Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 01, 2024 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 1570 - 200 Burrard Street | |
Entity Address, City or Town | Vancouver | |
Entity Address, State or Province | BC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | V6C 3L6 | |
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 | 199,693,442 | |
Entity Central Index Key | 0001134115 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED INTERIM
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current | ||
Cash and cash equivalents | $ 2,269,940 | $ 1,687,690 |
Prepaid expenses and other | 276,369 | 304,726 |
Total current assets | 2,546,309 | 1,992,416 |
Property and equipment | 7,465 | 7,465 |
Capitalized acquisition costs | 55,375,124 | 55,375,124 |
Total assets | 57,928,898 | 57,375,005 |
Current liabilities | ||
Accounts payable | 34,795 | 92,855 |
Accrued liabilities | 137,989 | 142,096 |
Total liabilities | 172,784 | 234,951 |
Shareholders' equity | ||
Share capital, no par value; unlimited number of authorized shares; 199,693,442 and 195,885,531 shares issued and outstanding at June 30, 2024 December 31, 2023, respectively | 291,169,769 | 288,866,139 |
Contributed surplus | 36,669,198 | 36,309,865 |
Accumulated other comprehensive income | 1,459,148 | 1,528,828 |
Deficit | (271,542,001) | (269,564,778) |
Total shareholders' equity | 57,756,114 | 57,140,054 |
Total liabilities and shareholders' equity | $ 57,928,898 | $ 57,375,005 |
CONDENSED CONSOLIDATED INTERI_2
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS | ||
Share capital, no par value | $ 0 | $ 0 |
Share capital, shares issued | 199,693,442 | 195,885,531 |
Share capital, shares outstanding | 199,693,442 | 195,885,531 |
CONDENSED CONSOLIDATED INTERI_3
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating expenses | ||||
Consulting fees | $ 355,048 | $ 318,614 | $ 412,611 | $ 376,249 |
Insurance | 51,211 | 52,993 | 104,087 | 102,567 |
Investor relations | 32,272 | 30,740 | 42,088 | 34,811 |
Mineral property exploration | 628,951 | 641,748 | 759,055 | 787,643 |
Office | 7,214 | 5,979 | 11,689 | 8,887 |
Other | 4,171 | 2,801 | 8,335 | 7,023 |
Professional fees | 76,637 | 86,576 | 118,896 | 127,881 |
Regulatory | 26,689 | 24,812 | 94,139 | 86,176 |
Rent | 33,794 | 33,796 | 67,590 | 67,592 |
Travel | 10,583 | 11,963 | 12,697 | 13,874 |
Wages and benefits | 259,553 | 248,767 | 467,845 | 364,416 |
Total operating expenses | (1,486,123) | (1,458,789) | (2,099,032) | (1,977,119) |
Other income (expenses) | ||||
Gain/(Loss) on foreign exchange | 26,031 | (53,843) | 64,435 | (60,616) |
Interest income | 28,177 | 34,255 | 57,374 | 55,821 |
Other income | 0 | 10,480 | 10,480 | |
Total other income (expenses) | 54,208 | (9,108) | 121,809 | 5,685 |
Net loss for the period | (1,431,915) | (1,467,897) | (1,977,223) | (1,971,434) |
Other comprehensive income (loss) | ||||
Exchange difference on translating foreign operations | (43,638) | 59,255 | (69,680) | 59,870 |
Total other comprehensive income (loss) for the period | (43,638) | 59,255 | (69,680) | 59,870 |
Comprehensive loss for the period | $ (1,475,553) | $ (1,408,642) | $ (2,046,903) | $ (1,911,564) |
Basic loss per share | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.01) |
Diluted loss per share | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.01) |
Weighted average number of shares outstanding - basic | 199,693,442 | 195,369,790 | 199,339,723 | 195,341,643 |
Weighted average number of shares outstanding - diluted | 199,693,442 | 195,369,790 | 199,339,723 | 195,341,643 |
CONDENSED CONSOLIDATED INTERI_4
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Share Capital | Contributed Surplus | Accumulated Other Comprehensive Income | Deficit | Total |
Balance at beginning at Dec. 31, 2022 | $ 288,484,901 | $ 36,275,917 | $ 1,500,196 | $ (266,166,809) | $ 60,094,205 |
Balance at beginning (in shares) at Dec. 31, 2022 | 195,313,184 | ||||
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | |||||
Share issuance | $ 381,238 | (381,238) | |||
Share issuance (in shares) | 572,347 | ||||
Stock-based compensation-options | 63,514 | 63,514 | |||
Stock-based compensation-DSUs | 257,553 | 257,553 | |||
Exchange difference on translating foreign operations | 59,870 | 59,870 | |||
Net loss | (1,971,434) | (1,971,434) | |||
Balance at end at Jun. 30, 2023 | $ 288,866,139 | 36,215,746 | 1,560,066 | (268,138,243) | 58,503,708 |
Balance at end (in shares) at Jun. 30, 2023 | 195,885,531 | ||||
Balance at beginning at Mar. 31, 2023 | $ 288,484,901 | 36,296,185 | 1,500,811 | (266,670,346) | 59,611,551 |
Balance at beginning (in shares) at Mar. 31, 2023 | 195,313,184 | ||||
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | |||||
