Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
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, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Registration Statement | false |
Document Annual Report | true |
Is Entity's Reporting Status Current? | Yes |
Entity Interactive Data Current | Yes |
Auditor Attestation Flag | true |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 318,006,340 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2020 |
Entity Incorporation, State or Country Code | A1 |
Entity File Number | 001-35571 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current | ||
Cash | $ 18,635,636 | $ 7,260,572 |
Receivables | 114,935 | 42,565 |
Prepaid expenses | 429,331 | 436,361 |
Total current assets | 19,179,902 | 7,739,498 |
Exploration and evaluation assets (Notes 3 and 12) | 244,065,107 | 221,330,931 |
Reclamation bonds (Note 4) | 3,499,646 | 2,122,559 |
Property and equipment (Note 5) | 174,936 | 297,164 |
Right-of-use assets (Note 6) | 526,959 | 730,809 |
Total assets | 267,446,550 | 232,220,961 |
Current | ||
Accounts payable and accrued liabilities (Notes 7 and 12) | 4,124,229 | 2,665,559 |
Current portion of lease liabilities (Note 6) | 186,023 | 163,281 |
Total Current liabilities | 4,310,252 | 2,828,840 |
Lease liabilities (Note 6) | 378,252 | 566,597 |
Deferred revenue (Note 8) | 2,582,119 | |
Provision for site reclamation (Note 9) | 1,985,521 | 964,960 |
Total Liabilities | 9,256,144 | 4,360,397 |
Shareholders' equity | ||
Share capital (Note 10) | 330,813,214 | 290,532,540 |
Reserves (Note 10) | 9,973,552 | 10,255,771 |
Deficit | (82,596,360) | (72,927,747) |
Total shareholders' equity | 258,190,406 | 227,860,564 |
Total liabilities and shareholders' equity | $ 267,446,550 | $ 232,220,961 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | ||
Accretion expenses (Notes 8 and 9) | $ 50,204 | $ 8,804 |
Community relations | 6,573 | 14,202 |
Consulting fees | 495,968 | 618,996 |
Depreciation (Notes 5 and 6) | 326,078 | 362,108 |
Foreign exchange loss | 405,513 | 270,134 |
Insurance | 513,001 | 440,805 |
Interest expense on lease liabilities (Note 6) | 48,572 | 59,738 |
Investor relations | 465,922 | 202,686 |
Management fees (Note 12) | 2,437,062 | 1,389,747 |
Office | 575,795 | 530,279 |
Professional fees (Note 12) | 1,673,209 | 1,092,525 |
Property investigation | 3,691 | 96,859 |
Regulatory and shareholders service | 492,466 | 318,350 |
Share-based compensation (Notes 10 and 12) | 2,478,400 | 2,837,076 |
Travel and related | 286,669 | 731,738 |
Wages and salaries (Note 12) | 506,164 | 864,257 |
Total expense | (10,765,287) | (9,838,304) |
Interest income | 24,694 | 119,250 |
Loss and comprehensive loss for the year | $ (10,740,593) | $ (9,719,054) |
Basic and diluted loss per share | $ (0.04) | $ (0.04) |
Weighted average number of common shares outstanding (basic and diluted) | 294,983,142 | 267,354,321 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows used in operating activities | ||
Loss for the year | $ (10,740,593) | $ (9,719,054) |
Items not affecting cash: | ||
Depreciation | 326,078 | 362,108 |
Share-based compensation | 2,478,400 | 2,837,076 |
Accretion expenses | 50,204 | 8,804 |
Unrealized foreign exchange | (4,073) | 35,637 |
Changes in non-cash working capital items | ||
Increase in receivables | (72,370) | (7,873) |
Decrease in prepaid expenses | 7,030 | 3,869 |
Increase in accounts payable and accrued liabilities | 251,336 | 182,016 |
Net cash provided by operating activities | (7,703,988) | (6,297,417) |
Cash flows used in investing activities | ||
Reclamation bonds | (1,494,330) | (71,676) |
Exploration and evaluation assets expenditures | (20,516,085) | (24,130,901) |
Net cash provided by investing activities | (22,010,415) | (24,202,577) |
Cash flows from financing activities | ||
Proceeds from share issuances | 38,353,487 | 21,045,000 |
Share issuance costs | (1,408,588) | (1,751,571) |
Proceeds from exercise of stock options | 1,715,250 | 269,350 |
Proceeds from deferred revenue | 2,594,000 | |
Repayment of lease liabilities | (164,682) | (135,945) |
Net cash provided by financing activities | 41,089,467 | 19,426,834 |
Net change in cash | 11,375,064 | (11,073,160) |
Cash, beginning of year | 7,260,572 | 18,333,732 |
Cash, end of year | 18,635,636 | 7,260,572 |
Non-cash transactions | ||
Exploration and evaluation assets expenditures in accounts payable | 3,028,199 | 1,888,979 |
Share issuance costs in accounts payable and accrued liabilities | 68,114 | |
Reclassification of stock options expired | 1,071,980 | 579,937 |
Reclassification of stock options exercised | 1,137,027 | 216,991 |
Reclassification of cancelled restricted share units | 68,072 | |
Reclassification of restricted share units vested | 551,612 | 238,869 |
Capitalization of right-of-use assets and lease liabilities | 934,659 | |
Provision for site reclamation | $ 1,078,871 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - CAD ($) | Shares Capital [Member] | Reserves [Member] | Deficit [Member] | Total |
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 | |||
Shares issued for cash | $ 38,353,487 | 38,353,487 | ||
Shares issued for cash, shares | 37,716,669 | |||
Share issuance costs | $ (1,476,702) | (1,476,702) | ||
Stock options exercised | $ 2,852,277 | (1,137,027) | 1,715,250 | |
Stock options exercised, shares | 2,325,000 | |||
Restricted share units vested | $ 551,612 | (551,612) | ||
Restricted share units vested, shares | 436,785 | |||
Stock options expired | (1,071,980) | 1,071,980 | ||
Share-based compensation | 2,478,400 | 2,478,400 | ||
Loss for the year | (10,740,593) | (10,740,593) | ||
Balance at Dec. 31, 2020 | $ 330,813,214 | $ 9,973,552 | $ (82,596,360) | $ 258,190,406 |
Balance share at Dec. 31, 2020 | 318,006,340 |
Nature and Continuance of Opera
Nature and Continuance of Operations | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 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 estimates it has sufficient working capital to continue operations for the upcoming year. |
Significant Accounting Policies
Significant Accounting Policies and Basis of Preparation | 12 Months Ended |
Dec. 31, 2020 | |
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 uncertainty of COVID-19 pandemic, recoverability of exploration and evaluation assets, determination of functional currency, going concern, valuation of share-based compensation, recognition of deferred tax amounts, reclamation provisions, leases, and deferred revenue. 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: Uncertainty of COVID-19 pandemic In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, has adversely affected workforces, customers, economies, and financial markets globally, leading to an economic downturn. It has also disrupted the normal operations of many businesses, including the Company’s. This outbreak could decrease spending, adversely affect and harm the Company’s business and results of operations. It is not possible for us to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or results of operations at this time. 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. Deferred revenue The Company entered into a silver streaming arrangement (“Silver Stream”) with OMF Fund III (HG) Ltd. (“Orion”) on October 29, 2020. The upfront payment for the Silver Stream discussed in Note 8 has been accounted for as deferred revenue, as management has determined that the agreement is not a derivative as it will be satisfied through the delivery of non-financial items (i.e. silver commodity from the Company’s potential future production), rather than cash or financial assets. A market-based discount rate is utilized at the inception of the stream agreement to determine a discount rate for computing the interest charges for the significant financing component of the deferred revenue balance. As product is delivered, the deferred revenue amount including accreted interest will be drawn down. The draw down rate requires the use of proven and probable reserves and certain resources in the calculation that are beyond indicated and inferred resources which management is reasonably confident are transferable to proven and probable reserves. Key estimates used in determining the significant financing component include the discount rate and the reserve and resources assumed for conversion. 