Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document Information [Line Items] | |
Entity Registrant Name | ENTREE GOLD INC |
Entity Central Index Key | 1,271,554 |
Trading Symbol | egi |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding (in shares) | 153,045,408 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Exploration | $ 1,855 | $ 5,139 | $ 9,019 |
General and administration | 2,115 | 4,598 | 4,002 |
Consultancy and advisory fees | 125 | 831 | |
Impairment of mineral property interests | 552 | ||
Gain on sale of mineral property interests | (28) | ||
Stock-based compensation | 489 | 197 | 251 |
Foreign exchange loss (gain) | 343 | (2,919) | (1,979) |
Loss from operations | 4,802 | 7,140 | 12,648 |
Interest income | (102) | (295) | |
Interest expense | 279 | 412 | 265 |
Loss from equity investee | 237 | 119 | 108 |
Loss before income taxes | 5,216 | 7,671 | 12,726 |
Income tax (recovery) expense | (553) | 160 | (4,057) |
Net loss | 4,663 | 7,831 | 8,669 |
Foreign currency translation adjustment | (717) | 4,928 | 3,316 |
Comprehensive loss | $ 3,946 | $ 12,759 | $ 11,985 |
Net loss per common share | |||
Basic and fully diluted (in dollars per share) | $ (0.03) | $ (0.05) | $ (0.06) |
Weighted average shares outstanding (000's) | |||
Basic and fully diluted (in shares) | 151,925 | 147,037 | 146,884 |
Total shares issued and outstanding (in shares) | 153,045 | 147,331 | 146,984 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 13,391 | $ 22,786 |
Receivables | 35 | 98 |
Prepaid expenses | 275 | 311 |
Total current assets | 13,701 | 23,195 |
Equipment | 68 | 109 |
Mineral property interests | 38,875 | 37,714 |
Long-term investment | 146 | 149 |
Reclamation deposits and other | 490 | 495 |
Total assets | 53,280 | 61,662 |
Liabilities | ||
Accounts payable and accrued liabilities | 455 | 1,350 |
Total current liabilities | 455 | 1,350 |
Loan payable to Oyu Tolgoi LLC | 7,334 | 6,824 |
Deferred revenue | 22,987 | 28,925 |
Deferred income tax | 3,015 | 3,567 |
Total liabilities | 33,791 | 40,666 |
Stockholders' equity | ||
Common stock, no par value, unlimited number authorized, 153,045,408 (December 31, 2015 - 147,330,917) issued and outstanding | 178,740 | 177,206 |
Additional paid-in capital | 20,863 | 20,517 |
Accumulated other comprehensive loss | (7,061) | (7,778) |
Subscriptions received in advance | 559 | |
Accumulated deficit | (173,612) | (168,949) |
Total stockholders' equity | 19,489 | 20,996 |
Total liabilities and stockholders' equity | $ 53,280 | $ 61,662 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares issued (in shares) | 153,045,408 | 147,330,917 |
Common stock, shares outstanding (in shares) | 153,045,408 | 147,330,917 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Share Capital [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Subscriptions Received in Advance [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 146,734 | |||||
Balance at Dec. 31, 2013 | $ 177,065 | $ 20,095 | $ 466 | $ (152,449) | $ 45,177 | |
Net loss for the year | (8,669) | (8,669) | ||||
Foreign currency translation | (3,316) | (3,316) | ||||
Stock-based compensation | 251 | 251 | ||||
Balance (in shares) at Dec. 31, 2014 | 146,984 | |||||
Balance at Dec. 31, 2014 | $ 177,138 | 20,346 | (2,850) | (161,118) | 33,516 | |
Issue of share capital - mineral property interests (in shares) | 250 | |||||
Issue of share capital - mineral property interests | $ 73 | 73 | ||||
Net loss for the year | (7,831) | (7,831) | ||||
Foreign currency translation | (4,928) | (4,928) | ||||
Stock-based compensation | 197 | $ 197 | ||||
Issue of share capital - stock options (in shares) | 347 | 347 | ||||
Issue of share capital - stock options | $ 68 | (26) | $ 42 | |||
Balance (in shares) at Dec. 31, 2015 | 147,331 | |||||
Balance at Dec. 31, 2015 | $ 177,206 | 20,517 | (7,778) | (168,949) | 20,996 | |
Net loss for the year | (4,663) | (4,663) | ||||
Subscriptions received in advance | $ 559 | 559 | ||||
Foreign currency translation | 717 | 717 | ||||
Stock-based compensation | 489 | $ 489 | ||||
Issue of share capital - stock options (in shares) | 585 | 586 | ||||
Issue of share capital - stock options | $ 197 | (143) | $ 54 | |||
Issue of share capital - Sandstorm (in shares) | 5,129 | |||||
Issue of share capital - Sandstorm | $ 1,337 | 1,337 | ||||
Balance (in shares) at Dec. 31, 2016 | 153,045 | |||||
Balance at Dec. 31, 2016 | $ 178,740 | $ 20,863 | $ (7,061) | $ 559 | $ (173,612) | $ 19,489 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net loss | $ (4,663) | $ (7,831) | $ (8,669) |
Items not affecting cash | |||
Depreciation | 31 | 43 | 66 |
Stock-based compensation | 489 | 197 | 251 |
Loss from equity investee | 237 | 119 | 108 |
Interest expense | 279 | 279 | 265 |
Deferred income tax expense (recovery) | (553) | 160 | (3,933) |
Gain on sale of mineral property interests | (28) | ||
Impairment of mineral property interests | 552 | ||
Gain on release of reclamation deposits | (24) | ||
Unrealized foreign exchange losses (gains) | 324 | (2,988) | (1,966) |
Other | 3 | 12 | 38 |
(3,877) | (10,009) | (13,316) | |
Changes in non-cash operating working capital | |||
Decrease (increase) in receivables and prepaids | 113 | 455 | (121) |
Decrease (increase) in other assets | 7 | (2) | 35 |
(Decrease) increase in accounts payable and accruals | (949) | (265) | 785 |
Deposit on metal credit delivering obligation | (5,500) | ||
(10,206) | (9,821) | (12,617) | |
Cash flows from financing activities | |||
Proceeds from issuance of capital stock | 53 | 41 | |
Subscriptions received in advance | 559 | ||
612 | 41 | ||
Cash flows from investing activities | |||
Mineral property interests | (500) | (100) | |
Reclamation deposits | 24 | (4) | 17 |
Purchase of equipment | (6) | (12) | (13) |
Proceeds from sale of equipment | 16 | ||
Proceeds from sale of mineral property interests | 28 | ||
34 | (516) | (68) | |
Decrease in cash and cash equivalents | (9,560) | (10,296) | (12,685) |
Cash and cash equivalents - beginning of year | 22,786 | 33,517 | 46,701 |
Effect of exchange rate changes on cash | 165 | (435) | (499) |
Cash and cash equivalents - end of year | $ 13,391 | $ 22,786 | $ 33,517 |
Note 1 - Nature and Continuance
