Cover
Cover | 6 Months Ended |
Feb. 29, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Feb. 29, 2024 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2024 |
Current Fiscal Year End Date | --08-31 |
Entity File Number | 001-32500 |
Entity Registrant Name | TRX GOLD Corporation |
Entity Central Index Key | 0001173643 |
Entity Address, Address Line One | 277 Lakeshore Road East |
Entity Address, Address Line Two | Suite 403 |
Entity Address, City or Town | Oakville |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | L6J 1H9 |
Interim Condensed Consolidated
Interim Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 |
Current assets | ||
Cash | $ 7,959 | $ 7,629 |
Amounts receivable | 1,227 | 3,140 |
Prepayments and other assets | 1,108 | 1,463 |
Inventories | 5,874 | 4,961 |
Total current assets | 16,168 | 17,193 |
Other long-term assets | 3,328 | 2,948 |
Mineral property, plant and equipment | 68,703 | 64,059 |
Total assets | 88,199 | 84,200 |
Current liabilities | ||
Amounts payable and accrued liabilities | 12,802 | 11,571 |
Income tax payable | 734 | 1,081 |
Current portion of deferred revenue | 2,052 | 1,549 |
Current portion of lease liabilities | 46 | 65 |
Derivative financial instrument liabilities | 1,745 | 3,544 |
Total current liabilities | 17,379 | 17,810 |
Lease liabilities | 21 | 36 |
Deferred revenue | 178 | |
Deferred income tax liability | 5,991 | 4,287 |
Provision for reclamation | 887 | 833 |
Total liabilities | 24,278 | 23,144 |
Equity | ||
Share capital | 165,518 | 164,816 |
Share-based payments reserve | 9,088 | 8,807 |
Warrants reserve | 1,700 | 1,700 |
Accumulated deficit | (121,309) | (121,423) |
Equity attributable to shareholders | 54,997 | 53,900 |
Non-controlling interest | 8,924 | 7,156 |
Total equity | 63,921 | 61,056 |
Total equity and liabilities | $ 88,199 | $ 84,200 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Profit or loss [abstract] | ||||
Revenue | $ 7,984 | $ 10,098 | $ 17,388 | $ 19,816 |
Cost of sales | ||||
Production costs | (3,681) | (4,128) | (8,189) | (7,646) |
Royalty | (603) | (757) | (1,298) | (1,454) |
Depreciation | (428) | (294) | (912) | (487) |
Total cost of sales | (4,712) | (5,179) | (10,399) | (9,587) |
Gross profit | 3,272 | 4,919 | 6,989 | 10,229 |
General and administrative expenses | (1,767) | (2,035) | (3,978) | (3,872) |
Change in fair value of derivative financial instruments | 1,600 | (965) | 1,799 | 2,400 |
Foreign exchange gains | 142 | 65 | 62 | 58 |
Interest and other expenses | (445) | (856) | (918) | (1,041) |
Income before tax | 2,802 | 1,128 | 3,954 | 7,774 |
Income tax expense | (881) | (1,178) | (2,072) | (2,664) |
Net income (loss) and comprehensive income (loss) | 1,921 | (50) | 1,882 | 5,110 |
Net income (loss) and comprehensive income (loss) attributable to: | ||||
Shareholders | 1,080 | (1,399) | 114 | 2,113 |
Non-controlling interest | 841 | 1,349 | 1,768 | 2,997 |
Net income (loss) and comprehensive income (loss) | $ 1,921 | $ (50) | $ 1,882 | $ 5,110 |
Earnings (loss) per share attributable to shareholders: | ||||
Basic earnings (loss) per share | $ 0 | $ 0 | $ 0 | $ 0.01 |
Diluted earnings (loss) per share | $ 0 | $ 0 | $ 0 | $ 0.01 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Issued capital [member] | Reserve of share-based payments [member] | Reserve For Warrants [member] | Accumulated deficit [member] | Shareholders' equity [member] | Non-controlling interests [member] | Total |
Beginning balance, value at Aug. 31, 2022 | $ 163,946 | $ 6,825 | $ 1,700 | $ (123,673) | $ 48,798 | $ 2,361 | $ 51,159 |
Beginning balance, shares at Aug. 31, 2022 | 276,146,184 | ||||||
IfrsStatementLineItems [Line Items] | |||||||
Shares issued for share-based payments | $ 481 | (481) | |||||
Shares issued for share-based payments, shares | 743,786 | ||||||
Share-based compensation expense | 1,600 | 1,600 | 1,600 | ||||
Witholding tax impact on RSUs | 87 | 87 | 87 | ||||
Net income for the period | 2,113 | 2,113 | 2,997 | 5,110 | |||
Ending balance, value at Feb. 28, 2023 | $ 164,427 | 8,031 | 1,700 | (121,560) | 52,598 | 5,358 | 57,956 |
Ending balance, shares at Feb. 28, 2023 | 276,889,970 | ||||||
IfrsStatementLineItems [Line Items] | |||||||
Shares issued for share-based payments | $ 194 | (198) | (4) | (4) | |||
Shares issued for share-based payments, shares | 379,728 | ||||||
Share-based compensation expense | 1,097 | 1,097 | 1,097 | ||||
Witholding tax impact on RSUs | (33) | (33) | (33) | ||||
Shares issued for cash, net of share issuance costs | $ 105 | 105 | 105 | ||||
Shares issued for cash, net of share issuance costs, shares | 200,000 | ||||||
Shares issued for cashless exercise of options | $ 90 | (90) | |||||
Shares issued for cashless exercise of options, shares | 155,619 | ||||||
Net income for the period | 137 | 137 | 1,798 | 1,935 | |||
Ending balance, value at Aug. 31, 2023 | $ 164,816 | 8,807 | 1,700 | (121,423) | 53,900 | 7,156 | 61,056 |
Ending balance, shares at Aug. 31, 2023 | 277,625,317 | ||||||
IfrsStatementLineItems [Line Items] | |||||||
Shares issued for share-based payments (Note 12) | $ 702 | (692) | 10 | 10 | |||
Shares issued for share-based payments, shares | 1,610,306 | ||||||
Share-based compensation expense (Note 12) | 1,340 | 1,340 | 1,340 | ||||
Witholding tax impact on share-based payments | (367) | (367) | (367) | ||||
Net income for the period | 114 | 114 | 1,768 | 1,882 | |||
Ending balance, value at Feb. 29, 2024 | $ 165,518 | $ 9,088 | $ 1,700 | $ (121,309) | $ 54,997 | $ 8,924 | $ 63,921 |
Ending balance, shares at Feb. 29, 2024 | 279,235,623 |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Operating | ||
Net income | $ 1,882 | $ 5,110 |
Adjustments for items not involving cash: | ||
Non-cash items | 2,744 | 1,630 |
Changes in non-cash working capital: | ||
Decrease in amounts receivable | 1,783 | 2,400 |
Increase in inventories | (709) | (618) |
Decrease (increase) in prepaid and other assets | 355 | (1,193) |
Increase in amounts payable and accrued liabilities | 445 | 3,561 |
(Decrease) increase in income tax payable | (333) | 536 |
Cash provided by operating activities | 6,167 | 11,426 |
Investing | ||
Purchase of mineral property, plant and equipment | (5,054) | (9,635) |
Increase in other long-term assets | (380) | (607) |
Cash used in investing activities | (5,434) | (10,242) |
Financing | ||
Withholding taxes on settlement of share-based payments | (367) | (94) |
Lease payments | (36) | (74) |
Cash used in financing activities | (403) | (168) |
Net increase in cash | 330 | 1,016 |
Cash at beginning of the period | 7,629 | 8,476 |
Cash at end of the period | 7,959 | 9,492 |
Taxes paid in cash | $ 700 |
Nature of operations
Nature of operations | 6 Months Ended |
Feb. 29, 2024 | |
Nature Of Operations | |
Nature of operations | 1. Nature of operations TRX Gold Corporation (“TRX Gold” or the “Company”) is incorporated in the Province of Alberta on July 5, 1990 under the Business Corporations Act (Alberta). The Company’s principal business activity is the exploration, development and production of mineral property interests in the United Republic of Tanzania (“Tanzania”). The Company’s registered office is 400 3 rd The Company’s common shares are listed on the Toronto Stock Exchange in Canada (TSX: TRX) and NYSE American in the United States of America (NYSE American: TRX). The Company is primarily focused on development and mining operations, exploring, and evaluating its mineral properties. The business of exploring and mining for minerals involves a high degree of risk. The underlying value of the mineral properties is dependent upon the existence and economic recovery of mineral resources and reserves, the ability to raise long-term financing to complete the development of the properties, government policies and regulations, and upon future profitable production or, alternatively, upon the Company’s ability to dispose of its interest on an advantageous basis; all of which are uncertain. |
Basis of preparation
Basis of preparation | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Basis of preparation | 2. Basis of preparation a) Statement of compliance The Company’s interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting These interim condensed consolidated financial statements were approved by the Board of Directors of the Company on April 10, 2024. b) Basis of presentation and measurement These interim condensed consolidated financial statements have been prepared on a going concern basis under the historical cost basis, except for certain financial assets and liabilities which are measured at fair value as disclosed in Note 17. All amounts in these interim condensed consolidated financial statements are presented in U.S. dollars with all amounts rounded to the nearest thousand, except for share and per share data, or as otherwise noted. Reference herein of $ or USD is to U.S. dollars and C$ or CAD is to Canadian dollars. |