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, 2020, 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 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. 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 Deferred revenue There is a significant financing component associated with the Silver Stream as funds were received in advance of the delivery of concentrate. When a significant financing component is recognized, finance expense will be higher and revenues will be higher as the larger deferred revenue balance is amortized to revenues. 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 exist 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 Government assistance Standards issued or amended but not yet effective IAS 16, Property, Plant and Equipment - Proceeds before Intended Use |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Exploration and Evaluation Assets [Abstract] | |
Exploration and Evaluation Assets | NOTE 3 – 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, 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 Economic assessments 1,127,651 - 1,127,651 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 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 Lewis Gold Project Project Total $ $ $ Balance as at December 31, 2019 181,996,057 39,334,874 221,330,931 Claim maintenance fees 399,726 90,729 490,455 Consulting 1,068,158 16,934 1,085,092 Data Analysis 274,113 - 274,113 Drilling 8,771,435 - 8,771,435 Economic assessments 1,259,910 - 1,259,910 Engineering 147,665 - 147,665 Environmental and permitting 1,872,415 57,798 1,930,213 Equipment rental 193,709 - 193,709 Geological 39,442 - 39,442 Geotechnical 484,804 - 484,804 Hydrology 394,116 - 394,116 Lease payments 1,579,111 122,099 1,701,210 Metallurgy 749,040 - 749,040 Provision for site reclamation 1,078,871 - 1,078,871 Sampling and processing 771,180 - 771,180 Site development and reclamation 2,828,830 2,494 2,831,324 Supplies 493,281 - 493,281 Vehicle 38,316 - 38,316 22,444,122 290,054 22,734,176 Balance as at December 31, 2020 204,440,179 39,624,928 244,065,107 Railroad-Pinion Project The Railroad-Pinion project is located in Elko County, Nevada, USA. During the period from August 2009 to December 2018, the Company entered into various agreements to acquire or lease certain claims, properties and surface rights subject to net smelter return royalties (“NSR”) ranging between 1% and 5%. As well, certain claims are subject to a 1.5% mineral production royalty. The agreements are subject to specific lease terms, extension options, back-in rights, buy down or purchase provisions, and work commitments as further detailed in the Company’s most recent annual audited consolidated financial statements. 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. During the year ended December 31, 2020, the Company entered into an amendment agreement to amend a mining lease agreement to extend the primary term of a mining lease agreement for an additional eight years. The Company incurred US$5,000 upon execution of the amendment agreement. Payment requirements from 2021 to 2025 under agreements are approximately as follows: Total Total Work Lease commitment payment Total US$ US$ US$ 2021 1,300,000 1,215,000 2,515,000 2022 1,400,000 826,000 2,226,000 2023 1,300,000 782,000 2,082,000 2024 1,300,000 676,000 1,976,000 2025 1,300,000 676,000 1,976,000 6,600,000 4,175,000 10,775,000 Lewis Gold Project During the year ended December 31, 2017, 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, 2020 | |
Disclosure of Reclamation Bonds [Abstract] | |
Reclamation Bonds | NOTE 4 - Reclamation Bonds In relation to its exploration and evaluation assets, the Company has posted reclamation bonds as at December 31, 2020 of $3,499,646 (US$2,747,965) (2019 - $2,122,559 (US$1,634,040)). |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and Equipment | NOTE 5 - Property and Equipment Leasehold improvements Computers Total $ $ $ Cost: At December 31, 2018, 2019, and 2020 683,758 70,287 754,045 Depreciation: 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 Charge for the year 114,892 7,336 122,228 At December 31, 2020 514,826 64,283 579,109 Net book value: At December 31, 2019 283,824 13,340 297,164 At December 31, 2020 168,932 6,004 174,936 |
Right-of-Use Assets and Lease L
Right-of-Use Assets and Lease Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
Right-of-Use Assets and Lease Liabilities | NOTE 6 – Right-of-Use Assets and Lease Liabilities Right-of-Use Assets Office Leases Cost: $ At December 31, 2018 - Initial adoption of IFRS 16 934,659 At December 31, 2019 and 2020 934,659 Depreciation: At December 31, 2018 - Charge for the year 203,850 At December 31, 2019 203,850 Charge for the year 203,850 At December 31, 2020 407,700 Net book value: At December 31, 2019 730,809 At December 31, 2020 526,959 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 ) At December 31, 2019 729,878 Lease payments made (213,254 ) Interest expense on lease liabilities 48,572 Foreign exchange adjustment (921 ) 564,275 Less: current portion (186,023 ) At December 31, 2020 378,252 The remaining minimum future lease payments, excluding estimated operating costs, for the term of the lease including assumed renewal periods are as follows: $ Fiscal 2021 226,647 Fiscal 2022 197,151 Fiscal 2023 94,055 Fiscal 2024 and beyond 129,836 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | NOTE 7 – Accounts Payable and Accrued Liabilities December 31, 2020 December 31, 2019 $ $ Accounts payable 2,573,208 1,604,972 Accrued liabilities 1,511,021 1,060,587 Government assistance 40,000 - 4,124,229 2,665,559 |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Accounts Payable and Accrued Liabilities [Abstract] | |
Deferred Revenue | NOTE 8 – Deferred Revenue On October 29, 2020, the Company entered into the Silver Stream, whereby Orion made an upfront cash payment of US$2,000,000, pursuant to which the Company will deliver to Orion 100% of the silver production from the potential South Railroad mine over the life of mine. Orion will pay an ongoing cash purchase price equal to 15% of the prevailing silver price at the time of delivery. The upfront payment for the Silver Stream has been accounted for as deferred revenue as the agreement will be satisfied through the delivery of non-financial items (i.e. silver commodity from the Company’s production), rather than cash or financial assets. The drawdown of the deferred revenue will be credited to future sales in the corresponding period. $ Deferred revenue proceeds 2,594,000 Accretion 36,556 Foreign exchange adjustment (48,437 ) Balance as at December 31, 2020 2,582,119 |
Provision for Site Reclamation
Provision for Site Reclamation | 12 Months Ended |
Dec. 31, 2020 | |
Provision For Site Reclamation | |
Provision for Site Reclamation | NOTE 9 – Provision for Site Reclamation The Company recorded a provision for the estimated cost of site reclamation relating to exploration activities at its Railroad-Pinion Project. As at December 31, 2020, the Company used an inflation rate of 2.16% (2019 – 2.16%) and an average discount rate of 3.09% (2019 – 3.09%) in calculating the estimated obligation. The undiscounted uninflated value of the cash flows required to settle the provision is approximately $2,161,338 and is expected to be incurred over the next 18 years. Railroad-Pinion Project $ Balance as at December 31, 2018 1,004,499 Foreign exchange adjustment (48,343 ) Accretion expense for the year 8,804 Balance as at December 31, 2019 964,960 Change in estimate 1,078,871 Foreign exchange adjustment (71,958 ) Accretion expense for the year 13,648 Balance as at December 31, 2020 1,985,521 |
Share Capital and Reserves
