Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Registrant Name | XTRA-GOLD RESOURCES CORP |
Entity Central Index Key | 0001288770 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2021 |
Entity File Number | 333-183376 |
Entity Incorporation, State or Country Code | D8 |
Entity Address, Address Line One | Monte Carlo #7 |
Entity Address, Address Line Two | Paradise Island |
Entity Address, City or Town | Nassau |
Entity Address, Country | BS |
Title of 12(b) Security | Common shares |
Entity Common Stock, Shares Outstanding | 46,687,517 |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Auditor Name | Harbourside CPA |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 649800001 |
Business Contact [Member] | |
Contact Personnel Name | James Longshore |
Entity Address, Address Line One | Shirley Street Plaza |
Entity Address, Address Line Two | Suite 2150 |
Entity Address, City or Town | Nassau |
Entity Address, Country | BS |
Entity Address, Postal Zip Code | 59217 |
City Area Code | 416 |
Local Phone Number | 628-2881 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current | |||
Cash and cash equivalents | $ 4,675,328 | $ 4,451,256 | $ 3,981,239 |
Investment in trading securities, at cost of $3,268,618 (December 31, 2020 - $1,977,477, December 31, 2019 - $923,009) | 3,373,358 | 2,345,984 | 887,143 |
Receivables and other assets | 103,204 | 100,605 | 177,441 |
Inventory | 975,270 | 841,978 | 393,034 |
Total current assets | 9,127,160 | 7,739,823 | 5,438,857 |
Restricted cash | 296,322 | 296,322 | 296,322 |
Equipment, net | 600,127 | 570,375 | 405,724 |
Mineral properties | 734,422 | 734,422 | 734,422 |
TOTAL ASSETS | 10,758,031 | 9,340,942 | 6,875,325 |
Current | |||
Accounts payable and accrued liabilities | 1,029,140 | 286,422 | 147,313 |
Warrant liability | 0 | 0 | 137,313 |
Asset retirement obligation | 93,343 | 140,397 | 158,914 |
Total current liabilities | 1,122,483 | 426,819 | 443,540 |
Total liabilities | 1,122,483 | 426,819 | 443,540 |
Equity | |||
Capital stock Authorized - 250,000,000 common shares with a par value of $0.001 Issued and outstanding 46,687,517 common shares (December 31, 2020 - 46,817,017 common shares, December 31, 2019 - 45,844,117 common shares) | 46,688 | 46,817 | 45,844 |
Additional paid in capital | 31,770,515 | 31,998,045 | 31,523,284 |
Shares in treasury | (13,294) | (4,857) | (9,430) |
Accumulated deficit | (21,977,165) | (22,813,141) | (24,673,390) |
Total Xtra-Gold Resources Corp. stockholders' equity | 9,826,744 | 9,226,864 | 6,886,308 |
Non-controlling interest | (191,196) | (312,741) | (454,523) |
Total equity | 9,635,548 | 8,914,123 | 6,431,785 |
TOTAL LIABILITIES AND EQUITY | $ 10,758,031 | $ 9,340,942 | $ 6,875,325 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | |||
Trading Securities, Cost | $ 3,268,618 | $ 1,977,477 | $ 923,009 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 46,687,517 | 46,817,017 | 45,844,117 |
Common Stock, Shares, Outstanding | 46,687,517 | 46,817,017 | 45,844,117 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EXPENSES | |||
Amortization | $ 173,667 | $ 154,939 | $ 142,323 |
Exploration | 1,610,502 | 748,497 | 474,025 |
General and administrative | 377,345 | 578,176 | 344,710 |
LOSS BEFORE OTHER ITEMS | (2,161,514) | (1,481,612) | (961,058) |
OTHER ITEMS | |||
Foreign exchange gain (loss) | (426,420) | (124,558) | (40,849) |
Net gain (loss) gain on trading securities | 714,523 | 1,346,699 | 1,485,100 |
Other income | 55,972 | 45,589 | 48,476 |
Impairment on marketable securities | (211,018) | 0 | 0 |
Recovery of gold | 4,074,170 | 2,373,592 | 1,878,198 |
Change in fair value warrant derivative liability | 0 | 137,313 | (21,520) |
Total other items | 4,207,227 | 3,778,635 | 3,349,405 |
Consolidated pre tax income for the year | 2,045,713 | 2,297,023 | 2,388,347 |
Income tax expense | (1,088,192) | (294,992) | 0 |
Net income after tax | 957,521 | 2,002,031 | 2,388,347 |
Net gain attributable to non-controlling interest | (121,545) | (141,782) | (140,390) |
Net income attributable to Xtra-Gold Resources Corp. | $ 835,976 | $ 1,860,249 | $ 2,247,957 |
Basic income attributable to common shareholders per common share | $ 0.02 | $ 0.04 | $ 0.05 |
Diluted income attributable to common shareholders per common share | $ 0.02 | $ 0.04 | $ 0.05 |
Basic weighted average number of common shares outstanding | 46,779,574 | 46,645,387 | 46,095,232 |
Diluted weighted average number of common shares outstanding | 48,925,574 | 49,033,887 | 49,589,430 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) | Common Stock [Member] | Additional Paid in Capital [Member] | Shares in Treasury [Member] | Accumulated Deficit [Member] | Non-Controlling Interest [Member] | Total |
Beginning Balance at Dec. 31, 2018 | $ 46,246 | $ 31,636,385 | $ (26,921,347) | $ (594,913) | $ 4,166,371 | |
Beginning Balance (Shares) at Dec. 31, 2018 | 46,245,917 | |||||
Stock-based compensation | 10,642 | $ 10,642 | ||||
Exercise of stock options (shares) | 0 | |||||
Repurchase of shares | $ (402) | (123,743) | $ (124,145) | |||
Repurchase of shares (Shares) | (401,800) | |||||
Shares in treasury | $ (9,430) | (9,430) | ||||
Income for the year | 2,247,957 | 140,390 | 2,388,347 | |||
Ending Balance at Dec. 31, 2019 | $ 45,844 | 31,523,284 | 9,430 | (24,673,390) | (454,523) | 6,431,785 |
Ending Balance (Shares) at Dec. 31, 2019 | 45,844,117 | |||||
Stock-based compensation | 196,115 | 196,115 | ||||
Exercise of warrants | $ 885 | 333,247 | 334,132 | |||
Exercise of warrants (shares) | 885,000 | |||||
Exercise of stock options | $ 346 | 71,566 | $ 71,912 | |||
Exercise of stock options (shares) | 346,500 | 346,500 | ||||
Repurchase of shares | $ (258) | (126,167) | 9,430 | $ (116,995) | ||
Repurchase of shares (Shares) | (258,600) | |||||
Shares in treasury | (4,857) | (4,857) | ||||
Income for the year | 1,860,249 | 141,782 | 2,002,031 | |||
Ending Balance at Dec. 31, 2020 | $ 46,817 | 31,998,045 | (4,857) | (22,813,141) | (312,741) | 8,914,123 |
Ending Balance (Shares) at Dec. 31, 2020 | 46,817,017 | |||||
Stock-based compensation | 2,504 | 2,504 | ||||
Exercise of stock options | $ 255 | 94,674 | $ 94,929 | |||
Exercise of stock options (shares) | 255,000 | 255,000 | ||||
Repurchase of shares | $ (384) | (324,708) | 4,857 | $ (320,235) | ||
Repurchase of shares (Shares) | (384,500) | |||||
Shares in treasury | (13,294) | (13,294) | ||||
Income for the year | 835,976 | 121,545 | 957,521 | |||
Ending Balance at Dec. 31, 2021 | $ 46,688 | $ 31,770,515 | $ (13,294) | $ (21,977,165) | $ (191,196) | $ 9,635,548 |
Ending Balance (Shares) at Dec. 31, 2021 | 46,687,517 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Income for the year | $ 957,521 | $ 2,002,031 | $ 2,388,347 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization | 173,667 | 154,939 | 142,323 |
Stock-based compensation | 2,504 | 196,115 | 10,642 |
Change in fair value warrant derivative liability | 0 | (137,313) | 21,520 |
Unrealized foreign exchange loss (gain) | (40,017) | (296,022) | (49,478) |
Purchase of trading securities | (2,537,144) | (1,378,637) | (801,932) |
Proceeds on sale of trading securities | 2,053,292 | 1,562,517 | 1,921,090 |
Net loss (gain) on sales of trading securities | (714,523) | (1,346,699) | (1,485,100) |
Impairment on trading securities | 211,018 | 0 | 0 |
Changes in non-cash working capital items: | |||
(Increase) decrease in receivables and other assets | (2,599) | 76,836 | (105,270) |
Decrease (increase) in inventory | (133,292) | (448,944) | (242,098) |
Change in asset retirement obligation | (47,054) | (18,517) | (29,314) |
Increase (decrease) in accounts payable and accrued liabilities | 742,718 | 139,110 | (172,871) |
Net cash provided by operating activities | 666,091 | 505,415 | 1,597,859 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of equipment | (203,419) | (319,590) | (47,170) |
Net cash used in investing activities | (203,419) | (319,590) | (47,170) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from exercise of options and warrants | 94,929 | 406,044 | 0 |
Repurchase of capital stock | (333,529) | (121,852) | (133,575) |
Net cash (used in) provided by financing activities | (238,600) | 284,192 | (133,575) |
Change in cash and cash equivalents and restricted cash during the year | 224,072 | 470,017 | 1,417,114 |
Cash and cash equivalents and restricted cash at beginning of year | 4,747,578 | 4,277,561 | 2,860,447 |
Cash and cash equivalents and restricted cash, end of the year | 4,971,650 | 4,747,578 | 4,277,561 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash | |||
Cash and cash equivalents at beginning of year | 4,451,256 | 3,981,239 | 2,564,125 |
Restricted cash at beginning of year | 296,322 | 296,322 | 296,322 |
Cash and cash equivalents and restricted cash at beginning of year | 4,747,578 | 4,277,561 | 2,860,447 |
Cash and cash equivalents at end of year | 4,675,328 | 4,451,256 | 3,981,239 |
Restricted cash at end of year | 296,322 | 296,322 | 296,322 |
Cash and cash equivalents and restricted cash, end of the year | $ 4,971,650 | $ 4,747,578 | $ 4,277,561 |
HISTORY AND ORGANIZATION OF THE
HISTORY AND ORGANIZATION OF THE COMPANY | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
HISTORY AND ORGANIZATION OF THE COMPANY [Text Block] | 1. HISTORY AND ORGANIZATION OF THE COMPANY Xtra-Gold Resources Corp., previously Silverwing Systems Corporation, was incorporated under the laws of the State of Nevada on September 1, 1998, pursuant to the provisions of the Nevada Revised Statutes. In 2003, the Company became a resource exploration company. On November 30, 2012, the Company redomiciled from the USA to the British Virgin Islands. In 2004, the Company acquired 100% of the issued and outstanding capital stock of Canadiana Gold Resources Limited ("Canadiana") and 90% of the issued and outstanding capital stock of Goldenrae Mining Company Limited ("Goldenrae"). Both companies are incorporated in Ghana and the remaining 10% of the issued and outstanding capital stock of Goldenrae is held by the Government of Ghana. On December 21, 2005, Canadiana changed its name to Xtra-Gold Exploration Limited ("XG Exploration"). On January 13, 2006, Goldenrae changed its name to Xtra-Gold Mining Limited ("XG Mining"). |
CONTINUANCE OF OPERATIONS - GOI
CONTINUANCE OF OPERATIONS - GOING CONCERN | 12 Months Ended |
Dec. 31, 2021 | |
Continuance Of Operations[Abstract] | |
CONTINUANCE OF OPERATIONS - GOING CONCERN [Text Block] | 2. CONTINUANCE OF OPERATIONS - GOING CONCERN The Company is in development as an exploration company. It may need financing for its exploration and acquisition activities. Although the Company has incurred a gain of $835,976 for the year ended December 31, 2021, it has an accumulated a deficit of $21,977,165. Results for the year ended December 31, 2021 are not necessarily indicative of future results. The uncertainty of gold recovery and the fact the Company does not have a demonstrably viable business to provide future funds, raises substantial doubt about its ability to continue as a going concern for one year from the issuance of the financial statements. The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and implement its business plan, which is typical for junior exploration companies. The financial statements do not include any adjustments related to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of respiratory illness caused by COVID-19. The Company cannot accurately predict the impact COVID-19 will have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect the Company's operations and ability to finance its operations. Currently, Covid-19 has not affected any of the Company's operations in Ghana. The first cases of Covid-19 were detected much later in Ghana than other parts of the world, and Government action has limited the incidence of transmission. The Company continues to monitor the potential effects on its operations and is implementing protocol to hopefully help in minimize its impact. However, investors are cautioned this is an evolving issue, and that there is not guarantee the Company's protocols will be effective. Management of the Company ("Management") is of the opinion that sufficient financing will be obtained from external sources and further share issuances will be made to meet the Company's obligations. The Company's discretionary exploration activities do have considerable scope for flexibility in terms of the amount and timing of exploration expenditure, and expenditures may be adjusted accordingly if required. