Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 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 | 40-F |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expenses | |||
Exploration | $ 332 | $ 489 | $ 1,637 |
General and administrative | 2,334 | 2,489 | 4,690 |
Restructuring costs | 211 | 0 | 0 |
Depreciation | 20 | 16 | 21 |
Other | 192 | 0 | 0 |
Operating loss | 3,089 | 2,994 | 6,348 |
Foreign exchange (gain) loss | (380) | 343 | (2,919) |
Interest income | (116) | (102) | 0 |
Interest expense | 287 | 279 | 412 |
Loss from equity investee | 215 | 237 | 119 |
Operating loss before income taxes | 3,095 | 3,751 | 3,960 |
Income tax (recovery) expense | (72) | (553) | 160 |
Net loss from continuing operations | 3,023 | 3,198 | 4,120 |
Net loss from discontinued operations | 176 | 1,465 | 3,711 |
Net loss | 3,199 | 4,663 | 7,831 |
Foreign currency translation adjustment | 2,481 | (717) | 4,928 |
Net loss and comprehensive loss | $ 5,680 | $ 3,946 | $ 12,759 |
Net loss per common share | |||
Basic and fully diluted - continuing operations | $ (0.02) | $ (0.02) | $ (0.03) |
Basic and fully diluted - discontinued operations | $ 0 | $ (0.01) | $ (0.02) |
Weighted average shares outstanding | |||
Basic and fully diluted | 172,259 | 151,925 | 147,037 |
Total shares issued and outstanding | 173,574 | 153,045 | 147,331 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 7,068 | $ 13,262 |
Receivables | 263 | 37 |
Prepaid expenses | 119 | 54 |
Assets held for spin-off | 0 | 348 |
Total Current assets | 7,450 | 13,701 |
Equipment | 112 | 43 |
Mineral property interests | 532 | 496 |
Long-term investment | 151 | 146 |
Reclamation deposits and other | 12 | 9 |
Assets held for spin-off | 0 | 38,885 |
Total assets | 8,257 | 53,280 |
Current liabilities | ||
Accounts payable and accrued liabilities | 247 | 225 |
Liabilities held for spin-off | 0 | 230 |
Total current liabilities | 247 | 455 |
Loan payable to Oyu Tolgoi LLC | 7,841 | 7,334 |
Deferred revenue | 24,658 | 22,987 |
Liabilities held for spin-off | 0 | 3,015 |
Total liabilities | 32,746 | 33,791 |
Stockholders’ (deficiency) equity | ||
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 | 22,175 | 20,863 |
Accumulated other comprehensive income (loss) | 5,230 | (7,061) |
Subscriptions received in advance | 0 | 559 |
Accumulated deficit | (191,583) | (173,612) |
Total stockholders’ (deficiency) equity | (24,489) | 19,489 |
Total liabilities and stockholders’ (deficiency) equity | $ 8,257 | $ 53,280 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 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’ Deficiency - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 19,489 | $ 20,996 | $ 33,516 |
Net loss for the year | (3,199) | (4,663) | (7,831) |
Subscriptions received in advance | 0 | 559 | 0 |
Foreign currency translation | (2,481) | 717 | (4,928) |
Stock-based compensation | 632 | 489 | 197 |
Transfer of net assets to Mason | (44,214) | ||
Issuance of share capital - inducement bonus shares | 37 | ||
Issuance of share capital - private placement | 5,048 | ||
Issuance of share capital - stock options | 199 | 54 | 42 |
Issuance of share capital - Sandstorm | 1,337 | ||
Balance | (24,489) | 19,489 | 20,996 |
Share capital [Member] | |||
Balance | $ 178,740 | $ 177,206 | $ 177,138 |
Balance (in shares) | 153,045,000 | 147,331,000 | 146,984,000 |
Net loss for the year | $ 0 | $ 0 | $ 0 |
Subscriptions received in advance | 0 | ||
Foreign currency translation | 0 | 0 | 0 |
Stock-based compensation | 0 | 0 | 0 |
Transfer of net assets to Mason | (44,214) | ||
Issuance of share capital - inducement bonus shares | $ 37 | ||
Issuance of share capital - inducement bonus shares (in shares) | 100,000 | ||
Issuance of share capital - private placement | $ 4,478 | ||
Issuance of share capital - private placement (in shares) | 18,529,000 | ||
Issuance of share capital - stock options | $ 648 | $ 197 | $ 68 |
Issuance of share capital - stock options (in shares) | 1,899,000 | 585,000 | 347,000 |
Issuance of share capital - Sandstorm | $ 1,337 | ||
Issuance of share capital - Sandstorm (in shares) | 5,129,000 | ||
Balance | $ 139,689 | $ 178,740 | $ 177,206 |
Balance (in shares) | 173,573,000 | 153,045,000 | 147,331,000 |
Additional paid in capital [Member] | |||
Balance | $ 20,863 | $ 20,517 | $ 20,346 |
Net loss for the year | 0 | 0 | 0 |
Subscriptions received in advance | 0 | ||
Foreign currency translation | 0 | 0 | 0 |
Stock-based compensation | 632 | 489 | 197 |
Transfer of net assets to Mason | 0 | ||
Issuance of share capital - inducement bonus shares | 0 | ||
Issuance of share capital - private placement | 1,129 | ||
Issuance of share capital - stock options | (449) | (143) | (26) |
Issuance of share capital - Sandstorm | 0 | ||
Balance | 22,175 | 20,863 | 20,517 |
Other comprehensive (loss) income [Member] | |||
Balance | (7,061) | (7,778) | (2,850) |
Net loss for the year | 0 | 0 | 0 |
Subscriptions received in advance | 0 | ||
Foreign currency translation | (2,481) | 717 | (4,928) |
Stock-based compensation | 0 | 0 | 0 |
Transfer of net assets to Mason | 14,772 | ||
Issuance of share capital - inducement bonus shares | 0 | ||
Issuance of share capital - private placement | 0 | ||
Issuance of share capital - stock options | 0 | 0 | 0 |
Issuance of share capital - Sandstorm | 0 | ||
Balance | 5,230 | (7,061) | (7,778) |
Subscriptions received in advance [Member] | |||
Balance | 559 | 0 | 0 |
Net loss for the year | 0 | 0 | 0 |
Subscriptions received in advance | 559 | ||
Foreign currency translation | 0 | 0 | 0 |
Stock-based compensation | 0 | 0 | 0 |
Transfer of net assets to Mason | 0 | ||
Issuance of share capital - inducement bonus shares | 0 | ||
Issuance of share capital - private placement | (559) | ||
Issuance of share capital - stock options | 0 | 0 | 0 |
Issuance of share capital - Sandstorm | 0 | ||
Balance | 0 | 559 | 0 |
Deficit [Member] | |||
Balance | (173,612) | (168,949) | (161,118) |
Net loss for the year | (3,199) | (4,663) | (7,831) |
Subscriptions received in advance | 0 | ||
Foreign currency translation | 0 | 0 | 0 |
Stock-based compensation | 0 | 0 | 0 |
Transfer of net assets to Mason | (14,772) | ||
Issuance of share capital - inducement bonus shares | 0 | ||
Issuance of share capital - private placement | 0 | ||
Issuance of share capital - stock options | 0 | 0 | 0 |
Issuance of share capital - Sandstorm | 0 | ||
Balance | $ (191,583) | $ (173,612) | $ (168,949) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows used in operating activities | |||
Net loss from continuing operations | $ (3,023) | $ (3,198) | $ (4,120) |
Items not affecting cash | |||
Depreciation | 20 | 16 | 21 |
Stock-based compensation | 678 | 489 | 197 |
Loss from equity investee | 215 | 237 | 119 |
Interest expense | 287 | 279 | 279 |
Income tax (recovery) expense | (72) | (553) | 160 |
Unrealized foreign exchange (gains) losses | (1,260) | 324 | (2,988) |
Other | 11 | 3 | 12 |
Cash flows used in operating activities before change in non-cash operating working capital | (3,144) | (2,403) | (6,320) |
Change in non-cash operating working capital | |||
(Increase) decrease in receivables and prepaid expenses | (351) | 113 | 455 |
(Increase) decrease in other assets | (3) | 7 | (2) |
Decrease in accounts payable and accruals | (102) | (949) | (265) |
Deposit on metal credit obligation | 0 | (5,500) | 0 |
Discontinued operations | 604 | (1,474) | (3,689) |
Net Cash Used In Operating Activities | (2,996) | (10,206) | (9,821) |
Cash flows (used in) from investing activities | |||
Cash paid in connection with the Arrangement | (8,843) | 0 | 0 |
Purchase of equipment | (100) | (6) | (16) |
Proceeds from sale of equipment and other | 0 | 40 | 0 |
Mineral property interests | 0 | 0 | (500) |
