loss before income taxes $ (2,354,113 ) $ (3,129,368 ) $ (3,763,075 ) Statutory rate 27.00 % 27.00 % 27.00 % Expected income tax (635,611 ) (844,929 ) (1,016,030 ) Effect of different tax rates in foreign jurisdictions 5,281 27,574 (23,478 ) Non-deductible share-based payments 505,116 481,815 251,942 Other permanent items (620,413 ) 1,937 10,121 Change in deferred tax assets not recognized 733,447 300,505 50,106 Share issuance costs (331,660 ) (80,711 ) (2,638 ) True-ups and other 657,981 113,809 729,977 Deferred income tax (recovery) expense $ 314,141 $ - $ - (b) The Company’s deferred income tax liability relates to the Mexican income tax and Special Mining Duty (“SMD”) associated with the Tuligtic project. The significant components of deferred income tax assets (liabilities) are as follows: Schedule of Deferred Tax Assets and Liabilities December 31, 2021 December 31, 2020 Deferred tax assets Non-capital losses $ 3,818,755 $ 4,132,896 Deferred tax liabilities Exploration and evaluation assets (5,567,776 ) (5,567,778 ) Net deferred tax liabilities $ (1,749,021 ) $ (1,434,882 ) (c) Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following: Schedule of Deductible Temporary Differences December 31, 2021 December 31, 2020 Non-capital loss carry forwards $ 23,308,252 $ 21,385,090 Capital loss carry forwards 24,538,993 24,538,993 Exploration and evaluation assets 8,188,922 8,188,922 Share issue costs 1,293,588 807,644 Property, plant and equipment 372,155 - Donations 32,960 32,960 Investment tax credit 223,873 239,849 $ 57,958,743 $ 55,193,458 At December 31, 2021, the Company had operating loss carry forwards available for tax purposes in Canada of $ 23,308,252 23,680,582 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments | 15. Financial instruments The fair values of the Company’s cash and cash equivalents, accounts receivable and trade and other payables approximate their carrying values because of the short-term nature of these instruments. Except for warrant liability and derivative financial liabilities, the Company does not carry any financial instruments at FVTPL. The Company is exposed to certain financial risks, including currency risk, credit risk, liquidity risk, interest rate risk and commodity and equity price risk. (a) Currency risk The Company’s property interests in Mexico make it subject to foreign currency fluctuations and inflationary pressures which may adversely affect the Company’s financial position, results of operations and cash flows. The Company is affected by changes in exchange rates between the Canadian dollar, the US dollar and the Mexican peso. The Company does not invest in foreign currency contracts to mitigate the risks. As at December 31, 2021, the Company is exposed to foreign exchange risk through the following monetary assets and liabilities denominated in currencies other than the functional currency of the applicable subsidiary: Schedule of Assets and Liabilities All amounts in Canadian dollars US dollar Mexican peso Cash and cash equivalents $ 5,805,604 $ 330,983 Accounts receivable and prepaid expenses 5,933 51 Gold in trust 915,995 - Total assets $ 6,727,532 $ 331,034 Trade and other payables $ 5,827 $ 88,947 Gold loan payable 3,227,545 - Derivatives financial liabilities 391,620 - Total liabilities $ 3,624,992 $ 88,947 Net assets $ 3,102,540 $ 242,087 A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company’s net loss by $ 310,000 A 10% change in the Mexican peso relative to the Canadian dollar would change the Company’s net loss by $ 24,000 (b) Credit risk The Company’s cash and cash equivalents are held in large financial institutions, located in both Canada and Mexico. Cash equivalents mature at less than ninety days during the twelve months following the statement of financial position date. The Company’s accounts receivable consist of amounts due from related parties which were subsequently collected. To mitigate exposure to credit risk on cash and cash equivalents, the Company has established policies to limit the concentration of credit risk with any given banking institution where the funds are held, to ensure counterparties demonstrate minimum acceptable credit risk worthiness and ensure liquidity of available funds. As at December 31, 2021, the Company’s maximum exposure to credit risk is the carrying value of its cash and cash equivalents, and accounts receivable. (c) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure. Trade and other payables are due within twelve months of the statement of financial position date. (d) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to varying interest rates on cash and cash equivalents. The Company has no debt bearing variable interest rate. A 1% change in the interest rate would change the Company’s net loss by $ 102,000 (e) Commodity and equity price risk The ability of the Company to explore its exploration and evaluation assets and the future profitability of the Company are directly related to the market price of gold and other precious metals. The Company monitors gold prices to determine the appropriate course of action to be taken by the Company. Equity price risk is defined as the potential adverse impact on the Company’s performance due to movements in individual equity prices or general movements in the level of the stock market. (f) Classification of financial instruments IFRS 13 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. Schedule of Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Total $ $ $ $ Derivative financial liabilities - 391,620 - 391,620 Warrant liability - 623,290 - 623,290 |
Management of capital
Management of capital | 12 Months Ended |
Dec. 31, 2021 | |
Management Of Capital | |
Management of capital | 16. Management of capital The Company considers its capital to consist of components of equity. The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration of its exploration and evaluation assets and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. 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. To maintain or adjust the capital structure, the Company may attempt to issue new shares and, acquire or dispose of assets. In order to maximize ongoing exploration efforts, the Company does not pay out dividends. The Company’s investment policy is to invest its short-term excess cash in highly liquid short-term interest-bearing investments with short term maturities, selected with regards to the expected timing of expenditures from continuing operations. The Company expects its current capital resources will be sufficient to carry its exploration plans and operations for the foreseeable future. There were no changes to the Company’s approach to the management of capital during the period. |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Segmented information | 17. Segmented information The Company operates in one reportable operating segment, being the acquisition and exploration of mineral resource properties. The Company’s non-current assets are located in the following geographic locations: Schedule of Non-current Assets December 31, 2021 December 31, 2020 Canada $ 587,684 $ 205,898 United States 13,968,566 13,968,566 Mexico 61,434,031 58,608,820 $ 75,990,281 $ 72,783,284 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | 18. Subsequent events On February 17, 2022, the Company announced that the Supreme Court of Justice of Mexico (SCJN) reached a decision in respect of the mineral title lawsuit involving the Company’s minerals claims. The draft decision determines that the Mexican mineral title law is constitutional, but that before issuing Almaden’s mineral titles, the Ministry of the Economy should have provided for a consultation procedure with relevant indigenous communities. The draft orders the Ministry of the Economy to declare Almaden’s mineral titles ineffective and to re-issue them following the Ministry’s compliance with its obligation to carry out the necessary procedures to consult with indigenous communities. The final decision of the SCJN may be modified and differ from the draft described above. The decision will take effect at the time of official notification of the decision to the Company which is expected in April 2022. On March 7, 2022, the Company granted employees, consultants, officers and directors an aggregate of 1,125,000 0.38 |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Basis of consolidation | ( a) Basis of consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Schedule of Consolidated Financial Statement Jurisdiction Nature of operations Puebla Holdings Inc. Canada Holding company Minera Gorrion, S.A. de C.V. Mexico Exploration company Molinos de Puebla, S.A. de C.V. Mexico Holding company Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing these consolidated financial statements. |
Foreign currencies | ( b) Foreign currencies Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the transaction dates. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. |
Financial instruments | (c) Financial instruments A financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification. The Company's financial assets consist primarily of cash and cash equivalents, and accounts receivable and are classified at amortized cost. Financial liabilities comprise the Company’s trade and other payables. Financial liabilities are initially recognized on the date they are originated and are derecognized when the contractual obligations are discharged or cancelled or expire. Trade and other payables and lease obligations are recognized initially at fair value and subsequent are measured at amortized costs using the effective interest method, when materially different from the initial amount. Derivative financial liabilities are classified as FVTPL. Fair value is determined based on the present value of future cash flow, discounted at the market rate of interest. (i) Impairment of financial assets An ‘expected credit loss’ (ECL) model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. The Company's financial assets measured at amortized cost and subject to the ECL model include cash and cash equivalents, and accounts receivable. (ii) Embedded derivatives Derivatives may be embedded in other financial instruments (the “host instrument”). Embedded derivatives are treated as separate derivatives when their economic characteristics and risks are not clearly and closely related to those of the host instrument, the terms of the embedded derivative are the same as those of a stand-alone derivative, and the combined contract is not held for trading or designated at fair value. These embedded derivatives are measured at fair value with subsequent changes recognized in profit or loss. The Company issues warrants exercisable in a currency other than the Company’s functional currency and as a result, the warrants are derivative financial instruments. Derivative financial instruments are initially recognized at fair value and subsequently measured at fair value with changes in fair value recognized in profit or loss. Transaction costs are recognized in profit or loss as incurred. |
Cash and cash equivalents | (d) Cash and cash equivalents Cash equivalents include term deposits and money market instruments which are readily convertible into cash or have maturities at the date of purchase of less than ninety days. |
Property, plant and equipment | (e) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, and are depreciated annually on a declining-balance basis if available-for-use at the following rates: Schedule of Property, Plant and Equipment Furniture, fixtures and other 20 Computer hardware and software 30 Geological library 20 Field equipment 20 Mill equipment Straight line over mine life (11 years) |