Share issuance | $ 381,238 | (381,238) | |||
Share issuance (in shares) | 572,347 | ||||
Stock-based compensation-options | 43,246 | 43,246 | |||
Stock-based compensation-DSUs | 257,553 | 257,553 | |||
Exchange difference on translating foreign operations | 59,255 | 59,255 | |||
Net loss | (1,467,897) | (1,467,897) | |||
Balance at end at Jun. 30, 2023 | $ 288,866,139 | 36,215,746 | 1,560,066 | (268,138,243) | 58,503,708 |
Balance at end (in shares) at Jun. 30, 2023 | 195,885,531 | ||||
Balance at beginning at Dec. 31, 2023 | $ 288,866,139 | 36,309,865 | 1,528,828 | (269,564,778) | $ 57,140,054 |
Balance at beginning (in shares) at Dec. 31, 2023 | 195,885,531 | 195,885,531 | |||
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | |||||
Share issuance | $ 2,528,453 | 0 | 0 | 0 | $ 2,528,453 |
Share issuance (in shares) | 3,807,911 | ||||
Share issuance costs | $ (224,823) | 0 | 0 | 0 | (224,823) |
Stock-based compensation-options | 0 | 66,091 | 0 | 0 | 66,091 |
Stock-based compensation-DSUs | 0 | 293,242 | 0 | 0 | 293,242 |
Exchange difference on translating foreign operations | 0 | 0 | (69,680) | 0 | (69,680) |
Net loss | 0 | 0 | 0 | (1,977,223) | (1,977,223) |
Balance at end at Jun. 30, 2024 | $ 291,169,769 | 36,669,198 | 1,459,148 | (271,542,001) | $ 57,756,114 |
Balance at end (in shares) at Jun. 30, 2024 | 199,693,442 | 199,693,442 | |||
Balance at beginning at Mar. 31, 2024 | $ 291,179,336 | 36,323,675 | 1,502,786 | (270,110,086) | $ 58,895,711 |
Balance at beginning (in shares) at Mar. 31, 2024 | 199,693,442 | ||||
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | |||||
Share issuance costs | $ (9,567) | 0 | 0 | 0 | (9,567) |
Stock-based compensation-options | 0 | 52,281 | 0 | 0 | 52,281 |
Stock-based compensation-DSUs | 293,242 | 0 | 0 | 293,242 | |
Exchange difference on translating foreign operations | 0 | 0 | (43,638) | 0 | (43,638) |
Net loss | 0 | 0 | 0 | (1,431,915) | (1,431,915) |
Balance at end at Jun. 30, 2024 | $ 291,169,769 | $ 36,669,198 | $ 1,459,148 | $ (271,542,001) | $ 57,756,114 |
Balance at end (in shares) at Jun. 30, 2024 | 199,693,442 | 199,693,442 |
CONDENSED CONSOLIDATED INTERI_5
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Loss for the period | $ (1,977,223) | $ (1,971,434) |
Add items not affecting cash: | ||
Stock-based compensation-options | 66,091 | 63,514 |
Stock-based compensation-DSUs | 293,242 | 257,553 |
Changes in non-cash items: | ||
Accounts receivable | (12,400) | (28,526) |
Prepaid expenses and other | 32,245 | (114,470) |
Accounts payable and accrued liabilities | (58,002) | (123,515) |
Cash and cash equivalents used in operating activities | (1,656,047) | (1,916,878) |
Financing Activities | ||
Issuance of shares | 2,528,453 | 0 |
Share issuance costs | (224,823) | 0 |
Cash and cash equivalents provided by financing activities | 2,303,630 | 0 |
Effect of foreign exchange on cash | (65,333) | 59,461 |
Change in cash and cash equivalents | 582,250 | (1,857,417) |
Cash and cash equivalents, beginning of the period | 1,687,690 | 4,847,429 |
Cash and cash equivalents, end of the period | 2,269,940 | 2,990,012 |
Non-cash financing and investing transactions | ||
Reallocation from contributed surplus from issuance of stock | $ 0 | $ 381,238 |
GENERAL INFORMATION AND NATURE
GENERAL INFORMATION AND NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2024 | |
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 1570 – 200 Burrard 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, 2024 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, 2024 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 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. As at August 8, 2024, management believes that the Company has sufficient financial resources to maintain its operations for the next twelve months. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 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, 2024 June 30, 2024 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 8,2024, the Board of Directors of the Company (the “Board”) approved these condensed consolidated interim financial statements. All currency amounts are stated in U.S. dollars unless noted otherwise. References to C$ refer to Canadian currency. 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, 2024 | |
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, 2024 | |
MINERAL PROPERTY | |