Note 1 - Nature and Continuance of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1 Nature and continuance of operations Entrée Gold Inc. was incorporated under the laws of the Province of British Columbia on July 19, 1995 January 22, 2003. May 27, 2005, All amounts are expressed in United States dollars, except for certain amounts denoted in Canadian dollars ("C$"). These consolidated financial statements have been prepared on the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The Company currently earns no operating revenues. Continued operations of the Company are dependent upon the Company's ability to secure additional equity capital or receive other financial support, and in the longer term to generate profits from business operations. Management believes that the Company has sufficient working capital to maintain its operations for the next 12 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2 Significant accounting policies Principles of consolidation These consolidated financial statements have been prepared in conformity with generally accepted accounting principles ("GAAP") in the United States of America and include the accounts of the Company and all of its subsidiaries. All significant intercompany transactions and balances have been eliminated upon consolidation. Use of estimates The preparation of consolidated financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations, asset impairment, stock-based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgements about the other sources. The actual results experienced by the Company may Cash and cash equivalents Cash and cash equivalents includes cash in banks, money market funds, and certificates of term deposits with maturities of less than three $13.4 December 31, 2016. Long-term investments Long-term investments in companies in which the Company has voting interests of 20% 50% Equipment Equipment, consisting of office, computer, field equipment and buildings, is recorded at cost less accumulated depreciation. Depreciation is recorded on a declining balance basis at rates ranging from 20% 30% Mineral property interests Costs of exploration and costs of carrying and retaining unproven properties are expensed as incurred. The Company considers mineral rights to be tangible assets and accordingly, the Company capitalizes certain costs related to the acquisition of mineral rights. Asset retirement obligation The Company records the fair value of the liability for closure and removal costs associated with the legal obligations upon retirement or removal of any tangible long-lived assets where the initial recognition of any liability will be capitalized as part of the asset cost and depreciated over its estimated useful life. To date, the Company has not incurred any significant asset retirement obligations. Impairment of long-lived assets Long-lived assets are continually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may Stock-based compensation The Company applies the fair value method of accounting for all stock option awards, whereby the Company recognizes a compensation expense for all stock options awarded to employees, officers and consultants based on the fair value of the options on the date of grant, which is determined using the Black Scholes option pricing model. The options are expensed over the vesting period of the options. Financial instruments The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor's carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. The Company classifies its financial instruments as follows: Cash and cash equivalents is classified as held for trading, and is measured at fair value using Level 1 Income taxes The Company follows the asset and liability method of accounting for income taxes whereby deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective income tax bases (temporary differences). Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income in the period in which the change occurs. The amount of deferred income tax assets recognized is limited to the amount that is more likely than not to be realized. Foreign currency translation The functional currency of Entrée Gold Inc. is the Canadian dollar. Accordingly, monetary assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date while non-monetary assets and liabilities denominated in a foreign currency are translated at historical rates. Revenue and expense items denominated in a foreign currency are translated at exchange rates prevailing when such items are recognized in the statement of operations and comprehensive loss. Exchange gains or losses arising on translation of foreign currency items are included in the statement of operations and comprehensive loss. The functional currency of Entrée Gold Inc.'s significant subsidiaries is the United States dollar. Upon translation into Canadian dollars for consolidation, monetary assets and liabilities are translated at the exchange rate in effect at the balance sheet date while non-monetary assets and liabilities are translated at historical rates. Revenue and expense items are translated at exchange rates prevailing when such items are recognized in the statement of operations and comprehensive loss. Exchange gains or losses arising on translation of foreign currency items are included in the statement of operations and comprehensive loss. The Company follows the current rate method of translation with respect to its presentation of these consolidated financial statements in the reporting currency, which is the United States dollar. Accordingly, assets and liabilities are translated into United States dollars at the period-end exchange rates while revenue and expenses are translated at the prevailing exchange rates during the period. Related exchange gains and losses are included in a separate component of stockholders' equity as accumulated other comprehensive income. Net loss per share Basic net loss per share is computed by dividing the net loss for the period attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share takes into consideration shares of common stock outstanding (computed under basic loss per share) and potentially dilutive shares of common stock. Diluted net loss per share is not presented separately from basic net loss per share as the conversion of outstanding stock options and warrants into common shares would be anti-dilutive. At December 31, 2016, 12,010,000 (December 31, 2015 13,208,000; December 31, 2014 13,779,000). Comparative figures Certain comparative figures have been reclassified to conform to the current year's presentation. Recent accounting pronouncements In January 2016, 2016 01, 825 10): 2016 01 2016 09 December 15, 2017 2016 01 In March 2016, 2016 07, 323): 2016 07 07 December 15, 2016 2016 07 |
Note 3 - Equipment
Note 3 - Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3 Equipment 2016 2015 Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Office equipment $ 46 $ 38 $ 8 $ 57 $ 46 $ 11 Computer equipment 208 177 31 277 232 45 Field equipment 124 99 25 182 134 48 Buildings 41 37 4 40 35 5 $ 419 $ 351 $ 68 $ 556 $ 447 $ 109 |
Note 4 - Mineral Property Inter
Note 4 - Mineral Property Interests | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Mineral Property Interests [Text Block] | 4 Mineral property interests 2016 2015 Ann Mason Project (a) $ 37,988 $ 36,853 Other (b) 887 861 $ 38,875 $ 37,714 Title to mineral property interests involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristics of many mineral property interests. The Company has investigated title to its mineral property interests and, except as otherwise disclosed below, to the best of its knowledge, title to the mineral property interests remains in good standing. The Company's two 5). a) Ann Mason, Nevada, United States The Ann Mason Project is defined by a series of both unpatented lode claims on public land administered by the Bureau of Land Management, and title to patented lode claims. The project area includes the Ann Mason and the Blue Hill deposits, several early-stage copper porphyry targets including the Blackjack IP, Blackjack Oxide, Roulette and Minnesota targets, and the Minnesota and Shamrock copper skarn targets. Certain of the unpatented lode claims peripheral to the Ann Mason and Blue Hill deposits are leased to the Company pursuant to a mining lease and option to purchase agreement ("MLOPA") with a Nevada limited liability company. Under the MLOPA, the Company has the option to purchase the claims for $500,000, 3% may 1% $2 $27,500 2011 In September 2009, may 80% $1,000,000, $140,000 85,000 three $375,000 fifth tenth ($150,000 tenth In February 2013, 0.4% $5 In addition, certain of the patented lode claims peripheral to the Ann Mason and Blue Hill deposits are subject to a 2% b) Other Properties The Company also has interests in other properties in Mongolia (Shivee West), Australia (Blue Rose), the United States (Lordsburg) and Peru (Cañariaco NSR royalty). During fiscal 2014, $552,095 |