Exploration and evaluation assets | (f) Exploration and evaluation assets The Company is in the exploration stage with respect to its investment in exploration and evaluation assets and, accordingly, follows the practice of capitalizing all costs relating to the acquisition of, exploration for and development of mineral claims to which the Company has rights and crediting all proceeds received from farm-out arrangements or recovery of costs against the cost of the related claims. Acquisition costs include, but are not exclusive to land surface rights acquired. Deferred exploration costs include, but are not exclusive to geological, geophysical studies, annual mining taxes, exploratory drilling and sampling. At such time as commercial production commences, these costs will be charged to profit or loss on a unit-of-production method based on proven and probable reserves. The aggregate costs related to abandoned mineral claims are charged to profit or loss at the time of any abandonment or when it has been determined that there is evidence of an impairment. The Company considers the following facts and circumstances in determining if it should test exploration and evaluation assets for impairment: (i) the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; (ii) substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; (iii) exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and (iv) sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation assets is unlikely to be recovered in full from successful development or by sale. An impairment charge may be reversed but only to the extent that this does not exceed the original carrying value of the property that would have resulted if no impairment had been recognized. General exploration costs in areas of interest in which the Company has not secured rights are expensed as incurred. The recoverability of amounts shown for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain financing to complete development of the properties, and on future production or proceeds of disposition. The Company recognizes in profit or loss costs recovered on exploration and evaluation assets when amounts received or receivable are in excess of the carrying amount. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to development asset within property, plant and equipment. All capitalized exploration and evaluation expenditures are monitored for indications of impairment. Where a potential impairment is indicated, assessments are performed for each area of interest. To the extent that exploration expenditure is not expected to be recovered, it is charged to profit or loss. Exploration areas where reserves have been discovered, but require major capital expenditure before production can begin, are continually evaluated to ensure that commercial quantities of reserves exist or to ensure that additional exploration work is underway as planned. |
Impairment of property, plant and equipment | (g) Impairment of property, plant and equipment Property, plant and equipment are reviewed for impairment at least annually, or if there is any indication that the carrying amount may not be recoverable. If any such indication is present, the recoverable amount of the asset is estimated in order to determine whether impairment exists. Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs. An asset’s recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount by way of recording an impairment charge to profit or loss. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount but only to the extent that this does not exceed the carrying value that would have been determined if no impairment had previously been recognized. |
Income taxes | (h) Income taxes Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. |
Share-based payments | (i) Share-based payments The Company’s stock option plan allows Company employees, directors, officers and consultants to acquire shares of the Company. The fair value of options granted is recognized as share-based payment expense with a corresponding increase in equity reserves. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. Fair value is measured at grant date, and each tranche is recognized using the graded vesting method over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option-pricing model, taking into account the terms and conditions upon which the options were granted. At each financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of stock options that are expected to vest. In situations where equity instruments are issued to consultants 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 goods or services received. |
Share capital | (j) Share capital Proceeds from the exercise of stock options and warrants are recorded as share capital in the amount for which the option or warrant enabled the holder to purchase a share in the Company, in addition to the proportionate amount of reserves originally created at the issuance of the stock options or warrants. Share capital issued for non-monetary consideration is valued at the closing market price at the date of issuance. The proceeds from the issuance of units are allocated between common shares and common share purchase warrants based on the residual value method. Under this method, the proceeds are allocated to common shares based on the fair value of a common share at the announcement date of the unit offering and any residual remaining is allocated to common share purchase warrants. Certain of the Company’s warrants are exercisable in a currency other than the functional currency of the Company. As a result, the fair value allocated to the warrant is recorded as a derivative financial liability with residual value being attributed to the equity unit. The fair value of the warrant is determined using the Black-Scholes Option Pricing Model and is marked to market at the end of each period. Upon exercise of the warrant, the fair value of the warrant at the date of exercise is transferred to share capital. |
Reclamation and closure cost obligations | (k) Reclamation and closure cost obligations Decommissioning and restoration provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation and discount rates. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows discounted for the market discount rate. Over time, the discounted liability is increased for the changes in the present value based on the current market discount rates and liability risks. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount receivable can be measured reliably. When the Company enters into an option agreement on its exploration and evaluations assets, as part of the option agreement, responsibility for any reclamation and remediation becomes the responsibility of the optionee. |
Net loss per share | (l) Net loss per share The Company presents the basic and diluted net loss per share data for its common shares, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted net loss per share is determined by adjusting the net loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares (Note 12). |
Leases | (m) Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement exists, and if the Company has the right to direct the use of the asset. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. As a lessee, the Company recognizes a right-of-use asset and a lease liability at the commencement date of a lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, the incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: · fixed payments, including in-substance fixed payments, less any lease incentives receivable; · variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; · amounts expected to be payable under a residual value guarantee; · exercise prices of purchase options if the Company is reasonably certain to exercise that option; and · payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in the estimate or assessment of the expected amount payable under a residual value guarantee, purchase, extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to profit or loss. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to profit or loss on a straight-line basis over the lease term. |
Standards issued or amended but not yet effective | (n) Standards issued or amended but not yet effective The Company has not applied the following revised IFRS that has been issued but was not yet effective at December 31, 2021. This accounting standard is not currently expected to have a significant effect on the Company’s accounting policies or financial statements. IAS 16, Property, Plant and Equipment - Proceeds before Intended Use |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies | |
Schedule of Consolidated Financial Statement | Schedule of Consolidated Financial Statement Jurisdiction Nature of operations Puebla Holdings Inc. Canada Holding company Minera Gorrion, S.A. de C.V. Mexico Exploration company Molinos de Puebla, S.A. de C.V. Mexico Holding company |
Schedule of Property, Plant and Equipment | Schedule of Property, Plant and Equipment Furniture, fixtures and other 20 Computer hardware and software 30 Geological library 20 Field equipment 20 Mill equipment Straight line over mine life (11 years) |
Accounts receivable and prepa_2
Accounts receivable and prepaid expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable And Prepaid Expenses | |
Schedule of Accounts Receivable and Prepaid Expenses | Schedule of Accounts Receivable and Prepaid Expenses December 31, December 31, 2021 2020 Accounts receivable (Note 11(b)) $ 92,005 $ 122,967 Prepaid expenses 63,633 52,041 Total accounts receivable and prepaid expenses $ 155,638 $ 175,008 |
Right-of-use assets and lease_2
Right-of-use assets and lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Right-of-use Assets And Lease Liabilities | |
Schedule of Continuity of Lease Liabilities | Schedule of Continuity of Lease Liabilities December 31, 2021 December 31, Opening balance $ 170,731 $ 292,679 Modification by extending the lease term 508,799 - Less: lease payments (144,253 ) (143,428 ) Interest expense 13,330 21,480 548,607 170,731 Less: current portion of lease liabilities (82,677 ) (134,950 ) Long-term portion of lease liabilities $ 465,930 $ 35,781 |
Schedule of Right of Use Assets | Schedule of Right of Use Assets December 31, 2021 December 31, Opening balance $ 151,790 $ 273,222 Modification by extending the lease term 508,799 - Less: amortization of ROU assets (121,479 ) (121,432 ) $ 539,110 $ 151,790 |
Schedule of Remaining Payments For Operating Lease | Schedule of Remaining Payments For Operating Lease 2022 2023 2024 2025 2026 Total Office lease $ 171,759 $ 167,374 $ 170,672 $ 173,970 $ 177,268 $ 861,043 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Schedule of Property, Plant and Equipment Furniture and fixtures and other Computer hardware Computer software Geological library Field equipment Mill equipment Total $ $ $ $ $ $ $ Cost December 31, 2020 158,219 256,873 198,607 51,760 245,647 13,968,566 14,879,672 Additions/reduction (1) - 10,131 374 - - - 10,505 December 31, 2021 158,219 267,004 198,981 51,760 245,647 13,968,566 14,890,177 Accumulated depreciation December 31, 2020 147,662 238,060 185,130 50,534 232,621 - 854,007 Depreciation 3,728 5,983 4,076 245 2,606 - 16,638 December 31, 2021 151,390 244,043 189,206 50,779 235,227 - 870,645 Carrying amounts December 31, 2020 10,557 18,813 13,477 1,226 13,026 13,968,566 14,025,665 December 31, 2021 6,829 22,961 9,775 981 10,420 13,968,566 14,019,532 Furniture and fixtures and other Computer hardware Computer software Geological library Field equipment Mill equipment Total $ $ $ $ $ $ $ Cost December 31, 2019 158,219 251,346 197,351 51,760 245,647 14,098,446 15,002,769 Additions/reduction (1) - 5,527 1,256 - - (129,880 ) (123,097 ) December 31, 2020 158,219 256,873 198,607 51,760 245,647 13,968,566 14,879,672 Accumulated depreciation December 31, 2019 143,541 231,597 179,713 50,228 229,364 - 834,443 Depreciation 4,121 6,463 5,417 306 3,257 - 19,564 December 31, 2020 147,662 238,060 185,130 50,534 232,621 - 854,007 Carrying amounts December 31, 2019 14,678 19,749 17,638 1,532 16,283 14,098,446 14,168,326 December 31, 2020 10,557 18,813 13,477 1,226 13,026 13,968,566 14,025,665 (1) At December 31, 2019, the Company accrued in accounts payable USD$ 250,000 324,700 250,000 150,000 50,000 |