MINERAL PROPERTY | 4. MINERAL PROPERTY The Company did not incur any acquisition costs in respect of the Livengood Gold Project during the six months ended June 30, 2024: Capitalized acquisition costs Amount Balance, December 31, 2023 $ 55,375,124 Acquisition costs — Balance, June 30, 2024 $ 55,375,124 The following table presents costs incurred for mineral property activities for the six months ended June 30, 2024 and 2023: June 30, 2024 June 30, 2023 Mineral property costs: Aircraft $ 10,790 $ 13,200 Environmental 108,649 99,819 Equipment rental 17,863 34,676 Field costs 66,938 60,787 Land maintenance and tenure 540,226 536,097 Legal 9,125 35,323 Transportation and travel 5,464 7,741 Total expenditures for the period $ 759,055 $ 787,643 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 commencing July 1, 2004 and extending 19 years until June 30, 2023, subject to further extensions beyond June 30, 2023 by either (1) commercial production or (2) payment of an annual advance minimum royalty and diligent pursuit of development. Both requirements of (2) above have been satisfied through June 30, 2025. 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, 2024 and from the inception of this lease, the Company has paid $ 459,528 and $5,273,475 , 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, 2024 and from the inception of this lease, the Company has paid $ 50,000 and $1,030,000 , 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 has acquired a 40% interest in the mining claims subject to the lease, providing the Company with a 40% interest in the lease. The Company paid $15,000 of royalties during the six months ended June 30, 2024 , for a total of $310,000 from the inception of this 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 an 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, 2024 , for a total of $233,000 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, 2024 | |
ACCRUED LIABILITIES | |
ACCRUED LIABILITIES | 5. ACCRUED LIABILITIES The following table presents the Company’s accrued liabilities balances at June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 Accrued liabilities $ 115,859 $ 93,719 Accrued salaries and benefits 22,130 48,377 Total accrued liabilities $ 137,989 $ 142,096 Accrued liabilities at June 30, 2024 |
SHARE CAPITAL
SHARE CAPITAL | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 and June 30, 2024 issued outstanding Share issuances During the six months ended June 30, 2024, the Company issued 3,807,911 common shares pursuant to a $2.5 million non-brokered private placement at a price of $0.664 per common share to existing major shareholders of the Company. Stock options The Company adopted an incentive stock option plan in 2006, as amended September 19, 2012, and reapproved by the Company’s shareholders on May 28, 2015, May 30, 2018, May 25, 2021, and May 29, 2024 (the “Stock Option Plan”). The essential elements of the Stock Option Plan provide that the aggregate number of common shares of the Company that may be issued pursuant to options granted under the Stock Option Plan and any other share-based compensation arrangements may not exceed 10% of the number of issued shares of the Company at the time of the granting of options. Options granted under the Stock Option Plan will have a maximum term of ten years. The exercise price of options granted under the Stock Option Plan shall be fixed in compliance with the applicable provisions of the Toronto Stock Exchange (“TSX”) Company Manual in force at the time of grant and, in any event, shall not be less than the closing price of the Company’s common shares on the TSX on the trading day immediately preceding the day on which the option is granted, or such other price as may be agreed to by the Company and accepted by the TSX. Options granted under the Stock Option Plan vest immediately, unless otherwise determined by the Board at the date of grant. A summary of the options outstanding under the Stock Option Plan as of June 30, 2024 and December 31, 2023 is presented below: Six Months Ended Year Ended June 30, 2024 December 31, 2023 Weighted Weighted Average Aggregate Average Aggregate Number of Exercise Price Intrinsic Value Number of Exercise Price Intrinsic Value Options (C$) (C$) Options (C$) (C$) Balance, beginning of the period 1,787,049 $ 0.92 2,287,049 $ 0.95 Granted 240,000 0.94 240,000 0.63 Expired (374,817) 0.61 (740,000) 0.91 Balance, end of the period 1,652,232 $ 0.99 $ 12,000 1,787,049 $ 0.92 $ 93,571 The weighted average remaining life of options outstanding at June 30, 2024 Further details regarding stock options outstanding as at June 30, 2024 and December 31, 2023 are presented below: June 30, 2024 December 31, 2023 Exercise Number of Exercise Number of Expiry Date Price (C$) Options Exercisable Price (C$) Options Exercisable March 21, 2024 — — — $ 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 $ 0.92 255,000 255,000 May 25, 2027 $ 1.31 240,000 240,000 $ 1.31 240,000 240,000 May 24, 2028 $ 0.92 240,000 240,000 $ 0.92 240,000 160,000 May 23, 2029 $ 0.63 240,000 160,000 $ 0.63 240,000 80,000 May 29, 2030 $ 0.94 240,000 80,000 1,652,232 1,412,232 1,787,049 1,547,049 A summary of the non-vested options as of June 30, 2024 and changes during the six months ended June 30, 2024 is as follows: Weighted average Number of grant-date fair value Non-vested options: options (C$) Outstanding at December 31, 2023 240,000 $ 0.48 Granted 240,000 0.65 Vested (240,000) 0.56 Outstanding at June 30, 2024 240,000 $ 0.57 At June 30, 2024 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, May 25, 2021, and May 29, 2024. 