Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-33638 | |
Entity Registrant Name | INTERNATIONAL TOWER HILL MINES LTD. | |
Entity Incorporation, State or Country Code | A1 | |
Entity Tax Identification Number | 98-0668474 | |
Entity Address, Address Line One | 2710 - 200 Granville Street | |
Entity Address, City or Town | Vancouver | |
Entity Address, State or Province | BC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | V6C 1S4 | |
City Area Code | 604 | |
Local Phone Number | 683-6332 | |
Title of 12(b) Security | Common Shares, no par value | |
Trading Symbol | THM | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 195,313,184 | |
Entity Central Index Key | 0001134115 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED INTERIM
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current | ||
Cash and cash equivalents | $ 5,964,588 | $ 7,780,671 |
Prepaid expenses and other | 254,554 | 141,680 |
Total current assets | 6,219,142 | 7,922,351 |
Property and equipment | 7,465 | 7,465 |
Capitalized acquisition costs | 55,375,124 | 55,375,124 |
Total assets | 61,601,731 | 63,304,940 |
Current liabilities | ||
Accounts payable | 45,170 | 259,648 |
Accrued liabilities | 113,069 | 320,233 |
Total liabilities | 158,239 | 579,881 |
Shareholders' equity | ||
Share capital, no par value; unlimited number of authorized shares; 194,908,184 and 195,313,184 shares issued and outstanding at December 31, 2021 and June 30, 2022, respectively | 288,484,901 | 288,032,132 |
Contributed surplus | 36,233,808 | 35,989,922 |
Accumulated other comprehensive income | 1,764,151 | 1,828,121 |
Deficit | (265,039,368) | (263,125,116) |
Total shareholders' equity | 61,443,492 | 62,725,059 |
Total liabilities and shareholders' equity | $ 61,601,731 | $ 63,304,940 |
CONDENSED CONSOLIDATED INTERI_2
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS | ||
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized, Unlimited | Unlimited | Unlimited |
Common Stock, Shares, Issued | 195,313,184 | 194,908,184 |
Common Stock, Shares, Outstanding | 195,313,184 | 194,908,184 |
CONDENSED CONSOLIDATED INTERI_3
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses | ||||
Consulting fees | $ 374,100 | $ 421,664 | $ 432,765 | $ 481,665 |
Depreciation | 0 | 342 | 0 | 369 |
Insurance | 58,486 | 47,027 | 100,936 | 87,937 |
Investor relations | 34,320 | 41,700 | 49,573 | 53,893 |
Mineral property exploration | 561,945 | 1,125,316 | 765,038 | 1,665,070 |
Office | 6,092 | 8,820 | 10,436 | 13,405 |
Other | 3,193 | 4,826 | 7,802 | 8,084 |
Professional fees | 43,260 | 50,019 | 109,493 | 96,660 |
Regulatory | 24,989 | 32,983 | 98,685 | 133,006 |
Rent | 33,802 | 33,688 | 67,605 | 67,644 |
Travel | 6,413 | 4,480 | 8,157 | 6,988 |
Wages and benefits | 255,384 | 263,162 | 384,933 | 426,412 |
Total operating expenses | (1,401,984) | (2,034,027) | (2,035,423) | (3,041,133) |
Other income (expenses) | ||||
Gain/(Loss) on foreign exchange | 190,165 | (157,829) | 95,410 | (298,516) |
Interest income | 1,540 | 3,842 | 3,109 | 13,763 |
Other income | 10,000 | 10,000 | 22,652 | 10,000 |
Total other income (expenses) | 201,705 | (143,987) | 121,171 | (274,753) |
Net loss for the period | (1,200,279) | (2,178,014) | (1,914,252) | (3,315,886) |
Other comprehensive income (loss) | ||||
Exchange difference on translating foreign operations | (196,458) | 161,045 | (63,970) | 304,437 |
Total other comprehensive income (loss) for the period | (196,458) | 161,045 | (63,970) | 304,437 |
Comprehensive loss for the period | $ (1,396,737) | $ (2,016,969) | $ (1,978,222) | $ (3,011,449) |
Basic loss per share | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.02) |
Diluted loss per share | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.02) |
Weighted average number of shares outstanding - basic | 195,313,184 | 194,908,184 | 195,129,206 | 194,908,184 |
Weighted average number of shares outstanding - diluted | 195,313,184 | 194,908,184 | 195,129,206 | 194,908,184 |
CONDENSED CONSOLIDATED INTERI_4
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Common stock | Contributed surplus | Accumulated other comprehensive income | Deficit | Total |
Balance at Dec. 31, 2020 | $ 288,032,132 | $ 35,454,805 | $ 1,759,228 | $ (257,144,828) | $ 68,101,337 |
Balance (in shares) at Dec. 31, 2020 | 194,908,184 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation-options | 107,230 | 107,230 | |||
Stock-based compensation-DSUs | 367,850 | 367,850 | |||
Exchange difference on translating foreign operations | 304,437 | 304,437 | |||
Net loss | (3,315,886) | (3,315,886) | |||
Balance at Jun. 30, 2021 | $ 288,032,132 | 35,929,885 | 2,063,665 | (260,460,714) | 65,564,968 |
Balance (in shares) at Jun. 30, 2021 | 194,908,184 | ||||
Balance at Mar. 31, 2021 | $ 288,032,132 | 35,473,776 | 1,902,620 | (258,282,700) | 67,125,828 |
Balance (in shares) at Mar. 31, 2021 | 194,908,184 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation-options | 88,259 | 88,259 | |||
Stock-based compensation-DSUs | 367,850 | 367,850 | |||
Exchange difference on translating foreign operations | 161,045 | 161,045 | |||
Net loss | (2,178,014) | (2,178,014) | |||
Balance at Jun. 30, 2021 | $ 288,032,132 | 35,929,885 | 2,063,665 | (260,460,714) | 65,564,968 |
Balance (in shares) at Jun. 30, 2021 | 194,908,184 | ||||
Balance at Dec. 31, 2021 | $ 288,032,132 | 35,989,922 | 1,828,121 | (263,125,116) | $ 62,725,059 |
Balance (in shares) at Dec. 31, 2021 | 194,908,184 | 194,908,184 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation-options | $ 0 | 93,342 | 0 | 0 | $ 93,342 |
Stock-based compensation-DSUs | 0 | 313,023 | 0 | 0 | 313,023 |
Exchange difference on translating foreign operations | 0 | 0 | (63,970) | 0 | (63,970) |
Exercise of options | $ 290,290 | 0 | 0 | 0 | 290,290 |
Exercise of options (in shares) | 405,000 | ||||
Reallocation from contributed surplus | $ 162,479 | (162,479) | 0 | 0 | 0 |
Net loss | 0 | 0 | 0 | (1,914,252) | (1,914,252) |
Balance at Jun. 30, 2022 | $ 288,484,901 | 36,233,808 | 1,764,151 | (265,039,368) | $ 61,443,492 |
Balance (in shares) at Jun. 30, 2022 | 195,313,184 | 195,313,184 | |||
Balance at Mar. 31, 2022 | $ 288,484,901 | 35,856,667 | 1,960,609 | (263,839,089) | $ 62,463,088 |
Balance (in shares) at Mar. 31, 2022 | 195,313,184 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation-options | 64,118 | 64,118 | |||
Stock-based compensation-DSUs | 313,023 | 313,023 | |||
Exchange difference on translating foreign operations | (196,458) | (196,458) | |||
Net loss | (1,200,279) | (1,200,279) | |||