Exploration and evaluation as_2
Exploration and evaluation assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Exploration And Evaluation Assets | |
Schedule of Exploration and Evaluation Assets | Schedule of Exploration and Evaluation Assets Tuligtic Other Property Total Exploration and evaluation assets $ $ $ Acquisition costs: Opening balance - (December 31, 2020) 10,319,510 1 10,319,511 Additions 892,246 - 892,246 Closing balance - (December 31, 2021) 11,211,756 1 11,211,757 Deferred exploration costs: Opening balance - (December 31, 2020) 48,286,318 - 48,286,318 Costs incurred during the year Drilling and related costs 178,070 - 178,070 Professional/technical fees 276,305 - 276,305 Claim maintenance/lease costs 159,942 - 159,942 Geochemical, metallurgy 22,639 - 22,639 Travel and accommodation 256,641 - 256,641 Geology, geophysics and exploration 299,960 - 299,960 Supplies and miscellaneous 196,508 - 196,508 Environmental and permit 741,436 - 741,436 Value-added tax (Note 4) 308,457 308,457 Refund - Value-added tax (506,394 ) - (506,394 ) Total deferred exploration costs during the year 1,933,564 - 1,933,564 Closing balance - (December 31, 2021) 50,219,882 - 50,219,882 Total exploration and evaluation assets 61,431,638 1 61,431,639 Tuligtic Other Property Total Exploration and evaluation assets $ $ $ Acquisition costs: Opening balance - (December 31, 2019) 9,460,274 1 9,460,275 Additions 859,236 - 859,236 Closing balance - (December 31, 2020) 10,319,510 1 10,319,511 Deferred exploration costs: Opening balance - (December 31, 2019) 47,512,735 - 47,512,735 Costs incurred during the year Professional/technical fees 137,167 - 137,167 Claim maintenance/lease costs 159,934 - 159,934 Geochemical, metallurgy 11,947 - 11,947 Technical studies 117,058 - 117,058 Travel and accommodation 125,679 - 125,679 Geology, geophysics and exploration 111,773 - 111,773 Supplies and miscellaneous 115,587 - 115,587 Environmental and permit 6,916 - 6,916 Value-added tax (Note 4) 120,964 120,964 Refund - Value-added tax (133,442 ) - (133,442 ) Total deferred exploration costs during the year 773,583 - 773,583 Closing balance - (December 31, 2020) 48,286,318 - 48,286,318 Total exploration and evaluation assets 58,605,828 1 58,605,829 |
Gold loan payable and gold in_2
Gold loan payable and gold in trust (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Gold Loan Payable And Gold In Trust | |
Schedule of Gold Loan Payable | Schedule of Gold Loan Payable December 31, 2021 December 31, Gold loan payable – opening balance $ 2,842,756 $ 2,541,338 Accrued interest expense 271,093 261,151 Accrued standby fees 8,743 9,536 Accretion expense 114,535 100,563 Foreign exchange difference (9,582 ) (69,832 ) Gold loan payable $ 3,227,545 $ 2,842,756 Derivative financial liabilities – opening balance $ 375,417 $ 430,965 Change in fair value through profit & loss 18,156 (44,049 ) Foreign exchange difference (1,953 ) (11,499 ) Derivative financial liabilities $ 391,620 $ 375,417 |
Schedule of Gold in Trust | Schedule of Gold in Trust December 31, 2021 December 31, 2020 Ounces $ Ounces $ Gold in trust, opening balance 397 955,781 797 1,576,366 Sale of gold in trust - - (400 ) (818,360 ) Gain on sale - - - 19,413 Change in fair value through profit & loss - (35,775 ) - 199,379 Foreign exchange difference - (4,011 ) - (21,017 ) 397 915,995 397 955,781 |
Warrant liability (Tables)
Warrant liability (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Warrant Liability | |
Schedule of Warrant Assumptions | Schedule of Warrant Assumptions Risk-free interest rate 0.53 % Expected life of warrants (in years) 3.00 Expected annualized volatility 72.42 % Dividend Nil Forfeiture rate 0 % |
Schedule of Derivative Financial Liability | Schedule of Derivative Financial Liability Risk-free interest rate 0.95 % Expected life of warrants (in years) 2.21 Expected annualized volatility 78.39 % Dividend Nil Forfeiture rate 0 % |
Share capital and reserves (Tab
Share capital and reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital And Reserves | |
Schedule of Continuity of Warrants | Schedule of Continuity of Warrants Exercise December 31, Issued Exercised Expired December 31, June 7, 2022 $ 1.35 4,720,000 - - - 4,720,000 March 27, 2023 $ 0.50 5,489,658 - - - 5,489,658 August 6, 2023 $ 0.90 3,100,000 - - - 3,100,000 March 18, 2024 USD$ 0.80 - 7,923,077 - - 7,923,077 March 18, 2024 USD$ 0.80 - 435,769 435,769 May 14, 2024 $ 1.50 500,000 - - - 500,000 Warrants outstanding and exercisable 13,809,658 8,358,846 - - 22,168,504 Weighted average exercise price $ 0.92 $ 1.00 - - $ 0.95 The weighted average remaining life of warrants outstanding at December 31, 2021 was 1.51 2.08 Exercise December 31, December 31, June 1, 2020 $ 2.45 4,928,900 - - (4,928,900 ) - June 7, 2020 $ 1.35 192,450 - - (192,450 ) - June 7, 2022 $ 1.35 4,720,000 - - - 4,720,000 March 27, 2023 $ 0.50 - 5,509,658 (20,000 ) - 5,489,658 August 6, 2023 $ 0.90 - 3,100,000 - - 3,100,000 May 14, 2024 $ 1.50 500,000 - - - 500,000 Warrants outstanding and exercisable 10,341,350 8,609,658 (20,000 ) (5,121,350 ) 13,809,658 Weighted average exercise price $ 1.88 $ 0.64 $ 0.50 $ 2.41 $ 0.92 The weighted average remaining life of warrants outstanding at December 31, 2020 was 2.08 1.53 Exercise December 31, Issued Exercised Expired December 31, June 1, 2019 $ 2.00 295,734 - - (295,734 ) - August 7, 2019 $ 2.00 1,259,704 - - (1,259,704 ) - August 7, 2019 $ 1.35 10,411 - - (10,411 ) - June 1, 2020 $ 2.45 4,928,900 - - - 4,928,900 June 7, 2020 $ 1.35 192,450 - - - 192,450 June 7, 2022 $ 1.35 4,720,000 - - - 4,720,000 May 14, 2024 $ 1.50 - 500,000 - - 500,000 Warrants outstanding and exercisable 11,407,199 500,000 - (1,565,849 ) 10,341,350 Weighted average exercise price $ 1.91 $ 1.50 - $ 2.00 $ 1.88 |
Schedule of - Warrant Fair Value Assumptions | Schedule of - Warrant Fair Value Assumptions Number of warrants Date of issue Fair value per share Risk free interest rate Expected life (in years) Expected volatility Expected dividends 435,769 March 18, 2021 $ 0.30 0.53 % 3 72.42 % $Nil 500,000 May 14, 2019 $ 0.10 1.54 % 5 44.25 % $Nil |
Schedule of Share options | Schedule of Share options Expiry date Exercise price December 31, 2020 Granted Exercised Expired December 31, 2021 February 7, 2021 $ 1.11 300,000 - - (300,000 ) - February 7, 2021 $ 0.84 425,000 - (375,000 ) (50,000 ) - March 29, 2021 $ 1.08 400,000 - - (400,000 ) - March 29, 2021 $ 0.90 100,000 - - (100,000 ) - May 6, 2021 $ 0.69 557,000 - (275,000 ) (282,000 ) - July 7, 2021 $ 0.80 1,612,000 - (75,000 ) (1,537,000 ) - August 13, 2021 $ 1.01 150,000 - - (150,000 ) - September 16, 2021 $ 0.90 1,155,000 - - (1,155,000 ) - December 12, 2021 $ 1.00 200,000 - - (200,000 ) - March 4, 2022 $ 0.47 1,125,000 - - - 1,125,000 April 30, 2022 $ 0.41 100,000 - - - 100,000 April 30, 2022 $ 0.58 220,000 - - - 220,000 May 31, 2022 $ 0.62 700,000 - - (100,000 ) 600,000 June 9, 2022 $ 0.64 2,180,000 - - (200,000 ) 1,980,000 October 3, 2022 $ 1.13 1,346,000 - - (486,000 ) 860,000 December 15, 2022 $ 0.89 972,000 - - (72,000 ) 900,000 February 9, 2023 $ 0.97 - 450,000 - (100,000 ) 350,000 March 3, 2023 $ 0.96 - 325,000 - (75,000 ) 250,000 March 31, 2023 $ 0.68 - 1,975,000 - - 1,975,000 May 8, 2023 $ 0.69 - 100,000 - - 100,000 May 28, 2023 $ 0.65 - 100,000 - - 100,000 July 8, 2023 $ 0.62 - 2,470,000 - - 2,470,000 September 18, 2023 $ 0.51 - 960,000 - - 960,000 Options outstanding and exercisable 11,542,000 6,380,000 (725,000 ) (5,207,000 ) 11,990,000 Weighted average exercise price $ 0.80 $ 0.67 $ 0.78 $ 0.90 $ 0.68 The weighted average remaining life of stock options outstanding at December 31, 2021 was 0.98 1.08 Expiry date Exercise price December 31, 2019 Granted Exercised Expired December 31, 2020 April 10, 2020 $ 1.03 90,000 - - (90,000 ) - April 30, 2020 $ 1.53 500,000 - - (500,000 ) - April 30, 2020 $ 1.14 100,000 - - (100,000 ) - April 30, 2020 $ 1.04 100,000 - - (100,000 ) - June 8, 2020 $ 0.98 2,180,000 - - (2,180,000 ) - September 30, 2020 $ 1.25 1,095,000 - (25,000 ) (1,070,000 ) - September 30, 2020 $ 0.83 106,000 - (106,000 )(i) - - September 30, 2020 $ 0.79 170,000 - (150,000 )(i) (20,000 ) - December 13, 2020 $ 0.86 762,000 - (635,000 )(i) (127,000 ) - February 7, 2021 $ 1.11 300,000 - - - 300,000 February 7, 2021 $ 0.84 425,000 - - - 425,000 March 29, 2021 $ 1.08 400,000 - - - 400,000 March 29, 2021 $ 0.90 100,000 - - - 100,000 May 6, 2021 $ 0.69 557,000 - - - 557,000 July 7, 2021 $ 0.80 1,612,000 - - - 1,612,000 August 13, 2021 $ 1.01 150,000 - - - 150,000 September 16, 2021 $ 0.90 1,160,000 - - (5,000 ) 1,155,000 December 12, 2021 $ 1.00 200,000 - - - 200,000 March 4, 2022 $ 0.47 - 1,130,000 (5,000 ) - 1,125,000 April 30, 2022 $ 0.41 - 115,000 (15,000 ) - 100,000 April 30, 2022 $ 0.58 - 220,000 - - 220,000 May 31, 2022 $ 0.62 - 700,000 - - 700,000 June 9, 2022 $ 0.64 - 2,180,000 - - 2,180,000 October 3, 2022 $ 1.13 - 1,346,000 - - 1,346,000 December 15, 2022 $ 0.89 - 972,000 - - 972,000 Options outstanding and exercisable 10,007,000 6,663,000 (936,000 ) (4,192,000 ) 11,542,000 Weighted averageexercise price $ 0.97 $ 0.74 $ 0.85 $ 1.12 $ 0.80 (i) In accordance with the Company’s stock option plan, options holders exercised 100,000 68,000 580,000 0.79 0.83 0.86 105,877 The weighted average remaining life of stock options outstanding at December 31, 2020 was 1.08 1.02 Expiry date Exercise price December 31, 2018 Granted Exercised Expired December 31, 2019 January 2, 2019 $ 1.04 375,000 - - (375,000 ) - March 17, 2019 $ 1.35 207,000 - - (207,000 ) - May 4, 2019 $ 1.99 175,000 - - (175,000 ) - May 19, 2019 $ 1.84 75,000 - - (75,000 ) - June 12, 2019 $ 1.89 75,000 - - (75,000 ) - July 2, 2019 $ 1.32 150,000 - - (150,000 ) - July 2, 2019 $ 1.19 60,000 - - (60,000 ) - July 2, 2019 $ 1.34 1,427,000 - - (1,427,000 ) - September 19, 2019 $ 1.40 1,160,000 - - (1,160,000 ) - April 10, 2020 $ 1.03 90,000 - - - 90,000 April 30, 2020 $ 1.53 500,000 - - - 500,000 April 30, 2020 $ 1.14 100,000 - - - 100,000 April 30, 2020 $ 1.04 100,000 - - - 100,000 June 8, 2020 $ 0.98 2,180,000 - - - 2,180,000 September 30, 2020 $ 1.25 1,095,000 - - - 1,095,000 September 30, 2020 $ 0.83 106,000 - - - 106,000 September 30, 2020 $ 0.79 170,000 - - - 170,000 December 13, 2020 $ 0.86 762,000 - - - 762,000 February 7, 2021 $ 1.11 300,000 - - - 300,000 February 7, 2021 $ 0.84 - 425,000 - - 425,000 March 29, 2021 $ 1.08 400,000 - - - 400,000 March 29, 2021 $ 0.90 - 100,000 - - 100,000 May 6, 2021 $ 0.69 - 557,000 - - 557,000 July 7, 2021 $ 0.80 - 1,612,000 - - 1,612,000 August 13, 2021 $ 1.01 - 150,000 - - 150,000 September 16, 2021 $ 0.90 - 1,160,000 - - 1,160,000 December 12, 2021 $ 1.00 200,000 - - - 200,000 Options outstanding and exercisable 9,707,000 4,004,000 - (3,704,000 ) 10,007,000 Weighted average exercise price $ 1.19 $ 0.83 - $ 1.38 $ 0.97 |