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, 2024, in accordance with the DSU Plan, the Company granted each of the members of the Board (other than those directors nominated for election by Paulson & Co. Inc.) 88,298 DSUs for a total of 441,490 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 trading days immediately preceding the grant) of C$0.94 per DSU, representing C$83,000 per director or C$415,000 in the aggregate. Each DSU entitles the holder to receive one common share in the capital of the Company without the payment of any consideration. The DSUs vest immediately upon grant, but the common shares underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Board. DSUs outstanding as at June 30, 2024 and December 31, 2023 are as follows: Six Months Ended Year Ended June 30, 2024 December 31, 2023 Weighted Average Weighted Number of Exercise Price Number of Average Exercise Units (C$) Units Price (C$) Balance, beginning of the period 2,702,612 $ 0.83 2,602,361 $ 0.89 Issued 441,490 0.94 672,598 $ 0.62 Delivered — — (572,347) $ 0.87 Balance, end of the period 3,144,102 $ 0.84 2,702,612 $ 0.83 Share-based payments During the six months ended June 30, 2024, there were 240,000 stock options granted under the Stock Option Plan and 441,490 DSUs granted under the DSU Plan. Share-based payment compensation for the six months ended June 30, 2024 totaled $359,333 ($66,091 related to stock options and $293,242 related to DSUs). Of the total expense for the period ended June 30, 2024, $297,373 was included in consulting fees ($4,131 related to stock options and $293,242 related to DSUs), $4,131 was included in investor relations, and $57,829 was included in wages and benefits in the statement of operations and comprehensive loss. During the six months ended June 30, 2023, there were 240,000 stock options granted under the Stock Option Plan and 526,984 DSUs granted under the DSU Plan. Share-based payment compensation for the six months ended June 30, 2023 totaled$321,067 ($63,514 related to stock options and $257,553 related to DSUs). Of the total expense for the period ended June 30, 2023, $261,523 was included in consulting fees ($3,970 related to stock options and $257,553 related to DSUs), $3,970 was included in investor relations, and $55,574 was included in wages and benefits in the statement of operations and comprehensive loss. YTD June 30, 2024 YTD June 30, 2023 Expected life of options 6 years 6 years Risk-free interest rate 2.64 % 3.29 % Annualized volatility 76.75 % 74.39 % Dividend rate 0.00 % 0.00 % Exercise price (C$) $ 0.92 $ 0.63 |
SEGMENT AND GEOGRAPHIC INFORMAT
SEGMENT AND GEOGRAPHIC INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 2,242,526 303,783 2,546,309 Total assets $ 2,249,991 $ 55,678,907 $ 57,928,898 December 31, 2023 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 1,512,431 479,985 1,992,416 Total assets $ 1,519,896 $ 55,855,109 $ 57,375,005 Three Months Ended June 30, 2024 June 30, 2023 Net loss for the period – Canada $ (495,345) $ (532,343) Net loss for the period – United States (936,570) (935,554) Net loss for the period $ (1,431,915) $ (1,467,897) Six Months Ended June 30, 2024 June 30, 2023 Net loss for the period – Canada $ (628,435) $ (718,901) Net loss for the period – United States (1,348,788) (1,252,533) Net loss for the period $ (1,977,223) $ (1,971,434) |
COMMITMENTS
COMMITMENTS | 6 Months Ended |
Jun. 30, 2024 | |
COMMITMENTS | |
COMMITMENTS | 8. COMMITMENTS The following table discloses the Company’s contractual obligations as of June 30, 2024, including future 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 2024 2025 2026 2027 2028 2029 and beyond Total Mineral Property Leases (1) $ — $ 545,272 $ 551,088 $ 556,977 $ 562,939 $ 568,976 $ 2,785,252 Mining Claim Government Fees 206,215 206,215 206,215 206,215 206,215 206,215 1,237,290 Total $ 206,215 $ 751,487 $ 757,303 $ 763,192 $ 769,154 $ 775,191 $ 4,022,542 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. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (1,431,915) | $ (1,467,897) | $ (1,977,223) | $ (1,971,434) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