Material accounting policies, j
Material accounting policies, judgements and estimates | 6 Months Ended |
Feb. 29, 2024 | |
Material Accounting Policies Judgements And Estimates | |
Material accounting policies, judgements and estimates | 3. Material accounting policies, judgements and estimates The accounting policies, judgements and estimates applied in these interim condensed consolidated financial statements are consistent with those set out in Notes 3 and 4 of the Company’s annual consolidated financial statements for the year ended August 31, 2023, except as described below: Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) In February 2021, the IASB issued amendments to IAS 1, Presentation of Financial Statements Making Materiality Judgements The amendments to IAS 1 and IFRS Practice Statement 2 were adopted on September 1, 2023 and did not have a material impact on the Company’s interim condensed consolidated financial statements. Definition of Accounting Estimates (Amendments to IAS 8) In February 2021, the IASB issued amendments to IAS 8, Accounting policies, changes in accounting estimates and errors The amendments to IAS 8 were adopted on September 1, 2023 and did not have a material impact on the Company’s interim condensed consolidated financial statements. Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) In May 2021, the IASB issued amendments to IAS 12, Income Taxes The amendments to IAS 12 were adopted on September 1, 2023 and did not have a material impact on the Company’s interim condensed consolidated financial statements. |
Amounts receivable
Amounts receivable | 6 Months Ended |
Feb. 29, 2024 | |
Amounts Receivable | |
Amounts receivable | 4. Amounts receivable Schedule of amounts receivables February 29, 2024 August 31, 2023 Receivable from precious metal sales $ - $ 488 Sales tax receivable (1) 4,491 5,554 Other 64 46 Other receivable 4,555 6,088 Less: Long-term portion (3,328 ) (2,948 ) Total amounts receivable $ 1,227 $ 3,140 (1) Sales tax receivables consist of harmonized services tax and value added tax ("VAT") due from Canadian and Tanzanian tax authorities, respectively. Tanzanian tax regulations allow for VAT receivable to be refunded or set-off against other taxes due to the Tanzania Revenue Authority ("TRA"). The Company has historically experienced delays in receiving payment or confirmation of offset against other taxes. The Company is in communication with the TRA and there is an expectation for either cash payments or offsetting of VAT receivable against other taxes in the future. VAT which the Company does not expect to recover within the next 12 months has been classified as long-term assets. The Company held no collateral for any receivables. During the three and six months ended February 29, 2024, $nil 0 0.2 1.3 2.6 0 0 |
Prepayments and other assets
Prepayments and other assets | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Prepayments and other assets | 5. Prepayments and other assets Schedule of prepayments and other assets February 29, 2024 August 31, 2023 Prepaid expenses $ 401 $ 796 Deferred financing costs (1) 707 667 Total prepayments and other assets $ 1,108 $ 1,463 (1) Consists of $0.5 million in commitment fees paid with respect to a share purchase agreement whereby the Company, at its sole discretion, has the right to sell up to $10 million of its common shares over a 36-month period and $0.2 million in deferred financing costs related to an At-the-Market Offering Agreement entered on May 12, 2023. |
Inventories
Inventories | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Inventories | 6. Inventories Schedule of inventory February 29, 2024 August 31, 2023 Ore stockpile $ 4,183 $ 3,361 Gold in circuit 808 689 Gold doré 109 52 Total precious metals inventories 5,100 4,102 Supplies 774 859 Total inventories $ 5,874 $ 4,961 |
Mineral property, plant and equ
Mineral property, plant and equipment | 6 Months Ended |
Feb. 29, 2024 | |
Mineral Property Plant And Equipment | |
Mineral property, plant and equipment | 7. Mineral property, plant and equipment Schedule of mineral property, plant and equipment Exploration and evaluation expenditures (1) Mineral properties Processing plant and related infrastructure Machinery and equipment (2) Other (3) Total Cost As at August 31, 2023 $ 1,864 $ 41,202 $ 23,063 $ 1,624 $ 351 $ 68,104 Additions 206 2,106 3,465 12 - 5,789 As at February 29, 2024 $ 2,070 $ 43,308 $ 26,528 $ 1,636 $ 351 $ 73,893 Accumulated depreciation As at August 31, 2023 $ - $ 899 $ 2,138 $ 828 $ 180 $ 4,045 Depreciation - 864 131 114 36 1,145 As at February 29, 2024 $ - $ 1,763 $ 2,269 $ 942 $ 216 $ 5,190 Net book value As at August 31, 2023 $ 1,864 $ 40,303 $ 20,925 $ 796 $ 171 $ 64,059 As at February 29, 2024 $ 2,070 $ 41,545 $ 24,259 $ 694 $ 135 $ 68,703 (1) Represents exploration and evaluation expenditures related to the Eastern Porphyry and Anfield deposits on the Buckreef property. (2) Includes automotive, computer equipment and software. (3) Includes leasehold improvements and right-of-use assets. |
Deferred revenue
Deferred revenue | 6 Months Ended |
Feb. 29, 2024 | |
Deferred Revenue | |
Deferred revenue | 8. Deferred revenue On August 11, 2022, the Company entered into a $ 5.0 the Company fully settled $2.5 million drawn on the first tranche of the Agreement. 1.0 0.5 1.0 Schedule of deferred revenue liability Amount As at August 31, 2023 $ 1,727 Drawdown 1,500 Accretion of deferred revenue 241 Revenue recognized (1,416 ) As at February 29, 2024 $ 2,052 Schedule of deferred revenue February 29, 2024 August 31, 2023 Current portion of deferred revenue $ 2,052 $ 1,549 Non-current portion of deferred revenue - 178 Balance at end of period $ 2,052 $ 1,727 |
Derivative financial instrument
Derivative financial instrument liabilities | 6 Months Ended |
Feb. 29, 2024 | |
Derivative Financial Instrument Liabilities | |
Derivative financial instrument liabilities | 9. Derivative financial instrument liabilities Schedule of derivative financial instrument liabilities February 29, 2024 August 31, 2023 Derivative warrant liabilities $ 1,733 $ 3,544 Gold zero-cost collars 12 - Total derivative financial instrument liabilities $ 1,745 $ 3,544 a) Derivative warrant liabilities Schedule of derivative warrant liabilities Amount As at August 31, 2023 $ 3,544 Change in fair value (1,811 ) As at February 29, 2024 $ 1,733 Derivative warrant liabilities of $ 1.7 1.6 1.8 1 2.4 Fair values of derivative warrant liabilities were calculated using the Black-Scholes Option Pricing Model with the following assumptions: Schedule of assumptions fair value of derivative warrant liabilities February 29, 2024 August 31, 2023 Share price 0.33 $0.39 Risk-free interest rate 4.40 4.60 4.43 4.66 Dividend yield 0 0 Expected volatility 46 49 52 Remaining term (in years) 2.0 2.9 2.5 3.4 The fair value is classified as Level 3 as expected volatilities is determined using adjusted historical volatilities and were therefore not an observable input. Sensitivity analysis If expected volatility, the significant unobservable input, had been higher or lower by 10% and all other variables were held constant, net income and net assets for the three and six months ended February 29, 2024 would increase or decrease by: Schedule of net loss and net assets February 29, 2024 10% change in expected volatilities Increase Decrease (Loss) income $ (626 ) $ 570 b) Gold zero-cost collars Schedule of derivative warrant liabilities Amount As at August 31, 2023 $ - Change in fair value 12 As at February 29, 2024 $ 12 In December 2023, the Company entered into a series of gold zero-cost collar contracts for 600 gold ounces per month for a total of 3,000 gold ounces to be settled from January 2024 to May 2024, at a maximum and minimum gold price of $2,150 and $1,850 per gold ounce, respectively. During the three and six months ended February 29, 2024, gold zero-cost collar contracts for a total of 1,200 gold ounces expired unexercised. As at February 29, 2024, the following gold zero-cost collar contracts were outstanding: Schedule of contracts outstanding Quantity (ounces) Floor Price Ceiling Price Expiry Date 600 $1,850 $2,150 March 26, 2024 600 $1,850 $2,150 April 26, 2024 600 $1,850 $2,150 May 29, 2024 For the three and six months ended February 29, 2024, fair value losses amounted to $ 0.01 0.01 0 0 |
