Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2017shares | |
Document Information [Line Items] | |
Entity Registrant Name | Entree Resources Ltd. |
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 | 173,573,572 |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Expenses | ||||
Exploration | $ 95 | $ 50 | $ 273 | $ 419 |
General and administrative | 258 | 525 | 1,632 | 1,553 |
Restructuring costs | 14 | 0 | 210 | 0 |
Depreciation | 7 | 3 | 14 | 11 |
Foreign exchange (gain) loss | (349) | (39) | (406) | 397 |
Other | 0 | 0 | (52) | 0 |
Operating loss | 25 | 539 | 1,671 | 2,380 |
Interest income | (23) | (25) | (92) | (79) |
Interest expense | 72 | 70 | 214 | 208 |
Loss from equity investee | 55 | 62 | 157 | 169 |
Operating loss before income taxes | 129 | 646 | 1,950 | 2,678 |
Income tax recovery | 0 | 0 | (72) | 0 |
Net loss from continuing operations | 129 | 646 | 1,878 | 2,678 |
Net loss from discontinued operations | 0 | 363 | 176 | 1,017 |
Net loss | 129 | 1,009 | 2,054 | 3,695 |
Foreign currency translation adjustment | 893 | 172 | 2,505 | (1,176) |
Net loss and comprehensive loss | $ 1,022 | $ 1,181 | $ 4,559 | $ 2,519 |
Net loss per common share | ||||
Basic - continuing operations | $ 0 | $ 0 | $ (0.01) | $ (0.02) |
Basic - discontinued operations | 0 | 0 | 0 | (0.01) |
Fully diluted - continuing operations | 0 | 0 | (0.01) | (0.02) |
Fully diluted - discontinued operations | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted average shares outstanding | ||||
Basic | 173,220 | 152,810 | 171,816 | 151,526 |
Fully diluted | 174,730 | 152,810 | 173,326 | 151,526 |
Total shares issued and outstanding | 173,573 | 153,045 | 173,573 | 153,045 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 7,651 | $ 13,262 |
Receivables | 256 | 37 |
Prepaid expenses | 34 | 54 |
Assets held for spin-off | 0 | 348 |
Total Current assets | 7,941 | 13,701 |
Equipment | 120 | 43 |
Mineral property interests | 532 | 496 |
Long-term investment | 199 | 146 |
Reclamation deposits and other | 15 | 9 |
Assets held for spin-off | 0 | 38,885 |
Total assets | 8,807 | 53,280 |
Current liabilities | ||
Accounts payable and accrued liabilities | 188 | 225 |
Liabilities held for spin-off | 0 | 230 |
Total current liabilities | 188 | 455 |
Loan payable to Oyu Tolgoi LLC | 7,754 | 7,334 |
Deferred revenue | 24,674 | 22,987 |
Deferred income taxes | 0 | 0 |
Liabilities held for spin-off | 0 | 3,015 |
Total liabilities | 32,616 | 33,791 |
Stockholders’ equity (deficiency) | ||
Common stock, no par value, unlimited number authorized, 173,573,572 (December 31, 2016 - 153,045,408) issued and outstanding | 139,689 | 178,740 |
Additional paid-in capital | 21,734 | 20,863 |
Accumulated other comprehensive income (loss) | 5,206 | (7,061) |
Subscriptions received in advance | 0 | 559 |
Accumulated deficit | (190,438) | (173,612) |
Total stockholders’ equity (deficiency) | (23,809) | 19,489 |
Total liabilities and stockholders’ equity (deficiency) | $ 8,807 | $ 53,280 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares, Issued | 173,573,572 | 153,045,408 |
Common Stock, Shares, Outstanding | 173,573,572 | 153,045,408 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Share capital | Additional paid in capital | Other comprehensive (loss) income | Deficit |
Balance at Dec. 31, 2015 | $ 20,996 | $ 177,206 | $ 20,517 | $ (7,778) | $ (168,949) |
Balance (in shares) at Dec. 31, 2015 | 147,331 | ||||
Net loss for the period | (3,695) | $ 0 | 0 | 0 | (3,695) |
Foreign currency translation | 1,176 | 0 | 0 | 1,176 | 0 |
Stock-based compensation | 60 | 0 | 60 | 0 | 0 |
Issuance of share capital - stock options | 54 | $ 112 | (58) | 0 | 0 |
Issuance of share capital - stock options (in shares) | 585 | ||||
Issuance of share capital - Sandstorm | 1,337 | $ 1,337 | 0 | 0 | 0 |
Issuance of share capital - Sandstorm (in shares) | 5,129 | ||||
Balance at Sep. 30, 2016 | 19,928 | $ 178,655 | 20,519 | (6,602) | (172,644) |
Balance (in shares) at Sep. 30, 2016 | 153,045 | ||||
Balance at Dec. 31, 2016 | 19,489 | $ 179,299 | 20,863 | (7,061) | (173,612) |
Balance (in shares) at Dec. 31, 2016 | 153,045 | ||||
Net loss for the period | (2,054) | $ 0 | 0 | 0 | (2,054) |
Foreign currency translation | (2,505) | 0 | 0 | (2,505) | 0 |
Stock-based compensation | 191 | 0 | 191 | 0 | 0 |
Transfer of net assets to Mason | (44,214) | (44,214) | 0 | 14,772 | (14,772) |
Issuance of share capital - inducement bonus shares | 47 | $ 47 | 0 | 0 | 0 |
Issuance of share capital - inducement bonus shares (in shares) | 100 | ||||
Issuance of share capital - private placement | 5,038 | $ 3,909 | 1,129 | 0 | 0 |
Issuance of share capital - private placement (in shares) | 18,529 | ||||
Issuance of share capital - stock options | 199 | $ 648 | (449) | 0 | 0 |
Issuance of share capital - stock options (in shares) | 1,899 | ||||
Balance at Sep. 30, 2017 | $ (23,809) | $ 139,689 | $ 21,734 | $ 5,206 | $ (190,438) |
Balance (in shares) at Sep. 30, 2017 | 173,573 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net loss from continuing operations | $ (1,878) | $ (2,678) |
Items not affecting cash | ||
Depreciation | 14 | 11 |
Stock-based compensation | 238 | 60 |
Loss from equity investee | 157 | 169 |
Interest expense | 214 | 208 |
Unrealized foreign exchange (gains) losses | (1,284) | 376 |
Other | 11 | (21) |
Cash flows used in operating activities before change in non-cash operating working capital | (2,528) | (1,875) |
Change in non-cash operating working capital | ||
(Increase) decrease in receivables and prepaid expenses | (259) | 79 |
(Increase) decrease in other assets | (6) | 8 |
Decrease in accounts payable and accruals | (235) | (1,168) |
Deposit on metal credit obligation | 0 | (5,500) |
Discontinued operations | 604 | (1,004) |
Net Cash Used In Operating Activities | (2,424) | (9,460) |
Cash flows from investing activities | ||
Cash paid in connection with the Arrangement | (8,843) | 0 |
Purchase of equipment | (94) | (6) |
Proceeds from sale of equipment and other | 0 | 40 |
Net Cash (Used In) Provided By Investing Activities | (8,937) | 34 |
Cash flows from financing activities | ||