Note 5 - Long-term Investments
Note 5 - Long-term Investments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Long-term Investments [Text Block] | 5 Long-term investments Entrée/Oyu Tolgoi JV Property, Mongolia The Company has a carried 20% two October 2009. two In October 2004, 34% On June 30, 2008, $35 80% 560 70% 560 The portion of the Shivee Tolgoi mining licence outside of the Entrée/Oyu Tolgoi JV Property, Shivee West, is 100 first October 2015, 20% 2% 6). The conversion of the original Shivee Tolgoi and Javhlant exploration licences into mining licences was a condition precedent to the Investment Agreement (the "Oyu Tolgoi Investment Agreement") between Turquoise Hill, OTLLC, the Government of Mongolia and Rio Tinto International Holdings Limited. The licences are part of the contract area covered by the Oyu Tolgoi Investment Agreement, although the Company is not a party to the Oyu Tolgoi Investment Agreement. The Shivee Tolgoi and Javhlant mining licences were each issued for a 30 two 20 As of December 31, 2016, $29.0 2% 6). Investment – Entrée/Oyu Tolgoi JV Property The Company accounts for its interest in the Entrée/Oyu Tolgoi JV as a 20% $0.2 December 31, 2016 (2015 $0.2 2014 $0.1 $0.3 December 31, 2016 (2015 $0.3 2014 $0.3 The Entrée/Oyu Tolgoi JV investment carrying value at December 31, 2016 $0.1 (2015 $0.1 |
Note 6 - Loans Payable to Oyu T
Note 6 - Loans Payable to Oyu Tolgoi | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Loan Commitments, Policy [Policy Text Block] | 6 Loans payable to Oyu Tolgoi Under the terms of the Entrée/Oyu Tolgoi JV (Note 5), two (2%) ninety (90%) one |
Note 7 - Deferred Revenue
Note 7 - Deferred Revenue | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Deferred Revenue Disclosure [Text Block] | 7 Deferred revenue In February 2013, "2013 $40 2013 On February 23, 2016, 17% ($6.8 $33.2 17% March 1, 2016, • 28.1% 2.1% • 21.3% 2.1% Upon the delivery of metal credits, Sandstorm will make a cash payment to the Company equal to the lesser of the prevailing market price and $220 $5 $0.50 8.6 40.3 9.1 $500 $10 $1.10 two This arrangement does not require the delivery of actual metal, and the Company may Under the Amended Sandstorm Agreement, Sandstorm has a right of first 50 10 In addition, the Amended Sandstorm Agreement provides that the Company will not be required to make any further refund of the Deposit if Entrée's economic interest is reduced by up to and including 17%. 17% 34%, two five (5) 90 th 50% 50% 20%. In the event of a full expropriation, the remainder of the Unearned Balance after the foregoing refunds must be returned in cash. For accounting purposes, the Deposit is accounted for as deferred revenue on the balance sheet and the original Deposit was recorded at the historical amount of C$40.0 $6.8 C$30.9 The $6.8 $5.5 $1.3 March 1, 2016, 5,128,604 C$0.3496 |
Note 8 - Share Capital
Note 8 - Share Capital | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 8 Share capital The Company's authorized share capital consists of unlimited common shares without par value. At December 31, 2016, 153,045,408 (2015 147,330,917 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9 Stock-based compensation The Company provides stock-based compensation to its directors, officers, employees, and consultants through grants of stock options. a) Stock options The Company has adopted a stock option plan (the "Plan") to grant options to directors, officers, employees and consultants. Under the Plan, the Company may 10% ten Under the Plan, an option holder may five The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. For employees, the compensation expense is amortized on a straight-line basis over the requisite service period which approximates the vesting period. Compensation expense for stock options granted to non-employees is recognized over the contract services period or, if none exists, from the date of grant until the options vest. Compensation associated with unvested options granted to non-employees is re-measured on each balance sheet date using the Black-Scholes option pricing model. The Company uses historical data to estimate option exercise, forfeiture and employee termination within the valuation model. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The Company has not paid and does not anticipate paying dividends on its common stock; therefore, the expected dividend yield is assumed to be zero. Stock option transactions are summarized as follows: Number of shares (000's) Weighted average exercise price CAD Outstanding - January 1, 2014\ 14,401 1.22 Granted 2,815 0.21 Forfeited/Expired (3,437 ) 1.89 Outstanding - December 31, 2014 13,779 0.85 Granted 1,670 0.34 Exercised (347 ) 0.22 Cancelled (163 ) 0.25 Forfeited/Expired (1,731 ) 2.43 Outstanding - December 31, 2015 13,208 0.60 Granted 2,520 0.42 Exercised (586 ) 0.25 Cancelled (664 ) 0.28 Forfeited/Expired (2,468 ) 1.17 Outstanding - December 31, 2016 12,010 0.48 At December 31, 2016, Number of options (000's) Vested (000's) Aggregate intrinsic value CAD (000's) Price per share CAD Expiry Date 3,215 3,215 170 0.21 – 1.25 Jan – Sep 2017 3,530 3,530 145 0.30 – 0.56 Mar – Dec 2018 2,745 2,745 385 0.21 – 0.38 Dec 2019 – Dec 2020 100 100 3 0.39 Mar 2021 2,420 2,420 - 0.42 Nov 2021 12,010 12,010 703 December 31, 2016 CAD Weighted average exercise price for exercisable options 0.48 Weighted average share price for options exercised 0.25 Weighted average years to expiry for exercisable options 2.56 b) Stock-based compensation For the year ended December 31, 2016, 2,520,000 $0.5 (2015 $0.2 2014 $0.3 2016 2015 2014 General and administration $ 461 $ 175 $ 215 Exploration 28 22 36 $ 489 $ 197 $ 251 The following weighted-average assumptions were used for the Black-Scholes valuation of stock options granted: 2016 2015 2014 Risk-free interest rate 0.62 % 0.77 % 1.25 % Expected life of options (years) 4.6 4.6 4.3 Annualized volatility 73 % 75 % 65 % Dividend rate 0.00 % 0.00 % 0.00 % Fair value per option $ 0.18 $ 0.15 $ 0.09 |
Note 10 - Segmented Information
Note 10 - Segmented Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10 Segmented information The Company operates in one 2016 2015 United States $ 39,169 $ 38,323 Canada 13,327 22,501 Other 784 838 $ 53,280 $ 61,662 |
Note 11 - Exploration Costs