Balance at Jun. 30, 2022 | $ 288,484,901 | $ 36,233,808 | $ 1,764,151 | $ (265,039,368) | $ 61,443,492 |
Balance (in shares) at Jun. 30, 2022 | 195,313,184 | 195,313,184 |
CONDENSED CONSOLIDATED INTERI_5
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities | ||
Loss for the period | $ (1,914,252) | $ (3,315,886) |
Add items not affecting cash: | ||
Depreciation | 0 | 369 |
Stock-based compensation-options | 93,342 | 107,230 |
Stock-based compensation-DSUs | 313,023 | 367,850 |
Changes in non-cash items: | ||
Accounts receivable | 5,969 | 22,696 |
Prepaid expenses and other | (119,872) | (101,908) |
Accounts payable and accrued liabilities | (420,875) | 183,500 |
Cash used in operating activities | (2,042,665) | (2,736,149) |
Financing Activities | ||
Issuance of shares | 290,290 | 0 |
Cash provided by financing activities | 290,290 | 0 |
Effect of foreign exchange on cash | (63,708) | 304,294 |
Change in cash and cash equivalents | (1,816,083) | (2,431,855) |
Cash and cash equivalents, beginning of the period | 7,780,671 | 13,049,293 |
Cash and cash equivalents, end of the period | $ 5,964,588 | $ 10,617,438 |
GENERAL INFORMATION AND NATURE
GENERAL INFORMATION AND NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2022 | |
GENERAL INFORMATION AND NATURE OF OPERATIONS | |
GENERAL INFORMATION AND NATURE OF OPERATIONS | 1. GENERAL INFORMATION AND NATURE OF OPERATIONS International Tower Hill Mines Ltd. (“ITH” or the “Company”) is incorporated under the laws of British Columbia, Canada. The Company’s head office address is 2710 - 200 Granville Street, Vancouver, British Columbia, Canada. International Tower Hill Mines Ltd. consists of ITH and its wholly-owned subsidiaries Tower Hill Mines, Inc. (“TH Alaska”) (an Alaska corporation), Tower Hill Mines (US) LLC (“TH US”) (a Colorado limited liability company), and Livengood Placers, Inc. (“LPI”) (a Nevada corporation). The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. At June 30, 2022, the Company has a 100% interest in its Livengood Gold Project, an exploration-stage project in Alaska, U.S.A (the “Livengood Gold Project”). These unaudited condensed consolidated interim financial statements have been prepared on a going-concern basis, which presumes the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. As at June 30, 2022, the Company had cash and cash equivalents of $5,964,588 compared to $7,780,671 at December 31, 2021. The Company has no revenue generating operations from which it can internally generate funds. The Company will require significant additional financing to continue its operations (including general and administrative expenses) in connection with advancing activities at the Livengood Gold Project and the development of any mine that may be determined to be built at the Livengood Gold Project. There is no assurance that the Company will make a decision to build a mine at the Livengood Gold Project and, if so, that it will be able to obtain the additional financing required on acceptable terms, if at all. In addition, any significant delays in the issuance of required permits for the ongoing work at the Livengood Gold Project, or unexpected results in connection with the ongoing work, could result in the Company being required to raise additional funds to advance permitting efforts. The Company’s review of its financing options includes considering a future strategic alliance to assist in further development, permitting and future construction costs, although there can be no assurance that any such strategic alliance will, in fact, be pursued or realized. Despite the Company’s success to date in raising significant equity financing to fund its operations, there is significant uncertainty that the Company will be able to secure any additional financing in the current or future equity markets. The amount of funds to be raised and the terms of any proposed equity financing that may be undertaken will be negotiated by management as opportunities to raise funds arise. Specific plans related to the use of proceeds will be devised once financing has been completed and management knows what funds will be available for these purposes. COVID-19 Pandemic In March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. While it is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak, including as a result of the emergence of variant strains of the virus and ongoing vaccination efforts, and its ultimate effects on the Company’s business, results of operations or ability to raise funds at this time, as of the date of this Quarterly Report on Form 10-Q, the COVID-19 pandemic has not had any material adverse effects on the Company. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2022 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 as filed in our Annual Report on Form 10-K. In the opinion of the Company’s management, these financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s financial position at June 30, 2022 and the results of its operations for the six months then ended. Operating results for the six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. On August 4, 2022, the Board of Directors of the Company (the “Board”) approved these condensed consolidated interim financial statements. Basis of consolidation These condensed consolidated interim financial statements include the accounts of ITH and its wholly-owned subsidiaries TH Alaska, TH US, and LPI. All intercompany transactions and balances have been eliminated. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying values of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their fair values due to the short-term nature of these financial instruments. Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the significance of the inputs used in making the measurement. The three levels of the fair value hierarchy are as follows: ● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; ● Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and ● Level 3 – Inputs that are not based on observable market data. There were no financial instruments measured at fair value. |
MINERAL PROPERTY
MINERAL PROPERTY | 6 Months Ended |
Jun. 30, 2022 | |
MINERAL PROPERTY | |