Proceeds from issuance of capital stock | 5,038 | 0 |
Proceeds from issuance of capital stock - stock options | 199 | 53 |
Net Cash Provided By Used In Financing Activities | 5,237 | 53 |
Decrease in cash and cash equivalents | (6,124) | (9,373) |
Cash and cash equivalents - beginning of period | 13,262 | 22,786 |
Effect of exchange rate changes on cash | 513 | 187 |
Cash and cash equivalents - end of period | $ 7,651 | $ 13,600 |
Nature and continuance of opera
Nature and continuance of operations | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Nature and continuance of operations Entrée Resources Ltd. (formerly Entrée Gold Inc.) was incorporated under the laws of the Province of British Columbia on July 19, 1995 and continued under the laws of the Yukon Territory on January 22, 2003. On May 27, 2005, the Company changed its governing jurisdiction from the Yukon Territory to British Columbia by continuing into British Columbia under the Business Corporations Act May 9, 2017 The principal business activity of Entrée Resources Ltd., together with its subsidiaries (collectively referred to as the "Company" or "Entrée"), is the exploration of mineral property interests. To date, the Company has not generated significant revenues from its operations and is considered to be in the exploration stage. 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 months. |
Plan of arrangement and discont
Plan of arrangement and discontinued operations | 9 Months Ended |
Sep. 30, 2017 | |
Plan of Arrangement and Discontinued Operations [Abstract] | |
Plan of Arrangement and Discontinued Operations [Text Block] | 2 Plan of arrangement and discontinued operations On May 9, 2017, the Company completed a plan of arrangement (the "Arrangement") under Section 288 of the BCBCA pursuant to which Entrée transferred its wholly owned subsidiaries that directly or indirectly hold the Ann Mason Project in Nevada and the Lordsburg property in New Mexico including $ 8,843,232 77,804,786 As part of the Arrangement, Entrée then distributed its 77,805,786 Mason Common Shares to Entrée shareholders by way of a share exchange, pursuant to which each existing share of Entrée was exchanged for one “new” share of Entrée and 0.45 The assets and liabilities that were transferred to Mason Resources were classified as discontinued operations and classified on the balance sheet as assets / liabilities held for spin-off (“Spin-off”). The discontinued operations include three entities transferred to Mason Resources pursuant to the Arrangement, Mason U.S. Holdings Inc. (formerly Entrée U.S. Holdings Inc.), Mason Resources (US) Inc. (formerly Entrée Gold (US) Inc.), and M.I.M. (U.S.A.) Inc. (collectively the “US Subsidiaries”). The Spin-off distribution was accounted for at the carrying amount, without gain or loss, and resulted in a reduction of stockholders’ equity (deficiency) of $ 44.2 May 9, 2017 December 31, 2016 Current assets Cash $ 8,843 $ 129 Receivables and prepaids 137 219 8,980 348 Long-term assets Equipment 25 25 Mineral property interest 37,699 38,379 Reclamation deposits and other 481 481 38,205 38,885 Current liabilities Accounts payable and accrued liabilities (34) (230) Long-term liabilities Deferred income taxes (2,937) (3,015) Net assets $ 44,214 $ 35,988 Three months ended Nine months ended September 30 September 30 2017 2016 2017 2016 Expenses Exploration $ - $ 363 $ 176 $ 1,017 Net loss from discontinued operations $ - $ 363 $ 176 $ 1,017 |
Basis of presentation and funct
Basis of presentation and functional currency translation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 3 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. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The functional currency of Entrée Resources Ltd. 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 Resources Ltd.’s 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 (deficiency) as accumulated other comprehensive income. The historical operations of the US Subsidiaries transferred to Mason Resources pursuant to the Arrangement, including its results of operations, cash flows, and related assets and liabilities, have been reclassified as discontinued operations for all periods presented herein (Note 2). |
Significant accounting policies
Significant accounting policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 4 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. |
Equipment
Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 5 Equipment September 30, 2017 December 31, 2016 Accumulated Net book Accumulated Net book Cost Depreciation value Cost Depreciation value Office equipment $ 55 $ 6 $ 49 $ 40 $ 34 $ 6 Computer equipment 154 132 22 170 144 26 Field equipment 47 40 7 36 30 6 Buildings 45 3 42 41 36 5 $ 301 $ 181 $ 120 $ 287 $ 244 $ 43 |
Long-term investments
Long-term investments | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Investments [Abstract] | |
Investment Holdings [Text Block] | 6 Long-term investments Entrée/Oyu Tolgoi JV Property, Mongolia The Company has a carried 20 The Company is entitled to 20% or 30% of the mineralization extracted from the Entrée/Oyu Tolgoi JV Property, depending on the depth of mineralization. In October 2004, the Company entered into an arm’s-length Equity Participation and Earn-In Agreement (the "Earn-In Agreement") with Turquoise Hill Resources Ltd. ("Turquoise Hill"). Under the Earn-In Agreement, Turquoise Hill agreed to purchase equity securities of the Company, and was granted the right to earn an interest in what is now the Entrée/Oyu Tolgoi JV Property. Most of Turquoise Hill’s rights and obligations under the Earn-In Agreement were subsequently assigned by Turquoise Hill to what was then its wholly-owned subsidiary, Oyu Tolgoi LLC ("OTLLC"). The Government of Mongolia subsequently acquired a 34 On September 30, 2008, OTLLC gave notice that it had completed its earn-in obligations by expending a total of $ 35 80 70 The portion of the Shivee Tolgoi mining licence outside of the Entrée/Oyu Tolgoi JV Property, Shivee West, is 100 2 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 20 As of September 30, 2017, the Entrée/Oyu Tolgoi JV had expended approximately $ 30.0 2 Investment Entrée/Oyu Tolgoi JV Property The Company accounts for its interest in the Entrée/Oyu Tolgoi JV as a 20% equity investment. Historically, all Company expenditures related to the interest in the Entrée/Oyu Tolgoi JV have been expensed as incurred through the statement of comprehensive loss or recognized as part of the Company’s share of the loss of the joint venture. The Company’s share of the loss of the joint venture was $ 0.2 0.2 0.2 0.2 The Entrée/Oyu Tolgoi JV investment carrying value at September 30, 2017 was $ 0.2 0.1 |