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 3. SIGNIFICANT ACCOUNTING POLICIES Generally accepted accounting principles These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America ("US GAAP"). Principles of consolidation These consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, XG Exploration (from February 16, 2004) and its 90% owned subsidiary, XG Mining (from December 22, 2004). All intercompany accounts and transactions have been eliminated on consolidation. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties, inputs used in the calculation of stock-based compensation and warrants, inputs used in the calculation of the asset retirement obligation, and the valuation allowance applied to deferred income taxes. Actual results could differ from those estimates, and would impact future results of operations and cash flows. Cash and cash equivalents The Company considers highly liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2021, 2020 and 2019, cash and cash equivalents consisted of cash held at financial institutions. The Company has been required by the Ghanaian government to post a bond for environmental reclamation. This cash has been recorded as restricted cash, a non-current asset. Receivables Management has evaluated all receivables and has provided allowances for accounts where it deems collection doubtful. As of December 31, 2021, 2020, and 2019, the Company had not recorded any allowance for doubtful accounts. Inventory Inventories are initially recognized at cost and subsequently stated at the lower of cost or net realizable value. The Company's inventory consists of raw gold. Costs are determined using the first-in, first-out (" FIFO Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Inventories are written down to net realizable value when the cost of inventories is not estimated to be recoverable due to declining selling prices, or other issues related to the sale of gold. Recovery of gold Recovery of gold and other income is recognized when title and the risks and rewards of ownership to delivered bullion and commodities pass to the buyer and collection is reasonably assured. Trading securities The Company's trading securities are reported at fair value, with realized and unrealized gains and losses included in earnings. Non-Controlling Interest The consolidated financial statements include the accounts of XG Mining (from December 22, 2004). All intercompany accounts and transactions have been eliminated upon consolidation. The Company records a non-controlling interest which reflects the 10% portion of the earnings (loss) of XG Mining allocable to the holders of the minority interest. Equipment Equipment is recorded at cost and is being amortized over its estimated useful lives using the declining balance method at the following annual rates: Furniture and equipment 20% Computer equipment 30% Vehicles 30% Mining and exploration equipment 20% Mineral properties and exploration and development costs The costs of acquiring mineral rights are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral property is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral properties are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves (which exclude non-recoverable reserves and anticipated processing losses). When the Company receives an option payment related to a property, the proceeds of the payment are applied to reduce the carrying value of the exploration asset. Impairment of non-financial assets At the end of each reporting period, the Company reviews the carrying amounts of its non-financial assets with finite lives to determine whether there is any indication that those assets are impaired. Where such an indication exists, the recoverable amount of the asset is estimated. For the purpose of measuring recoverable amounts, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units or "CGUs"). The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use (being the present value of the expected future cash flows of the relevant asset or CGU). An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The Company has assessed the assets of all its operating entities and has determined that no impairment was considered necessary for the Company's non-financial assets as at December 31, 2021, 2020 and 2019. Long-lived assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. Asset retirement obligations The Company records the estimated rehabilitation value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the long-lived assets. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the changes in the estimated future cash flows underlying the obligation (asset retirement cost). Stock-based compensation The Company accounts for stock compensation arrangements under ASC 718 " Compensation - Stock Compensation The Company uses the fair value method for equity instruments granted to non-employees and use the Black-Scholes model for measuring the fair value of options. The stock based fair value compensation is determined as of the date of the grant (measurement date) and is recognized over the vesting periods. Warrants The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value using the appropriate valuation methodology and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. The warrants are presented as a liability because they do not meet the criteria of Accounting Standard Codification ("ASC") topic 480 for equity classification. Subsequent changes in the fair value of the warrants are recorded in the consolidated statement of operations. Share repurchases The Company accounts for the repurchase of its common shares as an increase in shares in treasury for the market value of the shares at the time of purchase. When the shares are cancelled, the issued and outstanding shares are reduced by the $0.001 par value and the difference is accounted for as a reduction in additional paid in capital. Share-based payment transactions The fair value is measured at grant date and recognized over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the options were granted. At each financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee, including directors of the Company. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of the goods and services received. Income taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax asset will not be recognized. Income (Loss) per share Basic income (loss) per common share is computed using the weighted average number of common shares outstanding during the period. To calculate diluted income per share, the Company uses the treasury stock method and if converted Foreign exchange The Company's functional currency is the U.S. dollar. Any monetary assets and liabilities that are in a currency other than the U.S. dollar are translated at the rate prevailing at year end. Revenue and expenses in a foreign currency are translated at rates that approximate those in effect at the time of translation. Gains and losses from translation of foreign currency transactions into U.S. dollars are included in current results of operations. Financial instruments The Company's financial instruments consist of cash and cash equivalents, trading securities, receivables, accounts payable and accrued liabilities. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these financial instruments approximate their carrying values unless otherwise noted. Cash in Canada is primarily held in financial institutions. Balances on hand may exceed insured maximums. Cash in Ghana is held in banks with a strong international presence. Ghana does not insure bank balances. Fair value of financial assets and liabilities Our financial assets and liabilities that are measured at fair value on a recurring basis include cash equivalents, marketable securities, derivative contracts, and marketable debt securities. Our financial assets measured at fair value on a nonrecurring basis include non-marketable equity securities, which are adjusted to fair value when observable price changes are identified or when the non-marketable equity securities are impaired (referred to as the measurement alternative). Other financial assets and liabilities are carried at cost with fair value disclosed, if required. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings. Level 3 - Unobservable inputs that are supported by little or no market activities. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Cash, Cash Equivalents, and Marketable Securities We invest all excess cash primarily in time deposits, money market funds, corporate debt securities, equities, limited partnerships, and rights and warrants. We classify all marketable debt securities that have stated maturities of three months or less from the date of purchase as cash equivalents and those with stated maturities of greater than three months as marketable securities on our Consolidated Balance Sheets. We determine the appropriate classification of our investments in marketable debt securities at the time of purchase and reevaluate such designation at each balance sheet date. We have classified and accounted for our marketable debt securities as trading securities. After consideration of our risk versus reward objectives, as well as our liquidity requirements, we may sell these debt securities prior to their stated maturities. For all of our marketable debt securities we have elected the fair value option, for which changes in fair value are recorded in . We determine any realized gains or losses on the sale of marketable debt securities on a specific identification method, and we record such gains and losses as a component of other income (expense), net. The following tables summarize our debt securities, at their fair value, by significant investment categories as of December 31, 2021, 2020 and 2019: Level 1 - Cash equivalents December 31, 2021 December 31, 2020 December 31, 2019 Money market funds $ 2,688,758 $ 3,772,568 $ 3,620,109 $ 2,688,758 $ 3,772,568 $ 3,620,109 December 31, 2021 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,675,328 $ 4,675,328 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 3,373,358 2,680,755 692,603 - Total $ 8,345,008 $ 7,652,405 $ 692,603 $ - December 31, 2020 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,451,256 $ 4,451,256 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 2,345,984 2,345,984 - - Total $ 7,093,562 $ 7,093,562 $ - $ - December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 3,981,239 $ 3,981,239 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 887,143 887,143 - - Warrant liability (137,313 ) - - (137,313 ) Total $ 5,027,391 $ 5,164,704 $ - $ (137,313 ) The fair values of cash and cash equivalents and marketable securities are determined through market, observable and corroborated sources. The fair value of the warrant liability was determined through the Black Scholes valuation model. Debt Securities We classify our marketable debt securities, which are accounted for as trading securities, within Level 1 or 2 in the fair value hierarchy because we use quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value. Investment in trading securities The following discusses our marketable equity securities, non-marketable equity securities, gains and losses on marketable and non-marketable equity securities, as well as our equity securities accounted for under the equity method. Our marketable equity securities are publicly traded stocks or funds measured at fair value and classified within Level 1 and 2 in the fair value hierarchy because we use quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets. Our non-marketable equity securities are investments in privately held companies without readily determinable market values. The carrying value of our non-marketable equity securities is adjusted to fair value for observable transactions for identical or similar investments of the same issuer or impairment (referred to as the measurement alternative). Non-marketable equity securities that have been remeasured during the period based on observable transactions are classified within Level 2 or Level 3 in the fair value hierarchy because we estimate the value based on valuation methods which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, rights, and obligations of the securities we hold. Concentration of credit risk The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. As of December 31, 2021, the Company held $4,578,256 (December 31, 2020 - $4,305,287, December 31, 2019 - $3,646,758) in low-risk cash and money market funds which are not federally insured. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. The Company has contracted to sell all its recovered gold through a licensed exporter in Ghana. The Company uses one smelter to process its raw gold. Ownership of the gold is transferred to the smelting company at the mine site. Segregated information The Company has exploration assets in Ghana. The remainder of the Company's assets are divided between corporate and Ghana. Related parties The Company follows the ASC 850-10, Related Party for the identification of related parties and disclosure of related party transactions. Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825-10-15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. Commitments and contingencies The Company follows the ASC 450-20, Commitments to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company's financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company's business, financial position, and results of operations or cash flows. Recent accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The adoption of this standard did not have a material impact on its financial position, results of operations or cash flows. In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contract's in an Entity's Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU simplifies the diluted net income per share calculation in certain areas. The ASU is effective for annual and interim periods beginning after December 31, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company does not expect the adoption of this standard to have a material impact on its consolidated statements of financial position, results of operations, or cash flows. |
INVESTMENTS IN TRADING SECURITI
INVESTMENTS IN TRADING SECURITIES | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS IN TRADING SECURITIES [Text Block] | 4. INVESTMENTS IN TRADING SECURITIES At December 31, 2021, the Company held investments classified as trading securities, which consisted of various equity securities. All trading securities are carried at fair value. Private company investments are valued using Level 3 methods. Private company investments are initially valued at the cost of the investment. If a subsequent investment in the same security is made at a different price, the entire investment is valued at the new price and any gain or loss is recognized in other income, net. All other marketable securities are publicly traded and valued using Level 1 methods. As of December 31, 2021, the fair value of trading securities was $3,373,358 (December 31, 2020 - $2,345,984, December 31, 2019 - $887,143). December 31, 2021 December 31, 2020 December 31, 2019 Investments in trading securities at cost $ 3,268,618 $ 1,977,477 $ 923,009 Unrealized gains (losses) 104,740 368,507 (35,866 ) Investments in trading securities at fair market value $ 3,373,358 $ 2,345,984 $ 887,143 The fair value carrying value of investments by category is as follows: December 31, 2021 December 31, 2020 December 31, 2019 Level 1 $ 2,680,755 $ 1,866,989 $ 656,053 Level 2 692,603 101,437 - Level 3 - 377,558 231,090 Total investments $ 3,373,358 $ 2,345,984 $ 887,143 The gains and losses on investments by category is as follows: December 31, 2021 December 31, 2020 December 31, 2019 Marketable Equity Securities - Level 1 Publicly traded investments - realized gain (loss) $ 559,850 $ 931,440 $ 1,481,192 Publicly traded investments - unrealized gain (loss) 235,916 385,076 2,552 Non-Marketable Debt Securities - Level 2 Private bonds - unrealized gain (loss) 11,720 937 - Private investments - unrealized gain (loss) (92,963 ) - - Non-Marketable Equity Securities - Level 3 Private investments - realized gain (loss) - - (8,499 ) Private investments - impairment (211,018 ) - - Private investments - unrealized gain (loss) - 29,246 10,110 Total investments $ 503,505 $ 1,346,699 $ 1,485,100 |
EQUIPMENT
EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
EQUIPMENT [Text Block] | 5. EQUIPMENT December 31, 2021 Cost Accumulated Net Book Exploration equipment $ 2,067,077 $ 1,682,822 $ 384,255 Vehicles 718,505 502,633 215,872 $ 2,785,582 $ 2,185,455 $ 600,127 The Company expensed $173,667 for amortization in 2021. December 31, 2020 Cost Accumulated Net Book Exploration equipment $ 2,034,869 $ 1,591,813 $ 443,056 Vehicles 547,294 419,975 127,319 $ 2,582,163 $ 2,011,788 $ 570,375 The Company expensed $154,939 for amortization in 2020. December 31, 2019 Cost Accumulated Net Book Exploration equipment $ 1,805,789 $ 1,472,127 $ 333,662 Vehicles 456,784 384,722 72,062 $ 2,262,573 $ 1,856,849 $ 405,724 The Company expensed $142,323 for amortization in 2019. |
MINERAL PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Dec. 31, 2021 | |
Mineral Industries Disclosures [Abstract] | |
MINERAL PROPERTIES [Text Block] | 6. MINERAL PROPERTIES December 31, December 31, December 31, Acquisition costs $ 1,607,729 $ 1,607,729 $ 1,607,729 Asset retirement obligation (Note 7) 8,133 8,133 8,133 Option payments received (881,440 ) (881,440 ) (881,440 ) Total $ 734,422 $ 734,422 $ 734,422 The Projects were purchased as a group in 2003, and the purchase price was not allocated between the properties and camp facilities. Kibi, Kwabeng and Pameng Projects The Company holds the mineral rights over the lease area for Kibi , Kwabeng, and Pameng Projects, all of which are located in Ghana. All three mining leases grant the Company the right to produce gold. The Kwabeng and Pameng mining leases expired on July 26, 2019. All required documentation to extend the lease for our Kibi Project (formerly known as the Apapam Project) for 15 years from December 17, 2015 has been submitted to the Ghana Minerals Commission. No additional information was requested or submitted in the year ended December 31, 2021. As of these extensions generally take years for the regulatory review to be completed, and the Company is not yet in receipt of the renewal extension approval. However, until the Company receives the renewal extension approval, the old lease remains in force under the mineral laws. The renewal extension is in accordance with the terms of application and payment of fees to the Minerals Commission. The Company has applied to Minerals Commission for a renewal extension for the Kwabeng and Pameng mining leases and has submitted all the required documentation to renew and extend these leases for a further 15 years. All gold production will be subject to a production royalty of the net smelter returns ("NSR") payable to the Government of Ghana. Banso and Muoso Projects During the year ended December 31, 2010, the Company made an application to Mincom to convert a single prospecting license ("PL") securing its interest in the Banso and Muoso Projects located in Ghana to a mining lease covering the lease area of each of these Projects. This application was approved by Mincom who subsequently made recommendation to the Minister of Lands, Forestry and Mines to grant an individual mining lease for each Project. On January 6, 2011, the Government of Ghana granted two mining leases for these Projects. These mining leases grant the Company mining rights to produce gold in the respective lease areas until January 5, 2025 with respect to the Banso Project and until January 5, 2024 with respect to the Muoso Project. These mining leases supersede the PL previously granted to the Company. Among other things, both mining leases require that the Company: i) ii) iii) iv) Mining Lease and Prospecting License Commitments The Company is committed to expend, from time to time fees payable (a) to the Minerals Commission for: (i) (ii) (iii) (b) to the Environmental Protection Agency ("EPA") (of Ghana) for: i) ii) iii) (c) for a legal obligation associated with our mineral properties for clean up costs when work programs are completed. |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation [Abstract] | |
ASSET RETIREMENT OBLIGATION [Text Block] | 7. ASSET RETIREMENT OBLIGATION December 31, December 31, 2020 December 31, 2019 Balance, beginning of year $ 140,397 $ 158,914 $ 188,228 Change in obligation (47,054 ) (18,517 ) (29,314 ) Accretion expense - - - Balance, end of year $ 93,343 $ 140,397 $ 158,914 The Company has a legal obligation associated with its mineral properties for clean up costs when work programs are completed. Most of the cash will be spent to return the grade of disturbed land to its original state and to plant vegetation. The rehabilitation obligation is estimated at $93,343 (2020 - $140,397, 2019 - $158,914). During 2021, 2020 and 2019, the obligation was estimated based on actual reclamation cost experience on an average per acre basis and the remaining acres to be reclaimed. It is expected that this obligation will be funded from general Company resources at the time the costs are incurred. The Company has been required by the Ghanaian government to post a bond of US$296,322 which has been recorded in restricted cash. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2021 | |
Inventory, Net [Abstract] | |
INVENTORIES [Text Block] | 8. INVENTORIES Inventories consisted of the following: December 31, 2021 December 31, 2020 December 31, 2019 Raw materials $ 975,270 $ 841,978 $ 393,034 Inventory consists of raw gold awaiting transport to the smelter. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL STOCK [Text Block] | 9. CAPITAL STOCK Authorized stock The Company's authorized shares are 250,000,000 common shares with a par value of $0.001 per share. Issuances of shares During the year ended December 31, 2021, the Company issued 255,000 shares at prices between CAD$0.23 and CAD$0.65 per share for proceeds of CAD$118,750 ($94,929) on exercise of stock options. During the year ended December 31, 2020, the Company issued 885,000 shares at CAD$0.50 per share for proceeds of CAD$442,500 ($334,132) on exercise of warrants and issued 346,500 shares at prices between CAD$0.15 and CAD$0.50 per share for proceeds of CAD$94,575 ($71,912) on exercise of stock options. The Company did not issue shares during the year ended December 31, 2019. Cancellation of shares During the year ended December 31, 2021, a total of 379,300 shares were re-purchased for $315,235 and were cancelled. A further total of 5,200 common shares were re-purchased in 2020 for $4,857 were cancelled in 2021. A total of 17,600 common shares were re-purchased in 2021 for $13,294 and held in treasury. These 17,600 shares were cancelled in January 2022. During the year ended December 31, 2020, a total of 233,600 shares were re-purchased for $116,954 and were cancelled. A further total of 25,000 common shares were re-purchased in 2019 for $9,430 were cancelled in 2020. A total of 5,200 common shares were re-purchased in 2020 for $4,857 and held in treasury. These 5,200 shares were cancelled in January 2021. During the year ended December 31, 2019, a total of 401,800 common shares were re-purchased for $124,145 and cancelled. A total of 25,000 common shares were re-purchased for $9,430 and held in treasury. These 25,000 shares were cancelled in January 2020. Stock options At June 30, 2011, the Company adopted a new 10% rolling stock option plan (the "2011 Plan") and cancelled the 2005 equity compensation plan. Pursuant to the 2011 Plan, the Company is entitled to grant options and reserve for issuance up to 10% of the shares issued and outstanding at the time of grant. The terms and conditions of any options granted, including the number and type of options, the exercise period, the exercise price and vesting provisions, are determined by the Compensation Committee which makes recommendations to the board of directors for their approval. The maximum term of options granted cannot exceed 10 years. The TSX's rules relating to security-based compensation arrangements require that every three years after the institution of a security-based compensation arrangement which does not have a fixed maximum aggregate of securities