Net Cash (Used In) Provided By Investing Activities | (8,943) | 34 | (516) |
Cash flows from financing activities | |||
Proceeds from issuance of capital stock - private placement | 5,038 | 0 | 0 |
Proceeds from issuance of capital stock - stock options | 199 | 53 | 41 |
Subscriptions received in advance | 0 | 559 | 0 |
Net Cash Provided By Used In Financing Activities | 5,237 | 612 | 41 |
Decrease in cash and cash equivalents | (6,702) | (9,560) | (10,296) |
Cash and cash equivalents - beginning of year | 13,262 | 22,657 | 33,388 |
Effect of exchange rate changes on cash | 508 | 165 | (435) |
Cash and cash equivalents - end of year | $ 7,068 | $ 13,262 | $ 22,657 |
Nature and continuance of opera
Nature and continuance of operations | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | 1 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 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 | 12 Months Ended |
Dec. 31, 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 in cash and cash equivalents to Mason Resources Corp. ("Mason Resources") in exchange for 77,804,786 common shares of Mason Resources (the "Mason Common Shares"). Mason Resources commenced trading on the Toronto Stock Exchange on May 12, 2017 under the symbol "MNR". 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 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. 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’ (deficiency) equity of $44.2 million. 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 The net loss from the US Subsidiaries has been reclassified to net loss from discontinued operations as follows: 2017 2016 2015 Expenses Exploration $ 239 $ 1,366 $ 3,502 General and administrative 19 84 188 Depreciation 4 15 22 Foreign exchange gain (86 ) - (1 ) Net loss from discontinued operations $ 176 $ 1,465 $ 3,711 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 3 Significant accounting policies These consolidated financial statements have been prepared in conformity with generally accepted accounting principles ("GAAP") in the United States of America and include the accounts of the Company and all of its subsidiaries. All significant intercompany transactions and balances have been eliminated upon consolidation. The preparation of consolidated financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations, asset impairment, stock-based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgements about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. Cash and cash equivalents includes cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $7.1 million in cash and cash equivalents at December 31, 2017 (December 31, 2016 - $13.3 million). Long-term investments in companies in which the Company has voting interests of 20% to 50% or where the Company has the ability to exercise significant influence, are accounted for using the equity method. Under this method, the Company’s share of the investees’ earnings and losses is included in operations and its investments therein are adjusted by a like amount. Dividends received are credited to the long-term investment accounts. Equipment, consisting of office equipment, computer equipment, field equipment, and buildings, is recorded at cost less accumulated depreciation. Depreciation is recorded on a declining balance basis at rates ranging from 20% to 30% per annum. Costs of exploration and costs of carrying and retaining unproven properties are expensed as incurred. The Company considers mineral rights to be tangible assets and accordingly, the Company capitalizes certain costs related to the acquisition of mineral rights. The Company records the fair value of the liability for closure and removal costs associated with the legal obligations upon retirement or removal of any tangible long-lived assets where the initial recognition of any liability will be capitalized as part of the asset cost and depreciated over its estimated useful life. To date, the Company has not incurred any significant asset retirement obligations. Long-lived assets are continually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the discounted carrying amount of the assets exceeds the fair value of the assets. The Company applies the fair value method of accounting for all stock option awards, whereby the Company recognizes a compensation expense for all stock options awarded to directors, officers, employees, and consultants based on the fair value of the options on the date of grant, which is determined using the Black Scholes option pricing model. The options are expensed over the vesting period of the options. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive (loss) income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in the statement of comprehensive loss. The Company classifies its financial instruments as follows: Cash and cash equivalents is classified as held for trading, and is measured at fair value using Level 1 inputs. Receivables are classified as loans and receivables, and have a fair value approximating their carrying value, due to their short-term nature. The Company’s other financial instruments, accounts payable and accrued liabilities, and loans payable are classified as other financial liabilities, and are measured at amortized cost. The Company follows the asset and liability method of accounting for income taxes whereby deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective income tax bases (temporary differences). Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income in the period in which the change occurs. The amount of deferred income tax assets recognized is limited to the amount that is more likely than not to be realized. The functional currency of the 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 comprehensive loss. The functional currency of Entrée Resources Ltd.’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’ (deficiency) equity as accumulated other comprehensive (loss) income. Basic net loss per share is computed by dividing the net loss for the period attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share takes into consideration shares of common stock outstanding (computed under basic loss per share) and potentially dilutive shares of common stock. Diluted net loss per share is not presented separately from basic net loss per share as the conversion of outstanding stock options and warrants into common shares would be anti-dilutive. At December 31, 2017, the total number of potentially dilutive shares of common stock excluded from basic net loss per share was 9,175,000 (December 31, 2016 - 12,010,000; December 31, 2015 - 13,208,000). Certain comparative figures have been reclassified to conform to the current year’s presentation. In August 2014, the FASB issued Accounting Standards Update 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The new standard requires management to perform interim and annual assessment of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements (or within one year after the date on which the financial statements are available to be issued, when applicable). Further, an entity must provide certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. The requirement was effective for annual periods ending after December 15, 2016 and did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2016-09 CompensationStock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting. This accounting pronouncement, which goes into effect for periods ending after December 16, 2016, addresses the simplification of several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This accounting pronouncement requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. Currently deferred tax liabilities and assets must be presented as current and noncurrent. The policy was effective for periods ending after December 16, 2016. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2016-01 Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This accounting pronouncement, which goes into effect for periods beginning after December 15, 2017, is far reaching and covers several presentation areas dealing with measurement, impairment, assumptions used in estimating fair value and several other areas. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2016-02-Leases (Topic 842). This accounting pronouncement allows lessees to make an accounting policy election to not recognize a lease asset and liability for leases with a term of 12 months or less and do not have a purchase option that is expected to be exercised. This standard is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. |