Mineral property interests
Mineral property interests | 9 Months Ended |
Sep. 30, 2017 | |
Mineral Property Interests [Abstract] | |
Mineral Property Interests [Text Block] | 7 Mineral property interests Transferred to Mason Resources pursuant to the September 30, 2017 Arrangement (Note 2) December 31, 2016 Ann Mason Project (a) $ - $ (37,988) $ 37,988 Lordsburg property (a) - (391) 391 Cañariaco Project Royalty (b) 532 - 496 Other (c) - - - $ 532 $ (38,379) $ 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. a) Ann Mason Project and Lordsburg Property On May 9, 2017, the Company completed the Arrangement under Section 288 of the BCBCA pursuant to which Entrée transferred its wholly owned subsidiaries that directly or indirectly hold the Ann Mason Project in Nevada and the Lordsburg property in New Mexico (Note 2). The comparative period balances have been classified as assets held for spin-off on the Consolidated Balance Sheets. b) Cañariaco Project Royalty, Peru The Company entered into an agreement with Candente Copper Corp. (TSX:DNT) ("Candente") to acquire a 0.5 100 500,000 The Cañariaco project includes the Cañariaco Norte copper-gold-silver deposit, as well as the adjacent Cañariaco Sur and Quebrada Verde copper prospects, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque, Northern Peru. c) Other Properties The Company also has interests in other properties in Mongolia (Shivee West) and Australia (Blue Rose). During fiscal 2014, the Company recorded an impairment of $ 552,095 |
Loan payable to Oyu Tolgoi LLC
Loan payable to Oyu Tolgoi LLC | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 8 Loan payable to Oyu Tolgoi LLC Under the terms of the Entrée/Oyu Tolgoi JV (Note 6), OTLLC will contribute funds to approved joint venture programs and budgets on the Company’s behalf. Interest on each loan advance shall accrue at an annual rate equal to OTLLC’s actual cost of capital or the prime rate of the Royal Bank of Canada, plus two percent ( 2 90 |
Deferred revenue
Deferred revenue | 9 Months Ended |
Sep. 30, 2017 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue Disclosure [Text Block] | 9 Deferred revenue In February 2013, the Company entered into an equity participation and funding agreement (the “2013 Agreement”) with Sandstorm Gold Ltd. (“Sandstorm”) whereby Sandstorm provided an upfront deposit (the “Deposit”) of $40 million. The Company will use future payments that it receives from its mineral property interests to purchase and deliver metal credits to Sandstorm, in amounts that are indexed to the Company’s share of gold, silver and copper production from the current Entrée/Oyu Tolgoi JV Property. Upon the delivery of metal credits, Sandstorm will also make the cash payment outlined below. In addition, the 2013 Agreement provided for a partial refund of the Deposit and a pro rata reduction in the number of metal credits deliverable to Sandstorm in the event of a partial expropriation of Entrée’s economic interest, contractually or otherwise, in the current Entrée/Oyu Tolgoi JV Property. On February 23, 2016, the Company and Sandstorm entered into an Agreement to Amend, whereby the Company refunded 17 6.8 33.2 · 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 This arrangement does not require the delivery of actual metal, and the Company may use revenue from any of its assets to purchase the requisite amount of metal credits. Under the Amended Sandstorm Agreement, Sandstorm has a right of first refusal, subject to certain exceptions, on future production-based funding agreements. The Amended Sandstorm Agreement also contains other customary terms and conditions, including representations, warranties, covenants and events of default. The initial term of the Amended Sandstorm Agreement is 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 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 $ 40.0 6.8 million Refund which was recorded at the foreign exchange amount at the date of the Refund resulting in a net balance of C$ 30.9 The $6.8 million Refund was paid with $ 5.5 1.3 5,128,604 ommon shares to Sandstorm at a price of C$ 0.3496 |
Share capital
Share capital | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 10 Share capital The Company’s authorized share capital consists of unlimited common shares without par value. At September 30, 2017, the Company had 173,573,572 (December 31, 2016 153,045,408) shares issued and outstanding. a) Plan of arrangement On May 9, 2017, the Company completed the spin-out of its Ann Mason Project and Lordsburg property into Mason Resources through the Arrangement under Section 288 of the BCBCA. As part of the Arrangement, Entrée shareholders received Mason Common Shares by way of a share exchange, pursuant to which each existing share of Entrée was exchanged for one "new" share of Entrée and 0.45 of a Mason Common Share. Optionholders and warrantholders of Entrée received replacement options and warrants of Entrée and options and warrants of Mason Resources which were proportionate to, and reflective of the terms of, their existing options and warrants of Entrée. b) Private placement In January 2017, the Company closed a non-brokered private placement in two tranches issuing a total of 18,529,484 units at a price of C$0.41 per unit for aggregate gross proceeds of C$7.6 million. Each unit consisted of one common share of the Company and one-half of one transferable common share purchase warrant (a "Warrant"). Each