Income tax
Income tax | 6 Months Ended |
Feb. 29, 2024 | |
Income Tax | |
Income tax | 10. Income tax Income tax expense is recognized based on management’s estimate of the weighted average annual income tax rate expected for the full financial year. The maximum amount of tax losses that a business can utilize in Tanzania is 70% of its taxable profit for the current year. The remaining 30% of taxable profit is subject to a statutory tax rate of 30%. As a result, Buckreef’s current income tax is calculated at an effective tax rate of 9% until Buckreef’s tax loss carryforwards are fully utilized. Tax losses in Tanzania can only be utilized by the entity to which the tax losses relate to. The carrying value of Buckreef’s Mineral Property, Plant and Equipment is higher than their tax written down values due to historical mining incentives in Tanzania and accelerated depreciation for tax purposes. The taxable temporary difference between the carrying value of Mineral Property, Plant and Equipment and its tax basis in excess of available tax loss carryforwards resulted in a deferred tax liability. For the three months ended February 29, 2024, the Company recorded income tax expense of $ 0.9 0.1 0.8 1.2 0.2 1.0 2.1 0.4 1.7 2.7 0.5 2.2 |
Earnings (loss) per share
Earnings (loss) per share | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Earnings (loss) per share | 11. Earnings (loss) per share Schedule of earnings (loss) per share Three months ended Three months ended Six months ended February 29, Six months ended 2024 2023 2024 2023 Net income (loss) attributable to shareholders $ 1,080 $ (1,399 ) $ 114 $ 2,113 Weighted average number of common shares for purposes of basic EPS (1) 288,835,707 281,835,349 288,317,270 280,038,329 Effect of dilutive stock options, warrants, RSUs and share awards 2,126,123 - 2,478,001 6,109,446 Weighted average number of common shares for purposes of diluted EPS (1) 290,961,830 281,835,349 290,795,271 286,147,775 (1) The weighted average number of common shares for basic and diluted EPS include 11.1 million gross number of vested, but unissued, common shares relating to common share awards. For the six months ended February 29, 2024, the weighted average number of common shares for diluted EPS excluded 10.5 36.2 7.4 42 |
Share-based payments reserve
Share-based payments reserve | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Share-based payments reserve | 12. Share-based payments reserve Share-based compensation expense for the three and six months ended February 29, 2024 totalled $ 0.5 1.4 0.8 1.6 As at February 29, 2024, the Company had 5,090,117 3,617,450 a) Stock options Canadian Dollars denominated stock options Schedule of continuity of outstanding stock options Number of stock options Weighted average exercise price per share Balance – February 29, 2024 and August 31, 2023 4,986,000 CAD $ 0.41 Options to purchase common shares carry exercise prices and terms to maturity as follows: Schedule of options to purchase common shares carry exercise prices and terms to maturity Remaining Number of options Expiry contractual Exercise price Outstanding Exercisable Date life (years) C$ 0.35 100,000 100,000 January 2, 2027 2.8 C$ 0.40 2,259,000 2,259,000 October 11, 2026 2.6 C$ 0.40 95,000 95,000 October 6, 2024 0.6 C$ 0.43 2,065,000 2,065,000 September 29, 2026 2.6 C$ 0.43 467,000 467,000 October 6, 2024 0.6 C$ 0.41 (1) 4,986,000 4,986,000 2.4 (1) (1) Total represents weighted average. US Dollars denominated stock options Schedule of outstanding stock option Number of stock options Weighted average exercise price per share Balance – February 29, 2024 and August 31, 2023 10,450,000 $ 0.49 Options to purchase common shares carry exercise prices and terms to maturity as follows: Schedule of options to purchase common shares exercise prices Remaining Number of options Expiry contractual Exercise price Outstanding Exercisable Date life (years) USD $ 0.50 7,375,000 2,950,000 August 17, 2027 3.5 USD $ 0.45 3,075,000 615,000 August 28, 2028 4.5 USD $ 0.49 (1) 10,450,000 3,565,000 3.8 (1) (1) Total represents weighted average. For the three and six months ended February 29, 2024, share-based compensation expense related to stock options totalled $ 0.1 0.3 0.1 0.2 b) Restricted Share Units The following table sets out activity with respect to outstanding RSUs: Schedule of restricted stock outstanding Number of RSUs Balance – August 31, 2023 3,473,077 Granted 57,432 Vested (753,333 ) Balance – February 29, 2024 2,777,176 For the three and six months ended February 29, 2024, share-based payment expenses related to RSUs totalled $ 0.2 0.7 0.1 0.3 |
Warrants reserve
Warrants reserve | 6 Months Ended |
Feb. 29, 2024 | |
Warrants Reserve | |
Warrants reserve | 13. Warrants reserve Schedule of reserve for warrants Number of warrants Weighted average exercise price per share Weighted average remaining contractual life (years) Balance – August 31, 2023 38,968,037 $ 0.68 2.8 Warrants expired (2,777,268 ) $ 1.50 Balance – February 29, 2024 36,190,769 $ 0.62 2.4 As at February 29, 2024, the following warrants were outstanding: Schedule of warrants and compensation warrants Number of Exercise price Expiry date Private placement financing warrants - February 11, 2021 16,461,539 $ 0.80 February 11, 2026 Private placement financing broker warrants - February 11, 2021 1,152,307 $ 0.80 February 11, 2026 Private placement financing warrants – January 26, 2022 17,948,718 $ 0.44 January 26, 2027 Private placement financing placement agent warrants – January 26, 2022 628,205 $ 0.44 January 26, 2027 Balance – February 29, 2024 36,190,769 $ 0.62 (1) (1) Total represents weighted average. |
Non-controlling interest
Non-controlling interest | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Non-controlling interest | 14. Non-controlling interest Summarized financial information for Buckreef is disclosed below: Schedule of summarized financial information Three months ended February 29, Three months ended February 28, Six months ended February 29, Six months ended February 28, Income Statement 2024 2023 2024 2023 Revenue $ 7,984 $ 10,098 $ 17,388 $ 19,816 Depreciation 428 294 912 487 Accretion expense 157 208 297 371 Income tax expense 881 1,178 2,072 2,664 Comprehensive income for the period 1,867 2,998 3,928 6,660 Statement of Financial Position February 29, 2024 August 31, 2023 Current assets $ 9,314 $ 11,238 Non-current assets 69,872 64,762 Current liabilities (13,359 ) (12,113 ) Non-current liabilities (6,878 ) (5,301 ) Advances from parent, net (32,392 ) (36,049 ) Six months ended February 29, Six months ended February 28, Statement of Cash Flows 2024 2023 Cash provided by operating activities $ 8,719 $ 13,964 Cash used in investing activities (5,430 ) (10,234 ) Cash used in financing activities (3,819 ) (742 ) |
Related party transactions
Related party transactions | 6 Months Ended |
Feb. 29, 2024 | |
Related Party Transactions | |
Related party transactions | 15. Related party transactions Related parties include the Board of Directors and officers, extended relatives and enterprises that are controlled by these individuals as well as certain consultants performing similar functions. Remuneration of Directors and key management personnel of the Company was as follows: Schedule of related parties compensation Three months ended February 29, Three months ended February 28, Six months ended February 29, Six months ended February 28, Directors and key management personnel 2024 2023 2024 2023 Remuneration (1) $ 429 $ 510 $ 864 $ 976 Share-based compensation expense 321 559 1,014 1,274 Total directors and key management personnel $ 750 $ 1,069 $ 1,878 $ 2,250 (1) Remuneration includes salaries and benefits for certain key management personnel and director fees. Certain members of the board of directors have employment or service contracts with the Company. Directors are entitled to director fees and share-based compensation for their services and officers are entitled to cash remuneration and share-based compensation for their employment services. As at February 29, 2024, included in amounts payable is $ 0.1 0.4 During the three and six months ended February 29, 2024, $ 0.1 0.3 0.1 0.2 0.1 0.4 0 0.2 During the three and six months ended February 29, 2024, $nil 0 0.2 0.6 1.3 |
General and administrative expe
General and administrative expenses | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