MINERAL PROPERTY | 4. MINERAL PROPERTY The Company had the following activity related to its Livengood Gold Project: Capitalized acquisition costs Amount Balance, December 31, 2021 $ 55,375,124 Acquisition costs — Balance, June 30, 2022 $ 55,375,124 The following table presents costs incurred for exploration and evaluation activities for the six months ended June 30, 2022 and 2021: June 30, 2022 June 30, 2021 Exploration costs: Aircraft $ 9,000 $ 8,400 Environmental 73,710 110,890 Equipment rental 23,493 29,923 Field costs 62,394 60,040 Geological/geophysical 64,626 969,428 Land maintenance and tenure 445,090 423,096 Legal 82,917 60,385 Transportation and travel 3,808 2,908 Total expenditures for the period $ 765,038 $ 1,665,070 Livengood Gold Project Property The Livengood property is located in the Tintina gold belt approximately 70 miles (113 kilometers) northwest of Fairbanks, Alaska. The property consists of land leased from the Alaska Mental Health Trust, a number of smaller private mineral leases, Alaska state mining claims purchased or located by the Company and patented ground held by the Company. Details of the leases are as follows: a) A lease of the Alaska Mental Health Trust mineral rights having a term beginning July 1, 2004 and extending 19 years until June 30, 2023, subject to further extensions beyond June 30, 2023 by either commercial production or payment of an advance minimum royalty equal to 125% of the amount paid in year 19 and diligent pursuit of development. The lease requires minimum work expenditures and advance minimum royalties (all of which minimum royalties are recoverable from production royalties) which escalate annually with inflation. A net smelter return (“NSR”) production royalty of between 2.5% and 5.0% (depending upon the price of gold) is payable to the lessor with respect to the lands subject to this lease. In addition, an NSR production royalty of l% is payable to the lessor with respect to the unpatented federal mining claims subject to the lease described in b) below and an NSR production royalty of between 0.5% and 1.0% (depending upon the price of gold) is payable to the lessor with respect to the lands acquired by the Company as a result of the purchase of LPI in December 2011. During the six months ended June 30, 2022 and from the inception of this lease, the Company has paid $364,462 and $4,358,318 , respectively. b) A lease of federal unpatented lode mining claims having an initial term of ten years commencing on April 21, 2003 and continuing for so long thereafter as advance minimum royalties are paid and mining related activities, including exploration, continue on the property or on adjacent properties controlled by the Company. The lease requires an advance minimum royalty of $50,000 on or before each anniversary date for the duration of the lease (all of which minimum royalties are recoverable from production royalties). An NSR production royalty of between 2% and 3% (depending on the price of gold) is payable to the lessors. The Company may purchase 1% of the royalty for $1,000,000 . During the six months ended June 30, 2022 and from the inception of this lease, the Company has paid $50,000 and $930,000 , respectively. c) A lease of patented lode mining claims having an initial term of ten years commencing January 18, 2007, and continuing for so long thereafter as advance minimum royalties are paid. The lease requires an advance minimum royalty of $20,000 on or before each anniversary date through January 18, 2017 and $25,000 on or before each subsequent anniversary (all of which minimum royalties are recoverable from production royalties). An NSR production royalty of 3% is payable to the lessors. The Company may purchase all interests of the lessors in the leased property (including the production royalty) for $1,000,000 (less all minimum and production royalties paid to the date of purchase), of which $500,000 is payable in cash over four years following the closing of the purchase and the balance is payable by way of the 3% NSR production royalty. The Company paid $15,000 of royalties during the six months ended June 30, 2022, for a total of $280,000 from the inception of this lease. The Company has acquired a 40% interest in the mining claims subject to the lease, providing the Company with a 40% interest in the lease. d) A lease of unpatented federal lode mining and federal unpatented placer claims having an initial term of ten years commencing on March 28, 2007, and continuing for so long thereafter as advance minimum royalties are paid and mining related activities, including exploration, continue on the property or on adjacent properties controlled by the Company. The lease requires an advance minimum royalty of $15,000 on or before each anniversary date for the duration of the lease (all of which minimum royalties are recoverable from production royalties). The Company is required to pay the lessor the additional sum of $250,000 upon making a positive production decision, of which $125,000 is payable within 120 days of the decision and $125,000 is payable within a year of the decision (all of which are recoverable from production royalties). An NSR production royalty of 2% is payable to the lessor. The Company may purchase all of the interest of the lessor in the leased property (including the production royalty) for $1,000,000 . The Company paid $15,000 of royalties during the six months ended June 30, 2022, for a total of $203,000 from the inception of this lease. Title to mineral properties The acquisition of title to mineral properties is a detailed and time-consuming process. The Company has taken steps to verify title to all mineral properties in which it has an interest. Although the Company has taken every reasonable precaution to ensure that legal title to its properties is properly recorded in the name of the Company, there can be no assurance that such title will ultimately be secured. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2022 | |
ACCRUED LIABILITIES | |
ACCRUED LIABILITIES | 5. ACCRUED LIABILITIES The following table presents the accrued liabilities balances at June 30, 2022 and December 31, 2021. June 30, 2022 December 31, 2021 Accrued liabilities $ 95,770 $ 202,982 Accrued salaries and benefits 17,299 117,251 Total accrued liabilities $ 113,069 $ 320,233 Accrued liabilities at June 30, 2022 include accruals for general corporate costs and project costs of $60,922 and $34,848, respectively. Accrued liabilities at December 31, 2021 include accruals for general corporate costs and project costs of $34,912 and $168,070, respectively. |
SHARE CAPITAL
SHARE CAPITAL | 6 Months Ended |
Jun. 30, 2022 | |
SHARE CAPITAL | |