MINERAL PROPERTY (Tables)
MINERAL PROPERTY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
MINERAL PROPERTY | |
Schedule of activity related to the mineral property | Capitalized acquisition costs Amount Balance, December 31, 2023 $ 55,375,124 Acquisition costs — Balance, June 30, 2024 $ 55,375,124 |
Schedule of costs incurred for mineral property activities | June 30, 2024 June 30, 2023 Mineral property costs: Aircraft $ 10,790 $ 13,200 Environmental 108,649 99,819 Equipment rental 17,863 34,676 Field costs 66,938 60,787 Land maintenance and tenure 540,226 536,097 Legal 9,125 35,323 Transportation and travel 5,464 7,741 Total expenditures for the period $ 759,055 $ 787,643 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
ACCRUED LIABILITIES | |
Schedule of accrued liabilities | June 30, 2024 December 31, 2023 Accrued liabilities $ 115,859 $ 93,719 Accrued salaries and benefits 22,130 48,377 Total accrued liabilities $ 137,989 $ 142,096 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
SHARE CAPITAL | |
Schedule of stock option granted | Six Months Ended Year Ended June 30, 2024 December 31, 2023 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 1,787,049 $ 0.92 2,287,049 $ 0.95 Granted 240,000 0.94 240,000 0.63 Expired (374,817) 0.61 (740,000) 0.91 Balance, end of the period 1,652,232 $ 0.99 $ 12,000 1,787,049 $ 0.92 $ 93,571 |
Schedule of stock options outstanding | June 30, 2024 December 31, 2023 Exercise Number of Exercise Number of Expiry Date Price (C$) Options Exercisable Price (C$) Options Exercisable March 21, 2024 — — — $ 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 $ 0.92 255,000 255,000 May 25, 2027 $ 1.31 240,000 240,000 $ 1.31 240,000 240,000 May 24, 2028 $ 0.92 240,000 240,000 $ 0.92 240,000 160,000 May 23, 2029 $ 0.63 240,000 160,000 $ 0.63 240,000 80,000 May 29, 2030 $ 0.94 240,000 80,000 1,652,232 1,412,232 1,787,049 1,547,049 |
Schedule of non-vested share activity | Weighted average Number of grant-date fair value Non-vested options: options (C$) Outstanding at December 31, 2023 240,000 $ 0.48 Granted 240,000 0.65 Vested (240,000) 0.56 Outstanding at June 30, 2024 240,000 $ 0.57 |
Schedule of deferred share units outstanding | Six Months Ended Year Ended June 30, 2024 December 31, 2023 Weighted Average Weighted Number of Exercise Price Number of Average Exercise Units (C$) Units Price (C$) Balance, beginning of the period 2,702,612 $ 0.83 2,602,361 $ 0.89 Issued 441,490 0.94 672,598 $ 0.62 Delivered — — (572,347) $ 0.87 Balance, end of the period 3,144,102 $ 0.84 2,702,612 $ 0.83 |
Schedule of weighted average assumptions used for Black-Scholes valuation model for stock options granted | YTD June 30, 2024 YTD June 30, 2023 Expected life of options 6 years 6 years Risk-free interest rate 2.64 % 3.29 % Annualized volatility 76.75 % 74.39 % Dividend rate 0.00 % 0.00 % Exercise price (C$) $ 0.92 $ 0.63 |
SEGMENT AND GEOGRAPHIC INFORM_2
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
SEGMENT AND GEOGRAPHIC INFORMATION | |
Schedule of financial information by geographic location | Canada United States Total June 30, 2024 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 2,242,526 303,783 2,546,309 Total assets $ 2,249,991 $ 55,678,907 $ 57,928,898 December 31, 2023 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 1,512,431 479,985 1,992,416 Total assets $ 1,519,896 $ 55,855,109 $ 57,375,005 Three Months Ended June 30, 2024 June 30, 2023 Net loss for the period – Canada $ (495,345) $ (532,343) Net loss for the period – United States (936,570) (935,554) Net loss for the period $ (1,431,915) $ (1,467,897) Six Months Ended June 30, 2024 June 30, 2023 Net loss for the period – Canada $ (628,435) $ (718,901) Net loss for the period – United States (1,348,788) (1,252,533) Net loss for the period $ (1,977,223) $ (1,971,434) |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
COMMITMENTS | |
Schedule of current mineral properties | Payments Due by Year 2024 2025 2026 2027 2028 2029 and beyond Total Mineral Property Leases (1) $ — $ 545,272 $ 551,088 $ 556,977 $ 562,939 $ 568,976 $ 2,785,252 Mining Claim Government Fees 206,215 206,215 206,215 206,215 206,215 206,215 1,237,290 Total $ 206,215 $ 751,487 $ 757,303 $ 763,192 $ 769,154 $ 775,191 $ 4,022,542 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) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
GENERAL INFORMATION AND NATURE OF OPERATIONS | ||
Cash and cash equivalents | $ 2,269,940 | $ 1,687,690 |
Livengood Gold Project | ||
GENERAL INFORMATION AND NATURE OF OPERATIONS | ||
Noncontrolling interest ownership percentage by parent | 100% |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) | Jun. 30, 2024 USD ($) |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Assets measured at fair value | $ 0 |
