Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2017shares | |
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) | 172,802,967 |
Document Type | 6-K |
Document Period End Date | Mar. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Exploration | $ 259 | $ 498 |
General and administrative | 926 | 605 |
Depreciation | 8 | 9 |
Foreign exchange (gain) loss | (18) | 434 |
Operating loss | 1,175 | 1,546 |
Interest income | (24) | (29) |
Interest expense | (57) | (69) |
Loss from equity investee | 47 | 46 |
Operating loss before income taxes | 1,255 | 1,632 |
Income tax expense (recovery) | ||
Net loss | 1,255 | 1,632 |
Foreign currency translation adjustment | (96) | (1,399) |
Net loss and comprehensive loss | $ 1,159 | $ 233 |
Net loss per common share | ||
Basic (in dollars per share) | $ (0.01) | $ (0.01) |
Fully diluted (in dollars per share) | $ (0.01) | $ (0.01) |
Basic (in shares) | 169,233 | 149,105 |
Fully diluted (in shares) | 177,373 | 149,105 |
Total shares issued and outstanding (in shares) | 172,803 | 152,520 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 17,550 | $ 13,391 |
Receivables | 14 | 35 |
Prepaid expenses | 216 | 275 |
Total current assets | 17,780 | 13,701 |
Equipment | 64 | 68 |
Mineral property interests | 39,179 | 38,875 |
Long-term investment | 103 | 146 |
Reclamation deposits and other | 530 | 490 |
Total assets | 57,656 | 53,280 |
Liabilities | ||
Accounts payable and accrued liabilities | 517 | 455 |
Total current liabilities | 517 | 455 |
Loan payable to Oyu Tolgoi LLC | 7,408 | 7,334 |
Deferred revenue | 23,167 | 22,987 |
Deferred income taxes | 3,015 | 3,015 |
Total liabilities | 34,107 | 33,791 |
Shareholders’ equity | ||
Common stock, no par value, unlimited number authorized, 172,802,967 (December 31, 2016 – 153,045,408) issued and outstanding | 184,861 | 178,740 |
Additional paid-in capital | 20,520 | 20,863 |
Accumulated other comprehensive loss | (6,965) | (7,061) |
Subscriptions received in advance | 559 | |
Accumulated deficit | (174,867) | (173,612) |
Total stockholders’ equity | 23,549 | 19,489 |
Total liabilities and stockholders’ equity | $ 57,656 | $ 53,280 |
Consolidated Balance Sheets (C4
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, share issued (in shares) | 172,802,967 | 153,045,408 |
common stock, shares outstanding (in shares) | 172,802,967 | 153,045,408 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Share Capital [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
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 period | (1,632) | (1,632) | |||
Foreign currency translation | 1,399 | 1,399 | |||
Issue of share capital – stock options (in shares) | 60 | ||||
Issue of share capital – stock options | $ 16 | (5) | 11 | ||
Balance (in shares) at Mar. 31, 2016 | 152,520 | ||||
Balance at Mar. 31, 2016 | $ 178,560 | 20,554 | (6,379) | (170,581) | 22,154 |
Stock based compensation | 42 | 42 | |||
Issuance of share capital - Sandstorm (in shares) | 5,129 | ||||
Issuance of share capital - Sandstorm | $ 1,338 | 1,338 | |||
Balance (in shares) at Dec. 31, 2016 | 153,045 | ||||
Balance at Dec. 31, 2016 | $ 179,299 | 20,863 | (7,061) | (173,612) | 19,489 |
Net loss for the period | (1,255) | (1,255) | |||
Foreign currency translation | 96 | 96 | |||
Issuance of share capital (in shares) | 18,529 | ||||
Issuance of share capital | $ 5,179 | $ 5,179 | |||
Issue of share capital – stock options (in shares) | 1,229 | 1,228 | |||
Issue of share capital – stock options | $ 383 | (343) | $ 40 | ||
Balance (in shares) at Mar. 31, 2017 | 172,803 | ||||
Balance at Mar. 31, 2017 | $ 184,861 | $ 20,520 | $ (6,965) | $ (174,867) | $ 23,549 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (1,255) | $ (1,632) |
Items not affecting cash | ||
Depreciation | 8 | 9 |
Stock-based compensation | 42 | |
Loss from equity investee | 47 | 46 |