Schedule of Share Option Fair Value Assumptions | Schedule of Share Option Fair Value Assumptions Number of options Date of grant Fair value per share Risk free interest rate Expected life (in years) Expected volatility Expected dividends 960,000 September 17, 2021 $ 0.23 0.45 % 2 82.96 % $Nil 2,470,000 July 8, 2021 $ 0.25 0.45 % 2 84.98 % $Nil 100,000 May 28, 2021 $ 0.30 0.32 % 2 86.03 % $Nil 100,000 May 7, 2021 $ 0.30 0.33 % 2 86.33 % $Nil 1,975,000 March 31, 2021 $ 0.31 0.22 % 2 85.85 % $Nil 325,000 March 2, 2021 $ 0.43 0.26 % 2 85.48 % $Nil 450,000 February 9, 2021 $ 0.49 0.19 % 2 84.04 % $Nil 972,000 December 15, 2020 $ 0.35 0.25 % 2 76.39 % $Nil 1,346,000 October 1, 2020 $ 0.35 0.24 % 2 65.81 % $Nil 2,180,000 June 9, 2020 $ 0.25 0.28 % 2 62.07 % $Nil 700,000 May 1, 2020 $ 0.20 0.30 % 2 61.30 % $Nil 220,000 April 29, 2020 $ 0.22 0.32 % 2 61.31 % $Nil 115,000 April 13, 2020 $ 0.12 0.33 % 2 60.60 % $Nil 1,130,000 March 4, 2020 $ 0.20 0.92 % 2 55.66 % $Nil 1,160,000 September 16, 2019 $ 0.29 1.60 % 2 50.73 % $Nil 150,000 August 13, 2019 $ 0.28 1.35 % 2 50.20 % $Nil 1,612,000 July 4, 2019 $ 0.19 1.58 % 2 45.82 % $Nil 557,000 May 6, 2019 $ 0.17 1.59 % 2 45.42 % $Nil 100,000 March 1, 2019 $ 0.22 1.68 % 2 50.79 % $Nil 425,000 January 3, 2019 $ 0.31 1.91 % 2 50.28 % $Nil |
Related party transactions an_2
Related party transactions and balances (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Related Party Payments | Schedule of Related Party Payments December 31, December 31, December 31, 2021 2020 2019 Professional fees $ 60,000 $ 65,000 $ 276,491 Salaries and benefits (1) 450,522 101,200 404,800 Share-based payments 1,551,850 1,471,300 768,020 Directors’ fees 102,500 70,000 70,000 Total $ 2,164,872 $ 1,707,500 $ 1,519,311 (1) Effective May 1, 2019, the Chairman has deferred payment of his salary of $ 8,000 256,000 160,000 64,000 |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information | |
Schedule of Cash Flow Information | Schedule of Cash Flow Information Investing and financing activities December 31, 2021 December 31, December 31, Exploration and evaluation assets expenditures included in trade and other payables $ 89,203 $ 48,038 $ 166,154 Right-of-use assets (508,799 ) - (394,654 ) Gold in trust - - (2,790,858 ) Gold loan payable - - 2,412,534 Derivative financial liabilities - - 378,324 Warrant liability 2,371,174 - - Fair value of finders’ warrants 130,731 - - Lease liabilities 508,799 - 394,654 Fair value of cash stock options transferred to share capital on exercise of options 177,250 51,980 - Fair value of cashless stock options transferred to share capital on exercise of options - 178,480 - |
Schedule of supplemental information of cash and cash equivalents | Schedule of supplemental information of cash and cash equivalents December 31, 2021 December 31, 2020 Cash $ 2,133,076 $ 1,234,698 Term Deposits 8,037,300 1,300,000 Total cash and cash equivalents $ 10,170,376 $ 2,534,698 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Schedule of Deferred Income Taxes | Schedule of Deferred Income Taxes December 31, 2021 December 31, 2020 December 31, 2019 Loss before income taxes $ (2,354,113 ) $ (3,129,368 ) $ (3,763,075 ) Statutory rate 27.00 % 27.00 % 27.00 % Expected income tax (635,611 ) (844,929 ) (1,016,030 ) Effect of different tax rates in foreign jurisdictions 5,281 27,574 (23,478 ) Non-deductible share-based payments 505,116 481,815 251,942 Other permanent items (620,413 ) 1,937 10,121 Change in deferred tax assets not recognized 733,447 300,505 50,106 Share issuance costs (331,660 ) (80,711 ) (2,638 ) True-ups and other 657,981 113,809 729,977 Deferred income tax (recovery) expense $ 314,141 $ - $ - |
Schedule of Deferred Tax Assets and Liabilities | Schedule of Deferred Tax Assets and Liabilities December 31, 2021 December 31, 2020 Deferred tax assets Non-capital losses $ 3,818,755 $ 4,132,896 Deferred tax liabilities Exploration and evaluation assets (5,567,776 ) (5,567,778 ) Net deferred tax liabilities $ (1,749,021 ) $ (1,434,882 ) |
Schedule of Deductible Temporary Differences | Schedule of Deductible Temporary Differences December 31, 2021 December 31, 2020 Non-capital loss carry forwards $ 23,308,252 $ 21,385,090 Capital loss carry forwards 24,538,993 24,538,993 Exploration and evaluation assets 8,188,922 8,188,922 Share issue costs 1,293,588 807,644 Property, plant and equipment 372,155 - Donations 32,960 32,960 Investment tax credit 223,873 239,849 $ 57,958,743 $ 55,193,458 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Assets and Liabilities | Schedule of Assets and Liabilities All amounts in Canadian dollars US dollar Mexican peso Cash and cash equivalents $ 5,805,604 $ 330,983 Accounts receivable and prepaid expenses 5,933 51 Gold in trust 915,995 - Total assets $ 6,727,532 $ 331,034 Trade and other payables $ 5,827 $ 88,947 Gold loan payable 3,227,545 - Derivatives financial liabilities 391,620 - Total liabilities $ 3,624,992 $ 88,947 Net assets $ 3,102,540 $ 242,087 |
Schedule of Assets and Liabilities at Fair Value | Schedule of Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 Total $ $ $ $ Derivative financial liabilities - 391,620 - 391,620 Warrant liability - 623,290 - 623,290 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Schedule of Non-current Assets | Schedule of Non-current Assets December 31, 2021 December 31, 2020 Canada $ 587,684 $ 205,898 United States 13,968,566 13,968,566 Mexico 61,434,031 58,608,820 $ 75,990,281 $ 72,783,284 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Puebla Holdings Inc. [Member] | |
Reserve Quantities [Line Items] | |
Name | Puebla Holdings Inc. |
Canada [Member] | |
Reserve Quantities [Line Items] | |
Jurisdiction | Canada |
Holding Company [Member] | |
Reserve Quantities [Line Items] | |
Nature of operations | Holding company |
Minera Gorrion [Member] | |
Reserve Quantities [Line Items] | |
Name | Minera Gorrion, S.A. de C.V. |
Mexico [Member] | |
Reserve Quantities [Line Items] | |
Jurisdiction | Mexico |
Exploration Company [Member] | |
Reserve Quantities [Line Items] | |
Nature of operations | Exploration company |
Molinosde Puebla [Member] | |
Reserve Quantities [Line Items] | |
Name | Molinos de Puebla, S.A. de C.V. |
Mexico 1 [Member] | |
Reserve Quantities [Line Items] | |
Jurisdiction | Mexico |
Holding Company 1 [Member] | |
Reserve Quantities [Line Items] | |
Nature of operations | Holding company |
Significant Accounting Polici_5
Significant Accounting Policies (Details 1) | 12 Months Ended |
Dec. 31, 2021 | |
Furniture, fixtures and fittings [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | 20.00% |
Computer equipment [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | 30.00% |
Geological library [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | 20.00% |
Field equipment [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment | 20.00% |
Property, plant and equipment | Straight line over mine life (11 years) |
Accounts Receivable and Prepa_3
Accounts Receivable and Prepaid Expenses (Details) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable And Prepaid Expenses | ||
Accounts receivable (Note 11(b)) | $ 92,005 | $ 122,967 |
Prepaid expenses | 63,633 | 52,041 |
Total accounts receivable and prepaid expenses | $ 155,638 | $ 175,008 |
Accounts receivable and prepa_4
Accounts receivable and prepaid expenses (Details Narrative) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable And Prepaid Expenses | ||
Value added tax receivables | $ 308,457 | $ 120,964 |
Right-of-use Assets and Lease_3
Right-of-use Assets and Lease Liabilities (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Right-of-use Assets And Lease Liabilities | |||
Opening balance | $ 170,731 | $ 292,679 | |
Modification by extending the lease term | 508,799 | ||
Less: lease payments | (144,253) | (143,428) | |
Interest expense | 13,330 | 21,480 | $ 32,305 |
Total lease liabilities | 548,607 | 170,731 | $ 292,679 |
Less: current portion of lease liabilities | (82,677) | (134,950) | |
Long-term portion of lease liabilities | $ 465,930 | $ 35,781 |
Right-of-use Assets and Lease_4
Right-of-use Assets and Lease Liabilities (Details 1) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Right-of-use Assets And Lease Liabilities | |||
Opening balance | $ 151,790 | $ 273,222 | |
Modification by extending the lease term | 508,799 | ||
Less: amortization of ROU assets | (121,479) | (121,432) | $ (121,432) |
Right-of-use assets | $ 539,110 | $ 151,790 | $ 273,222 |
Right-of-use Assets and Lease_5
Right-of-use Assets and Lease Liabilities (Details 2) | Dec. 31, 2021CAD ($) |
IfrsStatementLineItems [Line Items] | |
2021 | $ 861,043 |
Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
2021 | 171,759 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
2021 | 167,374 |
Later than two years and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
2021 | 170,672 |
Later than three years and not later than four years [member] | |
IfrsStatementLineItems [Line Items] | |
2021 | 173,970 |
Later than four years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
2021 | $ 177,268 |
Right-of-use assets and lease_6
Right-of-use assets and lease liabilities (Details Narrative) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
IfrsStatementLineItems [Line Items] | ||||
Right-of-use assets | $ 539,110 | $ 151,790 | $ 273,222 | |
Total lease liabilities | 548,607 | 170,731 | 292,679 | |
Increase in lease liability | 508,799 | |||
Operating sublease income | 22,452 | |||
Occupancy expense | $ 40,542 | $ 45,248 | $ 39,561 | |
IFRS 16 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Right-of-use assets | $ 394,654 | |||
Total lease liabilities | $ 394,654 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) | 12 Months Ended | |||||||
Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) | Jun. 12, 2020USD ($) | Jun. 11, 2020USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | ||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | $ 14,025,665 | $ 14,168,326 | ||||||
Mill storage extension fee payable | $ 50,000 | $ 150,000 | $ 250,000 | $ 324,700 | $ 250,000 | |||
Balance | 14,019,532 | 14,025,665 | ||||||
Carrying amounts | 14,019,532 | 14,025,665 | 14,168,326 | |||||
Computer software [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 13,477 | 17,638 | ||||||
Balance | 9,775 | 13,477 | ||||||
Carrying amounts | 9,775 | 13,477 | 17,638 | |||||
Furniture, fixtures and fittings [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 10,557 | 14,678 | ||||||
Balance | 6,829 | 10,557 | ||||||
Carrying amounts | 6,829 | 10,557 | 14,678 | |||||
Computer equipment [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 18,813 | 19,749 | ||||||
Balance | 22,961 | 18,813 | ||||||
Carrying amounts | 22,961 | 18,813 | 19,749 | |||||
Geological library [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 1,226 | 1,532 | ||||||
Balance | 981 | 1,226 | ||||||
Carrying amounts | 981 | 1,226 | 1,532 | |||||
Field equipment [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 13,026 | 16,283 | ||||||
Balance | 10,420 | 13,026 | ||||||
Carrying amounts | 10,420 | 13,026 | 16,283 | |||||
Mill Equipment [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 13,968,566 | 14,098,446 | ||||||
Balance | 13,968,566 | 13,968,566 | ||||||
Carrying amounts | 13,968,566 | 13,968,566 | 14,098,446 | |||||
Gross carrying amount [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 14,879,672 | 15,002,769 | ||||||
Additions/reduction (1) | [1] | 10,505 | (123,097) | |||||
Balance | 14,890,177 | 14,879,672 | ||||||
Carrying amounts | 14,890,177 | 14,879,672 | 15,002,769 | |||||
Gross carrying amount [member] | Computer software [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 198,607 | 197,351 | ||||||
Additions/reduction (1) | [1] | 374 | 1,256 | |||||
Balance | 198,981 | 198,607 | ||||||
Carrying amounts | 198,981 | 198,607 | 197,351 | |||||
Gross carrying amount [member] | Furniture, fixtures and fittings [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 158,219 | 158,219 | ||||||
Additions/reduction (1) | [1] | |||||||
Balance | 158,219 | 158,219 | ||||||
Carrying amounts | 158,219 | 158,219 | 158,219 | |||||
Gross carrying amount [member] | Computer equipment [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 256,873 | 251,346 | ||||||
Additions/reduction (1) | [1] | 10,131 | 5,527 | |||||
Balance | 267,004 | 256,873 | ||||||