Share Capital and Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of classes of share capital [abstract] | |
Share Capital and Reserves | NOTE 10 - Share Capital and Reserves Authorized Share Capital Unlimited number of common shares without par value. Issued Share Capital In January 2019, the Company issued 113,208 common shares of the Company at a value of $2.11 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. During the year ended December 31, 2019, the Company issued 355,000 common shares on the exercise of stock options for proceeds of $269,350. In January 2020, the Company issued 144,045 common shares of the Company at a weighted average value of $1.98 per share in connection to the vesting of restricted share units. In July 2020, the Company closed a non-brokered private placement and issued 6,619,191 shares of the Company for gross proceeds of $6,950,150. In December 2020, the Company closed a non-brokered private placement and issued 1,000,000 shares of the Company for gross proceeds of $854,000, and incurred share issuance costs of $7,614. In December 2020, the Company issued 292,740 common shares of the Company at a value of $0.91 per share in connection to the vesting of restricted share units. During the year ended December 31, 2020, the Company issued 2,325,000 common shares on the exercise of stock options for proceeds of $1,715,250. During the year ended December 31, 2020, the Company issued 30,097,478 common shares for gross proceeds totalling $30,549,337, and incurred cash commission and expenses of $1,469,088 under an at-the-market equity program. Share Purchase Warrants There were no share purchase warrants outstanding as at December 31, 2019 and 2020 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 8% 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, 2019, 355,000 stock options were exercised 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 exercisable for up to five years 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 over the vesting period. During the year ended December 31, 2020, 2,325,000 stock options were exercised and the fair value of $1,137,027 attributable to these stock options was transferred from reserves to share capital. Additionally, 1,195,664 stock options expired unexercised and the fair value of $1,071,980 attributable to these stock options was transferred from reserves to deficit. In addition, during the year ended December 31, 2020, the Company granted a total of 3,830,306 stock options exercisable for up to five years as follows: 2,140,306 stock options with an exercise price of $1.05 per share vest one-third immediately, one-third on January 30, 2021, and one-third on January 30, 2022, with a fair value of $998,552. 40,000 stock options with an exercise price of $1.02 per share vest one-third immediately, one-third on September 23, 2021, and one-third on September 23, 2022, with a fair value of $16,780. 1,400,000 stock options with an exercise price of $0.854 per share vest one-third on December 2, 2021, one-third on December 2, 2022, and one-third on December 2, 2023, with a fair value of $599,397. 200,000 stock options with an exercise price of $0.854 per share vest immediately, with a fair value of $85,628. 50,000 stock options with an exercise price of $0.91 per share vest one-third immediately, one-third on December 4, 2021, and one-third on December 4, 2022, with a fair value of $20,607. During the year ended December 31, 2020, the Company expensed a total of $1,231,724 as share-based compensation over the vesting period. 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, 2020 2019 Risk-free interest rate 0.92% 1.80% Expected option life in years 4 years 4 years Expected stock price volatility 58% 62% 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, 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 Exercised (2,325,000 ) 0.74 Granted 3,830,306 0.97 Expired (1,195,664 ) 1.72 Outstanding at December 31, 2020 10,648,362 1.70 A summary of the stock options outstanding and exercisable at December 31, 2020 is as follows: Exercise Number Number Price Outstanding Exercisable Expiry Date $ 3.16 457,500 457,500 September 29, 2021 2.24 325,000 325,000 June 1, 2022 2.12 1,734,560 1,734,560 August 1, 2022 2.25 600,000 600,000 September 12, 2022 1.96 100,000 100,000 January 15, 2023 2.11 1,920,248 1,920,248 March 5, 2023 1.96 110,000 110,000 September 14, 2023 1.74 1,526,048 1,017,365 January 31, 2024 1.49 50,000 33,333 March 15, 2024 1.20 50,000 33,333 August 16, 2024 1.05 2,085,006 695,002 January 30, 2025 1.02 40,000 13,333 September 23, 2025 0.854 1,400,000 - December 2, 2025 0.854 200,000 200,000 December 2, 2025 0.91 50,000 16,667 December 4, 2025 10,648,362 7,256,341 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 Units (“RSUs”) The Company has 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 6,746,579 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 8% of the Company’s outstanding shares. During the year ended December 31, 2019, the Company granted 664,730 RSUs to certain officers and directors with a fair value of $1,156,630. 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. The Company expensed a total of $918,339 as share-based compensation for values of RSUs vested. In addition, the Company cancelled 155,284 RSUs and the fair value of $68,072 attributable to these RSUs was transferred from reserves to deficit. In January 2020, the Company granted 927,276 RSUs to certain officers and directors with a fair value of $973,640. Certain RSUs issued to officers of the Company vest one-third every year. 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. In December 2020, the Company granted 292,740 RSUs to an officer and director with a fair value of $266,393. These RSUs vested immediately. During the year ended December 31, 2020, the Company expensed a total of $1,246,676 (2019 - $918,339) as share-based compensation over the vesting period. A summary of restricted share unit activities is as follows: Number of RSUs Outstanding at December 31, 2018 567,110 Vested (113,208 ) Granted 664,730 Cancelled (155,284 ) Outstanding at December 31, 2019 963,348 Vested (436,785 ) Granted 1,220,016 Outstanding at December 31, 2020 1,746,579 |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Segmented Information | NOTE 11 - 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, 2020 Canada US Total $ $ $ Reclamation bonds - 3,499,646 3,499,646 Property and equipment 2,736 172,200 174,936 Exploration and evaluation assets - 244,065,107 244,065,107 Right-of-use assets 304,213 222,746 526,959 306,949 247,959,699 248,266,648 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 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions [abstract] | |
Related Party Transactions | NOTE 12 - Related Party Transactions During the year ended December 31, 2020, the Company entered into the following transactions with related parties, not disclosed elsewhere in these financial statements: i. As at December 31, 2020, $156,648 (2019 - $389,127) 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 $nil (2019 - $12,000) 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, 2020 2019 $ $ Management fees* 2,437,062 1,389,747 Professional fees 266,407 265,456 Exploration and evaluation assets expenditures 277,845 255,977 Wages and salaries 57,530 45,172 Share-based compensation 2,053,092 1,889,776 5,091,936 3,846,128 * |
Capital Disclosure and Manageme
Capital Disclosure and Management | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of capital disclosure and Management [Abstract] | |
Capital Disclosure and Management | NOTE 13 - 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, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments and Risk Management | NOTE 14 - 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, 2020, the Company had a foreign currency net monetary asset position of approximately US$8,480,000. Each 1% change in the US dollar relative to the Canadian dollar will result in a foreign exchange gain/loss of approximately $84,800. 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, 2020 | |
