Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Registrant Name | XTRA-GOLD RESOURCES CORP |
Entity Central Index Key | 0001288770 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
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, 2022 |
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 |
Entity Address, Postal Zip Code | 00000 |
Title of 12(b) Security | Common shares |
Entity Common Stock, Shares Outstanding | 46,446,917 |
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 | BF Borgers CPA PC |
Auditor Location | Lakewood, CO |
Auditor Firm ID | 5041 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current | |||
Cash and cash equivalents | $ 5,781,000 | $ 4,675,328 | $ 4,451,256 |
Investment in trading securities, at cost of $3,239,782 (December 31, 2021 - $3,268,618, December 31, 2020 - $1,977,477) | 3,497,166 | 3,373,358 | 2,345,984 |
Receivables and other assets | 104,791 | 103,204 | 100,605 |
Inventory | 795,939 | 975,270 | 841,978 |
Total current assets | 10,178,896 | 9,127,160 | 7,739,823 |
Restricted cash | 296,322 | 296,322 | 296,322 |
Equipment, net | 671,373 | 600,127 | 570,375 |
Mineral properties | 734,422 | 734,422 | 734,422 |
TOTAL ASSETS | 11,881,013 | 10,758,031 | 9,340,942 |
Current | |||
Accounts payable and accrued liabilities | 1,307,165 | 1,029,140 | 286,422 |
Asset retirement obligation | 99,514 | 93,343 | 140,397 |
Total current liabilities | 1,406,679 | 1,122,483 | 426,819 |
Total liabilities | 1,406,679 | 1,122,483 | 426,819 |
Equity | |||
Capital stock Authorized - 250,000,000 common shares with a par value of $0.001 Issued and outstanding - 46,446,917 common shares (December 31, 2021 - 46,687,517 common shares, December 31, 2020 - 46,817,017 common shares) | 46,447 | 46,688 | 46,817 |
Additional paid in capital | 31,838,291 | 31,770,515 | 31,998,045 |
Shares in treasury | (6,892) | (13,294) | (4,857) |
Accumulated deficit | (21,345,398) | (21,977,165) | (22,813,141) |
Total Xtra-Gold Resources Corp. stockholders' equity | 10,532,448 | 9,826,744 | 9,226,864 |
Non-controlling interest | (58,114) | (191,196) | (312,741) |
Total equity | 10,474,334 | 9,635,548 | 8,914,123 |
TOTAL LIABILITIES AND EQUITY | $ 11,881,013 | $ 10,758,031 | $ 9,340,942 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | |||
Trading Securities, Cost | $ 3,239,782 | $ 3,268,618 | $ 1,977,477 |
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 | 46,446,917 | 46,687,517 | 46,817,017 |
Common Stock, Shares, Outstanding | 46,446,917 | 46,687,517 | 46,817,017 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EXPENSES | |||
Depreciation | $ 188,356 | $ 173,667 | $ 154,939 |
Exploration | 981,554 | 1,610,502 | 748,497 |
General and administrative | 535,147 | 377,345 | 578,176 |
LOSS BEFORE OTHER ITEMS | (1,705,057) | (2,161,514) | (1,481,612) |
OTHER ITEMS | |||
Recovery of gold | 3,704,167 | 4,074,170 | 2,373,592 |
Foreign exchange loss | (938,422) | (426,420) | (124,558) |
Net gain on trading securities | 360,754 | 714,523 | 1,346,699 |
Other income | 143,407 | 55,972 | 45,589 |
Impairment on marketable securities | 0 | (211,018) | 0 |
Change in fair value warrant derivative liability | 0 | 0 | 137,313 |
INCOME FROM OTHER ITEMS | 3,269,906 | 4,207,227 | 3,778,635 |
Income before tax | 1,564,849 | 2,045,713 | 2,297,023 |
Income tax expense | (800,000) | (1,088,192) | (294,992) |
Net income | 764,849 | 957,521 | 2,002,031 |
Net gain attributable to non-controlling interest | (133,082) | (121,545) | (141,782) |
Net income attributable to Xtra-Gold Resources Corp. | $ 631,767 | $ 835,976 | $ 1,860,249 |
Basic income attributable to common shareholders per common share | $ 0.01 | $ 0.02 | $ 0.04 |
Diluted income attributable to common shareholders per common share | $ 0.01 | $ 0.02 | $ 0.04 |
Basic weighted average number of common shares outstanding | 46,542,900 | 46,779,574 | 46,095,232 |
Diluted weighted average number of common shares outstanding | 48,822,024 | 48,925,574 | 49,589,430 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS 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, 2019 | $ 45,844 | $ 31,523,284 | $ (9,430) | $ (24,673,390) | $ (454,523) | $ 6,431,785 |
Beginning 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) | ||||
Net income | 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) | ||||
Net income | 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 | |||||
Stock-based compensation | 237,078 | $ 237,078 | ||||
Exercise of stock options (shares) | 0 | |||||
Repurchase of shares | $ (241) | (169,302) | 13,294 | $ (156,249) | ||
Repurchase of shares (Shares) | (240,600) | |||||
Shares in treasury | (6,892) | (6,892) | ||||
Net income | 631,767 | 133,082 | 764,849 | |||
Ending Balance at Dec. 31, 2022 | $ 46,447 | $ 31,838,291 | $ (6,892) | $ (21,345,398) | $ (58,114) | $ 10,474,334 |
Ending Balance (Shares) at Dec. 31, 2022 | 46,446,917 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 764,849 | $ 957,521 | $ 2,002,031 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 188,356 | 173,667 | 154,939 |
Stock-based compensation | 237,078 | 2,504 | 196,115 |
Change in fair value warrant derivative liability | 0 | 0 | (137,313) |
Unrealized foreign exchange loss (gain) | 192,352 | (14,769) | (296,022) |
Purchase of trading securities | (2,149,341) | (2,537,144) | (1,378,637) |
Proceeds on sale of trading securities | 2,193,935 | 2,053,292 | 1,562,517 |
Net gain on trading securities | (360,754) | (739,771) | (1,346,699) |
Impairment on trading securities | 0 | 211,018 | 0 |
Changes in non-cash working capital items: | |||
(Increase) decrease in receivables and other assets | (1,587) | (2,599) | 76,836 |
Decrease (increase) in inventory | 179,331 | (133,292) | (448,944) |
Change in asset retirement obligation | 6,171 | (47,054) | (18,517) |
Increase (decrease) in accounts payable and accrued liabilities | 278,025 | 747,575 | 139,110 |
Net cash provided by operating activities | 1,528,415 | 670,948 | 505,415 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of equipment | (259,602) | (203,419) | (319,590) |