MINERAL PROPERTY (Details)
MINERAL PROPERTY (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
MINERAL PROPERTY | |
Balance, at the beginning of the period | $ 55,375,124 |
Acquisition costs | 0 |
Balance, at the end of the period | $ 55,375,124 |
MINERAL PROPERTY - Costs incurr
MINERAL PROPERTY - Costs incurred for mineral property activities (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Mineral property costs: | ||
Aircraft | $ 10,790 | $ 13,200 |
Environmental | 108,649 | 99,819 |
Equipment rental | 17,863 | 34,676 |
Field costs | 66,938 | 60,787 |
Land maintenance and tenure | 540,226 | 536,097 |
Legal | 9,125 | 35,323 |
Transportation and travel | 5,464 | 7,741 |
Total expenditures for the period | $ 759,055 | $ 787,643 |
MINERAL PROPERTY - Additional I
MINERAL PROPERTY - Additional Information (Details) - Livengood Property - USD ($) | 6 Months Ended | |||||
Mar. 28, 2007 | Jan. 18, 2007 | Jul. 01, 2004 | Apr. 21, 2003 | Jun. 30, 2024 | Jan. 18, 2017 | |
Alaska Mental Health Trust Mineral Rights | ||||||
MINERAL PROPERTY | ||||||
Less renewal term | 19 years | |||||
Mining properties lease operating expense | $ 5,273,475 | $ 459,528 | ||||
Alaska Mental Health Trust Mineral Rights | Maximum | ||||||
MINERAL PROPERTY | ||||||
Minimum royalty percentage | 5% | |||||
Alaska Mental Health Trust Mineral Rights | Maximum | Production Royalty | ||||||
MINERAL PROPERTY | ||||||
Minimum royalty percentage | 1% | |||||
Alaska Mental Health Trust Mineral Rights | Minimum | ||||||
MINERAL PROPERTY | ||||||
Minimum royalty percentage | 2.50% | |||||
Alaska Mental Health Trust Mineral Rights | Minimum | Production Royalty | ||||||
MINERAL PROPERTY | ||||||
Minimum royalty percentage | 0.50% | |||||
Federal Unpatented Lode Mining Claims | ||||||
MINERAL PROPERTY | ||||||
Lessor, operating lease, term of contract | 10 years | |||||
Mining properties lease operating expense | $ 1,030,000 | $ 50,000 | ||||
Federal Unpatented Lode Mining Claims | Production Royalty | ||||||
MINERAL PROPERTY | ||||||
Portion of royalty to be purchased by the entity | 1% | |||||
Payments for royalties | $ 1,000,000 | |||||
Federal Unpatented Lode Mining Claims | Maximum | Production Royalty | ||||||
MINERAL PROPERTY | ||||||
Minimum royalty percentage | 3% | |||||
Federal Unpatented Lode Mining Claims | Minimum | Advance Royalties | ||||||
MINERAL PROPERTY | ||||||
Advance royalties | $ 50,000 | |||||
Federal Unpatented Lode Mining Claims | Minimum | Production Royalty | ||||||
MINERAL PROPERTY | ||||||
Minimum royalty percentage | 2% | |||||
Patented Lode Claims | ||||||
MINERAL PROPERTY | ||||||
Lessor, operating lease, term of contract | 10 years | |||||
Mining properties lease operating expense | $ 310,000 | |||||
Advance royalties | $ 15,000 | |||||
Percentage of mining claims acquired subject to lease | 40% | |||||
Percentage of leasehold interest | 40% | |||||
Patented Lode Claims | Production Royalty | ||||||
MINERAL PROPERTY | ||||||
Minimum royalty percentage | 3% | |||||
Payments for royalties | $ 1,000,000 | |||||
Net smelter return base for payments to acquire royalty interests in mining properties | 3% | |||||
Portion of cash payments payable to acquire royalty interests in mining properties | $ 500,000 | |||||
Payments term following the closing of purchase | 4 years | |||||
Patented Lode Claims | Minimum | Advance Royalties | On Or Before Each Anniversary | ||||||
MINERAL PROPERTY | ||||||
Advance royalties | $ 20,000 | |||||
Patented Lode Claims | Minimum | Advance Royalties | On Or Before Each Subsequent Anniversary | ||||||
MINERAL PROPERTY | ||||||
Advance royalties | $ 25,000 | |||||
Unpatented Federal Lode Mining And Federal Unpatented Placer Claims | ||||||
MINERAL PROPERTY | ||||||
Lessor, operating lease, term of contract | 10 years | |||||
Mining properties lease operating expense | $ 233,000 | |||||
Advance royalties | 15,000 | |||||
Unpatented Federal Lode Mining And Federal Unpatented Placer Claims | On Or Before Each Anniversary | ||||||
MINERAL PROPERTY | ||||||
Advance royalties | $ 15,000 | |||||
Unpatented Federal Lode Mining And Federal Unpatented Placer Claims | Production Royalty | ||||||
MINERAL PROPERTY | ||||||
Minimum royalty percentage | 2% | |||||
Payments for royalties | $ 1,000,000 | |||||
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 | |||||
Balance portion of payments to acquire royalty interests in mining properties payable by way of net smelter return | $ 125,000 | |||||
Unpatented Federal Lode Mining And Federal Unpatented Placer Claims | Maximum | ||||||
MINERAL PROPERTY | ||||||
