Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information | |
Entity Registrant Name | Gold Standard Ventures Corp. |
Entity Central Index Key | 0001321847 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 277,527,886 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Entity Interactive Data Current | Yes |
Entity Incorporation, State or Country Code | A1 |
Entity File Number | 001-35571 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
Cash (Note 3) | $ 7,260,572 | $ 18,333,732 |
Receivables | 42,565 | 34,692 |
Prepaid expenses (Note 4) | 436,361 | 489,902 |
Total current assets | 7,739,498 | 18,858,326 |
Exploration and evaluation assets (Notes 5 and 14) | 221,330,931 | 196,666,709 |
Reclamation bonds (Note 6) | 2,122,559 | 2,154,027 |
Property and equipment (Note 7) | 297,164 | 455,422 |
Right-of-use assets (Note 8) | 730,809 | |
Total assets | 232,220,961 | 218,134,484 |
Current | ||
Accounts payable and accrued liabilities (Notes 10 and 14) | 2,665,559 | 1,950,222 |
Current portion of lease liabilities (Note 8) | 163,281 | |
Total Current liabilities | 2,828,840 | 1,950,222 |
Lease liabilities (Note 8) | 566,597 | |
Provision for site reclamation (Note 11) | 964,960 | 1,004,499 |
Total Liabilities | 4,360,397 | 2,954,721 |
Shareholders' equity | ||
Share capital (Note 12) | 290,532,540 | 270,513,901 |
Reserves (Note 12) | 10,255,771 | 8,522,564 |
Deficit | (72,927,747) | (63,856,702) |
Total shareholders' equity | 227,860,564 | 215,179,763 |
Total liabilities and shareholders' equity | $ 232,220,961 | $ 218,134,484 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses | ||
Accretion expenses (Note 11) | $ 8,804 | $ 2,138 |
Community relations | 14,202 | 104,887 |
Consulting fees | 618,996 | 991,491 |
Depreciation (Notes 7 and 8) | 362,108 | 178,181 |
Foreign exchange loss (gain) | 270,134 | (720,850) |
Insurance | 440,805 | 415,408 |
Interest expense on lease liabilities (Note 8) | 59,738 | |
Investor relations | 202,686 | 180,378 |
Management fees (Note 14) | 1,389,747 | 1,360,539 |
Office | 530,279 | 559,599 |
Professional fees (Note 14) | 1,092,525 | 1,371,574 |
Property investigation | 96,859 | 73,194 |
Regulatory and shareholders service | 318,350 | 418,343 |
Rent | 281,480 | |
Share-based compensation (Notes 12 and 14) | 2,837,076 | 3,882,026 |
Travel and related | 731,738 | 856,107 |
Wages and salaries (Note 14) | 864,257 | 593,241 |
Total expense | (9,838,304) | (10,547,736) |
Loss on investments (Note 9) | (88,332) | |
Interest income | 119,250 | 397,158 |
Loss and comprehensive loss for the year | $ (9,719,054) | $ (10,238,910) |
Basic and diluted loss per share | $ (0.04) | $ (0.04) |
Weighted average number of common shares outstanding (basic and diluted) | 267,354,321 | 253,212,703 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows used in operating activities | ||
Loss for the year | $ (9,719,054) | $ (10,238,910) |
Items not affecting cash: | ||
Depreciation | 362,108 | 178,181 |
Share-based compensation | 2,837,076 | 3,882,026 |
Accretion expense | 8,804 | 2,138 |
Loss on investments | 88,332 | |
Unrealized foreign exchange | 35,637 | (89,983) |
Changes in non-cash working capital items | ||
Decrease (increase) in receivables | (7,873) | 31,852 |
Decrease (increase) in prepaid expenses | 3,869 | (170,299) |
Increase (decrease) in accounts payable and accrued liabilities | 182,016 | (420,622) |
Net cash provided by operating activities | (6,297,417) | (6,737,285) |
Cash flows used in investing activities | ||
Reclamation bonds | (71,676) | (758,876) |
Proceeds from sale of investments | 220,703 | |
Acquisition of property and equipment | (225,240) | |
Exploration and evaluation assets expenditures | (24,130,901) | (40,556,079) |
Net cash provided by investing activities | (24,202,577) | (41,319,492) |
Cash flows from financing activities | ||
Proceeds from share issuances | 21,045,000 | 48,907,549 |
Share issuance costs | (1,751,571) | (3,089,463) |
Proceeds from exercise of stock options | 269,350 | 2,113,632 |
Repayment of lease liabilities | (135,945) | |
Net cash provided by financing activities | 19,426,834 | 47,931,718 |
Net change in cash | (11,073,160) | (125,059) |
Cash, beginning of year | 18,333,732 | 18,458,791 |
Cash, end of year | $ 7,260,572 | $ 18,333,732 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - CAD ($) | Shares Capital [Member] | Reserves [Member] | Deficit [Member] | Total |
Balance at Dec. 31, 2017 | $ 220,941,105 | $ 6,505,922 | $ (53,842,098) | $ 173,604,929 |
Balance share at Dec. 31, 2017 | 233,536,671 | |||
Shares issued for cash | $ 48,907,549 | 48,907,549 | ||
Shares issued for cash, shares | 23,857,341 | |||
Share issuance costs | $ (3,089,463) | (3,089,463) | ||
Stock options exercised | $ 3,754,710 | (1,641,078) | 2,113,632 | |
Stock options exercised, shares | 2,415,666 | |||
Stock options expired | (214,387) | 214,387 | ||
Stock options cancelled | (9,919) | 9,919 | ||
Share-based compensation | 3,882,026 | 3,882,026 | ||
Loss for the year | (10,238,910) | (10,238,910) | ||
Balance at Dec. 31, 2018 | $ 270,513,901 | 8,522,564 | (63,856,702) | 215,179,763 |
Balance share at Dec. 31, 2018 | 259,809,678 | |||
Shares issued for cash | $ 21,045,000 | 21,045,000 | ||
Shares issued for cash, shares | 17,250,000 | |||
Share issuance costs | $ (1,751,571) | (1,751,571) | ||
Stock options exercised | $ 486,341 | (216,991) | 269,350 | |
Stock options exercised, shares | 355,000 | |||
Restricted share units vested | $ 238,869 | (238,869) | ||
Restricted share units vested, shares | 113,208 | |||
Stock options expired | (579,937) | 579,937 | ||
Restricted share units cancelled | (68,072) | 68,072 | ||
Share-based compensation | 2,837,076 | 2,837,076 | ||
Loss for the year | (9,719,054) | (9,719,054) | ||
Balance at Dec. 31, 2019 | $ 290,532,540 | $ 10,255,771 | $ (72,927,747) | $ 227,860,564 |
Balance share at Dec. 31, 2019 | 277,527,886 |
Nature and Continuance of Opera
Nature and Continuance of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Nature and Continuance of Operations [Abstract] | |
Nature and Continuance of Operations | NOTE 1 - Nature and Continuance of Operations Gold Standard Ventures Corp. (the “Company”) was incorporated on February 6, 2004 under the Business Corporations Act The Company’s head office, principal address and registered and records office is located at Suite 610 – 815 West Hastings Street, Vancouver, British Columbia, Canada, V6C 1B4. The Company’s exploration and evaluation assets are at the exploration stage and are without a known body of commercial ore. The business of exploring for minerals involves a high degree of risk. Few properties that are explored are ultimately developed into producing mines. Major expenditures may be required to establish ore reserves, to develop metallurgical processes, to acquire construction and operating permits and to construct mining and processing facilities. The amounts shown as exploration and evaluation assets cost represent acquisition, holding and deferred exploration costs and do not necessarily represent present or future recoverable values. The recoverability of the amounts shown for exploration and evaluation assets cost is dependent upon the Company obtaining the necessary financing to complete the exploration and development of the properties, the discovery of economically recoverable reserves and future profitable operations or through sale of the assets. These consolidated financial statements have been prepared on the assumption that the Company and its subsidiaries will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Different bases of measurement may be appropriate if the Company is not expected to continue operations for the foreseeable future. As at December 31, 2019, the Company had not advanced its properties to commercial production and is not able to finance day to day activities through operations. The Company’s continuation as a going concern is dependent upon the successful results from its exploration activities and its ability to attain profitable operations and generate funds therefrom and/or raise equity capital or borrowings sufficient to meet current and future obligations. The Company may require additional financing for the upcoming fiscal year in order to maintain its operations and exploration activities. These material uncertainties raise substantial doubt on the Company’s ability to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies and Basis of Preparation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Significant Accounting Policies and Basis of Preparation [Abstract] | |
Significant Accounting Policies and Basis of Preparation | NOTE 2 - Significant Accounting Policies and Basis of Preparation The following is a summary of significant accounting policies used in the preparation of these consolidated financial statements. Statement of compliance Basis of presentation Basis of consolidation Foreign currency translation Transactions in currencies other than Canadian dollars are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the period end exchange rate while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in profit or loss. Use of estimates Although management uses historical experience and its best knowledge of the amount, events or actions to form the basis for judgments and estimates, actual results may differ from these estimates. The most significant items that require estimates and judgements as the basis for determining the stated amounts include the recoverability of exploration and evaluation assets, determination of functional currency, going concern, valuation of share-based compensation, recognition of deferred tax amounts, reclamation provisions, and leases. Critical judgments exercised in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements are as follows: Economic recoverability and probability of future economic benefits of exploration and evaluation assets Management has determined that exploration, evaluation, and related costs incurred which were capitalized may have future economic benefits and may be economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefits including, geologic and other technical information, a history of conversion of mineral deposits with similar characteristics to its own properties to proven and probable mineral reserves, the quality and capacity of existing infrastructure facilities, evaluation of permitting and environmental issues and local support for the project. Determination of functional currency The Company determines the functional currency through an analysis of several indicators such as expenses and cash flow, financing activities, retention of operating cash flows, and frequency of transactions within the reporting entity. Going concern The financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The assessment of the Company’s ability to fund future operations and continue as a going concern involves judgement. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. If the going concern assumption is not appropriate for the financial statements, then adjustments may be necessary to the carrying value of assets and liabilities and the statement of financial position classifications used (Note 1). Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments are as follows: Valuation of share-based compensation The Company uses the Black-Scholes option pricing model for valuation of share-based compensation. Option pricing models require the input of subjective assumptions including expected price volatility, risk-free interest rate, and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s earnings and equity reserves. Income taxes In assessing the probability of realizing income tax assets, management makes estimates related to expectation of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified. Reclamation provisions The Company’s reclamation provision represents management’s best estimate of the present value of the future cash outflows required to settle the obligation. Management assesses these provisions on an annual basis or when new information becomes available. This assessment includes the estimation of the future reclamation costs, the timing of these expenditures, inflation, and the impact of changes in discount rates, interest rates and foreign exchange rates. The actual future expenditures may differ from the amounts currently provided if the estimates made are significantly different than actual results or if there are significant changes in environmental and/or regulatory requirements in the future. Valuation of right-of-use asset and lease liabilities The application of IFRS 16 requires the Company to make judgments that affect the valuation of the right-of-use assets and the valuation of lease liabilities. These include assessing lease agreements to determine the contract term and interest rate used for discounting of future cash flows. The lease term determined by the Company is comprised of the non-cancellable period of lease agreements, periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. The present value of the lease payment is determined using a discount rate representing the rate of a commercial mortgage rate, observed in the period when the lease agreement commences or is modified. Financial instruments Financial assets On initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at: (i) amortized cost; (ii) fair value through other comprehensive income (“FVOCI”); or (iii) fair value through profit or loss (“FVTPL”). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVOCI are classified as FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income/loss. The classification determines the method by which the financial assets are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Receivables and reclamation bonds are measured at amortized cost with subsequent impairments recognized in profit or loss. Cash is classified as FVTPL. Impairment An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Financial liabilities Financial liabilities are designated as either: (i) fair value through profit or loss; or (ii) amortized cost. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Accounts payable and accrued liabilities are classified and carried on the statement of financial position at amortized cost. As at December 31, 2019, the Company does not have any derivative financial liabilities. Exploration and evaluation assets Costs directly related to the acquisition and exploration of exploration and evaluation assets are capitalized once the legal rights to explore the exploration and evaluation assets are acquired or obtained. When the technical and commercial viability of a mineral resource has been demonstrated and a development decision has been made, the capitalized costs of the related property are first tested for impairment, then transferred to mining assets and depreciated using the units of production method on commencement of commercial production. If it is determined that capitalized acquisition, exploration and evaluation costs are not recoverable, or the property is abandoned or management has determined an impairment in value, the property is written down to its recoverable amount. Exploration and evaluation assets are reviewed for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. Restoration and environmental obligations The Company’s estimates of restoration costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to the related asset with a corresponding entry to the restoration provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates. Changes in the net present value, excluding changes in amount and timing of the Company’s estimates of reclamation costs, are charged to profit or loss for the period. The net present value of restoration costs arising from subsequent site damage that is incurred on an ongoing basis during production are charged to profit or loss in the period incurred. Leases The Company applied IFRS 16 using the modified retrospective method. Under this method, financial information will not be restated and will continue to be reported under the accounting standards in effect for those periods. The Company will recognize lease liabilities related to its lease commitments for its office leases. The lease liabilities will be measured at the present value of the remaining lease payments, discounted using the Company’s estimated incremental borrowing rate as at January 1, 2019, the date of initial application, resulting in no adjustment to the opening balance of deficit. The associated right-of-use assets will be measured at the lease liabilities amount, plus prepaid lease payments made by the Company. The Company has implemented the following accounting policies permitted under the new standard: leases of low dollar value will continue to be expensed as incurred; and the Company will not apply any grandfathering practical expedients. As at January 1, 2019, the Company recognized $934,659 in right-of-use assets and $884,987 in lease liabilities as summarized below. $ Minimum lease payments under operating leases as of December 31, 2018 657,466 Assumed exercise of renewal of office lease in April 2020 460,050 Effect from discounting at the incremental borrowing rate as of January 1, 2019 (232,529 ) Lease liabilities recognized as of January 1, 2019 884,987 Prepaid lease payments 49,672 Right-of-use assets recognized as of January 1, 2019 934,659 The lease liabilities were discounted at a discount rate of 7% as at January 1, 2019. The following is the accounting policy for leases as of January 1, 2019 upon adoption of IFRS 16: At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement exists, and if the Company has the right to direct the use of the asset. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. As a lessee, the Company recognizes a right-of-use asset and a lease liability at the commencement date of a lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, the incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: fixed payments, including in-substance fixed payments, less any lease incentives receivable; variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; amounts expected to be payable under a residual value guarantee; exercise prices of purchase options if the Company is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in the estimate or assessment of the expected amount payable under a residual value guarantee, purchase, extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to profit or loss. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to profit or loss on a straight-line basis over the lease term. Share-based compensation Property and equipment Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any replaced parts is derecognized. All other repairs and maintenance are charged to profit or loss during the fiscal period in which they are incurred. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss. Depreciation is calculated using a straight-line or a declining balance method to write off the cost of the assets. The depreciation rates applicable to each category of property and equipment are as follows: Asset Basis Period and Rate Computers Declining-balance 55% Leasehold Improvements Straight-line Remaining lease term Income taxes Current income tax: Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the country where the Company operates and generates taxable income. Current income tax relating to items recognized directly in other comprehensive income (loss) or equity is recognized in other comprehensive income (loss) or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred income tax: Deferred income tax is provided for, based on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Impairment of non-financial assets The recoverable amount of an asset is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exists and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Loss per share Standards issued or amended but not yet effective |
Cash
Cash | 12 Months Ended |
Dec. 31, 2019 | |
Cash [abstract] | |
Cash | NOTE 3 – Cash December 31, 2019 December 31, 2018 $ $ Cash at financial institutions 7,183,016 18,224,563 Cash held in lawyers’ trust account 77,556 109,169 7,260,572 18,333,732 |
Prepaid Expenses
Prepaid Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Prepaid Expenses [Abstract] | |
Prepaid Expenses | NOTE 4 – Prepaid Expenses December 31, 2019 December 31, 2018 $ $ Prepaid expenses 416,080 468,600 Deposits 20,281 21,302 436,361 489,902 |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Exploration and Evaluation Assets [Abstract] | |
Exploration and Evaluation Assets | NOTE 5 – Exploration and Evaluation Assets Expenditures for the years related to exploration and evaluation assets located in Nevada, USA were as follows: Railroad- Pinion Lewis Gold Project Project Total $ $ $ Balance as at December 31, 2017 116,743,248 37,692,627 154,435,875 Property acquisition and staking costs 4,989 - 4,989 NSR buy-down 4,427,850 - 4,427,850 Exploration expenses Claim maintenance fees 359,532 81,528 441,060 Consulting 3,692,499 81,721 3,774,220 Data Analysis 58,172 22,282 80,454 Drilling 18,472,855 174,781 18,647,636 Engineering 134,827 - 134,827 Environmental and permitting 387,679 - 387,679 Equipment rental 127,471 491 127,962 Geological 788,032 25,554 813,586 Geotechnical 654,687 - 654,687 Hydrology 930,729 - 930,729 Lease payments 1,805,255 118,784 1,924,039 Metallurgy 551,864 - 551,864 Preliminary economic assessment 579,226 - 579,226 Provision for site reclamation 946,010 - 946,010 Sampling and processing 561,710 81,770 643,480 Site development and reclamation 5,722,669 98,297 5,820,966 Supplies 1,224,990 1,002 1,225,992 Vehicle 113,578 - 113,578 41,544,624 686,210 42,230,834 Balance as at December 31, 2018 158,287,872 38,378,837 196,666,709 Railroad- Pinion Lewis Gold Project Project Total $ $ $ Balance as at December 31, 2018 158,287,872 38,378,837 196,666,709 Claim maintenance fees 388,849 88,369 477,218 Consulting 1,929,576 145,746 2,075,322 Data analysis 376,619 - 376,619 Drilling 7,948,972 464,391 8,413,363 Engineering 156,688 - 156,688 Environmental and permitting 1,736,801 18,272 1,755,073 Equipment rental 148,781 12,570 161,351 Geological 69,667 - 69,667 Geotechnical 71,381 - 71,381 Hydrology 1,648,207 - 1,648,207 Lease payments 1,690,657 122,343 1,813,000 Metallurgy 2,037,771 - 2,037,771 Preliminary economic assessment 1,127,651 - 1,127,651 Sampling and processing 403,224 533 403,757 Site development and reclamation 3,482,076 101,978 3,584,054 Supplies 491,265 1,835 493,100 23,708,185 956,037 24,664,222 Balance as at December 31, 2019 181,996,057 39,334,874 221,330,931 Railroad-Pinion Project The Railroad-Pinion project is located in Elko County, Nevada, USA. In August 2009, the Company entered into an agreement to acquire a 100% interest in certain claims comprising the Railroad Property in Nevada from Royal Standard Minerals, Inc (“RSM”) and its subsidiaries. The Railroad property is subject to three underlying agreements as follows: a. Aladdin Sweepstakes Lease/Purchase Agreement whereby the Company acquired certain interests for US$2,965,000 subject to a 1% net smelter royalty (“NSR”). b. Tomera Mining Lease consists of five separate leases, three of which are subject to a 5% NSR. The Company is required to pay annual lease payments of $169,100 expiring in September 2028. c. Sylvania Mining Lease Agreement which is subject to annual lease payments of US$20,000 expiring in December 2021 subject to a 5 % NSR. RSM will retain a 1% NSR on the entire property and certain claims are subject to a 1.5% Mineral Production Royalty payable to Kennecott Holdings Corporation. In April 2011 (and amended June 2016), the Company entered into a minerals lease and agreement with Newmont USA Limited (“Newmont”) to lease four sections and acquire a 100% right to prospect and explore for minerals on and beneath the leased lands. Two of the four sections are staked public lands, which carry no underlying royalty. The other two sections are private surface and minerals lands subject to a total annual lease payment of US$39,680 and an underlying 5% NSR. Under the terms of the agreement, the Company is required to incur US$500,000 in each of 2017 (incurred) and 2018 (incurred). Beginning in 2019, the Company will be subject to an annual work commitment of US$300,000, or the Company will be required to pay an annual rental payment of US$33,600 to Newmont. Newmont has a first back-in right on or before delivery of a positive feasibility study, enabling Newmont to earn a 51% interest in the lease by incurring expenditures totaling 150% of the expenditures made by the Company. If Newmont elects not to exercise the back-in right, Newmont will deed the claims and assign the leases on the leased lands to the Company in exchange for the Company’s executing a royalty deed conveying a 3% NSR on the claims and a 1% NSR on the leased lands to Newmont. If Newmont exercises its first back-in right, it has a second back-in right to earn an additional 19% interest in the lease by expending an additional 100% of the expenditures made by the Company. The project would then revert to a joint venture between Newmont (70%) and the Company (30%). Between October 2011 and May 2012, the Company entered into various mining lease agreements to acquire a 100% interest in certain claims, collectively known as the Pinion project (“Pinion”), with a lease term of ten years with an option to extend the lease term for an additional ten years. Each lease is subject to a 5% NSR. The lease payment will be cumulatively credited to the Company’s account and will be applied against the Company’s obligation to pay the NSR payment up to 80% of the total lease payment. In October 2012, the Company entered into a lease for a 100% right in certain patented mining claims for a primary period of 10 years. The Company is required to make annual lease payments of US$50,000. The Company has the option to purchase the property for US$1,500,000 and must purchase the property prior to commencing production. The lease agreement is subject to a 4% NSR. The Company has the option to extend the lease for an additional 10 years with annual lease payments of US$75,000 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments paid will be credited against future NSR payments. In October 2012, the Company entered into a surface use agreement with a primary term of 10 years, with provisions for extension after that. The surface use agreement is subject to an annual lease payment of US$20,103. The Company has the option to purchase the property for US$8,934,640 and must purchase the property prior to commencing production. In November 2012, the Company entered into a mining lease agreement to lease a 100% interest in certain mineral rights for a period of 12 years. The Company paid an initial amount of US$1,000,000 upon execution of the agreement and must make annual lease payments of US$175,000. The annual lease payments increase by 5% each year. The Company is required to spend US$1,000,000 per year (incurred to date) on exploration for the remainder of the lease term, with the option of making a cash payment to the vendor of any shortfall. The lease agreement is subject to a 5% NSR with a buy-down option of 3% for US$7,000,000. The Company, prior to commencing production on the property and after having exercised its buy-down option of the NSR, has an option to purchase the property for an amount of US$25,000,000. If the Company exercises the purchase option, 70% of the initial amount will be credited towards the purchase price and 70% of all annual lease payments will be credited against future NSR payments. The Company has the option to extend the lease for an additional 10 years by paying US$1,000,000 and making annual lease payments of US$500,000 per year, increasing annually in the amount of 5% of the previous year’s annual lease payment. After the third anniversary, the Company can terminate this agreement by making a cash payment equal to the lease payments for the following two years of the lease term. In December 2012, the Company entered into a mining lease and option to purchase agreement to lease a 100% right in certain patented mining claims for a primary period of 10 years. The Company is required to make annual lease payments of US$35,000. The Company has the option to purchase the property for US$1,000,000 and must purchase the property prior to commencing production. The lease agreement is subject to a 4% NSR with a buy-down option of 2% for US$2,000,000 and a further 1% for US$1,500,000. The Company has the option to extend the lease for an additional 10 years with annual lease payments of US$50,000 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments will be credited against future NSR payments. In July 2013, the Company entered into a lease for a 100% right in certain patented mining claims for a primary period of 10 years. The Company is required to make annual lease payments of US$43,750. The Company has the option to purchase the property for US$1,250,000 and must purchase the property prior to commencing production. The lease agreement is subject to a 4% NSR with a buy-down option of 2% for US$2,000,000 and a further 1% for US$1,000,000. The Company has the option to extend the lease for an additional 10 years with annual lease payments of US$62,500 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments will be credited against future NSR payments. In March 2014, the Company entered into an agreement to acquire a certain portion of the Pinion Gold Deposit (“Pinion Gold Deposit”), which is contiguous to the Company’s Railroad Gold Project. Under the terms of the agreement, the Company made cash payments of $8,500,000 and issued 6,750,000 