Net cash used in investing activities | (259,602) | (203,419) | (319,590) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from exercise of options and warrants | 0 | 94,929 | 406,044 |
Repurchase of capital stock | (163,141) | (338,386) | (121,852) |
Net cash (used in) provided by financing activities | (163,141) | (243,457) | 284,192 |
Change in cash and cash equivalents and restricted cash during the year | 1,105,672 | 224,072 | 470,017 |
Cash and cash equivalents and restricted cash, beginning of the year | 4,971,650 | 4,747,578 | 4,277,561 |
Cash and cash equivalents and restricted cash at end of year | 6,077,322 | 4,971,650 | 4,747,578 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash | |||
Cash and cash equivalents at beginning of year | 4,675,328 | 4,451,256 | 3,981,239 |
Restricted cash at beginning of year | 296,322 | 296,322 | 296,322 |
Cash and cash equivalents and restricted cash, beginning of the year | 4,971,650 | 4,747,578 | 4,277,561 |
Cash and cash equivalents at end of year | 5,781,000 | 4,675,328 | 4,451,256 |
Restricted cash at end of year | 296,322 | 296,322 | 296,322 |
Cash and cash equivalents and restricted cash at end of year | $ 6,077,322 | $ 4,971,650 | $ 4,747,578 |
HISTORY AND ORGANIZATION OF THE
HISTORY AND ORGANIZATION OF THE COMPANY | 12 Months Ended |
Dec. 31, 2022 | |
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. The Company has also engaged in recovery of gold through alluvial operations on its claims. 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, 2022 | |
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 $631,767 for the year ended December 31, 2022, it has an accumulated a deficit of $21,345,398. Results for the year ended December 31, 2022 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, 2022 | |
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, 2022, 2021 and 2020, 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, 2022, 2021, and 2020, 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 recovered from alluvial operations. 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. Recovery of gold, net of expenses, is not related to exploration and is not the core business of the Company, so proceeds from gold recovery are recognized as other income. 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, 2022, 2021 and 2020. 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 We use 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 loss per common share is computed using the weighted average number of common shares outstanding during the period. To calculate diluted loss 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, 2022, 2021 and 2020: Level 1 - Cash equivalents December 31, 2022 December 31, 2021 December 31, 2020 Money market funds $ 5,559,705 $ 2,688,758 $ 3,772,568 $ 5,559,705 $ 2,688,758 $ 3,772,568 December 31, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 5,781,000 $ 5,781,000 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 3,497,166 3,497,166 - - Total $ 9,574,488 $ 9,574,488 $ - $ - 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 3,373,358 - - Total $ 8,345,008 $ 8,394,754 $ - $ - 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 $ 4,451,256 $ 4,451,256 $ - $ - 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. The fair value of non-marketable equity securities that have been remeasured due to impairment are classified within Level 3. 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, 2022, the Company held $5,653,644 (December 31, 2021 - $4,578,256, December 31, 2020 - $4,305,287) 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. |
INVESTMENTS IN TRADING SECURITI
INVESTMENTS IN TRADING SECURITIES | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS IN TRADING SECURITIES [Text Block] | 4. INVESTMENTS IN TRADING SECURITIES At December 31, 2022, 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, 2022, the fair value of trading securities was $3,497,166 (December 31, 2021 - $3,373,358, December 31, 2020 - $2,345,984). During 2021 the company recognized a $211,018 impairment on certain investments. December 31, 2022 December 31, 2021 December 31, 2020 Investments in trading securities at cost $ 3,239,782 $ 3,268,618 $ 1,977,477 Unrealized gains (losses) 257,384 104,740 368,507 Investments in trading securities at fair market value $ 3,497,166 $ 3,373,358 $ 2,345,984 The fair value carrying value of investments by category is as follows: December 31, 2022 December 31, 2021 December 31, 2020 Marketable Equity Securities - Level 1 Publicly traded investments $ 2,677,169 $ 2,680,755 $ 1,866,989 Marketable Debt Securities - Level 2 Corporate bonds 117,157 139,839 101,437 Non-Marketable Equity Securities - Level 3 Private investments 702,840 552,764 377,558 Total investments $ 3,497,166 $ 3,373,358 $ 2,345,984 The gains and losses on investments by category is as follows: December 31, 2022 December 31, 2021 December 31, 2020 Marketable Equity Securities - Level 1 Publicly traded investments - realized $ 354,811 $ 559,850 $ 931,440 Publicly traded investments - unrealized (148,456 ) 227,653 385,076 Non-Marketable Debt Securities - Level 2 Private bonds (20,980 ) 11,720 937 Non-Marketable Equity Securities - Level 3 Private investments - realized - (275,719 ) - Private investments - unrealized 175,376 - 29,246 Total investments $ 360,754 $ 523,504 $ 1,346,699 |
EQUIPMENT
EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
EQUIPMENT [Text Block] | 5. December 31, 2022 Cost Accumulated Net Book Value Exploration equipment $ 2,282,277 $ 1,802,719 $ 479,558 Vehicles 762,906 571,091 191,815 $ 3,045,183 $ 2,373,810 $ 671,373 The company expensed $188,356 for depreciation in 2022. December 31, 2021 Cost Accumulated Net Book Value Exploration equipment $ 2,067,077 $ 1,682,822 $ 384,255 Vehicles 718,504 502,632 215,872 $ 2,785,581 $ 2,185,454 $ 600,127 The company expensed $173,667 for depreciation in 2021. December 31, 2020 Cost Accumulated Net Book Value 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 depreciation in 2020. |
MINERAL PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Dec. 31, 2022 | |