whole Warrant entitled the holder to acquire one additional common share of the Company at a price of C$0.65 per share (pre-Arrangement price) for a period of 5 years. No commissions or finders' fees were paid in connection with the private placement. Pursuant to the Arrangement, on May 23, 2017 each Warrant was exchanged for one replacement Entrée Warrant and 0.45 of a Mason Resources transferable common share purchase warrant with the same attributes as the original Warrants. The exercise price of the replacement Entrée Warrants was adjusted based on the market value of the two companies after completion of the Arrangement resulting in a ratio between Entrée and Mason Resources of 85% and 15%, respectively. c) Share purchase warrants At September 30, 2017, the following share purchase warrants were outstanding: Number of share purchase Pre-Arrangement Post-Arrangement Expiry date 8,655 0.65 0.55 January 10, 2022 610 0.65 0.55 January 12, 2022 At issuance the fair value per share purchase warrant was determined to be C$0.21. Pursuant to the Arrangement, the replacement Entrée warrants were revalued at May 9, 2017 and the fair value per share purchase warrant was determined to be C$0.37. 2017 Share price at revaluation date C$0.55 Risk-free interest rate 1.01 % Expected life 5 years Annualized volatility 72 % |
Stock-based compensation
Stock-based compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11 Stock-based compensation The Company provides stock-based compensation to its directors, officers, employees, and consultants through grants of stock options. Pursuant to the Arrangement, on May 23, 2017 each outstanding option was exchanged for one replacement Entrée option with the same expiry date and 0.45 a) Stock options September 30, 2017 Number of shares Weighted average (000’s) exercise price C$ Outstanding beginning of period* 12,010 0.48 Granted 65 0.62 Exercised (1,899) 0.31 Forfeited/expired (2,831) 0.94 Outstanding end of period 7,345 0.35 *The weighted average exercise price is before the exercise price adjustment applied pursuant to the Arrangement (Note 2). The exercise prices were adjusted such that the aggregate “in the money” amounts for the outstanding options remain the same before and after the Arrangement. Post-Arrangement adjusted Aggregate Pre-Arrangement exercise price Number of shares intrinsic value C$ exercise price per share (000's) Vested (000's) (000’s) per share C$ C$* Expiry date 5 5 - 0.56 0.47 Oct 2017 2,855 2,855 420 0.30 0.56 0.26 0.47 Mar Dec 2018 860 860 318 0.21 0.18 Dec 2019 1,320 1,320 342 0.33 0.38 0.28 0.32 July Dec 2020 2,240 2,240 429 0.39 0.42 0.33 0.36 Mar Nov 2021 65 33 - n/a 0.62 May 2022 7,345 7,313 1,509 * The post-Arrangement adjusted exercise price per share is after the adjustment applied pursuant to the Arrangement (Note 2). During the nine months ended September 30, 2017, the Company granted a total of 65,000 100,000 0.62 b) Bonus shares On May 5, 2017, the Company issued 100,000 For the three months ended September 30, 2017, the total stock-based compensation charges related to options granted and vested was $ 2,861 4,498 For the nine months ended September 30, 2017, the total stock-based compensation charges related to stock options granted and vested and the inducement bonus shares was $ 0.2 0.1 |
Segmented information
Segmented information | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Segment Reporting Disclosure [Text Block] | 12 Segmented information September 30, 2017 December 31, 2016 United States (Note 2) $ - $ 39,264 Canada 7,714 13,232 Other 1,093 784 $ 8,807 $ 53,280 |
Exploration costs
Exploration costs | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | Exploration costs Three months ended Nine months ended September 30 September 30 2017 2016 2017 2016 Mongolia $ 72 $ 58 $ 162 $ 340 Other 23 (8) 111 79 $ 95 $ 50 $ 273 $ 419 |
Financial instruments
Financial instruments | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Financial Instruments Disclosure [Text Block] | 14 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 levels of inputs that may be used to measure fair value which are: Level 1 Quoted prices that are available in active markets for identical assets or liabilities. Level 2 Quoted prices in active markets for similar assets that are observable. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At September 30, 2017, the Company had Level 1 financial instruments, consisting of cash and cash equivalents, with a fair value of $ 7.7 |
Supplemental cash flow informat
Supplemental cash flow information | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental cash flow information Other than those described in Note 2, there were no significant non-cash transactions during the periods ended September 30, 2017 and 2016. |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Commitments Disclosure [Text Block] | Commitments and contingencies Total Less than 1 year 1 - 2 years Thereafter Accounts payable and accrued liabilities $ 188 $ 188 $ - $ - Lease commitments 594 105 233 256 $ 782 $ 293 $ 233 $ 256 Under the terms of the Amended Sandstorm Agreement, the Company may be subject to a contingent liability if certain events occur (Note 9). |
Administrative Services Agreeme
Administrative Services Agreement | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 17 Administrative Services Agreement On May 9, 2017, Mason Resources entered into an Administrative Services Agreement (“ASA”) with Entrée whereby Entrée will provide office space, furnishings and equipment, communications facilities and personnel necessary for Mason Resources to fulfill its basic day-to-day head office and executive responsibilities on a pro-rata cost-recovery basis. The total amount charged to Mason Resources for the nine-month period ended September 30, 2017 was $ 361,199 Also included in costs recoverable by Entrée under the ASA is a one-time restructure charge of $ 175,155 |
Subsequent events
Subsequent events | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Subsequent Events [Text Block] | Subsequent events Subsequent to September 30, 2017, 1,835,000 0.52 October 15, 2022 |