common shares of the Company valued at $4,807,500. The Company is subject to additional cash consideration between $1,500,000 and $3,000,000 if the Company enters into a transaction whereby it sells a majority of the Company for consideration exceeding $100,000,000. The Pinion Gold Deposit is subject to five underlying lease agreements which require total annual lease payments of US$49,090 as well as a maximum of a 5% NSR pursuant to various underlying lease agreements and royalty agreements. In September 2014, the Company entered into a mining lease with option to purchase agreement to lease a 100% right in certain unpatented mining claims for a primary period of 10 years. The Company is required to make annual lease payments of US$30,000 increasing to US$90,000 in years six to nine. The Company has the option to purchase the property for US$1,500,000 and must purchase the property prior to commencing production. The lease agreement is subject to a 4% NSR with a buy-down option of 1% for US$1,000,000 before the fifth anniversary and a further 1% for US$1,500,000 before the tenth anniversary. The Company has the option to extend the lease for an additional 10 years with annual lease payments of US$100,000 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments will be credited against future NSR payments. In January 2015, the Company entered into a mining lease with option to purchase agreement to lease a 100% right in certain unpatented mining claims for a primary period of 10 years. The Company is required to make annual lease payments of US$8,000 increasing to US$20,000 in years six to nine. The Company has the option to purchase the property for US$150,000 and must purchase the property prior to commencing production. The lease agreement is subject to a 3% NSR with a buy-down option of 1% for US$150,000 before the fifth anniversary and a further 1% for US$250,000 before the tenth anniversary. The Company has the option to extend the lease for an additional 10 years with annual lease payments of US$25,000 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments will be credited against future NSR payments. In 2016, the Company entered into certain mining lease and option to purchase agreements to lease a 100% right in certain patented mining claims for a primary period of 10 years. The Company paid US$279,000 upon execution of these agreements and is required to make combined annual lease payments of approximately US$16,500 on the first anniversary; the annual lease payments increase to approximately US$31,000 in years six to nine. The Company has the option to purchase certain properties for US$800,000 and must purchase certain properties prior to commencing production. Certain lease agreements are subject to a 3% NSR with buy-down options of 1% for US$1,100,000. The Company has the option to extend the leases for an additional 10 years with annual lease payments approximately US$31,000 per year, with provisions for extension after that. If the Company exercises the purchase option, all initial lease payments will be credited against future NSR payments. In March 2017, the Company entered into a mining lease agreement to lease a 100% interest in certain mineral rights for a period of 10 years. The Company paid an initial amount of US$75,000 upon execution of the agreement and is required to pay an annual lease payment of US$75,000. The lease agreement is subject to a 3.5% NSR. The Company has the option to extend the lease for an additional 10 years by paying US$75,000 and making annual lease payments of US$75,000 per year. In addition, the Company entered into a surface use agreement with a primary term of 10 years, with provisions for extension thereafter. The surface use agreement is subject to an annual lease payment of US$9,000. The Company has the option to purchase the property for US$2,000,000 and must exercise the option prior to commencing production. In January 2018, the Company entered into a mining lease agreement to lease a 100% interest in certain mineral rights for a period of 10 years. The Company paid an initial amount of US$10,000 upon execution of the agreement and must make annual payments of US$10,000 increasing to US$30,000 in years six to nine. The lease agreement is subject to a 3% NSR. In March 2018, the Company exercised its NSR buy-down option on one of its mining lease agreements executed in November 2012 to reduce the NSR royalty from 5% to 2% by making a lump-sum payment of US$3,500,000 to the lessee. In May 2018, the Company entered into an amendment agreement to one of its mining lease agreements executed in November 2011 to reduce the NSR royalty from 5% to 2% and extend the term of the lease for an additional 8 years beyond the primary 10 year term of the original agreement by making a lump-sum payment of US$300,000 to the lessees. During the year ended December 31, 2019, the Company entered into certain amendment agreements to amend various surface use and mining lease agreements (“Amendment Agreements”) to extend the primary term of these surface use and mining lease agreements for an additional eight years. The Company incurred a total of US$150,000 upon execution of these Amendment Agreements. Payment requirements from 2020 to 2024 under agreements are approximately as follows: Total Total Work Lease commitment payment Total US$ US$ US$ 2020 1,300,000 1,103,000 2,403,000 2021 1,300,000 903,000 2,203,000 2022 1,400,000 514,000 1,914,000 2023 1,300,000 470,000 1,770,000 2024 1,300,000 383,000 1,683,000 6,600,000 3,373,000 9,973,000 Lewis Gold Project As a result of the acquisition of BMG, the Company acquired a 100% right, title and interest in mining claims located in the Battle Mountain Mining District in Lander County, Nevada, USA (the “Lewis Gold Project”). The Lewis Gold Project is subject to an advance minimum annual royalty in the amount of US$60,000 in cash, which is subject to an annual escalation based upon a defined consumer price index. The advance minimum royalty payments are to be credited against any production royalty payable in the same year. Production royalties include a 3.5% NSR for gold and silver and a 4% NSR for other minerals such as lead, zinc, and copper. |
Reclamation Bonds
Reclamation Bonds | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Reclamation Bonds [Abstract] | |
Reclamation Bonds | NOTE 6 - Reclamation Bonds In relation to its exploration and evaluation assets, the Company has posted reclamation bonds as at December 31, 2019 of $2,122,559 (US$1,634,040) (2018 - $2,154,027 (US$1,581,158)). |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property and Equipment | NOTE 7 - Property and Equipment Leasehold improvements Computers Total $ $ $ Cost: At December 31, 2017 499,323 29,482 528,805 Additions 184,435 40,805 225,240 At December 31, 2018 and December 31, 2019 683,758 70,287 754,045 Depreciation: At December 31, 2017 116,020 4,422 120,442 Charge for the year 141,956 36,225 178,181 At December 31, 2018 257,976 40,647 298,623 Charge for the year 141,958 16,300 158,258 At December 31, 2019 399,934 56,947 456,881 Net book value: At December 31, 2018 425,782 29,640 455,422 At December 31, 2019 283,824 13,340 297,164 |
Right-of-Use Assets and Lease L
Right-of-Use Assets and Lease Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
Right-of-Use Assets and Lease Liabilities | NOTE 8 – Right-of-Use Assets and Lease Liabilities Right-of-Use Assets Office Leases Cost: $ At December 31, 2017 and 2018 - Adjustment on initial adoption of IFRS 16 (Note 2) 934,659 At December 31, 2019 934,659 Depreciation: At December 31, 2017 and 2018 - Charge for the year 203,850 At December 31, 2019 203,850 Net book value: At December 31, 2018 - At December 31, 2019 730,809 Lease Liabilities $ Lease liabilities recognized as of January 1, 2019 884,987 Lease payments made (195,683 ) Interest expense on lease liabilities 59,738 Foreign exchange adjustment (19,164 ) 729,878 Less: current portion (163,281 ) At December 31, 2019 566,597 The remaining minimum future lease payments, excluding estimated operating costs, for the term of the lease including assumed renewal periods are as follows: $ Fiscal 2020 211,568 Fiscal 2021 225,648 Fiscal 2022 196,387 Fiscal 2023 94,055 2024 and beyond 129,836 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Investment [Abstract] | |
Investments | NOTE 9 – Investments In February 2017, the Company acquired 600,000 shares of Contact Gold Corp. for a total of $300,000, which had been classified as FVTPL and measured at fair value. As at December 31, 2017, the fair value of the investment was $306,000. During the year ended December 31, 2018, the Company sold these shares for proceeds of $217,071 and recorded a loss of $88,929. In connection with the acquisition of BMG, the Company acquired certain marketable securities, which have been classified as FVTPL and measured at fair value. As at December 31, 2017, the fair value of the investment was $3,035. During the year ended December 31, 2018, the Company sold these securities for proceeds of $3,632 and recorded a gain of $597. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | NOTE 10 – Accounts Payable and Accrued Liabilities December 31, 2019 December 31, 2018 $ $ Accounts payable 1,604,972 848,332 Accrued liabilities 1,060,587 1,101,890 2,665,559 1,950,222 |
Provision for Site Reclamation
Provision for Site Reclamation | 12 Months Ended |
Dec. 31, 2019 | |
Provision For Site Reclamation | |
Provision for Site Reclamation | NOTE 11 – Provision for Site Reclamation During the year ended December 31, 2018, the Company recorded a provision for the estimated cost of site reclamation relating to exploration activities at its Railroad-Pinion Project. The Company used an inflation rate of 2.16% (2018 – 2.16%) and an average discount rate of 3.09% (2018 – 3.09%) in calculating the estimated obligation. The undiscounted uninflated value of the cash flows required to settle the provision is approximately $1,138,149 expected to be incurred over the next 19 years. Railroad-Pinion Project $ Balance as at December 31, 2017 - Increase in estimate 946,010 Foreign exchange adjustment 56,351 Accretion expense 2,138 Balance as at December 31, 2018 1,004,499 Foreign exchange adjustment (48,343 ) Accretion expense 8,804 Balance as at December 31, 2019 964,960 |
Share Capital and Reserves
Share Capital and Reserves | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
Share Capital and Reserves | NOTE 12 - Share Capital and Reserves Authorized Share Capital Unlimited number of common shares without par value. Issued Share Capital In February 2018, the Company completed an underwritten public offering and a concurrent private placement financing and issued 18,626,440 common shares of the Company at a price of $2.05 per share for gross proceeds totalling $38,184,202, and incurred cash commissions and expenses of $2,623,077. In September 2018, the Company completed a private placement financing and issued 5,230,901 common shares of the Company at a price of $2.05 per share for gross proceeds totalling $10,723,347, and incurred cash commissions and expenses of $466,386. In January 2019, the Company issued 113,208 common shares of the Company at a fair value of $1.66 per share in connection to the vesting of restricted share units. In July 2019, the Company completed an underwritten public offering financing and issued 17,250,000 common shares of the Company at a price of $1.22 per share for gross proceeds totalling $21,045,000, and incurred cash commissions and expenses of $1,751,571. Share Purchase Warrants There were no share purchase warrants outstanding as at December 31, 2019 and December 31, 2018. Stock Options The Company has a Stock Option Plan whereby the maximum number of common shares reserved for issue under the plan shall not exceed 10% of the outstanding common shares of the Company, as at the date of the grant. The exercise price of each option granted under the plan may not be less than the Discounted Market Price (as that term is defined in the policies of the TSX). Options may be granted for a maximum term of five years from the date of the grant, are non-transferable and generally expire within 90 days of termination of employment, consulting arrangement or holding office as a director or officer of the Company, are subject to provisions as determined by the Board of Directors (the “Board”) and, in the case of death, expire within one year thereafter. Upon death, the options may be exercised by legal representation or designated beneficiaries of the holder of the option. During the year ended December 31, 2018, the Company issued 2,415,666 common shares in relation to the exercise of 2,415,666 stock options for total proceeds of $2,113,632 and the fair value of $1,641,078 attributable to these stock options was transferred from reserves to share capital. Additionally, 292,934 stock options expired unexercised and 25,000 stock options were cancelled and the fair value of $224,306 attributable to these stock options was transferred from reserves to deficit. In addition, during the year ended December 31, 2018, the Company granted a total of 2,799,256 stock options as follows: 100,000 stock options with an exercise price of $1.96 per share vest one-third immediately, one-third on January 15, 2019, and one-third on January 15, 2020, with a fair value of $102,519. 2,439,256 stock options with an exercise price of $2.11 per share vest one-third immediately, one-third on January 26, 2019, and one-third on January 26, 2020, with a fair value of $2,599,050. 100,000 stock options with an exercise price of $2.11 per share vest one-third immediately, one-third on April 27, 2019, and one-third on April 27, 2020, with a fair value of $105,740. 160,000 stock options with an exercise price of $1.96 per share vest one-third immediately, one-third on June 26, 2019, and one-third on June 26, 2020, with a fair value of $156,288. During the year ended December 31, 2018, the Company expensed a total of $3,227,899 as share-based compensation for values of stock options vested. During the year ended December 31, 2019, the Company issued 355,000 common shares in relation to the exercise of 355,000 stock options for total proceeds of $269,350 and the fair value of $216,991 attributable to these stock options was transferred from reserves to share capital. Additionally, 545,000 stock options expired unexercised and the fair value of $579,937 attributable to these stock options was transferred from reserves to deficit. In addition, during the year ended December 31, 2019, the Company granted a total of 1,921,424 stock options as follows: 1,821,424 stock options with an exercise price of $1.74 per share vest one-third immediately, one-third on January 31, 2020, and one-third on January 31, 2021, with a fair value of $1,534,992. 