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. Option payments related to shares and cash received for the right to purchase projects from the Company. All such options have expired unexercised. 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, 2022. 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) (i) (ii) (b) i) ii) iii) (c) |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation [Abstract] | |
ASSET RETIREMENT OBLIGATION [Text Block] | 7. ASSET RETIREMENT OBLIGATION December 31, December 31, 2021 December 31, 2020 Balance, beginning of year $ 93,343 $ 140,397 $ 158,914 Change in obligation 6,171 (47,054 ) (18,517 ) Accretion expense - - - Balance, end of year $ 99,514 $ 93,343 $ 140,397 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 $99,514 (2021 - $93,343, 2020 - $140,397). During 2022, 2021 and 2020, 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, 2022 | |
Inventory, Net [Abstract] | |
INVENTORIES [Text Block] | 8. INVENTORIES Inventories consisted of the following: December 31, 2022 December 31, 2021 December 31, 2020 Raw gold $ 795,939 $ 975,270 $ 841,978 Inventory consists of raw gold awaiting transport to the smelter. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2022 | |
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 The Company did not issue shares during the year ended December 31, 2022. 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. Cancellation of shares During the year ended December 31, 2022, a total of 223,000 common shares were re-purchased for $156,249 and cancelled. A further total of 17,600 common shares were re-purchased in 2021 for $13,294 were cancelled in 2022. A total of 11,500 common shares were re-purchased for $6,892 and held in treasury. These 11,500 shares were cancelled in January 2023. 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. 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 20 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, 2022, the following stock options were outstanding: Number of Options Exercise Price Expiry Date 382,000 CDN$0.15 December 31, 2032 54,000 CDN$0.60 June 1, 2040 250,000 CDN$0.20 October 8, 2035 360,000 CDN$1.23 October 23, 2040 400,000 CDN$0.40 May 5, 2036 690,000 CDN$0.30 July 1, 2037 450,000 CDN$0.81 December 14, 2042 Stock option transactions and the number of stock options outstanding are summarized as follows: December 31, 2022 December 31, 2021 December 31, 2020 Number of Options Weighted Exercise Price Number of Options Weighted Exercise Price Number of Options Weighted Exercise Price Outstanding, beginning of year 2,381,000 $ 0.36 2,636,000 $ 0.35 2,615,000 $ 0.23 Granted 450,000 0.81 - - 534,000 0.80 Exercised - - (255,000 ) 0.38 (346,500 ) 0.21 Cancelled/Expired (245,000 ) 0.69 - - (166,500 ) 0.31 Outstanding, end of year 2,586,000 $ 0.37 2,381,000 $ 0.36 2,636,000 $ 0.35 Exercisable, end of year 2,586,000 $ 0.37 2,381,000 $ 0.36 2,636,000 $ 0.35 The aggregate intrinsic value for options vested and for total options as of December 31, 2022 is approximately $786,600 (December 31, 2021 - $1,096,069, December 31, 2020 - $1,666,776). The weighted average contractual term of stock options outstanding and exercisable as at December 31, 2022 is 11.7 years (December 31, 2021 - 3.3 years, December 31, 2020 - 3.3 years). The fair value of stock options granted, vested, and modified during the year ended December 31, 2022 was $237,078, (December 31, 2021 - $2,504, December 31, 2020 was $196,115) which has been included in general and administrative expense. The following assumptions were used for the Black-Scholes valuation of stock options amended during the years ended December 31, 2022, 2021, and 2020: 2022 2021 2020 Risk-free interest rate 1.75% 1.75% 1.75% Expected life 5.0 years 3.0 years 1.8 to 2.6 years Annualized volatility 68% 70% 73% Dividend rate - - - On December 14, 2022 the Company granted 350,000 options to insiders at $0.60 (CAD$0.81) and recognized an expense of $120,563. A further 100,000 options were granted to non-insiders at $0.60 (CAD$0.81) and an expense of $34,447 was recognized. On July 1, 2022, the original terms of existing options were extended. The Company recognized an expense of $77,092 related to the extension of the option terms to maturity. Options granted to consultants were market-to-market until expiry and the Company recognized an expense in 2022 of $4,976. 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). Warrants At December 31, 2022, 2021 and 2020, there were no warrants outstanding. 2021 2021 2020 Balance, beginning of period - - 1,250,000 CAD$0.50 Issued - - - Exercised - - (885,000 ) CAD$0.50 Expired - - (365,000 ) CAD$0.50 Balance, end of period - - - - |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS [Text Block] | 10. RELATED PARTY TRANSACTIONS During the years ended December 31, 2022, 2021 and 2020, the Company entered into the following transactions with related parties: December 31, 2022 December 31, 2021 December 31, 2020 Consulting fees paid or accrued to officers or their companies $909,314 $1,124,304 $894,616 Directors' fees 2,308 2,398 2,238 Stock option grants to officers and directors 120,563 123,837 Stock option grant price range CAD$0.81 CAD$0.60 to CAD$1.23 Of the total consulting fees noted above, $691,435 (December 31, 2021 - $772,494, December 31, 2020 - $531,527) 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 $345,717 (December 31, 2021 - $386,247, December 31, 2020 - $274,292) of this amount. As at December 31, 2022, a balance of $181,973 (December 31, 2021 - a prepaid balance of $90,538, December 31, 2020 - a prepaid balance of $12,065) exists to this related company and $Nil remains payable (December 31, 2021 - $Nil, December 31, 2020 - $Nil) 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 2022, the Company granted 350,000 options to insiders at a price of $0.60 (CAD$0.81). A total of $120,563 was included in consulting fees related to these options. On July 1, 2022, the original terms of existing options were extended. The Company recognized an expense of $77,092 related to the extension of the option terms to maturity related to insiders. During 2021 the Company did not grant stock options to insiders. 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. |