SHARE CAPITAL | 6. SHARE CAPITAL Authorized The Company’s authorized share capital consists of an unlimited number of common shares without par value. At December 31, 2021 and June 30, 2022, there were 194,908,184 and 195,313,184 shares issued outstanding Share issuances During the six months ended June 30, 2022, the Company issued 405,000 common shares pursuant to the exercise of stock options for total proceeds of $290,290 and transferred related contributed surplus of $162,479 to share capital. There were no share issuances during the six months ended June 30, 2021. Stock options The Company adopted an incentive stock option plan in 2006, as amended September 19, 2012, and reapproved by the Company’s shareholders on May 28, 2015, May 30, 2018, and May 25, 2021 (the “Stock Option Plan”). The essential elements of the Stock Option Plan provide that the aggregate number of common shares of the Company that may be issued pursuant to options granted under the Stock Option Plan and any other share-based compensation arrangements may not exceed 10% of the number of issued shares of the Company at the time of the granting of options. Options granted under the Stock Option Plan will have a maximum term of ten years. The exercise price of options granted under the Stock Option Plan shall be fixed in compliance with the applicable provisions of the Toronto Stock Exchange (“TSX”) Company Manual in force at the time of grant and, in any event, shall not be less than the closing price of the Company’s common shares on the TSX on the trading day immediately preceding the day on which the option is granted, or such other price as may be agreed to by the Company and accepted by the TSX. Options granted under the Stock Option Plan vest immediately, unless otherwise determined by the Board at the date of grant. A summary of the options granted under the Stock Option Plan as of June 30, 2022 and December 31, 2021 is presented below: Six Months Ended Year Ended June 30, 2022 December 31, 2021 Weighted Weighted Average Aggregate Average Aggregate Number of Exercise Price Intrinsic Value Number of Exercise Price Intrinsic Value Options (C$) (C$) Options (C$) (C$) Balance, beginning of the period 2,947,049 $ 0.97 2,707,049 $ 0.94 Granted 240,000 0.92 240,000 1.31 Exercised (405,000) 0.90 — — Cancelled (495,000) 1.08 — — Balance, end of the period 2,287,049 $ 0.95 $ 44,589 2,947,049 $ 0.97 $ 235,200 The weighted average remaining life of options outstanding at June 30, 2022 was 2.6 years. Stock options outstanding as at June 30, 2022 and December 31, 2021 are as follows: June 30, 2022 December 31, 2021 Exercise Number of Exercise Number of Expiry Date Price (C$) Options Exercisable Price (C$) Options Exercisable March 25, 2022* — — — $ 1.11 510,000 510,000 March 25, 2022* — — — $ 0.73 270,000 270,000 March 25, 2022* — — — $ 1.11 120,000 120,000 March 16, 2023 $ 1.00 580,000 580,000 $ 1.00 580,000 580,000 March 16, 2023 $ 0.50 130,000 130,000 $ 0.50 130,000 130,000 June 9, 2023 $ 1.00 30,000 30,000 $ 1.00 30,000 30,000 March 21, 2024 $ 0.61 374,817 374,817 $ 0.61 374,817 374,817 February 1, 2025 $ 1.35 250,000 250,000 $ 1.35 250,000 250,000 August 8, 2025 $ 0.85 187,232 187,232 $ 0.85 187,232 187,232 May 27, 2026 $ 0.92 255,000 255,000 $ 0.92 255,000 170,000 May 25, 2027 $ 1.31 240,000 160,000 $ 1.31 240,000 80,000 May 24, 2028 $ 0.92 240,000 80,000 — — — 2,287,049 2,047,049 2,947,049 2,702,049 * Expiry date automatically extended to March 25, 2022, the tenth business day following the end of a blackout period imposed on the holders of the stock options, pursuant to the terms of the Stock Option Plan. A summary of the non-vested options as of June 30, 2022 and changes during the six months ended June 30, 2022 is as follows: Weighted average Number of grant-date fair value Non-vested options: options (C$) Outstanding at December 31, 2021 245,000 $ 0.91 Granted 240,000 0.60 Vested (245,000) 0.78 Outstanding at June 30, 2022 240,000 $ 0.73 At June 30, 2022, there was unrecognized compensation expense of C$123,735 related to non-vested options outstanding. The cost is expected to be recognized over a weighted-average remaining period of approximately 1.3 years. Deferred Share Unit Incentive Plan On April 4, 2017, the Company adopted a Deferred Share Unit Plan (the “DSU Plan”). The DSU Plan was approved by the Company’s shareholders on May 24, 2017 and reapproved by the Company’s shareholders on May 27, 2020 and May 25, 2021. The maximum aggregate number of common shares that may be issued under the DSU Plan and the Stock Option Plan is 10% of the number of issued and outstanding common shares (on a non-diluted basis). During the six months ended June 30, 2022, in accordance with the DSU Plan, the Company granted each of the members of the Company’s Board of Directors (other than those directors nominated for election by Paulson & Co. Inc.) 90,217 deferred share units (“DSUs”) for a total of 451,085 DSUs with a grant date fair value (defined as the weighted average of the prices at which the common shares traded on the exchange with the most volume for the five days immediately preceding the grant) of C$0.92 per DSU, representing C$83,000 per director or C$415,000 in the aggregate. DSUs outstanding as at June 30, 2022 and December 31, 2021 are as follows: Six Months Ended Year Ended June 30, 2022 December 31, 2021 Weighted Average Weighted Number of Exercise Price Number of Average Exercise Units (C$) Units Price (C$) Balance, beginning of the period 2,151,276 $ 0.88 1,834,481 $ 0.81 Issued 451,085 $ 0.92 316,795 $ 1.31 Balance, end of the period 2,602,361 $ 0.89 2,151,276 $ 0.88 Share-based payments During the six-month period ended June 30, 2022, there were 240,000 stock options granted under the Stock Option Plan and 451,085 DSUs granted for common shares of the Company under the DSU Plan. Share-based payment compensation for the six months ended June 30, 2022 totaled $406,365 ($93,342 related to stock options and $313,023 related to DSUs). Of the total expense for the period ended June 30, 2022, $319,420 was included in consulting fees ($6,397 related to stock options and $313,023 related to DSUs), $5,796 was included in investor relations, and $81,149 was included in wages and benefits in the statement of operations and comprehensive loss. During the six-month period ended June 30, 2021, there were 240,000 stock options granted under the Stock Option Plan and 316,795 DSUs granted for common shares of the Company under the DSU Plan. Share-based payment compensation for the six months ended June 30, 2021 totaled $475,080 ($107,230 related to stock options and $367,850 related to DSUs). Of the total expense for the period ended June 30, 2021, $376,410 was included in consulting fees ($8,560 related to stock options and $367,850 related to DSUs), $6,578 was included in investor relations, and $92,092 was included in wages and benefits in the statement of operations and comprehensive loss. The following weighted average assumptions were used for the Black Scholes valuation model for stock options granted during the period: YTD June 30, 2022 Expected life of options 6 years Risk-free interest rate 2.64% Annualized volatility 76.75% Dividend rate 0.00% Exercise price (C$) $ 0.92 |