issuable, all unallocated options must be approved by a majority of the Company's directors and by the Company's shareholders. The Board approved all unallocated options under the Option Plan on March 26, 2020 which was approved by the Company's shareholders at the annual and special meeting held on June 25, 2020. At December 31, 2021, the following stock options were outstanding: Number of Options Exercise Price Expiry Date 120,000 CDN$0.59 May 31, 2022 125,000 CDN$0.27 July 1, 2022 382,000 CDN$0.15 December 31, 2022 54,000 CDN$0.60 June 1, 2025 250,000 CDN$0.20 October 8, 2025 360,000 CDN$1.23 October 23, 2025 400,000 CDN$0.40 May 5, 2026 690,000 CDN$0.30 July 1, 2026 Stock option transactions and the number of stock options outstanding are summarized as follows: December 31, 2021 December 31, 2020 December 31, 2019 Number of Options Weighted Exercise Price Number of Options Weighted Exercise Price Number of Options Weighted Exercise Price Outstanding, beginning of year 2,636,000 $ 0.35 2,615,000 $ 0.23 2,615,000 $ 0.23 Granted - - 534,000 0.80 - - Exercised (255,000 ) 0.38 (346,500 ) 0.21 - - Cancelled/Expired - - (166,500 ) 0.31 - - Outstanding, end of year 2,381,000 $ 0.32 2,636,000 $ 0.35 2,615,000 $ 0.23 Exercisable, end of year 2,381,000 $ 0.32 2,636,000 $ 0.35 2,615,500 $ 0.23 The aggregate intrinsic value for options vested and for total options as of December 31, 2021 is approximately $1,096,069 (December 31, 2020 - $1,666,776, December 31, 2019 - $688,753). The weighted average contractual term of stock options outstanding and exercisable as at December 31, 2021 is 1.92 years (December 31, 2020 - 3.3 years, December 31, 2019 - 4.1 years). The fair value of stock options granted, vested, and modified during the year ended December 31, 2021 was $2,504, (December 31, 2020 - $196,115, December 31, 2019 was $10,642) which has been included in general and administrative expense. The following assumptions were used for the Black-Scholes valuation of stock options issued during the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 Risk-free interest rate - 1.75% 1.75% Expected life - 1.8 to 2.6 years 1.8 to 2.6 years Annualized volatility - 73% 73% Dividend rate - - - The Company did not issue stock options during the years ended December 31, 2021. During 2020 the Company granted 314,000 options to insiders at a prices between $0.47 (CAD$0.60) and $0.96 (CAD$1.23). A further 100,000 options were granted to non-insiders at between $0.47 (CAD$0.60) and $0.96 (CAD$1.23). Consultants received 120,000 options priced at $0.47 (CAD$0.60). The Company did not issue stock options during the years ended December 31, 2019. Warrants At December 31, 2021 and 2020, there were no warrants outstanding. Warrant transactions and the number of warrants outstanding are summarized as follows: 2021 2020 2019 Balance, beginning of period - 1,250,000 CAD$0.50 1,250,000 CAD$0.50 Issued - - - - Exercised - (885,000) - Expired - (365,000) - Balance, end of period - - - 1,250,000 CAD$0.50 Under US GAAP when the strike price of the warrants is denominated in a currency other than an entity's functional currency, the warrants would not be considered indexed to the entity's own stock, and would consequently be considered to be a derivative liability. The common share purchase warrants described above are denominated in CAD dollars and the Company's functional currency is the US dollar. As a result, the Company determined that these warrants are not considered indexed to the Company's own stock and characterized the fair value of these warrants as derivative liabilities upon issuance. The derivative will be subsequently marked to market through income. The Company determined that the fair value of the warrant liability using the Black-Scholes Options Pricing Model at May 25, 2016 to be $70,712. In August 2017, the Company extended the term of the non-broker warrants until August 25, 2018 and decreased the strike price of the warrants to CAD$0.50. The Company determined that the warrant extension created a fair value of the warrant liability using the Black-Scholes Options Pricing Model at August 25, 2017 of $17,112. The Company recorded the full value of the derivative as a liability at issuance and recognized the amount as financing expense in the consolidated statement of operations. In August 2017, a further charge was recognized when the non-broker warrants were extended and the strike price was changed. At December 31, 2021, 2020, and 2019, the fair value adjustment was recognized in the consolidated statement of operations. The fair value of the warrants estimated at December 31, 2021 using the Black-Scholes Options Pricing Model was $Nil (December 31, 2020 - $Nil, December 31, 2019 - $137,313). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS [Text Block] | 10. RELATED PARTY TRANSACTIONS During the years ended December 31, 2021, 2020 and 2019, the Company entered into the following transactions with related parties: December 31, December 31, December 31, Consulting fees paid or accrued to officers or their companies 1,124,304 $ 894,616 $ 701,957 Directors' fees 2,398 2,238 2,257 Stock option grants to officers and directors - 123,837 - Stock option grant price range - CAD$0.60 to CAD $1.23 - Of the total consulting fees noted above, $772,494 (December 31, 2020 - $531,527, December 31, 2019 - $399,365) was incurred by the Company to a private company of which a related party is a 50% shareholder and director. The related party was entitled to receive $386,247 (December 31, 2018 - $265,764, December 31, 2019 - $199,683) of this amount. As at December 31, 2021, a balance of $90,538 is included in accounts payable (December 31, 2020 - a prepaid balance of $12,065, December 31, 2019, $83,592 balance payable,) exists to this related company and $Nil remains payable (December 31, 2020 - $Nil, December 31, 2019 - $3,800) to the related party for expenses earned for work on behalf of the Company. The CEO of the Company made a $50,000 payment on behalf of the Company in 2021. This balance was repaid in 2022. During 2020 the Company granted 314,000 options to insiders at a prices between of $0.47 (CAD$0.60) and $0.96 (CAD$1.23). A total of $123,837 was included in consulting fees related to these options. During 2021 and 2019 the Company did not grant stock options to insiders. |
SUPPLEMENTAL DISCLOSURE WITH RE
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS [Text Block] | 11. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS December 31, 2021 December 31, 2020 December 31, 2019 Cash paid during the period for: Interest $ - $ - $ - Income taxes $ 288,192 $ 94,992 $ - The Company paid $288,192 (December 31, 2020 - $94,992, December 31, 2019 - $Nil) related to income tax in the period and accrued a further $800,000 (December 31, 2020 - $200,000, December 31, 2019 - $ Nil |
DEFERRED INCOME TAXES
DEFERRED INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Income Taxes and Other Assets [Abstract] | |
DEFERRED INCOME TAXES [Text Block] | 12. DEFERRED INCOME TAXES On November 30, 2012, the Company changed its residency address from the USA to the British Virgin Islands("BVI"). The Company has no presence/nexus within the United States of America, nor any of its States and therefore is not required to file Income/Franchise, etc. tax returns in the United States of America, nor any of its States. Therefore, no US Tax provision is required with this filing, based upon Management representations, as described. The Company is not subject to any corporate income tax in the BVI. In Ghana, the Company is subject to a 35% income tax rate. 2021 2020 2019 Pre tax income $ 2,303,646 $ 2,155,241 $ 2,247,957 Tax at the BVI rate 0% - - - Tax in Ghana at 35% 806,761 446,612 442,229 Temporary differences 281,431 (151,620 ) (442,229 ) Income tax $ 1,088,192 $ 294,992 $ - The Company does not have any deferred tax assets or deferred tax liabilities available for use at December 31, 2021. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The major temporary differences that gave rise to the deferred tax assets and liabilities are as follows: net operating losses carryforwards, and tax credits carryforwards. The deferred tax assets were fully used to shelter income tax in 2019. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTED INFORMATION [Text Block] | 13. SEGMENTED INFORMATION The Company has one reportable segment, being the exploration and development of resource properties. Geographic information is as follows: December 31, December 31, December 31, Cash and restricted cash: Canada $ 4,649,019 $ 4,330,650 $ 3,704,205 Ghana 322,631 416,928 573,356 Total cash and restricted cash 4,971,650 4,747,578 4,277,561 Capital assets Canada - - - Ghana 1,334,549 1,304,797 1,140,147 Total capital assets 1,334,549 1,304,797 1,140,147 Total $ 6,306,199 $ 6,052,375 $ 5,417,708 |
CONTINGENCY AND COMMITMENTS
CONTINGENCY AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCY AND COMMITMENTS [Text Block] | 14. CONTINGENCY AND COMMITMENTS a) The Government of Ghana initially required an environmental bond of $385,000 for the Banso permit and $327,000 for the Muoso permit. The Company has submitted a request for a reduction of these fees to the government and is awaiting a response. The Company has been required by the Ghanaian government to post a bond of US$296,322 which has been recorded in restricted cash (see Note 7). b) From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise, in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company's business. The Company is not aware of any such legal proceedings other than below disclosed that will have, individually or in the aggregate, a material adverse effect on its business, financial condition or operating results. The Company is a party to three pending lawsuits. The first lawsuit claims mining activities of the Company are illegal and cause substantial environmental damage to the community. The second lawsuit claims that all leases issued to mining companies in Ghana violate the Ghana Constitution and are therefore illegal. The third lawsuit claims that an XG Mining contracted worker caused bodily harm on another person. The Company will defend itself in each of these lawsuits if required, and believes all cases are completely without merit and frivolous. The Company is subject to additional legal proceedings and claims which arise in the ordinary course of its business. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters should not have a material adverse effect on its financial position, results of operations or liquidity. On July 23, 2019, Minerals Commission issued four invoices totaling $4,654,800 to our Ghanaian subsidiary. These invoices were titled "Outstanding Annual Mineral Right Fees" for four of our concessions (Muoso, Banso, Pameng and Apapam), which Minerals Commission indicated were related to the period from 2013 to 2018, for new annual mineral fees. However, all of our mining leases all have a one-time fixed consideration fee, which was paid when our leases were granted. We responded to Minerals Commission (the "Letters") on September 23, 2019, objecting to the four improper invoices. Our Letters outline the specific violated terms of our leases and various mineral laws. The Minerals Commission has not responded to our Letters. Should Minerals Commission challenge our Letters, our Company could enter dispute resolution arbitration clause under the Mineral Act. We believe the invoices are not legally enforceable under the Mineral Act, and have not included any amount related to these invoices in our accounts. (c) Financial instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. (d) The functional currency of the Company is US$, to date the majority of the revenues and costs are denominated in Ghana and a significant portion of the assets and liabilities are denominated in both Canada and Ghana. As a result, the Company is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between US$and Ghana currency. If Ghana depreciates against US$, the value of Ghana revenues and assets as expressed in US$financial statements will decline. The Company does not hold any derivative or other financial instruments that expose to substantial market risk. (e) The Company's operations are conducted in Ghana. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environment in Ghana, and by the general state of the Ghana economy. The Company's operations in the Ghana are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in Ghana, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. f) We are exposed to fluctuations in commodity prices for gold. Commodity prices are affected by many factors, including but not limited to, supply and demand. g) All required documentation to extend the lease for our Kibi Project (formerly known as the Apapam Project) for 15 years from December 17, 2015 has been submitted to the Ghana Minerals Commission. No additional information was requested or submitted in the year ended December 31, 2021. As of these extensions generally take years for the regulatory review to be completed, and the Company is not yet in receipt of the renewal extension approval. However, until the Company receives the renewal extension approval, the old lease remains in force under the mineral laws. The renewal extension is in accordance with the terms of application and payment of fees to the Minerals Commission. |