SUPPLEMENTAL DISCLOSURE WITH RE
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS [Text Block] | 11. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS December 31, 2022 December 31, 2021 December 31, 2020 Cash paid during the period for: Interest $ - $ - $ - Income taxes $ 581,263 $ 288,192 $ 94,992 The company paid $581,263 (December 31, 2021 - $288,192, December 31, 2020 - $94,992) related to income tax in the period and accrued a further $800,000 (December 31, 2021 - $720,000, December 31, 2020 - $200,000) for expected income tax payments related to activities in Ghana. There were no other significant non-cash transactions during the years ended December 31, 2022, 2021, or 2020. |
DEFERRED INCOME TAXES
DEFERRED INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
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. 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. 2022 2021 2020 Pre tax income $ 1,564,849 $ 2,303,646 $ 2,155,241 Tax at the BVI rate 0% - - - Tax in Ghana at 35% 745,787 806,761 446,612 Other (6,043 ) - - Temporary differences 60,256 281,431 (151,620 ) Income tax $ 800,000 $ 1,088,192 $ 294,992 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 loss carryforwards (2020 tax year). In evaluating the ability to recover the deferred tax assets within the jurisdiction from which they arise, the Company considered all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company began with historical results adjusted for changes in accounting policies and incorporates assumptions including the amount of future pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimate the Company are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company consider three years of cumulative operating income. The Company has a small, deferred tax asset of $60,256 at December 31, 2022, created by applying the 35% Ghana tax rate to $172,160 of assets in Ghana. The Company's effective income tax rate differs than what would be expected if the Ghana statutory rate were applied to income before income taxes primarily because gains and losses in the BVI are not taxable income. |
CONTINGENCY AND COMMITMENTS
CONTINGENCY AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCY AND COMMITMENTS [Text Block] | 13. CONTINGENCY AND COMMITMENTS a) Bond deposit The Company has been required by the Ghanaian government to post an environmental 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 two pending lawsuits. One lawsuit claims that an Xtra contracted worker caused bodily harm on another person. Another lawsuit claims that workers were terminated unlawfully. The Company will defend itself in each of these lawsuits if required, and believes both 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 October 19, 2022, Minerals Commission issued five invoices totaling $11,714,800 to our Ghanaian subsidiary. These invoices were titled "Outstanding Annual Mineral Right Fees" for all five of our concessions (Kwabeng, Pameng, Apapam, Muoso and Banso), which Minerals Commission indicated were related to the period from 2012 to 2022, 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. Our legal counsel responded to Minerals Commission (the "Letters") on November 15, 2019, objecting to the five 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. Ghana Revenue Agency ("GRA") sent our Ghanaian subsidiary an updated tax assessment letter on November 11, 2022. The letter alleges a total tax liability of $8,552,738 (the "Assessment"), from 2012 to 2022. Upon a thorough review of the Assessment, we agreed that the only additional liability in the Assessment was $75,458. The balance of the Assessment was objected to by our company in letter dated December 6, 2022, (the "Objection Letter"). To date, GRA has not responded to our Objection Letter, and our company believes it has settled all amounts owing in the Assessment. (c) Credit risk Financial instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. (d) Exchange rate risk The functional currency of the Company is US$, 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, 2022. 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 EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT NOTE [Text Block] | 14. SUBSEQUENT EVENTS Subsequent to December 31, 2022, 11,500 shares which were purchased in December 2022 were cancelled. Subsequent to December 31, 2022, the Company announced that it would proceed with a share repurchase plan in 2023. Under the terms of the plan, which commences on March 17, 2023, the Company will be able to repurchase up to 4,000,000 shares. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020, 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, 2022, 2021, and 2020, 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 recovered from alluvial operations. 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. Recovery of gold, net of expenses, is not related to exploration and is not the core business of the Company, so proceeds from gold recovery are recognized as other income. |
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, 2022, 2021 and 2020. |
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 We use 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 loss per common share is computed using the weighted average number of common shares outstanding during the period. To calculate diluted loss 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, 2022, 2021 and 2020: Level 1 - Cash equivalents December 31, 2022 December 31, 2021 December 31, 2020 Money market funds $ 5,559,705 $ 2,688,758 $ 3,772,568 $ 5,559,705 $ 2,688,758 $ 3,772,568 December 31, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 5,781,000 $ 5,781,000 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 3,497,166 3,497,166 - - Total $ 9,574,488 $ 9,574,488 $ - $ - 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 3,373,358 - - Total $ 8,345,008 $ 8,394,754 $ - $ - 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 $ 4,451,256 $ 4,451,256 $ - $ - 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. The fair value of non-marketable equity securities that have been remeasured due to impairment are classified within Level 3. |