SEGMENT AND GEOGRAPHIC INFORMAT
SEGMENT AND GEOGRAPHIC INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
SEGMENT AND GEOGRAPHIC INFORMATION | |
SEGMENT AND GEOGRAPHIC INFORMATION | 7. SEGMENT AND GEOGRAPHIC INFORMATION The Company operates in a single reportable segment, being the exploration and development of mineral properties. The following tables present selected financial information by geographic location: Canada United States Total June 30, 2022 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 5,702,043 517,099 6,219,142 Total assets $ 5,709,508 $ 55,892,223 $ 61,601,731 December 31, 2021 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 7,439,101 483,250 7,922,351 Total assets $ 7,446,566 $ 55,858,374 $ 63,304,940 Three months ended June 30, 2022 June 30, 2021 Net loss for the period – Canada $ (369,075) $ (808,616) Net loss for the period – United States (831,204) (1,369,398) Net loss for the period $ (1,200,279) $ (2,178,014) Six months ended June 30, 2022 June 30, 2021 Net loss for the period – Canada $ (696,721) $ (1,175,564) Net loss for the period – United States (1,217,531) (2,140,322) Net loss for the period $ (1,914,252) $ (3,315,886) |
COMMITMENTS
COMMITMENTS | 6 Months Ended |
Jun. 30, 2022 | |
COMMITMENTS | |
COMMITMENTS | 8. COMMITMENTS The following table discloses the Company’s contractual obligations as of June 30, 2022, including anticipated mineral property payments. Under the terms of the Company’s mineral property purchase agreements, mineral leases and unpatented mineral claims, the Company is required to make certain scheduled acquisition payments, incur certain levels of expenditures, make lease or advance royalty payments, make payments to government authorities and incur assessment work expenditures (as summarized in the table below) in order to maintain and preserve the Company’s interests in the related mineral properties. If the Company is unable or unwilling to make any such payments or incur any such expenditure, it is likely that the Company would lose or forfeit its rights to acquire or hold the related mineral properties. The following table assumes that the Company retains the rights to all of its current mineral properties, but does not exercise any lease purchase or royalty buyout options: Payments Due by Year 2022 2023 2024 2025 2026 2027 and beyond Total Mineral Property Leases (1) $ — $ 535,577 $ 541,272 $ 547,038 $ 552,876 $ 558,787 $ 2,735,550 Mining Claim Government Fees 205,720 205,720 205,720 205,720 205,720 205,720 1,234,320 Total $ 205,720 $ 741,297 $ 746,992 $ 752,758 $ 758,596 $ 764,507 $ 3,969,870 1. Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the level of work that will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See Note 4. |
MINERAL PROPERTY (Tables)
MINERAL PROPERTY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
MINERAL PROPERTY | |
Schedule of activity related to the mineral property | The Company had the following activity related to its Livengood Gold Project: Capitalized acquisition costs Amount Balance, December 31, 2021 $ 55,375,124 Acquisition costs — Balance, June 30, 2022 $ 55,375,124 |
Schedule of costs incurred for exploration and evaluation activities | The following table presents costs incurred for exploration and evaluation activities for the six months ended June 30, 2022 and 2021: June 30, 2022 June 30, 2021 Exploration costs: Aircraft $ 9,000 $ 8,400 Environmental 73,710 110,890 Equipment rental 23,493 29,923 Field costs 62,394 60,040 Geological/geophysical 64,626 969,428 Land maintenance and tenure 445,090 423,096 Legal 82,917 60,385 Transportation and travel 3,808 2,908 Total expenditures for the period $ 765,038 $ 1,665,070 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
ACCRUED LIABILITIES | |
Schedule of accrued liabilities | The following table presents the accrued liabilities balances at June 30, 2022 and December 31, 2021. June 30, 2022 December 31, 2021 Accrued liabilities $ 95,770 $ 202,982 Accrued salaries and benefits 17,299 117,251 Total accrued liabilities $ 113,069 $ 320,233 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
SHARE CAPITAL | |
Schedule of stock option granted | A summary of the options granted under the Stock Option Plan as of June 30, 2022 and December 31, 2021 is presented below: Six Months Ended Year Ended June 30, 2022 December 31, 2021 Weighted Weighted Average Aggregate Average Aggregate Number of Exercise Price Intrinsic Value Number of Exercise Price Intrinsic Value Options (C$) (C$) Options (C$) (C$) Balance, beginning of the period 2,947,049 $ 0.97 2,707,049 $ 0.94 Granted 240,000 0.92 240,000 1.31 Exercised (405,000) 0.90 — — Cancelled (495,000) 1.08 — — Balance, end of the period 2,287,049 $ 0.95 $ 44,589 2,947,049 $ 0.97 $ 235,200 |
Schedule of stock options outstanding | Stock options outstanding as at June 30, 2022 and December 31, 2021 are as follows: June 30, 2022 December 31, 2021 Exercise Number of Exercise Number of Expiry Date Price (C$) Options Exercisable Price (C$) Options Exercisable March 25, 2022* — — — $ 1.11 510,000 510,000 March 25, 2022* — — — $ 0.73 270,000 270,000 March 25, 2022* — — — $ 1.11 120,000 120,000 March 16, 2023 $ 1.00 580,000 580,000 $ 1.00 580,000 580,000 March 16, 2023 $ 0.50 130,000 130,000 $ 0.50 130,000 130,000 June 9, 2023 $ 1.00 30,000 30,000 $ 1.00 30,000 30,000 March 21, 2024 $ 0.61 374,817 374,817 $ 0.61 374,817 374,817 February 1, 2025 $ 1.35 250,000 250,000 $ 1.35 250,000 250,000 August 8, 2025 $ 0.85 187,232 187,232 $ 0.85 187,232 187,232 May 27, 2026 $ 0.92 255,000 255,000 $ 0.92 255,000 170,000 May 25, 2027 $ 1.31 240,000 160,000 $ 1.31 240,000 80,000 May 24, 2028 $ 0.92 240,000 80,000 — — — 2,287,049 2,047,049 2,947,049 2,702,049 |
Schedule of non-vested share activity | A summary of the non-vested options as of June 30, 2022 and changes during the six months ended June 30, 2022 is as follows: Weighted average Number of grant-date fair value Non-vested options: options (C$) Outstanding at December 31, 2021 245,000 $ 0.91 Granted 240,000 0.60 Vested (245,000) 0.78 Outstanding at June 30, 2022 240,000 $ 0.73 |