Carrying amounts | 267,004 | 256,873 | 251,346 | |||||
Gross carrying amount [member] | Geological library [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 51,760 | 51,760 | ||||||
Additions/reduction (1) | [1] | |||||||
Balance | 51,760 | 51,760 | ||||||
Carrying amounts | 51,760 | 51,760 | 51,760 | |||||
Gross carrying amount [member] | Field equipment [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 245,647 | 245,647 | ||||||
Additions/reduction (1) | [1] | |||||||
Balance | 245,647 | 245,647 | ||||||
Carrying amounts | 245,647 | 245,647 | 245,647 | |||||
Gross carrying amount [member] | Mill Equipment [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 13,968,566 | 14,098,446 | ||||||
Additions/reduction (1) | [1] | (129,880) | ||||||
Balance | 13,968,566 | 13,968,566 | ||||||
Carrying amounts | 13,968,566 | 13,968,566 | 14,098,446 | |||||
Accumulated depreciation, amortisation and impairment [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 854,007 | 834,443 | ||||||
Depreciation | 16,638 | 19,564 | ||||||
Balance | 870,645 | 854,007 | ||||||
Carrying amounts | 870,645 | 854,007 | 834,443 | |||||
Accumulated depreciation, amortisation and impairment [member] | Computer software [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 185,130 | 179,713 | ||||||
Depreciation | 4,076 | 5,417 | ||||||
Balance | 189,206 | 185,130 | ||||||
Carrying amounts | 189,206 | 185,130 | 179,713 | |||||
Accumulated depreciation, amortisation and impairment [member] | Furniture, fixtures and fittings [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 147,662 | 143,541 | ||||||
Depreciation | 3,728 | 4,121 | ||||||
Balance | 151,390 | 147,662 | ||||||
Carrying amounts | 151,390 | 147,662 | 143,541 | |||||
Accumulated depreciation, amortisation and impairment [member] | Computer equipment [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 238,060 | 231,597 | ||||||
Depreciation | 5,983 | 6,463 | ||||||
Balance | 244,043 | 238,060 | ||||||
Carrying amounts | 244,043 | 238,060 | 231,597 | |||||
Accumulated depreciation, amortisation and impairment [member] | Geological library [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 50,534 | 50,228 | ||||||
Depreciation | 245 | 306 | ||||||
Balance | 50,779 | 50,534 | ||||||
Carrying amounts | 50,779 | 50,534 | 50,228 | |||||
Accumulated depreciation, amortisation and impairment [member] | Field equipment [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | 232,621 | 229,364 | ||||||
Depreciation | 2,606 | 3,257 | ||||||
Balance | 235,227 | 232,621 | ||||||
Carrying amounts | 235,227 | 232,621 | 229,364 | |||||
Accumulated depreciation, amortisation and impairment [member] | Mill Equipment [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Balance | ||||||||
Depreciation | ||||||||
Balance | ||||||||
Carrying amounts | ||||||||
[1] | At December 31, 2019, the Company accrued in accounts payable USD$ 250,000 324,700 250,000 150,000 50,000 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Opening balance | $ 10,319,511 | $ 9,460,275 |
Additions | 892,246 | 859,236 |
Closing balance | 11,211,757 | 10,319,511 |
Opening balance | 48,286,318 | 47,512,735 |
Drilling and related costs | 178,070 | |
Professional/technical fees | 276,305 | 137,167 |
Claim maintenance/lease costs | 159,942 | 159,934 |
Geochemical, metallurgy | 22,639 | 11,947 |
Technical studies | 117,058 | |
Travel and accommodation | 256,641 | 125,679 |
Geology, geophysics and exploration | 299,960 | 111,773 |
Supplies and miscellaneous | 196,508 | 115,587 |
Environmental and permit | 741,436 | 6,916 |
Value-added tax (Note 4) | 308,457 | 120,964 |
Refund - Value-added tax | (506,394) | (133,442) |
Total deferred exploration costs during the year | 1,933,564 | 773,583 |
Balance | 50,219,882 | 48,286,318 |
Total exploration and evaluation assets | 61,431,639 | 58,605,829 |
Tuligtic [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 10,319,510 | 9,460,274 |
Additions | 892,246 | 859,236 |
Closing balance | 11,211,756 | 10,319,510 |
Opening balance | 48,286,318 | 47,512,735 |
Drilling and related costs | 178,070 | |
Professional/technical fees | 276,305 | 137,167 |
Claim maintenance/lease costs | 159,942 | 159,934 |
Geochemical, metallurgy | 22,639 | 11,947 |
Technical studies | 117,058 | |
Travel and accommodation | 256,641 | 125,679 |
Geology, geophysics and exploration | 299,960 | 111,773 |
Supplies and miscellaneous | 196,508 | 115,587 |
Environmental and permit | 741,436 | 6,916 |
Value-added tax (Note 4) | 308,457 | 120,964 |
Refund - Value-added tax | (506,394) | (133,442) |
Total deferred exploration costs during the year | 1,933,564 | 773,583 |
Balance | 50,219,882 | 48,286,318 |
Total exploration and evaluation assets | 61,431,638 | 58,605,828 |
Other property, plant and equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Opening balance | 1 | 1 |
Additions | ||
Closing balance | 1 | 1 |
Opening balance | ||
Drilling and related costs | ||
Professional/technical fees | ||
Claim maintenance/lease costs | ||
Geochemical, metallurgy | ||
Technical studies | ||
Travel and accommodation | ||
Geology, geophysics and exploration | ||
Supplies and miscellaneous | ||
Environmental and permit | ||
Refund - Value-added tax | ||
Total deferred exploration costs during the year | ||
Balance | ||
Total exploration and evaluation assets | $ 1 | $ 1 |
Exploration and evaluation as_4
Exploration and evaluation assets (Details Narrative) | 1 Months Ended | 12 Months Ended | |||||
Mar. 24, 2020USD ($)Integer | Mar. 24, 2020MXN ($)Integer | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2001 | Dec. 31, 2015Integer | |
IfrsStatementLineItems [Line Items] | |||||||
Number of Smaller Concessions | Integer | 9 | ||||||
Purchase of property, plant and equipment | $ | $ 10,505 | $ 6,783 | $ 427,597 | ||||
Nominal value of of property | $ | $ 1 | ||||||
VAT recovery | $ | 506,394 | ||||||
VAT refund from prior years | $ | $ 446,184 | ||||||
Tuligtic property in Puebla, Mexico [member | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Proportion of ownership interest in associate | 100.00% | ||||||
Ejido land [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Number of Smaller Concessions | Integer | 2 | ||||||
Tuligtic project land holdings [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Number of option agreements entered | Integer | 2 | 2 | |||||
Percent of building ownership acquired | 100.00% | 100.00% | |||||
Number of buildings purchased | Integer | 2 | 2 | |||||
Purchase of property, plant and equipment | $ 375,000 | $ 3,000,000 | |||||
Logan property located in the Yukon Territory, Canada [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Proportion of ownership interest in associate | 40.00% |
Gold Loan Payable and Gold in_3
Gold Loan Payable and Gold in Trust (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Gold loan payable | $ 2,842,756 | ||
Gold loan payable | 3,227,545 | $ 2,842,756 | |
Change in fair value through profit & loss | (18,156) | 44,049 | $ (66,631) |
Gold loan derivative instruments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Derivative financial liabilities | 375,417 | 430,965 | |
Change in fair value through profit & loss | 18,156 | (44,049) | |
Foreign exchange difference | (1,953) | (11,499) | |
Derivative financial liabilities | 391,620 | 375,417 | 430,965 |
Gold loan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gold loan payable | 2,842,756 | 2,541,338 | |
Accrued interest expense | 271,093 | 261,151 | |
Accrued standby fees | 8,743 | 9,536 | |
Accretion expense | 114,535 | 100,563 | |
Foreign exchange difference | (9,582) | (69,832) | |
Gold loan payable | $ 3,227,545 | $ 2,842,756 | $ 2,541,338 |
Gold Loan Payable and Gold in_4
Gold Loan Payable and Gold in Trust (Details 1) | 1 Months Ended | 12 Months Ended | ||
Jan. 22, 2020CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | |
IfrsStatementLineItems [Line Items] | ||||
Gold in trust, amount | $ 955,781 | |||
Sale of gold in trust, amount | $ 818,360 | $ 1,577,704 | ||
Gain on sale, amount | 19,413 | 200,932 | ||
Change in fair value through profit & loss, amount | (35,775) | 199,379 | 236,217 | |
Foreign exchange difference, amount | (4,011) | (21,017) | $ (73,937) | |
Gold in trust, amount | $ 915,995 | $ 955,781 | ||
Gold loan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Gold in trust, opening balance | 797 | 397 | 797 | |
Gold in trust, amount | $ 1,576,366 | $ 955,781 | $ 1,576,366 | |
Sale of gold in trust, ounces | (400) | (400) | ||
Sale of gold in trust, amount | $ (818,360) | $ (818,360) | ||
Gain on sale, amount | $ 19,413 | 19,413 | ||
Change in fair value through profit & loss, amount | (35,775) | 199,379 | ||
Foreign exchange difference, amount | $ (4,011) | $ (21,017) | ||
Gold in trust, ounces | 397 | 397 | 797 | |
Gold in trust, amount | $ 915,995 | $ 955,781 | $ 1,576,366 |
Gold loan payable and gold in_5
Gold loan payable and gold in trust (Details Narrative) | May 14, 2019CAD ($)$ / sharesshares | Jan. 22, 2020CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | May 14, 2019USD ($) |
IfrsStatementLineItems [Line Items] | ||||||
Borrowings, metals, noncurrent | $ 3,227,545 | $ 2,842,756 | ||||
Net gains (losses) on change in fair value of derivatives | (18,156) | 44,049 | $ (66,631) | |||
Trust assets, metals | 915,995 | 955,781 | ||||
Proceeds from sale of trust assets | (818,360) | (1,577,704) | ||||
Realized gain (loss) on sale of trust assets | 19,413 | 200,932 | ||||
Gold loan derivative instruments [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Deriviative liability, assumptions, expected life (Year) | 5 years | 2 years 3 months | ||||
Derivative liability, assumptions, risk-free interest rate | 1.57% | 1.23% | ||||
Derivative liability, assumptions, expected volatility | 11.06% | 15.63% | ||||
Net gains (losses) on change in fair value of derivatives | $ 18,156 | (44,049) | ||||
Warrants [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of warrants issued (in shares) | shares | 500,000 | |||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 1.50 | |||||
Warrants, fair value | $ 50,000 | |||||
Warrants, valuation assumptions, expected life (Year) | 5 years | |||||
Risk free interest rate, warrants granted | 1.54% | |||||
Expected dividend, warrants granted | 0.00% | |||||
Description of expected volatility warrants granted | 44.25% | |||||
Gold loan [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Loan payable, ounces, loaned to company | 1,597 | 1,597 | ||||
Borrowings, metals, noncurrent | $ 2,790,858 | $ 3,227,545 | $ 2,842,756 | $ 2,541,338 | $ 2,072,060 | |
Loan payable, extension period (Year) | 2 years | |||||
Loan payable, gold delivery payments per month, ounces | 100 | |||||
Borrowings, interest rate | 10.00% | 10.00% | ||||
Borrowings, standby fee | 1.00% | 1.00% | ||||
Loans payable, ounces of gold | 397 | 397 | 797 | |||
Trust assets, metals | $ 915,995 | $ 955,781 | $ 1,576,366 | |||
Proceeds from sale of trust assets | $ 818,360 | $ 818,360 | ||||
Sale of trust assets, ounces of gold | 400 | 400 | ||||
Realized gain (loss) on sale of trust assets | $ 19,413 | $ 19,413 |
Warrant liability (Details)
Warrant liability (Details) - Warrants [Member] | 12 Months Ended |
Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |
Risk free interest rate | 0.53% |
Expected life of warrants (in years) | 3 years |
Expected annualized volatility | 72.42% |
Forfeiture rate | 0.00% |
Warrant liability (Details 1)
Warrant liability (Details 1) - Derivative Financial Liability [Member] | 12 Months Ended |
Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |
Risk free interest rate | 0.95% |
Expected life of warrants (in years) | 2 years 2 months 15 days |
Expected annualized volatility | 78.39% |
Forfeiture rate | 0.00% |
Warrant liability (Details Narr