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, 2022, the Company held $5,653,644 (December 31, 2021 - $4,578,256, December 31, 2020 - $4,305,287) 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. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 December 31, 2020 Money market funds $ 5,559,705 $ 2,688,758 $ 3,772,568 $ 5,559,705 $ 2,688,758 $ 3,772,568 |
Schedule of fair value of financial assets and liabilities [Table Text Block] | December 31, 2022 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 5,781,000 $ 5,781,000 $ - $ - Restricted cash 296,322 296,322 - - Marketable securities 3,497,166 3,497,166 - - Total $ 9,574,488 $ 9,574,488 $ - $ - 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 3,373,358 - - Total $ 8,345,008 $ 8,394,754 $ - $ - 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 $ 4,451,256 $ 4,451,256 $ - $ - |
INVESTMENTS IN TRADING SECURI_2
INVESTMENTS IN TRADING SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments [Table Text Block] | December 31, 2022 December 31, 2021 December 31, 2020 Investments in trading securities at cost $ 3,239,782 $ 3,268,618 $ 1,977,477 Unrealized gains (losses) 257,384 104,740 368,507 Investments in trading securities at fair market value $ 3,497,166 $ 3,373,358 $ 2,345,984 |
Schedule of fair value carrying value of investments [Table Text Block] | December 31, 2022 December 31, 2021 December 31, 2020 Marketable Equity Securities - Level 1 Publicly traded investments $ 2,677,169 $ 2,680,755 $ 1,866,989 Marketable Debt Securities - Level 2 Corporate bonds 117,157 139,839 101,437 Non-Marketable Equity Securities - Level 3 Private investments 702,840 552,764 377,558 Total investments $ 3,497,166 $ 3,373,358 $ 2,345,984 |
Schedule of gains and losses on investments [Table Text Block] | December 31, 2022 December 31, 2021 December 31, 2020 Marketable Equity Securities - Level 1 Publicly traded investments - realized $ 354,811 $ 559,850 $ 931,440 Publicly traded investments - unrealized (148,456 ) 227,653 385,076 Non-Marketable Debt Securities - Level 2 Private bonds (20,980 ) 11,720 937 Non-Marketable Equity Securities - Level 3 Private investments - realized - (275,719 ) - Private investments - unrealized 175,376 - 29,246 Total investments $ 360,754 $ 523,504 $ 1,346,699 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of equipment [Table Text Block] | December 31, 2022 Cost Accumulated Net Book Value Exploration equipment $ 2,282,277 $ 1,802,719 $ 479,558 Vehicles 762,906 571,091 191,815 $ 3,045,183 $ 2,373,810 $ 671,373 December 31, 2021 Cost Accumulated Net Book Value Exploration equipment $ 2,067,077 $ 1,682,822 $ 384,255 Vehicles 718,504 502,632 215,872 $ 2,785,581 $ 2,185,454 $ 600,127 December 31, 2020 Cost Accumulated Net Book Value 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 |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | |
Asset Retirement Obligation [Abstract] | |
Schedule of asset retirement obligations [Table Text Block] | December 31, December 31, 2021 December 31, 2020 Balance, beginning of year $ 93,343 $ 140,397 $ 158,914 Change in obligation 6,171 (47,054 ) (18,517 ) Accretion expense - - - Balance, end of year $ 99,514 $ 93,343 $ 140,397 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory, Net [Abstract] | |
Schedule of inventories [Table Text Block] | December 31, 2022 December 31, 2021 December 31, 2020 Raw gold $ 795,939 $ 975,270 $ 841,978 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock options outstanding [Table Text Block] | At December 31, 2022, the following stock options were outstanding: Number of Options Exercise Price Expiry Date 382,000 CDN$0.15 December 31, 2032 54,000 CDN$0.60 June 1, 2040 250,000 CDN$0.20 October 8, 2035 360,000 CDN$1.23 October 23, 2040 400,000 CDN$0.40 May 5, 2036 690,000 CDN$0.30 July 1, 2037 450,000 CDN$0.81 December 14, 2042 |
Schedule Of Share-based payment arrangement, option, activity [Table Text Block] | December 31, 2022 December 31, 2021 December 31, 2020 Number of Options Weighted Exercise Price Number of Options Weighted Exercise Price Number of Options Weighted Exercise Price Outstanding, beginning of year 2,381,000 $ 0.36 2,636,000 $ 0.35 2,615,000 $ 0.23 Granted 450,000 0.81 - - 534,000 0.80 Exercised - - (255,000 ) 0.38 (346,500 ) 0.21 Cancelled/Expired (245,000 ) 0.69 - - (166,500 ) 0.31 Outstanding, end of year 2,586,000 $ 0.37 2,381,000 $ 0.36 2,636,000 $ 0.35 Exercisable, end of year 2,586,000 $ 0.37 2,381,000 $ 0.36 2,636,000 $ 0.35 |
Schedule of share-based compensation, stock options black-scholes valuation assumptions [Table Text Block] | The following assumptions were used for the Black-Scholes valuation of stock options amended during the years ended December 31, 2022, 2021, and 2020: 2022 2021 2020 Risk-free interest rate 1.75% 1.75% 1.75% Expected life 5.0 years 3.0 years 1.8 to 2.6 years Annualized volatility 68% 70% 73% Dividend rate - - - |
Schedule of stockholders' equity note, warrants or rights [Table Text Block] | At December 31, 2022, 2021 and 2020, there were no warrants outstanding. 2021 2021 2020 Balance, beginning of period - - 1,250,000 CAD$0.50 Issued - - - Exercised - - (885,000 ) CAD$0.50 Expired - - (365,000 ) CAD$0.50 Balance, end of period - - - - |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions [Table Text Block] | December 31, 2022 December 31, 2021 December 31, 2020 Consulting fees paid or accrued to officers or their companies $909,314 $1,124,304 $894,616 Directors' fees 2,308 2,398 2,238 Stock option grants to officers and directors 120,563 123,837 Stock option grant price range CAD$0.81 CAD$0.60 to CAD$1.23 |
SUPPLEMENTAL DISCLOSURE WITH _2
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of cash flow, supplemental disclosures [Table Text Block] | December 31, 2022 December 31, 2021 December 31, 2020 Cash paid during the period for: Interest $ - $ - $ - Income taxes $ 581,263 $ 288,192 $ 94,992 |