Note 11 - Exploration Costs | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block] | 11 Exploration costs 2016 2015 2014 United States $ 1,366 $ 3,486 $ 7,031 Mongolia 372 1,488 1,672 Other 117 165 316 $ 1,855 $ 5,139 $ 9,019 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12 Income taxes 2016 2015 2014 Loss from the year before income taxes $ (5,216 ) $ (7,671 ) $ (12,726 ) Statutory rate 26.00 % 26.00 % 26.00 % Expected income tax recovery (1,356 ) (1,994 ) (3,309 ) Permanent differences and other (915 ) (46 ) 1,646 Difference in foreign tax rates 960 247 1,011 Effect of change in future tax rates (47 ) 3,397 - Effect of dissolution of subsidiaries - 6,339 (4,066 ) Change in valuation allowance 805 (7,783 ) 661 Total income tax expense (recovery) $ (553 ) $ 160 $ (4,057 ) 2016 2015 2014 Current income tax expense (recovery) $ - $ - $ (124 ) Deferred income tax expense (recovery) (553 ) 160 (3,933 ) Total income taxes $ (553 ) $ 160 $ (4,057 ) 2016 2015 Deferred income tax assets: Non-capital loss carry forward $ 15,016 $ 13,085 Resource expenditures 4,052 4,611 Equipment 146 131 Share issue and legal costs 3 11 Other 1,881 1,926 21,098 19,764 Valuation allowance (17,618 ) (16,577 ) Net deferred income tax assets $ 3,480 $ 3,187 Deferred income tax liabilities: Foreign exchange on loan $ (150 ) $ (306 ) Mineral property interests (6,345 ) (6,448 ) Net deferred income tax liabilities $ (6,495 ) $ (6,754 ) Net deferred income tax liabilities $ (3,015 ) $ (3,567 ) 2016 2015 2014 Canada $ 28,000 $ 26,790 $ 36,340 China 660 660 690 Mongolia 7,100 6,990 7,160 United States 14,880 14,880 23,260 Australia 30 30 - Peru 580 580 520 Total non-capital loss carry forward $ 51,250 $ 49,930 $ 67,970 The Company has available for deduction against future taxable income non-capital losses of approximately $30.0 (2015: $26.8 $0.6 (2015: $0.7 $5.7 (2015: $7.0 $18.3 (2015: $14.9 $0.1 (2015: $0.1 $0.7 (2015: $0.6 2036. may |
Note 13 - Financial Instruments
Note 13 - Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 13 Financial instruments a) Financial instruments The Company's financial instruments generally consist of cash and cash equivalents, receivables, deposits, accounts payable and accrued liabilities and loans payable. It is management's opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. The fair value of these financial instruments approximates their carrying values. The Company is exposed to currency risk by incurring certain expenditures in currencies other than the Canadian dollar. In addition, as certain of the Company's consolidated subsidiaries' functional currency is the United States dollar, the Company is exposed to foreign currency translation risk. The Company does not use derivative instruments to reduce this currency risk. b) Fair value classification of financial instruments Fair value measurement is based on a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three may Level 1 Level 2 Level 3 At December 31, 2016, 1 $13.4 |
Note 14 - Supplemental Cash Flo
Note 14 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 14 Supplemental cash flow information There were no significant non-cash transactions during the years ended December 31, 2016 2015. December 31, 2014 250,000 $73,618 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 15 Commitments and contingencies As at December 31, 2016, Total Less than 1 year 1 - 2 years Thereafter Lease commitments $ 98 $ 98 $ - $ - Under the terms of the Amended Sandstorm Agreement, the Company may 7). |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16 Related party transactions The Company did not December 31, 2016, 2015 2014. |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17 Subsequent events On January 11, 2017, first two December 15, 2016 17,309,971 C$0.41 C$7.1 January 13, 2017, second 1,219,513 C$0.41 C$0.5 18,529,484 C$7.6 one one one one C$0.65 5 No four one Subsequent to December 31, 2016, 790,000 C$0.21, 790,000 C$0.30, 50,000 C$0.33, 50,000 C$0.42 1,005,000 C$0.56 9). 1,228,075 C$51,450 1,085,000 C$1.25 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation These consolidated financial statements have been prepared in conformity with generally accepted accounting principles ("GAAP") in the United States of America and include the accounts of the Company and all of its subsidiaries. All significant intercompany transactions and balances have been eliminated upon consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of consolidated financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations, asset impairment, stock-based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgements about the other sources. The actual results experienced by the Company may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents includes cash in banks, money market funds, and certificates of term deposits with maturities of less than three $13.4 December 31, 2016. |
Investment, Policy [Policy Text Block] | Long-term investments Long-term investments in companies in which the Company has voting interests of 20% 50% |
Property, Plant and Equipment, Policy [Policy Text Block] | Equipment Equipment, consisting of office, computer, field equipment and buildings, is recorded at cost less accumulated depreciation. Depreciation is recorded on a declining balance basis at rates ranging from 20% 30% |
Mineral Property Interests, Policy [Policy Text Block] | Mineral property interests Costs of exploration and costs of carrying and retaining unproven properties are expensed as incurred. The Company considers mineral rights to be tangible assets and accordingly, the Company capitalizes certain costs related to the acquisition of mineral rights. |
Asset Retirement Obligations, Policy [Policy Text Block] | Asset retirement obligation The Company records the fair value of the liability for closure and removal costs associated with the legal obligations upon retirement or removal of any tangible long-lived assets where the initial recognition of any liability will be capitalized as part of the asset cost and depreciated over its estimated useful life. To date, the Company has not incurred any significant asset retirement obligations. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets Long-lived assets are continually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may |
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block] | Stock-based compensation The Company applies the fair value method of accounting for all stock option awards, whereby the Company recognizes a compensation expense for all stock options awarded to employees, officers and consultants based on the fair value of the options on the date of grant, which is determined using the Black Scholes option pricing model. The options are expensed over the vesting period of the options. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial instruments The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor's carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. The Company classifies its financial instruments as follows: Cash and cash equivalents is classified as held for trading, and is measured at fair value using Level 1 |