Plan of arrangement and disco25
Plan of arrangement and discontinued operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Strategic Reorganization [Abstract] | |
Schedule Of Assets And Liabilities Transferred To Related Party [Table Text Block] | The closing of the Arrangement resulted in the following Spin-off assets and liabilities being distributed to Mason Resources on May 9, 2017: May 9, 2017 December 31, 2016 Current assets Cash $ 8,843 $ 129 Receivables and prepaids 137 219 8,980 348 Long-term assets Equipment 25 25 Mineral property interest 37,699 38,379 Reclamation deposits and other 481 481 38,205 38,885 Current liabilities Accounts payable and accrued liabilities (34) (230) Long-term liabilities Deferred income taxes (2,937) (3,015) Net assets $ 44,214 $ 35,988 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The net loss from the US Subsidiaries has been reclassified to net loss from discontinued operations as follows: Three months ended Nine months ended September 30 September 30 2017 2016 2017 2016 Expenses Exploration $ - $ 363 $ 176 $ 1,017 Net loss from discontinued operations $ - $ 363 $ 176 $ 1,017 |
Equipment (Tables)
Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | September 30, 2017 December 31, 2016 Accumulated Net book Accumulated Net book Cost Depreciation value Cost Depreciation value Office equipment $ 55 $ 6 $ 49 $ 40 $ 34 $ 6 Computer equipment 154 132 22 170 144 26 Field equipment 47 40 7 36 30 6 Buildings 45 3 42 41 36 5 $ 301 $ 181 $ 120 $ 287 $ 244 $ 43 |
Mineral property interests (Tab
Mineral property interests (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Mineral Property Interests [Abstract] | |
Schedule of Mineral Property Interests [Table Text Block] | September 30, 2017 Transferred to Mason December 31, 2016 Ann Mason Project (a) $ - $ (37,988 ) $ 37,988 Lordsburg property (a) - (391 ) 391 Cañariaco Project Royalty (b) 532 - 496 Other (c) - - - $ 532 $ (38,379 ) $ 38,875 a) Ann Mason Project and Lordsburg Property On May 9, 2017, the Company completed the Arrangement under Section 288 of the BCBCA pursuant to which Entrée transferred its wholly owned subsidiaries that directly or indirectly hold the Ann Mason Project in Nevada and the Lordsburg property in New Mexico (Note 2). The comparative period balances have been classified as assets held for spin-off on the Consolidated Balance Sheets. b) Cañariaco Project Royalty, Peru The Company entered into an agreement with Candente Copper Corp. (TSX:DNT) ("Candente") to acquire a 0.5% NSR royalty on Candente's 100% owned Cañariaco project in Peru for a purchase price of $500,000. The Cañariaco project includes the Cañariaco Norte copper-gold-silver deposit, as well as the adjacent Cañariaco Sur and Quebrada Verde copper prospects, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque, Northern Peru. c) Other Properties The Company also has interests in other properties in Mongolia (Shivee West) and Australia (Blue Rose). During fiscal 2014, the Company recorded an impairment of $552,095 against these properties. |
Share capital (Tables)
Share capital (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | At September 30, 2017, the following share purchase warrants were outstanding: Pre-Arrangement Post-Arrangement Number of share purchase exercise price per share adjusted exercise price warrants (000’s) C$ C$ Expiry date 8,655 0.65 0.55 January 10, 2022 610 0.65 0.55 January 12, 2022 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | 2017 Share price at revaluation date C$0.55 Risk-free interest rate 1.01 % Expected life 5 years Annualized volatility 72 % |
Stock-based compensation (Table
Stock-based compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | September 30, 2017 Number of shares Weighted average (000’s) exercise price C$ Outstanding beginning of period* 12,010 0.48 Granted 65 0.62 Exercised (1,899) 0.31 Forfeited/expired (2,831) 0.94 Outstanding end of period 7,345 0.35 *The weighted average exercise price is before the exercise price adjustment applied pursuant to the Arrangement (Note 2). The exercise prices were adjusted such that the aggregate “in the money” amounts for the outstanding options remain the same before and after the Arrangement. |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | At September 30, 2017, the following stock options were outstanding: Post-Arrangement adjusted Aggregate Pre-Arrangement exercise price Number of shares intrinsic value C$ exercise price per share (000's) Vested (000's) (000’s) per share C$ C$* Expiry date 5 5 - 0.56 0.47 Oct 2017 2,855 2,855 420 0.30 0.56 0.26 0.47 Mar Dec 2018 860 860 318 0.21 0.18 Dec 2019 1,320 1,320 342 0.33 0.38 0.28 0.32 July Dec 2020 2,240 2,240 429 0.39 0.42 0.33 0.36 Mar Nov 2021 65 33 - n/a 0.62 May 2022 7,345 7,313 1,509 * The post-Arrangement adjusted exercise price per share is after the adjustment applied pursuant to the Arrangement (Note 2). |
Segmented information (Tables)
Segmented information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Table Text Block [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company operates in one business segment being the exploration of mineral property interests. The Company’s assets are geographically segmented as follows: September 30, 2017 December 31, 2016 United States (Note 2) $ - $ 39,264 Canada 7,714 13,232 Other 1,093 784 $ 8,807 $ 53,280 |
Exploration costs (Tables)
Exploration costs (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Schedule of Exploration Costs Expensed Disclosure [Table Text Block] | Three months ended Nine months ended September 30 September 30 2017 2016 2017 2016 Mongolia $ 72 $ 58 $ 162 $ 340 Other 23 (8) 111 79 $ 95 $ 50 $ 273 $ 419 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As at September 30, 2017, the Company had the following commitments: Total Less than 1 year 1 - 2 years Thereafter Accounts payable and accrued liabilities $ 188 $ 188 $ - $ - Lease commitments 594 105 233 256 $ 782 $ 293 $ 233 $ 256 |
Nature and continuance of ope33
Nature and continuance of operations (Details Textual) | 9 Months Ended |