50,000 stock options with an exercise price of $1.49 per share vest one-third immediately, one-third on March 15, 2020, and one-third on March 15, 2021, with a fair value of $32,988. 50,000 stock options with an exercise price of $1.20 per share vest one-third immediately, one-third on August 16, 2020, and one-third on August 16, 2021, with a fair value of $28,802. During the year ended December 31, 2019, the Company expensed a total of $1,918,737 as share-based compensation for values of stock options vested. The fair value of options granted is estimated on the grant date using the Black-Scholes option pricing model using the following weighted average variables: For the year ended December 31, 2019 2018 Risk-free interest rate 1.80% 1.99% Expected option life in years 4 years 4 years Expected stock price volatility 62% 65% Expected dividend rate 0% 0% A summary of stock option activities is as follows: Number of Weighted average options exercise price $ Outstanding at December 31, 2017 9,251,640 1.43 Exercised (2,415,666 ) 0.87 Granted 2,799,256 2.10 Expired (292,934 ) 2.12 Cancelled (25,000 ) 2.11 Outstanding at December 31, 2018 9,317,296 1.75 Exercised (355,000 ) 0.76 Granted 1,921,424 1.72 Expired (545,000 ) 2.12 Outstanding at December 31, 2019 10,338,720 1.76 A summary of the stock options outstanding and exercisable at December 31, 2019 is as follows: Exercise Number Number Price Outstanding Exercisable Expiry Date $ 0.77* 450,000 450,000 January 9, 2020 0.73** 2,125,000 2,125,000 November 27, 2020 3.16 457,500 457,500 September 29, 2021 2.24 325,000 325,000 June 1, 2022 2.12 2,030,540 2,030,540 August 1, 2022 2.25 600,000 600,000 September 12, 2022 1.96 100,000 66,667 January 15, 2023 2.11 2,239,256 1,492,837 March 5, 2023 2.11 100,000 66,667 April 27, 2023 1.96 110,000 73,333 September 14, 2023 1.74 1,701,424 567,141 January 31, 2024 1.49 50,000 16,667 March 15, 2024 1.20 50,000 16,667 August 16, 2024 10,338,720 8,288,019 * 450,000 stock options exercised subsequent to the year end. ** 200,000 stock options exercised subsequent to the year end. The stock option reserve records items recognized as share-based compensation expense until such time that the stock options are exercised, at which time the corresponding amount will be transferred to share capital. If vested options expire unexercised or are forfeited, the amount recorded is transferred to deficit. Restricted Share Unit Award Plan In 2017, the Company adopted a Restricted Share Unit Award Plan (“RSU Plan”) whereby the maximum number of common shares reserved for issue under the RSU Plan shall not exceed 5,000,000 common shares of the Company. In addition, the aggregate number of common shares issuable pursuant to the RSU Plan combined with all of the Company’s other security-based compensation arrangements, including the Company’s Stock Option Plan, shall not exceed 10% of the Company’s outstanding shares. In January 2019, the Company granted 664,730 (2018 – 567,110) RSUs to certain officers and directors with a fair value of $1,156,630 (2018 - $1,196,602). Certain RSUs issued to officers of the Company vest either one-third every year or approximately three years from the grant date. The directors of the Company, who have been granted RSUs, have the entitlement to have one-third of the grant vest every year. However, the RSUs will vest only when the director’s position on the Board has been terminated. During the year ended December 31, 2019, the Company cancelled 155,284 (2018 – Nil) RSUs and the fair value of $68,072 (2018 - $Nil) attributable to these RSUs was transferred from reserves to deficit. In addition, the Company expensed a total of $918,339 (2018 – $654,127) as share-based compensation for values of RSUs vested. A summary of restricted share unit activities is as follows: Number of RSUs Outstanding at December 31, 2017 - Granted 567,110 Outstanding at December 31, 2018 567,110 Vested (113,208 ) Granted 664,730 Cancelled (155,284 ) Outstanding at December 31, 2019 963,348 |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | |
Segmented Information | NOTE 13 - Segmented Information The Company has one operating segment, being the acquisition and exploration of exploration and evaluation assets. Geographic information is as follows: As at December 31, 2019 Canada US Total $ $ $ Reclamation bonds - 2,122,559 2,122,559 Property and equipment 19,611 277,553 297,164 Exploration and evaluation assets - 221,330,931 221,330,931 Right-of-use assets 374,417 356,392 730,809 394,028 224,087,435 224,481,463 As at December 31, 2018 Canada US Total $ $ $ Reclamation bonds - 2,154,027 2,154,027 Property and equipment 67,636 387,786 455,422 Exploration and evaluation assets - 196,666,709 196,666,709 67,636 199,208,522 199,276,158 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions [abstract] | |
Related Party Transactions | NOTE 14 - Related Party Transactions During the year ended December 31, 2019, the Company entered into the following transactions with related parties, not disclosed elsewhere in these financial statements: i. As at December 31, 2019, $389,127 (2018 - $296,702) was included in accounts payable and accrued liabilities owing to officers and directors of the Company in relation to management fees, professional fees and reimbursement of expenses. ii. The Company received $12,000 (2018 - $18,000) of rent from a company related by way of common officers. Summary of key management personnel compensation: Key management personnel includes those persons having authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined that key management personnel consists of members of the Board and corporate officers, including the Company’s Chief Executive Officer and Chief Financial Officer. For the year ended December 31, 2019 2018 $ $ Management fees 1,389,747 1,360,539 Professional fees 265,456 266,150 Exploration and evaluation assets expenditures 255,977 129,872 Wages and salaries 45,172 22,919 Share-based compensation 1,889,776 2,312,347 3,846,128 4,091,827 |
Capital Disclosure and Manageme
Capital Disclosure and Management | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of capital disclosure and Management [Abstract] | |
Capital Disclosure and Management | NOTE 15 - Capital Disclosure and Management The Company considers its capital structure to include the components of shareholders’ equity. Management’s objective is to ensure that there is sufficient capital to minimize liquidity risk and to continue as a going concern. As an exploration stage company, the Company is currently unable to self-finance its operations. Although the Company has been successful in the past in obtaining financing through the sale of equity securities, there can be no assurance that the Company will be able to obtain adequate financing in the future, or that the terms of such financings will be favourable. The Company’s share capital is not subject to any external restrictions and the Company did not change its approach to capital management during the year. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments and Risk Management | NOTE 16 - Financial Instruments and Risk Management Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and Level 3 – Inputs that are not based on observable market data. The Company’s financial instruments consist of cash, receivables, reclamation bonds, and accounts payable, and accrued liabilities. The fair value of these financial instruments, other than cash, approximates their carrying values due to the short-term nature of these instruments. Cash is measured at fair value using level 1 inputs. The Company is exposed to a variety of financial risks by virtue of its activities including currency, credit, interest rate, liquidity, and commodity price. a) Currency risk The Company conducts exploration and evaluation activities in the United States. As such, it is subject to risk due to fluctuations in the exchange rates for the Canadian and US dollars. As at December 31, 2019, the Company had a foreign currency net monetary asset position of approximately US$2,030,000. Each 1% change in the US dollar relative to the Canadian dollar will result in a foreign exchange gain/loss of approximately $20,300. b) Credit risk Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations. The Company’s cash is held in large Canadian and U.S. financial institutions and the Company considers this risk to be remote. c) Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to limited interest rate risk as it only holds cash and highly liquid short-term investments. d) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its obligations as they come due. The Company’s ability to continue as a going concern is dependent on management’s ability to raise the required capital through future equity or debt issuances. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities. Management and the Board are actively involved in the review, planning, and approval of significant expenditures and commitments. The Company is exposed to liquidity risk. e) Commodity price risk The ability of the Company to raise funds to explore and develop its exploration and evaluation assets and the future profitability of the Company are directly related to the price of gold. The Company monitors gold prices to determine the appropriate course of action to be taken. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Commitments [Abstract] | |
Commitments | NOTE 17 - Commitments a) The Company has two separate consulting agreements with officers and directors of the Company to provide management consulting and exploration services to the Company for an indefinite term. The agreements require total combined payments of $50,750 per month. Included in each agreement is a provision for a two-year payout in the event of termination without cause and three-year payout in the event of a change in control. b) The Company has an employment agreement with an employee of the Company to provide exploration services to the Company for an indefinite term. The agreement requires payment of US$16,050 per month. Included in the agreement is a provision for a two-year payout in the event of a termination following a change in control. c) The Company has an employment agreement with an officer of the Company to provide corporate secretarial and legal services to the Company for an indefinite term. The agreement requires payment of $19,167 per month. Included in the agreement is a provision for a two-year payout in the event of termination without cause or in the event of a change in control. d) The Company has two separate employment agreements with an officer and an employee of the Company to provide exploration services to the Company for an indefinite term. The agreements require total combined payments of US$31,875 per month. Included in each agreement is a provision for a one-year payout in the event of a termination following a change in control. |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Supplementary Cash Flow Information [Abstract] | |
Supplementary Cash Flow Information | NOTE 18 – Supplementary Cash Flow Information For the year ended December 31, 2019 2018 $ $ Non-cash transactions Exploration and evaluation assets expenditures in accounts payable 1,888,979 1,355,658 Reclassification of cancelled stock options - 9,919 Reclassification of expired stock options 579,937 214,387 Reclassification of stock options exercised 216,991 1,641,078 Reclassification of cancelled restricted share units 68,072 - Reclassification of restricted share unit vested 238,869 - Capitalization of right-of-use assets and lease liabilities 934,659 - Provision for site reclamation - 946,010 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | NOTE 19 – Income Taxes The reconciliation of the combined Canadian federal and provincial income tax rate to the income tax recovery presented in the accompanying statements of comprehensive loss is provided below: Years ended December 31, 2019 2018 $ $ Loss before income taxes (9,719,054 ) (10,238,910 ) Expected income tax recovery at statutory tax rates (2,624,000 ) (2,765,000 ) Impact of different statutory tax rates on earnings of subsidiaries 62,000 258,000 Change in statutory, foreign tax rates and other (103,000 ) (110,000 ) Foreign exchange 2,119,000 (3,063,000 ) Non-deductible expenditures 804,000 666,000 Share issuance costs (473,000 ) (834,000 ) Adjustment in prior years provision statutory tax returns and expiry of non- capital losses 772,000 591,000 Change in unrecognized deductible temporary differences and others (557,000 ) 5,257,000 Total - - Significant components of deferred tax assets that have not been recognized are as follows: As of December 31, 2019 2018 $ $ Share issuance costs 1,064,000 1,167,000 Non-capital losses 14,420,000 12,987,000 Provision for site reclamation 203,000 211,000 Allowable capital losses 109,000 43,000 Property and equipment 135,000 95,000 Exploration and evaluation assets 4,050,000 6,035,000 Total 19,981,000 20,538,000 Significant components of unrecognized deductible temporary differences and unused tax losses that have not been recognized on the statements of financial position are as follows: As of December 31, 2019 Expiry dates 2018 Expiry dates $ $ Share issuance costs 3,941,000 2020 to 2023 4,321,000 2019 to 2022 Non-capital losses 60,395,000 2027 to 2039 54,963,000 2027 to 2038 Provision for site reclamation 965,000 No Expiry 1,004,000 No Expiry Capital losses 404,000 No Expiry 159,000 No Expiry Property and equipment 506,000 No Expiry 332,000 No Expiry Exploration and evaluation assets 17,777,000 No Expiry 27,259,000 No Expiry Tax attributes are subject to review, and potential adjustment, by tax authorities. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | NOTE 20 – Subsequent Events a) In January 2020, the Company granted 2,140,306 stock options to certain officers, directors, employees and consultants of the Company with an exercise price of $1.05 per option exercisable for a period of 5 years vesting one-third immediately and one-third every year thereafter. In addition, the Company granted 927,276 restricted share units to certain officers and directors vesting one-third every year. Furthermore, 453,856 stock options expired unexercised. |
Significant Accounting Polici_2
Significant Accounting Policies and Basis of Preparation (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Significant Accounting Policies and Basis of Preparation [Abstract] | |
Statement of compliance | Statement of compliance |
Basis of presentation | Basis of presentation |
Basis of consolidation | Basis of consolidation |
Foreign currency translation | Foreign currency translation Transactions in currencies other than Canadian dollars are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the period end exchange rate while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in profit or loss. |