Warrant liability (Details Narrative) - Derivative Financial Liability [Member] | 12 Months Ended |
Dec. 31, 2021CAD ($)$ / sharesshares | |
IfrsStatementLineItems [Line Items] | |
Warrants exercisable | shares | 7,923,077 |
Warrants exercisable share price | $ / shares | $ 0.80 |
Fair value of warrants | $ 2,371,174 |
Change in fair value of derivative financial liability | $ 1,747,884 |
Share Capital and Reserves (Det
Share Capital and Reserves (Details) | 12 Months Ended | ||||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2021shares$ / shares | Dec. 13, 2020$ / shares | |
IfrsStatementLineItems [Line Items] | |||||
Balance, outstanding and exercisable | 13,809,658 | 10,341,350 | 11,407,199 | ||
Issued, outstanding and exercisable (in shares) | 8,358,846 | 8,609,658 | 500,000 | ||
Exercised, outstanding and exercisable (in shares) | (20,000) | ||||
Expired, outstanding and exercisable (in shares) | (5,121,350) | (1,565,849) | |||
Balance, oustanding and exercisable | 22,168,504 | 13,809,658 | 10,341,350 | 22,168,504 | |
Balance, weighted average exercise price | $ / shares | $ 0.92 | $ 1.88 | $ 1.91 | ||
Issued, weighted average exercise price | $ / shares | 1 | 0.64 | 1.50 | ||
Exercised, weighted average exercise price | $ / shares | 0.50 | ||||
Expired, weighted average exercise price | $ / shares | 2.41 | 2 | |||
Balance, weighted average exercise price | $ / shares | $ 0.95 | $ 0.92 | $ 1.88 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 22,168,504 | 13,809,658 | 10,341,350 | ||
Warrants expiring June 7, 2022 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise price | $ / shares | $ 1.35 | $ 1.35 | $ 1.35 | ||
Balance | 4,720,000 | 4,720,000 | 4,720,000 | ||
Issued | |||||
Exercised | |||||
Expired | |||||
Balance | 4,720,000 | 4,720,000 | 4,720,000 | ||
Warrants expiring March 27, 2023 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise price | $ / shares | $ 0.50 | 0.50 | |||
Balance | 5,489,658 | ||||
Issued | 5,509,658 | ||||
Exercised | (20,000) | ||||
Expired | |||||
Balance | 5,489,658 | 5,489,658 | |||
Warrants expiring August 6, 2023 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise price | $ / shares | $ 0.90 | 0.90 | |||
Balance | 3,100,000 | ||||
Issued | 3,100,000 | ||||
Exercised | |||||
Expired | |||||
Balance | 3,100,000 | 3,100,000 | |||
Warrants expiring March 18, 2024 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise price | $ / shares | $ 0.80 | ||||
Balance | |||||
Issued | 7,923,077 | ||||
Exercised | |||||
Expired | |||||
Balance | 7,923,077 | ||||
Second Warrants expiring March 18, 2024 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise price | $ / shares | $ 0.80 | ||||
Balance | |||||
Issued | 435,769 | ||||
Balance | 435,769 | ||||
Warrants expiring May 14, 2024 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise price | $ / shares | $ 1.50 | $ 1.50 | 1.50 | ||
Balance | 500,000 | 500,000 | |||
Issued | 500,000 | ||||
Exercised | |||||
Expired | |||||
Balance | 500,000 | 500,000 | 500,000 | ||
Warrants expiring June 1, 2020 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise price | $ / shares | $ 2.45 | 2.45 | |||
Balance | 4,928,900 | 4,928,900 | |||
Issued | |||||
Exercised | |||||
Expired | (4,928,900) | ||||
Balance | 4,928,900 | ||||
Warrants expiring June 7, 2020 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise price | $ / shares | $ 1.35 | $ 1.35 | |||
Balance | 192,450 | 192,450 | |||
Issued | |||||
Exercised | |||||
Expired | (192,450) | ||||
Balance | 192,450 | ||||
Warrants expiring June 1, 2019 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise price | $ / shares | $ 2 | ||||
Balance | 295,734 | ||||
Issued | |||||
Exercised | |||||
Expired | (295,734) | ||||
Balance | |||||
Warrants expiring August 7, 2019, second set [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise price | $ / shares | $ 2 | ||||
Balance | 10,411 | ||||
Issued | |||||
Exercised | |||||
Expired | (10,411) | ||||
Balance | |||||
Warrants expiring August 7, 2019, first set [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Exercise price | $ / shares | $ 1.35 | ||||
Balance | 1,259,704 | ||||
Issued | |||||
Exercised | |||||
Expired | (1,259,704) | ||||
Balance |
Share Capital and Reserves (D_2
Share Capital and Reserves (Details 1) | 12 Months Ended |
Dec. 31, 2021shares$ / shares | |
Warrants issued on March 18, 2021 [member] | |
IfrsStatementLineItems [Line Items] | |
Number of warrants | shares | 435,769 |
Fair value per share | $ / shares | $ 0.30 |
Risk free interest rate | 0.53% |
Expected life (Year) | 3 years |
Expected volatility | 72.42% |
Warrants issued on May 14, 2019 [member] | |
IfrsStatementLineItems [Line Items] | |
Number of warrants | shares | 500,000 |
Fair value per share | $ / shares | $ 0.10 |
Risk free interest rate | 1.54% |
Expected life (Year) | 5 years |
Expected volatility | 44.25% |
Share Capital and Reserves (D_3
Share Capital and Reserves (Details 2) | 12 Months Ended | |||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | ||
IfrsStatementLineItems [Line Items] | ||||
Stock options, balance, outstanding and exercisable (in shares) | 11,542,000 | 10,007,000 | 9,707,000 | |
Stock options, granted, outstanding and exercisable (in shares) | 6,380,000 | 6,663,000 | 4,004,000 | |
Stock options, exercised, outstanding and exercisable (in shares) | (725,000) | (936,000) | ||
Options outstanding and exercisable, expired (in shares) | (5,207,000) | (4,192,000) | (3,704,000) | |
Stock options, balance, outstanding and exercisable (in shares) | 11,990,000 | 11,542,000 | 10,007,000 | |
Stock options, balance, weighted average exercise price | $ / shares | $ 0.80 | $ 0.97 | $ 1.19 | |
Weighted average exercise price, granted | $ / shares | 0.67 | 0.74 | 0.83 | |
Stock options, exercised, weighted average exercise price | $ / shares | 0.78 | 0.85 | ||
Weighted average exercise price, expired | $ / shares | 0.90 | 1.12 | 1.38 | |
Stock options, balance, weighted average exercise price | $ / shares | $ 0.68 | 0.80 | 0.97 | |
Common shares issued in a cashless transaction [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total number of shares issued (in shares) | 105,877 | |||
Stock options expiring February 7, 2021 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.11 | $ 1.11 | $ 1.11 | |
Stock options, balance | 300,000 | 300,000 | 300,000 | |
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (300,000) | |||
Stock options, balance | 300,000 | 300,000 | ||
Second set of stock options expiring February 7, 2021 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.84 | $ 0.84 | $ 0.84 | |
Stock options, balance | 425,000 | 425,000 | ||
Stock options, granted | 425,000 | |||
Stock options, exercised | (375,000) | |||
Stock options, expired | (50,000) | |||
Stock options, balance | 425,000 | 425,000 | ||
Stock options expiring March 29, 2021 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.08 | $ 1.08 | $ 1.08 | |
Stock options, balance | 400,000 | 400,000 | 400,000 | |
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (400,000) | |||
Stock options, balance | 400,000 | 400,000 | ||
Second set of stock options expiring March 29, 2021 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.90 | $ 0.90 | $ 0.90 | |
Stock options, balance | 100,000 | 100,000 | ||
Stock options, granted | 100,000 | |||
Stock options, exercised | ||||
Stock options, expired | (100,000) | |||
Stock options, balance | 100,000 | 100,000 | ||
Stock options expiring May 6 , 2021 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.69 | $ 0.69 | $ 0.69 | |
Stock options, balance | 557,000 | 557,000 | ||
Stock options, granted | 557,000 | |||
Stock options, exercised | (275,000) | |||
Stock options, expired | (282,000) | |||
Stock options, balance | 557,000 | 557,000 | ||
Stock options expiring July 7, 2021 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.80 | $ 0.80 | $ 0.80 | |
Stock options, balance | 1,612,000 | 1,612,000 | ||
Stock options, granted | 1,612,000 | |||
Stock options, exercised | (75,000) | |||
Stock options, expired | (1,537,000) | |||
Stock options, balance | 1,612,000 | 1,612,000 | ||
Stock options expiring August 13, 2021 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.01 | $ 1.01 | $ 1.01 | |
Stock options, balance | 150,000 | 150,000 | ||
Stock options, granted | 150,000 | |||
Stock options, exercised | ||||
Stock options, expired | (150,000) | |||
Stock options, balance | 150,000 | 150,000 | ||
Stock options expiring September 16, 2021 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.90 | $ 0.90 | $ 0.90 | |
Stock options, balance | 1,155,000 | 1,160,000 | ||
Stock options, granted | 1,160,000 | |||
Stock options, exercised | ||||
Stock options, expired | (1,155,000) | (5,000) | ||
Stock options, balance | 1,155,000 | 1,160,000 | ||
Stock options expiring December 12, 2021 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1 | $ 1 | $ 1 | |
Stock options, balance | 200,000 | 200,000 | 200,000 | |
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (200,000) | |||
Stock options, balance | 200,000 | 200,000 | ||
Stock options granted March 4, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.47 | |||
Stock options, balance | 1,125,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 1,125,000 | 1,125,000 | ||
First Set of Stock Options Granted April 30, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.41 | |||
Stock options, balance | 100,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 100,000 | 100,000 | ||
Second set of stock options expiring April 30, 2020 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.58 | $ 1.14 | $ 1.14 | |
Stock options, balance | 100,000 | 100,000 | ||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (100,000) | |||
Stock options, balance | 100,000 | |||
Second Set of Stock Options Granted April 30, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock options, balance | 220,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 220,000 | 220,000 | ||
Stock Options Granted May 31, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.62 | |||
Stock options, balance | 700,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (100,000) | |||
Stock options, balance | 600,000 | 700,000 | ||
Stock Options Granted June 9, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.64 | |||
Stock options, balance | 1,346,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (486,000) | |||
Stock options, balance | 860,000 | 1,346,000 | ||
Stock Options Granted October 3, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.13 | |||
Stock options, balance | 2,180,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (200,000) | |||
Stock options, balance | 1,980,000 | 2,180,000 | ||
Stock Options Granted December 15, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.89 | |||
Stock options, balance | 972,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (72,000) | |||
Stock options, balance | 900,000 | 972,000 | ||
Stock Options Granted February 9, 2023 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.97 | |||
Stock options, balance | ||||
Stock options, granted | 450,000 | |||
Stock options, exercised | ||||
Stock options, expired | (100,000) | |||
Stock options, balance | 350,000 | |||
Stock Options Granted March 3, 2023 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.96 | |||
Stock options, balance | ||||
Stock options, granted | 325,000 | |||
Stock options, exercised | ||||
Stock options, expired | (75,000) | |||
Stock options, balance | 250,000 | |||
Stock Options Granted March 31, 2023 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.68 | |||
Stock options, balance | ||||
Stock options, granted | 1,975,000 | |||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 1,975,000 | |||
Stock Options Granted May 08, 2023 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.69 | |||