Equipment
Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 4 Equipment 2017 2016 Cost Accumulated Net book Cost Accumulated depreciation Net book Office equipment $ 55 $ 8 $ 47 $ 40 $ 34 $ 6 Computer equipment 149 130 19 170 144 26 Field equipment 39 33 6 36 30 6 Buildings 45 5 40 41 36 5 $ 288 $ 176 $ 112 $ 287 $ 244 $ 43 |
Long-term investments
Long-term investments | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Investments [Abstract] | |
Investment Holdings [Text Block] | 5 Long-term investments Entrée/Oyu Tolgoi JV Property, Mongolia The Company has a carried 20% participating joint venture interest in a land package that includes two of the Oyu Tolgoi deposits in the South Gobi region of Mongolia (the "Entrée/Oyu Tolgoi JV Property"). The Entrée/Oyu Tolgoi JV Property is comprised of the eastern portion of the Shivee Tolgoi mining licence, which hosts the Hugo North Extension copper-gold deposit, and all of the Javhlant mining licence, which hosts the Heruga copper-gold-molybdenum deposit. The Shivee Tolgoi and Javhlant mining licences were granted by the Mineral Resources Authority of Mongolia in October 2009. Title to the two licences is held by the Company. 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% interest in OTLLC from Turquoise Hill. On June 30, 2008, OTLLC gave notice that it had completed its earn-in obligations by expending a total of $35 million on exploration of the Entrée/Oyu Tolgoi JV Property. OTLLC earned an 80% interest in all minerals extracted below a sub-surface depth of 560 metres from the Entrée/Oyu Tolgoi JV Property and a 70% interest in all minerals extracted from surface to a depth of 560 metres from the Entrée/Oyu Tolgoi JV Property. In accordance with the Earn-In Agreement, the Company and OTLLC formed a joint venture (the "Entrée/Oyu Tolgoi JV") on terms annexed to the Earn-In Agreement (the "JVA"). The portion of the Shivee Tolgoi mining licence outside of the Entrée/Oyu Tolgoi JV Property, Shivee West, is 100% owned by the Company, but is subject to a right of first refusal by OTLLC. In October 2015, the Company entered into a License Fees Agreement with OTLLC, pursuant to which the parties agreed to negotiate in good faith to amend the JVA to include Shivee West in the definition of Entrée/Oyu Tolgoi JV Property. The parties also agreed that the annual licence fees for Shivee West would be for the account of each joint venture participant in proportion to their respective interests, with OTLLC contributing the Company’s 20% share charging interest at prime plus 2% (Note 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 year term and have rights of renewal for two further 20 year terms. As of December 31, 2017, the Entrée/Oyu Tolgoi JV had expended approximately $30.1 million (2016 - $29.0 million) 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 million for the year ended December 31, 2017 (2016 - $0.2 million; 2015 - $0.1 million) plus accrued interest expense of $0.3 million for the year ended December 31, 2017 (2016 - $0.3 million; 2015 - $0.4 million). The Entrée/Oyu Tolgoi JV investment carrying value at December 31, 2017 was $0.2 million (December 31, 2016 - $0.1 million) and was recorded in long-term investment. This amount is related to prepaid licence fees which are amortized over the licence period. |
Mineral property interests
Mineral property interests | 12 Months Ended |
Dec. 31, 2017 | |
Mineral Property Interests [Abstract] | |
Mineral Property Interests [Text Block] | 6 December 31, 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 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. 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 porphyry deposit, as well as the adjacent Cañariaco Sur and Quebrada Verde porphyry 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. |
Loan payable to Oyu Tolgoi LLC
Loan payable to Oyu Tolgoi LLC | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 7 Loan payable to Oyu Tolgoi LLC Under the terms of the Entrée/Oyu Tolgoi JV (Note 5), 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%) per annum, whichever is less, as at the date of the advance. The loan will be repayable by the Company monthly from ninety percent (90%) of the Company’s share of available cash flow from the Entrée/Oyu Tolgoi JV. In the absence of available cash flow, the loan will not be repayable. The loan is not expected to be repaid within one year. |
Deferred revenue
Deferred revenue | 12 Months Ended |
Dec. 31, 2017 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue Disclosure [Text Block] | 8 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% of the Deposit ($6.8 million) (the "Refund") in cash and shares thereby reducing the Deposit to $33.2 million for a 17% reduction in the metal credits that the Company is required to deliver to Sandstorm. At closing on March 1, 2016, the parties entered into an Amended and Restated Equity Participation and Funding Agreement (the "Amended Sandstorm Agreement"). Under the terms of the Amended Sandstorm Agreement, the Company will purchase and deliver gold, silver and copper credits equivalent to: · 28.1% of Entrée’s share of gold and silver, and 2.1% of Entrée’s share of copper, produced from the Shivee Tolgoi mining licence (excluding Shivee West); and · 21.3% of Entrée’s share of gold and silver, and 2.1% of Entrée’s share of copper, produced from the Javhlant mining licence. 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 per ounce of gold, $5 per ounce of silver and $0.50 per pound of copper (subject to inflation adjustments). After approximately 8.6 million ounces of gold, 40.3 million ounces of silver and 9.1 billion pounds of copper have been produced from the entire current Entrée/Oyu Tolgoi JV Property the cash payment will be increased to the lesser of the prevailing market price and $500 per ounce of gold, $10 per ounce of silver and $1.10 per pound of copper (subject to inflation adjustments). To the extent that the prevailing market price is greater than the amount of the cash payment, the difference between the two will be credited against the Deposit (the net amount of the Deposit being the "Unearned Balance"). 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 years, subject to successive 10-year extensions at the discretion of Sandstorm. 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%. If there is a reduction of greater than 17% up to and including 34%, the Amended Sandstorm Agreement provides the Company with the ability to refund a corresponding portion of the Deposit in cash or common shares of the Company or any combination of the two at the Company’s election, in which case there would be a further corresponding reduction in deliverable metal credits. If the Company elects to refund Sandstorm with common shares of the Company, the value of each common share shall be equal to the volume weighted average price for the five (5) trading days immediately preceding the 90 th 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 million. As a result of the Amended Sandstorm Agreement, the deferred revenue amount was adjusted to reflect the $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 million. This amount is subject to foreign currency fluctuations upon conversion to U.S. dollars at each reporting period. The $6.8 million Refund was paid with $5.5 million in cash and the issuance of $1.3 million of common shares of the Company. On March 1, 2016, the Company issued 5,128,604 common shares to Sandstorm at a price of C$0.3496 per common share pursuant to the Agreement to Amend. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 9 Share capital The Company’s authorized share capital consists of unlimited common shares without par value. At December 31, 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 December 31, 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. The revaluation used the following weighted average assumptions using the Black Scholes option pricing model: Pre-Arrangement Post-Arrangement Share price C$0.43 C$0.55 Risk-free interest rate 1.01 % 1.01 % Dividend rate 0.00 % 0.00 % Expected life 5 years 5 years Annualized volatility 70 % 72 % |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
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. 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 of a Mason Resources option. The exercise prices of the replacement Entrée options were adjusted based on the market value of the two companies after completion of the Arrangement. a) Stock options The Company has adopted a stock option plan (the "Plan") to grant options to directors, officers, employees and consultants. Under the Plan, the Company may grant options to acquire up to 10% of the issued and outstanding shares of the Company. Options granted can have a term of up to ten years and an exercise price typically not less than the Company's closing stock price on the Toronto Stock Exchange on the last trading day before the date of grant. Vesting is determined at the discretion of the Board of Directors. Under the Plan, an option holder may elect to transform an option, in whole or in part and, in lieu of receiving shares to which the terminated option relates (the “Designated Shares”), receive the number of shares, disregarding fractions, which, when multiplied by the weighted average trading price of the shares on the TSX during the five trading days immediately preceding the day of termination (the “Fair Value” per share) of the Designated Shares, has a total dollar value equal to the number of Designated Shares multiplied by the difference between the Fair Value and the exercise price per share of the Designated Shares. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options granted. For employees, the compensation expense is amortized on a straight-line basis over the requisite service period which approximates the vesting period. Compensation expense for stock options granted to non-employees is recognized over the contract services period or, if none exists, from the date of grant until the options vest. Compensation associated with unvested options granted to non-employees is re-measured on each balance sheet date using the Black-Scholes option pricing model. The Company uses historical data to estimate option exercise, forfeiture and employee termination within the valuation model. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. Since the Company has not paid and does not anticipate paying dividends on its common stock the expected dividend yield is assumed to be zero. Companies are required to utilize an estimated forfeiture rate when calculating the expense for the reporting period. Based on the best estimate, management applied the estimated forfeiture rate of Nil in determining the expense recorded in the accompanying Statements of Comprehensive Loss. Number of shares (000’s) Weighted average Outstanding January 1, 2015 13,779 0.85 Granted 1,670 0.34 Exercised (347 ) 0.22 Cancelled (163 ) 0.25 Forfeited/expired (1,731 ) 2.43 Outstanding December 31, 2015 13,208 0.60 Granted 2,520 0.42 Exercised (585 ) 0.25 Cancelled (665 ) 0.28 Forfeited/expired (2,468 ) 1.17 Outstanding December 31, 2016 * 12,010 0.48 Granted 1,900 0.52 Exercised (1,899 ) 0.32 Cancelled (1,646 ) 0.75 Forfeited/expired (1,190 ) 1.20 Outstanding December 31, 2017 9,175 0.38 *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 remained the same before and after the Arrangement. At December 31, 2017, the following stock options were outstanding: Number of shares Vested (000’s) Aggregate Pre-Arrangement Post-Arrangement Expiry date 2,855 2,855 1,048 0.30 0.56 0.26 0.47 Mar Dec 2018 860 860 507 0.21 0.18 Dec 2019 1,320 1,320 633 0.33 0.38 0.28 0.32 July Dec 2020 2,240 2,240 921 0.39 0.42 0.33 0.36 Mar Nov 2021 1,900 1,884 469 n/a 0.52 0.62 May Oct 2022 9,175 9,159 3,578 * The post-Arrangement adjusted exercise price per share is after the adjustment applied pursuant to the Arrangement (Note 2). December 31, 2017 Weighted average exercise price for exercisable options C$0.38 Weighted average share price for options exercised C$0.32 Weighted average years to expiry for exercisable options 2.6 b) Stock-based compensation For the year ended December 31, 2017, the total stock-based compensation charges relating to 1,900,000 options granted to officers, employees, directors and consultants was $0.6 million (2016 - $0.5 million; 2015 - $0.2 million). 2017 2016 2015 Risk-free interest rate 1.62 % 0.62 % 0.77 % Expected life of options (years) 4.6 4.6 4.6 Annualized volatility 72 % 73 % 75 % Dividend rate 0.00 % 0.00 % 0.00 % Fair value per option C$0.24 C$0.18 C$0.15 c) Bonus shares On May 5, 2017, the Company issued 100,000 common shares for no cash proceeds pursuant to a grant of employment inducement bonus shares. |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Text Block [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segmented information 2017 2016 United States (Note 2) $ - $ 39,233 Canada 7,226 13,263 Other 1,031 784 $ 8,257 $ 53,280 |
Exploration costs
Exploration costs | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Text Block [Abstract] | |
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | 12 Exploration costs 2017 2016 2015 Mongolia $ 181 $ 372 $ 1,488 Other 151 117 149 $ 332 $ 489 $ 1,637 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 13 Income taxes 2017 2016 2015 Loss for the year before income taxes $ (3,095 ) $ (3,751 ) $ (3,960 ) Statutory rate 26.00 % 26.00 % 26.00 % Expected income tax recovery (805 ) (975 ) (1,030 ) Permanent differences and other 309 (1,296 ) (1,010 ) Difference in foreign tax rates (637 ) 960 247 Effect of change in future tax rates (48 ) (47 ) 3,397 Effect of dissolution of subsidiaries - - 6,339 Change in valuation allowance 1,109 805 (7,783 ) Total income tax (recovery) expense $ (72 ) $ (533 ) $ 160 2017 2016 2015 Current income tax recovery $ (72 ) $ - $ - Deferred income tax expense (recovery) - (533 ) 160 Total income taxes $ (72 ) $ (533 ) $ 160 2017 2016 Deferred income tax assets: Non-capital loss carryforward $ 9,117 $ 8,779 Resource expenditures 2,713 2,582 Equipment 174 158 Share issue and legal costs 28 3 Other 1,004 797 13,036 12,319 Valuation allowance (13,009 ) (12,169 ) Net deferred income tax assets $ 27 $ 150 Deferred income tax liabilities: Foreign exchange on loan $ (27 ) $ (150 ) Net deferred income tax liabilities $ (27 ) $ (150 ) Net deferred income tax $ - $ - The Company has available for deduction against future taxable income non-capital losses of approximately $31.1 million (2016: $30.0 million) in Canada, $0.7 million (2016: $0.6 million) in China, $6.2 million (2016: $5.7 million) in Mongolia, $nil (2016: $0.1 million) in Australia and $1.0 million (2016: $0.7 million) in Peru. These losses, if not utilized, will expire through 2037. Subject to certain restrictions, the Company also has foreign resource expenditures available to reduce taxable income in future years. Deferred tax benefits which may arise as a result of these losses, resource expenditures, equipment, share issue and legal costs have not been recognized in these consolidated financial statements. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 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 or liabilities 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 December 31, 2017, the Company had Level 1 financial instruments, consisting of cash and cash equivalents, with a fair value of $7.1 million (2016 - $13.3 million). |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2017, 2016 and 2015. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Text Block [Abstract] | |