Income Tax, Policy [Policy Text Block] | Income taxes The Company follows the asset and liability method of accounting for income taxes whereby deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective income tax bases (temporary differences). Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income in the period in which the change occurs. The amount of deferred income tax assets recognized is limited to the amount that is more likely than not to be realized. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The functional currency of Entrée Gold Inc. is the Canadian dollar. Accordingly, monetary assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the balance sheet date while non-monetary assets and liabilities denominated in a foreign currency are translated at historical rates. Revenue and expense items denominated in a foreign currency are translated at exchange rates prevailing when such items are recognized in the statement of operations and comprehensive loss. Exchange gains or losses arising on translation of foreign currency items are included in the statement of operations and comprehensive loss. The functional currency of Entrée Gold Inc.'s significant subsidiaries is the United States dollar. Upon translation into Canadian dollars for consolidation, monetary assets and liabilities are translated at the exchange rate in effect at the balance sheet date while non-monetary assets and liabilities are translated at historical rates. Revenue and expense items are translated at exchange rates prevailing when such items are recognized in the statement of operations and comprehensive loss. Exchange gains or losses arising on translation of foreign currency items are included in the statement of operations and comprehensive loss. The Company follows the current rate method of translation with respect to its presentation of these consolidated financial statements in the reporting currency, which is the United States dollar. Accordingly, assets and liabilities are translated into United States dollars at the period-end exchange rates while revenue and expenses are translated at the prevailing exchange rates during the period. Related exchange gains and losses are included in a separate component of stockholders' equity as accumulated other comprehensive income. |
Earnings Per Share, Policy [Policy Text Block] | Net loss per share Basic net loss per share is computed by dividing the net loss for the period attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share takes into consideration shares of common stock outstanding (computed under basic loss per share) and potentially dilutive shares of common stock. Diluted net loss per share is not presented separately from basic net loss per share as the conversion of outstanding stock options and warrants into common shares would be anti-dilutive. At December 31, 2016, 12,010,000 (December 31, 2015 13,208,000; December 31, 2014 13,779,000). |
Comparative Figures, Policy [Policy Text Block] | Comparative figures Certain comparative figures have been reclassified to conform to the current year's presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In January 2016, 2016 01, 825 10): 2016 01 2016 09 December 15, 2017 2016 01 In March 2016, 2016 07, 323): 2016 07 07 December 15, 2016 2016 07 |
Note 3 - Equipment (Tables)
Note 3 - Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Office equipment $ 46 $ 38 $ 8 $ 57 $ 46 $ 11 Computer equipment 208 177 31 277 232 45 Field equipment 124 99 25 182 134 48 Buildings 41 37 4 40 35 5 $ 419 $ 351 $ 68 $ 556 $ 447 $ 109 |
Note 4 - Mineral Property Int26
Note 4 - Mineral Property Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2016 2015 Ann Mason Project (a) $ 37,988 $ 36,853 Other (b) 887 861 $ 38,875 $ 37,714 |
Note 9 - Stock-based Compensa27
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of shares (000's) Weighted average exercise price CAD Outstanding - January 1, 2014\ 14,401 1.22 Granted 2,815 0.21 Forfeited/Expired (3,437 ) 1.89 Outstanding - December 31, 2014 13,779 0.85 Granted 1,670 0.34 Exercised (347 ) 0.22 Cancelled (163 ) 0.25 Forfeited/Expired (1,731 ) 2.43 Outstanding - December 31, 2015 13,208 0.60 Granted 2,520 0.42 Exercised (586 ) 0.25 Cancelled (664 ) 0.28 Forfeited/Expired (2,468 ) 1.17 Outstanding - December 31, 2016 12,010 0.48 |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | Number of options (000's) Vested (000's) Aggregate intrinsic value CAD (000's) Price per share CAD Expiry Date 3,215 3,215 170 0.21 – 1.25 Jan – Sep 2017 3,530 3,530 145 0.30 – 0.56 Mar – Dec 2018 2,745 2,745 385 0.21 – 0.38 Dec 2019 – Dec 2020 100 100 3 0.39 Mar 2021 2,420 2,420 - 0.42 Nov 2021 12,010 12,010 703 December 31, 2016 CAD Weighted average exercise price for exercisable options 0.48 Weighted average share price for options exercised 0.25 Weighted average years to expiry for exercisable options 2.56 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 2016 2015 2014 General and administration $ 461 $ 175 $ 215 Exploration 28 22 36 $ 489 $ 197 $ 251 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | 2016 2015 2014 Risk-free interest rate 0.62 % 0.77 % 1.25 % Expected life of options (years) 4.6 4.6 4.3 Annualized volatility 73 % 75 % 65 % Dividend rate 0.00 % 0.00 % 0.00 % Fair value per option $ 0.18 $ 0.15 $ 0.09 |
Note 10 - Segmented Informati28
Note 10 - Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2016 2015 United States $ 39,169 $ 38,323 Canada 13,327 22,501 Other 784 838 $ 53,280 $ 61,662 |
Note 11 - Exploration Costs (Ta
Note 11 - Exploration Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Exploration Costs Expensed Disclosure [Table Text Block] | 2016 2015 2014 United States $ 1,366 $ 3,486 $ 7,031 Mongolia 372 1,488 1,672 Other 117 165 316 $ 1,855 $ 5,139 $ 9,019 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 2014 Loss from the year before income taxes $ (5,216 ) $ (7,671 ) $ (12,726 ) Statutory rate 26.00 % 26.00 % 26.00 % Expected income tax recovery (1,356 ) (1,994 ) (3,309 ) Permanent differences and other (915 ) (46 ) 1,646 Difference in foreign tax rates 960 247 1,011 Effect of change in future tax rates (47 ) 3,397 - Effect of dissolution of subsidiaries - 6,339 (4,066 ) Change in valuation allowance 805 (7,783 ) 661 Total income tax expense (recovery) $ (553 ) $ 160 $ (4,057 ) 2016 2015 2014 Current income tax expense (recovery) $ - $ - $ (124 ) Deferred income tax expense (recovery) (553 ) 160 (3,933 ) Total income taxes $ (553 ) $ 160 $ (4,057 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Deferred income tax assets: Non-capital loss carry forward $ 15,016 $ 13,085 Resource expenditures 4,052 4,611 Equipment 146 131 Share issue and legal costs 3 11 Other 1,881 1,926 21,098 19,764 Valuation allowance (17,618 ) (16,577 ) Net deferred income tax assets $ 3,480 $ 3,187 Deferred income tax liabilities: Foreign exchange on loan $ (150 ) $ (306 ) Mineral property interests (6,345 ) (6,448 ) Net deferred income tax liabilities $ (6,495 ) $ (6,754 ) Net deferred income tax liabilities $ (3,015 ) $ (3,567 ) |
Note 15 - Commitments and Con31
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Total Less than 1 year 1 - 2 years Thereafter Lease commitments $ 98 $ 98 $ - $ - |
Note 2 - Significant Accounti32
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash | $ 13.4 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 12,010,000 | 13,208,000 | 13,779,000 |
Minimum [Member] | |||
Equipment, Declining Balance Depreciation, Rate | 20.00% | ||
Maximum [Member] | |||
Equipment, Declining Balance Depreciation, Rate | 30.00% |
Note 3 - Equipment - Equipment
Note 3 - Equipment - Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cost | $ 419 | $ 556 |
Accumulated depreciation | 351 | 447 |
Net book value | 68 | 109 |
Office Equipment [Member] | ||
Cost | 46 | 57 |
Accumulated depreciation | 38 | 46 |
Net book value | 8 | 11 |