Stock options, balance | ||||
Stock options, granted | 100,000 | |||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 100,000 | |||
Stock Options Granted May 28, 2023 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.65 | |||
Stock options, balance | ||||
Stock options, granted | 100,000 | |||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 100,000 | |||
Stock Options Granted July 08, 2023 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.62 | |||
Stock options, balance | ||||
Stock options, granted | 2,470,000 | |||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 2,470,000 | |||
Stock Options Granted September 18, 2023 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.51 | |||
Stock options, balance | ||||
Stock options, granted | 960,000 | |||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 960,000 | |||
Stock options expiring April 10, 2020 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.03 | $ 1.03 | ||
Stock options, balance | 90,000 | 90,000 | ||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (90,000) | |||
Stock options, balance | 90,000 | |||
First set of stock options expiring April 30, 2020 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.53 | $ 1.53 | ||
Stock options, balance | 500,000 | 500,000 | ||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (500,000) | |||
Stock options, balance | 500,000 | |||
Third set of stock options expiring April 30, 2020 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.04 | $ 1.04 | ||
Stock options, balance | 100,000 | 100,000 | ||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (100,000) | |||
Stock options, balance | 100,000 | |||
Stock options expiring June 8, 2020 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.98 | $ 0.98 | ||
Stock options, balance | 2,180,000 | 2,180,000 | ||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (2,180,000) | |||
Stock options, balance | 2,180,000 | |||
First set of stock options expiring September 30, 2020 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.25 | $ 1.25 | ||
Stock options, balance | 1,095,000 | 1,095,000 | ||
Stock options, granted | ||||
Stock options, exercised | (25,000) | |||
Stock options, expired | (1,070,000) | |||
Stock options, balance | 1,095,000 | |||
Second set of stock options expiring September 30, 2020 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.83 | $ 0.83 | ||
Stock options, balance | 106,000 | 106,000 | ||
Stock options, granted | ||||
Stock options, exercised | (106,000) | [1] | ||
Stock options, expired | ||||
Stock options, balance | 106,000 | |||
Second set of stock options expiring September 30, 2020 [member] | Common shares issued in a cashless transaction [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock options, exercised | 68,000 | |||
Stock options, exercised, weighted average exercise price | $ / shares | $ 0.83 | |||
Third set of stock options expiring September 30, 2020 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.79 | $ 0.79 | ||
Stock options, balance | 170,000 | 170,000 | ||
Stock options, granted | ||||
Stock options, exercised | (150,000) | [1] | ||
Stock options, expired | (20,000) | |||
Stock options, balance | 170,000 | |||
Third set of stock options expiring September 30, 2020 [member] | Common shares issued in a cashless transaction [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock options, exercised | 100,000 | |||
Stock options, exercised, weighted average exercise price | $ / shares | $ 0.79 | |||
Stock options expiring December 13, 2020 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.86 | $ 0.86 | ||
Stock options, balance | 762,000 | 762,000 | ||
Stock options, granted | ||||
Stock options, exercised | (635,000) | [1] | ||
Stock options, expired | (127,000) | |||
Stock options, balance | 762,000 | |||
Stock options expiring December 13, 2020 [member] | Common shares issued in a cashless transaction [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock options, exercised | 580,000 | |||
Stock options, exercised, weighted average exercise price | $ / shares | $ 0.86 | |||
Stock Options expiring May 04, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.47 | |||
Stock options, balance | 1,125,000 | |||
Stock options, granted | 1,130,000 | |||
Stock options, exercised | (5,000) | |||
Stock options, expired | ||||
Stock options, balance | 1,125,000 | |||
Stock Options expiring April 30, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.41 | |||
Stock options, balance | 100,000 | |||
Stock options, granted | 115,000 | |||
Stock options, exercised | (15,000) | |||
Stock options, expired | ||||
Stock options, balance | 100,000 | |||
Second Set of Stock Options Expiring April 30, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.58 | |||
Stock options, balance | 220,000 | |||
Stock options, granted | 220,000 | |||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 220,000 | |||
Stock Options expiring May 31, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.62 | |||
Stock options, balance | 700,000 | |||
Stock options, granted | 700,000 | |||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 700,000 | |||
Stock Options expiring June 9, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.64 | |||
Stock options, balance | 2,180,000 | |||
Stock options, granted | 2,180,000 | |||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 2,180,000 | |||
Stock Options expiring October 03, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.13 | |||
Stock options, balance | 1,346,000 | |||
Stock options, granted | 1,346,000 | |||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 1,346,000 | |||
Stock Options expiring December 15, 2022 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 0.89 | |||
Stock options, balance | 972,000 | |||
Stock options, granted | 972,000 | |||
Stock options, exercised | ||||
Stock options, expired | ||||
Stock options, balance | 972,000 | |||
Stock options expiring January 2, 2019 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.04 | |||
Stock options, balance | 375,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (375,000) | |||
Stock options, balance | ||||
Stock options expiring March 17, 2019 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.35 | |||
Stock options, balance | 207,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (207,000) | |||
Stock options, balance | ||||
Stock options expiring May 4, 2019 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.99 | |||
Stock options, balance | 175,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (175,000) | |||
Stock options, balance | ||||
Stock options expiring May 19, 2019 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.84 | |||
Stock options, balance | 75,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (75,000) | |||
Stock options, balance | ||||
Stock options expiring June 12, 2019 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.89 | |||
Stock options, balance | 75,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (75,000) | |||
Stock options, balance | ||||
First set of stock options expiring July 2, 2019 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.32 | |||
Stock options, balance | 150,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (150,000) | |||
Stock options, balance | ||||
Second set of stock options expiring July 2, 2019 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.19 | |||
Stock options, balance | 60,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (60,000) | |||
Stock options, balance | ||||
Third set of stock options expiring July 2, 2019 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.34 | |||
Stock options, balance | 1,427,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (1,427,000) | |||
Stock options, balance | ||||
Stock options expiring September 19, 2019 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Stock Options, exercise price | $ / shares | $ 1.40 | |||
Stock options, balance | 1,160,000 | |||
Stock options, granted | ||||
Stock options, exercised | ||||
Stock options, expired | (1,160,000) | |||
Stock options, balance | ||||
[1] | In accordance with the Company’s stock option plan, options holders exercised 100,000 68,000 580,000 0.79 0.83 0.86 105,877 |
Share Capital and Reserves (D_4
Share Capital and Reserves (Details 3) | 12 Months Ended |
Dec. 31, 2021shares$ / shares | |
Stock options Granted September 17, 2021 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 960,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.23 |
Risk free interest rate, stock options | 0.45% |
Expected life, stock options | 2 |
Expected volatility, stock options | 82.96% |
Stock options Granted July 8, 2021 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 2,470,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.25 |
Risk free interest rate, stock options | 0.45% |
Expected life, stock options | 2 |
Expected volatility, stock options | 84.98% |
Stock options Granted May 28, 2021 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 100,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.30 |
Risk free interest rate, stock options | 0.32% |
Expected life, stock options | 2 |
Expected volatility, stock options | 86.03% |
Stock options Granted May 7, 2021 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 100,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.30 |
Risk free interest rate, stock options | 0.33% |
Expected life, stock options | 2 |
Expected volatility, stock options | 86.33% |
Stock options Granted March 31, 2021 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 1,975,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.31 |
Risk free interest rate, stock options | 0.22% |
Expected life, stock options | 2 |
Expected volatility, stock options | 85.85% |
Stock options Granted March 22, 2021 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 325,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.43 |
Risk free interest rate, stock options | 0.26% |
Expected life, stock options | 2 |
Expected volatility, stock options | 85.48% |
Stock options Granted February 9, 2021 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 450,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.49 |
Risk free interest rate, stock options | 0.19% |
Expected life, stock options | 2 |
Expected volatility, stock options | 84.04% |
Stock options granted December 15, 2020 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 972,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.35 |
Risk free interest rate, stock options | 0.25% |
Expected life, stock options | 2 |
Expected volatility, stock options | 76.39% |
Stock options granted October 1, 2020 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 1,346,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.35 |
Risk free interest rate, stock options | 0.24% |
Expected life, stock options | 2 |
Expected volatility, stock options | 65.81% |
Stock options granted June 9, 2020 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 2,180,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.25 |
Risk free interest rate, stock options | 0.28% |
Expected life, stock options | 2 |
Expected volatility, stock options | 62.07% |
Stock options granted May 1, 2020 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 700,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.20 |
Risk free interest rate, stock options | 0.30% |
Expected life, stock options | 2 |
Expected volatility, stock options | 61.30% |
Stock options granted April 29, 2020 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 220,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.22 |
Risk free interest rate, stock options | 0.32% |
Expected life, stock options | 2 |
Expected volatility, stock options | 61.31% |
Stock options granted April 13, 2020 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 115,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.12 |