Sep. 30, 2017 | |
Entity Information Date To Change Former Legal Or Registered Name | May 9, 2017 |
Plan of arrangement and disco34
Plan of arrangement and discontinued operations (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | May 09, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets | |||||
Cash | $ 7,651 | $ 13,262 | $ 13,600 | $ 22,786 | |
Disposal Group, Including Discontinued Operation, Assets, Current | $ 8,980 | 348 | |||
Long-term assets | |||||
Equipment | 120 | 43 | |||
Mineral property interest | 532 | 496 | |||
Reclamation deposits and other | 15 | 9 | |||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 38,205 | 38,885 | |||
Current liabilities | |||||
Accounts payable and accrued liabilities | (188) | (225) | |||
Long-term liabilities | |||||
Deferred income taxes | $ 0 | 0 | |||
Mason Resources Corp [Member] | |||||
Current assets | |||||
Cash | 8,843 | 129 | |||
Receivables and prepaids | 137 | 219 | |||
Long-term assets | |||||
Equipment | 25 | 25 | |||
Mineral property interest | 37,699 | 38,379 | |||
Reclamation deposits and other | 481 | 481 | |||
Current liabilities | |||||
Accounts payable and accrued liabilities | (34) | (230) | |||
Long-term liabilities | |||||
Deferred income taxes | (2,937) | (3,015) | |||
Net assets | $ 44,214 | $ 35,988 |
Plan of arrangement and disco35
Plan of arrangement and discontinued operations (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Exploration | $ 0 | $ 363 | $ 176 | $ 1,017 |
Net loss from discontinued operations | $ 0 | $ 363 | $ 176 | $ 1,017 |
Plan of arrangement and disco36
Plan of arrangement and discontinued operations (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2017 | May 23, 2017 | May 09, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Cash and Cash Equivalents, at Carrying Value | $ 7,651 | $ 13,262 | $ 13,600 | $ 22,786 | ||
Net Assets Transferred Value | $ 44,214 | |||||
Mason Resources Corp [Member] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 8,843 | $ 129 | ||||
Common Stock Shares Exchanged | 77,804,786 | |||||
Share Price | $ 0.45 | $ 0.45 |
Equipment (Details)
Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Cost | $ 301 | $ 287 |
Accumulated depreciation | 181 | 244 |
Net book value | 120 | 43 |
Office Equipment [Member] | ||
Cost | 55 | 40 |
Accumulated depreciation | 6 | 34 |
Net book value | 49 | 6 |
Computer Equipment [Member] | ||
Cost | 154 | 170 |
Accumulated depreciation | 132 | 144 |
Net book value | 22 | 26 |
Field Equipment [Member] | ||
Cost | 47 | 36 |
Accumulated depreciation | 40 | 30 |
Net book value | 7 | 6 |
Building [Member] | ||
Cost | 45 | 41 |
Accumulated depreciation | 3 | 36 |
Net book value | $ 42 | $ 5 |
Long-term investments (Details
Long-term investments (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 48 Months Ended | ||||
Oct. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2008 | Dec. 31, 2016 | Oct. 31, 2004 | |
Income (Loss) from Equity Method Investments | $ (55) | $ (62) | $ (157) | $ (169) | ||||
Entree/Oyu Tolgoi JV Property [Member] | ||||||||
Income (Loss) from Equity Method Investments | 200 | 200 | ||||||
Joint Venture Property, Cumulative Expenditures | $ 30,000 | 30,000 | ||||||
Accrued Interest Expense | $ 200 | $ 200 | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ||||||
Equity Method Investment, Description of Principal Activities | The Company is entitled to 20% or 30% of the mineralization extracted from the Entre/Oyu Tolgoi JV Property, depending on the depth of mineralization. | |||||||
Entree/Oyu Tolgoi JV Property [Member] | Long-term Investment [Member] | ||||||||
Equity Method Investments | $ 200 | $ 200 | $ 100 | |||||
OTLLC [Member] | The Government of Mongolia [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 34.00% | |||||||
OTLLC [Member] | Entree/Oyu Tolgoi JV Property [Member] | ||||||||
Exploration Expense, Mining | $ 35,000 | |||||||
Percentage Interest Owned in All Minerals Extracted Below a Sub-surface Depth of 560 Meters | 80.00% | |||||||
Percentage Interest Owned in All Minerals Extracted from Surface to a Depth of 560 Meters | 70.00% | |||||||
OTLLC [Member] | Prime Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | ||||||
Shivee Tolgoi and Javhlant [Member] | ||||||||
Mining Licenses, Term | 30 years | |||||||
Mining Licenses, Renewal Rights, Renewal Term | 20 years | |||||||
Shivee Tolgoi [Member] | ||||||||
Ownership in Mining License | 100.00% | 100.00% |
Mineral property interests (Det
Mineral property interests (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | May 09, 2017 | Dec. 31, 2016 | |
Capitalized mineral property acquisition cost | $ 532 | $ 38,875 | ||
Transferred to Mason Resources pursuant to the Arrangement | $ (38,379) | |||
Ann Mason Project [Member] | ||||
Capitalized mineral property acquisition cost | [1] | 0 | 37,988 | |
Transferred to Mason Resources pursuant to the Arrangement | [1] | (37,988) | ||
Lordburg Property [Member] | ||||
Capitalized mineral property acquisition cost | [1] | 0 | 391 | |
Transferred to Mason Resources pursuant to the Arrangement | [1] | (391) | ||
Canariaco Project Royalty [Member] | ||||
Capitalized mineral property acquisition cost | [2] | 532 | 496 | |
Transferred to Mason Resources pursuant to the Arrangement | [2] | 0 | ||
Other [Member] | ||||
Capitalized mineral property acquisition cost | [3] | $ 0 | $ 0 | |
Transferred to Mason Resources pursuant to the Arrangement | [3] | $ 0 | ||
[1] | Ann Mason Project and Lordsburg Property : On May 9, 2017, the Company completed the Arrangement under Section 288 of the BCBCA pursuant to which Entrée transferred its wholly owned subsidiaries that directly or indirectly hold the Ann Mason Project in Nevada and the Lordsburg property in New Mexico (Note 2). The comparative period balances have been classified as assets held for spin-off on the Consolidated Balance Sheets. | |||