Use of estimates | Use of estimates Although management uses historical experience and its best knowledge of the amount, events or actions to form the basis for judgments and estimates, actual results may differ from these estimates. The most significant items that require estimates and judgements as the basis for determining the stated amounts include the recoverability of exploration and evaluation assets, determination of functional currency, going concern, valuation of share-based compensation, recognition of deferred tax amounts, reclamation provisions, and leases. Critical judgments exercised in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements are as follows: Economic recoverability and probability of future economic benefits of exploration and evaluation assets Management has determined that exploration, evaluation, and related costs incurred which were capitalized may have future economic benefits and may be economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefits including, geologic and other technical information, a history of conversion of mineral deposits with similar characteristics to its own properties to proven and probable mineral reserves, the quality and capacity of existing infrastructure facilities, evaluation of permitting and environmental issues and local support for the project. Determination of functional currency The Company determines the functional currency through an analysis of several indicators such as expenses and cash flow, financing activities, retention of operating cash flows, and frequency of transactions within the reporting entity. Going concern The financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The assessment of the Company’s ability to fund future operations and continue as a going concern involves judgement. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. If the going concern assumption is not appropriate for the financial statements, then adjustments may be necessary to the carrying value of assets and liabilities and the statement of financial position classifications used (Note 1). Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments are as follows: Valuation of share-based compensation The Company uses the Black-Scholes option pricing model for valuation of share-based compensation. Option pricing models require the input of subjective assumptions including expected price volatility, risk-free interest rate, and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s earnings and equity reserves. Income taxes In assessing the probability of realizing income tax assets, management makes estimates related to expectation of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified. Reclamation provisions The Company’s reclamation provision represents management’s best estimate of the present value of the future cash outflows required to settle the obligation. Management assesses these provisions on an annual basis or when new information becomes available. This assessment includes the estimation of the future reclamation costs, the timing of these expenditures, inflation, and the impact of changes in discount rates, interest rates and foreign exchange rates. The actual future expenditures may differ from the amounts currently provided if the estimates made are significantly different than actual results or if there are significant changes in environmental and/or regulatory requirements in the future. Valuation of right-of-use asset and lease liabilities The application of IFRS 16 requires the Company to make judgments that affect the valuation of the right-of-use assets and the valuation of lease liabilities. These include assessing lease agreements to determine the contract term and interest rate used for discounting of future cash flows. The lease term determined by the Company is comprised of the non-cancellable period of lease agreements, periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. The present value of the lease payment is determined using a discount rate representing the rate of a commercial mortgage rate, observed in the period when the lease agreement commences or is modified. |
Financial instruments | Financial instruments Financial assets On initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at: (i) amortized cost; (ii) fair value through other comprehensive income (“FVOCI”); or (iii) fair value through profit or loss (“FVTPL”). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVOCI are classified as FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income/loss. The classification determines the method by which the financial assets are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Receivables and reclamation bonds are measured at amortized cost with subsequent impairments recognized in profit or loss. Cash is classified as FVTPL. Impairment An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Financial liabilities Financial liabilities are designated as either: (i) fair value through profit or loss; or (ii) amortized cost. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Accounts payable and accrued liabilities are classified and carried on the statement of financial position at amortized cost. As at December 31, 2019, the Company does not have any derivative financial liabilities. |
Exploration and evaluation assets | Exploration and evaluation assets Costs directly related to the acquisition and exploration of exploration and evaluation assets are capitalized once the legal rights to explore the exploration and evaluation assets are acquired or obtained. When the technical and commercial viability of a mineral resource has been demonstrated and a development decision has been made, the capitalized costs of the related property are first tested for impairment, then transferred to mining assets and depreciated using the units of production method on commencement of commercial production. If it is determined that capitalized acquisition, exploration and evaluation costs are not recoverable, or the property is abandoned or management has determined an impairment in value, the property is written down to its recoverable amount. Exploration and evaluation assets are reviewed for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. |
Restoration and environmental obligations | Restoration and environmental obligations The Company’s estimates of restoration costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to the related asset with a corresponding entry to the restoration provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates. Changes in the net present value, excluding changes in amount and timing of the Company’s estimates of reclamation costs, are charged to profit or loss for the period. The net present value of restoration costs arising from subsequent site damage that is incurred on an ongoing basis during production are charged to profit or loss in the period incurred. |
Leases | Leases The Company applied IFRS 16 using the modified retrospective method. Under this method, financial information will not be restated and will continue to be reported under the accounting standards in effect for those periods. The Company will recognize lease liabilities related to its lease commitments for its office leases. The lease liabilities will be measured at the present value of the remaining lease payments, discounted using the Company’s estimated incremental borrowing rate as at January 1, 2019, the date of initial application, resulting in no adjustment to the opening balance of deficit. The associated right-of-use assets will be measured at the lease liabilities amount, plus prepaid lease payments made by the Company. The Company has implemented the following accounting policies permitted under the new standard: leases of low dollar value will continue to be expensed as incurred; and the Company will not apply any grandfathering practical expedients. As at January 1, 2019, the Company recognized $934,659 in right-of-use assets and $884,987 in lease liabilities as summarized below. $ Minimum lease payments under operating leases as of December 31, 2018 657,466 Assumed exercise of renewal of office lease in April 2020 460,050 Effect from discounting at the incremental borrowing rate as of January 1, 2019 (232,529 ) Lease liabilities recognized as of January 1, 2019 884,987 Prepaid lease payments 49,672 Right-of-use assets recognized as of January 1, 2019 934,659 The lease liabilities were discounted at a discount rate of 7% as at January 1, 2019. The following is the accounting policy for leases as of January 1, 2019 upon adoption of IFRS 16: At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement exists, and if the Company has the right to direct the use of the asset. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. As a lessee, the Company recognizes a right-of-use asset and a lease liability at the commencement date of a lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, the incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: fixed payments, including in-substance fixed payments, less any lease incentives receivable; variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; amounts expected to be payable under a residual value guarantee; exercise prices of purchase options if the Company is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in the estimate or assessment of the expected amount payable under a residual value guarantee, purchase, extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to profit or loss. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to profit or loss on a straight-line basis over the lease term. |
Share-based compensation | Share-based compensation |
Property and equipment | Property and equipment Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any replaced parts is derecognized. All other repairs and maintenance are charged to profit or loss during the fiscal period in which they are incurred. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss. Depreciation is calculated using a straight-line or a declining balance method to write off the cost of the assets. The depreciation rates applicable to each category of property and equipment are as follows: Asset Basis Period and Rate Computers Declining-balance 55% Leasehold Improvements Straight-line Remaining lease term |
Income taxes | Income taxes Current income tax: Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the country where the Company operates and generates taxable income. Current income tax relating to items recognized directly in other comprehensive income (loss) or equity is recognized in other comprehensive income (loss) or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred income tax: Deferred income tax is provided for, based on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. |
Impairment of non-financial assets | Impairment of non-financial assets The recoverable amount of an asset is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exists and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. |
Loss per share | Loss per share |
Standards issued or amended but not yet effective | Standards issued or amended but not yet effective |
Significant Accounting Polici_3
Significant Accounting Policies and Basis of Preparation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Significant Accounting Policies and Basis of Preparation [Abstract] | |
Schedule of Right-Of-Use Assets and Lease Liabilities | As at January 1, 2019, the Company recognized $934,659 in right-of-use assets and $884,987 in lease liabilities as summarized below. $ Minimum lease payments under operating leases as of December 31, 2018 657,466 Assumed exercise of renewal of office lease in April 2020 460,050 Effect from discounting at the incremental borrowing rate as of January 1, 2019 (232,529 ) Lease liabilities recognized as of January 1, 2019 884,987 Prepaid lease payments 49,672 Right-of-use assets recognized as of January 1, 2019 934,659 |
Schedule of Depreciation Rates Applicable | Depreciation is calculated using a straight-line or a declining balance method to write off the cost of the assets. The depreciation rates applicable to each category of property and equipment are as follows: Asset Basis Period and Rate Computers Declining-balance 55% Leasehold Improvements Straight-line Remaining lease term |
Cash (Tables)
Cash (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash [abstract] | |
Schedule of Cash | December 31, 2019 December 31, 2018 $ $ Cash at financial institutions 7,183,016 18,224,563 Cash held in lawyers’ trust account 77,556 109,169 7,260,572 18,333,732 |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Prepaid Expenses [Abstract] | |
Schedule of Prepaid Expenses | December 31, 2019 December 31, 2018 $ $ Prepaid expenses 416,080 468,600 Deposits 20,281 21,302 436,361 489,902 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Exploration and Evaluation Assets [Abstract] | |
Schedule of Expenditures for Exploration and Evaluation Assets | Expenditures for the years related to exploration and evaluation assets located in Nevada, USA were as follows: Railroad- Pinion Lewis Gold Project Project Total $ $ $ Balance as at December 31, 2017 116,743,248 37,692,627 154,435,875 Property acquisition and staking costs 4,989 - 4,989 NSR buy-down 4,427,850 - 4,427,850 Exploration expenses Claim maintenance fees 359,532 81,528 441,060 Consulting 3,692,499 81,721 3,774,220 Data Analysis 58,172 22,282 80,454 Drilling 18,472,855 174,781 18,647,636 Engineering 134,827 - 134,827 Environmental and permitting 387,679 - 387,679 Equipment rental 127,471 491 127,962 Geological 788,032 25,554 813,586 Geotechnical 654,687 - 654,687 Hydrology 930,729 - 930,729 Lease payments 1,805,255 118,784 1,924,039 Metallurgy 551,864 - 551,864 Preliminary economic assessment 579,226 - 579,226 Provision for site reclamation 946,010 - 946,010 Sampling and processing 561,710 81,770 643,480 Site development and reclamation 5,722,669 98,297 5,820,966 Supplies 1,224,990 1,002 1,225,992 Vehicle 113,578 - 113,578 41,544,624 686,210 42,230,834 Balance as at December 31, 2018 158,287,872 38,378,837 196,666,709 Railroad- Pinion Lewis Gold Project Project Total $ $ $ Balance as at December 31, 2018 158,287,872 38,378,837 196,666,709 Claim maintenance fees 388,849 88,369 477,218 Consulting 1,929,576 145,746 2,075,322 Data analysis 376,619 - 376,619 Drilling 7,948,972 464,391 8,413,363 Engineering 156,688 - 156,688 Environmental and permitting 1,736,801 18,272 1,755,073 Equipment rental 148,781 12,570 161,351 Geological 69,667 - 69,667 Geotechnical 71,381 - 71,381 Hydrology 1,648,207 - 1,648,207 Lease payments 1,690,657 122,343 1,813,000 Metallurgy 2,037,771 - 2,037,771 Preliminary economic assessment 1,127,651 - 1,127,651 Sampling and processing 403,224 533 403,757 Site development and reclamation 3,482,076 101,978 3,584,054 Supplies 491,265 1,835 493,100 23,708,185 956,037 24,664,222 Balance as at December 31, 2019 181,996,057 39,334,874 221,330,931 |