Interest expense | 57 | 69 |
Unrealized foreign exchange (gains) losses | (122) | 408 |
(1,265) | (1,058) | |
Change in non-cash operating working capital | ||
Decrease in receivables and prepaid expenses | 80 | 51 |
(Increase) decrease in other assets | (39) | 4 |
Increase (decrease) in accounts payable and accruals | 62 | (916) |
Deposit on metal credit obligation | (5,500) | |
(1,162) | (7,419) | |
Cash flows from investing activities | ||
Purchase of equipment | (6) | |
Proceeds from sale of equipment | 3 | |
(3) | ||
Cash flows from financing activities | ||
Proceeds from issuance of capital stock | 5,179 | |
Proceeds from issuance of capital stock – stock options | 39 | 11 |
5,218 | 11 | |
Increase (decrease) in cash and cash equivalents | 4,056 | (7,411) |
Cash and cash equivalents - beginning of period | 13,391 | 22,786 |
Effect of exchange rate changes on cash | 103 | 171 |
Cash and cash equivalents - end of period | $ 17,550 | $ 15,546 |
Note 1 - Nature and Continuance
Note 1 - Nature and Continuance of Operations | 3 Months Ended |
Mar. 31, 2017 | |
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 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 2 Basis of presentation and functional currency translation The interim period financial statements have been prepared by the Company in conformity with generally accepted accounting principles in the United States of America. The preparation of financial data is based on accounting principles and practices consistent with those used in the preparation of annual financial statements, and in the opinion of management these financial statements contain all adjustments necessary (consisting of normally recurring adjustments) to present fairly the financial information contained therein. Certain information and footnote disclosure normally included in the financial statements prepared in conformity with generally accepted accounting principles in the United States of America have been condensed or omitted. These interim period statements should be read together with the most recent audited financial statements and the accompanying notes for the year ended December 31, 2016. three March 31, 2017 December 31, 2017. 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 comprehensive loss. Exchange gains or losses arising on translation of foreign currency items are included in the statement of 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 comprehensive loss. Exchange gains or losses arising on translation of foreign currency items are included in the statement of 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. |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3 Significant accounting policies These consolidated financial statements follow the same significant accounting principles as those outlined in the notes to the audited consolidated financial statements for the year ended December 31, 2016. |
Note 4 - Equipment
Note 4 - Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4 Equipment March 31, 2017 December 31, 2016 Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Office equipment $ 46 $ 39 $ 7 $ 46 $ 38 $ 8 Computer equipment 210 181 29 208 177 31 Field equipment 125 101 24 124 99 25 Buildings 42 38 4 41 37 4 $ 423 $ 359 $ 64 $ 419 $ 351 $ 68 |
Note 5 - Mineral Property Inter
Note 5 - Mineral Property Interests | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Mineral Property Interests [Text Block] | 5 Mineral property interests March 31, 2017 December 31, 2016 Ann Mason Project (a) $ 38,285 $ 37,988 Other (b) 894 887 $ 39,179 $ 38,875 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 6). 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 6 - Long-term Investments