DEFERRED INCOME TAXES (Tables)
DEFERRED INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Income Taxes and Other Assets [Abstract] | |
Schedule of components of income tax expense (benefit) [Table Text Block] | 2022 2021 2020 Pre tax income $ 1,564,849 $ 2,303,646 $ 2,155,241 Tax at the BVI rate 0% - - - Tax in Ghana at 35% 745,787 806,761 446,612 Other (6,043 ) - - Temporary differences 60,256 281,431 (151,620 ) Income tax $ 800,000 $ 1,088,192 $ 294,992 |
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% |
Goldenrae Mining Company Limited [Member] | |
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Equity method investment, ownership percentage | 90% |
Noncontrolling interest, ownership percentage by noncontrolling owners | 10% |
CONTINUANCE OF OPERATIONS - G_2
CONTINUANCE OF OPERATIONS - GOING CONCERN (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Continuance Of Operations[Abstract] | |||
Net income (loss) attributable to Xtra-Gold Resources Corp. | $ 631,767 | $ 835,976 | $ 1,860,249 |
Deficit accumulated | $ 21,345,398 | $ 21,977,165 | $ 22,813,141 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies [Line Items] | ||||
Class of warrant or right, outstanding | 0 | 0 | 0 | 1,250,000 |
Share-based compensation arrangement by share-based payment award, options, outstanding, number | 2,586,000 | 2,381,000 | 2,636,000 | 2,615,000 |
Diluted weighted average number of common shares outstanding | 48,822,024 | 48,925,574 | 49,589,430 | |
Basic weighted average number of common shares outstanding | 46,542,900 | 46,779,574 | 46,095,232 | |
Cash, uninsured Amount | $ 5,653,644 | $ 4,578,256 | $ 4,305,287 | |
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% | |||
Noncontrolling interest, ownership percentage by noncontrolling owners | 10% |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Equipment, Declining Method Annual Rates (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Furniture and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Equipment, amortization rate | 20% |
Computer equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Equipment, amortization rate | 30% |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Equipment, amortization rate | 30% |
Mining and exploration equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Equipment, amortization rate | 20% |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Debt Securities at Fair Value by Significant Investment Categories (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | |||
Money market funds | $ 5,559,705 | $ 2,688,758 | $ 3,772,568 |
Debt securities at fair value | $ 5,559,705 | $ 2,688,758 | $ 3,772,568 |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Fair Value of Financial Assets And Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 5,781,000 | $ 4,675,328 | $ 4,451,256 | $ 3,981,239 |
Restricted cash | 296,322 | 296,322 | 296,322 | $ 296,322 |
Marketable securities | 3,497,166 | 3,373,358 | 2,345,984 | |
Fair value of financial assets and liabilities | 9,574,488 | 8,345,008 | 4,451,256 | |
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 | 5,781,000 | 4,675,328 | 4,451,256 | |
Restricted cash | 296,322 | 296,322 | 296,322 | |
Marketable securities | 3,497,166 | 3,373,358 | 2,345,984 | |
Fair value of financial assets and liabilities | 9,574,488 | 8,394,754 | 4,451,256 | |
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 | 0 | 0 | 0 | |
Fair value of financial assets and liabilities | 0 | 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 | |
Fair value of financial assets and liabilities | $ 0 | $ 0 | $ 0 |
INVESTMENTS IN TRADING SECURI_3
INVESTMENTS IN TRADING SECURITIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Trading Securities | $ 3,497,166 | $ 3,373,358 | $ 2,345,984 |
Impairment on trading securities | $ 0 | $ 211,018 | $ 0 |
INVESTMENTS IN TRADING SECURI_4
INVESTMENTS IN TRADING SECURITIES - Schedule of Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Investments in trading securities at cost | $ 3,239,782 | $ 3,268,618 | $ 1,977,477 |
Unrealized gains (losses) | 257,384 | 104,740 | 368,507 |
Investments in trading securities at fair market value | $ 3,497,166 | $ 3,373,358 | $ 2,345,984 |
INVESTMENTS IN TRADING SECURI_5
INVESTMENTS IN TRADING SECURITIES - Schedule of Fair Value Carrying Value of Investments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | |||
Total investments | $ 3,497,166 | $ 3,373,358 | $ 2,345,984 |
Marketable Equity Securities - Level 1 [Member] | Publicly traded investments [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 2,677,169 | 2,680,755 | 1,866,989 |
Marketable Debt Securities - Level 2 [Member] | Corporate bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 117,157 | 139,839 | 101,437 |
Non-Marketable Equity Securities - Level 3 [Member] | Private investments [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | $ 702,840 | $ 552,764 | $ 377,558 |
INVESTMENTS IN TRADING SECURI_6
INVESTMENTS IN TRADING SECURITIES - Schedule of Gains and Losses on Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||
Unrealized | $ 257,384 | $ 104,740 | $ 368,507 |
Total investments | 360,754 | 523,504 | 1,346,699 |
Marketable Equity Securities - Level 1 [Member] | Publicly traded investments [Member] | |||
Schedule of Investments [Line Items] | |||
Realized | 354,811 | 559,850 | 931,440 |
Unrealized | (148,456) | 227,653 | 385,076 |
Non-Marketable Debt Securities - Level 2 [Member] | Private bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | (20,980) | 11,720 | 937 |
Non-Marketable Equity Securities - Level 3 [Member] | Private investments [Member] | |||
Schedule of Investments [Line Items] | |||
Realized | 0 | (275,719) | 0 |
Unrealized | $ 175,376 | $ 0 | $ 29,246 |
EQUIPMENT (Narrative) (Details)
EQUIPMENT (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 188,356 | $ 173,667 | $ 154,939 |
EQUIPMENT - Schedule of Equipme
EQUIPMENT - Schedule of Equipment (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Cost | $ 3,045,183 | $ 2,785,581 | $ 2,582,163 |