SUBSEQUENT EVENT NOTE
SUBSEQUENT EVENT NOTE | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT NOTE [Text Block] | 15. SUBSEQUENT EVENT NOTE Subsequent to December 31, 2021, 17,600 shares which were purchased in December 2021 were cancelled. In January 2022 and February 2022, a total of 84,000 shares were purchased and cancelled. In March 2022, the Company purchased 25,000 shares under the 2022 repurchase plan and these shares will be cancelled in the normal course of business. Subsequent to December 31, 2021, the Company announced that it would proceed with a share repurchase plan in 2022. Under the terms of the plan, which commences on March 16, 2021, the Company will be able to repurchase up to 4,000,000 shares. In March 2022 the Company purchased 27,200 shares under the 2021 repurchase plan, which will be cancelled in the ordinary course of business. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Generally accepted accounting principles [Policy Text Block] | Generally accepted accounting principles These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America ("US GAAP"). |
Principles of consolidation [Policy Text Block] | Principles of consolidation These consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, XG Exploration (from February 16, 2004) and its 90% owned subsidiary, XG Mining (from December 22, 2004). All intercompany accounts and transactions have been eliminated on consolidation. |
Use of estimates [Policy Text Block] | Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties, inputs used in the calculation of stock-based compensation and warrants, inputs used in the calculation of the asset retirement obligation, and the valuation allowance applied to deferred income taxes. Actual results could differ from those estimates, and would impact future results of operations and cash flows. |
Cash and cash equivalents [Policy Text Block] | Cash and cash equivalents The Company considers highly liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2021, 2020 and 2019, cash and cash equivalents consisted of cash held at financial institutions. The Company has been required by the Ghanaian government to post a bond for environmental reclamation. This cash has been recorded as restricted cash, a non-current asset. |
Receivables [Policy Text Block] | Receivables Management has evaluated all receivables and has provided allowances for accounts where it deems collection doubtful. As of December 31, 2021, 2020, and 2019, the Company had not recorded any allowance for doubtful accounts. |
Inventory [Policy Text Block] | Inventory Inventories are initially recognized at cost and subsequently stated at the lower of cost or net realizable value. The Company's inventory consists of raw gold. Costs are determined using the first-in, first-out (" FIFO Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Inventories are written down to net realizable value when the cost of inventories is not estimated to be recoverable due to declining selling prices, or other issues related to the sale of gold. |
Recovery of gold [Policy Text Block] | Recovery of gold Recovery of gold and other income is recognized when title and the risks and rewards of ownership to delivered bullion and commodities pass to the buyer and collection is reasonably assured. |
Trading securities [Policy Text Block] | Trading securities The Company's trading securities are reported at fair value, with realized and unrealized gains and losses included in earnings. |
Non-Controlling Interest [Policy Text Block] | Non-Controlling Interest The consolidated financial statements include the accounts of XG Mining (from December 22, 2004). All intercompany accounts and transactions have been eliminated upon consolidation. The Company records a non-controlling interest which reflects the 10% portion of the earnings (loss) of XG Mining allocable to the holders of the minority interest. |
Equipment [Policy Text Block] | Equipment Equipment is recorded at cost and is being amortized over its estimated useful lives using the declining balance method at the following annual rates: Furniture and equipment 20% Computer equipment 30% Vehicles 30% Mining and exploration equipment 20% |
Mineral properties and exploration and development costs [Policy Text Block] | Mineral properties and exploration and development costs The costs of acquiring mineral rights are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral property is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral properties are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves (which exclude non-recoverable reserves and anticipated processing losses). When the Company receives an option payment related to a property, the proceeds of the payment are applied to reduce the carrying value of the exploration asset. |
Impairment of non-financial assets [Policy Text Block] | Impairment of non-financial assets At the end of each reporting period, the Company reviews the carrying amounts of its non-financial assets with finite lives to determine whether there is any indication that those assets are impaired. Where such an indication exists, the recoverable amount of the asset is estimated. For the purpose of measuring recoverable amounts, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units or "CGUs"). The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use (being the present value of the expected future cash flows of the relevant asset or CGU). An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The Company has assessed the assets of all its operating entities and has determined that no impairment was considered necessary for the Company's non-financial assets as at December 31, 2021, 2020 and 2019. |
Long-lived assets [Policy Text Block] | Long-lived assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. |
Asset retirement obligations [Policy Text Block] | Asset retirement obligations The Company records the estimated rehabilitation value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the long-lived assets. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the changes in the estimated future cash flows underlying the obligation (asset retirement cost). |
Stock-based compensation [Policy Text Block] | Stock-based compensation The Company accounts for stock compensation arrangements under ASC 718 " Compensation - Stock Compensation The Company uses the fair value method for equity instruments granted to non-employees and use the Black-Scholes model for measuring the fair value of options. The stock based fair value compensation is determined as of the date of the grant (measurement date) and is recognized over the vesting periods. |
Warrants [Policy Text Block] | Warrants The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value using the appropriate valuation methodology and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. The warrants are presented as a liability because they do not meet the criteria of Accounting Standard Codification ("ASC") topic 480 for equity classification. Subsequent changes in the fair value of the warrants are recorded in the consolidated statement of operations. |
Share repurchases [Policy Text Block] | Share repurchases The Company accounts for the repurchase of its common shares as an increase in shares in treasury for the market value of the shares at the time of purchase. When the shares are cancelled, the issued and outstanding shares are reduced by the $0.001 par value and the difference is accounted for as a reduction in additional paid in capital. |
Share-based payment transactions [Policy Text Block] | Share-based payment transactions The fair value is measured at grant date and recognized over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the options were granted. At each financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee, including directors of the Company. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of the goods and services received. |
Income taxes [Policy Text Block] | Income taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax asset will not be recognized. |
Income (Loss) per share [Policy Text Block] | Income (Loss) per share Basic income (loss) per common share is computed using the weighted average number of common shares outstanding during the period. To calculate diluted income per share, the Company uses the treasury stock method and if converted |
Foreign exchange [Policy Text Block] | Foreign exchange The Company's functional currency is the U.S. dollar. Any monetary assets and liabilities that are in a currency other than the U.S. dollar are translated at the rate prevailing at year end. Revenue and expenses in a foreign currency are translated at rates that approximate those in effect at the time of translation. Gains and losses from translation of foreign currency transactions into U.S. dollars are included in current results of operations. |
Financial instruments [Policy Text Block] | Financial instruments The Company's financial instruments consist of cash and cash equivalents, trading securities, receivables, accounts payable and accrued liabilities. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these financial instruments approximate their carrying values unless otherwise noted. Cash in Canada is primarily held in financial institutions. Balances on hand may exceed insured maximums. Cash in Ghana is held in banks with a strong international presence. Ghana does not insure bank balances. |
Fair value of financial assets and liabilities [Policy Text Block] | Fair value of financial assets and liabilities Our financial assets and liabilities that are measured at fair value on a recurring basis include cash equivalents, marketable securities, derivative contracts, and marketable debt securities. Our financial assets measured at fair value on a nonrecurring basis include non-marketable equity securities, which are adjusted to fair value when observable price changes are identified or when the non-marketable equity securities are impaired (referred to as the measurement alternative). Other financial assets and liabilities are carried at cost with fair value disclosed, if required. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings. Level 3 - Unobservable inputs that are supported by little or no market activities. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