Schedule of Payment Requirements | Payment requirements from 2020 to 2024 under agreements are approximately as follows: Total Total Work Lease commitment payment Total US$ US$ US$ 2020 1,300,000 1,103,000 2,403,000 2021 1,300,000 903,000 2,203,000 2022 1,400,000 514,000 1,914,000 2023 1,300,000 470,000 1,770,000 2024 1,300,000 383,000 1,683,000 6,600,000 3,373,000 9,973,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and Equipment | Leasehold improvements Computers Total $ $ $ Cost: At December 31, 2017 499,323 29,482 528,805 Additions 184,435 40,805 225,240 At December 31, 2018 and December 31, 2019 683,758 70,287 754,045 Depreciation: At December 31, 2017 116,020 4,422 120,442 Charge for the year 141,956 36,225 178,181 At December 31, 2018 257,976 40,647 298,623 Charge for the year 141,958 16,300 158,258 At December 31, 2019 399,934 56,947 456,881 Net book value: At December 31, 2018 425,782 29,640 455,422 At December 31, 2019 283,824 13,340 297,164 |
Right-of-Use Assets and Lease_2
Right-of-Use Assets and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
Schedule of Right-of-Use Assets | Right-of-Use Assets Office Leases Cost: $ At December 31, 2017 and 2018 - Adjustment on initial adoption of IFRS 16 (Note 2) 934,659 At December 31, 2019 934,659 Depreciation: At December 31, 2017 and 2018 - Charge for the year 203,850 At December 31, 2019 203,850 Net book value: At December 31, 2018 - At December 31, 2019 730,809 |
Schedule of Lease Liabilities | Lease Liabilities $ Lease liabilities recognized as of January 1, 2019 884,987 Lease payments made (195,683 ) Interest expense on lease liabilities 59,738 Foreign exchange adjustment (19,164 ) 729,878 Less: current portion (163,281 ) At December 31, 2019 566,597 |
Schedule of Remaining Minimum Future Lease Payments, Excluding Estimated Operating Costs | The remaining minimum future lease payments, excluding estimated operating costs, for the term of the lease including assumed renewal periods are as follows: $ Fiscal 2020 211,568 Fiscal 2021 225,648 Fiscal 2022 196,387 Fiscal 2023 94,055 2024 and beyond 129,836 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, 2019 December 31, 2018 $ $ Accounts payable 1,604,972 848,332 Accrued liabilities 1,060,587 1,101,890 2,665,559 1,950,222 |
Provision for Site Reclamation
Provision for Site Reclamation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Provision For Site Reclamation Tables Abstract | |
Schedule of Provision Site Reclamation | Railroad-Pinion Project $ Balance as at December 31, 2017 - Increase in estimate 946,010 Foreign exchange adjustment 56,351 Accretion expense 2,138 Balance as at December 31, 2018 1,004,499 Foreign exchange adjustment (48,343 ) Accretion expense 8,804 Balance as at December 31, 2019 964,960 |
Share Capital and Reserves (Tab
Share Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | |
Schedule of Stock Options Activities | A summary of stock option activities is as follows: Number of Weighted average options exercise price $ Outstanding at December 31, 2017 9,251,640 1.43 Exercised (2,415,666 ) 0.87 Granted 2,799,256 2.10 Expired (292,934 ) 2.12 Cancelled (25,000 ) 2.11 Outstanding at December 31, 2018 9,317,296 1.75 Exercised (355,000 ) 0.76 Granted 1,921,424 1.72 Expired (545,000 ) 2.12 Outstanding at December 31, 2019 10,338,720 1.76 |
Schedule of Fair Value of Options Granted Using Black-scholes Option Pricing Model | The fair value of options granted is estimated on the grant date using the Black-Scholes option pricing model using the following weighted average variables: For the year ended December 31, 2019 2018 Risk-free interest rate 1.80% 1.99% Expected option life in years 4 years 4 years Expected stock price volatility 62% 65% Expected dividend rate 0% 0% |
Schedule of Stock Options Outstanding and Exercisable | A summary of the stock options outstanding and exercisable at December 31, 2019 is as follows: Exercise Number Number Price Outstanding Exercisable Expiry Date $ 0.77* 450,000 450,000 January 9, 2020 0.73** 2,125,000 2,125,000 November 27, 2020 3.16 457,500 457,500 September 29, 2021 2.24 325,000 325,000 June 1, 2022 2.12 2,030,540 2,030,540 August 1, 2022 2.25 600,000 600,000 September 12, 2022 1.96 100,000 66,667 January 15, 2023 2.11 2,239,256 1,492,837 March 5, 2023 2.11 100,000 66,667 April 27, 2023 1.96 110,000 73,333 September 14, 2023 1.74 1,701,424 567,141 January 31, 2024 1.49 50,000 16,667 March 15, 2024 1.20 50,000 16,667 August 16, 2024 10,338,720 8,288,019 |
Number of RSUs [Member] | |
Disclosure of classes of share capital [line items] | |
Schedule of Stock Options Activities | A summary of restricted share unit activities is as follows: Number of RSUs Outstanding at December 31, 2017 - Granted 567,110 Outstanding at December 31, 2018 567,110 Vested (113,208 ) Granted 664,730 Cancelled (155,284 ) Outstanding at December 31, 2019 963,348 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | |
Schedule of Geographic Information | Geographic information is as follows: As at December 31, 2019 Canada US Total $ $ $ Reclamation bonds - 2,122,559 2,122,559 Property and equipment 19,611 277,553 297,164 Exploration and evaluation assets - 221,330,931 221,330,931 Right-of-use assets 374,417 356,392 730,809 394,028 224,087,435 224,481,463 As at December 31, 2018 Canada US Total $ $ $ Reclamation bonds - 2,154,027 2,154,027 Property and equipment 67,636 387,786 455,422 Exploration and evaluation assets - 196,666,709 196,666,709 67,636 199,208,522 199,276,158 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions [abstract] | |
Schedule of Key Management Personnel Compensation | The Company has determined that key management personnel consists of members of the Board and corporate officers, including the Company’s Chief Executive Officer and Chief Financial Officer. For the year ended December 31, 2019 2018 $ $ Management fees 1,389,747 1,360,539 Professional fees 265,456 266,150 Exploration and evaluation assets expenditures 255,977 129,872 Wages and salaries 45,172 22,919 Share-based compensation 1,889,776 2,312,347 3,846,128 4,091,827 |
Supplementary Cash Flow Infor_2
Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Supplementary Cash Flow Information [Abstract] | |
Schedule of Non-cash Transactions | For the year ended December 31, 2019 2018 $ $ Non-cash transactions Exploration and evaluation assets expenditures in accounts payable 1,888,979 1,355,658 Reclassification of cancelled stock options - 9,919 Reclassification of expired stock options 579,937 214,387 Reclassification of stock options exercised 216,991 1,641,078 Reclassification of cancelled restricted share units 68,072 - Reclassification of restricted share unit vested 238,869 - Capitalization of right-of-use assets and lease liabilities 934,659 - Provision for site reclamation - 946,010 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |
Schedule of Reconciliation of Combined Canadian Federal And Provincial Income Tax Rate | The reconciliation of the combined Canadian federal and provincial income tax rate to the income tax recovery presented in the accompanying statements of comprehensive loss is provided below: Years ended December 31, 2019 2018 $ $ Loss before income taxes (9,719,054 ) (10,238,910 ) Expected income tax recovery at statutory tax rates (2,624,000 ) (2,765,000 ) Impact of different statutory tax rates on earnings of subsidiaries 62,000 258,000 Change in statutory, foreign tax rates and other (103,000 ) (110,000 ) Foreign exchange 2,119,000 (3,063,000 ) Non-deductible expenditures 804,000 666,000 Share issuance costs (473,000 ) (834,000 ) Adjustment in prior years provision statutory tax returns and expiry of non- capital losses 772,000 591,000 Change in unrecognized deductible temporary differences and others (557,000 ) 5,257,000 Total - - |
Schedule of Components of Deferred Tax Assets | Significant components of deferred tax assets that have not been recognized are as follows: As of December 31, 2019 2018 $ $ Share issuance costs 1,064,000 1,167,000 Non-capital losses 14,420,000 12,987,000 Provision for site reclamation 203,000 211,000 Allowable capital losses 109,000 43,000 Property and equipment 135,000 95,000 Exploration and evaluation assets 4,050,000 6,035,000 Total 19,981,000 20,538,000 |
Schedule of Unrecognized Deductible Temporary Differences and Unused Tax Losses | Significant components of unrecognized deductible temporary differences and unused tax losses that have not been recognized on the statements of financial position are as follows: As of December 31, 2019 Expiry dates 2018 Expiry dates $ $ Share issuance costs 3,941,000 2020 to 2023 4,321,000 2019 to 2022 Non-capital losses 60,395,000 2027 to 2039 54,963,000 2027 to 2038 Provision for site reclamation 965,000 No Expiry 1,004,000 No Expiry Capital losses 404,000 No Expiry 159,000 No Expiry Property and equipment 506,000 No Expiry 332,000 No Expiry Exploration and evaluation assets 17,777,000 No Expiry 27,259,000 No Expiry |
Significant Accounting Polici_4
Significant Accounting Policies and Basis of Preparation (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 02, 2019 | |
Disclosure of associates [line items] | |||
Potentially dilutive options and warrants excluded from diluted loss per share | 10,338,720 | 9,317,296 | |
Right-of-use assets | $ 730,809 | $ 934,659 | |
Lease liabilities | $ 884,987 | ||
Discount rate | 7.00% |
Significant Accounting Polici_5
Significant Accounting Policies and Basis of Preparation (Schedule of Right-Of-Use Assets and Lease Liabilities) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | |
Disclosure of Significant Accounting Policies and Basis of Preparation [Abstract] | ||
Minimum lease payments under operating leases as of December 31, 2018 | $ 657,466 | |
Assumed exercise of renewal of office lease in April 2020 | 460,050 | |
Effect from discounting at the incremental borrowing rate as of January 1, 2019 | (232,529) | |
Lease liabilities recognized as of January 1, 2019 | 884,987 | $ 729,878 |
Prepaid lease payments | 49,672 | |
Right-of-use assets recognized as of January 1, 2019 | $ 934,659 |
Significant Accounting Polici_6
Significant Accounting Policies and Basis of Preparation (Schedule of Depreciation Rates Applicable) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Computers [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Basis | Declining-balance |
Period and Rate | 55% |
Leasehold Improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Basis | Straight-line |
Period and Rate | Remaining lease term |
Cash (Schedule of Cash) (Detail
Cash (Schedule of Cash) (Details) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Cash [abstract] | ||
Cash at financial institutions | $ 7,183,016 | $ 18,224,563 |
Cash held in lawyers' trust account | 77,556 | 109,169 |
Total Cash | $ 7,260,572 | $ 18,333,732 |
Prepaid Expenses (Schedule of P
Prepaid Expenses (Schedule of Prepaid Expenses) (Details) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Prepaid Expenses [Abstract] | ||
Prepaid expenses | $ 416,080 | $ 468,600 |
Deposits | 20,281 | 21,302 |
Total current prepaid expenses | $ 436,361 | $ 489,902 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets (Railroad-Pinion Project) (Narrative) (Details) - CAD ($) | 1 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||
Jan. 31, 2019 | May 31, 2018 | Mar. 31, 2018 | Jan. 31, 2018 | Mar. 31, 2017 | Jan. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Jul. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Oct. 31, 2012 | Apr. 30, 2011 | Aug. 31, 2009 | May 31, 2012 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Annual lease payment | $ 135,945 | |||||||||||||||||
Annual work commitment | 6,600,000 | |||||||||||||||||
Value of Common share | 21,045,000 | $ 48,907,549 | ||||||||||||||||
Newmont USA Limited [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Annual lease payment | $ 33,600 | |||||||||||||||||
Annual work commitment | $ 300,000 | |||||||||||||||||
Tomera Mining Lease [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Net Smelter Royalty (NSR) | 5.00% | |||||||||||||||||
Annual lease payment | $ 169,100 | |||||||||||||||||
Lease expiring | September 2028 | |||||||||||||||||
Sylvania Mining Lease Agreement [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Net Smelter Royalty (NSR) | 5.00% | |||||||||||||||||
Annual lease payment | $ 20,000 | |||||||||||||||||
Lease expiring | December 2021 | |||||||||||||||||
RSM [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Net Smelter Royalty (NSR) | 1.00% | |||||||||||||||||
Buy-down option [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Annual lease payment | $ 300,000 | $ 3,500,000 | ||||||||||||||||
Buy-down option [Member] | Bottom of range [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Net Smelter Royalty (NSR) | 5.00% | 5.00% | ||||||||||||||||
Buy-down option [Member] | Top of range [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Net Smelter Royalty (NSR) | 2.00% | 2.00% | ||||||||||||||||
Execution of Amendment Agreements [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Annual lease payment | $ 150,000 | |||||||||||||||||
Royal Standard Minerals, Inc | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Percentage of interest acquired | 100.00% | |||||||||||||||||
Aladdin Sweepstakes Lease [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Amount of interest acquired | $ 2,965,000 | |||||||||||||||||
Net Smelter Royalty (NSR) | 1.00% | |||||||||||||||||
Kennecott Holdings Corporation [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Percentage of mineral production royalty payable | 1.50% | |||||||||||||||||
Newmont USA Limited [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Percentage of interest acquired | 100.00% | |||||||||||||||||
Net Smelter Royalty (NSR) | 5.00% | |||||||||||||||||
Annual lease payment | $ 39,680 | |||||||||||||||||
Percentage of Claims (NSR) | 3.00% | |||||||||||||||||
Percentage of Lease (NSR) | 1.00% | |||||||||||||||||
Percentage of joint venture | 70.00% | |||||||||||||||||
Newmont USA Limited [Member] | First Back [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Percentage of interest in lease | 51.00% | |||||||||||||||||
Pecentage of expenditure | 150.00% | |||||||||||||||||
Newmont USA Limited [Member] | Second Back [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Percentage of interest in lease | 19.00% | |||||||||||||||||
Pecentage of expenditure | 100.00% | |||||||||||||||||
Parent Company [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Percentage of joint venture | 30.00% | |||||||||||||||||
Pinion Project [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Amount of interest acquired | $ 279,000 | |||||||||||||||||
Net Smelter Royalty (NSR) | 3.00% | 3.50% | 3.00% | 4.00% | 4.00% | 5.00% | 4.00% | 5.00% | 3.00% | |||||||||
Annual lease payment | $ 10,000 | $ 75,000 | $ 8,000 | $ 30,000 | $ 43,750 | $ 175,000 | $ 50,000 | $ 16,500 | ||||||||||