Note 6 - Long-term Investments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Long-term Investments [Text Block] | 6 Long-term investments Entrée/Oyu Tolgoi JV Property, Mongolia The Company has a carried 20% 30% 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% 7). 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 March 31, 2017, $29.0 2% 7). Investment – Entrée/Oyu Tolgoi JV Property The Company accounts for its interest in the Entrée/Oyu Tolgoi JV as a 20% $0.0 March 31, 2017 (2016 $0.1 $0.1 March 31, 2017 (2016 $0.1 The Entrée/Oyu Tolgoi JV investment carrying value at March 31, 2017 $0.1 (December 31, 2016 $0.1 |
Note 7 - Loans Payable to Oyu T
Note 7 - Loans Payable to Oyu Tolgoi | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7 Loan payable to Oyu Tolgoi Under the terms of the Entrée/Oyu Tolgoi JV (Note 6), two (2%) ninety (90%) one |
Note 8 - Deferred Revenue
Note 8 - Deferred Revenue | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Deferred Revenue Disclosure [Text Block] | 8 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 9 - Share Capital
Note 9 - Share Capital | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | 9 Share capital The Company’s authorized share capital consists of unlimited common shares without par value. At March 31, 2017, 172,802,967 (December 31, 2016 153,045,408 a) Private placement In January 2017, two 18,529,484 C$0.41 C$7.6 one one one one C$0.65 5 No four one b) Share purchase warrants At March 31, 2017, Number of share purchase warrants (000’s) Price per share C$ Expiry date 8,655 0.65 January 10, 2022 610 0.65 January 12, 2022 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10 Stock-based compensation The Company provides stock-based compensation to its directors, officers, employees, and consultants through grants of stock options. a) Stock options March 31, 2017 Number of shares Weighted average exercise price C$ Outstanding – beginning of period 12,010 $ 0.48 Exercised (1,228 ) 0.31 Forfeited/expired (2,542 ) 0.78 Outstanding – end of period 8,240 $ 0.39 At March 31, 2017, Number of shares Vested (000’s) Aggregate intrinsic value C$ (000’s) Price per share C$ Expiry date 685 685 116 0.21 – 0.73 Sep 2017 2,845 2,845 487 0.30 – 0.56 Mar – Dec 2018 935 935 411 0.21 Dec 2019 1,370 1,370 423 0.33 – 0.38 Jun – Dec 2020 2,405 2,405 557 0.39 – 0.42 Mar – Nov 2021 8,240 8,240 1,994 For the period ended March 31, 2017, $0.0 (2016 $0.1 |
Note 11 - Segmented Information
Note 11 - Segmented Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11 Segmented information The Company operates in one March 31, 2017 December 31, 2016 United States $ 39,465 $ 39,169 Canada 17,416 13,327 Other 775 784 $ 57,656 $ 53,280 |
Note 12 - Exploration Costs
Note 12 - Exploration Costs | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | 12 Exploration costs 2017 2016 United States $ 194 $ 271 Mongolia 41 189 Other 24 38 $ 259 $ 498 |
Note 13 - Financial Instruments
Note 13 - Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017, 1 $17.6 |
Note 14 - Supplemental Cash Flo
Note 14 - Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 14 Supplemental cash flow information There were no significant non-cash transactions during the periods ended March 31, 2017 2016. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 15 Commitments and contingencies As at March 31, 2017, Total Less than 1 year 1-2 years Thereafter Lease commitments $ 568 $ 64 $ 213 $ 291 Under the terms of the Amended Sandstorm Agreement, the Company may 8). |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16 Related party transactions The Company did not March 31, 2017 2016. |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17 Subsequent events Strategic Reorganization The Company announced on February 28, 2017 It is intended that, as part of the Arrangement, Entrée shareholders will receive Mason Common Shares by way of a share exchange, pursuant to which each existing share of Entrée is exchanged for one 0.45 66 2/3% May 1, 2017 On April 25, 2017, On March 24, 2017, may May 9, 2017. |