Commitments Disclosure [Text Block] | 16 Commitments and contingencies As at December 31, 2017, the Company had the following commitments: Total Less than 1 1 - 3 years 3-5 years More than 5 years Lease commitments $ 573 $ 115 $ 235 $ 224 $ - Under the terms of the Amended Sandstorm Agreement, the Company may be subject to a contingent liability if certain events occur (Note 8). |
Administrative Services Agreeme
Administrative Services Agreement | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Administrative Services Agreement [Text Block] | 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 year ended December 31, 2017 was $0.6 million. As of December 31, 2017, included in the receivables balance on the consolidated balance sheet is $0.2 million due from Mason Resources relating to the ASA. Also included in costs recoverable by Entrée under the ASA is a one-time restructure charge of $0.2 million to Mason Resources that is related to the Arrangement (Note 2). This amount includes legal, filing and audit related costs directly attributable to the Arrangement. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 18 Related party transactions Other than those described in Note 17, the Company did not enter into any transactions with related parties during the years ended December 31, 2017, 2016 and 2015. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Text Block [Abstract] | |
Subsequent Events [Text Block] | Subsequent events Effective February 5, 2018, Mr. Mark Bailey was appointed to the role of Non-Executive Chairman of the Board of Directors and succeeded The Rt. Honourable Lord Howard of Lympe who retired from his position as a director and Board Chair. In addition, Dr. Michael Price joined the Company’s Board of Directors as an independent director. Subsequent to December 31, 2017, 1,590,000 stock options with an exercise price of C$0.47 were exercised or terminated (Note 10). An aggregate of 648,224 common shares were issued, and the Company received gross proceeds of C$150,400 from the option exercises. 100,000 stock options with an exercise price of C$0.63 were granted to Dr. Michael Price. |
Significant accounting polici26
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation These consolidated financial statements have been prepared in conformity with generally accepted accounting principles ("GAAP") in the United States of America and include the accounts of the Company and all of its subsidiaries. All significant intercompany transactions and balances have been eliminated upon consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of consolidated financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations, asset impairment, stock-based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgements about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents includes cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $7.1 million in cash and cash equivalents at December 31, 2017 (December 31, 2016 - $13.3 million). |
Investment, Policy [Policy Text Block] | Long-term investments Long-term investments in companies in which the Company has voting interests of 20% to 50% or where the Company has the ability to exercise significant influence, are accounted for using the equity method. Under this method, the Company’s share of the investees’ earnings and losses is included in operations and its investments therein are adjusted by a like amount. Dividends received are credited to the long-term investment accounts. |
Property, Plant and Equipment, Policy [Policy Text Block] | Equipment Equipment, consisting of office equipment, computer equipment, field equipment, and buildings, is recorded at cost less accumulated depreciation. Depreciation is recorded on a declining balance basis at rates ranging from 20% to 30% per annum. |
Mineral Property Interests [Policy Text Block] | Mineral property interests Costs of exploration and costs of carrying and retaining unproven properties are expensed as incurred. The Company considers mineral rights to be tangible assets and accordingly, the Company capitalizes certain costs related to the acquisition of mineral rights. |
Asset Retirement Obligation [Policy Text Block] | Asset retirement obligation The Company records the fair value of the liability for closure and removal costs associated with the legal obligations upon retirement or removal of any tangible long-lived assets where the initial recognition of any liability will be capitalized as part of the asset cost and depreciated over its estimated useful life. To date, the Company has not incurred any significant asset retirement obligations. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets Long-lived assets are continually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the discounted carrying amount of the assets exceeds the fair value of the assets. |
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block] | Stock-based compensation The Company applies the fair value method of accounting for all stock option awards, whereby the Company recognizes a compensation expense for all stock options awarded to directors, officers, employees, and consultants based on the fair value of the options on the date of grant, which is determined using the Black Scholes option pricing model. The options are expensed over the vesting period of the options. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial instruments The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive (loss) income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in the statement of comprehensive loss. The Company classifies its financial instruments as follows: Cash and cash equivalents is classified as held for trading, and is measured at fair value using Level 1 inputs. Receivables are classified as loans and receivables, and have a fair value approximating their carrying value, due to their short-term nature. The Company’s other financial instruments, accounts payable and accrued liabilities, and loans payable are classified as other financial liabilities, and are measured at amortized cost. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company follows the asset and liability method of accounting for income taxes whereby deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective income tax bases (temporary differences). Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income in the period in which the change occurs. The amount of deferred income tax assets recognized is limited to the amount that is more likely than not to be realized. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The functional currency of the 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 comprehensive loss. The functional currency of Entrée Resources Ltd.’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’ (deficiency) equity as accumulated other comprehensive (loss) income. |