Cash, Cash Equivalents And Marketable Securities [Policy Text Block] | Cash, Cash Equivalents, and Marketable Securities We invest all excess cash primarily in time deposits, money market funds, corporate debt securities, equities, limited partnerships, and rights and warrants. We classify all marketable debt securities that have stated maturities of three months or less from the date of purchase as cash equivalents and those with stated maturities of greater than three months as marketable securities on our Consolidated Balance Sheets. We determine the appropriate classification of our investments in marketable debt securities at the time of purchase and reevaluate such designation at each balance sheet date. We have classified and accounted for our marketable debt securities as trading securities. After consideration of our risk versus reward objectives, as well as our liquidity requirements, we may sell these debt securities prior to their stated maturities. For all of our marketable debt securities we have elected the fair value option, for which changes in fair value are recorded in . We determine any realized gains or losses on the sale of marketable debt securities on a specific identification method, and we record such gains and losses as a component of other income (expense), net. The following tables summarize our debt securities, at their fair value, by significant investment categories as of December 31, 2021, 2020 and 2019: Level 1 - Cash equivalents December 31, 2021 December 31, 2020 December 31, 2019 Money market funds $ 2,688,758 $ 3,772,568 $ 3,620,109 $ 2,688,758 $ 3,772,568 $ 3,620,109 December 31, 2021 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,675,328 $ 4,675,328 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 3,373,358 2,680,755 692,603 - Total $ 8,345,008 $ 7,652,405 $ 692,603 $ - December 31, 2020 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,451,256 $ 4,451,256 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 2,345,984 2,345,984 - - Total $ 7,093,562 $ 7,093,562 $ - $ - December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 3,981,239 $ 3,981,239 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 887,143 887,143 - - Warrant liability (137,313 ) - - (137,313 ) Total $ 5,027,391 $ 5,164,704 $ - $ (137,313 ) The fair values of cash and cash equivalents and marketable securities are determined through market, observable and corroborated sources. The fair value of the warrant liability was determined through the Black Scholes valuation model. |
Debt Securities [ Policy Text Block] | Debt Securities We classify our marketable debt securities, which are accounted for as trading securities, within Level 1 or 2 in the fair value hierarchy because we use quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value. |
Investment in trading securities [Policy Text Block] | Investment in trading securities The following discusses our marketable equity securities, non-marketable equity securities, gains and losses on marketable and non-marketable equity securities, as well as our equity securities accounted for under the equity method. Our marketable equity securities are publicly traded stocks or funds measured at fair value and classified within Level 1 and 2 in the fair value hierarchy because we use quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets. Our non-marketable equity securities are investments in privately held companies without readily determinable market values. The carrying value of our non-marketable equity securities is adjusted to fair value for observable transactions for identical or similar investments of the same issuer or impairment (referred to as the measurement alternative). Non-marketable equity securities that have been remeasured during the period based on observable transactions are classified within Level 2 or Level 3 in the fair value hierarchy because we estimate the value based on valuation methods which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, rights, and obligations of the securities we hold. |
Concentration of credit risk [Policy Text Block] | Concentration of credit risk The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. As of December 31, 2021, the Company held $4,578,256 (December 31, 2020 - $4,305,287, December 31, 2019 - $3,646,758) in low-risk cash and money market funds which are not federally insured. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. The Company has contracted to sell all its recovered gold through a licensed exporter in Ghana. The Company uses one smelter to process its raw gold. Ownership of the gold is transferred to the smelting company at the mine site. Segregated information The Company has exploration assets in Ghana. The remainder of the Company's assets are divided between corporate and Ghana. Related parties The Company follows the ASC 850-10, Related Party for the identification of related parties and disclosure of related party transactions. Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825-10-15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. Commitments and contingencies The Company follows the ASC 450-20, Commitments to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company's financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company's business, financial position, and results of operations or cash flows. |
Recent accounting pronouncements [Policy Text Block] | Recent accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The adoption of this standard did not have a material impact on its financial position, results of operations or cash flows. In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contract's in an Entity's Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU simplifies the diluted net income per share calculation in certain areas. The ASU is effective for annual and interim periods beginning after December 31, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company does not expect the adoption of this standard to have a material impact on its consolidated statements of financial position, results of operations, or cash flows. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of equipment, declining method annual rates [Table Text Block] | Furniture and equipment 20% Computer equipment 30% Vehicles 30% Mining and exploration equipment 20% |
Schedule of debt securities at fair value [Table Text Block] | Level 1 - Cash equivalents December 31, 2021 December 31, 2020 December 31, 2019 Money market funds $ 2,688,758 $ 3,772,568 $ 3,620,109 $ 2,688,758 $ 3,772,568 $ 3,620,109 |
Schedule of fair value of financial assets and liabilities [Table Text Block] | December 31, 2021 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,675,328 $ 4,675,328 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 3,373,358 2,680,755 692,603 - Total $ 8,345,008 $ 7,652,405 $ 692,603 $ - December 31, 2020 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 4,451,256 $ 4,451,256 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 2,345,984 2,345,984 - - Total $ 7,093,562 $ 7,093,562 $ - $ - December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 3,981,239 $ 3,981,239 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 887,143 887,143 - - Warrant liability (137,313 ) - - (137,313 ) Total $ 5,027,391 $ 5,164,704 $ - $ (137,313 ) |
INVESTMENTS IN TRADING SECURI_2
INVESTMENTS IN TRADING SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments [Table Text Block] | December 31, 2021 December 31, 2020 December 31, 2019 Investments in trading securities at cost $ 3,268,618 $ 1,977,477 $ 923,009 Unrealized gains (losses) 104,740 368,507 (35,866 ) Investments in trading securities at fair market value $ 3,373,358 $ 2,345,984 $ 887,143 |
Schedule of fair value carrying value of investments [Table Text Block] | December 31, 2021 December 31, 2020 December 31, 2019 Level 1 $ 2,680,755 $ 1,866,989 $ 656,053 Level 2 692,603 101,437 - Level 3 - 377,558 231,090 Total investments $ 3,373,358 $ 2,345,984 $ 887,143 |
Schedule of gains and losses on investments [Table Text Block] | December 31, 2021 December 31, 2020 December 31, 2019 Marketable Equity Securities - Level 1 Publicly traded investments - realized gain (loss) $ 559,850 $ 931,440 $ 1,481,192 Publicly traded investments - unrealized gain (loss) 235,916 385,076 2,552 Non-Marketable Debt Securities - Level 2 Private bonds - unrealized gain (loss) 11,720 937 - Private investments - unrealized gain (loss) (92,963 ) - - Non-Marketable Equity Securities - Level 3 Private investments - realized gain (loss) - - (8,499 ) Private investments - impairment (211,018 ) - - Private investments - unrealized gain (loss) - 29,246 10,110 Total investments $ 503,505 $ 1,346,699 $ 1,485,100 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of equipment [Table Text Block] | December 31, 2021 Cost Accumulated Net Book Exploration equipment $ 2,067,077 $ 1,682,822 $ 384,255 Vehicles 718,505 502,633 215,872 $ 2,785,582 $ 2,185,455 $ 600,127 December 31, 2020 Cost Accumulated Net Book Exploration equipment $ 2,034,869 $ 1,591,813 $ 443,056 Vehicles 547,294 419,975 127,319 $ 2,582,163 $ 2,011,788 $ 570,375 December 31, 2019 Cost Accumulated Net Book Exploration equipment $ 1,805,789 $ 1,472,127 $ 333,662 Vehicles 456,784 384,722 72,062 $ 2,262,573 $ 1,856,849 $ 405,724 |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Mineral Industries Disclosures [Abstract] | |
Schedule of mineral properties acquired [Table Text Block] | December 31, December 31, December 31, Acquisition costs $ 1,607,729 $ 1,607,729 $ 1,607,729 Asset retirement obligation (Note 7) 8,133 8,133 8,133 Option payments received (881,440 ) (881,440 ) (881,440 ) Total $ 734,422 $ 734,422 $ 734,422 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation [Abstract] | |
Schedule of asset retirement obligations [Table Text Block] | December 31, December 31, 2020 December 31, 2019 Balance, beginning of year $ 140,397 $ 158,914 $ 188,228 Change in obligation (47,054 ) (18,517 ) (29,314 ) Accretion expense - - - Balance, end of year $ 93,343 $ 140,397 $ 158,914 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory, Net [Abstract] | |
Schedule of inventories [Table Text Block] | December 31, 2021 December 31, 2020 December 31, 2019 Raw materials $ 975,270 $ 841,978 $ 393,034 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock options outstanding [Table Text Block] | Number of Options Exercise Price Expiry Date 120,000 CDN$0.59 May 31, 2022 125,000 CDN$0.27 July 1, 2022 382,000 CDN$0.15 December 31, 2022 54,000 CDN$0.60 June 1, 2025 250,000 CDN$0.20 October 8, 2025 360,000 CDN$1.23 October 23, 2025 400,000 CDN$0.40 May 5, 2026 690,000 CDN$0.30 July 1, 2026 |
Share-based payment arrangement, option, activity [Table Text Block] | December 31, 2021 December 31, 2020 December 31, 2019 Number of Options Weighted Exercise Price Number of Options Weighted Exercise Price Number of Options Weighted Exercise Price Outstanding, beginning of year 2,636,000 $ 0.35 2,615,000 $ 0.23 2,615,000 $ 0.23 Granted - - 534,000 0.80 - - Exercised (255,000 ) 0.38 (346,500 ) 0.21 - - Cancelled/Expired - - (166,500 ) 0.31 - - Outstanding, end of year 2,381,000 $ 0.32 2,636,000 $ 0.35 2,615,000 $ 0.23 Exercisable, end of year 2,381,000 $ 0.32 2,636,000 $ 0.35 2,615,500 $ 0.23 |
Schedule of share-based compensation, stock options black-scholes valuation assumptions [Table Text Block] | 2021 2020 2019 Risk-free interest rate - 1.75% 1.75% Expected life - 1.8 to 2.6 years 1.8 to 2.6 years Annualized volatility - 73% 73% Dividend rate - - - |
Schedule of stockholders' equity note, warrants or rights, activity [Table Text Block] | 2021 2020 2019 Balance, beginning of period - 1,250,000 CAD$0.50 1,250,000 CAD$0.50 Issued - - - - Exercised - (885,000) - Expired - (365,000) - Balance, end of period - - - 1,250,000 CAD$0.50 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions [Table Text Block] | December 31, December 31, December 31, Consulting fees paid or accrued to officers or their companies 1,124,304 $ 894,616 $ 701,957 Directors' fees 2,398 2,238 2,257 Stock option grants to officers and directors - 123,837 - Stock option grant price range - CAD$0.60 to CAD $1.23 - |
SUPPLEMENTAL DISCLOSURE WITH _2
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of cash flow, supplemental disclosures [Table Text Block] | December 31, 2021 December 31, 2020 December 31, 2019 Cash paid during the period for: Interest $ - $ - $ - Income taxes $ 288,192 $ 94,992 $ - |
DEFERRED INCOME TAXES (Tables)
DEFERRED INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Income Taxes and Other Assets [Abstract] | |
Schedule of components of income tax expense (benefit) [Table Text Block] | 2021 2020 2019 Pre tax income $ 2,303,646 $ 2,155,241 $ 2,247,957 Tax at the BVI rate 0% - - - Tax in Ghana at 35% 806,761 446,612 442,229 Temporary differences 281,431 (151,620 ) (442,229 ) Income tax $ 1,088,192 $ 294,992 $ - |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segmented information [Table Text Block] | December 31, December 31, December 31, Cash and restricted cash: Canada $ 4,649,019 $ 4,330,650 $ 3,704,205 Ghana 322,631 416,928 573,356 Total cash and restricted cash 4,971,650 4,747,578 4,277,561 Capital assets Canada - - - Ghana 1,334,549 1,304,797 1,140,147 Total capital assets 1,334,549 1,304,797 1,140,147 Total $ 6,306,199 $ 6,052,375 $ 5,417,708 |