Accumulated Depreciation | 2,373,810 | 2,185,454 | 2,011,788 |
Net Book Value | 671,373 | 600,127 | 570,375 |
Exploration equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 2,282,277 | 2,067,077 | 2,034,869 |
Accumulated Depreciation | 1,802,719 | 1,682,822 | 1,591,813 |
Net Book Value | 479,558 | 384,255 | 443,056 |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 762,906 | 718,504 | 547,294 |
Accumulated Depreciation | 571,091 | 502,632 | 419,975 |
Net Book Value | $ 191,815 | $ 215,872 | $ 127,319 |
MINERAL PROPERTIES (Narrative)
MINERAL PROPERTIES (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020 USD ($) | Dec. 31, 2010 GHS (GH₵) | Dec. 31, 2010 USD ($) | |
Mineral Properties [Line Items] | |||
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 | |
Government of Ghana [Member] | |||
Mineral Properties [Line Items] | |||
Percentage of production royalty | 5% | 5% |
MINERAL PROPERTIES - Schedule o
MINERAL PROPERTIES - Schedule of Mineral Properties Acquired (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Asset Retirement Obligation [Abstract] | ||||
Asset retirement obligation | $ 99,514 | $ 93,343 | $ 140,397 | $ 158,914 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation [Abstract] | |||
Asset retirement obligation, beginning of year | $ 93,343 | $ 140,397 | $ 158,914 |
Change in obligation | 6,171 | (47,054) | (18,517) |
Accretion expense | 0 | 0 | 0 |
Asset retirement obligation, end of year | $ 99,514 | $ 93,343 | $ 140,397 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventories (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | |||
Raw gold | $ 795,939 | $ 975,270 | $ 841,978 |
CAPITAL STOCK (Narrative) (Deta
CAPITAL STOCK (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 14, 2022 $ / shares | Dec. 14, 2022 USD ($) $ / shares shares | Jan. 31, 2022 shares | Jul. 30, 2011 | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CAD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 CAD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | |
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 | $ 0.5 | ||||||||
Proceeds from exercise of warrants | $ 442,500 | $ 334,132 | |||||||
Number of stock options exercised | 0 | 255,000 | 255,000 | 346,500 | 346,500 | ||||
Exercise price of stock option | $ / shares | $ 0 | $ 0.38 | $ 0.21 | ||||||
Proceeds from exercise of options | $ 118,750 | $ 94,929 | $ 94,575 | $ 71,912 | |||||
Repurchase of shares | $ | $ 156,249 | $ 320,235 | $ 116,995 | ||||||
Treasury shares cancelled | 11,500 | 11,500 | 17,600 | 17,600 | 5,200 | 5,200 | |||
Stock option plan, rolling percentage | 10% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 786,600 | $ 1,096,069 | $ 1,666,776 | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 11 years 8 months 12 days | 3 years 3 months 18 days | 3 years 3 months 18 days | 3 years 3 months 18 days | 3 years 3 months 18 days | ||||
Stock-based compensation | $ | $ 237,078 | $ 2,504 | $ 196,115 | ||||||
Number of Options, Granted | 450,000 | 0 | 0 | 534,000 | 534,000 | ||||
Weighted Average Exercise Price, Granted | $ / shares | $ 0.81 | $ 0 | $ 0.8 | ||||||
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 | $ 0.5 | |||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 20 years | ||||||||
First Repurchase [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Repurchase of shares (shares) | 223,000 | 379,300 | 379,300 | 233,600 | 233,600 | ||||
Repurchase of shares | $ | $ 156,249 | $ 315,235 | $ 116,954 | ||||||
Second Repurchase [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Repurchase of shares | $ | $ 13,294 | $ 4,857 | $ 9,430 | ||||||
Common shares re-purchased which were held in treasury | 17,600 | 5,200 | 5,200 | 25,000 | 25,000 | ||||
Third Repurchase [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Repurchase of shares (shares) | 11,500 | 17,600 | 17,600 | 5,200 | 5,200 | ||||
Treasury Stock, Common, Value | $ | $ 6,892 | $ 13,294 | $ 4,857 | ||||||
Options granted to insiders [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of Options, Granted | 350,000 | 314,000 | 314,000 | ||||||
Expense of share-based payment arrangement | $ | $ 120,563 | ||||||||
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) | $ 0.81 | $ 0.6 | $ 0.6 | $ 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 | 100,000 | ||||||
Expense of share-based payment arrangement | $ | $ 34,447 | ||||||||
Weighted Average Exercise Price, Granted | (per share) | $ 0.81 | $ 0.6 | |||||||
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) | $ 0.6 | $ 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 | |||||||
Expense of share-based payment arrangement | $ | $ 4,976 | ||||||||
Weighted Average Exercise Price, Granted | (per share) | $ 0.6 | $ 0.47 | |||||||
Option terms to maturity [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expense of share-based payment arrangement | $ | $ 77,092 |
CAPITAL STOCK - Schedule of Sto
CAPITAL STOCK - Schedule of Stock Options Oustanding (Details) | 12 Months Ended | ||||
Dec. 31, 2022 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares shares | Dec. 31, 2019 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 2,586,000 | 2,586,000 | 2,381,000 | 2,636,000 | 2,615,000 |
Exercise Price | $ / shares | $ 0.37 | $ 0.36 | $ 0.35 | $ 0.23 | |
Options Outstanding 1 [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, 2032 | ||||
Options Outstanding 2 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 54,000 | 54,000 | |||
Exercise Price | $ / shares | $ 0.6 | ||||
Expiry Date | Jun. 01, 2040 | ||||
Options Outstanding 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 250,000 | 250,000 | |||
Exercise Price | $ / shares | $ 0.2 | ||||
Expiry Date | Oct. 08, 2035 | ||||
Options Outstanding 4 [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, 2040 | ||||
Options Outstanding 5 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 400,000 | 400,000 | |||
Exercise Price | $ / shares | $ 0.4 | ||||
Expiry Date | May 05, 2036 | ||||
Options Outstanding 6 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 690,000 | 690,000 | |||
Exercise Price | $ / shares | $ 0.3 | ||||