Percentage of interest in lease | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||
Percentage of Claims (NSR) | 100.00% | |||||||||||||||||
Percentage of Lease (NSR) | 80.00% | |||||||||||||||||
Lease term | 10 Years | 10 Years | 10 Years | 10 Years | 10 Years | 12 years | 10 Years | lease term of ten years with an option to extend the lease term for an additional ten years. | 10 Years | |||||||||
Option to purchase property | $ 2,000,000 | $ 150,000 | $ 1,500,000 | $ 1,250,000 | $ 1,000,000 | $ 25,000,000 | $ 1,500,000 | $ 800,000 | ||||||||||
Initial amount paid | $ 10,000 | 75,000 | $ 1,000,000 | |||||||||||||||
Percentage of annual lease payments increase each year | 5.00% | |||||||||||||||||
Amount required to spend per year on exploration of lease term | $ 1,000,000 | |||||||||||||||||
Percentage of buy-down option | 3.00% | |||||||||||||||||
Percentage of initial amount credited towards purchase price | 70.00% | |||||||||||||||||
Percentage of annual lease payment credited against furture NSR Payment | 70.00% | |||||||||||||||||
Pinion Project [Member] | Six to Nine [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Net Smelter Royalty (NSR) | 4.00% | |||||||||||||||||
Annual lease payment | $ 30,000 | 20,000 | $ 90,000 | 31,000 | ||||||||||||||
Pinion Project [Member] | Buy Down Option [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Option to purchase property | $ 7,000,000 | |||||||||||||||||
Pinion Project [Member] | Second Back [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Annual lease payment | $ 35,000 | |||||||||||||||||
Lease term | 10 Years | |||||||||||||||||
Pinion Project [Member] | Additional Lease [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Annual lease payment | $ 75,000 | $ 25,000 | $ 100,000 | $ 62,500 | $ 500,000 | $ 75,000 | $ 31,000 | |||||||||||
Lease term | 10 Years | 10 Years | 10 Years | 10 Years | 10 Years | 10 Years | 10 Years | |||||||||||
Initial amount paid | $ 1,000,000 | |||||||||||||||||
Percentage of annual lease payments increase each year | 5.00% | |||||||||||||||||
Pinion Project [Member] | Surface Agreement [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Annual lease payment | $ 9,000 | $ 20,103 | ||||||||||||||||
Lease term | 10 Years | 10 Years | ||||||||||||||||
Option to purchase property | $ 8,934,640 | |||||||||||||||||
Pinion Project [Member] | Buy-down option [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Option to purchase property | $ 150,000 | $ 1,000,000 | $ 2,000,000 | $ 2,000,000 | $ 1,100,000 | |||||||||||||
Percentage of buy-down option | 1.00% | 1.00% | 2.00% | 2.00% | 1.00% | |||||||||||||
Pinion Project [Member] | Buy Down Option Two [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Option to purchase property | $ 250,000 | $ 1,500,000 | $ 1,000,000 | $ 1,500,000 | ||||||||||||||
Percentage of buy-down option | 1.00% | 1.00% | 1.00% | 1.00% | ||||||||||||||
Pinion Gold Deposit [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Amount of interest acquired | $ 8,500,000 | |||||||||||||||||
Net Smelter Royalty (NSR) | 5.00% | |||||||||||||||||
Annual lease payment | $ 49,090 | |||||||||||||||||
Common share issued | 6,750,000 | |||||||||||||||||
Value of Common share | $ 4,807,500 | |||||||||||||||||
Sale majority for cosideration | 100,000,000 | |||||||||||||||||
Pinion Gold Deposit [Member] | Additional Cash Consideration [Member] | Bottom of range [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Amount of interest acquired | 1,500,000 | |||||||||||||||||
Pinion Gold Deposit [Member] | Additional Cash Consideration [Member] | Top of range [Member] | ||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||||||||||||||
Amount of interest acquired | $ 3,000,000 |
Exploration and Evaluation As_4
Exploration and Evaluation Assets (Lewis Gold Project) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
BMG [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Percentage of interest acquired | 100.00% |
Lewis Gold Project [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Minimum annual royalty amount | $ 60,000 |
Lewis Gold Project [Member] | Gold and Silver [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Net Smelter Royalty (NSR) | 3.50% |
Lewis Gold Project [Member] | Other Minerals[Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Net Smelter Royalty (NSR) | 4.00% |
Exploration and Evaluation As_5
Exploration and Evaluation Assets (Schedule of Expenditures for Exploration and Evaluation Assets) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance Begining | $ 196,666,709 | $ 154,435,875 |
Property acquisition and staking costs | 4,989 | |
NSR buy-down | 4,427,850 | |
Exploration expenses | ||
Claim maintenance fees | 477,218 | 441,060 |
Consulting | 2,075,322 | 3,774,220 |
Data analysis | 376,619 | 80,454 |
Drilling | 8,413,363 | 18,647,636 |
Engineering | 156,688 | 134,827 |
Environmental and permitting | 1,755,073 | 387,679 |
Equipment rental | 161,351 | 127,962 |
Geological | 69,667 | 813,586 |
Geotechnical | 71,381 | 654,687 |
Hydrology | 1,648,207 | 930,729 |
Lease payments | 1,813,000 | 1,924,039 |
Metallurgy | 2,037,771 | 551,864 |
Preliminary economic assessment | 1,127,651 | 579,226 |
Provision for site reclamation | 946,010 | |
Sampling and processing | 403,757 | 643,480 |
Site development and reclamation | 3,584,054 | 5,820,966 |
Supplies | 493,100 | 1,225,992 |
Vehicle | 113,578 | |
Total Exploration expenses | 24,664,222 | 42,230,834 |
Balance Ending | 221,330,931 | 196,666,709 |
Railroad-Pinion Project [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance Begining | 158,287,872 | 116,743,248 |
Property acquisition and staking costs | 4,989 | |
NSR buy-down | 4,427,850 | |
Exploration expenses | ||
Claim maintenance fees | 388,849 | 359,532 |
Consulting | 1,929,576 | 3,692,499 |
Data analysis | 376,619 | 58,172 |
Drilling | 7,948,972 | 18,472,855 |
Engineering | 156,688 | 134,827 |
Environmental and permitting | 1,736,801 | 387,679 |
Equipment rental | 148,781 | 127,471 |
Geological | 69,667 | 788,032 |
Geotechnical | 71,381 | 654,687 |
Hydrology | 1,648,207 | 930,729 |
Lease payments | 1,690,657 | 1,805,255 |
Metallurgy | 2,037,771 | 551,864 |
Preliminary economic assessment | 1,127,651 | 579,226 |
Provision for site reclamation | 946,010 | |
Sampling and processing | 403,224 | 561,710 |
Site development and reclamation | 3,482,076 | 5,722,669 |
Supplies | 491,265 | 1,224,990 |
Vehicle | 113,578 | |
Total Exploration expenses | 23,708,185 | 41,544,624 |
Balance Ending | 181,996,057 | 158,287,872 |
Lewis Gold Project [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance Begining | 38,378,837 | 37,692,627 |
Property acquisition and staking costs | ||
NSR buy-down | ||
Exploration expenses | ||
Claim maintenance fees | 88,369 | 81,528 |
Consulting | 145,746 | 81,721 |
Data analysis | 22,282 | |
Drilling | 464,391 | 174,781 |
Engineering | ||
Environmental and permitting | 18,272 | |
Equipment rental | 12,570 | 491 |
Geological | 25,554 | |
Geotechnical | ||
Hydrology | ||
Lease payments | 122,343 | 118,784 |
Metallurgy | ||
Preliminary economic assessment | ||
Provision for site reclamation | ||
Sampling and processing | 533 | 81,770 |
Site development and reclamation | 101,978 | 98,297 |
Supplies | 1,835 | 1,002 |
Vehicle | ||
Total Exploration expenses | 956,037 | 686,210 |
Balance Ending | $ 39,334,874 | $ 38,378,837 |
Exploration and Evaluation As_6
Exploration and Evaluation Assets (Schedule of Payment Requirements ) (Details) | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | $ 6,600,000 |
Total Lease payment | 3,373,000 |
Total | 9,973,000 |
2020 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | 1,300,000 |
Total Lease payment | 1,103,000 |
Total | 2,403,000 |
2021 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | 1,300,000 |
Total Lease payment | 903,000 |
Total | 2,203,000 |
2022 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | 1,400,000 |
Total Lease payment | 514,000 |
Total | 1,914,000 |
2023 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | 1,300,000 |
Total Lease payment | 470,000 |
Total | 1,770,000 |
2024 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total work commitment | 1,300,000 |
Total Lease payment | 383,000 |
Total | $ 1,683,000 |
Reclamation Bonds (Details)
Reclamation Bonds (Details) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) |
Statement Line Items [Line Items] | ||||
Reclamation bonds | $ 2,122,559 | $ 2,154,027 | ||
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Reclamation bonds | $ 1,634,040 | $ 1,581,158 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | $ 455,422 | |
Ending Balance | 297,164 | $ 455,422 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 754,045 | 528,805 |
Additions | 225,240 | |
Ending Balance | 754,045 | 754,045 |
Cost [Member] | Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 683,758 | 499,323 |
Additions | 184,435 | |
Ending Balance | 683,758 | 683,758 |
Cost [Member] | Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 70,287 | 29,482 |
Additions | 40,805 | |
Ending Balance | 70,287 | 70,287 |
Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 298,623 | 120,442 |
Charge for the year | 158,258 | 178,181 |
Ending Balance | 456,881 | 298,623 |
Depreciation [Member] | Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 257,976 | 116,020 |
Charge for the year | 141,958 | 141,956 |
Ending Balance | 399,934 | 257,976 |
Depreciation [Member] | Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 40,647 | 4,422 |
Charge for the year | 16,300 | 36,225 |
Ending Balance | 56,947 | 40,647 |
Net Book Value [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 455,422 | |
Ending Balance | 297,164 | 455,422 |
Net Book Value [Member] | Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 425,782 | |
Ending Balance | 283,824 | 425,782 |
Net Book Value [Member] | Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 29,640 | |
Ending Balance | $ 13,340 | $ 29,640 |
Right-of-Use Assets and Lease_3
Right-of-Use Assets and Lease Liabilities (Schedule of Right-of-Use Assets) (Details) | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At December 31, 2017 and 2018 | |
At December 31, 2019 | 730,809 |
Office Leases [Member] | Cost [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At December 31, 2017 and 2018 | |
Adjustment on initial adoption of IFRS 16 (Note 2) | 934,659 |
At December 31, 2019 | 934,659 |
Office Leases [Member] | Depreciation [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At December 31, 2017 and 2018 | |
Charge for the year | 203,850 |
At December 31, 2019 | 203,850 |
Office Leases [Member] | Net Book Value [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
At December 31, 2017 and 2018 | |
At December 31, 2019 | $ 730,809 |
Right-of-Use Assets and Lease_4
Right-of-Use Assets and Lease Liabilities (Schedule of Lease Liabilities) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Presentation of leases for lessee [abstract] | ||
Lease liabilities recognized as of January 1, 2019 | $ 884,987 | |
Lease payments made | (195,683) | |
Interest expense on lease liabilities | 59,738 | |
Foreign exchange adjustment | (19,164) | |
Lease liabilities recognized as of December 31, 2019 | 729,878 | |
Less: current portion | (163,281) | |
At December 31, 2019 | $ 566,597 |
Right-of-Use Assets and Lease_5
Right-of-Use Assets and Lease Liabilities (Schedule of Remaining Minimum Future Lease Payments) (Details) | Dec. 31, 2019CAD ($) |
2020 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Remaining minimum future lease payments, excluding estimated operating costs | $ 211,568 |
2021 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Remaining minimum future lease payments, excluding estimated operating costs | 225,648 |
2022 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Remaining minimum future lease payments, excluding estimated operating costs | 196,387 |
2023 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Remaining minimum future lease payments, excluding estimated operating costs | 94,055 |
2024 and beyond [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Remaining minimum future lease payments, excluding estimated operating costs | $ 129,836 |
Investments (Details)
Investments (Details) - CAD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | ||||
Fair value of investment | $ 306,000 | |||
Unrealized loss | $ 88,929 | |||
Proceeds from sale of securities | 220,703 | |||
Contact Gold Corp [Member] | ||||
Disclosure of associates [line items] | ||||
Number of shares acquired | 600,000 | |||
Amount of share acquired | $ 300,000 | |||
BMG [Member] | ||||
Disclosure of associates [line items] | ||||
Proceeds from sale of securities | 217,071 | |||
Gain on sale securities | 3,632 | |||
Certain Marketable Securities [Member] | ||||
Disclosure of associates [line items] | ||||
Fair value of investment | $ 3,035 | |||
Unrealized gain | $ 597 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $ 1,604,972 | $ 848,332 |
Accrued liabilities | 1,060,587 | 1,101,890 |
Total accounts payable and accrued liabilities | $ 2,665,559 | $ 1,950,222 |
Provision for Site Reclamatio_2
Provision for Site Reclamation (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Provision For Site Reclamation Narrative | ||
Inflation rate | 2.16% | 2.16% |
Discount rate | 3.09% | 3.09% |
Undiscounted uninflated value of the cash flows | $ 1,138,149 | |
Period of undiscounted uninflated value of the cash flows required to settle provision | 19 years |
Provision for Site Reclamatio_3
Provision for Site Reclamation (Schedule of Provision for Site Reclamation) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Provision For Site Reclamation Schedule Of Provision For Site Reclamation | ||
Balance as at December 31, 2017 and 2018 | $ 1,004,499 | |
Increase in estimate | 946,010 | |
Foreign exchange adjustment | (48,343) | 56,351 |
Accretion expense | 8,804 | 2,138 |
Balance as at December 31, 2019 | $ 964,960 | $ 1,004,499 |
Share Capital and Reserves (Nar
Share Capital and Reserves (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2019CAD ($)$ / sharesshares | Sep. 30, 2018CAD ($)$ / sharesshares | Feb. 28, 2018CAD ($)$ / sharesshares | Dec. 31, 2019CAD ($)shares$ / shares | Dec. 31, 2018CAD ($)shares$ / shares | Jan. 31, 2019$ / sharesshares | |
Disclosure of classes of share capital [line items] | ||||||
Proceeds from common share | $ | $ 21,045,000 | $ 48,907,549 | ||||
Stock option, granted | 1,921,424 | 2,799,256 | ||||
Weighted average exercise price | $ / shares | $ 0.76 | $ 0.87 | ||||
Stock option, Exercise | 355,000 | 2,415,666 | ||||
Proceeds from Stock options | $ | $ 269,350 | $ 2,113,632 | ||||
Stock option, Expired | 545,000 | 292,934 | ||||
Stock option, Cancelled | (25,000) | |||||
Stock option expense | $ | $ 1,918,737 | $ 3,227,899 | ||||
