Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Cover [Abstract] | |
Entity Registrant Name | Giga Metals Corp |
Entity Central Index Key | 0001336364 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 70,344,850 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Interactive Data Current | Yes |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 3,762,980 | $ 1,640,642 |
Receivables | 103,742 | 1,071,018 |
Prepaid expenses and deposits | 87,515 | 64,365 |
Total current assets | 3,954,237 | 2,776,025 |
Non-current assets | ||
Reclamation deposits | 232,000 | 232,000 |
Equipment and right of use assets | 243,249 | 341,163 |
Exploration and evaluation assets | 5,808,840 | 4,390,312 |
Total Noncurrent Assets | 6,284,089 | 4,963,475 |
TOTAL ASSETS | 10,238,326 | 7,739,500 |
Current liabilities | ||
Trade payables and accrued liabilities | 130,699 | 383,785 |
Lease obligation - short-term | 88,182 | 76,070 |
Total current liabilities | 218,881 | 459,855 |
Non-current liabilities | ||
Lease obligation - long-term | 129,212 | 217,394 |
Loan | 40,000 | |
Asset retirement obligations | 275,000 | 200,000 |
Total non current liabilities | 444,212 | 417,394 |
TOTAL LIABILITIES | 663,093 | 877,249 |
EQUITY | ||
Share capital | 60,173,313 | 55,091,542 |
Share-based payment reserve | 7,417,335 | 7,763,393 |
Accumulated other comprehensive loss ("AOCL") | (933) | |
Deficit | (58,014,482) | (55,992,684) |
TOTAL EQUITY | 9,575,233 | 6,862,251 |
TOTAL LIABILITIES AND EQUITY | $ 10,238,326 | $ 7,739,500 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating expenses | ||
Amortization | $ 97,914 | $ 79,923 |
Consulting fees | 475,482 | 400,317 |
Corporate communications and investor relations | 160,832 | 572,810 |
Legal, accounting and audit | 203,748 | 170,315 |
Management and directors fees | 305,313 | 240,412 |
Office and general | 173,137 | 280,796 |
Travel and accommodation | 28,902 | 85,972 |
Stock-based compensation | 615,545 | 515,620 |
Operating expenses, total | 2,060,873 | 2,346,165 |
Other items | ||
Interest income | (25,335) | (15,995) |
Finance charge on lease | 30,775 | 25,211 |
Income from sublease of office | (44,515) | (39,937) |
Realized loss on sale of marketable securities | 2,682,350 | |
Change in fair value of marketable securities | (3,334,120) | |
Other operating income (expense) | (39,075) | (682,491) |
Loss for the year | (2,021,798) | (1,663,674) |
Other comprehensive loss | ||
Exchange loss on translation of foreign accounts | (933) | |
Comprehensive loss for the year | $ (2,022,731) | $ (1,663,674) |
Loss per share - basic and diluted | $ (0.03) | |
Weighted average number of shares outstanding - basic and diluted | 60,475,382 | 51,169,610 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) | Share capital [Member] | Share-based payment reserve [Member] | AOCL [Member] | Deficit [Member] | Total |
Beginning Balance at Dec. 31, 2018 | $ 53,870,374 | $ 7,255,441 | $ 0 | $ (54,329,010) | $ 6,796,805 |
Beginning Balance (Shares) at Dec. 31, 2018 | 43,149,015 | ||||
Exercise of warrants | $ 1,176,000 | 1,176,000 | |||
Exercise of warrants (Shares) | 11,970,000 | ||||
Exercise of options | $ 45,168 | (7,668) | 37,500 | ||
Exercise of options (Shares) | 375,000 | ||||
Stock-based compensation | 515,620 | 515,620 | |||
Comprehensive loss for the year | (1,663,674) | (1,663,674) | |||
Ending Balance at Dec. 31, 2019 | $ 55,091,542 | 7,763,393 | 0 | (55,992,684) | 6,862,251 |
Ending Balance (Shares) at Dec. 31, 2019 | 55,494,015 | ||||
Exercise of warrants | $ 2,709,668 | 2,709,668 | |||
Exercise of warrants (Shares) | 10,790,835 | ||||
Exercise of options | $ 1,410,500 | 1,410,500 | |||
Exercise of options (Shares) | 4,060,000 | ||||
Transfer on the exercise of warrants | $ 2,700 | (2,700) | 0 | ||
Transfer on the exercise of options | 958,903 | (958,903) | 0 | ||
Stock-based compensation | 615,545 | 615,545 | |||
Comprehensive loss for the year | (933) | (2,021,798) | (2,022,731) | ||
Ending Balance at Dec. 31, 2020 | $ 60,173,313 | $ 7,417,335 | $ (933) | $ (58,014,482) | $ 9,575,233 |
Ending Balance (Shares) at Dec. 31, 2020 | 70,344,850 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | ||
Loss for the year | $ (2,021,798) | $ (1,663,674) |
Adjustments for: | ||
Amortization | 97,914 | 79,923 |
Stock-based compensation | 615,545 | 515,620 |
Realized loss on sale of marketable securities | 2,682,350 | |
Change in fair value of marketable securities | (3,334,120) | |
Changes in non-cash working capital items: | ||
Receivables | 34,212 | 128,011 |
Prepaid expenses and deposits | (23,150) | 229,496 |
Trade payables and accrued liabilities | 30,026 | (28,433) |
Net cash flows used in operating activities | (1,267,251) | (1,390,827) |
Investing activities | ||
Expenditures on exploration and evaluation assets | (1,647,551) | (1,866,032) |
Proceeds from the sale of marketable securities, net of costs | 3,335,330 | |
British Columbia Mining tax credits received | 953,042 | |
Purchase of equipment | (3,594) | |