Schedule of deferred share units outstanding | DSUs outstanding as at June 30, 2022 and December 31, 2021 are as follows: Six Months Ended Year Ended June 30, 2022 December 31, 2021 Weighted Average Weighted Number of Exercise Price Number of Average Exercise Units (C$) Units Price (C$) Balance, beginning of the period 2,151,276 $ 0.88 1,834,481 $ 0.81 Issued 451,085 $ 0.92 316,795 $ 1.31 Balance, end of the period 2,602,361 $ 0.89 2,151,276 $ 0.88 |
Schedule of weighted average assumptions used for Black Scholes valuation model for stock options granted | The following weighted average assumptions were used for the Black Scholes valuation model for stock options granted during the period: YTD June 30, 2022 Expected life of options 6 years Risk-free interest rate 2.64% Annualized volatility 76.75% Dividend rate 0.00% Exercise price (C$) $ 0.92 |
SEGMENT AND GEOGRAPHIC INFORM_2
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
SEGMENT AND GEOGRAPHIC INFORMATION | |
Schedule of financial information by geographic location | The Company operates in a single reportable segment, being the exploration and development of mineral properties. The following tables present selected financial information by geographic location: Canada United States Total June 30, 2022 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 5,702,043 517,099 6,219,142 Total assets $ 5,709,508 $ 55,892,223 $ 61,601,731 December 31, 2021 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 7,439,101 483,250 7,922,351 Total assets $ 7,446,566 $ 55,858,374 $ 63,304,940 Three months ended June 30, 2022 June 30, 2021 Net loss for the period – Canada $ (369,075) $ (808,616) Net loss for the period – United States (831,204) (1,369,398) Net loss for the period $ (1,200,279) $ (2,178,014) Six months ended June 30, 2022 June 30, 2021 Net loss for the period – Canada $ (696,721) $ (1,175,564) Net loss for the period – United States (1,217,531) (2,140,322) Net loss for the period $ (1,914,252) $ (3,315,886) |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
COMMITMENTS | |
Schedule of contractual obligations including anticipated mineral property payments | Payments Due by Year 2022 2023 2024 2025 2026 2027 and beyond Total Mineral Property Leases (1) $ — $ 535,577 $ 541,272 $ 547,038 $ 552,876 $ 558,787 $ 2,735,550 Mining Claim Government Fees 205,720 205,720 205,720 205,720 205,720 205,720 1,234,320 Total $ 205,720 $ 741,297 $ 746,992 $ 752,758 $ 758,596 $ 764,507 $ 3,969,870 1. Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the level of work that will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See Note 4. |
GENERAL INFORMATION AND NATUR_2
GENERAL INFORMATION AND NATURE OF OPERATIONS (Details) | Jun. 30, 2022 |
Livengood Property Purchase Obligation | |
General Information Nature And Continuance Of Operations [Line Items] | |
Noncontrolling interest ownership percentage by parent | 100% |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) | Jun. 30, 2022 USD ($) |
Financial assets: | |
Assets measured at fair value | $ 0 |
MINERAL PROPERTY (Details)
MINERAL PROPERTY (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
MINERAL PROPERTY | |
Balance, at the beginning of the period | $ 55,375,124 |
Additions | 0 |
Balance, at the end of the period | $ 55,375,124 |
MINERAL PROPERTY - Costs incurr
MINERAL PROPERTY - Costs incurred for exploration and evaluation activities (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Exploration costs: | ||
Aircraft services | $ 9,000 | $ 8,400 |
Environmental | 73,710 | 110,890 |
Equipment rental | 23,493 | 29,923 |
Field costs | 62,394 | 60,040 |
Geological/geophysical | 64,626 | 969,428 |
Land maintenance and tenure | 445,090 | 423,096 |
Legal | 82,917 | 60,385 |
Transportation and travel | 3,808 | 2,908 |
Total expenditures for the period | $ 765,038 | $ 1,665,070 |
MINERAL PROPERTY - Additional I
MINERAL PROPERTY - Additional Information (Details) - USD ($) | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jan. 18, 2017 | Mar. 28, 2007 | Jan. 18, 2007 | Apr. 21, 2003 | |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Issuance of shares | $ 290,290 | $ 0 | ||||
Livengood Property | Alaska Mental Health Trust Mineral Rights | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Mining properties lease operating expense | 4,358,318 | |||||
Advance royalties | $ 364,462 | |||||
Minimum Royalty Payment Percentage | 125% | |||||
Lessor, Operating Lease, Renewal Term | 19 years | |||||
Lessor, Operating Lease, Term of Contract | 19 years | |||||
Livengood Property | Alaska Mental Health Trust Mineral Rights | Maximum | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Minimum royalty percentage | 5% | |||||
Livengood Property | Alaska Mental Health Trust Mineral Rights | Maximum | Production Royalty | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Minimum royalty percentage | 1% | |||||
Livengood Property | Alaska Mental Health Trust Mineral Rights | Minimum | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Minimum royalty percentage | 2.50% | |||||
Livengood Property | Alaska Mental Health Trust Mineral Rights | Minimum | Production Royalty | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Minimum royalty percentage | 0.50% | |||||
Livengood Property | Federal Unpatented Lode Mining Claims | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Mining properties lease operating expense | $ 930,000 | |||||
Advance royalties | $ 50,000 | |||||
Lessor, Operating Lease, Term of Contract | 10 years | |||||
Livengood Property | Federal Unpatented Lode Mining Claims | Production Royalty | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Portion of royalty to be purchased by the entity | 1% | |||||
Payments for Royalties | $ 1,000,000 | |||||
Livengood Property | Federal Unpatented Lode Mining Claims | Maximum | Production Royalty | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Minimum royalty percentage | 3% | |||||
Livengood Property | Federal Unpatented Lode Mining Claims | Minimum | Advance Royalties | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Advance royalties | $ 50,000 | |||||
Livengood Property | Federal Unpatented Lode Mining Claims | Minimum | Production Royalty | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Minimum royalty percentage | 2% | |||||
Livengood Property | Patented Lode Claims | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Mining properties lease operating expense | $ 280,000 | |||||
Advance royalties | $ 15,000 | |||||
Percentage of mining claims acquired subject to lease | 40% | |||||
Percentage of leasehold interest | 40% | |||||