Disclosure of Commitments [Abstract] | |
Commitments | NOTE 15 - Commitments a) The Company has a consulting agreement with an officer of the Company to provide management consulting services to the Company for an indefinite term. The agreement requires payment of $14,083 per month and subject to 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$14,850 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 a former 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 (Note 17b). 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. e) The Company has an employment agreement with an officer and director of the Company to provide corporate management services to the Company for an indefinite term. The agreement requires payment of $36,667 per month. Included in the agreement is a provision for a twelve-month plus an additional one month payout for each full year of employment, up to a maximum of twenty four-month payout in the event of termination without cause. In addition, the agreement includes a provision of a twenty four-month payout in the event of termination within twelve months of a change in control. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | NOTE 16 – 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, 2020 2019 $ $ Loss before income taxes (10,740,593 ) (9,719,054 ) Expected income tax recovery at statutory tax rates (2,900,000 ) (2,624,000 ) Impact of different statutory tax rates on earnings of subsidiaries 10,000 62,000 Change in statutory, foreign tax rates and other (189,000 ) (103,000 ) Foreign exchange 964,000 2,119,000 Non-deductible expenditures 687,000 804,000 Share issuance costs (399,000 ) (473,000 ) Adjustment in prior years provision statutory tax returns and expiry of non-capital losses 118,000 772,000 Change in unrecognized deductible temporary differences and others 1,709,000 (557,000 ) Total - - Significant components of deferred tax assets that have not been recognized are as follows: As of December 31, 2020 2019 $ $ Share issuance costs 936,000 1,064,000 Non-capital losses 17,308,000 14,420,000 Provision for site reclamation 417,000 203,000 Allowable capital losses 229,000 109,000 Property and equipment 159,000 135,000 Exploration and evaluation assets 2,641,000 4,050,000 Total 21,690,000 19,981,000 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, 2020 Expiry dates 2019 Expiry dates $ $ Share issuance costs 3,468,000 2021 to 2024 3,941,000 2020 to 2023 Non-capital losses 71,328,000 2027 to 2040 60,395,000 2027 to 2039 Provision for site reclamation 1,986,000 No Expiry 965,000 No Expiry Capital losses 849,000 No Expiry 404,000 No Expiry Property and equipment 622,000 No Expiry 506,000 No Expiry Exploration and evaluation assets 11,062,000 No Expiry 17,777,000 No Expiry Tax attributes are subject to review, and potential adjustment, by tax authorities. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | NOTE 17 – Subsequent Events a) In January 2021, the Company granted 5,470,085 stock options to certain officers, directors, employees and consultants of the Company with a weighted average exercise price of $0.868 per option exercisable for a period of 5 years vesting one-third every year. In addition, the Company granted 2,515,876 restricted share units to certain officers and directors with various vesting conditions. b) In January 2021, the Company terminated an employment agreement with a former officer without cause and paid termination benefits of $782,000. c) In February 2021, the Company completed an underwritten public offering financing and issued 39,215,000 common shares of the Company at a price of $0.88 per share for gross proceeds totalling $34,509,200. d) In March 2021, the Company granted 560,000 stock options to an officer and an employee of the Company with a weighted exercise price of $0.794 per option exercisable for a period of 5 years vesting one-third every year and 50,000 stock options expired unexercised. In addition, the Company granted 100,000 restricted share units to the same officer vesting one-third every year. |
Significant Accounting Polici_2
Significant Accounting Policies and Basis of Preparation (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 uncertainty of COVID-19 pandemic, recoverability of exploration and evaluation assets, determination of functional currency, going concern, valuation of share-based compensation, recognition of deferred tax amounts, reclamation provisions, leases, and deferred revenue. 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: Uncertainty of COVID-19 pandemic In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, has adversely affected workforces, customers, economies, and financial markets globally, leading to an economic downturn. It has also disrupted the normal operations of many businesses, including the Company’s. This outbreak could decrease spending, adversely affect and harm the Company’s business and results of operations. It is not possible for us to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or results of operations at this time. 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. Deferred revenue The Company entered into a silver streaming arrangement (“Silver Stream”) with OMF Fund III (HG) Ltd. (“Orion”) on October 29, 2020. The upfront payment for the Silver Stream discussed in Note 8 has been accounted for as deferred revenue, as management has determined that the agreement is not a derivative as it will be satisfied through the delivery of non-financial items (i.e. silver commodity from the Company’s potential future production), rather than cash or financial assets. A market-based discount rate is utilized at the inception of the stream agreement to determine a discount rate for computing the interest charges for the significant financing component of the deferred revenue balance. As product is delivered, the deferred revenue amount including accreted interest will be drawn down. The draw down rate requires the use of proven and probable reserves and certain resources in the calculation that are beyond indicated and inferred resources which management is reasonably confident are transferable to proven and probable reserves. Key estimates used in determining the significant financing component include the discount rate and the reserve and resources assumed for conversion. |
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, 2020, 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 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. 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 |
Deferred revenue | Deferred revenue There is a significant financing component associated with the Silver Stream as funds were received in advance of the delivery of concentrate. When a significant financing component is recognized, finance expense will be higher and revenues will be higher as the larger deferred revenue balance is amortized to revenues. |
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 exist 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 |
Government assistance | Government assistance |
Standards issued or amended but not yet effective | Standards issued or amended but not yet effective IAS 16, Property, Plant and Equipment - Proceeds before Intended Use |
Significant Accounting Polici_3
Significant Accounting Policies and Basis of Preparation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Significant Accounting Policies and Basis of Preparation [Abstract] | |