HISTORY AND ORGANIZATION OF T_2
HISTORY AND ORGANIZATION OF THE COMPANY (Narrative) (Details) | Dec. 31, 2004 |
Canadiana Gold Resources Limited [Member] | |
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Equity method investment, ownership percentage | 100.00% |
Goldenrae Mining Company Limited [Member] | |
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Equity method investment, ownership percentage | 90.00% |
Noncontrolling interest, ownership percentage by noncontrolling owners | 10.00% |
CONTINUANCE OF OPERATIONS - G_2
CONTINUANCE OF OPERATIONS - GOING CONCERN (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Continuance Of Operations[Abstract] | |||
Net income (loss) attributable to Xtra-Gold Resources Corp. | $ 835,976 | $ 1,860,249 | $ 2,247,957 |
Deficit accumulated | $ 21,977,165 | $ 22,813,141 | $ 24,673,390 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | ||||
Class of warrant or right, outstanding | 0 | 0 | 1,250,000 | 1,250,000 |
Share-based compensation arrangement by share-based payment award, options, outstanding, number | 2,381,000 | 2,636,000 | 2,615,000 | 2,615,000 |
Diluted weighted average number of common shares outstanding | 48,925,574 | 49,033,887 | 49,589,430 | |
Basic weighted average number of common shares outstanding | 46,779,574 | 46,645,387 | 46,095,232 | |
Cash, uninsured Amount | $ 4,578,256 | $ 4,305,287 | $ 3,646,758 | |
Reductionin common stock par or stated value per share | $ 0.001 | |||
XG Mining [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Equity method investment, ownership percentage | 90.00% | |||
Noncontrolling interest, ownership percentage by noncontrolling owners | 10.00% |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Equipment, Declining Method Annual Rates (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Furniture and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Equipment, amortization rate | 20.00% |
Computer equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Equipment, amortization rate | 30.00% |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Equipment, amortization rate | 30.00% |
Mining and exploration equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Equipment, amortization rate | 20.00% |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Debt Securities at Fair Value by Significant Investment Categories (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | |||
Money market funds | $ 2,688,758 | $ 3,772,568 | $ 3,620,109 |
Debt securities at fair value | $ 2,688,758 | $ 3,772,568 | $ 3,620,109 |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Fair Value of Financial Assets And Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 25, 2017 | May 25, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | $ 4,675,328 | $ 4,451,256 | $ 3,981,239 | $ 2,564,125 | ||
Restricted cash | 296,322 | 296,322 | 296,322 | $ 296,322 | ||
Marketable securities | 3,373,358 | 2,345,984 | 887,143 | |||
Warrant liability | 0 | 0 | (137,313) | $ (17,112) | $ (70,712) | |
Fair value of financial assets and liabilities | 8,345,008 | 7,093,562 | 5,027,391 | |||
Quoted Prices in Active Markets (Level 1) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 4,675,328 | 4,451,256 | 3,981,239 | |||
Restricted cash | 296,322 | 296,322 | 296,322 | |||
Marketable securities | 2,680,755 | 2,345,984 | 887,143 | |||
Warrant liability | 0 | |||||
Fair value of financial assets and liabilities | 7,652,405 | 7,093,562 | 5,164,704 | |||
Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | 0 | |||
Restricted cash | 0 | 0 | 0 | |||
Marketable securities | 692,603 | 0 | 0 | |||
Warrant liability | 0 | |||||
Fair value of financial assets and liabilities | 692,603 | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | 0 | |||
Restricted cash | 0 | 0 | 0 | |||
Marketable securities | 0 | 0 | 0 | |||
Warrant liability | (137,313) | |||||
Fair value of financial assets and liabilities | $ 0 | $ 0 | $ (137,313) |
INVESTMENTS IN TRADING SECURI_3
INVESTMENTS IN TRADING SECURITIES (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | |||
Trading Securities | $ 3,373,358 | $ 2,345,984 | $ 887,143 |
INVESTMENTS IN TRADING SECURI_4
INVESTMENTS IN TRADING SECURITIES - Schedule of Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Investments in trading securities at cost | $ 3,268,618 | $ 1,977,477 | $ 923,009 |
Unrealized losses | 104,740 | 368,507 | (35,866) |
Investments in trading securities at fair market value | $ 3,373,358 | $ 2,345,984 | $ 887,143 |
INVESTMENTS IN TRADING SECURI_5
INVESTMENTS IN TRADING SECURITIES - Schedule of Fair Value Carrying Value of Investments (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | |||
Total investments | $ 3,373,358 | $ 2,345,984 | $ 887,143 |
Marketable Equity Securities - Level 1 [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 2,680,755 | 1,866,989 | 656,053 |
Marketable Debt Securities - Level 2 [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 692,603 | 101,437 | 0 |
Non-Marketable Equity Securities - Level 3 [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | $ 0 | $ 377,558 | $ 231,090 |
INVESTMENTS IN TRADING SECURI_6
INVESTMENTS IN TRADING SECURITIES - Schedule of Gains and Losses on Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||
Unrealized gains and losses on investments | $ 104,740 | $ 368,507 | $ (35,866) |
Total investments | 503,505 | 1,346,699 | 1,485,100 |
Marketable Equity Securities - Level 1 [Member] | Publicly traded investments [Member] | |||
Schedule of Investments [Line Items] | |||
Realized gains and losses on investments | 559,850 | 931,440 | 1,481,192 |
Unrealized gains and losses on investments | 235,916 | 385,076 | 2,552 |
Non-Marketable Debt Securities - Level 2 [Member] | Private bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 11,720 | 937 | 0 |
Non-Marketable Debt Securities - Level 2 [Member] | Private investments [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | (92,963) | 0 | 0 |
Non-Marketable Equity Securities - Level 3 [Member] | Private investments [Member] | |||
Schedule of Investments [Line Items] | |||
Realized gains and losses on investments | 0 | 0 | (8,499) |
Impairment | (211,018) | 0 | 0 |
Unrealized gains and losses on investments | $ 0 | $ 29,246 | $ 10,110 |
EQUIPMENT (Narrative) (Details)
EQUIPMENT (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Amortization | $ 173,667 | $ 154,939 | $ 142,323 |
EQUIPMENT - Schedule of Equipme
EQUIPMENT - Schedule of Equipment (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Cost | $ 2,785,582 | $ 2,582,163 | $ 2,262,573 |
Accumulated Amortization | 2,185,455 | 2,011,788 | 1,856,849 |
Net Book Value | 600,127 | 570,375 | 405,724 |
Exploration equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 2,067,077 | 2,034,869 | 1,805,789 |
Accumulated Amortization | 1,682,822 | 1,591,813 | 1,472,127 |
Net Book Value | 384,255 | 443,056 | 333,662 |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 718,505 | 547,294 | 456,784 |
Accumulated Amortization | 502,633 | 419,975 | 384,722 |
Net Book Value | $ 215,872 | $ 127,319 | $ 72,062 |
MINERAL PROPERTIES (Narrative)
MINERAL PROPERTIES (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2010GHS (GH₵) | Dec. 31, 2010USD ($) | |
Mineral Properties [Line Items] | |||
Terms of mining leases | i) pay the Government of Ghana a fee of $30,000 in consideration of granting of each lease (paid in the March 2011 quarter); ii) pay annual ground rent of GH¢189,146 (approximately USD$35,688) for the Banso Project and GH¢202,378 (approximately USD$38,185) for the Muoso Project; iii) commence commercial production of gold within two years from the date of the mining leases; and iv) pay a production royalty to the Government of Ghana. The Company has filed for the necessary permits to commence work on the project. The permits were approved and work has commenced on the properties. | ||
Mining lease and prospecting license commitments | The Company is committed to expend, from time to time fees payable (a) to the Minerals Commission for: (i) a grant or renewal of an expiry date of a prospecting license (currently an annual fee maximum of $70.00 per cadastral unit/or 21.24 hectare); Â (ii) a grant or renewal of a mining lease (currently an annual fee maximum of $1,000.00 per cadastral units/or 21.24 hectare); and (iii) annual operating permits; (b) to the Environmental Protection Agency ("EPA") (of Ghana) for: i) processing and certificate fees with respect to EPA permits; ii) the issuance of permits before the commencement of any work at a particular concession; or iii) the posting of a bond in connection with any mining operations undertaken by the Company; (c) for a legal obligation associated with our mineral properties for clean up costs when work programs are completed. | ||
Extension of prospecting license per cadastral unit/or 21.24 hectare | $ 70 | ||
Grant of a mining lease per cadastral unit/or 21.24 hectare | $ 1,000 | ||
Banso and Muoso projects [Member] | |||
Mineral Properties [Line Items] | |||
Payments to acquire lease | $ 30,000 | ||
Banso projects [Member] | |||
Mineral Properties [Line Items] | |||
Annual ground rent of mining | GH₵ 189,146 | 35,688 | |
Muoso projects [Member] | |||
Mineral Properties [Line Items] | |||
Annual ground rent of mining | GH₵ 202,378 | $ 38,185 |
MINERAL PROPERTIES - Schedule o
MINERAL PROPERTIES - Schedule of Mineral Properties Acquired (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Mineral Industries Disclosures [Abstract] | |||
Acquisition costs | $ 1,607,729 | $ 1,607,729 | $ 1,607,729 |
Asset retirement obligation | 8,133 | 8,133 | 8,133 |
Option payments received | (881,440) | (881,440) | (881,440) |
Total | $ 734,422 | $ 734,422 | $ 734,422 |
ASSET RETIREMENT OBLIGATION (Na
ASSET RETIREMENT OBLIGATION (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Asset Retirement Obligation [Abstract] | ||||
Asset retirement obligation | $ 93,343 | $ 140,397 | $ 158,914 | $ 188,228 |
Restricted cash | $ 296,322 | $ 296,322 | $ 296,322 | $ 296,322 |
ASSET RETIREMENT OBLIGATION - S
ASSET RETIREMENT OBLIGATION - Schedule of Asset Retirement Obligations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation [Abstract] | |||
Asset retirement obligation, beginning of year | $ 140,397 | $ 158,914 | $ 188,228 |
Change in obligation | (47,054) | (18,517) | (29,314) |
Accretion expense | 0 | 0 | 0 |
Asset retirement obligation, end of year | $ 93,343 | $ 140,397 | $ 158,914 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventories (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory, Net [Abstract] | |||
Raw materials | $ 975,270 | $ 841,978 | $ 393,034 |
CAPITAL STOCK (Narrative) (Deta
CAPITAL STOCK (Narrative) (Details) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2022shares | Jan. 31, 2021shares | Jan. 31, 2020shares | Jul. 30, 2011 | Feb. 28, 2022shares | Dec. 31, 2021CAD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CAD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Aug. 25, 2017$ / shares | Aug. 25, 2017USD ($) | May 25, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 | ||||||||||
Common Stock, Par Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Number of common stock shares issued for exercise of warrants | 885,000 | 885,000 | |||||||||||
Exercise price of warrants | $ / shares | $ 0.50 | ||||||||||||
Proceeds from exercise of warrants | $ 442,500 | $ 334,132 | |||||||||||
Number of stock options exercised | 255,000 | 255,000 | 346,500 | 346,500 | 0 | ||||||||
Exercise price of stock option | $ / shares | $ 0.38 | $ 0.21 | $ 0 | ||||||||||
Proceeds from exercise of options | $ 118,750 | $ 94,929 | $ 94,575 | $ 71,912 | |||||||||
Stock Repurchased and Retired During Period | $ | 320,235 | 116,995 | $ 124,145 | ||||||||||
Treasury shares cancelled | 5,200 | ||||||||||||
Stock option plan, rolling percentage | 10.00% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 1,096,069 | $ 1,666,776 | $ 688,753 | ||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 11 months 1 day | 1 year 11 months 1 day | 3 years 3 months 18 days | 3 years 3 months 18 days | 4 years 1 month 6 days | ||||||||
Stock-based compensation | $ | $ 2,504 | $ 196,115 | $ 10,642 | ||||||||||