Note 4 - Equipment (Tables)
Note 4 - Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2017 December 31, 2016 Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Office equipment $ 46 $ 39 $ 7 $ 46 $ 38 $ 8 Computer equipment 210 181 29 208 177 31 Field equipment 125 101 24 124 99 25 Buildings 42 38 4 41 37 4 $ 423 $ 359 $ 64 $ 419 $ 351 $ 68 |
Note 5 - Mineral Property Int25
Note 5 - Mineral Property Interests (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, 2017 December 31, 2016 Ann Mason Project (a) $ 38,285 $ 37,988 Other (b) 894 887 $ 39,179 $ 38,875 |
Note 9 - Share Capital (Tables)
Note 9 - Share Capital (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of share purchase warrants (000’s) Price per share C$ Expiry date 8,655 0.65 January 10, 2022 610 0.65 January 12, 2022 |
Note 10 - Stock-based Compens27
Note 10 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | March 31, 2017 Number of shares Weighted average exercise price C$ Outstanding – beginning of period 12,010 $ 0.48 Exercised (1,228 ) 0.31 Forfeited/expired (2,542 ) 0.78 Outstanding – end of period 8,240 $ 0.39 |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | Number of shares Vested (000’s) Aggregate intrinsic value C$ (000’s) Price per share C$ Expiry date 685 685 116 0.21 – 0.73 Sep 2017 2,845 2,845 487 0.30 – 0.56 Mar – Dec 2018 935 935 411 0.21 Dec 2019 1,370 1,370 423 0.33 – 0.38 Jun – Dec 2020 2,405 2,405 557 0.39 – 0.42 Mar – Nov 2021 8,240 8,240 1,994 |
Note 11 - Segmented Informati28
Note 11 - Segmented Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | March 31, 2017 December 31, 2016 United States $ 39,465 $ 39,169 Canada 17,416 13,327 Other 775 784 $ 57,656 $ 53,280 |
Note 12 - Exploration Costs (Ta
Note 12 - Exploration Costs (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Exploration Costs Expensed Disclosure [Table Text Block] | 2017 2016 United States $ 194 $ 271 Mongolia 41 189 Other 24 38 $ 259 $ 498 |
Note 15 - Commitments and Con30
Note 15 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 $ 568 $ 64 $ 213 $ 291 |
Note 4 - Equipment - Equipment
Note 4 - Equipment - Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Cost | $ 423 | $ 419 |
Accumulated depreciation | 359 | 351 |
Net book value | 64 | 68 |
Office Equipment [Member] | ||
Cost | 46 | 46 |
Accumulated depreciation | 39 | 38 |
Net book value | 7 | 8 |
Computer Equipment [Member] | ||
Cost | 210 | 208 |
Accumulated depreciation | 181 | 177 |
Net book value | 29 | 31 |
Field Equipment [Member] | ||
Cost | 125 | 124 |
Accumulated depreciation | 101 | 99 |
Net book value | 24 | 25 |
Building [Member] | ||
Cost | 42 | 41 |
Accumulated depreciation | 38 | 37 |
Net book value | $ 4 | $ 4 |
Note 5 - Mineral Property Int32
Note 5 - Mineral Property Interests (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 75 Months Ended | 94 Months Ended | |
Feb. 28, 2013 | Sep. 30, 2009 | Mar. 31, 2017 | Dec. 31, 2014 | Mar. 31, 2017 | Mar. 31, 2017 | |
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% | |||||
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 5 - Mineral Property Int33
Note 5 - Mineral Property Interests - Mineral Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Capitalized mineral property acquisition cost | $ 39,179 | $ 38,875 |
Ann Mason [Member] | ||
Capitalized mineral property acquisition cost | 38,285 | 37,988 |
Other [Member] | ||
Capitalized mineral property acquisition cost | $ 894 | $ 887 |
Note 6 - Long-term Investments
Note 6 - Long-term Investments (Details Textual) | 1 Months Ended | 3 Months Ended | 45 Months Ended | |||
Oct. 30, 2015 | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2008USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2004 | |
Income (Loss) from Equity Method Investments | $ (47,000) | $ (46,000) | ||||