Expiry Date | Jul. 01, 2037 | ||||
Options Outstanding 7 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Options | shares | 450,000 | 450,000 | |||
Exercise Price | $ / shares | $ 0.81 | ||||
Expiry Date | Dec. 14, 2042 |
CAPITAL STOCK - Schedule of Sha
CAPITAL STOCK - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |||
Number of Options, Outstanding, beginning of year | 2,381,000 | 2,636,000 | 2,615,000 |
Weighted Average Exercise Price, Outstanding, beginning of year | $ 0.36 | $ 0.35 | $ 0.23 |
Number of Options, Granted | 450,000 | 0 | 534,000 |
Weighted Average Exercise Price, Granted | $ 0.81 | $ 0 | $ 0.8 |
Number of Options, Exercised | 0 | (255,000) | (346,500) |
Weighted Average Exercise Price, Exercised | $ 0 | $ 0.38 | $ 0.21 |
Number of Options, Cancelled/Expired | (245,000) | 0 | (166,500) |
Weighted Average Exercise Price, Cancelled/Expired | $ 0.69 | $ 0 | $ 0.31 |
Number of Options, Outstanding end of year | 2,586,000 | 2,381,000 | 2,636,000 |
Weighted Average Exercise Price, Outstanding end of year | $ 0.37 | $ 0.36 | $ 0.35 |
Number of Options, Exercisable end of year | 2,586,000 | 2,381,000 | 2,636,000 |
Weighted Average Exercise Price, Exercisable end of year | $ 0.37 | $ 0.36 | $ 0.35 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.75% | 1.75% | 1.75% |
Expected life | 5 years | 3 years | |
Annualized volatility | 68% | 70% | 73% |
Dividend rate | 0% | 0% | 0% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 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 |
CAPITAL STOCK - Schedule of S_3
CAPITAL STOCK - Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |||
Class of Warrant or Right, Outstanding, Beginning of Period | 0 | 0 | 1,250,000 |
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price, Beginning of Period | $ 0 | $ 0.5 | $ 0.5 |
Class of Warrant or Right, Grants in Period | 0 | 0 | |
Class of Warrant or Right, Grants in Period, Weighted Average Exercise Price | $ 0 | ||
Class of Warrant or Right, Exercises in Period | 0 | 0 | (885,000) |
Class of Warrant or Right, Expirations in Period | 0 | 0 | (365,000) |
Class of Warrant or Right, Outstanding, End of Period | 0 | 0 | 0 |
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price, End of Period | $ 0 | $ 0.5 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Related Party Transaction [Line Items] | |||||
Stock options granted | shares | 450,000 | 0 | 534,000 | ||
Exercise price for stock options granted | $ / shares | $ 0.81 | $ 0 | $ 0.8 | ||
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 | $ 691,435 | $ 772,494 | $ 531,527 | ||
Amounts of transaction which related party is entitled to receive | 345,717 | 386,247 | 274,292 | ||
Due from related party | 90,538 | ||||
Balance payable, related party | $ 181,973 | 181,973 | $ 12,065 | 12,065 | |
Amount payable for expenses earned for work on behalf of company | 0 | 0 | 0 | $ 0 | 0 |
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 | 120,563 | $ 123,837 | |||
Due from related party | $ 77,092 | $ 77,092 | |||
Stock options granted | shares | 350,000 | 314,000 | |||
Insiders [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Exercise price for stock options granted | (per share) | $ 0.81 | $ 0.6 | $ 0.6 | $ 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, 2022 $ / shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 $ / shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Related Party Transaction [Line Items] | |||||
Stock option grants | shares | 450,000 | 0 | 534,000 | ||
Stock option grant price range | $ 0.81 | $ 0 | $ 0.8 | ||
Officers and directors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Consulting fees paid or accrued to officers or their companies | $ | $ 909,314 | $ 1,124,304 | $ 894,616 | ||
Directors' fees | $ | $ 2,308 | $ 2,398 | $ 2,238 | ||
Stock option grants | shares | 120,563 | 123,837 | |||
Stock option grant price range | $ 0.81 | ||||
Officers and directors [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock option grant price range | $ 0.6 | ||||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid during the period for Income taxes | $ 581,263 | $ 288,192 | $ 94,992 |
Accrued for income tax payments related to activities in Ghana | $ 800,000 | $ 720,000 | $ 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid during the period for Interest | $ 0 | $ 0 | $ 0 |
Cash paid during the period for Income taxes | $ 581,263 | $ 288,192 | $ 94,992 |
DEFERRED INCOME TAXES (Narrativ
DEFERRED INCOME TAXES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Assets, Net | $ 60,256 |
British Virgin Islands [Member] | |
Operating Loss Carryforwards [Line Items] | |
Corporate income tax rate | 0% |
Ghana [Member] | |
Operating Loss Carryforwards [Line Items] | |
Corporate income tax rate | 35% |
Deferred Tax Assets, Net | $ 172,160 |
DEFERRED INCOME TAXES - Schedul
DEFERRED INCOME TAXES - Schedule of Deferred Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Pre tax income | $ 1,564,849 | $ 2,303,646 | $ 2,155,241 |
Other | (6,043) | 0 | 0 |
Temporary differences | 60,256 | 281,431 | (151,620) |
Income tax | 800,000 | 1,088,192 | 294,992 |
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 | $ 745,787 | $ 806,761 | $ 446,612 |
CONTINGENCY AND COMMITMENTS (Na
CONTINGENCY AND COMMITMENTS (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Nov. 11, 2022 | Oct. 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted cash | $ 296,322 | $ 296,322 | $ 296,322 | $ 296,322 | ||
Term of lease of Kibi Project | 15 years | |||||
Ghanaian subsidiary [Member] | ||||||
Outstanding annual mineral right fees | $ 11,714,800 | |||||
Ghana Revenue Agency [Member] | ||||||
Tax Liability | $ 8,552,738 | |||||
Additional tax liability | $ 75,458 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - shares | 1 Months Ended | 12 Months Ended | |||
Mar. 17, 2023 | Jan. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||||
Treasury shares cancelled | 11,500 | 11,500 | 17,600 | 5,200 | |
2023 share repurchase plan [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of shares authorised to repurchase | 4,000,000 |