Net cash flows (used in) from investing activities | (694,509) | 1,465,704 |
Financing activities | ||
Proceeds on issuance of common shares | 4,120,168 | 1,213,500 |
Proceeds from loan | 40,000 | |
Principal repayment of lease obligation | (76,070) | (53,584) |
Net cash flows from financing activities | 4,084,098 | 1,159,916 |
Increase in cash and cash equivalents | 2,122,338 | 1,234,793 |
Cash and cash equivalents, beginning | 1,640,642 | 405,849 |
Cash and cash equivalents, ending | 3,762,980 | 1,640,642 |
Cash | 734,230 | 297,977 |
Cash equivalents | 3,028,750 | 1,342,665 |
Cash received for interest | 24,788 | 1,763 |
Cash paid for interest | 30,775 | 25,211 |
Cash paid for taxes | $ 0 | $ 0 |
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 [Text Block] | 1. Nature and continuance of operations Giga Metals Corporation (the "Company" or "Giga Metals") was incorporated on January 17, 1983, under the laws of the province of British Columbia, Canada, and its principal activity is the acquisition and exploration of mineral properties in Canada. The Company's common shares are listed for trading on the TSX Venture Exchange ("TSXV") under the symbol "GIGA" and the OTCQB under the symbol "HNCKF". The head office, principal address and records office of the Company are located at 700 West Pender Street, Suite 203, Vancouver, British Columbia, Canada, V6C 1G8. The Company's registered address is 885 West Georgia Street, Suite 800, Vancouver, British Columbia, Canada, V6C 3H1. These consolidated financial statements have been prepared on the assumption that the Company and its subsidiary 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. As at December 31, 2020, the Company's accumulated deficit was $58,014,482, the Company had not advanced its mineral properties to commercial production and the Company has no other source of revenue from its operations . The Company's continuation as a going concern is dependent upon the successful results from its mineral property exploration activities and its ability to attain profitable operations and generate funds there from and/or raise equity capital or borrowings sufficient to meet current and future obligations. As at December 31, 2020, the Company had working capital of $3,735,356, giving the Company the ability to meet current obligations. Subsequent to December 31, 2020, the Company completed equity financings raising gross proceeds of $6,948,778 (Note 18). During the period, there was a global pandemic outbreak of COVID-19. The actual and threatened spread of the virus globally has had a material adverse effect on the global economy and; specifically, the regional economies in which the Company operates. The pandemic could continue to have a negative impact on the stock market, including trading prices of the Company's shares and its ability to raise new capital. These factors, among others, could have a significant impact on the Company's operations. |
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 [Text Block] | 2. Significant accounting policies and basis of preparation These financial statements were authorized for issue on April 27, 2021 by the directors of the Company. Statement of compliance with International Financial Reporting Standards The consolidated financial statements of the Company comply with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). Basis of preparation The consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, modified where applicable. The consolidated financial statements are presented in Canadian dollars unless otherwise noted. Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The results of each subsidiary will continue to be included in the consolidated financial statements of the Company until the date that the Company's control over the subsidiary ceases. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated on consolidation. Details of the subsidiaries are as follows: Percentage owned Incorporated in December 31, December 31, Canadian Metals Exploration Ltd. Canada 100% 100% Giga Metals Do Brasil Ltda Brazil 100% 0% Giga Metals Do Brasil Ltda was incorporated on June 30, 2020. Significant estimates and assumptions The preparation of financial statements in accordance with IFRS requires the Company to make estimates and assumptions concerning the future. The Company's management reviews these estimates and underlying assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted prospectively in the period in which the estimates are revised. Estimates and assumptions where there is significant risk of material adjustments to assets and liabilities in future accounting periods include the useful lives of equipment, the recoverability of the carrying value of exploration and evaluation assets, fair value measurements for financial instruments and share-based payments, the recoverability and measurement of deferred tax assets, provisions for restoration and environmental obligations and contingent liabilities. Significant judgments The preparation of financial statements in accordance with IFRS requires the Company to make judgments, apart from those involving estimates, in applying accounting policies. The most significant judgments in applying the Company's financial statements include: — — — Cash and cash equivalents Cash and cash equivalents include cash and highly liquid investments held in the form of money market investments and certificates of deposit with investment terms that allow for penalty free redemption after one month. Exploration and evaluation expenditures Costs incurred before the Company has obtained the legal rights to explore an area are expensed as incurred. Exploration and evaluation expenditures include the costs of acquiring licenses and costs associated with exploration and evaluation activity. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying option. Property option agreements are exercisable entirely at the option of the optionee. Therefore, option payments (or recoveries) are recorded when payment is made (or received) and are not accrued. Exploration and evaluation expenditures are capitalized. The Company capitalizes costs to specific blocks of claims or areas of geological interest. Government tax credits are recorded as a reduction to the cumulative costs incurred and capitalized on the related property on an accrual basis. Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows: — the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; — substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; — exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and — sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. After technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the Company stops capitalizing expenditures for the applicable block of claims or geological area of interest and tests the asset for impairment. The capitalized balance, net of any impairment recognized, is then reclassified to either tangible or intangible mine development assets according to the nature of the asset. Share-based payments The Company operates an employee stock option plan. Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the share-based payment reserve. The fair value of options is determined using the Black-Scholes option pricing model which incorporates all market vesting conditions. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where a grant of options is cancelled or settled during the vesting period, excluding forfeitures when vesting conditions are not satisfied, the Company accounts for the cancellation as an acceleration of vesting and recognizes the amount that otherwise would have been recognized for services received over the remainder of the vesting period. Any payment made to the employee on the cancellation is accounted for as the repurchase of an equity interest except to the extent the payment exceeds the fair value of the equity instrument granted, measured at the repurchase date. Any such excess is recognized as an expense. Earnings (loss) per share Basic earnings (loss) per share is calculated by dividing the income (loss) attributable to common shareholders by the weighted average number of common shares outstanding in the period. For all periods presented, the income (loss) attributable to common shareholders equals the reported income (loss) attributable to owners of the Company. Diluted earnings (loss) per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding for the calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercises of options and warrants that would be anti-dilutive. Recognition of Financial Instruments The Company recognizes a financial asset or financial liability on the statement of financial position when it becomes a party to the contractual provisions of the financial instrument. The Company classifies its financial instruments in the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive income (loss) ("FVTOCI") or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. Financial assets at FVTOCI Investments in equity instruments designated at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with both realized and unrealized gains and losses recognized in other comprehensive income (loss) in the period in which they arise. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in profit or loss in the period in which they arise. Where management has opted to recognize a financial liability at FVTPL, any changes associated with the Company's own credit risk will be recognized in other comprehensive income (loss). Impairment of financial assets at amortized cost The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the profit or loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. Derecognition of financial assets and liabilities The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in profit or loss in the period in which they arise. However, gains and losses on derecognition of financial assets designated as FVTOCI are recorded in other comprehensive income (loss) in the period in which they arise. Cumulative gains and losses on derecognized financial