Risk free interest rate, stock options | 0.33% |
Expected life, stock options | 2 |
Expected volatility, stock options | 60.60% |
Stock options granted March 4, 2020 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 1,130,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.20 |
Risk free interest rate, stock options | 0.92% |
Expected life, stock options | 2 |
Expected volatility, stock options | 55.66% |
Stock options granted September 16, 2019 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 1,160,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.29 |
Risk free interest rate, stock options | 1.60% |
Expected life, stock options | 2 |
Expected volatility, stock options | 50.73% |
Stock options granted August 13, 2019 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 150,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.28 |
Risk free interest rate, stock options | 1.35% |
Expected life, stock options | 2 |
Expected volatility, stock options | 50.20% |
Stock options granted July 4, 2019 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 1,612,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.19 |
Risk free interest rate, stock options | 1.58% |
Expected life, stock options | 2 |
Expected volatility, stock options | 45.82% |
Stock options granted May 6, 2019 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 557,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.17 |
Risk free interest rate, stock options | 1.59% |
Expected life, stock options | 2 |
Expected volatility, stock options | 45.42% |
Stock options granted March 1, 2019 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 100,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.22 |
Risk free interest rate, stock options | 1.68% |
Expected life, stock options | 2 |
Expected volatility, stock options | 50.79% |
Stock options granted January 3, 2019 [member] | |
IfrsStatementLineItems [Line Items] | |
Stock options, granted | 425,000 |
Fair value per share, stock options (in CAD per share) | $ / shares | $ 0.31 |
Risk free interest rate, stock options | 1.91% |
Expected life, stock options | 2 |
Expected volatility, stock options | 50.28% |
Share capital and reserves (D_5
Share capital and reserves (Details Narrative) - CAD ($) | 1 Months Ended | 12 Months Ended | |||
Mar. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Capital And Reserves | |||||
Issue of equity, private placement, number of units (in shares) | 5,509,658 | ||||
Weighted average unit price | $ 0.37 | ||||
Proceeds from issuing units | $ 2,038,573 | ||||
Number of common shares issued per private placement unit (in shares) | 1 | ||||
Number of warrants issued per private placement unit (in shares) | 1 | ||||
Number of common shares purchasable from a warrant (in shares) | 1 | ||||
Weighted average share price | $ 0.50 | ||||
Share issue related cost | $ 42,349 | $ 40,157 | |||
Weighted average remaining contractual life of outstanding warrants (Year) | 1 year 6 months 3 days | 2 years 29 days | 1 year 6 months 10 days | 2 years 1 month 20 days | |
Stock options issuance limitations, maximum percentage of allowed issuable options | 10.00% | ||||
Stock options issuance limitations, maximum percentage of allowed issuable options for services rendered | 2.00% | ||||
Number of shares authorised (in shares) | 1,732,141 | ||||
Stock option limitations, maximum amount of stock options exercisable during a 3 month period | 25.00% | ||||
Weighted average remaining contractual life of outstanding share options (Year) | 11 months 23 days | 1 year 29 days | 1 year 7 days | 1 year 2 months 26 days | |
Expense from share-based payment transactions with employees | $ 1,870,800 | $ 1,784,500 | $ 933,120 |
Related Party Transactions an_3
Related Party Transactions and Balances (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
IfrsStatementLineItems [Line Items] | ||||
Professional fees | $ 60,000 | $ 65,000 | $ 276,491 | |
Salaries and benefits (1) | [1] | 450,522 | 101,200 | 404,800 |
Share-based payments | 1,551,850 | 1,471,300 | 768,020 | |
Directors’ fees | 102,500 | 70,000 | 70,000 | |
Total | 2,164,872 | 1,707,500 | 1,519,311 | |
Chairman [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred monthly salary payments | 8,000 | |||
Amounts payable, related party transactions | $ 256,000 | $ 160,000 | $ 64,000 | |
[1] | Effective May 1, 2019, the Chairman has deferred payment of his salary of $ 8,000 256,000 160,000 64,000 |
Related party transactions an_4
Related party transactions and balances (Details Narrative) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Azucar [member] | |||
IfrsStatementLineItems [Line Items] | |||
Administrative services fees included in other income | $ 412,812 | $ 935,872 | $ 639,320 |
Amounts receivable, related party transactions | 15,063 | 81,623 | |
Almadex [member] | |||
IfrsStatementLineItems [Line Items] | |||
Administrative services fees included in other income | 969,532 | 468,227 | 320,093 |
Amounts receivable, related party transactions | 69,298 | 40,678 | |
Almadex [member] | Drill equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Outstanding commitments made on behalf of entity, related party transactions | 72,130 | 37,689 | |
Chairman's daughter [member] | |||
IfrsStatementLineItems [Line Items] | |||
Related party, salary contracted | $ 41,300 | $ 41,300 | $ 41,300 |
Net loss per share (Details Nar
Net loss per share (Details Narrative) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [abstract] | |||
Profit (loss) from continuing operations | $ 2,668,254 | $ 3,129,368 | $ 3,763,075 |
Weighted average number of ordinary shares outstanding (in shares) | 133,842,894 | 117,264,220 | 111,726,719 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Information | |||
Exploration and evaluation assets expenditures included in trade and other payables | $ 89,203 | $ 48,038 | $ 166,154 |
Right-of-use assets | (508,799) | (394,654) | |
Gold in trust | 2,790,858 | ||
Gold loan payable | 2,412,534 | ||
Derivative financial liabilities | 378,324 | ||
Warrant liability | 2,371,174 | ||
Fair value of finders’ warrants | 130,731 | ||
Lease liabilities | 508,799 | 394,654 | |
Fair value of cash stock options transferred to share capital on exercise of options | 177,250 | 51,980 | |
Fair value of cashless stock options transferred to share capital on exercise of options | $ 178,480 |
Supplemental cash flow inform_4
Supplemental cash flow information (Details 1) | Dec. 31, 2021CAD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) |
Supplemental Cash Flow Information | ||||||
Cash | $ 2,133,076 | $ 1,234,698 | ||||
Term Deposits | 8,037,300 | 1,300,000 | ||||
Total cash and cash equivalents | $ 10,170,376 | $ 5,805,604 | $ 330,983 | $ 2,534,698 | $ 912,214 | $ 5,080,580 |
Income Taxes (Details)
Income Taxes (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Loss before income taxes | $ (2,354,113) | $ (3,129,368) | $ (3,763,075) |
Statutory rate | 27.00% | 27.00% | 27.00% |
Expected income tax | $ (635,611) | $ (844,929) | $ (1,016,030) |
Effect of different tax rates in foreign jurisdictions | 5,281 | 27,574 | (23,478) |
Non-deductible share-based payments | 505,116 | 481,815 | 251,942 |
Other permanent items | (620,413) | 1,937 | 10,121 |
Change in deferred tax assets not recognized | 733,447 | 300,505 | 50,106 |
Share issuance costs | (331,660) | (80,711) | (2,638) |
True-ups and other | 657,981 | 113,809 | 729,977 |
Deferred income tax (recovery) expense | $ 314,141 |
Income Taxes (Details 1)
Income Taxes (Details 1) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes | ||
Non-capital losses | $ 3,818,755 | $ 4,132,896 |
Exploration and evaluation assets | (5,567,776) | (5,567,778) |
Net deferred tax liabilities | $ (1,749,021) | $ (1,434,882) |
Income Taxes (Details 2)
Income Taxes (Details 2) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Deductible temporary differences | $ 57,958,743 | $ 55,193,458 |
Non-capital loss carry forwards [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deductible temporary differences | 23,308,252 | 21,385,090 |
Capital loss carry forwards [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deductible temporary differences | 24,538,993 | 24,538,993 |
Exploration and evaluation assets deductible differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deductible temporary differences | 8,188,922 | 8,188,922 |
Share issue costs [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deductible temporary differences | 1,293,588 | 807,644 |
Property, plant and equipment deductible temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deductible temporary differences | 372,155 | |
Donations [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deductible temporary differences | 32,960 | 32,960 |
Investment tax credit [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deductible temporary differences | $ 223,873 | $ 239,849 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Canada [Member] | ||
Reserve Quantities [Line Items] | ||
Operating loss carryforwards | $ 23,308,252 | $ 23,680,582 |
Financial Instruments (Details)
Financial Instruments (Details) | Dec. 31, 2021CAD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) |
Disclosure of detailed information about financial instruments [abstract] | ||||||
Cash and cash equivalents | $ 10,170,376 | $ 5,805,604 | $ 330,983 | $ 2,534,698 | $ 912,214 | $ 5,080,580 |
Accounts receivable and prepaid expenses | 5,933 | 51 | ||||
Gold in trust | 915,995 | |||||
Total assets | 6,727,532 | 331,034 | ||||
Trade and other payables | 508,068 | 5,827 | 88,947 | 447,551 | ||
Gold loan payable | 3,227,545 | |||||
Derivatives financial liabilities | 391,620 | |||||
Total liabilities | $ 623,290 | 3,624,992 | 88,947 | |||
Net assets | $ 3,102,540 | $ 242,087 |
Financial Instruments (Details
Financial Instruments (Details 1) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Derivative financial liabilities | $ 391,620 | $ 375,417 |
Warrant liability | 623,290 | |
Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Derivative financial liabilities | ||
Warrant liability | ||
Level 2 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Derivative financial liabilities | 391,620 | |
Warrant liability | 623,290 | |
Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Derivative financial liabilities | ||
Warrant liability |
Financial instruments (Detail_2
Financial instruments (Details Narrative) | 12 Months Ended |
Dec. 31, 2021CAD ($) | |
Disclosure of detailed information about financial instruments [abstract] | |
Possible effect of 10% change in exchange rate regarding the USD to the net income (loss) | $ 310,000 |
Possible effect of 10% change in exchange rate regarding the MXN to the net income (loss) | 24,000 |
Possible effect of 1% change in the interest rate to the net income (loss) | $ 102,000 |
Segmented Information (Details)
Segmented Information (Details) - CAD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Reserve Quantities [Line Items] | ||
Non-current assets | $ 75,990,281 | $ 72,783,284 |
Canada [Member] | ||
Reserve Quantities [Line Items] | ||
Non-current assets | 587,684 | 205,898 |
United States [Member] | ||
Reserve Quantities [Line Items] | ||
Non-current assets | 13,968,566 | 13,968,566 |
Mexico [Member] | ||
Reserve Quantities [Line Items] | ||
Non-current assets | $ 61,434,031 | $ 58,608,820 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) | Mar. 07, 2022shares$ / shares | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares |
IfrsStatementLineItems [Line Items] | ||||
Exercise Price | $ 0.67 | $ 0.74 | $ 0.83 | |
Major ordinary share transactions [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of share options granted | shares | 1,125,000 | |||
Exercise Price | $ 0.38 |