General and administrative expenses | 16. General and administrative expenses Schedule of general and administrative expense Three months ended February 29, Three months ended February 28, Six months ended February 29, Six months ended February 28, 2024 2023 2024 2023 Directors’ fees (Note 15) $ 69 $ 107 $ 129 $ 214 Insurance 86 100 171 199 Office and general 78 41 145 60 Shareholder information 139 186 297 314 Professional fees 56 136 245 237 Salaries and benefits (Note 15) 696 614 1,254 1,098 Consulting 179 126 356 177 Share-based compensation expense (Notes 12 and 15) 403 645 1,213 1,398 Travel and accommodation 35 56 113 103 Depreciation 19 18 32 58 Other 7 6 23 14 Total general and administrative expenses $ 1,767 $ 2,035 $ 3,978 $ 3,872 |
Financial instruments
Financial instruments | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Financial instruments | 17. Financial instruments Fair value of financial instruments The following table sets out the classification of the Company’s financial instruments as at February 29, 2024 and August 31, 2023: Schedule of financial instruments February 29, 2024 August 31, 2023 Financial Assets Measured at amortized cost Amounts receivable $ 1,227 $ 3,140 Measured at fair value through profit or loss Cash 7,959 7,629 Financial Liabilities Measured at amortized cost Amounts payables and accrued liabilities 12,802 11,571 Measured at fair value through profit or loss Derivative financial instrument liabilities 1,745 3,544 Fair value estimates are made at a specific point in time based on relevant market information and information about financial instruments. These estimates are subject to and involve uncertainties and matters of significant judgment, and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The Company classifies its financial instruments carried at fair value according to a three-level hierarchy that reflects the significance of the inputs used in making the fair value measurements. The three levels of fair value hierarchy, giving the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs, 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 assets and liabilities, either directly or indirectly; and · Level 3 – Inputs for assets or liabilities that are not based on observable market data. As at February 29, 2024 and August 31, 2023, cash was classified as Level 1, gold zero-cost collars were classified as Level 2 (Note 9), and derivative warrant liabilities (Note 9) were classified as Level 3 under the fair value hierarchy. |
Segmented information
Segmented information | 6 Months Ended |
Feb. 29, 2024 | |
Segmented Information | |
Segmented information | 18. Segmented information Operating segments The Company’s Chief Operating Decision Maker, its Chief Executive Officer, reviews the operating results, assesses the performance and makes capital allocation decisions of the Company viewed as a single operating segment engaged in mineral exploration and development in Tanzania. All amounts disclosed in the interim condensed consolidated financial statements represent this single reporting segment. The Company’s corporate division only earns interest revenue that is considered incidental to the activities of the Company and does not meet the definition of an operating segment as defined in IFRS 8, Operating Segments Geographic segments The Company is in the business of mineral exploration and production in Tanzania. Information regarding the Company’s geographic locations are as follows: Schedule of revenue Three months ended February 29, Three months ended February 28, Six months ended February 29, Six months ended February 28, Revenue 2024 2023 2024 2023 Tanzania $ 7,984 $ 10,098 $ 17,388 $ 19,816 Total revenue $ 7,984 $ 10,098 $ 17,388 $ 19,816 During the three and six months ended February 29, 2024, the Company generated 94 92 93 96 7.5 16 9.4 19.1 Schedule of non-current assets Non-current assets February 29, 2024 August 31, 2023 Canada $ 46 $ 55 Tanzania 71,985 66,952 Total non-current assets $ 72,031 $ 67,007 |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Commitments and contingencies | 19. Commitments and contingencies Commitments: In order to maintain its existing mining and exploration licenses, the Company is required to pay annual license fees. As at February 29, 2024 and August 31, 2023, these licenses remained in good standing and the Company is up to date on its license payments. Contingencies: The Company is involved in litigation and disputes arising in the normal course of operations. Management is of the opinion that the outcome of any potential litigation will not have a material adverse impact on the Company’s financial position or results of operations. Accordingly, no provisions for the settlement of outstanding litigation and potential claims have been accrued as at February 29, 2024 and August 31, 2023. |
Non-cash items
Non-cash items | 6 Months Ended |
Feb. 29, 2024 | |
Non-cash Items | |
Non-cash items | 20. Non-cash items Schedule of non-cash items Six months ended February 29, Six months ended February 28, 2024 2023 Depreciation $ 944 $ 545 Change in fair value of derivative financial instruments (Note 9) (1,799 ) (2,400 ) Share-based compensation expense (Note 12) 1,350 1,538 Accretion of provision for reclamation 54 70 Deferred income tax expense (Note 10) 1,704 2,129 Accretion of lease liabilities 2 7 Deferred revenue (Note 8) 84 (742 ) Accretion of deferred revenue (Note 8) 241 261 Foreign exchange losses (gains) 164 (26 ) VAT written-off (Note 4) - 233 Other expenses - 15 Total non-cash items $ 2,744 $ 1,630 |
Amounts receivable (Tables)
Amounts receivable (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Amounts Receivable | |
Schedule of amounts receivables | Schedule of amounts receivables February 29, 2024 August 31, 2023 Receivable from precious metal sales $ - $ 488 Sales tax receivable (1) 4,491 5,554 Other 64 46 Other receivable 4,555 6,088 Less: Long-term portion (3,328 ) (2,948 ) Total amounts receivable $ 1,227 $ 3,140 (1) Sales tax receivables consist of harmonized services tax and value added tax ("VAT") due from Canadian and Tanzanian tax authorities, respectively. Tanzanian tax regulations allow for VAT receivable to be refunded or set-off against other taxes due to the Tanzania Revenue Authority ("TRA"). The Company has historically experienced delays in receiving payment or confirmation of offset against other taxes. The Company is in communication with the TRA and there is an expectation for either cash payments or offsetting of VAT receivable against other taxes in the future. VAT which the Company does not expect to recover within the next 12 months has been classified as long-term assets. |
Prepayments and other assets (T
Prepayments and other assets (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Schedule of prepayments and other assets | Schedule of prepayments and other assets February 29, 2024 August 31, 2023 Prepaid expenses $ 401 $ 796 Deferred financing costs (1) 707 667 Total prepayments and other assets $ 1,108 $ 1,463 (1) Consists of $0.5 million in commitment fees paid with respect to a share purchase agreement whereby the Company, at its sole discretion, has the right to sell up to $10 million of its common shares over a 36-month period and $0.2 million in deferred financing costs related to an At-the-Market Offering Agreement entered on May 12, 2023. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Schedule of inventory | Schedule of inventory February 29, 2024 August 31, 2023 Ore stockpile $ 4,183 $ 3,361 Gold in circuit 808 689 Gold doré 109 52 Total precious metals inventories 5,100 4,102 Supplies 774 859 Total inventories $ 5,874 $ 4,961 |
Mineral property, plant and e_2
Mineral property, plant and equipment (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Mineral Property Plant And Equipment | |
Schedule of mineral property, plant and equipment | Schedule of mineral property, plant and equipment Exploration and evaluation expenditures (1) Mineral properties Processing plant and related infrastructure Machinery and equipment (2) Other (3) Total Cost As at August 31, 2023 $ 1,864 $ 41,202 $ 23,063 $ 1,624 $ 351 $ 68,104 Additions 206 2,106 3,465 12 - 5,789 As at February 29, 2024 $ 2,070 $ 43,308 $ 26,528 $ 1,636 $ 351 $ 73,893 Accumulated depreciation As at August 31, 2023 $ - $ 899 $ 2,138 $ 828 $ 180 $ 4,045 Depreciation - 864 131 114 36 1,145 As at February 29, 2024 $ - $ 1,763 $ 2,269 $ 942 $ 216 $ 5,190 Net book value As at August 31, 2023 $ 1,864 $ 40,303 $ 20,925 $ 796 $ 171 $ 64,059 As at February 29, 2024 $ 2,070 $ 41,545 $ 24,259 $ 694 $ 135 $ 68,703 (1) Represents exploration and evaluation expenditures related to the Eastern Porphyry and Anfield deposits on the Buckreef property. (2) Includes automotive, computer equipment and software. (3) Includes leasehold improvements and right-of-use assets. |