Computer Equipment [Member] | ||
Cost | 208 | 277 |
Accumulated depreciation | 177 | 232 |
Net book value | 31 | 45 |
Field Equipment [Member] | ||
Cost | 124 | 182 |
Accumulated depreciation | 99 | 134 |
Net book value | 25 | 48 |
Building [Member] | ||
Cost | 41 | 40 |
Accumulated depreciation | 37 | 35 |
Net book value | $ 4 | $ 5 |
Note 4 - Mineral Property Int34
Note 4 - Mineral Property Interests (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | 72 Months Ended | 91 Months Ended | |||
Feb. 28, 2013 | Sep. 30, 2009 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2016 | |
Asset Impairment Charges | $ 552,000 | ||||||
Sandstorm [Member] | |||||||
Mineral Property Interests Agreement, NSR Royalty | 0.40% | ||||||
Mineral Property Interests, NSR Royalty, Upfront Payment Recorded as a Recovery to Acquisition Costs | $ 5,000,000 | ||||||
Certain Unpatented Lode Claims Peripheral to the Ann Mason and Blue Hill Deposits [Member] | MLOPA [Member] | |||||||
Mineral Property Interests, Option to Purchase | 500,000 | $ 500,000 | $ 500,000 | ||||
Mineral Property Interests, Option to Purchase, Net Smelter Returns Royalty Rate, Payment Required to Bring Down the Rate to the Minimum | $ 2,000,000 | ||||||
Mineral Property Interests, Option to Purchase, Net Smelter Returns Royalty, Annual Advance Minimum Royalty Payments | $ 27,500 | ||||||
Certain Unpatented Lode Claims Peripheral to the Ann Mason and Blue Hill Deposits [Member] | MLOPA [Member] | Maximum [Member] | |||||||
Mineral Property Interests, Option to Purchase, Net Smelter Returns Royalty Rate | 3.00% | 3.00% | 3.00% | ||||
Certain Unpatented Lode Claims Peripheral to the Ann Mason and Blue Hill Deposits [Member] | MLOPA [Member] | Minimum [Member] | |||||||
Mineral Property Interests, Option to Purchase, Net Smelter Returns Royalty Rate | 1.00% | 1.00% | 1.00% | ||||
Certain Unpatented Lode Claims to the Southwest of the Ann Mason and Blue Hill Deposits [Member] | Agreement Whereby the Company May Acquire an Interest in Mineral Properties [Member] | |||||||
Mineral Property Interests, Option to Acquire, Percentage | 80.00% | 80.00% | 80.00% | ||||
Mineral Property Interests, Option to Acquire, Expenditures Required to Incur Within Three Years | $ 1,000,000 | ||||||
Mineral Property Interests, Option to Acquire, Cash Payments Required Within Three Years | $ 140,000 | ||||||
Mineral Property Interests, Option to Acquire, Common Shares Required to Issue Within Three Years | 85,000 | ||||||
Mineral Property Interests, Option to Acquire, Aggregate Advance Royalty Payments Required Between the Fifth and Tenth Anniversaries of the Agreement | $ 375,000 | ||||||
Mineral Property Interests, Option to Acquire, Aggregate Advance Royalty Payments, Actual | $ 150,000 | ||||||
Certain Patented Lode Claims Peripheral to the Ann Mason and Blue Hill Deposits [Member] | |||||||
Mineral Property Interests, NSR Royalty Rate | 2.00% | 2.00% | 2.00% | ||||
Other Properties [Member] | |||||||
Asset Impairment Charges | $ 552,095 |
Note 4 - Mineral Property Int35
Note 4 - Mineral Property Interests (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Capitalized mineral property acquisition cost | $ 38,875 | $ 37,714 |
Ann Mason [Member] | ||
Capitalized mineral property acquisition cost | 37,988 | 36,853 |
Other [Member] | ||
Capitalized mineral property acquisition cost | $ 887 | $ 861 |
Note 5 - Long-term Investments
Note 5 - Long-term Investments (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | 45 Months Ended | |||
Oct. 30, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2008USD ($) | Oct. 31, 2004 | |
Income (Loss) from Equity Method Investments | $ (237) | $ (119) | $ (108) | |||
Shivee Tolgoi and Javhlant [Member] | ||||||
Mining Licenses, Term | 30 years | |||||
Mining Licenses, Number of Renewal Rights | 2 | |||||
Mining Licenses, Renewal Rights, Renewal Term | 20 years | |||||
Shivee Tolgoi [Member] | ||||||
Ownership in Mining License | 100.00% | |||||
OTLLC [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | ||||
Entree/Oyu Tolgoi JV Property [Member] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
Joint Venture Property, Cumulative Expenditures | $ 29,000 | |||||
Income (Loss) from Equity Method Investments | (200) | (200) | (100) | |||
Accrued Interest Expense | 300 | 300 | $ 300 | |||
Entree/Oyu Tolgoi JV Property [Member] | Long-term Investment [Member] | ||||||
Equity Method Investments | $ 100 | $ 100 | ||||
Entree/Oyu Tolgoi JV Property [Member] | OTLLC [Member] | ||||||
Exploration Expense, Mining | $ 35,000 | |||||
Percentage Interest Owned in All Minerals Extracted Below a Sub-surface Depth of 560 Metres | 80.00% | |||||
Percentage Interest Owned in All Minerals Extracted from Surface to a Depth of 560 Metres | 70.00% | |||||
OTLLC [Member] | The Government of Mongolia [Member] | ||||||
Equity Method Investment, Ownership Percentage | 34.00% |
Note 6 - Loans Payable to Oyu37
Note 6 - Loans Payable to Oyu Tolgoi (Details Textual) - OTLLC [Member] | 1 Months Ended | 12 Months Ended |
Oct. 30, 2015 | Dec. 31, 2016 | |
Financing Arrangements Related to Licenses, Monthly Repayments of Loans, Percentage of Available Cash Flow from Joint Venture | 90.00% | |
Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% |
Note 7 - Deferred Revenue (Deta
Note 7 - Deferred Revenue (Details Textual) CAD / shares in Units, CAD in Millions | Mar. 01, 2016CAD / sharesshares | Feb. 23, 2016USD ($) | Dec. 31, 2016USD ($) | Mar. 01, 2016USD ($) | Feb. 23, 2016CAD | Dec. 31, 2015USD ($) | Feb. 28, 2013CAD |
Deferred Revenue | $ 22,987,000 | $ 28,925,000 | |||||
Sandstorm [Member] | The 2013 Agreement [Member] | |||||||
Deferred Revenue | CAD | CAD 40 | ||||||
Sandstorm [Member] | Equity Participation and Funding Agreement, Agreement to Amend [Member] | |||||||
Deferred Revenue | $ 33,200,000 | CAD 30.9 | |||||
Equity Participation and Funding Agreement, Percentage of Deposit Refunded | 17 years | ||||||
Equity Participation and Funding Agreement, Deposit Refunded During Period | $ 6,800,000 | ||||||
Equity Participation and Funding Agreement, Percentage Reduction in the Metal Credits Required to Deliver to Counterparty | 17.00% | ||||||
Equity Participation and Funding Agreement, Deposit Refunded During Period, Cash Portion | $ 5,500,000 | ||||||
Equity Participation and Funding Agreement, Deposit Refunded During Period, Equity Portion | $ 1,300,000 | ||||||
Stock Issued During Period, Shares, New Issues | shares | 5,128,604 | ||||||
Share Price | CAD / shares | CAD 0.3496 | ||||||
Sandstorm [Member] | Amended Sandstorm Agreement [Member] | |||||||
Equity Participation and Funding Agreement, Initial Term | 50 years | ||||||
Equity Participation and Funding Agreement, Term of Extensions | 10 years | ||||||
Equity Participation and Funding Agreement, Entity's Economic Interest Below Which No Further Refund of Deposit Will Be Required | 17.00% | ||||||
Equity Participation and Funding Agreement, Entity's Economic Interest Above Which the Entity May Refund a Corresponding Portion of the Deposit it Cash or Common Shares | 17.00% | ||||||
Equity Participation and Funding Agreement, Entity's Economic Interest Below Which the Entity May Refund a Corresponding Portion of the Deposit it Cash or Common Shares | 34.00% | ||||||