Lessor, Operating Lease, Term of Contract | 10 years | |||||
Livengood Property | Patented Lode Claims | Production Royalty | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Portion Of Cash Payments Payable To Acquire Royalty Interests In Mining Properties | $ 500,000 | |||||
Net Smelter Return Base For Payments To Acquire Royalty Interests In Mining Properties | 3% | |||||
Minimum royalty percentage | 3% | |||||
Payments for Royalties | $ 1,000,000 | |||||
Livengood Property | Patented Lode Claims | Minimum | Advance Royalties | On or Before Each Anniversary | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Advance royalties | $ 20,000 | |||||
Livengood Property | Patented Lode Claims | Minimum | Advance Royalties | On or Before Each Subsequent Anniversary | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Advance royalties | 25,000 | |||||
Livengood Property | Unpatented Federal Lode Mining And Federal Unpatented Placer Claims | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Mining properties lease operating expense | 203,000 | |||||
Advance royalties | 15,000 | |||||
Lessor, Operating Lease, Term of Contract | 10 years | |||||
Livengood Property | Unpatented Federal Lode Mining And Federal Unpatented Placer Claims | On or Before Each Anniversary | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Advance royalties | 15,000 | |||||
Livengood Property | Unpatented Federal Lode Mining And Federal Unpatented Placer Claims | Production Royalty | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Balance Portion Of Payments To Acquire Royalty Interests In Mining Properties Payable By Way Of Net Smelter Return | 125,000 | |||||
Amount Payable To Lessor On Positive Production Decision | 250,000 | |||||
Portion Of Amount Payable To Lessor On Positive Production Decision Within Prescribed Period Of Decision | $ 125,000 | |||||
Minimum royalty percentage | 2% | |||||
Payments for Royalties | $ 1,000,000 | |||||
Livengood Property | Unpatented Federal Lode Mining And Federal Unpatented Placer Claims | Maximum | ||||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||||||
Prescribed Period From Decision On Positive Production For Payment Of First Half Amount Payable To Lessor | 120 days |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
ACCRUED LIABILITIES | ||
Accrued liabilities | $ 95,770 | $ 202,982 |
Accrued salaries and benefits | 17,299 | 117,251 |
Total accrued liabilities | $ 113,069 | $ 320,233 |
ACCRUED LIABILITIES - Additiona
ACCRUED LIABILITIES - Additional Information (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
ACCRUED LIABILITIES | ||
Accrued general corporate cost current | $ 60,922 | $ 34,912 |
Accrued project cost current | $ 34,848 | $ 168,070 |
SHARE CAPITAL - Stock Option Pl
SHARE CAPITAL - Stock Option Plan (Details) - CAD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Common stock | ||||
Number of Options | ||||
Exercised | (405,000) | |||
Stock Options | ||||
Number of Options | ||||
Balance, beginning of the period | 2,947,049 | 2,707,049 | ||
Granted | 240,000 | 240,000 | 240,000 | 240,000 |
Exercised | (405,000) | |||
Cancelled | (495,000) | |||
Balance, end of the period | 2,287,049 | 2,287,049 | 2,947,049 | |
Weighted Average Exercise Price | ||||
Balance, beginning of the period | $ 0.97 | $ 0.94 | ||
Granted | 0.92 | 1.31 | ||
Exercised | 0.90 | |||
Cancelled | 1.08 | |||
Balance, end of the period | $ 0.95 | $ 0.95 | $ 0.97 | |
Aggregate Intrinsic Value | ||||
Balance, end of the period | $ 44,589 | $ 44,589 | $ 235,200 |
SHARE CAPITAL - Stock options o
SHARE CAPITAL - Stock options outstanding (Details) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of Options (in shares) | 2,287,049 | 2,947,049 |
Exercisable (in shares) | 2,047,049 | 2,702,049 |
Exercise Price March 25, 2022 $ 1.11 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 1.11 | |
Number of Options (in shares) | 510,000 | |
Exercisable (in shares) | 510,000 | |
Exercise Price March 25, 2022 $ 0.73 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 0.73 | |
Number of Options (in shares) | 270,000 | |
Exercisable (in shares) | 270,000 | |
Exercise Price March 10, 2022 $ 1.11 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 1.11 | |
Number of Options (in shares) | 120,000 | |
Exercisable (in shares) | 120,000 | |
Exercise Price March 16, 2023 $ 1.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 1 | $ 1 |
Number of Options (in shares) | 580,000 | 580,000 |
Exercisable (in shares) | 580,000 | 580,000 |
Exercise Price March 16, 2023 $ 0.50 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 0.50 | $ 0.50 |
Number of Options (in shares) | 130,000 | 130,000 |
Exercisable (in shares) | 130,000 | 130,000 |
Exercise Price June 9, 2023 $ 1.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 1 | $ 1 |
Number of Options (in shares) | 30,000 | 30,000 |
Exercisable (in shares) | 30,000 | 30,000 |
Exercise Price March 21, 2024 $ 0.61 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 0.61 | $ 0.61 |
Number of Options (in shares) | 374,817 | 374,817 |
Exercisable (in shares) | 374,817 | 374,817 |
Exercise Price February 1, 2025 $ 1.35 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 1.35 | $ 1.35 |
Number of Options (in shares) | 250,000 | 250,000 |
Exercisable (in shares) | 250,000 | 250,000 |
Exercise Price August 8, 2025 $ 0.85 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 0.85 | $ 0.85 |
Number of Options (in shares) | 187,232 | 187,232 |
Exercisable (in shares) | 187,232 | 187,232 |
Exercise Price May 27, 2026 $ 0.92 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 0.92 | $ 0.92 |
Number of Options (in shares) | 255,000 | 255,000 |
Exercisable (in shares) | 255,000 | 170,000 |
Exercise Price May 25, 2027 $1.31 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 1.31 | $ 1.31 |
Number of Options (in shares) | 240,000 | 240,000 |
Exercisable (in shares) | 160,000 | 80,000 |
Exercise Price May 24, 2028 $0.92 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price (in Canadian dollars per share) | $ 0.92 | |
Number of Options (in shares) | 240,000 | |
Exercisable (in shares) | 80,000 |
SHARE CAPITAL - Non-vested opti
SHARE CAPITAL - Non-vested options (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Number of options | |
Balance, beginning of the year (in shares) | shares | 245,000 |
Granted | shares | 240,000 |
Vested | shares | (245,000) |
Balance, end of the year (in shares) | shares | 240,000 |
Weighted average grant-date fair value | |
Balance, beginning of the year (in Canadian dollars per share) | $ / shares | $ 0.91 |