Deferred revenue (Tables)
Deferred revenue (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Deferred Revenue | |
Schedule of deferred revenue liability | Schedule of deferred revenue liability Amount As at August 31, 2023 $ 1,727 Drawdown 1,500 Accretion of deferred revenue 241 Revenue recognized (1,416 ) As at February 29, 2024 $ 2,052 |
Schedule of deferred revenue | Schedule of deferred revenue February 29, 2024 August 31, 2023 Current portion of deferred revenue $ 2,052 $ 1,549 Non-current portion of deferred revenue - 178 Balance at end of period $ 2,052 $ 1,727 |
Derivative financial instrume_2
Derivative financial instrument liabilities (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
IfrsStatementLineItems [Line Items] | |
Schedule of derivative financial instrument liabilities | Schedule of derivative financial instrument liabilities February 29, 2024 August 31, 2023 Derivative warrant liabilities $ 1,733 $ 3,544 Gold zero-cost collars 12 - Total derivative financial instrument liabilities $ 1,745 $ 3,544 |
Schedule of derivative warrant liabilities | Schedule of derivative warrant liabilities Amount As at August 31, 2023 $ 3,544 Change in fair value (1,811 ) As at February 29, 2024 $ 1,733 |
Schedule of assumptions fair value of derivative warrant liabilities | Schedule of assumptions fair value of derivative warrant liabilities February 29, 2024 August 31, 2023 Share price 0.33 $0.39 Risk-free interest rate 4.40 4.60 4.43 4.66 Dividend yield 0 0 Expected volatility 46 49 52 Remaining term (in years) 2.0 2.9 2.5 3.4 |
Schedule of net loss and net assets | Schedule of net loss and net assets February 29, 2024 10% change in expected volatilities Increase Decrease (Loss) income $ (626 ) $ 570 |
Schedule of contracts outstanding | Schedule of contracts outstanding Quantity (ounces) Floor Price Ceiling Price Expiry Date 600 $1,850 $2,150 March 26, 2024 600 $1,850 $2,150 April 26, 2024 600 $1,850 $2,150 May 29, 2024 |
Gold Zero Cost Collars [Member] | |
IfrsStatementLineItems [Line Items] | |
Schedule of derivative warrant liabilities | Schedule of derivative warrant liabilities Amount As at August 31, 2023 $ - Change in fair value 12 As at February 29, 2024 $ 12 |
Earnings (loss) per share (Tabl
Earnings (loss) per share (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Schedule of earnings (loss) per share | Schedule of earnings (loss) per share Three months ended Three months ended Six months ended February 29, Six months ended 2024 2023 2024 2023 Net income (loss) attributable to shareholders $ 1,080 $ (1,399 ) $ 114 $ 2,113 Weighted average number of common shares for purposes of basic EPS (1) 288,835,707 281,835,349 288,317,270 280,038,329 Effect of dilutive stock options, warrants, RSUs and share awards 2,126,123 - 2,478,001 6,109,446 Weighted average number of common shares for purposes of diluted EPS (1) 290,961,830 281,835,349 290,795,271 286,147,775 (1) The weighted average number of common shares for basic and diluted EPS include 11.1 million gross number of vested, but unissued, common shares relating to common share awards. |
Share-based payments reserve (T
Share-based payments reserve (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
IfrsStatementLineItems [Line Items] | |
Schedule of restricted stock outstanding | Schedule of restricted stock outstanding Number of RSUs Balance – August 31, 2023 3,473,077 Granted 57,432 Vested (753,333 ) Balance – February 29, 2024 2,777,176 |
Stock Options [Member] | |
IfrsStatementLineItems [Line Items] | |
Schedule of continuity of outstanding stock options | Schedule of continuity of outstanding stock options Number of stock options Weighted average exercise price per share Balance – February 29, 2024 and August 31, 2023 4,986,000 CAD $ 0.41 |
Schedule of options to purchase common shares exercise prices | Schedule of options to purchase common shares carry exercise prices and terms to maturity Remaining Number of options Expiry contractual Exercise price Outstanding Exercisable Date life (years) C$ 0.35 100,000 100,000 January 2, 2027 2.8 C$ 0.40 2,259,000 2,259,000 October 11, 2026 2.6 C$ 0.40 95,000 95,000 October 6, 2024 0.6 C$ 0.43 2,065,000 2,065,000 September 29, 2026 2.6 C$ 0.43 467,000 467,000 October 6, 2024 0.6 C$ 0.41 (1) 4,986,000 4,986,000 2.4 (1) (1) Total represents weighted average. |
Stock Options 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Schedule of options to purchase common shares exercise prices | Schedule of options to purchase common shares exercise prices Remaining Number of options Expiry contractual Exercise price Outstanding Exercisable Date life (years) USD $ 0.50 7,375,000 2,950,000 August 17, 2027 3.5 USD $ 0.45 3,075,000 615,000 August 28, 2028 4.5 USD $ 0.49 (1) 10,450,000 3,565,000 3.8 (1) (1) Total represents weighted average. |
Schedule of outstanding stock option | Schedule of outstanding stock option Number of stock options Weighted average exercise price per share Balance – February 29, 2024 and August 31, 2023 10,450,000 $ 0.49 |
Warrants reserve (Tables)
Warrants reserve (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Warrants Reserve | |
Schedule of reserve for warrants | Schedule of reserve for warrants Number of warrants Weighted average exercise price per share Weighted average remaining contractual life (years) Balance – August 31, 2023 38,968,037 $ 0.68 2.8 Warrants expired (2,777,268 ) $ 1.50 Balance – February 29, 2024 36,190,769 $ 0.62 2.4 |
Schedule of warrants and compensation warrants | Schedule of warrants and compensation warrants Number of Exercise price Expiry date Private placement financing warrants - February 11, 2021 16,461,539 $ 0.80 February 11, 2026 Private placement financing broker warrants - February 11, 2021 1,152,307 $ 0.80 February 11, 2026 Private placement financing warrants – January 26, 2022 17,948,718 $ 0.44 January 26, 2027 Private placement financing placement agent warrants – January 26, 2022 628,205 $ 0.44 January 26, 2027 Balance – February 29, 2024 36,190,769 $ 0.62 (1) (1) Total represents weighted average. |
Non-controlling interest (Table
Non-controlling interest (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Schedule of summarized financial information | Schedule of summarized financial information Three months ended February 29, Three months ended February 28, Six months ended February 29, Six months ended February 28, Income Statement 2024 2023 2024 2023 Revenue $ 7,984 $ 10,098 $ 17,388 $ 19,816 Depreciation 428 294 912 487 Accretion expense 157 208 297 371 Income tax expense 881 1,178 2,072 2,664 Comprehensive income for the period 1,867 2,998 3,928 6,660 Statement of Financial Position February 29, 2024 August 31, 2023 Current assets $ 9,314 $ 11,238 Non-current assets 69,872 64,762 Current liabilities (13,359 ) (12,113 ) Non-current liabilities (6,878 ) (5,301 ) Advances from parent, net (32,392 ) (36,049 ) Six months ended February 29, Six months ended February 28, Statement of Cash Flows 2024 2023 Cash provided by operating activities $ 8,719 $ 13,964 Cash used in investing activities (5,430 ) (10,234 ) Cash used in financing activities (3,819 ) (742 ) |
Related party transactions (Tab
Related party transactions (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Related Party Transactions | |
Schedule of related parties compensation | Schedule of related parties compensation Three months ended February 29, Three months ended February 28, Six months ended February 29, Six months ended February 28, Directors and key management personnel 2024 2023 2024 2023 Remuneration (1) $ 429 $ 510 $ 864 $ 976 Share-based compensation expense 321 559 1,014 1,274 Total directors and key management personnel $ 750 $ 1,069 $ 1,878 $ 2,250 (1) Remuneration includes salaries and benefits for certain key management personnel and director fees. Certain members of the board of directors have employment or service contracts with the Company. Directors are entitled to director fees and share-based compensation for their services and officers are entitled to cash remuneration and share-based compensation for their employment services. |
General and administrative ex_2