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 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 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 Economic assessments 1,127,651 - 1,127,651 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 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 Lewis Gold Project Project Total $ $ $ Balance as at December 31, 2019 181,996,057 39,334,874 221,330,931 Claim maintenance fees 399,726 90,729 490,455 Consulting 1,068,158 16,934 1,085,092 Data Analysis 274,113 - 274,113 Drilling 8,771,435 - 8,771,435 Economic assessments 1,259,910 - 1,259,910 Engineering 147,665 - 147,665 Environmental and permitting 1,872,415 57,798 1,930,213 Equipment rental 193,709 - 193,709 Geological 39,442 - 39,442 Geotechnical 484,804 - 484,804 Hydrology 394,116 - 394,116 Lease payments 1,579,111 122,099 1,701,210 Metallurgy 749,040 - 749,040 Provision for site reclamation 1,078,871 - 1,078,871 Sampling and processing 771,180 - 771,180 Site development and reclamation 2,828,830 2,494 2,831,324 Supplies 493,281 - 493,281 Vehicle 38,316 - 38,316 22,444,122 290,054 22,734,176 Balance as at December 31, 2020 204,440,179 39,624,928 244,065,107 |
Schedule of Payment Requirements | Payment requirements from 2021 to 2025 under agreements are approximately as follows: Total Total Work Lease commitment payment Total US$ US$ US$ 2021 1,300,000 1,215,000 2,515,000 2022 1,400,000 826,000 2,226,000 2023 1,300,000 782,000 2,082,000 2024 1,300,000 676,000 1,976,000 2025 1,300,000 676,000 1,976,000 6,600,000 4,175,000 10,775,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and Equipment | Leasehold improvements Computers Total $ $ $ Cost: At December 31, 2018, 2019, and 2020 683,758 70,287 754,045 Depreciation: 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 Charge for the year 114,892 7,336 122,228 At December 31, 2020 514,826 64,283 579,109 Net book value: At December 31, 2019 283,824 13,340 297,164 At December 31, 2020 168,932 6,004 174,936 |
Right-of-Use Assets and Lease_2
Right-of-Use Assets and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
Schedule of Right-of-Use Assets | Right-of-Use Assets Office Leases Cost: $ At December 31, 2018 - Initial adoption of IFRS 16 934,659 At December 31, 2019 and 2020 934,659 Depreciation: At December 31, 2018 - Charge for the year 203,850 At December 31, 2019 203,850 Charge for the year 203,850 At December 31, 2020 407,700 Net book value: At December 31, 2019 730,809 At December 31, 2020 526,959 |
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 ) At December 31, 2019 729,878 Lease payments made (213,254 ) Interest expense on lease liabilities 48,572 Foreign exchange adjustment (921 ) 564,275 Less: current portion (186,023 ) At December 31, 2020 378,252 |
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 2021 226,647 Fiscal 2022 197,151 Fiscal 2023 94,055 Fiscal 2024 and beyond 129,836 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, 2020 December 31, 2019 $ $ Accounts payable 2,573,208 1,604,972 Accrued liabilities 1,511,021 1,060,587 Government assistance 40,000 - 4,124,229 2,665,559 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Deferred Revenue | $ Deferred revenue proceeds 2,594,000 Accretion 36,556 Foreign exchange adjustment (48,437 ) Balance as at December 31, 2020 2,582,119 |
Provision for Site Reclamation
Provision for Site Reclamation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
RSM [Member] | |
Schedule of Provision Site Reclamation | Railroad-Pinion Project $ Balance as at December 31, 2018 1,004,499 Foreign exchange adjustment (48,343 ) Accretion expense for the year 8,804 Balance as at December 31, 2019 964,960 Change in estimate 1,078,871 Foreign exchange adjustment (71,958 ) Accretion expense for the year 13,648 Balance as at December 31, 2020 1,985,521 |
Share Capital and Reserves (Tab
Share Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 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 Exercised (2,325,000 ) 0.74 Granted 3,830,306 0.97 Expired (1,195,664 ) 1.72 Outstanding at December 31, 2020 10,648,362 1.70 |
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, 2020 2019 Risk-free interest rate 0.92% 1.80% Expected option life in years 4 years 4 years Expected stock price volatility 58% 62% Expected dividend rate 0% 0% |
Schedule of Stock Options Outstanding and Exercisable | A summary of the stock options outstanding and exercisable at December 31, 2020 is as follows: Exercise Number Number Price Outstanding Exercisable Expiry Date $ 3.16 457,500 457,500 September 29, 2021 2.24 325,000 325,000 June 1, 2022 2.12 1,734,560 1,734,560 August 1, 2022 2.25 600,000 600,000 September 12, 2022 1.96 100,000 100,000 January 15, 2023 2.11 1,920,248 1,920,248 March 5, 2023 1.96 110,000 110,000 September 14, 2023 1.74 1,526,048 1,017,365 January 31, 2024 1.49 50,000 33,333 March 15, 2024 1.20 50,000 33,333 August 16, 2024 1.05 2,085,006 695,002 January 30, 2025 1.02 40,000 13,333 September 23, 2025 0.854 1,400,000 - December 2, 2025 0.854 200,000 200,000 December 2, 2025 0.91 50,000 16,667 December 4, 2025 10,648,362 7,256,341 |
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, 2018 567,110 Vested (113,208 ) Granted 664,730 Cancelled (155,284 ) Outstanding at December 31, 2019 963,348 Vested (436,785 ) Granted 1,220,016 Outstanding at December 31, 2020 1,746,579 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Schedule of Geographic Information | Geographic information is as follows: As at December 31, 2020 Canada US Total $ $ $ Reclamation bonds - 3,499,646 3,499,646 Property and equipment 2,736 172,200 174,936 Exploration and evaluation assets - 244,065,107 244,065,107 Right-of-use assets 304,213 222,746 526,959 306,949 247,959,699 248,266,648 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 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 $ $ Management fees* 2,437,062 1,389,747 Professional fees 266,407 265,456 Exploration and evaluation assets expenditures 277,845 255,977 Wages and salaries 57,530 45,172 Share-based compensation 2,053,092 1,889,776 5,091,936 3,846,128 * |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 $ $ Loss before income taxes (10,740,593 ) (9,719,054 ) Expected income tax recovery at statutory tax rates (2,900,000 ) (2,624,000 ) Impact of different statutory tax rates on earnings of subsidiaries 10,000 62,000 Change in statutory, foreign tax rates and other (189,000 ) (103,000 ) Foreign exchange 964,000 2,119,000 Non-deductible expenditures 687,000 804,000 Share issuance costs (399,000 ) (473,000 ) Adjustment in prior years provision statutory tax returns and expiry of non-capital losses 118,000 772,000 Change in unrecognized deductible temporary differences and others 1,709,000 (557,000 ) 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, 2020 2019 $ $ Share issuance costs 936,000 1,064,000 Non-capital losses 17,308,000 14,420,000 Provision for site reclamation 417,000 203,000 Allowable capital losses 229,000 109,000 Property and equipment 159,000 135,000 Exploration and evaluation assets 2,641,000 4,050,000 Total 21,690,000 19,981,000 |
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, 2020 Expiry dates 2019 Expiry dates $ $ Share issuance costs 3,468,000 2021 to 2024 3,941,000 2020 to 2023 Non-capital losses 71,328,000 2027 to 2040 60,395,000 2027 to 2039 Provision for site reclamation 1,986,000 No Expiry 965,000 No Expiry Capital losses 849,000 No Expiry 404,000 No Expiry Property and equipment 622,000 No Expiry 506,000 No Expiry Exploration and evaluation assets 11,062,000 No Expiry 17,777,000 No Expiry |
Significant Accounting Polici_4
Significant Accounting Policies and Basis of Preparation (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Significant Accounting Policies and Basis of Preparation [Abstract] | ||
Potentially dilutive options and warrants excluded from diluted loss per share | 10,648,362 | 10,338,720 |
Significant Accounting Polici_5
Significant Accounting Policies and Basis of Preparation (Schedule of Depreciation Rates Applicable) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
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 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets (Railroad-Pinion Project) (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2009 | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Annual lease payment | $ 164,682 | $ 135,945 | |||
Claims, properties and surface rights [Member] | Bottom of range [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Net Smelter Royalty (NSR) | 1.00% | ||||