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, 2024 | Dec. 31, 2023 |
ACCRUED LIABILITIES | ||
Accrued liabilities | $ 115,859 | $ 93,719 |
Accrued salaries and benefits | 22,130 | 48,377 |
Total accrued liabilities | $ 137,989 | $ 142,096 |
ACCRUED LIABILITIES - Additiona
ACCRUED LIABILITIES - Additional Information (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
ACCRUED LIABILITIES | ||
Accrued general corporate costs | $ 44,938 | $ 65,791 |
Accrued project costs | $ 70,921 | $ 27,928 |
SHARE CAPITAL - Stock Option Pl
SHARE CAPITAL - Stock Option Plan (Details) - Employee Stock Option - CAD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Number of Options | |||
Balance, beginning of the year | 1,787,049 | 2,287,049 | 2,287,049 |
Granted | 240,000 | 240,000 | 240,000 |
Expired | (374,817) | (740,000) | |
Balance, end of the year | 1,652,232 | 1,787,049 | |
Weighted Average Exercise Price | |||
Balance, beginning of the period | $ 0.92 | $ 0.95 | $ 0.95 |
Granted | 0.94 | 0.63 | |
Expired | 0.61 | 0.91 | |
Balance, end of the period | $ 0.99 | $ 0.92 | |
Aggregate Intrinsic Value | |||
Balance, end of the period | $ 12,000 | $ 93,571 |
SHARE CAPITAL - Stock options o
SHARE CAPITAL - Stock options outstanding (Details) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
SHARE CAPITAL | ||
Number of Options (in shares) | 1,652,232 | 1,787,049 |
Exercisable (in shares) | 1,412,232 | 1,547,049 |
Exercise Price March 21, 2024 $ 0.61 | ||
SHARE CAPITAL | ||
Exercise Price (in Canadian dollars per share) | $ 0.61 | |
Number of Options (in shares) | 374,817 | |
Exercisable (in shares) | 374,817 | |
Exercise Price February 1, 2025 $ 1.35 | ||
SHARE CAPITAL | ||
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 CAPITAL | ||
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 CAPITAL | ||
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 | 255,000 |
Exercise Price May 25, 2027 $ 1.31 | ||
SHARE CAPITAL | ||
Exercise Price (in Canadian dollars per share) | $ 1.31 | $ 1.31 |
Number of Options (in shares) | 240,000 | 240,000 |
Exercisable (in shares) | 240,000 | 240,000 |
Exercise Price May 24, 2028 $ 0.92 | ||
SHARE CAPITAL | ||
Exercise Price (in Canadian dollars per share) | $ 0.92 | $ 0.92 |
Number of Options (in shares) | 240,000 | 240,000 |
Exercisable (in shares) | 240,000 | 160,000 |
Exercise Price May 23, 2029 $ 0.63 | ||
SHARE CAPITAL | ||
Exercise Price (in Canadian dollars per share) | $ 0.63 | $ 0.63 |
Number of Options (in shares) | 240,000 | 240,000 |
Exercisable (in shares) | 160,000 | 80,000 |
Exercise Price May 29, 2030 $ 0.94 | ||
SHARE CAPITAL | ||
Exercise Price (in Canadian dollars per share) | $ 0.94 | |
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, 2024 $ / shares shares | |
Number of options | |
Balance, beginning of the year (in shares) | shares | 240,000 |
Granted | shares | 240,000 |
Vested | shares | (240,000) |
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 | $ 0.48 |
Granted (in Canadian dollars per share) | $ / shares | 0.65 |
Vested (in Canadian dollar per share) | $ / shares | 0.56 |
Balance, end of the year (in Canadian dollars per share) | $ / shares | $ 0.57 |
SHARE CAPITAL - DSUs outstandin
SHARE CAPITAL - DSUs outstanding (Details) - Deferred Share Unit Incentive Plan - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
SHARE CAPITAL | |||
Balance, beginning of the period | 2,702,612 | 2,602,361 | 2,602,361 |
Issued | 441,490 | 526,984 | 672,598 |
Delivered | (572,347) | ||
Balance, end of the period | 3,144,102 | 2,702,612 | |
Balance, beginning of the period (in Canadian dollars per share) | $ 0.83 | $ 0.89 | $ 0.89 |
Issued (in Canadian dollars per share) | 0.94 | 0.62 | |
Delivered (in Canadian dollars per share) | 0.87 | ||
Balance, end of the period (in Canadian dollars per share) | $ 0.84 | $ 0.83 |
SHARE CAPITAL - Additional Info
SHARE CAPITAL - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2023 shares | Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2024 CAD ($) $ / shares shares | Jun. 30, 2023 USD ($) shares | Dec. 31, 2023 $ / shares shares | Jun. 30, 2024 CAD ($) shares | Mar. 31, 2024 shares | Mar. 31, 2023 shares | Dec. 31, 2022 shares | |
SHARE CAPITAL | |||||||||
Common stock, shares, issued | shares | 195,885,531 | 199,693,442 | |||||||
Common stock, shares, outstanding | shares | 195,885,531 | 199,693,442 | |||||||
Net proceeds | $ 2,528,453 | $ 0 | |||||||
Share based compensation arrangement by share based payment award percentage of shares authorized | 10% | ||||||||
Weighted average remaining outstanding (in years) | 3 years 1 month 6 days | 3 years 1 month 6 days | |||||||
Unrecognized compensation expense | $ 112,018 | ||||||||
Weighted-average remaining period | 1 year 4 months 24 days | 1 year 4 months 24 days | |||||||