General and administrative expenses (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Schedule of general and administrative expense | Schedule of general and administrative expense Three months ended February 29, Three months ended February 28, Six months ended February 29, Six months ended February 28, 2024 2023 2024 2023 Directors’ fees (Note 15) $ 69 $ 107 $ 129 $ 214 Insurance 86 100 171 199 Office and general 78 41 145 60 Shareholder information 139 186 297 314 Professional fees 56 136 245 237 Salaries and benefits (Note 15) 696 614 1,254 1,098 Consulting 179 126 356 177 Share-based compensation expense (Notes 12 and 15) 403 645 1,213 1,398 Travel and accommodation 35 56 113 103 Depreciation 19 18 32 58 Other 7 6 23 14 Total general and administrative expenses $ 1,767 $ 2,035 $ 3,978 $ 3,872 |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Notes and other explanatory information [abstract] | |
Schedule of financial instruments | Schedule of financial instruments February 29, 2024 August 31, 2023 Financial Assets Measured at amortized cost Amounts receivable $ 1,227 $ 3,140 Measured at fair value through profit or loss Cash 7,959 7,629 Financial Liabilities Measured at amortized cost Amounts payables and accrued liabilities 12,802 11,571 Measured at fair value through profit or loss Derivative financial instrument liabilities 1,745 3,544 |
Segmented information (Tables)
Segmented information (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Segmented Information | |
Schedule of revenue | Schedule of revenue Three months ended February 29, Three months ended February 28, Six months ended February 29, Six months ended February 28, Revenue 2024 2023 2024 2023 Tanzania $ 7,984 $ 10,098 $ 17,388 $ 19,816 Total revenue $ 7,984 $ 10,098 $ 17,388 $ 19,816 |
Schedule of non-current assets | Schedule of non-current assets Non-current assets February 29, 2024 August 31, 2023 Canada $ 46 $ 55 Tanzania 71,985 66,952 Total non-current assets $ 72,031 $ 67,007 |
Non-cash items (Tables)
Non-cash items (Tables) | 6 Months Ended |
Feb. 29, 2024 | |
Non-cash Items | |
Schedule of non-cash items | Schedule of non-cash items Six months ended February 29, Six months ended February 28, 2024 2023 Depreciation $ 944 $ 545 Change in fair value of derivative financial instruments (Note 9) (1,799 ) (2,400 ) Share-based compensation expense (Note 12) 1,350 1,538 Accretion of provision for reclamation 54 70 Deferred income tax expense (Note 10) 1,704 2,129 Accretion of lease liabilities 2 7 Deferred revenue (Note 8) 84 (742 ) Accretion of deferred revenue (Note 8) 241 261 Foreign exchange losses (gains) 164 (26 ) VAT written-off (Note 4) - 233 Other expenses - 15 Total non-cash items $ 2,744 $ 1,630 |
Amounts receivable (Details)
Amounts receivable (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | |
Amounts Receivable | |||
Receivable from precious metal sales | $ 488 | ||
Sales tax receivable | [1] | 4,491 | 5,554 |
Other | 64 | 46 | |
Other receivable | 4,555 | 6,088 | |
Less: Long-term portion | (3,328) | (2,948) | |
Total amounts receivable | $ 1,227 | $ 3,140 | |
[1]Sales tax receivables consist of harmonized services tax and value added tax ("VAT") due from Canadian and Tanzanian tax authorities, respectively. Tanzanian tax regulations allow for VAT receivable to be refunded or set-off against other taxes due to the Tanzania Revenue Authority ("TRA"). The Company has historically experienced delays in receiving payment or confirmation of offset against other taxes. The Company is in communication with the TRA and there is an expectation for either cash payments or offsetting of VAT receivable against other taxes in the future. VAT which the Company does not expect to recover within the next 12 months has been classified as long-term assets. |
Amounts receivable (Details Nar
Amounts receivable (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
IfrsStatementLineItems [Line Items] | ||||
VAT written-off | $ 0 | $ 200 | $ 0 | $ 200 |
T R A [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
VAT refunds | $ 1,300 | $ 0 | $ 2,600 | $ 0 |
Prepayments and other assets (D
Prepayments and other assets (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | |
Notes and other explanatory information [abstract] | |||
Prepaid expenses | $ 401 | $ 796 | |
Deferred financing costs | [1] | 707 | 667 |
Total prepayments and other assets | $ 1,108 | $ 1,463 | |
[1]Consists of $0.5 million in commitment fees paid with respect to a share purchase agreement whereby the Company, at its sole discretion, has the right to sell up to $10 million of its common shares over a 36-month period and $0.2 million in deferred financing costs related to an At-the-Market Offering Agreement entered on May 12, 2023. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 |
Notes and other explanatory information [abstract] | ||
Ore stockpile | $ 4,183 | $ 3,361 |
Gold in circuit | 808 | 689 |
Gold doré | 109 | 52 |
Total precious metals inventories | 5,100 | 4,102 |
Supplies | 774 | 859 |
Total inventories | $ 5,874 | $ 4,961 |
Mineral property, plant and e_3
Mineral property, plant and equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Feb. 29, 2024 | Aug. 31, 2023 | ||
IfrsStatementLineItems [Line Items] | |||
Net book value | $ 68,703 | $ 64,059 | |
Exploration And Evaluation Expenditures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net book value | [1] | 2,070 | 1,864 |
Mining property [member] | |||
IfrsStatementLineItems [Line Items] | |||
Net book value | 41,545 | 40,303 | |
Processing Plant And Related Infrastructure [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net book value | 24,259 | 20,925 | |
Machinery [member] | |||
IfrsStatementLineItems [Line Items] | |||
Net book value | [2] | 694 | 796 |
Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net book value | [3] | 135 | 171 |
Total [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net book value | 68,703 | $ 64,059 | |
Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | 68,104 | ||
Additions | 5,789 | ||
Cost ending balance | 73,893 | ||
Gross carrying amount [member] | Exploration And Evaluation Expenditures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | [1] | 1,864 | |
Additions | [1] | 206 | |
Cost ending balance | [1] | 2,070 | |
Gross carrying amount [member] | Mining property [member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | 41,202 | ||
Additions | 2,106 | ||
Cost ending balance | 43,308 | ||
Gross carrying amount [member] | Processing Plant And Related Infrastructure [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | 23,063 | ||
Additions | 3,465 | ||
Cost ending balance | 26,528 | ||
Gross carrying amount [member] | Machinery [member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | [2] | 1,624 | |
Additions | [2] | 12 | |
Cost ending balance | [2] | 1,636 | |
Gross carrying amount [member] | Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | [3] | 351 | |
Additions | [3] | ||
Cost ending balance | [3] | 351 | |
Accumulated depreciation and amortisation [member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | 4,045 | ||
Additions | 1,145 | ||
Cost ending balance | 5,190 | ||
Accumulated depreciation and amortisation [member] | Exploration And Evaluation Expenditures [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | [1] | ||
Additions | [1] | ||
Cost ending balance | [1] | ||
Accumulated depreciation and amortisation [member] | Mining property [member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | 899 | ||
Additions | 864 | ||
Cost ending balance | 1,763 | ||
Accumulated depreciation and amortisation [member] | Processing Plant And Related Infrastructure [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | 2,138 | ||
Additions | 131 | ||
Cost ending balance | 2,269 | ||
Accumulated depreciation and amortisation [member] | Machinery [member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | [2] | 828 | |
Additions | [2] | 114 | |
Cost ending balance | [2] | 942 | |
Accumulated depreciation and amortisation [member] | Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cost beginning balance | [3] | 180 | |
Additions | [3] | 36 | |
Cost ending balance | [3] | $ 216 | |
[1]Represents exploration and evaluation expenditures related to the Eastern Porphyry and Anfield deposits on the Buckreef property.[2]Includes automotive, computer equipment and software.[3]Includes leasehold improvements and right-of-use assets. |
Deferred revenue (Details 1)
Deferred revenue (Details 1) - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 29, 2024 | Aug. 31, 2023 | |
Deferred Revenue | ||
Deferred revenue, beginning | $ 1,727 | |
Drawdown | 1,500 | |
Accretion of deferred revenue | 241 | |
Revenue recognized | (1,416) | |
Deferred revenue, ending | 2,052 | |
Current portion of deferred revenue | 2,052 | $ 1,549 |