Claims, properties and surface rights [Member] | Top of range [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Net Smelter Royalty (NSR) | 5.00% | ||||
Mineral Production Royalty [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Percentage of mineral production royalty payable | 1.50% | ||||
Execution of Amendment Agreements [Member] | USD [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Annual lease payment | $ 5,000 | $ 150,000 |
Exploration and Evaluation As_4
Exploration and Evaluation Assets (Lewis Gold Project) (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2017 | |
BMG [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Percentage of interest acquired | 100.00% | |
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% | |
Lewis Gold Project [Member] | USD [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum annual royalty amount | $ 60,000 |
Exploration and Evaluation As_5
Exploration and Evaluation Assets (Schedule of Expenditures for Exploration and Evaluation Assets) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance Begining | $ 221,330,931 | $ 196,666,709 |
Claim maintenance fees | 490,455 | 477,218 |
Consulting | 1,085,092 | 2,075,322 |
Data Analysis | 274,113 | 376,619 |
Drilling | 8,771,435 | 8,413,363 |
Economic assessments | 1,259,910 | 1,127,651 |
Engineering | 147,665 | 156,688 |
Environmental and permitting | 1,930,213 | 1,755,073 |
Equipment rental | 193,709 | 161,351 |
Geological | 39,442 | 69,667 |
Geotechnical | 484,804 | 71,381 |
Hydrology | 394,116 | 1,648,207 |
Lease payments | 1,701,210 | 1,813,000 |
Metallurgy | 749,040 | 2,037,771 |
Provision for site reclamation | 1,078,871 | |
Sampling and processing | 771,180 | 403,757 |
Site development and reclamation | 2,831,324 | 3,584,054 |
Supplies | 493,281 | 493,100 |
Vehicle | 38,316 | |
Total Exploration expenses | 22,734,176 | 24,664,222 |
Balance Ending | 244,065,107 | 221,330,931 |
Railroad-Pinion Project [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance Begining | 181,996,057 | 158,287,872 |
Claim maintenance fees | 399,726 | 388,849 |
Consulting | 1,068,158 | 1,929,576 |
Data Analysis | 274,113 | 376,619 |
Drilling | 8,771,435 | 7,948,972 |
Economic assessments | 1,259,910 | 1,127,651 |
Engineering | 147,665 | 156,688 |
Environmental and permitting | 1,872,415 | 1,736,801 |
Equipment rental | 193,709 | 148,781 |
Geological | 39,442 | 69,667 |
Geotechnical | 484,804 | 71,381 |
Hydrology | 394,116 | 1,648,207 |
Lease payments | 1,579,111 | 1,690,657 |
Metallurgy | 749,040 | 2,037,771 |
Provision for site reclamation | 1,078,871 | |
Sampling and processing | 771,180 | 403,224 |
Site development and reclamation | 2,828,830 | 3,482,076 |
Supplies | 493,281 | 491,265 |
Vehicle | 38,316 | |
Total Exploration expenses | 22,444,122 | 23,708,185 |
Balance Ending | 204,440,179 | 181,996,057 |
Lewis Gold Project [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance Begining | 39,334,874 | 38,378,837 |
Claim maintenance fees | 90,729 | 88,369 |
Consulting | 16,934 | 145,746 |
Data Analysis | ||
Drilling | 464,391 | |
Economic assessments | ||
Engineering | ||
Environmental and permitting | 57,798 | 18,272 |
Equipment rental | 12,570 | |
Geological | ||
Geotechnical | ||
Hydrology | ||
Lease payments | 122,099 | 122,343 |
Metallurgy | ||
Provision for site reclamation | ||
Sampling and processing | 533 | |
Site development and reclamation | 2,494 | 101,978 |
Supplies | 1,835 | |
Vehicle | ||
Total Exploration expenses | 290,054 | 956,037 |
Balance Ending | $ 39,624,928 | $ 39,334,874 |
Exploration and Evaluation As_6
Exploration and Evaluation Assets (Schedule of Payment Requirements ) (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total Work commitment | $ 6,600,000 |
Total Lease payment | 4,175,000 |
Total | 10,775,000 |
2021 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total Work commitment | 1,300,000 |
Total Lease payment | 1,215,000 |
Total | 2,515,000 |
2022 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total Work commitment | 1,400,000 |
Total Lease payment | 826,000 |
Total | 2,226,000 |
2023 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total Work commitment | 1,300,000 |
Total Lease payment | 782,000 |
Total | 2,082,000 |
2024 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total Work commitment | 1,300,000 |
Total Lease payment | 676,000 |
Total | 1,976,000 |
2025 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total Work commitment | 1,300,000 |
Total Lease payment | 676,000 |
Total | $ 1,976,000 |
Reclamation Bonds (Details)
Reclamation Bonds (Details) | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) |
Statement Line Items [Line Items] | ||||
Reclamation bonds | $ 3,499,646 | $ 2,122,559 | ||
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Reclamation bonds | $ 2,747,965 | $ 1,634,040 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | $ 297,164 | |
Ending Balance | 174,936 | $ 297,164 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 754,045 | 754,045 |
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 | 683,758 |
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 | 70,287 |
Ending Balance | 70,287 | 70,287 |
Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 456,881 | 298,623 |
Charge for the year | 122,228 | 158,258 |
Ending Balance | 579,109 | 456,881 |
Depreciation [Member] | Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 399,934 | 257,976 |
Charge for the year | 114,892 | 141,958 |
Ending Balance | 514,826 | 399,934 |
Depreciation [Member] | Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 56,947 | 40,647 |
Charge for the year | 7,336 | 16,300 |
Ending Balance | 64,283 | 56,947 |
Net Book Value [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 297,164 | |
Ending Balance | 174,936 | 297,164 |
Net Book Value [Member] | Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 283,824 | |
Ending Balance | 168,932 | 283,824 |
Net Book Value [Member] | Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 13,340 | |
Ending Balance | $ 6,004 | $ 13,340 |
Right-of-Use Assets and Lease_3
Right-of-Use Assets and Lease Liabilities (Schedule of Right-of-Use Assets) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
At December 31, 2019 | $ 730,809 | |
At December 31, 2020 | 526,959 | $ 730,809 |
Office Leases [Member] | Cost [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At December 31, 2019 | 934,659 | |
Initial adoption of IFRS 16 | 934,659 | |
At December 31, 2020 | 934,659 | 934,659 |
Office Leases [Member] | Depreciation [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At December 31, 2019 | 203,850 | |
Charge for the year | 203,850 | 203,850 |
At December 31, 2020 | 407,700 | 203,850 |
Office Leases [Member] | Net Book Value [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At December 31, 2019 | 730,809 | |
At December 31, 2020 | $ 526,959 | $ 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, 2020 | Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | ||
Lease liabilities recognized as of January 1 | $ 729,878 | $ 884,987 |
Lease payments made | (213,254) | (195,683) |
Interest expense on lease liabilities | 48,572 | 59,738 |
Foreign exchange adjustment | (921) | (19,164) |
Lease liabilities recognized as of December 31 | 564,275 | 729,878 |
Less: current portion | (186,023) | $ (163,281) |
At December 31, 2020 | $ 378,252 |
Right-of-Use Assets and Lease_5
Right-of-Use Assets and Lease Liabilities (Schedule of Remaining Minimum Future Lease Payments) (Details) | Dec. 31, 2020CAD ($) |
2021 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Remaining minimum future lease payments, excluding estimated operating costs | $ 226,647 |
2022 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Remaining minimum future lease payments, excluding estimated operating costs | 197,151 |
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 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $ 2,573,208 | $ 1,604,972 |
Accrued liabilities | 1,511,021 | 1,060,587 |
Government assistance | 40,000 | |
Total accounts payable and accrued liabilities | $ 4,124,229 | $ 2,665,559 |
Deferred Revenue (Schedule of D