Granted (in Canadian dollars per share) | $ / shares | 0.60 |
Vested (in Canadian dollar per share) | $ / shares | 0.78 |
Balance, end of the year (in Canadian dollars per share) | $ / shares | $ 0.73 |
SHARE CAPITAL - DSUs outstandin
SHARE CAPITAL - DSUs outstanding (Details) - Deferred Share Unit Incentive Plan - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Balance, beginning of the period | 2,151,276 | 1,834,481 | ||
Issued | 451,085 | 316,795 | 451,085 | 316,795 |
Balance, end of the period | 2,602,361 | 2,602,361 | 2,151,276 | |
Balance, beginning of the period | $ 0.88 | $ 0.81 | ||
Issued | 0.92 | 1.31 | ||
Balance, end of the period | $ 0.89 | $ 0.89 | $ 0.88 |
SHARE CAPITAL - Weighted averag
SHARE CAPITAL - Weighted average assumptions used for Black Scholes valuation model for stock options granted (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares | |
SHARE CAPITAL | |
Expected life of options | 6 years |
Risk-free interest rate | 2.64% |
Expected volatility | 76.75% |
Dividend rate | 0% |
Exercise price (C$) | $ 0.92 |
SHARE CAPITAL - Additional Info
SHARE CAPITAL - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 CAD ($) shares | Jun. 30, 2021 shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 CAD ($) $ / shares shares | Jun. 30, 2021 USD ($) shares | Dec. 31, 2021 CAD ($) $ / shares shares | Mar. 31, 2022 shares | Mar. 31, 2021 shares | Dec. 31, 2020 shares | |
Stockholders Equity [Line Items] | |||||||||
Common Stock, Shares, Issued | shares | 195,313,184 | 195,313,184 | 194,908,184 | ||||||
Common Stock, Shares, Outstanding | shares | 195,313,184 | 195,313,184 | 194,908,184 | ||||||
Contributed surplus transferred to share capital | $ 0 | ||||||||
Common Stock, Shares Authorized, Unlimited | Unlimited | Unlimited | |||||||
At-The-Market offering (in shares) | shares | 0 | ||||||||
Allocated share-based compensation expense | $ 406,365 | $ 475,080 | |||||||
Weighted average remaining outstanding (in years) | 2 years 7 months 6 days | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Shares Authorized | 10% | 10% | |||||||
Unrecognized compensation expense | $ 123,735 | $ 123,735 | |||||||
Weighted-average remaining period | 1 year 3 months 18 days | ||||||||
Issuance of shares | $ 290,290 | 0 | |||||||
Stock Options | |||||||||
Stockholders Equity [Line Items] | |||||||||
Stock option granted | shares | 240,000 | 240,000 | 240,000 | 240,000 | |||||
Allocated share-based compensation expense | $ 93,342 | 107,230 | |||||||
Plan 2006 | |||||||||
Stockholders Equity [Line Items] | |||||||||
Share based compensation arrangement by share based payment award shares authorized percentage | 10% | 10% | |||||||
Deferred Share Unit Incentive Plan | |||||||||
Stockholders Equity [Line Items] | |||||||||
Allocated share-based compensation expense | $ 313,023 | $ 367,850 | |||||||
Stock option granted in under DSU plan | shares | 451,085 | 316,795 | 451,085 | 316,795 | |||||
Weighted average granted value per share | $ / shares | $ 0.92 | $ 1.31 | |||||||
Deferred Share Unit Incentive Plan | Non-Paulson Directors | |||||||||
Stockholders Equity [Line Items] | |||||||||
Aggregate value | $ 415,000 | ||||||||
Number of shares obligation | shares | 90,217 | ||||||||
Grant value per director | $ 83,000 | ||||||||
Weighted average granted value per share | $ / shares | $ 0.92 | ||||||||
Common stock | |||||||||
Stockholders Equity [Line Items] | |||||||||
Common Stock, Shares, Issued | shares | 195,313,184 | 194,908,184 | 195,313,184 | 194,908,184 | 194,908,184 | 195,313,184 | 194,908,184 | 194,908,184 | |
Total proceeds from exercise of options | $ 290,290 | ||||||||
Contributed surplus transferred to share capital | 162,479 | ||||||||
Consulting Fees Expenses | |||||||||
Stockholders Equity [Line Items] | |||||||||
Allocated share-based compensation expense | 319,420 | ||||||||
Consulting Fees Expenses | Stock Options | |||||||||
Stockholders Equity [Line Items] | |||||||||
Allocated share-based compensation expense | $ 376,410 | ||||||||
Wages And Benefits Expenses | |||||||||
Stockholders Equity [Line Items] | |||||||||
Allocated share-based compensation expense | 5,796 | ||||||||
Wages And Benefits Expenses | Stock Options | |||||||||
Stockholders Equity [Line Items] | |||||||||
Allocated share-based compensation expense | 81,149 | 92,092 | |||||||
Investor Relations Expenses | |||||||||
Stockholders Equity [Line Items] | |||||||||
Allocated share-based compensation expense | 6,578 | ||||||||
Investor Relations Expenses | Stock Options | |||||||||
Stockholders Equity [Line Items] | |||||||||
Allocated share-based compensation expense | $ 6,397 | $ 8,560 |
SEGMENT AND GEOGRAPHIC INFORM_3
SEGMENT AND GEOGRAPHIC INFORMATION - Summary of Financial Information by Geographic Location (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Capitalized acquisition costs | $ 55,375,124 | $ 55,375,124 | $ 55,375,124 | ||
Property and equipment | 7,465 | 7,465 | 7,465 | ||
Current assets | 6,219,142 | 6,219,142 | 7,922,351 | ||
Total assets | 61,601,731 | 61,601,731 | 63,304,940 | ||
Net loss for the period | (1,200,279) | $ (2,178,014) | (1,914,252) | $ (3,315,886) | |
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Capitalized acquisition costs | 0 | 0 | 0 | ||
Property and equipment | 7,465 | 7,465 | 7,465 | ||
Current assets | 5,702,043 | 5,702,043 | 7,439,101 | ||
Total assets | 5,709,508 | 5,709,508 | 7,446,566 | ||
Net loss for the period | (369,075) | (808,616) | (696,721) | (1,175,564) | |
United States | |||||
Segment Reporting Information [Line Items] | |||||
Capitalized acquisition costs | 55,375,124 | 55,375,124 | 55,375,124 | ||
Property and equipment | 0 | 0 | 0 | ||
Current assets | 517,099 | 517,099 | 483,250 | ||
Total assets | 55,892,223 | 55,892,223 | $ 55,858,374 | ||
Net loss for the period | $ (831,204) | $ (1,369,398) | $ (1,217,531) | $ (2,140,322) |
COMMITMENTS (Details)
COMMITMENTS (Details) | Jun. 30, 2022 USD ($) |
Recorded Unconditional Purchase Obligation [Line Items] | |
2022 | $ 205,720 |
2023 | 741,297 |
2024 | 746,992 |
2025 | 752,758 |
2026 | 758,596 |
2027 and beyond | 764,507 |
Total | 3,969,870 |
Mineral Property Leases | |
Recorded Unconditional Purchase Obligation [Line Items] | |
2023 | 535,577 |
2024 | 541,272 |
2025 | 547,038 |
2026 | 552,876 |
2027 and beyond | 558,787 |
Total | 2,735,550 |
Mining Claim Government Fees | |
Recorded Unconditional Purchase Obligation [Line Items] | |
2022 | 205,720 |
2023 | 205,720 |
2024 | 205,720 |
2025 | 205,720 |
2026 | 205,720 |
2027 and beyond | 205,720 |
Total | $ 1,234,320 |