Non-current portion of deferred revenue | 178 | |
Balance at end of period | $ 2,052 | $ 1,727 |
Deferred revenue (Details Narra
Deferred revenue (Details Narrative) - USD ($) $ in Millions | 6 Months Ended | ||||
Feb. 29, 2024 | Nov. 29, 2023 | Sep. 26, 2023 | Jul. 11, 2023 | Aug. 11, 2022 | |
IfrsStatementLineItems [Line Items] | |||||
Deferred revenue description | the Company fully settled $2.5 million drawn on the first tranche of the Agreement. | ||||
Deferred revenue undrawn | $ 1 | $ 0.5 | $ 1 | ||
Purchase Agreement [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Prepaid gold dore | $ 5 |
Derivative financial instrume_3
Derivative financial instrument liabilities (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 |
Derivative Financial Instrument Liabilities | ||
Derivative warrant liabilities | $ 1,733 | $ 3,544 |
Gold zero-cost collars | 12 | |
Total derivative financial instrument liabilities | $ 1,745 | $ 3,544 |
Derivative financial instrume_4
Derivative financial instrument liabilities (Details 1) - Derivative Warrant Liabilities [Member] $ in Thousands | 6 Months Ended |
Feb. 29, 2024 USD ($) | |
IfrsStatementLineItems [Line Items] | |
Beginning balance at derivative warrant liabilities | $ 3,544 |
Change in fair value | (1,811) |
Ending balance at derivative warrant liabilities | $ 1,733 |
Derivative financial instrume_5
Derivative financial instrument liabilities (Details 2) - Derivative Warrant Liabilities [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Feb. 29, 2024 | Aug. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Share price | $ 0.33 | $ 0.39 |
Dividend yield | 0% | 0% |
Expected volatility | 52% | |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Risk-free interest rate | 4.40% | 4.43% |
Expected volatility | 46% | |
Remaining term (in years) | 2 years | 2 years 6 months |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Risk-free interest rate | 4.60% | 4.66% |
Expected volatility | 49% | |
Remaining term (in years) | 2 years 10 months 24 days | 3 years 4 months 24 days |
Derivative financial instrume_6
Derivative financial instrument liabilities (Details 3) $ in Thousands | 6 Months Ended |
Feb. 29, 2024 USD ($) | |
Derivative Financial Instrument Liabilities | |
Increase loss income | $ (626) |
Decrease loss income | $ 570 |
Derivative financial instrume_7
Derivative financial instrument liabilities (Details 4) - Gold Zero Cost Collars [Member] $ in Thousands | 6 Months Ended |
Feb. 29, 2024 USD ($) | |
IfrsStatementLineItems [Line Items] | |
Beginning balance at derivative warrant liabilities | |
Change in fair value | 12 |
Ending balance at derivative warrant liabilities | $ 12 |
Derivative financial instrume_8
Derivative financial instrument liabilities (Details 5) $ in Thousands | 6 Months Ended |
Feb. 29, 2024 USD ($) oz | |
Expiry Date 1 [Member] | |
IfrsStatementLineItems [Line Items] | |
Quantity ounces | oz | 600 |
Floor Price | $ 1,850 |
Ceiling Price | $ 2,150 |
Expiry Date | Mar. 26, 2024 |
Expiry Date 2 [Member] | |
IfrsStatementLineItems [Line Items] | |
Quantity ounces | oz | 600 |
Floor Price | $ 1,850 |
Ceiling Price | $ 2,150 |
Expiry Date | Apr. 26, 2024 |
Expiry Date 3 [Member] | |
IfrsStatementLineItems [Line Items] | |
Quantity ounces | oz | 600 |
Floor Price | $ 1,850 |
Ceiling Price | $ 2,150 |
Expiry Date | May 29, 2024 |
Derivative financial instrume_9
Derivative financial instrument liabilities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Derivative Financial Instrument Liabilities | ||||
Derivative warrant liabilities | $ 1,700 | $ 1,700 | ||
Gain on fair value | 1,600 | $ 1,000 | 1,800 | $ 2,400 |
Fair value changes loss | $ 10 | $ 0 | $ 10 | $ 0 |
Income tax (Details Narrative)
Income tax (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Income Tax | ||||
Income tax expenses | $ 0.9 | $ 1.2 | $ 2.1 | $ 2.7 |
Current income tax expense | 0.1 | 0.2 | 0.4 | 0.5 |
Deferred income tax expense | $ 0.8 | $ 1 | $ 1.7 | $ 2.2 |
Earnings (loss) per share (Deta
Earnings (loss) per share (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | ||
Notes and other explanatory information [abstract] | |||||
Net income (loss) attributable to shareholders | $ 1,080 | $ (1,399) | $ 114 | $ 2,113 | |
Weighted average number of common shares for purposes of basic EPS | [1] | 288,835,707 | 281,835,349 | 288,317,270 | 280,038,329 |
Effect of dilutive stock options, warrants, RSUs and share awards | 2,126,123 | 2,478,001 | 6,109,446 | ||
Weighted average number of common shares for purposes of diluted EPS | [1] | 290,961,830 | 281,835,349 | 290,795,271 | 286,147,775 |
[1]The weighted average number of common shares for basic and diluted EPS include 11.1 million gross number of vested, but unissued, common shares relating to common share awards. |
Earnings (loss) per share (De_2
Earnings (loss) per share (Details Narrative) - shares shares in Millions | 6 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Stock Options [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average number of common shares | 10.5 | 7.4 |
Warrants [member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average number of common shares | 36.2 | 42 |
Share-based payments reserve (D
Share-based payments reserve (Details) - Canadian Dollars Denominated Stock Options [Member] | Feb. 29, 2024 shares $ / shares | Aug. 31, 2023 shares $ / shares |
IfrsStatementLineItems [Line Items] | ||
Number of shares outstanding | shares | 4,986,000 | 4,986,000 |
Weighted average exercise price | $ / shares | $ 0.41 | $ 0.41 |
Share-based payments reserve _2
Share-based payments reserve (Details 1) - Stock Options [Member] | 6 Months Ended | |
Feb. 29, 2024 shares $ / shares | ||
IfrsStatementLineItems [Line Items] | ||
Exercise price | $ / shares | $ 0.41 | [1] |
Number of options outstanding | 4,986,000 | |
Number of options exercisable | 4,986,000 | |
Remaining contractual life | 2 years 4 months 24 days | [1] |
Range 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise price | $ / shares | $ 0.35 | |
Number of options outstanding | 100,000 | |
Number of options exercisable | 100,000 | |
Expiry date | Jan. 02, 2027 | |
Remaining contractual life | 2 years 9 months 18 days | |
Range 2 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise price | $ / shares | $ 0.40 | |
Number of options outstanding | 2,259,000 | |
Number of options exercisable | 2,259,000 | |
Expiry date | Oct. 11, 2026 | |
Remaining contractual life | 2 years 7 months 6 days | |
Range 3 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise price | $ / shares | $ 0.40 | |
Number of options outstanding | 95,000 | |
Number of options exercisable | 95,000 | |
Expiry date | Oct. 06, 2024 | |
Remaining contractual life | 7 months 6 days | |
Range 4 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise price | $ / shares | $ 0.43 | |
Number of options outstanding | 2,065,000 | |
Number of options exercisable | 2,065,000 | |
Expiry date | Sep. 29, 2026 | |
Remaining contractual life | 2 years 7 months 6 days | |
Range 5 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise price | $ / shares | $ 0.43 | |
Number of options outstanding | 467,000 | |
Number of options exercisable | 467,000 | |
Expiry date | Oct. 06, 2024 | |
Remaining contractual life | 7 months 6 days | |
[1]Total represents weighted average. |
Share-based payments reserve _3
Share-based payments reserve (Details 2) - Stock Options 1 [Member] | Feb. 29, 2024 USD ($) $ / shares | Aug. 31, 2023 USD ($) $ / shares |
IfrsStatementLineItems [Line Items] | ||
Number of stock options | $ | 10,450,000 | 10,450,000 |
Weighted average exercise price per share | $ / shares | $ 0.49 | $ 0.49 |
Share-based payments reserve _4
Share-based payments reserve (Details 3) - Stock Options 1 [Member] | 6 Months Ended | |
Feb. 29, 2024 shares $ / shares | ||
IfrsStatementLineItems [Line Items] | ||
Exercise price | $ / shares | $ 0.49 | [1] |
Number of options outstanding | 10,450,000 | |
Number of options exercisable | 3,565,000 | |
Remaining contractual life | 3 years 9 months 18 days | [1] |
Range 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise price | $ / shares | $ 0.50 | |
Number of options outstanding | 7,375,000 | |
Number of options exercisable | 2,950,000 | |
Expiry date | Aug. 17, 2027 | |
Remaining contractual life | 3 years 6 months | |
Range 2 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Exercise price | $ / shares | $ 0.45 | |
Number of options outstanding | 3,075,000 | |
Number of options exercisable | 615,000 | |
Expiry date | Aug. 28, 2028 | |