Deferred Revenue (Schedule of Deferred Revenue) (Details) | Dec. 31, 2020CAD ($) | Oct. 29, 2020USD ($) |
Statement Line Items [Line Items] | ||
Deferred revenue proceeds | $ 2,594,000 | |
Accretion | 36,556 | |
Foreign exchange adjustment | (48,437) | |
Balance as at December 31, 2020 | $ 2,582,119 | |
Orion [Member] | USD [Member] | ||
Statement Line Items [Line Items] | ||
Upfront cash payment | $ 2,000,000 |
Provision for Site Reclamatio_2
Provision for Site Reclamation (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Provision For Site Reclamation Narrative | ||
Inflation rate | 2.16% | 2.16% |
Discount rate | 3.09% | 3.09% |
Undiscounted uninflated value of the cash flows | $ 2,161,338 | |
Period of undiscounted uninflated value of the cash flows required to settle provision | 18 years |
Provision for Site Reclamatio_3
Provision for Site Reclamation (Schedule of Provision for Site Reclamation) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Provision For Site Reclamation Schedule Of Provision For Site Reclamation | ||
Balance as at December 31 | $ 964,960 | $ 1,004,499 |
Change in estimate | 1,078,871 | |
Foreign exchange adjustment | (71,958) | (48,343) |
Accretion expense for the year | 50,204 | 8,804 |
Balance as at December 31 | $ 1,985,521 | $ 964,960 |
Share Capital and Reserves (Nar
Share Capital and Reserves (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020CAD ($)shares | Jan. 31, 2020CAD ($)shares$ / shares | Jul. 31, 2019CAD ($)$ / sharesshares | Dec. 31, 2020CAD ($)shares$ / shares | Dec. 31, 2019CAD ($)shares$ / shares | Jan. 31, 2019$ / sharesshares | |
Disclosure of classes of share capital [line items] | ||||||
Proceeds from common share | $ 38,353,487 | $ 21,045,000 | ||||
Stock option, granted | shares | 3,830,306 | 1,921,424 | ||||
Weighted average exercise price | $ / shares | $ 0.74 | $ 0.76 | ||||
Stock option, Exercise | shares | 2,325,000 | 355,000 | ||||
Proceeds from Stock options | $ 1,715,250 | $ 269,350 | ||||
Stock option, Expired | shares | 1,195,664 | 545,000 | ||||
Stock option expense | $ 1,231,724 | $ 1,918,737 | ||||
Issuance costs | $ 1,476,702 | $ 1,751,571 | ||||
Officers and directors [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, granted | shares | 927,276 | 292,740 | 664,730 | |||
Option term | Certain RSUs issued to officers of the Company vest one-third every year. 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. | 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 | $ 973,640 | $ 266,393 | $ 1,156,630 | |||
Vesting of restricted share units [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Common share issued | shares | 144,045 | 113,208 | ||||
Price per share | $ / shares | $ 2.11 | |||||
Weighted average exercise price | $ / shares | $ 1.98 | |||||
Underwritten public offering financing [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Common share issued | shares | 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 | |||||
Stock Option [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Common share issued | shares | 325,000 | 355,000 | ||||
Stock option, granted | shares | 3,830,306 | 1,921,424 | ||||
Stock option, Exercise | shares | 325,000 | 355,000 | ||||
Proceeds from Stock options | $ 269,350 | |||||
Fair value of stock options | $ 1,137,027 | $ 216,991 | ||||
Stock option, Expired | shares | 1,195,664 | 545,000 | ||||
Fair value transferred from reserves to deficit | $ 1,071,980 | $ 579,937 | ||||
Non-brokered private placement [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Common share issued | shares | 6,619,191 | 1,000,000 | ||||
Proceeds from common share | $ 6,950,150 | $ 854,000 | ||||
Issuance costs | $ 7,614 | |||||
Restricted share units [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Common share issued | shares | 292,740 | |||||
Price per share | $ / shares | $ 0.91 | |||||
At-the-market equity program [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Common share issued | shares | 30,097,478 | |||||
Proceeds from common share | $ 30,549,337 | |||||
Net of cash commissions and expenses | $ 1,469,088 | |||||
Stock Option One [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, granted | shares | 2,140,306 | 1,821,424 | ||||
Weighted average exercise price | $ / shares | $ 1.05 | $ 1.74 | ||||
Fair value of stock options | $ 998,552 | $ 1,534,992 | ||||
Stock Option Two [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, granted | shares | 40,000 | 50,000 | ||||
Weighted average exercise price | $ / shares | $ 1.02 | $ 1.49 | ||||
Fair value of stock options | $ 16,780 | $ 32,998 | ||||
Stock Option Three [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, granted | shares | 1,400,000 | 50,000 | ||||
Weighted average exercise price | $ / shares | $ 0.854 | $ 1.20 | ||||
Fair value of stock options | $ 599,397 | $ 28,802 | ||||
Restricted Share Unit (RSU) [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, Cancelled | shares | 155,284 | |||||
Fair value transferred from reserves to deficit | $ 68,072 | |||||
Stock option expense | $ 1,246,676 | $ 918,339 | ||||
Common Stock reserved for issue | shares | 6,746,579 | |||||
Stock Option Four [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, granted | shares | 200,000 | |||||
Weighted average exercise price | $ / shares | $ 0.854 | |||||
Fair value of stock options | $ 85,628 | |||||
Stock Option Five [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Stock option, granted | shares | 50,000 | |||||
Weighted average exercise price | $ / shares | $ 0.91 | |||||
Fair value of stock options | $ 20,607 |
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, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | ||
Risk-free interest rate | 0.92% | 1.80% |
Expected option life in years | 4 | 4 |
Expected stock price volatility | 58.00% | 62.00% |
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, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at December 31, | 10,338,720 | 9,317,296 |
Exercised | (2,325,000) | (355,000) |
Granted | 3,830,306 | 1,921,424 |
Expired | (1,195,664) | (545,000) |
Outstanding at December 31, | 10,648,362 | 10,338,720 |
Weighted average exercise price outstanding at December 31, | $ / shares | $ 1.76 | $ 1.75 |
Exercised | $ / shares | 0.74 | 0.76 |
Granted | $ / shares | 0.97 | 1.72 |
Expired | $ / shares | 1.72 | 2.12 |
Weighted average exercise price outstanding at December 31, | $ / shares | $ 1.70 | $ 1.76 |
Number of RSUs [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at December 31, | 963,348 | 567,110 |
Vested | (436,785) | (113,208) |
Granted | 1,220,016 | 664,730 |
Cancelled | (155,284) | |
Outstanding at December 31, | 1,746,579 | 963,348 |
Share Capital and Reserves (S_3
Share Capital and Reserves (Schedule of Stock Options Outstanding and Exercisable) (Details) | 12 Months Ended | ||
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares | Dec. 31, 2018shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number Outstanding | 10,648,362 | 10,338,720 | 9,317,296 |
Number Exercisable | 7,256,341 | ||
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 | 1,734,560 | ||
Number Exercisable | 1,734,560 | ||
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 | 100,000 | ||
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 | 1,920,248 | ||
Number Exercisable | 1,920,248 | ||
Expiry Date | March 5, 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 | 110,000 | ||
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 | 1,526,048 | ||
Number Exercisable | 1,017,365 | ||
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 | 33,333 | ||
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 | 33,333 | ||
Expiry Date | August 16, 2024 | ||
1.05 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise Price | $ / shares | $ 1.05 | ||
Number Outstanding | 2,085,006 | ||
Number Exercisable | 695,002 | ||
Expiry Date | January 30, 2025 | ||
1.02 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise Price | $ / shares | $ 1.02 | ||
Number Outstanding | 40,000 | ||