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] | ||||||
Joint Venture Property, Cumulative Expenditures | $ 29,000,000 | |||||
Income (Loss) from Equity Method Investments | 0 | (100,000) | ||||
Accrued Interest Expense | 100,000 | $ 100,000 | ||||
Entree/Oyu Tolgoi JV Property [Member] | Long-term Investment [Member] | ||||||
Equity Method Investments | $ 100,000 | $ 100,000 | ||||
Entree/Oyu Tolgoi JV Property [Member] | OTLLC [Member] | ||||||
Exploration Expense, Mining | $ 35,000,000 | |||||
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% | |||||
Entree/Oyu Tolgoi JV Property [Member] | Minimum [Member] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
Entree/Oyu Tolgoi JV Property [Member] | Maximum [Member] | ||||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||
OTLLC [Member] | The Government of Mongolia [Member] | ||||||
Equity Method Investment, Ownership Percentage | 34.00% |
Note 7 - Loans Payable to Oyu35
Note 7 - Loans Payable to Oyu Tolgoi (Details Textual) - OTLLC [Member] | 1 Months Ended | 3 Months Ended |
Oct. 30, 2015 | Mar. 31, 2017 | |
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 8 - Deferred Revenue (Deta
Note 8 - Deferred Revenue (Details Textual) CAD / shares in Units, CAD in Millions | Mar. 01, 2016CAD / sharesshares | Feb. 23, 2016USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 01, 2016USD ($) | Feb. 23, 2016CAD | Feb. 28, 2013CAD |
Deferred Revenue | $ 23,167,000 | $ 22,987,000 | |||||
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 days | ||||||
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 days | ||||||
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 | 9,100,000,000 | ||||||
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 9 - Share Capital (Details
Note 9 - Share Capital (Details Textual) CAD / shares in Units, $ in Thousands, CAD in Millions | 1 Months Ended | |||
Jan. 31, 2017USD ($)shares | Jan. 31, 2017CADCAD / sharesshares | Mar. 31, 2017shares | Dec. 31, 2016shares | |
Common Stock, Shares, Issued | 172,802,967 | 153,045,408 | ||
Common Stock, Shares, Outstanding | 172,802,967 | 153,045,408 | ||
Private Placement [Member] | ||||
Units Issued During Period, Shares, New Issues | 18,529,484 | 18,529,484 | ||
Units Issued During Period, Price Per Unit | CAD / shares | CAD 0.41 | |||
Proceeds from Issuance of Private Placement | CAD | CAD 7.6 | |||
Equity Units, Number of Common Shares in Each Unit | 1 | |||
Equity Units, Number of Transferable Common Share Purchase Warrants in Each Unit | 0.5 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | CAD / shares | CAD 0.65 | |||
Class of Warrant or Right, Term | 5 years | 5 years | ||
Payments of Stock Issuance Costs | $ | $ 0 | |||
Issuance of Units, Hold Period on Securities | 121 days | 121 days |
Note 9 - Share Capital - Warran
Note 9 - Share Capital - Warrants Outstanding (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2017CAD / sharesshares | |
Warrants Expiring on January 10, 2022 [Member] | |
Number of share purchase warrants (in shares) | shares | 8,655 |
Price per share (in CAD per share) | CAD / shares | CAD 0.65 |
Expiry date (Year) | Jan. 10, 2022 |
Warrants Expiring on January 12, 2022 [Member] | |
Number of share purchase warrants (in shares) | shares | 610 |
Price per share (in CAD per share) | CAD / shares | CAD 0.65 |
Expiry date (Year) | Jan. 12, 2022 |
Note 10 - Stock-based Compens39
Note 10 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Allocated Share-based Compensation Expense | $ 0 | $ 100,000 |
Note 10 - Stock-based Compens40
Note 10 - Stock-based Compensation - Stock Option Transactions (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2017CAD / sharesshares | |
Outstanding (in shares) | shares | 12,010 |
Outstanding, weighted average exercise price (in CAD per share) | CAD / shares | CAD 0.48 |