Earnings Per Share, Policy [Policy Text Block] | Basic net loss per share is computed by dividing the net loss for the period attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share takes into consideration shares of common stock outstanding (computed under basic loss per share) and potentially dilutive shares of common stock. Diluted net loss per share is not presented separately from basic net loss per share as the conversion of outstanding stock options and warrants into common shares would be anti-dilutive. At December 31, 2017, the total number of potentially dilutive shares of common stock excluded from basic net loss per share was 9,175,000 (December 31, 2016 - 12,010,000; December 31, 2015 - 13,208,000). |
Comparative Figures [Policy Text Block] | Comparative figures Certain comparative figures have been reclassified to conform to the current year’s presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | In August 2014, the FASB issued Accounting Standards Update 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The new standard requires management to perform interim and annual assessment of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements (or within one year after the date on which the financial statements are available to be issued, when applicable). Further, an entity must provide certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. The requirement was effective for annual periods ending after December 15, 2016 and did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2016-09 CompensationStock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting. This accounting pronouncement, which goes into effect for periods ending after December 16, 2016, addresses the simplification of several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This accounting pronouncement requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. Currently deferred tax liabilities and assets must be presented as current and noncurrent. The policy was effective for periods ending after December 16, 2016. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2016-01 Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This accounting pronouncement, which goes into effect for periods beginning after December 15, 2017, is far reaching and covers several presentation areas dealing with measurement, impairment, assumptions used in estimating fair value and several other areas. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. Accounting Standards Update 2016-02-Leases (Topic 842). This accounting pronouncement allows lessees to make an accounting policy election to not recognize a lease asset and liability for leases with a term of 12 months or less and do not have a purchase option that is expected to be exercised. This standard is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. |
Plan of arrangement and disco27
Plan of arrangement and discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 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: 2017 2016 2015 Expenses Exploration $ 239 $ 1,366 $ 3,502 General and administrative 19 84 188 Depreciation 4 15 22 Foreign exchange gain (86 ) - (1 ) Net loss from discontinued operations $ 176 $ 1,465 $ 3,711 |
Equipment (Tables)
Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2017 2016 Cost Accumulated Net book Cost Accumulated depreciation Net book Office equipment $ 55 $ 8 $ 47 $ 40 $ 34 $ 6 Computer equipment 149 130 19 170 144 26 Field equipment 39 33 6 36 30 6 Buildings 45 5 40 41 36 5 $ 288 $ 176 $ 112 $ 287 $ 244 $ 43 |
Mineral property interests (Tab
Mineral property interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Mineral Property Interests [Abstract] | |
Schedule of Mineral Property Interests [Table Text Block] | Mineral property interests December 31, 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 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. 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 porphyry deposit, as well as the adjacent Cañariaco Sur and Quebrada Verde porphyry 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) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | At December 31, 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 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | The revaluation used the following weighted average assumptions using the Black Scholes option pricing model: Pre-Arrangement Post-Arrangement Share price C$0.43 C$0.55 Risk-free interest rate 1.01 % 1.01 % Dividend rate 0.00 % 0.00 % Expected life 5 years 5 years Annualized volatility 70 % 72 % |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of shares (000’s) Weighted average Outstanding January 1, 2015 13,779 0.85 Granted 1,670 0.34 Exercised (347 ) 0.22 Cancelled (163 ) 0.25 Forfeited/expired (1,731 ) 2.43 Outstanding December 31, 2015 13,208 0.60 Granted 2,520 0.42 Exercised (585 ) 0.25 Cancelled (665 ) 0.28 Forfeited/expired (2,468 ) 1.17 Outstanding December 31, 2016 * 12,010 0.48 Granted 1,900 0.52 Exercised (1,899 ) 0.32 Cancelled (1,646 ) 0.75 Forfeited/expired (1,190 ) 1.20 Outstanding December 31, 2017 9,175 0.38 *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 remained the same before and after the Arrangement. |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | At December 31, 2017, the following stock options were outstanding: Number of shares Vested (000’s) Aggregate Pre-Arrangement Post-Arrangement Expiry date 2,855 2,855 1,048 0.30 0.56 0.26 0.47 Mar Dec 2018 860 860 507 0.21 0.18 Dec 2019 1,320 1,320 633 0.33 0.38 0.28 0.32 July Dec 2020 2,240 2,240 921 0.39 0.42 0.33 0.36 Mar Nov 2021 1,900 1,884 469 n/a 0.52 0.62 May Oct 2022 9,175 9,159 3,578 * The post-Arrangement adjusted exercise price per share is after the adjustment applied pursuant to the Arrangement (Note 2). December 31, 2017 Weighted average exercise price for exercisable options C$0.38 Weighted average share price for options exercised C$0.32 Weighted average years to expiry for exercisable options 2.6 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The following weighted average assumptions were used for the Black-Scholes valuation of stock options granted: 2017 2016 2015 Risk-free interest rate 1.62 % 0.62 % 0.77 % Expected life of options (years) 4.6 4.6 4.6 Annualized volatility 72 % 73 % 75 % Dividend rate 0.00 % 0.00 % 0.00 % Fair value per option C$0.24 C$0.18 C$0.15 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Dec. 31, 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: 2017 2016 United States (Note 2) $ - $ 39,233 Canada 7,226 13,263 Other 1,031 784 $ 8,257 $ 53,280 |
Exploration costs (Tables)
Exploration costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Text Block [Abstract] | |
Schedule of Exploration Costs Expensed Disclosure [Table Text Block] | 2017 2016 2015 Mongolia $ 181 $ 372 $ 1,488 Other 151 117 149 $ 332 $ 489 $ 1,637 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income taxes 2017 2016 2015 Loss for the year before income taxes $ (3,095 ) $ (3,751 ) $ (3,960 ) Statutory rate 26.00 % 26.00 % 26.00 % Expected income tax recovery (805 ) (975 ) (1,030 ) Permanent differences and other 309 (1,296 ) (1,010 ) Difference in foreign tax rates (637 ) 960 247 Effect of change in future tax rates (48 ) (47 ) 3,397 Effect of dissolution of subsidiaries - - 6,339 Change in valuation allowance 1,109 805 (7,783 ) Total income tax (recovery) expense $ (72 ) $ (533 ) $ 160 2017 2016 2015 Current income tax recovery $ (72 ) $ - $ - Deferred income tax expense (recovery) - (533 ) 160 Total income taxes $ (72 ) $ (533 ) $ 160 2017 2016 Deferred income tax assets: Non-capital loss carryforward $ 9,117 $ 8,779 Resource expenditures 2,713 2,582 Equipment 174 158 Share issue and legal costs 28 3 Other 1,004 797 13,036 12,319 Valuation allowance (13,009 ) (12,169 ) Net deferred income tax assets $ 27 $ 150 Deferred income tax liabilities: Foreign exchange on loan $ (27 ) $ (150 ) Net deferred income tax liabilities $ (27 ) $ (150 ) Net deferred income tax $ - $ - |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Text Block [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As at December 31, 2017, the Company had the following commitments: Total Less than 1 1 - 3 years 3-5 years More than 5 years Lease commitments $ 573 $ 115 $ 235 $ 224 $ - |