Number Exercisable | 13,333 | ||
Expiry Date | September 23, 2025 | ||
0.854 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise Price | $ / shares | $ 0.854 | ||
Number Outstanding | 1,400,000 | ||
Number Exercisable | |||
Expiry Date | December 2, 2025 | ||
0.854 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise Price | $ / shares | $ 0.854 | ||
Number Outstanding | 200,000 | ||
Number Exercisable | 200,000 | ||
Expiry Date | December 2, 2025 | ||
0.91 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise Price | $ / shares | $ 0.91 | ||
Number Outstanding | 50,000 | ||
Number Exercisable | 16,667 | ||
Expiry Date | December 4, 2025 |
Segmented Information (Schedule
Segmented Information (Schedule of Geographic Information) (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of geographical areas [line items] | |||
Reclamation bonds | $ 3,499,646 | $ 2,122,559 | |
Property and equipment | 174,936 | 297,164 | |
Exploration and evaluation assets | 244,065,107 | 221,330,931 | $ 196,666,709 |
Right-of-use assets | 526,959 | 730,809 | |
Total acquisition and exploration of exploration and evaluation assets | 248,266,648 | 224,481,463 | |
Canada [Member] | |||
Disclosure of geographical areas [line items] | |||
Reclamation bonds | |||
Property and equipment | 2,736 | 19,611 | |
Exploration and evaluation assets | |||
Right-of-use assets | 304,213 | 374,417 | |
Total acquisition and exploration of exploration and evaluation assets | 306,949 | 394,028 | |
US [Member] | |||
Disclosure of geographical areas [line items] | |||
Reclamation bonds | 3,499,646 | 2,122,559 | |
Property and equipment | 172,200 | 277,553 | |
Exploration and evaluation assets | 244,065,107 | 221,330,931 | |
Right-of-use assets | 222,746 | 356,392 | |
Total acquisition and exploration of exploration and evaluation assets | $ 247,959,699 | $ 224,087,435 |
Related Party Transactions (Nar
Related Party Transactions (Narriative) (Details) - Directors [Member] - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of transactions between related parties [line items] | ||
Accounts payable and accrued liabilities | $ 156,648 | $ 389,127 |
Rent received | $ 12,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Key Management Personnel Compensation) (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of transactions between related parties [line items] | |||
Management fees | $ 2,437,062 | $ 1,389,747 | |
Professional fees | 1,673,209 | 1,092,525 | |
Exploration and evaluation assets expenditures | 22,734,176 | 24,664,222 | |
Wages and salaries | 506,164 | 864,257 | |
Key Management Personnel [Memeber] | |||
Disclosure of transactions between related parties [line items] | |||
Management fees | [1] | 2,437,062 | 1,389,747 |
Professional fees | 266,407 | 265,456 | |
Exploration and evaluation assets expenditures | 277,845 | 255,977 | |
Wages and salaries | 57,530 | 45,172 | |
Share-based compensation | 2,053,092 | 1,889,776 | |
Total of key management personnel compensation | 5,091,936 | $ 3,846,128 | |
Termination benefits | $ 1,199,899 | ||
[1] | includes termination benefits of $1,199,899. |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Details) - 12 months ended Dec. 31, 2020 | USD ($) | CAD ($) |
Statement Line Items [Line Items] | ||
Each 1% change in US dollar to Canadian dollar foreign exchange gain/loss | $ 84,800 | |
USD [Member] | ||
Statement Line Items [Line Items] | ||
Foreign currency net monetary asset position | $ 8,480,000 |
Commitments (Details)
Commitments (Details) - 12 months ended Dec. 31, 2020 | USD ($) | CAD ($) |
Officer [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum monthly payments | $ 14,083 | |
Employee [Member] | USD [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum monthly payments | $ 14,850 | |
Former 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 | |
Officer and Director [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum monthly payments | $ 36,667 |
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, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | ||
Loss before income taxes | $ (10,740,593) | $ (9,719,054) |
Expected income tax recovery at statutory tax rates | (2,900,000) | (2,624,000) |
Impact of different statutory tax rates on earnings of subsidiaries | 10,000 | 62,000 |
Change in statutory, foreign tax rates and other | (189,000) | (103,000) |
Foreign exchange | 964,000 | 2,119,000 |
Non-deductible expenditures | 687,000 | 804,000 |
Share issuance costs | (399,000) | (473,000) |
Adjustment in prior years provision statutory tax returns and expiry of non-capital losses | 118,000 | 772,000 |
Change in unrecognized deductible temporary differences and others | 1,709,000 | (557,000) |
Total |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Deferred Tax Assets) (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 21,690,000 | $ 19,981,000 |
Share issuance costs [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 936,000 | 1,064,000 |
Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 17,308,000 | 14,420,000 |
Provision for site reclamation [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 417,000 | 203,000 |
Allowable Capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 229,000 | 109,000 |
Property and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 159,000 | 135,000 |
Exploration and evaluation assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 2,641,000 | $ 4,050,000 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Deductible Temporary Differences and Unused Tax Losses) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 3,468,000 | $ 3,941,000 |
Expiry date | 2021 to 2024 | 2020 to 2023 |
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 | $ 71,328,000 | $ 60,395,000 |
Expiry date | 2027 to 2040 | 2027 to 2039 |
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 | $ 1,986,000 | $ 965,000 |
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 | $ 849,000 | $ 404,000 |
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 | $ 622,000 | $ 506,000 |
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 | $ 11,062,000 | $ 17,777,000 |
Expiry date | No Expiry | No Expiry |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2021shares$ / shares | Feb. 28, 2021CAD ($)$ / sharesshares | Jan. 31, 2021CAD ($)shares$ / shares | Dec. 31, 2020CAD ($)shares$ / shares | Dec. 31, 2019CAD ($)shares$ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Options granted | 3,830,306 | 1,921,424 | |||
Expired | 1,195,664 | 545,000 | |||
Weighted average exercise price | $ / shares | $ 0.97 | $ 1.72 | |||
Gross proceeds from public offering | $ | $ 38,353,487 | $ 21,045,000 | |||
Restricted share units [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of share issued | 292,740 | ||||
Per share price | $ / shares | $ 0.91 | ||||
Certain officers, directors, employees and consultants [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Options granted | 5,470,085 | ||||
Weighted average exercise price | $ / shares | $ 0.868 | ||||
Option exercisable period | 5 years | ||||
Option vesting period | vesting one-third every year | ||||
Certain officers and directors [Member] | Restricted share units [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Options granted | 2,515,876 | ||||
Former Officer [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Termination benefits | $ | $ 782,000 | ||||
Public Offering [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of share issued | 39,215,000 | ||||
Per share price | $ / shares | $ 0.88 | ||||
Gross proceeds from public offering | $ | $ 34,509,200 | ||||
Officer and Employee [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Options granted | 560,000 | ||||
Expired | 50,000 | ||||
Exercise price | $ / shares | $ 0.794 | ||||
Option exercisable period | 5 years | ||||
Option vesting period | vesting one-third every year | ||||
Officer and Employee [Member] | Restricted share units [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Options granted | 100,000 | ||||
Option vesting period | vesting one-third every year |