[2] | Cañariaco Project Royalty, Peru : The Company entered into an agreement with Candente Copper Corp. (TSX:DNT) ("Candente") to acquire a 0.5% NSR royalty on Candente's 100% owned Cañariaco project in Peru for a purchase price of $500,000. The Cañariaco project includes the Cañariaco Norte copper-gold-silver deposit, as well as the adjacent Cañariaco Sur and Quebrada Verde copper prospects, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque, Northern Peru. | |||
[3] | Other Properties : The Company also has interests in other properties in Mongolia (Shivee West) and Australia (Blue Rose). During fiscal 2014, the Company recorded an impairment of $552,095 against these properties. |
Mineral property interests (D40
Mineral property interests (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2014 | |
Other Properties [Member] | ||
Asset Impairment Charges | $ 552,095 | |
Candente Agreement [Member] | ||
Business Acquisition Royalty Rate | 0.50% | |
Payments to Acquire Royalty Interests in Mining Properties | $ 500,000 | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Loan payable to Oyu Tolgoi LLC
Loan payable to Oyu Tolgoi LLC (Details Textual) | 9 Months Ended |
Sep. 30, 2017 | |
Financing Arrangements Related To Licenses Monthly Repayments Of Loans Percentage Of Available Cash Flow From Joint Ventures | 90.00% |
Pime Rate [Member] | |
Debt nstrument Basis Spread On Variable Rate1 | 2.00% |
Deferred Revenue (Details Textu
Deferred Revenue (Details Textual) CAD / shares in Units, Number in Millions, CAD in Millions | Mar. 01, 2016USD ($)Number | Feb. 23, 2016USD ($)shares | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 01, 2016CAD / shares | Feb. 23, 2016CAD | Feb. 28, 2013USD ($) |
Deferred Revenue | $ 24,674,000 | $ 22,987,000 | |||||
Equity Participation And Funding Agreement Deposit Refunded During Period | $ 6,800,000 | ||||||
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 | ||||||
Sandstorm [Member] | The 2013 Agreement [Member] | |||||||
Deferred Revenue | $ 40,000,000 | ||||||
Sandstorm [Member] | Equity Participation And Funding Agreement, Agreement To Amend [Member] | |||||||
Deferred Revenue | $ 33,200,000 | CAD 30.9 | |||||
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% | ||||||
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] | Shivee Tolgoi Mining License Excluding Shivee West [Member] | |||||||
Equity Participation And Funding Agreement Percentage Of Gold And Silver Credits 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 Credits Agreed To Purchase And Deliver | 21.30% | ||||||
Equity Participation And Funding Agreement Percentage Of Copper Agreed To Purchase And Deliver | 2.10% | ||||||
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 | Number | 8.6 | ||||||
Equity Participation And Funding Agreement Threshold Number Of Ounces Of Silver To Be Produced Before The Cash Payments From Counterparty Will Be Increased | Number | 40.3 | ||||||
Equity Participation And Funding Agreement Threshold Number Of Pounds Of Copper To Be Produced Before The Cash Payments From Counterparty Will Be Increased | Number | 9,100 | ||||||
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 |
Share capital (Details)
Share capital (Details) shares in Thousands | 9 Months Ended | |
Sep. 30, 2017$ / sharesshares | Sep. 30, 2017CAD / sharesshares | |
Warrants Expiring on January 10, 2022 [Member] | ||
Number of share purchase warrants | shares | 8,655 | 8,655 |
Class of Warrant or Right, Pre Arrangement Exercise Price of Warrants or Rights | CAD 0.65 | |
Class of Warrant or Right, Post Arrangement Exercise Price of Warrants or Rights | CAD 0.55 | |
Expiry date | Jan. 10, 2022 | |
Warrants Expiring on January 12, 2022 [Member] | ||
Number of share purchase warrants | shares | 610 | 610 |
Class of Warrant or Right, Pre Arrangement Exercise Price of Warrants or Rights | CAD 0.65 | |
Class of Warrant or Right, Post Arrangement Exercise Price of Warrants or Rights | $ / shares | $ 0.55 | |
Expiry date | Jan. 12, 2022 |
Share capital (Details 1)
Share capital (Details 1) - Warrant [Member] | 9 Months Ended |
Sep. 30, 2017CAD / shares | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Share price at revaluation date | CAD 0.55 |
Risk-free interest rate | 1.01% |
Expected life | 5 years |
Annualized volatility | 72.00% |
Share capital (Details Textual)
Share capital (Details Textual) CAD / shares in Units, CAD in Millions | 1 Months Ended | |||||
Jan. 31, 2017CADCAD / sharesshares | Sep. 30, 2017CAD / sharesshares | May 23, 2017$ / shares | May 09, 2017$ / shares | May 09, 2017CAD / shares | Dec. 31, 2016shares | |
Common Stock, Shares, Issued | shares | 173,573,572,000 | 153,045,408,000 | ||||
Fair Value Assumptions, Exercise Price | CAD 0.37 | |||||
Warrant [Member] | ||||||
Share Price | CAD 0.55 | |||||
Fair Value Assumptions, Exercise Price | CAD 0.21 | |||||
Private Placement [Member] | ||||||
Units Issued During Period, Shares, New Issues | shares | 18,529,484 | |||||
Units Issued During Period, Price Per Unit | CAD 0.41 | |||||
Proceeds from Issuance of Private Placement | CAD | CAD 7.6 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | CAD 0.65 | |||||
Class of Warrant or Right, Term | 5 years | |||||
Mason Resources Corp [Member] | ||||||
Share Price | $ / shares | $ 0.45 | $ 0.45 | ||||
Ratio Adjusted in Exercise Price of Warrants | 85.00% | |||||
Entree Resources Ltd [Member] | ||||||
Ratio Adjusted in Exercise Price of Warrants | 15.00% |
Stock-based compensation (Detai
Stock-based compensation (Details) - Stock options [Member] shares in Thousands | 9 Months Ended | |
Sep. 30, 2017CAD / sharesshares | ||
Number of shares, Outstanding - beginning of period | shares | 12,010 | [1] |
Number of shares, Granted | shares | 65 | |
Number of shares, Exercised | shares | (1,899) | |
Number of shares, Forfeited/expired | shares | (2,831) | |
Number of shares, Outstanding - end of period | shares | 7,345 | |
Weighted average exercise price, Outstanding - beginning of period | CAD / shares | CAD 0.48 | [1] |
Weighted average exercise price, Granted | CAD / shares | 0.62 | |
Weighted average exercise price, Exercised | CAD / shares | 0.31 | |
Weighted average exercise price, Forfeited/expired | CAD / shares | 0.94 | |
Weighted average exercise price, Outstanding - end of period | CAD / shares | CAD 0.35 | |