assets designated as FVTOCI are reclassified from accumulated other comprehensive income (loss) to deficit. The Company derecognizes financial liabilities only when its obligations under the financial liabilities are discharged, cancelled or expired. Generally, the difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss. Impairment of assets The carrying amount of the Company's assets (which include equipment and exploration and evaluation assets) is reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in the statement of comprehensive income (loss). The recoverable amount of assets 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. Any reversal of impairment cannot increase the carrying value of the asset to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment. Foreign currencies The financial statements for the Company and each of its subsidiaries are prepared using their functional currencies. Functional currency is the currency of the primary economic environment in which an entity operates. The presentation currency of the Company is Canadian dollars. The functional currency of Giga Metals Corporation and Canadian Metals Exploration Ltd. is the Canadian dollar and the functional currency of Giga Metals Do Brasil Ltda is Brazilian Reals. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are charged to the statement of (loss) income. The statement of financial position of each subsidiary is translated into Canadian dollars using the exchange rate at the balance sheet date and the income statement is translated into Canadian dollars using the average exchange rate for the period. All gains and losses on translation of a subsidiary from the functional currency to the presentation currency are charged to other comprehensive (loss) income. 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 countries where the Company operates and generates taxable income. Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income 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 recognized, using the asset and liability method, on temporary differences at the reporting date arising 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. Flow-through shares: On the issuance of flow-through shares, any premium received in excess of the market price of the Company's common shares is initially recorded as a liability ("flow-through tax liability"). Provided that the Company has renounced the related expenditures, or that there is a reasonable expectation that it will do so, the flow-through tax liability is reduced on a pro-rata basis as the expenditures are incurred. If such expenditures are capitalized, a deferred tax liability is recognized. To the extent that the Company has suitable unrecognized deductible temporary differences, an offsetting recovery of deferred income taxes would be recorded. Restoration and environmental obligations The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of long-term assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to the related asset along with a corresponding increase in the restoration provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. 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 the Company's estimates of restoration costs, are charged to the statement of comprehensive 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 the statement of comprehensive loss in the period incurred. The costs of restoration projects that were included in the provision are recorded against the provision as incurred. The costs to prevent and control environmental impacts at specific properties are capitalized in accordance with the Company's accounting policy for exploration and evaluation assets. At December 31, 2020, the Company estimated that the fair value of the restoration obligations were $275,000 (2019 - $200,000). The fair value of the liability was determined to be equal to the estimated remediation costs. Due to the early stages of the project, and that extractive activities have not yet begun, the Company is unable to predict with any precision the timing of the cash flow related to the reclamation activities. Equipment and right of use assets Equipment and right of use assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. 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 the replaced part is derecognized. All other repairs and maintenance are charged to the statement of comprehensive income (loss) during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the statement of comprehensive income (loss). Amortization is calculated on a declining balance method to write off the cost of the assets to their residual values over their estimated useful lives, except for right of use assets that use the straight line method. The amortization rates applicable to each category of equipment and right of use assets are as follows: Class Amortization rate Motor vehicles 30% declining balance Computer equipment 30% declining balance Exploration and office equipment 20% declining balance Right of use asset - office