Exercised (in shares) | shares | (1,228) |
Exercised, weighted average exercise price (in CAD per share) | CAD / shares | CAD 0.31 |
Forfeited/expired (in shares) | shares | (2,542) |
Forfeited/Expired, weighted average exercise price (in CAD per share) | CAD / shares | CAD 0.78 |
Outstanding (in shares) | shares | 8,240 |
Outstanding, weighted average exercise price (in CAD per share) | CAD / shares | CAD 0.39 |
Note 10 - Stock-based Compens41
Note 10 - Stock-based Compensation - Stock Options Outstanding (Details) - CAD CAD / shares in Units, shares in Thousands, CAD in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Number of options (in shares) | 8,240 | |
Vested (in shares) | 8,240 | |
Aggregate intrinsic value | CAD 1,994 | |
Price per share (in CAD per share) | CAD 0.39 | CAD 0.48 |
Range One [Member] | ||
Number of options (in shares) | 685 | |
Vested (in shares) | 685 | |
Aggregate intrinsic value | CAD 116 | |
Price per share, lower range limit (in CAD per share) | CAD 0.21 | |
Price per share, upper range limit (in CAD per share) | CAD 0.73 | |
Expiry date | Sep 2,017 | |
Range Two [Member] | ||
Number of options (in shares) | 2,845 | |
Vested (in shares) | 2,845 | |
Aggregate intrinsic value | CAD 487 | |
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 | |
Range Three [Member] | ||
Number of options (in shares) | 935 | |
Vested (in shares) | 935 | |
Aggregate intrinsic value | CAD 411 | |
Expiry date | Dec 2,019 | |
Price per share (in CAD per share) | CAD 0.21 | |
Range Four [Member] | ||
Number of options (in shares) | 1,370 | |
Vested (in shares) | 1,370 | |
Aggregate intrinsic value | CAD 423 | |
Price per share, lower range limit (in CAD per share) | CAD 0.33 | |
Price per share, upper range limit (in CAD per share) | CAD 0.38 | |
Expiry date | Jun - Dec 2020 | |
Range Five [Member] | ||
Number of options (in shares) | 2,405 | |
Vested (in shares) | 2,405 | |
Aggregate intrinsic value | CAD 557 | |
Price per share, lower range limit (in CAD per share) | CAD 0.39 | |
Price per share, upper range limit (in CAD per share) | CAD 0.42 | |
Expiry date | Mar - Nov 2021 |
Note 11 - Segmented Informati42
Note 11 - Segmented Information (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Number of Operating Segments | 1 |
Note 11 - Segmented Informati43
Note 11 - Segmented Information - Geographic Segmentation of Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Total assets | $ 57,656 | $ 53,280 |
UNITED STATES | ||
Total assets | 39,465 | 39,169 |
CANADA | ||
Total assets | 17,416 | 13,327 |
Other [Member] | ||
Total assets | $ 775 | $ 784 |
Note 12 - Exploration Costs - E
Note 12 - Exploration Costs - Exploration Costs Expensed (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Exploration costs | $ 259 | $ 498 |
UNITED STATES | ||
Exploration costs | 194 | 271 |
MONGOLIA | ||
Exploration costs | 41 | 189 |
Other [Member] | ||
Exploration costs | $ 24 | $ 38 |
Note 13 - Financial Instrumen45
Note 13 - Financial Instruments (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents, at Carrying Value | $ 17,550 | $ 13,391 | $ 15,546 | $ 22,786 |
Note 15 - Commitments and Con46
Note 15 - Commitments and Contingencies - Lease Commitments (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Lease commitments, total | $ 568 |
Lease commitments, less than 1 year | 64 |
Lease commitments, 1-2 years | 213 |
Lease commitments, thereafter | $ 291 |
Note 16 - Related Party Trans47
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - Scenario, Forecast [Member] | May 09, 2017shares |
Exchange of Entree Stock to a "New" Share of Entree [Member] | |
Conversion of Common Stock, Number of Shares Exchanged Per Share of Common Stock | 1 |
Exchange of Entree Stock for a Mason Common Share [Member] | |
Conversion of Common Stock, Number of Shares Exchanged Per Share of Common Stock | 0.45 |