[1] | The weighted average exercise price is before the exercise price adjustment applied pursuant to the Arrangement (Note 2). The exercise prices were adjusted such that the aggregate "in the money" amounts for the outstanding options remain the same before and after the Arrangement. |
Stock-based compensation (Det47
Stock-based compensation (Details 1) CAD / shares in Units, shares in Thousands, CAD in Thousands | 9 Months Ended | |
Sep. 30, 2017CADCAD / sharesshares | ||
Number of shares (in shares) | shares | 7,345 | |
Vested (in shares) | shares | 7,313 | |
Aggregate intrinsic value | CAD | CAD 1,509 | |
Range One [Member] | ||
Number of shares (in shares) | shares | 5 | |
Vested (in shares) | shares | 5 | |
Aggregate intrinsic value | CAD | CAD 0 | |
Pre-Arrangement exercise price share, upper range limit | CAD 0.56 | |
Post-Arrangement exercise price share, upper range limit | CAD 0.47 | |
Expiry Date | Oct 2,017 | |
Range Two [Member] | ||
Number of shares (in shares) | shares | 2,855 | |
Vested (in shares) | shares | 2,855 | |
Aggregate intrinsic value | CAD | CAD 420 | |
Pre-Arrangement exercise price share, lower range limit | CAD 0.30 | |
Pre-Arrangement exercise price share, upper range limit | 0.56 | |
Post-Arrangement exercise price share, lower range limit | 0.26 | [1] |
Post-Arrangement exercise price share, upper range limit | CAD 0.47 | [1] |
Expiry Date | Mar – Dec 2018 | |
Range Three [Member] | ||
Number of shares (in shares) | shares | 860 | |
Vested (in shares) | shares | 860 | |
Aggregate intrinsic value | CAD | CAD 318 | |
Pre-Arrangement exercise price share, upper range limit | CAD 0.21 | |
Post-Arrangement exercise price share, upper range limit | CAD 0.18 | |
Expiry Date | Dec 2,019 | |
Range Four [Member] | ||
Number of shares (in shares) | shares | 1,320 | |
Vested (in shares) | shares | 1,320 | |
Aggregate intrinsic value | CAD | CAD 342 | |
Pre-Arrangement exercise price share, lower range limit | CAD 0.33 | |
Pre-Arrangement exercise price share, upper range limit | 0.38 | |
Post-Arrangement exercise price share, lower range limit | 0.28 | [1] |
Post-Arrangement exercise price share, upper range limit | CAD 0.32 | [1] |
Expiry Date | July – Dec 2020 | |
Range Five [Member] | ||
Number of shares (in shares) | shares | 2,240 | |
Vested (in shares) | shares | 2,240 | |
Aggregate intrinsic value | CAD | CAD 429 | |
Pre-Arrangement exercise price share, lower range limit | CAD 0.39 | |
Pre-Arrangement exercise price share, upper range limit | 0.42 | |
Post-Arrangement exercise price share, lower range limit | 0.33 | [1] |
Post-Arrangement exercise price share, upper range limit | CAD 0.36 | [1] |
Expiry Date | Mar – Nov 2021 | |
Range Six [Member] | ||
Number of shares (in shares) | shares | 65 | |
Vested (in shares) | shares | 33 | |
Aggregate intrinsic value | CAD | CAD 0 | |
Pre-Arrangement exercise price share, upper range limit | ||
Post-Arrangement exercise price share, upper range limit | CAD 0.62 | [1] |
Expiry Date | May 2,022 | |
[1] | The post-Arrangement adjusted exercise price per share is after the adjustment applied pursuant to the Arrangement (Note 2). |
Stock-based compensation (Det48
Stock-based compensation (Details Textual) | May 05, 2017shares | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)shares | Sep. 30, 2017CAD / shares | Sep. 30, 2016USD ($)shares | May 23, 2017$ / shares | May 09, 2017$ / shares |
Allocated Share-based Compensation Expense | $ | $ 2,861 | $ 4,498 | $ 200,000 | $ 100,000 | ||||
Bonus Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares | 100,000 | |||||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | shares | 65,000 | 100,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | CAD / shares | CAD 0.62 | |||||||
Employee Stock Option [Member] | Range Six [Member] | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | CAD / shares | CAD 0.62 | |||||||
Mason Resources Corp [Member] | ||||||||
Share Price | $ / shares | $ 0.45 | $ 0.45 |
Segmented information (Details)
Segmented information (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | $ 8,807 | $ 53,280 |
CANADA | ||
Assets | 7,714 | 13,232 |
Other [Member] | ||
Assets | 1,093 | 784 |
UNITED STATES | ||
Assets | $ 0 | $ 39,264 |
Segmented information (Details
Segmented information (Details Textual) | 9 Months Ended |
Sep. 30, 2017 | |
Number Of Operating Segments | 1 |
Exploration costs (Details)
Exploration costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Exploration Expense | $ 95 | $ 50 | $ 273 | $ 419 |
Mongolia | ||||
Exploration Expense | 72 | 58 | 162 | 340 |
Other | ||||
Exploration Expense | $ 23 | $ (8) | $ 111 | $ 79 |
Financial instruments (Details
Financial instruments (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Cash And Cash Equivalents At Carrying Value | $ 7,651 | $ 13,262 | $ 13,600 | $ 22,786 |
Commitments and contingencies53
Commitments and contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts payable and accrued liabilities, total | $ 188 | |
Accounts payable and accrued liabilities, less than 1 year | 188 | $ 225 |
Lease commitments, total | 594 | |
Lease commitments, less than 1 year | 105 | |
Lease commitments, 1-2 years | 233 | |
Lease commitments, thereafter | 256 | |
Contractual Obligation, total | 782 | |
Contractual Obligation, less than 1 year | 293 | |
Contractual Obligation, 1-2 years | 233 | |
Contractual Obligation, thereafter | $ 256 |
Administrative Services Agree54
Administrative Services Agreement (Details Textual) - Mason Resource [Member] - USD ($) | May 09, 2017 | Sep. 30, 2017 |
Related Party Transaction [Line Items] | ||
Revenue from Related Parties | $ 361,199 | |
Restructure charge [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 175,155 |
Subsequent events (Details Text
Subsequent events (Details Textual) - Subsequent Event [Member] | 1 Months Ended |
Nov. 14, 2017CAD / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 1,835,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | CAD / shares | CAD 0.52 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Oct. 15, 2022 |