lease 4 years straight line Leases At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases of right-of-use assets are recognized at the lease commencement date at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, and otherwise at the Company's incremental borrowing rate. At the commencement date, a right-of-use asset is 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. Each lease payment is allocated between repayment of the lease principal and interest. Interest on the lease liability in each period during the lease term is allocated to produce a constant periodic rate of interest on the remaining balance of the lease liability. Except where the costs are included in the carrying amount of another asset, the Company recognizes in profit or loss (a) the interest on a lease liability and (b) variable lease payments not included in the measurement of a lease liability in the period in which the event or condition that triggers those payments occurs. The Company subsequently measures a right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses; and adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term, except where the lease contains a bargain purchase option a right-of-use asset is depreciated over the asset's useful life. Share capital Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity. The Company has adopted a residual method with respect to the measurement of shares and warrants issued as units. The residual method first allocates fair value to the component with the best evidence of fair value and then the residual value, if any, to the less easily measurable component. The fair value of the common shares issued was determined to be the component with the best evidence of fair value. The remaining balance, if any, was allocated to the attached warrants. Accounting Standards Issued But Not Yet Effective Classification of Liabilities as Current or Non-current (Amendments to IAS 1) The amendments to IAS 1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2023 and will have no impact on the Company. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Trade And Other Receivables [Abstract] | |
Receivables [Text Block] | 3. Receivables December 31, $ December 31, $ Goods and Service sales tax 23,131 61,021 British Columbia mining exploration tax credits 74,309 1,007,373 Interest receivable and other receivables 6,302 2,624 103,742 1,071,018 |
Marketable securities
Marketable securities | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Marketable Securities [Abstract] | |
Marketable securities [Text Block] | 4. Marketable securities Marketable securities are classified as FVTPL financial instruments and, as a result, are measured at fair market value each reporting period with any change in fair value recognized through the statement of comprehensive income (loss). # of shares Value $ Marketable securities at December 31, 2018 813,200 2,683,560 Sale of securities (813,200 ) (6,017,680 ) Fair market value adjustment — 3,334,120 Marketable securities at December 31, 2020 and 2019 — — During the year ended December 31, 2019, the Company sold 813,200 common shares for net proceeds of $3,335,330 and accordingly, the Company recorded a realized loss of $2,682,350. |
Equipment and right of use asse
Equipment and right of use assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Equipment and right of use assets [Text Block] | 5. Equipment and right of use assets Right of use $ Motor Vehicles $ Computer $ Exploration $ Total $ Cost: At December 31, 2018 — 45,652 76,207 62,484 184,343 Additions 347,048 — 2,087 1,507 350,642 At December 31, 2019 347,048 45,652 78,294 63,991 534,985 Additions — — — — — At December 31, 2020 347,048 45,652 78,294 63,991 534,985 Depreciation: At December 31, 2018 — 23,818 33,265 56,816 113,899 Charge for the year 65,073 6,548 7,020 1,282 79,923 At December 31, 2019 65,073 30,366 40,285 58,098 193,822 Charge for the year 86,764 4,585 5,386 1,179 97,914 At December 31, 2020 151,837 34,951 45,671 59,277 291,736 Net book value: At December 31, 2019 281,975 15,286 38,009 5,893 341,163 At December 31, 2020 195,211 10,701 32,623 4,714 243,249 |
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 [Text Block] | 6. Exploration and evaluation assets The Company's deferred exploration costs are as follows: Balance, Change in year Balance, Change in year Balance, 2018 $ 2019 $ 2019 $ 2020 $ 2020 $ Turnagain Nickel Cobalt Project Mineral property interests 179,500 — 179,500 — 179,500 Assays and testing 2,299,514 40,236 2,339,750 20,122 2,359,872 Claims renewal / staking 471,644 7,555 479,199 — 479,199 Drilling 14,343,279 18,478 14,361,757 — 14,361,757 Environmental studies 1,671,686 143,935 1,815,621 87,097 1,902,718 Exploration data management 955,078 10,142 965,220 12,296 977,516 First Nations 221,024 29,444 250,468 25,476 275,944 Geochemistry 111,066 — 111,066 — 111,066 Geological and engineering services 9,606,491 903,283 10,509,774 749,601 11,259,375 Geophysical services 801,643 — 801,643 52,436 854,079 Metallurgy 