Nature and continuance of ope36
Nature and continuance of operations (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Entity Information Date To Change Former Legal Or Registered Name | May 9, 2017 |
Plan of arrangement and disco37
Plan of arrangement and discontinued operations (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | May 09, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | |||||
Cash | $ 7,068 | $ 13,262 | $ 22,657 | $ 33,388 | |
Disposal Group, Including Discontinued Operation, Assets, Current | $ 8,980 | 348 | |||
Long-term assets | |||||
Equipment | 112 | 43 | |||
Mineral property interest | 532 | 496 | |||
Reclamation deposits and other | 12 | 9 | |||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 38,205 | 38,885 | |||
Current liabilities | |||||
Accounts payable and accrued liabilities | (247) | (225) | |||
Long-term liabilities | |||||
Deferred income taxes | $ (27) | (150) | |||
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 disco38
Plan of arrangement and discontinued operations (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Exploration | $ 239 | $ 1,366 | $ 3,502 |
General and administrative | 19 | 84 | 188 |
Depreciation | 4 | 15 | 22 |
Foreign exchange gain | (86) | 0 | (1) |
Net loss from discontinued operations | $ 176 | $ 1,465 | $ 3,711 |
Plan of arrangement and disco39
Plan of arrangement and discontinued operations (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | May 23, 2017 | May 09, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash and Cash Equivalents, at Carrying Value | $ 7,068 | $ 13,262 | $ 22,657 | $ 33,388 | ||
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 |
Significant accounting polici40
Significant accounting policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash | $ 7.1 | $ 13.3 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,175,000 | 12,010,000 | 13,208,000 |
Maximum [Member] | |||
Equipment Declining Balance Depreciation Rate | 30.00% | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Minimum [Member] | |||
Equipment Declining Balance Depreciation Rate | 20.00% | ||
Equity Method Investment, Ownership Percentage | 20.00% |
Equipment (Details)
Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cost | $ 288 | $ 287 |
Accumulated depreciation | 176 | 244 |
Net book value | 112 | 43 |
Office Equipment [Member] | ||
Cost | 55 | 40 |
Accumulated depreciation | 8 | 34 |
Net book value | 47 | 6 |
Computer Equipment [Member] | ||
Cost | 149 | 170 |
Accumulated depreciation | 130 | 144 |
Net book value | 19 | 26 |
Field Equipment [Member] | ||
Cost | 39 | 36 |
Accumulated depreciation | 33 | 30 |
Net book value | 6 | 6 |
Building [Member] | ||
Cost | 45 | 41 |
Accumulated depreciation | 5 | 36 |
Net book value | $ 40 | $ 5 |
Long-term investments (Details
Long-term investments (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 45 Months Ended | |||
Oct. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2008 | Oct. 31, 2004 | |
Income (Loss) from Equity Method Investments | $ (215) | $ (237) | $ (119) | |||
Maximum [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Percent Interest Owned Of Mineralization Extracted From The Entree Oyu Tolgoi JV Property | 30.00% | |||||
Minimum [Member] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
Percent Interest Owned Of Mineralization Extracted From The Entree Oyu Tolgoi JV Property | 20.00% | |||||
Entree/Oyu Tolgoi JV Property [Member] | ||||||
Income (Loss) from Equity Method Investments | $ 200 | 200 | 20,000 | |||
Joint Venture Property, Cumulative Expenditures | 30,100 | 29,000 | ||||
Accrued Interest Expense | $ 300 | 300 | $ 70,000 | |||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
Entree/Oyu Tolgoi JV Property [Member] | Long-term Investment [Member] | ||||||
Equity Method Investments | $ 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% |
Mineral property interests (Det
Mineral property interests (Details) - USD ($) $ in Thousands | Dec. 31, 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 $552,095 against these properties. |
Mineral property interests (D44
Mineral property interests (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Payments to Acquire Royalty Interests in Mining Properties | $ 0 | $ 0 | $ (500,000) | |
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) | 12 Months Ended |
Dec. 31, 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 ($)Number | Mar. 31, 2016shares | Feb. 23, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 01, 2016CAD / shares | Feb. 23, 2016CAD | Feb. 28, 2013USD ($) | Feb. 28, 2013CAD |
Deferred Revenue | $ 24,658,000 | $ 22,987,000 | |||||||
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 | 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 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 | 12 Months Ended |
Dec. 31, 2017CAD / sharesshares | |
Warrants Expiring on January 10, 2022 [Member] | |
Number of share purchase warrants | shares | 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 |
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. 12, 2022 |
Share capital (Details 1)
Share capital (Details 1) - Warrant [Member] | 12 Months Ended |
Dec. 31, 2017CAD / shares | |
Pre Arrangement [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Share price | CAD 0.43 |
Risk-free interest rate | 1.01% |
Dividend rate | 0.00% |
Expected life | 5 years |
Annualized volatility | 70.00% |
Post Arrangement [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Share price | CAD 0.55 |
Risk-free interest rate | 1.01% |
Dividend rate | 0.00% |
Expected life | 5 years |
Annualized volatility | 72.00% |
Share capital (Details Textual)
Share capital (Details Textual) CAD / shares in Units, $ / shares in Units, $ in Thousands, CAD in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2017CADCAD / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2017CAD / sharesshares | May 23, 2017$ / shares | May 09, 2017$ / shares | May 09, 2017CAD / shares | |
Common Stock, Shares, Issued | shares | 153,045,408,000 | 173,573,572,000 | ||||||
Proceeds from Issuance of Private Placement | $ | $ 5,038 | $ 0 | $ 0 | |||||
Fair Value Assumptions, Exercise Price | CAD 0.37 | |||||||
Warrant [Member] | ||||||||
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] - CAD / shares shares in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Number of shares, Outstanding - beginning of period | 12,010 | [1] | 13,208 | 13,779 | |
Number of shares, Granted | 1,900 | 2,520 | 1,670 | ||
Number of shares, Exercised | (1,899) | (585) | (347) | ||
Cancelled (in shares) | (1,646) | (665) | (163) | ||
Number of shares, Forfeited/expired | (1,190) | (2,468) | (1,731) | ||
Number of shares, Outstanding - end of period | 9,175 | 12,010 | [1] | 13,208 | |
Weighted average exercise price, Outstanding - beginning of period | CAD 0.48 | [1] | CAD 0.60 | CAD 0.85 | |
Weighted average exercise price, Granted | 0.52 | 0.42 | 0.34 | ||
Weighted average exercise price, Exercised | 0.32 | 0.25 | 0.22 | ||
Cancelled, weighted average exercise price (in CAD per share) | 0.75 | 0.28 | 0.25 | ||
Weighted average exercise price, Forfeited/expired | 1.2 | 1.17 | 2.43 | ||