Number of Options, Granted | 0 | 0 | 534,000 | 534,000 | 0 | ||||||||
Weighted Average Exercise Price, Granted | $ / shares | $ 0 | $ 0.80 | $ 0 | ||||||||||
Fair value of warrant liability | $ | $ 0 | $ 0 | $ 137,313 | $ 17,112 | $ 70,712 | ||||||||
Strike price of warrants | $ / shares | $ 0.50 | ||||||||||||
Minimum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Exercise price of stock option | $ / shares | $ 0.23 | $ 0.15 | |||||||||||
Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Exercise price of stock option | $ / shares | $ 0.65 | $ 0.50 | |||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 10 years | ||||||||||||
First Repurchase [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock Repurchased and Retired During Period, Shares | 379,300 | 379,300 | 233,600 | 233,600 | 401,800 | ||||||||
Stock Repurchased and Retired During Period | $ | $ 315,235 | $ 116,954 | $ 124,145 | ||||||||||
Second Repurchase [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock Repurchased and Retired During Period | $ | $ 4,857 | $ 9,430 | |||||||||||
Common shares re-purchased which were held in treasury | 5,200 | 5,200 | 25,000 | 25,000 | 25,000 | ||||||||
Treasury Stock, Common, Value | $ | $ 4,857 | $ 9,430 | |||||||||||
Treasury shares cancelled | 25,000 | ||||||||||||
Third Repurchase [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock Repurchased and Retired During Period, Shares | 17,600 | 17,600 | 5,200 | 5,200 | |||||||||
Treasury Stock, Common, Value | $ | $ 13,294 | ||||||||||||
Options granted to insiders [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of Options, Granted | 314,000 | 314,000 | |||||||||||
Options granted to insiders [Member] | Minimum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Weighted Average Exercise Price, Granted | (per share) | $ 0.60 | $ 0.47 | |||||||||||
Options granted to insiders [Member] | Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Weighted Average Exercise Price, Granted | (per share) | $ 1.23 | $ 0.96 | |||||||||||
Options granted to non-insiders [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of Options, Granted | 100,000 | 100,000 | |||||||||||
Options granted to non-insiders [Member] | Minimum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Weighted Average Exercise Price, Granted | (per share) | $ 0.60 | $ 0.47 | |||||||||||
Options granted to non-insiders [Member] | Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Weighted Average Exercise Price, Granted | (per share) | $ 1.23 | $ 0.96 | |||||||||||
Options granted to consultants [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of Options, Granted | 120,000 | 120,000 | |||||||||||
Weighted Average Exercise Price, Granted | (per share) | $ 0.60 | $ 0.47 | |||||||||||
Subsequent Event [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock Repurchased and Retired During Period, Shares | 84,000 | ||||||||||||
Treasury shares cancelled | 17,600 |
CAPITAL STOCK - Schedule of Sto
CAPITAL STOCK - Schedule of Stock Options Oustanding (Details) | 12 Months Ended | ||||
Dec. 31, 2021$ / sharesshares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 2,381,000 | 2,381,000 | 2,636,000 | 2,615,000 | 2,615,000 |
Exercise Price | $ / shares | $ 0.32 | $ 0.35 | $ 0.23 | $ 0.23 | |
Options Outstanding 1 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 120,000 | 120,000 | |||
Exercise Price | $ / shares | $ 0.59 | ||||
Expiry Date | May 31, 2022 | ||||
Options Outstanding 2 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 125,000 | 125,000 | |||
Exercise Price | $ / shares | $ 0.27 | ||||
Expiry Date | Jul. 1, 2022 | ||||
Options Outstanding 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 382,000 | 382,000 | |||
Exercise Price | $ / shares | $ 0.15 | ||||
Expiry Date | Dec. 31, 2022 | ||||
Options Outstanding 4 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 54,000 | 54,000 | |||
Exercise Price | $ / shares | $ 0.60 | ||||
Expiry Date | Jun. 1, 2025 | ||||
Options Outstanding 5 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 250,000 | 250,000 | |||
Exercise Price | $ / shares | $ 0.20 | ||||
Expiry Date | Oct. 8, 2025 | ||||
Options Outstanding 6 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 360,000 | 360,000 | |||
Exercise Price | $ / shares | $ 1.23 | ||||
Expiry Date | Oct. 23, 2025 | ||||
Options Outstanding 7 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 400,000 | 400,000 | |||
Exercise Price | $ / shares | $ 0.40 | ||||
Expiry Date | May 5, 2026 | ||||
Options Outstanding 8 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 690,000 | 690,000 | |||
Exercise Price | $ / shares | $ 0.30 | ||||
Expiry Date | Jul. 1, 2026 |
CAPITAL STOCK - Schedule of Sha
CAPITAL STOCK - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |||
Number of Options, Outstanding, beginning of year | 2,636,000 | 2,615,000 | 2,615,000 |
Weighted Average Exercise Price, Outstanding, beginning of year | $ 0.35 | $ 0.23 | $ 0.23 |
Number of Options, Granted | 0 | 534,000 | 0 |
Weighted Average Exercise Price, Granted | $ 0 | $ 0.80 | $ 0 |
Number of Options, Exercised | (255,000) | (346,500) | 0 |
Weighted Average Exercise Price, Exercised | $ 0.38 | $ 0.21 | $ 0 |
Number of Options, Cancelled/Expired | 0 | (166,500) | 0 |
Weighted Average Exercise Price, Cancelled/Expired | $ 0 | $ 0.31 | $ 0 |
Number of Options, Outstanding end of year | 2,381,000 | 2,636,000 | 2,615,000 |
Weighted Average Exercise Price, Outstanding end of year | $ 0.32 | $ 0.35 | $ 0.23 |
Number of Options, Exercisable end of year | 2,381,000 | 2,636,000 | 2,615,500 |
Weighted Average Exercise Price, Exercisable end of year | $ 0.32 | $ 0.35 | $ 0.23 |
CAPITAL STOCK - Schedule of S_2
CAPITAL STOCK - Schedule of Share-based Compensation, Stock Options Black-Scholes Valuation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.00% | 1.75% | 1.75% |
Annualized volatility | 0.00% | 73.00% | 73.00% |
Dividend rate | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 1 year 9 months 18 days | 1 year 9 months 18 days | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 2 years 7 months 6 days | 2 years 7 months 6 days |
CAPITAL STOCK - Schedule of S_3
CAPITAL STOCK - Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |||
Class of Warrant or Right, Outstanding, Beginning of Period | 0 | 1,250,000 | 1,250,000 |
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price, Beginning of Period | $ 0 | $ 0.50 | $ 0.50 |
Class of Warrant or Right, Grants in Period | 0 | 0 | 0 |
Class of Warrant or Right, Grants in Period, Weighted Average Exercise Price | $ 0 | ||
Class of Warrant or Right, Exercises in Period | 0 | (885,000) | 0 |
Class of Warrant or Right, Expirations in Period | 0 | (365,000) | 0 |
Class of Warrant or Right, Outstanding, End of Period | 0 | 0 | 1,250,000 |
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price, End of Period | $ 0 | $ 0.50 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | |||||
Stock options granted | shares | 0 | 534,000 | 0 | ||
Exercise price for stock options granted | $ / shares | $ 0 | $ 0.80 | $ 0 | ||
A private company of which a related party is a 50% shareholder and director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Consulting fees paid to shareholder and directors | $ 772,494 | $ 531,527 | $ 399,365 | ||
Amounts of transaction which related party is entitled to receive | 386,247 | 199,683 | $ 265,764 | ||
Due from related party | $ 12,065 | 12,065 | |||
Balance payable, related party | 90,538 | 83,592 | |||
Amount payable for expenses earned for work on behalf of company | 0 | $ 0 | 0 | $ 3,800 | |
CEO [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related party | $ 50,000 | ||||
Insiders [Member] | |||||
Related Party Transaction [Line Items] | |||||
Consulting fees paid to shareholder and directors | $ 123,837 | ||||
Stock options granted | shares | 314,000 | ||||
Insiders [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Exercise price for stock options granted | (per share) | $ 0.60 | $ 0.47 | |||
Insiders [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Exercise price for stock options granted | (per share) | $ 1.23 | $ 0.96 |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) | 12 Months Ended | ||||
Dec. 31, 2021$ / shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019$ / shares | Dec. 31, 2019USD ($)$ / sharesshares | |
Related Party Transaction [Line Items] | |||||
Stock option grants | shares | 0 | 534,000 | 0 | ||
Stock option grant price range | $ 0 | $ 0.80 | $ 0 | ||
Officers and directors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Consulting fees paid or accrued to officers or their companies | $ | $ 1,124,304 | $ 894,616 | $ 701,957 | ||
Directors' fees | $ | $ 2,398 | $ 2,238 | $ 2,257 | ||
Stock option grants | shares | 0 | 123,837 | 0 | ||
Stock option grant price range | $ 0 | $ 0 | |||
Officers and directors [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock option grant price range | 0.60 | ||||
Officers and directors [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock option grant price range | $ 1.23 |
SUPPLEMENTAL DISCLOSURE WITH _3
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid during the period for Income taxes | $ 288,192 | $ 94,992 | $ 0 |
Accrued for income tax payments related to activities in Ghana | $ 800,000 | $ 200,000 |
SUPPLEMENTAL DISCLOSURE WITH _4
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid during the period for Interest | $ 0 | $ 0 | $ 0 |
Cash paid during the period for Income taxes | $ 288,192 | $ 94,992 | $ 0 |
DEFERRED INCOME TAXES (Narrativ
DEFERRED INCOME TAXES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
British Virgin Islands [Member] | |
Operating Loss Carryforwards [Line Items] | |
Corporate income tax rate | 0.00% |
Ghana [Member] | |
Operating Loss Carryforwards [Line Items] | |
Corporate income tax rate | 35.00% |
DEFERRED INCOME TAXES - Schedul
DEFERRED INCOME TAXES - Schedule of Deferred Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Pre tax income | $ 2,303,646 | $ 2,155,241 | $ 2,247,957 |
Temporary differences | 281,431 | (151,620) | (442,229) |
Income tax | 1,088,192 | 294,992 | 0 |
British Virgin Islands [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax at federal rate | 0 | 0 | 0 |
Ghana [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax at federal rate | $ 806,761 | $ 446,612 | $ 442,229 |
SEGMENTED INFORMATION - Schedul
SEGMENTED INFORMATION - Schedule of Segmented Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||||
Cash and restricted cash | $ 4,971,650 | $ 4,747,578 | $ 4,277,561 | $ 2,860,447 |
Capital assets | 1,334,549 | 1,304,797 | 1,140,147 | |
Total | 6,306,199 | 6,052,375 | 5,417,708 | |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and restricted cash | 4,649,019 | 4,330,650 | 3,704,205 | |
Capital assets | 0 | 0 | 0 | |
Ghana [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and restricted cash | 322,631 | 416,928 | 573,356 | |
Capital assets | $ 1,334,549 | $ 1,304,797 | $ 1,140,147 |
CONTINGENCY AND COMMITMENTS (Na
CONTINGENCY AND COMMITMENTS (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2019 | Dec. 31, 2018 |
Restricted cash | $ 296,322 | $ 296,322 | $ 296,322 | $ 296,322 | |
Term of lease of Kibi Project | 15 years | ||||
Banso permit [Member] | |||||
Environmental bond | $ 385,000 | ||||
Muoso permit [Member] | |||||
Environmental bond | $ 327,000 | ||||
Ghanaian subsidiary [Member] | |||||
Outstanding annual mineral right fees | $ 4,654,800 |
SUBSEQUENT EVENT NOTE (Narrativ
SUBSEQUENT EVENT NOTE (Narrative) (Details) - shares | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||
Mar. 31, 2022 | Jan. 31, 2022 | Jan. 31, 2021 | Feb. 28, 2022 | Mar. 16, 2021 | |
Subsequent Event [Line Items] | |||||
Treasury shares cancelled | 5,200 | ||||
2021 repurchase plan [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of shares authorised to repurchase | 4,000,000 | ||||
Subsequent event [Member] | |||||
Subsequent Event [Line Items] | |||||
Treasury shares cancelled | 17,600 | ||||
Stock repurchased and retired | 84,000 | ||||
Subsequent event [Member] | 2022 repurchase plan [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock repurchased during period | 25,000 | ||||
Subsequent event [Member] | 2021 repurchase plan [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock repurchased during period | 27,200 |