Equity Participation and Funding Agreement, Determination of the Value of Each Common Share, Number of Trading Days | 5 | ||||||
Equity Participation and Funding Agreement, Determination of the Value of Each Common Share, Number of Days After the Reduction in Economic Interest At Which Time Determination Will Be Made | 90 | ||||||
Equity Participation and Funding Agreement, Percentage of Remaining Shares to Not Be Refunded If Counterparty Becomes a Control Person | 50.00% | ||||||
Equity Participation and Funding Agreement, Percentage of Remaining Shares to Be Refunded If Counterparty Becomes a Control Person | 50.00% | ||||||
Equity Participation and Funding Agreement, Maximum Share Ownership Percentage of Counterparty | 20.00% | ||||||
Sandstorm [Member] | Amended Sandstorm Agreement [Member] | Maximum [Member] | |||||||
Equity Participation and Funding Agreement, Cash Payments to Be Received from Counterparty Per Ounce of Gold | $ 220 | ||||||
Equity Participation and Funding Agreement, Cash Payments to Be Received from Counterparty Per Ounce of Silver | 5 | ||||||
Equity Participation and Funding Agreement, Cash Payments to Be Received from Counterparty Per Pound of Copper | $ 0.50 | ||||||
Equity Participation and Funding Agreement, Threshold, Number of Ounces of Gold to Be Produced Before the Cash Payments from Counterparty Will Be Increased | 8,600,000 | ||||||
Equity Participation and Funding Agreement, Threshold, Number of Ounces of Silver to Be Produced Before the Cash Payments from Counterparty Will Be Increased | 40,300,000 | ||||||
Equity Participation and Funding Agreement, Threshold, Number of Pounds of Copper to Be Produced Before the Cash Payments from Counterparty Will Be Increased | 9,100,000 | ||||||
Equity Participation and Funding Agreement, Cash Payments to Be Received from Counterparty Per Ounce of Gold, Beyond Threshold | $ 500 | ||||||
Equity Participation and Funding Agreement, Cash Payments to Be Received from Counterparty Per Ounce of Silver, Beyond Threshold | 10 | ||||||
Equity Participation and Funding Agreement, Cash Payments to Be Received from Counterparty Per Pound of Copper, Beyond Threshold | $ 1.10 | ||||||
Sandstorm [Member] | Amended Sandstorm Agreement [Member] | Shivee Tolgoi Mining License, Excluding Shivee West [Member] | |||||||
Equity Participation and Funding Agreement, Percentage of Gold and Silver Agreed to Purchase and Deliver | 28.10% | ||||||
Equity Participation and Funding Agreement, Percentage of Copper Agreed to Purchase and Deliver | 2.10% | ||||||
Sandstorm [Member] | Amended Sandstorm Agreement [Member] | Javhlant Mining License [Member] | |||||||
Equity Participation and Funding Agreement, Percentage of Gold and Silver Agreed to Purchase and Deliver | 21.30% | ||||||
Equity Participation and Funding Agreement, Percentage of Copper Agreed to Purchase and Deliver | 2.10% |
Note 8 - Share Capital (Details
Note 8 - Share Capital (Details Textual) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Common Stock, Shares, Issued | 153,045,408 | 147,330,917 |
Common Stock, Shares, Outstanding | 153,045,408 | 147,330,917 |
Note 9 - Stock-based Compensa40
Note 9 - Stock-based Compensation (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Transformation of Options to Share Appreciation Rights, Computation, Number of Trading Days Over Which Weighted Average Trading Price is Determined | 5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,520,000 | 1,670,000 | 2,815,000 |
Allocated Share-based Compensation Expense | $ | $ 489 | $ 197 | $ 251 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 2,520,000 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 9 - Stock-based Compensa41
Note 9 - Stock-based Compensation - Stock Option Transactions (Details) - CAD / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding (in shares) | 13,208,000 | 13,779,000 | 14,401,000 |
Outstanding, weighted average exercise price (in CAD per share) | CAD 0.60 | CAD 0.85 | CAD 1.22 |
Granted (in shares) | 2,520,000 | 1,670,000 | 2,815,000 |
Granted, weighted average exercise price (in CAD per share) | CAD 0.42 | CAD 0.34 | CAD 0.21 |
Forfeited/Expired (in shares) | (2,468,000) | (1,731,000) | (3,437,000) |
Forfeited/Expired, weighted average exercise price (in CAD per share) | CAD 1.17 | CAD 2.43 | CAD 1.89 |
Outstanding (in shares) | 12,010,000 | 13,208,000 | 13,779,000 |
Outstanding, weighted average exercise price (in CAD per share) | CAD 0.48 | CAD 0.60 | CAD 0.85 |
Exercised (in shares) | (586,000) | (347,000) | |
Exercised, weighted average exercise price (in CAD per share) | CAD 0.25 | CAD 0.22 | |
Cancelled (in shares) | (664,000) | (163,000) | |
Cancelled, weighted average exercise price (in CAD per share) | CAD 0.28 | CAD 0.25 |
Note 9 - Stock-based Compensa42
Note 9 - Stock-based Compensation - Stock Options Outstanding (Details) - CAD CAD / shares in Units, CAD in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Options (in shares) | 12,010 | |||
Vested (in shares) (in shares) | 12,010 | |||
Aggregate intrinsic value | CAD 703 | |||
Price per share (in CAD per share) | CAD 0.48 | CAD 0.60 | CAD 0.85 | CAD 1.22 |
Weighted average exercise price for exercisable options (in CAD per share) | 0.48 | |||
Weighted average share price for options exercised (in CAD per share) | CAD 0.25 | |||
Weighted average years to expiry for exercisable options (Year) | 2 years 204 days | |||
Range One [Member] | ||||
Number of Options (in shares) | 3,215 | |||
Vested (in shares) (in shares) | 3,215 | |||
Aggregate intrinsic value | CAD 170 | |||
Price per share, lower range limit (in CAD per share) | CAD 0.21 | |||
Price per share, upper range limit (in CAD per share) | CAD 1.25 | |||
Expiry Date | Jan Sep 2017 | |||
Range Two [Member] | ||||
Number of Options (in shares) | 3,530 | |||
Vested (in shares) (in shares) | 3,530 | |||
Aggregate intrinsic value | CAD 145 | |||
Price per share, lower range limit (in CAD per share) | CAD 0.30 | |||
Price per share, upper range limit (in CAD per share) | CAD 0.56 | |||
Expiry Date | Mar Dec 2018 | |||
Price per share (in CAD per share) | ||||
Range Three [Member] | ||||
Number of Options (in shares) | 2,745 | |||
Vested (in shares) (in shares) | 2,745 | |||
Aggregate intrinsic value | CAD 385 | |||
Price per share, lower range limit (in CAD per share) | CAD 0.21 | |||
Price per share, upper range limit (in CAD per share) | CAD 0.38 | |||
Expiry Date | Dec 2019 Dec 2020 | |||
Range Four [Member] | ||||
Number of Options (in shares) | 100 | |||
Vested (in shares) (in shares) | 100 | |||
Aggregate intrinsic value | CAD 3 | |||
Expiry Date | Mar 2,021 | |||
Price per share (in CAD per share) | CAD 0.39 | |||
Range Five [Member] | ||||
Number of Options (in shares) | 2,420 | |||
Vested (in shares) (in shares) | 2,420 | |||
Aggregate intrinsic value | ||||
Expiry Date | Nov 2,021 | |||
Price per share (in CAD per share) | CAD 0.42 |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation - Stock-based Compensation Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-based Compensation | $ 489 | $ 197 | $ 251 |
General and Administrative Expense [Member] | |||
Stock-based Compensation | 461 | 175 | 215 |
Exploration [Member] | |||
Stock-based Compensation | $ 28 | $ 22 | $ 36 |
Note 9 - Stock-based Compensa44