Officers and directors [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, granted | 664,730 | 567,110 | ||||
Option term | Certain RSUs issued to officers of the Company vest either one-third every year or approximately three years from the grant date. The directors of the Company, who have been granted RSUs, have the entitlement to have one-third of the grant vest every year. However, the RSUs will vest only when the director’s position on the Board has been terminated. | |||||
Fair value of stock options | $ | $ 1,156,630 | $ 1,196,602 | ||||
0.77 [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, Exercise | 450,000 | |||||
0.73 [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, Exercise | 200,000 | |||||
Stock Option One [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, granted | 1,821,424 | 100,000 | ||||
Weighted average exercise price | $ / shares | $ 1.74 | $ 1.96 | ||||
Fair value of stock options | $ | $ 1,534,992 | $ 102,519 | ||||
Stock Option Two [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, granted | 50,000 | 2,439,256 | ||||
Weighted average exercise price | $ / shares | $ 1.49 | $ 2.11 | ||||
Fair value of stock options | $ | $ 32,998 | $ 2,599,050 | ||||
Stock Option Three [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, granted | 50,000 | 100,000 | ||||
Weighted average exercise price | $ / shares | $ 1.20 | $ 2.11 | ||||
Fair value of stock options | $ | $ 28,802 | $ 105,740 | ||||
Stock Option Four [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, granted | 160,000 | |||||
Weighted average exercise price | $ / shares | $ 1.96 | |||||
Fair value of stock options | $ | $ 156,288 | |||||
Stock Option [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Common share issued | 355,000 | 2,415,666 | ||||
Stock option, granted | 1,921,424 | 2,799,256 | ||||
Stock option, Exercise | 355,000 | 2,415,666 | ||||
Proceeds from Stock options | $ | $ 269,350 | $ 2,113,632 | ||||
Fair value of stock options | $ | $ 216,991 | $ 1,641,078 | ||||
Stock option, Expired | 545,000 | 292,934 | ||||
Stock option, Cancelled | 25,000 | |||||
Fair value transferred from reserves to deficit | $ | $ 579,937 | $ 224,306 | ||||
Private Placement [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Common share issued | 5,230,901 | 18,626,440 | ||||
Price per share | $ / shares | $ 2.05 | $ 2.05 | ||||
Proceeds from common share | $ | $ 10,723,347 | $ 38,184,202 | ||||
Net of cash commissions and expenses | $ | $ 466,386 | $ 2,623,077 | ||||
Underwritten public offering financing [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Common share issued | 17,250,000 | |||||
Price per share | $ / shares | $ 1.22 | |||||
Proceeds from common share | $ | $ 21,045,000 | |||||
Net of cash commissions and expenses | $ | $ 1,751,571 | |||||
Vesting of restricted share units [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Common share issued | 113,208 | |||||
Price per share | $ / shares | $ 1.66 | |||||
Restricted Share Unit (RSU) [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, Cancelled | 155,284 | |||||
Fair value transferred from reserves to deficit | $ | $ 68,072 | |||||
Stock option expense | $ | $ 918,339 | $ 654,127 | ||||
Common Stock reserved for issue | 5,000,000 |
Share Capital and Reserves (Sch
Share Capital and Reserves (Schedule of Fair Value of Options Granted Using Black-scholes Option Pricing Model) (Details) - yr | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | ||
Risk-free interest rate | 1.80% | 1.99% |
Expected option life in years | 4 | 4 |
Expected stock price volatility | 62.00% | 65.00% |
Expected dividend rate | 0.00% | 0.00% |
Share Capital and Reserves (S_2
Share Capital and Reserves (Schedule of Stock Options Activities) (Details) | 12 Months Ended | |
Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at December 31, | 9,317,296 | 9,251,640 |
Exercised | (355,000) | (2,415,666) |
Granted | 1,921,424 | 2,799,256 |
Expired | (545,000) | (292,934) |
Cancelled | (25,000) | |
Outstanding at December 31, | 10,338,720 | 9,317,296 |
Weighted average exercise price outstanding at December 31, | $ / shares | $ 1.75 | $ 1.43 |
Exercised | $ / shares | 0.76 | 0.87 |
Granted | $ / shares | 1.72 | 2.10 |
Expired | $ / shares | 2.12 | 2.12 |
Cancelled | $ / shares | 2.11 | |
Weighted average exercise price outstanding at December 31, | $ / shares | $ 1.76 | $ 1.75 |
Number of RSUs [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at December 31, | 567,110 | |
Vested | (113,208) | |
Granted | 664,730 | 567,110 |
Cancelled | (155,284) | |
Outstanding at December 31, | 963,348 | 567,110 |
Share Capital and Reserves (S_3
Share Capital and Reserves (Schedule of Stock Options Outstanding and Exercisable) (Details) | 12 Months Ended | |||
Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares | Dec. 31, 2017shares | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number outstanding | 10,338,720 | 9,317,296 | 9,251,640 | |
Number Exercisable | 8,288,019 | |||
0.77 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | [1] | $ 0.77 | ||
Number outstanding | 450,000 | |||
Number Exercisable | 450,000 | |||
Expiry Date | January 9, 2020 | |||
0.73 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | [2] | $ 0.73 | ||
Number outstanding | 2,125,000 | |||
Number Exercisable | 2,125,000 | |||
Expiry Date | November 27, 2020 | |||
3.16 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | $ 3.16 | |||
Number outstanding | 457,500 | |||
Number Exercisable | 457,500 | |||
Expiry Date | September 29, 2021 | |||
2.24 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | $ 2.24 | |||
Number outstanding | 325,000 | |||
Number Exercisable | 325,000 | |||
Expiry Date | June 1, 2022 | |||
2.12 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | $ 2.12 | |||
Number outstanding | 2,030,540 | |||
Number Exercisable | 2,030,540 | |||
Expiry Date | August 1, 2022 | |||
2.25 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | $ 2.25 | |||
Number outstanding | 600,000 | |||
Number Exercisable | 600,000 | |||
Expiry Date | September 12, 2022 | |||
1.96 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | $ 1.96 | |||
Number outstanding | 100,000 | |||
Number Exercisable | 66,667 | |||
Expiry Date | January 15, 2023 | |||
2.11 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | $ 2.11 | |||
Number outstanding | 2,239,256 | |||
Number Exercisable | 1,492,837 | |||
Expiry Date | March 5, 2023 | |||
2.11 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | $ 2.11 | |||
Number outstanding | 100,000 | |||
Number Exercisable | 66,667 | |||
Expiry Date | April 27, 2023 | |||
1.96 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | $ 1.96 | |||
Number outstanding | 110,000 | |||
Number Exercisable | 73,333 | |||
Expiry Date | September 14, 2023 | |||
1.74 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | $ 1.74 | |||
Number outstanding | 1,701,424 | |||
Number Exercisable | 567,141 | |||
Expiry Date | January 31, 2024 | |||
1.49 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | $ 1.49 | |||
Number outstanding | 50,000 | |||
Number Exercisable | 16,667 | |||
Expiry Date | March 15, 2024 | |||
1.20 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price | $ / shares | $ 1.20 | |||
Number outstanding | 50,000 | |||
Number Exercisable | 16,667 | |||
Expiry Date | August 16, 2024 | |||
[1] | 450,000 stock options exercised subsequent to the year end. | |||
[2] | 200,000 stock options exercised subsequent to the year end. |
Segmented Information (Schedule
Segmented Information (Schedule of Geographic Information) (Details) - CAD ($) | Dec. 31, 2019 | Jan. 02, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of geographical areas [line items] | ||||
Reclamation bonds | $ 2,122,559 | $ 2,154,027 | ||
Property and equipment | 297,164 | 455,422 | ||
Exploration and evaluation assets | 221,330,931 | 196,666,709 | $ 154,435,875 | |
Right-of-use assets | 730,809 | $ 934,659 | ||
Total acquisition and exploration of exploration and evaluation assets | 224,481,463 | 199,276,158 | ||
Canada [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Reclamation bonds | ||||
Property and equipment | 19,611 | 67,636 | ||
Exploration and evaluation assets | ||||
Right-of-use assets | 374,417 | |||
Total acquisition and exploration of exploration and evaluation assets | 394,028 | 67,636 | ||
US [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Reclamation bonds | 2,122,559 | 2,154,027 | ||
Property and equipment | 277,553 | 387,786 | ||
Exploration and evaluation assets | 221,330,931 | 196,666,709 | ||
Right-of-use assets | 356,392 | |||
Total acquisition and exploration of exploration and evaluation assets | $ 224,087,435 | $ 199,208,522 |
Related Party Transactions (Nar
Related Party Transactions (Narriative) (Details) - Directors [Member] - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of transactions between related parties [line items] | ||
Accounts payable and accrued liabilities | $ 389,127 | $ 296,702 |
Rent received | $ 12,000 | $ 18,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Key Management Personnel Compensation) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | ||
Management fees | $ 1,389,747 | $ 1,360,539 |
Professional fees | 1,092,525 | 1,371,574 |
Exploration and evaluation assets expenditures | 24,664,222 | 42,230,834 |
Wages and salaries | 864,257 | 593,241 |
Key Management Personnel [Memeber] | ||
Disclosure of transactions between related parties [line items] | ||
Management fees | 1,389,747 | 1,360,539 |
Professional fees | 265,456 | 266,150 |
Exploration and evaluation assets expenditures | 255,977 | 129,872 |
Wages and salaries | 45,172 | 22,919 |
Share-based compensation | 1,889,776 | 2,312,347 |
Total of key management personnel compensation | $ 3,846,128 | $ 4,091,827 |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Details) - 12 months ended Dec. 31, 2019 | USD ($) | CAD ($) |
Disclosure of detailed information about financial instruments [abstract] | ||
Foreign currency net monetary asset position | $ 2,030,000 | |
Each 1% change in US dollar to Canadian dollar foreign exchange gain/loss | $ 20,300 |
Commitments (Details)
Commitments (Details) - 12 months ended Dec. 31, 2019 | USD ($) | CAD ($) |
Directors [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum monthly payments | $ 50,750 | |
Employee [Member] | USD [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum monthly payments | $ 16,050 | |
Officer [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum monthly payments | $ 19,167 | |
Officer and Employee [Member] | USD [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum monthly payments | $ 31,875 |
Supplementary Cash Flow Infor_3
Supplementary Cash Flow Information (Schedule of Non-cash Transactions) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Non-cash transactions | ||
Exploration and evaluation assets expenditures in accounts payable | $ 1,888,979 | $ 1,355,658 |
Reclassification of cancelled stock options | 9,919 | |
Reclassification of expired stock options | 579,937 | 214,387 |
Reclassification of stock options exercised | 216,991 | 1,641,078 |
Reclassification of cancelled restricted share units | 68,072 | |
Reclassification of restricted share unit vested | 238,869 | |
Capitalization of right-of-use assets and lease liabilities | $ 934,659 | |
Provision for site reclamation | $ 946,010 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Combined Canadian Federal And Provincial Income Tax Rate) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | ||
Loss before income taxes | $ (9,719,054) | $ (10,238,910) |
Expected income tax recovery at statutory tax rates | (2,624,000) | (2,765,000) |
Impact of different statutory tax rates on earnings of subsidiaries | 62,000 | 258,000 |
Change in statutory, foreign tax rates and other | (103,000) | (110,000) |
Foreign exchange | 2,119,000 | (3,063,000) |
Non-deductible expenditures | 804,000 | 666,000 |
Share issuance costs | (473,000) | (834,000) |
Adjustment in prior years provision statutory tax returns and expiry of non-capital losses | 772,000 | 591,000 |
Change in unrecognized deductible temporary differences and others | (557,000) | 5,257,000 |
Total |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Deferred Tax Assets) (Details) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 19,981,000 | $ 20,538,000 |
Share issuance costs [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,064,000 | 1,167,000 |
Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 14,420,000 | 12,987,000 |
Provision for site reclamation [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 203,000 | 211,000 |
Allowable Capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 109,000 | 43,000 |
Property and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 135,000 | 95,000 |
Exploration and evaluation assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 4,050,000 | $ 6,035,000 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Deductible Temporary Differences and Unused Tax Losses) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share issuance costs [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences and unused tax losses | $ 3,941,000 | $ 4,321,000 |
Expiry date | 2020 to 2023 | 2019 to 2022 |
Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences and unused tax losses | $ 60,395,000 | $ 54,963,000 |
Expiry date | 2027 to 2039 | 2027 to 2038 |
Provision for site reclamation [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences and unused tax losses | $ 965,000 | $ 1,004,000 |
Expiry date | No Expiry | No Expiry |
Capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences and unused tax losses | $ 404,000 | $ 159,000 |
Expiry date | No Expiry | No Expiry |
Property and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences and unused tax losses | $ 506,000 | $ 332,000 |
Expiry date | No Expiry | No Expiry |
Exploration and evaluation assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences and unused tax losses | $ 17,777,000 | $ 27,259,000 |
Expiry date | No Expiry | No Expiry |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017$ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Options granted | 1,921,424 | 2,799,256 | ||
Options exercise price | $ / shares | $ 1.76 | $ 1.75 | $ 1.43 | |
Options expired unexercised | 545,000 | 292,934 | ||
Certain officers, directors, employees and consultants [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Options granted | 2,140,306 | |||
Options exercise price | $ / shares | $ 1.05 | |||
Option exercisable period | 5 years | |||
Option vesting period | vesting one-third immediately and one-third every year thereafter | |||
Certain officers and directors [Member] | Restricted share units [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Options granted | 927,276 | |||
Option vesting period | vesting one-third every year | |||
Options expired unexercised | 453,856 |