Weighted average exercise price, Outstanding - end of period | CAD 0.38 | CAD 0.48 | [1] | CAD 0.60 | |
[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 remained the same before and after the Arrangement. |
Stock-based compensation (Det51
Stock-based compensation (Details 1) CAD / shares in Units, shares in Thousands, CAD in Thousands | 12 Months Ended | |
Dec. 31, 2017CADCAD / sharesshares | ||
Range One [Member] | ||
Number of shares (in shares) | shares | 2,855 | |
Vested (in shares) | shares | 2,855 | |
Aggregate intrinsic value | CAD | CAD 1,048 | |
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 Two [Member] | ||
Number of shares (in shares) | shares | 860 | |
Vested (in shares) | shares | 860 | |
Aggregate intrinsic value | CAD | CAD 507 | |
Pre-Arrangement exercise price share, upper range limit | CAD 0.21 | |
Post-Arrangement exercise price share, upper range limit | CAD 0.18 | [1] |
Expiry Date | Dec 2,019 | |
Range Three [Member] | ||
Number of shares (in shares) | shares | 1,320 | |
Vested (in shares) | shares | 1,320 | |
Aggregate intrinsic value | CAD | CAD 633 | |
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 Four [Member] | ||
Number of shares (in shares) | shares | 2,240 | |
Vested (in shares) | shares | 2,240 | |
Aggregate intrinsic value | CAD | CAD 921 | |
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 Five [Member] | ||
Number of shares (in shares) | shares | 1,900 | |
Vested (in shares) | shares | 1,884 | |
Aggregate intrinsic value | CAD | CAD 469 | |
Post-Arrangement exercise price share, lower range limit | CAD 0.52 | [1] |
Post-Arrangement exercise price share, upper range limit | CAD 0.62 | [1] |
Expiry Date | May – Oct 2022 | |
Range Six [Member] | ||
Number of shares (in shares) | shares | 9,175 | |
Vested (in shares) | shares | 9,159 | |
Aggregate intrinsic value | CAD | CAD 3,578 | |
[1] | The post-Arrangement adjusted exercise price per share is after the adjustment applied pursuant to the Arrangement (Note 2). |
Stock-based compensation (Det52
Stock-based compensation (Details 2) | 12 Months Ended |
Dec. 31, 2017CAD / shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted average exercise price for exercisable options (in CAD per share) | CAD 0.38 |
Weighted average share price for options exercised (in CAD per share) | CAD 0.32 |
Weighted average years to expiry for exercisable options (Year) | 2 years 7 months 6 days |
Stock-based compensation (Det53
Stock-based compensation (Details 3) - CAD / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 1.62% | 0.62% | 0.77% |
Expected life of options (years) | 4 years 7 months 6 days | 4 years 7 months 6 days | 4 years 7 months 6 days |
Annualized volatility | 72.00% | 73.00% | 75.00% |
Dividend rate | 0.00% | 0.00% | 0.00% |
Fair value per option | CAD 0.24 | CAD 0.18 | CAD 0.15 |
Stock-based compensation (Det54
Stock-based compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | May 05, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 23, 2017 | May 09, 2017 |
Allocated Share-based Compensation Expense | $ 0.6 | $ 0.5 | $ 0.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 1,900,000 | |||||
Bonus Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 100,000 | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% | |||||
Mason Resources Corp [Member] | ||||||
Share Price | $ 0.45 | $ 0.45 |
Segmented information (Details)
Segmented information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | $ 8,257 | $ 53,280 |
CANADA | ||
Assets | 7,226 | 13,263 |
Other [Member] | ||
Assets | 1,031 | 784 |
UNITED STATES | ||
Assets | $ 0 | $ 39,233 |
Exploration costs (Details)
Exploration costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Exploration Expense | $ 332 | $ 489 | $ 1,637 |
Mongolia | |||
Exploration Expense | 181 | 372 | 1,488 |
Other | |||
Exploration Expense | $ 151 | $ 117 | $ 149 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss for the year before income taxes | $ (3,095) | $ (3,751) | $ (3,960) |
Statutory rate | 26.00% | 26.00% | 26.00% |
Expected income tax recovery | $ (805) | $ (975) | $ (1,030) |
Permanent differences and other | 309 | (1,296) | (1,010) |
Difference in foreign tax rates | (637) | 960 | 247 |
Effect of change in future tax rates | (48) | (47) | 3,397 |
Effect of dissolution of subsidiaries | 0 | 0 | 6,339 |
Change in valuation allowance | 1,109 | 805 | (7,783) |
Total income tax (recovery) expense | (72) | (553) | 160 |
Current income tax recovery | (72) | 0 | 0 |
Deferred income tax expense (recovery) | (72) | (553) | 160 |
Total income taxes | $ (72) | $ (553) | $ 160 |
Income taxes (Details 1)
Income taxes (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred income tax assets: | ||
Non-capital loss carryforward | $ 9,117 | $ 8,779 |
Resource expenditures | 2,713 | 2,582 |
Equipment | 174 | 158 |
Share issue and legal costs | 28 | 3 |
Other | 1,004 | 797 |
Deferred Tax Assets, Gross | 13,036 | 12,319 |
Valuation allowance | (13,009) | (12,169) |
Net deferred income tax assets | 27 | 150 |
Deferred income tax liabilities: | ||
Foreign exchange on loan | (27) | (150) |
Net deferred income tax liabilities | (27) | (150) |
Net deferred income tax | $ 0 | $ 0 |
Income taxes (Details Textual)
Income taxes (Details Textual) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Operating Loss Carryforwards | $ 31.1 | $ 30 |
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | ||
Operating Loss Carryforwards | 0.7 | 0.6 |
Foreign Tax Authority [Member] | Australian Taxation Office [Member] | ||
Operating Loss Carryforwards | 0.1 | |
Foreign Tax Authority [Member] | Mongolian Customs and Tax Authority [Member] | ||
Operating Loss Carryforwards | 6.2 | 5.7 |
Foreign Tax Authority [Member] | Superintendencia Nacional de Administracion Tributaria [Member] | ||
Operating Loss Carryforwards | $ 1 | $ 0.7 |
Financial instruments (Details
Financial instruments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash And Cash Equivalents At Carrying Value | $ 7,068 | $ 13,262 | $ 22,657 | $ 33,388 |
Commitments and contingencies61
Commitments and contingencies (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Lease commitments, total | $ 573 |
Lease commitments, less than 1 year | 115 |
Operating Leases, Future Minimum Payments, Due In First Year To Third Year | 235 |
Operating Leases, Future Minimum Payments, Due In Third Year To Fifth Year | 224 |
Operating Leases, Future Minimum Payments, Due Thereafter | $ 0 |
Administrative Services Agree62
Administrative Services Agreement (Details Textual) - Mason Resource [Member] - USD ($) $ in Millions | May 09, 2017 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Revenue from Related Parties | $ 0.6 | |
Due from Related Parties | $ 0.2 | |
Restructure charge [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 0.2 |
Related party transactions (Det
Related party transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 | $ 0 |
Subsequent events (Details Text
Subsequent events (Details Textual) CAD / shares in Units, shares in Thousands, CAD in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 20, 2018CADCAD / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Proceeds from Stock Options Exercised | $ | $ 199 | $ 53 | $ 41 | |
Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 648,224 | |||
Proceeds from Stock Options Exercised | CAD | CAD 150,400 | |||
Share Based Compensation Arrangement By Share Based Paymen Award Options Exercises Or Transformed To Stock Appreciatio Rights During The Period | 1,590,000 | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises Or Transformed To Stock Appreciation Rights During The Period Exercise Price | CAD / shares | CAD 0.47 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 100,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | CAD / shares | CAD 0.63 |