Allocated share-based compensation expense | $ 359,333 | 321,067 | |||||||
Reallocation from contributed surplus from issuance of stock | $ 0 | $ 381,238 | |||||||
Employee Stock Option | |||||||||
SHARE CAPITAL | |||||||||
Stock option granted | shares | 240,000 | 240,000 | 240,000 | 240,000 | |||||
Allocated share-based compensation expense | $ 66,091 | $ 63,514 | |||||||
Plan 2006 | |||||||||
SHARE CAPITAL | |||||||||
Share based compensation arrangement by share based payment award shares authorized percentage | 10% | ||||||||
Deferred Share Unit Incentive Plan | |||||||||
SHARE CAPITAL | |||||||||
Weighted average granted value per share | $ / shares | $ 0.94 | $ 0.62 | |||||||
Issued | shares | 441,490 | 441,490 | 526,984 | 672,598 | |||||
Allocated share-based compensation expense | $ 293,242 | $ 257,553 | |||||||
Deferred Share Unit Incentive Plan | Non-Paulson Directors | |||||||||
SHARE CAPITAL | |||||||||
Number of shares obligation | shares | 88,298 | 88,298 | |||||||
Weighted average granted value per share | $ / shares | $ 0.94 | ||||||||
Grant value per director | $ 83,000 | ||||||||
Aggregate value | $ 415,000 | ||||||||
Deferred Share Unit Incentive Plan | Paulson | |||||||||
SHARE CAPITAL | |||||||||
Issued | shares | 441,490 | 441,490 | |||||||
Private Placement | |||||||||
SHARE CAPITAL | |||||||||
At-The-Market offering (in shares) | shares | 3,807,911 | 3,807,911 | |||||||
Net proceeds | $ 2,500,000 | ||||||||
Share price | $ / shares | $ 0.664 | ||||||||
Common stock | |||||||||
SHARE CAPITAL | |||||||||
Common stock, shares, issued | shares | 195,885,531 | 195,885,531 | 195,885,531 | 199,693,442 | 199,693,442 | 195,313,184 | 195,313,184 | ||
At-The-Market offering (in shares) | shares | 572,347 | 3,807,911 | 3,807,911 | 572,347 | |||||
Consulting Fees Expenses | |||||||||
SHARE CAPITAL | |||||||||
Allocated share-based compensation expense | $ 297,373 | $ 261,523 | |||||||
Consulting Fees Expenses | Employee Stock Option | |||||||||
SHARE CAPITAL | |||||||||
Allocated share-based compensation expense | 4,131 | 3,970 | |||||||
Consulting Fees Expenses | Deferred Share Unit Incentive Plan | |||||||||
SHARE CAPITAL | |||||||||
Allocated share-based compensation expense | 293,242 | 257,553 | |||||||
Wages And Benefits Expenses | |||||||||
SHARE CAPITAL | |||||||||
Allocated share-based compensation expense | 57,829 | 55,574 | |||||||
Investor Relations Expenses | |||||||||
SHARE CAPITAL | |||||||||
Allocated share-based compensation expense | $ 4,131 | $ 3,970 |
SHARE CAPITAL - Weighted averag
SHARE CAPITAL - Weighted average assumptions used for Black-Scholes valuation model for stock options granted (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
SHARE CAPITAL | ||
Expected life of options | 6 years | 6 years |
Risk-free interest rate | 0.0264% | 0.0329% |
Annualized volatility | 0.7675% | 0.7439% |
Dividend rate | 0% | 0% |
Exercise price (C$) | $ 0.92 | $ 0.63 |
SEGMENT AND GEOGRAPHIC INFORM_3
SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
SEGMENT AND GEOGRAPHIC INFORMATION | |||||
Capitalized acquisition costs | $ 55,375,124 | $ 55,375,124 | $ 55,375,124 | ||
Property and equipment | 7,465 | 7,465 | 7,465 | ||
Current assets | 2,546,309 | 2,546,309 | 1,992,416 | ||
Total assets | 57,928,898 | 57,928,898 | 57,375,005 | ||
Net loss for the period | (1,431,915) | $ (1,467,897) | (1,977,223) | $ (1,971,434) | |
Canada | |||||
SEGMENT AND GEOGRAPHIC INFORMATION | |||||
Capitalized acquisition costs | 0 | 0 | 0 | ||
Property and equipment | 7,465 | 7,465 | 7,465 | ||
Current assets | 2,242,526 | 2,242,526 | 1,512,431 | ||
Total assets | 2,249,991 | 2,249,991 | 1,519,896 | ||
Net loss for the period | (495,345) | (532,343) | (628,435) | (718,901) | |
United States | |||||
SEGMENT AND GEOGRAPHIC INFORMATION | |||||
Capitalized acquisition costs | 55,375,124 | 55,375,124 | 55,375,124 | ||
Property and equipment | 0 | 0 | 0 | ||
Current assets | 303,783 | 303,783 | 479,985 | ||
Total assets | 55,678,907 | 55,678,907 | $ 55,855,109 | ||
Net loss for the period | $ (936,570) | $ (935,554) | $ (1,348,788) | $ (1,252,533) |
COMMITMENTS (Details)
COMMITMENTS (Details) | Jun. 30, 2024 USD ($) |
COMMITMENTS | |
2024 | $ 206,215 |
2025 | 751,487 |
2026 | 757,303 |
2027 | 763,192 |
2028 | 769,154 |
2029 and beyond | 775,191 |
Total | 4,022,542 |
Mineral Property Leases | |
COMMITMENTS | |
2025 | 545,272 |
2026 | 551,088 |
2027 | 556,977 |
2028 | 562,939 |
2029 and beyond | 568,976 |
Total | 2,785,252 |
Mining Claim Government Fees | |
COMMITMENTS | |
2024 | 206,215 |
2025 | 206,215 |
2026 | 206,215 |
2027 | 206,215 |
2028 | 206,215 |
2029 and beyond | 206,215 |
Total | $ 1,237,290 |