Note 9 - Stock-based Compensation - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Risk-free interest rate | 0.62% | 0.77% | 1.25% |
Expected life of options (years) (Year) | 4 years 219 days | 4 years 219 days | 4 years 109 days |
Annualized volatility | 73.00% | 75.00% | 65.00% |
Dividend rate | 0.00% | 0.00% | 0.00% |
Fair value per option (in dollars per share) | $ 0.18 | $ 0.15 | $ 0.09 |
Note 10 - Segmented Informati45
Note 10 - Segmented Information (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Number of Operating Segments | 1 |
Note 10 - Segmented Informati46
Note 10 - Segmented Information - Geographic Segmentation of Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total assets | $ 53,280 | $ 61,662 |
UNITED STATES | ||
Total assets | 39,169 | 38,323 |
CANADA | ||
Total assets | 13,327 | 22,501 |
Other [Member] | ||
Total assets | $ 784 | $ 838 |
Note 11 - Exploration Costs - E
Note 11 - Exploration Costs - Exploration Costs Expensed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Exploration costs | $ 1,855 | $ 5,139 | $ 9,019 |
UNITED STATES | |||
Exploration costs | 1,366 | 3,486 | 7,031 |
CANADA | |||
Exploration costs | 372 | 1,488 | 1,672 |
Other [Member] | |||
Exploration costs | $ 117 | $ 165 | $ 316 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Operating Loss Carryforwards | $ 30 | $ 26.8 |
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | ||
Operating Loss Carryforwards | 0.6 | 0.7 |
Foreign Tax Authority [Member] | Mongolian Customs and Tax Authority [Member] | ||
Operating Loss Carryforwards | 5.9 | 7 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards | 18.3 | 14.9 |
Foreign Tax Authority [Member] | Australian Taxation Office [Member] | ||
Operating Loss Carryforwards | 0.1 | 0.1 |
Foreign Tax Authority [Member] | Superintendencia Nacional de Administración Tributaria [Member] | ||
Operating Loss Carryforwards | $ 0.7 | $ 0.6 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Taxes At Statutory Rates With the Reported Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss from the year before income taxes | $ (5,216) | $ (7,671) | $ (12,726) |
Statutory rate | 26.00% | 26.00% | 26.00% |
Expected income tax recovery | $ (1,356) | $ (1,994) | $ (3,309) |
Permanent differences and other | (915) | (46) | 1,646 |
Difference in foreign tax rates | 960 | 247 | 1,011 |
Effect of change in future tax rates | (47) | 3,397 | |
Effect of dissolution of subsidiaries | 6,339 | (4,066) | |
Change in valuation allowance | 805 | (7,783) | 661 |
Total income tax expense (recovery) | (553) | 160 | (4,057) |
Current income tax expense (recovery) | (124) | ||
Deferred income tax expense (recovery) | $ (553) | $ 160 | $ (3,933) |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non-capital loss carry forward | $ 15,016 | $ 13,085 |
Resource expenditures | 4,052 | 4,611 |
Equipment | 146 | 131 |
Share issue and legal costs | 3 | 11 |
Other | 1,881 | 1,926 |
21,098 | 19,764 | |
Valuation allowance | (17,618) | (16,577) |
Net deferred income tax assets | 3,480 | 3,187 |
Deferred income tax liabilities: | ||
Foreign exchange on loan | (150) | (306) |
Mineral property interests | (6,345) | (6,448) |
Deferred income tax liabilities | (6,495) | (6,754) |
Net deferred income tax liabilities | $ (3,015) | $ (3,567) |
Note 13 - Financial Instrumen51
Note 13 - Financial Instruments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents, at Carrying Value | $ 13,391 | $ 22,786 | $ 33,517 | $ 46,701 |
Note 14 - Supplemental Cash F52
Note 14 - Supplemental Cash Flow Information (Details Textual) | 12 Months Ended |
Dec. 31, 2014USD ($)shares | |
Mineral Property Interest, Shares | shares | 250,000 |
Value of Shares Issued for Mineral Property Acquisitions | $ | $ 73,618 |
Note 15 - Commitments and Con53
Note 15 - Commitments and Contingencies - Lease Commitments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Lease commitments, total | $ 98 |
Lease commitments, less than 1 year | 98 |
Lease commitments, 1-2 years | 0 |
Lease commitments, thereafter | $ 0 |
Note 16 - Related Party Trans54
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 | $ 0 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) CAD / shares in Units, $ in Thousands | Jan. 13, 2017USD ($)shares | Jan. 13, 2017CADCAD / sharesshares | Jan. 13, 2017CADCAD / sharesshares | Jan. 11, 2017CADCAD / sharesshares | Mar. 10, 2017CAD / sharesshares | Mar. 09, 2017CADCAD / sharesshares | Dec. 31, 2016shares | Dec. 31, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 586,000 | 347,000 | ||||||
Subsequent Event [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,228,075 | |||||||
Proceeds from Stock Options Exercised | CAD | CAD 51,450 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 1,085,000 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | CAD / shares | CAD 1.25 | |||||||
Subsequent Event [Member] | Range One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises or Transformed to Stock Appreciation Rights During the Period | 790,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises or Transformed to Stock Appreciation Rights During the Period, Exercise Price | CAD / shares | CAD 0.21 | |||||||
Subsequent Event [Member] | Range Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises or Transformed to Stock Appreciation Rights During the Period | 790,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises or Transformed to Stock Appreciation Rights During the Period, Exercise Price | CAD / shares | CAD 0.30 | |||||||
Subsequent Event [Member] | Range Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises or Transformed to Stock Appreciation Rights During the Period | 50,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises or Transformed to Stock Appreciation Rights During the Period, Exercise Price | CAD / shares | CAD 0.33 | |||||||
Subsequent Event [Member] | Range Four [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises or Transformed to Stock Appreciation Rights During the Period | 50,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises or Transformed to Stock Appreciation Rights During the Period, Exercise Price | CAD / shares | CAD 0.42 | |||||||
Subsequent Event [Member] | Range Five [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises or Transformed to Stock Appreciation Rights During the Period | 1,005,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises or Transformed to Stock Appreciation Rights During the Period, Exercise Price | CAD / shares | CAD 0.56 | |||||||
Subsequent Event [Member] | Private Placement [Member] | ||||||||
Units Issued During Period, Shares, New Issues | 18,529,484 | 18,529,484 | 1,219,513 | 17,309,971 | ||||
Units Issued During Period, Price Per Unit | CAD / shares | CAD 0.41 | CAD 0.41 | ||||||
Proceeds from Issuance of Private Placement | CAD | CAD 7,600,000 | CAD 500,000 | CAD 7,100,000 | |||||
Equity Units, Number of Common Shares in Each Unit | 1 | 1 | ||||||
Equity Units, Number of Transferable Common Share Purchase Warrants in Each Unit | 0.5 | 0.5 | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | 1 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | CAD / shares | CAD 0.65 | CAD 0.65 | ||||||
Class of Warrant or Right, Term | 5 years | 5 years | ||||||
Issuance of Units, Hold Period on Securities | 121 days | 121 days | ||||||
Payments of Stock Issuance Costs | $ | $ 0 |