Remaining contractual life | 4 years 6 months | |
[1]Total represents weighted average. |
Share-based payments reserve _5
Share-based payments reserve (Details 4) | 6 Months Ended |
Feb. 29, 2024 shares | |
Notes and other explanatory information [abstract] | |
Number of Rsu shares, beginning balance | 3,473,077 |
Restricted share units, granted | 57,432 |
Restricted share units, vested | (753,333) |
Number of Rsu shares, ending balance | 2,777,176 |
Share-based payments reserve _6
Share-based payments reserve (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | Aug. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |||||
Share based compensation expense | $ 0.5 | $ 0.8 | $ 1.4 | $ 1.6 | |
Stock Options [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Share based compensation expense | 0.1 | 0.1 | 0.3 | 0.2 | |
Restricted Stock Unit [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Share based compensation expense | $ 0.2 | $ 0.1 | $ 0.7 | $ 0.3 | |
Omnibus Equity Incentive Plan [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of shares issued for options | 5,090,117 | 5,090,117 | 3,617,450 |
Warrants reserve (Details)
Warrants reserve (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Feb. 29, 2024 | Aug. 31, 2023 | |
Warrants Reserve | ||
Number of share warrants outstanding, beginning | 38,968,037 | |
Weighted average exercise price per share, beginning | $ 0.68 | |
Weighted average remaining contractual life | 2 years 4 months 24 days | 2 years 9 months 18 days |
Number of share warrants, expired | (2,777,268) | |
Weighted average exercise price per share, expired | $ 1.50 | |
Number of share warrants outstanding, ending | 36,190,769 | 38,968,037 |
Weighted average exercise price per share, ending | $ 0.62 | $ 0.68 |
Warrants reserve (Details 1)
Warrants reserve (Details 1) | 6 Months Ended | |
Feb. 29, 2024 $ / shares shares | ||
IfrsStatementLineItems [Line Items] | ||
Number of warrants | shares | 36,190,769 | |
Exercise price | $ / shares | $ 0.62 | [1] |
Private Placement Financing Warrants - February 11, 2021 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of warrants | shares | 16,461,539 | |
Exercise price | $ / shares | $ 0.80 | |
Warrants outstanding expiry date | Feb. 11, 2026 | |
Private Placement Financing Broker Warrants - February 11, 2021 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of warrants | shares | 1,152,307 | |
Exercise price | $ / shares | $ 0.80 | |
Warrants outstanding expiry date | Feb. 11, 2026 | |
Private Placement Financing Warrants January 26, 2022 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of warrants | shares | 17,948,718 | |
Exercise price | $ / shares | $ 0.44 | |
Warrants outstanding expiry date | Jan. 26, 2027 | |
Private Placement Financing Placement Agent Warrants January 26, 2022 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of warrants | shares | 628,205 | |
Exercise price | $ / shares | $ 0.44 | |
Warrants outstanding expiry date | Jan. 26, 2027 | |
[1]Total represents weighted average. |
Non-controlling interest (Detai
Non-controlling interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | Aug. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |||||
Revenue | $ 7,984 | $ 10,098 | $ 17,388 | $ 19,816 | |
Income tax expense | 881 | 1,178 | 2,072 | 2,664 | |
Comprehensive income for the period | 1,921 | (50) | 1,882 | 5,110 | |
Current assets | 16,168 | 16,168 | $ 17,193 | ||
Current liabilities | 17,379 | 17,379 | 17,810 | ||
Cash provided by operating activities | 6,167 | 11,426 | |||
Cash used in investing activities | (5,434) | (10,242) | |||
Cash used in financing activities | (403) | (168) | |||
Non-controlling interests [member] | Buckreef [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Revenue | 7,984 | 10,098 | 17,388 | 19,816 | |
Depreciation | 428 | 294 | 912 | 487 | |
Accretion expense | 157 | 208 | 297 | 371 | |
Income tax expense | 881 | 1,178 | 2,072 | 2,664 | |
Comprehensive income for the period | 1,867 | $ 2,998 | 3,928 | 6,660 | |
Current assets | 9,314 | 9,314 | 11,238 | ||
Non-current assets | 69,872 | 69,872 | 64,762 | ||
Current liabilities | (13,359) | (13,359) | (12,113) | ||
Non-current liabilities | (6,878) | (6,878) | (5,301) | ||
Advances from parent, net | $ (32,392) | (32,392) | $ (36,049) | ||
Cash provided by operating activities | 8,719 | 13,964 | |||
Cash used in investing activities | (5,430) | (10,234) | |||
Cash used in financing activities | $ (3,819) | $ (742) |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | ||
Related Party Transactions | |||||
Remuneration | [1] | $ 429 | $ 510 | $ 864 | $ 976 |
Share-based compensation expense | 321 | 559 | 1,014 | 1,274 | |
Total directors and key management personnel | $ 750 | $ 1,069 | $ 1,878 | $ 2,250 | |
[1]Remuneration includes salaries and benefits for certain key management personnel and director fees. Certain members of the board of directors have employment or service contracts with the Company. Directors are entitled to director fees and share-based compensation for their services and officers are entitled to cash remuneration and share-based compensation for their employment services. |
Related party transactions (D_2
Related party transactions (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | Aug. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |||||
Payables to related parties | $ 0.1 | $ 0.1 | $ 0.4 | ||
Shares granted | 0 | $ 0.6 | 0.2 | $ 1.3 | |
Stock Options [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Compensation expense | 0.1 | 0.1 | 0.3 | 0.2 | |
R S Us [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Compensation expense | $ 0.1 | $ 0 | $ 0.4 | $ 0.2 |
General and administrative ex_3
General and administrative expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Notes and other explanatory information [abstract] | ||||
Directors’ fees (Note 15) | $ 69 | $ 107 | $ 129 | $ 214 |
Insurance | 86 | 100 | 171 | 199 |
Office and general | 78 | 41 | 145 | 60 |
Shareholder information | 139 | 186 | 297 | 314 |
Professional fees | 56 | 136 | 245 | 237 |
Salaries and benefits (Note 15) | 696 | 614 | 1,254 | 1,098 |
Consulting | 179 | 126 | 356 | 177 |
Share-based compensation expense (Notes 12 and 15) | 403 | 645 | 1,213 | 1,398 |
Travel and accommodation | 35 | 56 | 113 | 103 |
Depreciation | 19 | 18 | 32 | 58 |
Other | 7 | 6 | 23 | 14 |
Total general and administrative expenses | $ 1,767 | $ 2,035 | $ 3,978 | $ 3,872 |
Financial instruments (Details)
Financial instruments (Details) - USD ($) $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 |
Measured at amortized cost | ||
Amounts receivable | $ 1,227 | $ 3,140 |
Measured at fair value through profit or loss | ||
Cash | 7,959 | 7,629 |
Measured at amortized cost | ||
Amounts payables and accrued liabilities | 12,802 | 11,571 |
Measured at fair value through profit or loss | ||
Derivative financial instrument liabilities | $ 1,745 | $ 3,544 |
Segmented Information (Details)
Segmented Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
IfrsStatementLineItems [Line Items] | ||||
Total revenue | $ 7,984 | $ 10,098 | $ 17,388 | $ 19,816 |
Tanzania [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total revenue | $ 7,984 | $ 10,098 | $ 17,388 | $ 19,816 |
Segmented information (Details
Segmented information (Details 1) - USD ($) $ in Thousands | Nov. 30, 2023 | Aug. 31, 2023 |
IfrsStatementLineItems [Line Items] | ||
Total non-current assets | $ 72,031 | $ 67,007 |
Canada [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total non-current assets | 46 | 55 |
Tanzania [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total non-current assets | $ 71,985 | $ 66,952 |
Segmented information (Detail_2
Segmented information (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Segmented Information | ||||
Revenue percentage | 94% | 93% | 92% | 96% |
Revenue from customer | $ 7.5 | $ 9.4 | $ 16 | $ 19.1 |
Non-cash items (Details)
Non-cash items (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 29, 2024 | Feb. 28, 2023 | |
Non-cash Items | ||
Depreciation | $ 944 | $ 545 |
Change in fair value of derivative financial instruments (Note 9) | (1,799) | (2,400) |
Share-based compensation expense (Note 12) | 1,350 | 1,538 |
Accretion of provision for reclamation | 54 | 70 |
Deferred income tax expense (Note 10) | 1,704 | 2,129 |
Accretion of lease liabilities | 2 | 7 |
Deferred revenue (Note 8) | 84 | (742) |
Accretion of deferred revenue (Note 8) | 241 | 261 |
Foreign exchange losses (gains) | 164 | (26) |
VAT written-off (Note 4) | 233 | |
Other expenses | 15 | |
Total non-cash items | $ 2,744 | $ 1,630 |