4,124,650 437,133 4,561,783 347,011 4,908,794 Petrographic work 43,957 — 43,957 — 43,957 Project management 106,015 — 106,015 — 106,015 Survey, mapping and camp 2,574,205 196,228 2,770,433 122,350 2,892,783 Transportation 2,877,751 107,190 2,984,941 15,504 3,000,445 Advances — 71,645 71,645 (71,645 ) — Cost recovery (56,480 ) — (56,480 ) — (56,480 ) Asset retirement obligations — 200,000 200,000 75,000 275,000 Property impairments (33,058,924 ) — (33,058,924 ) — (33,058,924 ) BC refundable mining exploration tax credits (3,100,268 ) (108,226 ) (3,208,494 ) (19,978 ) (3,228,472 ) Federal non-refundable mining tax credits, net of valuation allowance (61,185 ) — (61,185 ) — (61,185 ) Book value at date of sale of net smelter royalty (1,777,377 ) — (1,777,377 ) — (1,777,377 ) 2,333,269 2,057,043 4,390,312 1,415,270 5,805,582 Brazil Project Claims renewal / staking — — — 3,258 3,258 2,333,269 2,057,043 4,390,312 1,418,528 5,808,840 Turnagain Cobalt Nickel Project The Company has a 100% interest in certain mineral claims, located along the Turnagain River in British Columbia, Canada. One claim is subject to a 4% net smelter return royalty ("NSR"). The Company has the option to purchase all or part of the NSR within four years of commercial production for a price of $1,000,000 per 1% NSR. In July 2018, the Company sold a 2% NSR on all future metal production from the Turnagain Nickel-Cobalt Project. The Company has the right to repurchase 0.5% of the 2% NSR ("Repurchase Option") for US$20 million, which if exercised would result in a 1.5% remaining NSR. The one-time Repurchase Option is only exercisable prior to the fifth anniversary of the NSR Agreement. The purchaser of the NSR has a right of first refusal on any future sale by Giga Metals of a royalty or product stream or similar instrument. Brazil Project In December 2020, the Company staked 24 exploration permits in southern Piauí State, Northeast Region, Brazil. |
Trade payables and accrued liab
Trade payables and accrued liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Trade Payables And Accrued Liabilities [Abstract] | |
Trade payables and accrued liabilities [Text Block] | 7. Trade payables and accrued liabilities December 31, $ December 31, $ Trade payables 81,291 235,421 Accrued liabilities 49,408 148,364 130,699 383,785 |
Lease obligations
Lease obligations | 12 Months Ended |
Dec. 31, 2020 | |
Lease Obligations [Abstract] | |
Lease obligations [Text Block] | 8. Lease obligations The Company entered into an office lease in April 1, 2019 and the Company recognized a lease obligation with respect to the lease. The terms and the outstanding balances as at December 31, 2020 and 2019 are as follows: 2020 $ 2019 $ Right-of-use asset from office lease repayable in monthly instalments of $9,364 and an interest rate of 12.5% per annum and an end date of March 31, 2023 217,394 293,464 Less: current portion (88,182 ) (76,070 ) Non-current portion 129,212 217,394 The following is a schedule of the Company's future minimum lease payments related to the office lease obligation: December 31, 2020 $ 2021 109,227 2022 111,609 2023 28,051 2024 — Total minimum lease payments 248,887 Less: imputed interest (31,493 ) Total present value of minimum lease payments 217,394 Less: current portion (88,182 ) Non-current portion 129,212 The Company subleases part of their office space to other companies. One sublease with a related party (Note 13) is month to month lease at a rate of $2,346 per month and one sublease is for a period of four years at $1,374 per month. The total lease income from the subleasing of the office for the year ended December 31, 2020 was $44,515 (2019 - $39,937). |
Loan
Loan | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings [abstract] | |
Loan [Text Block] | 9. Loan During the year ended December 31, 2020, the Company obtained an unsecured $40,000 loan as part of the government's economic response plan to the COVID-19 pandemic. The loan is interest free and is eligible for 25% forgiveness if $30,000 is fully repaid by December 31, 2022. If not repaid in full by the maturity date, the loan will be converted into a loan at a fixed interest rate of 5% per annum with a maturity date of December 31, 2025. |
Income taxes and mining tax cre
Income taxes and mining tax credits | 12 Months Ended |
Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |
Income taxes and mining tax credits [Text Block] | 10. Income taxes and mining tax credits The actual income tax provision differs from the expected amounts calculated by applying the Canadian combined statutory federal and provincial corporate income tax rates to the Company's loss before income taxes. The components of the Company's income tax recovery are as follows: Year ended $ Year ended $ Loss before income taxes (2,021,798 ) (1,663,674 ) Statutory tax rate 27% 27% Expected income tax recovery at the statutory tax rate (545,885 ) (449,192 ) Items not deductible for tax and other 166,712 52,943 True-up 15,912 (287,716 ) Change in unrecognized tax benefits 363,261 683,965 Income tax recovery — — The Company has the following deferred tax assets and liabilities: December 31, 2020 $ December 31, $ Federal investment tax credits 654,183 654,183 Exploration and evaluation assets 2,964,165 3,309,945 Reclamation obligation 74,250 54,000 Non-capital loss carryforwards 4,497,449 3,804,719 Other 607,614 611,555 Unrecognized deferred tax assets (8,797,661 ) (8,434,402 ) — — The tax pools relating to these deferred tax assets expire as follows: Canadian $ Non-capital losses $ Other $ Canadian federal $ 2025 — — — 24,847 2026 — 1,175 — — 2027 — 1,467,887 — 91,030 2028 — 2,559,941 — 57,677 2029 — 2,621,029 — 234,667 2030 — 2,388,895 — 245,962 2031 — 1,392,745 — — 2032 — 818,329 — — 2033 — 202,411 — — 2034 — 266,149 — — 2035 — 173,814 — — 2036 — 152,243 — — 2037 — 307,139 — — 2038 — — — — 2039 — 2,874,272 — — 2040 — 1,403,172 — — No expiry 16,787,229 — 4,088,060 — 16,787,229 16,629,201 4,088,060 654,183 The Company also has $28,019 of tax losses in Brazil, where they can be carried forward to future tax years with no time limit. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of classes of share capital [abstract] | |
Share capital [Text Block] | 11. Share capital Authorized share capital Unlimited number of common shares without par value. Issued share capital At December 31, 2020, there were 70,344,850 issued and fully paid common shares (2019 - 55,494,015). Financings During the year ended December 31, 2020 and 2019, the Company did not complete any equity financings. During the years, certain stock options and warrants were exercised as noted below. Basic and diluted loss per share The calculation of basic and diluted loss per share for the year ended December 31, 2020 was based on the loss attributable to common shareholders of $2,021,798 (2019 - $1,663,674) and the weighted average number of common shares outstanding of 60,475,382 (2019 - 51,169,610) Diluted loss per share did not include the effect of 7,000,000 stock options and 240,000 warrants as the effect would be anti-dilutive. Stock options The Company has adopted an incentive stock option plan, which provides that the Board of Directors of the Company may from time to time, in its discretion, and in accordance with the Exchange requirements, grant to directors, officers, employees and technical consultants to the Company, non-transferable stock options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the Company's issued and outstanding common shares. Such options will be exercisable for a period of up to 5 years from the date of grant. In connection with the foregoing, the number of common shares reserved for issuance to any one optionee will not exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to all investor relations and technical consultants will not exceed two percent (2%) of the issued and outstanding common shares. Options may be exercised no later than 90 days following cessation of the optionee's position with the Company or 30 days following cessation of an optionee conducting investor relations activities' position. On exercise, each option allows the holder to purchase one common share of the Company. The changes in options during the years ended December 31, 2020 and 2019 are as follows: Year ended December 31, 2020 Year ended December 31, 2019 Number of Weighted Number of Weighted Options outstanding, beginning 5,535,000 $ 0.34 3,960,000 $ 0.36 Options granted 5,625,000 0.52 2,175,000 0.30 Options exercised (4,060,000 ) 0.35 (375,000 ) 0.10 Options expired/forfeited (100,000 ) 0.30 (225,000 ) 0.64 Options outstanding, ending 7,000,000 $ 0.48 5,535,000 $ 0.34 Options exercisable, ending 2,731,250 $ 0.42 5,253,750 $ 0.34 The weighted average share price on the date of option exercise during the year ended December 31, 2020 was $1.45 (2019 - $0.32). Details of options outstanding as at December 31, 2020 are as follows: Exercise price Weighted average contractual life Number of options outstanding $0.10 0.50 500,000 $0.30 3.57 50,000 $0.35 2.96 years 300,000 $0.40 1.76 years 150,000 $0.52 5.00 5,625,000 $0.55 2.10 years 300,000 $0.60 1.82 75,000 $0.48 4.35 7,000,000 Stock-based compensation During the year ended December 31, 2020, the Company granted 5,625,000 stock options (2019 - 2,175,000 stock options), the weighted average grant date fair value of the options was $0.44 per option (2019 - $0.22). The stock options vest as to 25% on the grant date and 25% every year thereafter. The fair value was determined using the Black-Scholes option pricing model using the following weighted average assumptions: 2020 2019 Share price $ 0.51 $ 0.25 Exercise price $ 0.52 $ 0.30 Expected life of options 5.0 years 4.9 years Annualized volatility 130% 149% Risk-free interest rate 0.80% 2.10% Dividend rate 0% 0% The expected volatility was calculated using the historical stock prices of the Company. During the year ended December 31, 2020, the Company recorded $615,545 (2019 - $515,620) of stock-based compensation to the statement of comprehensive loss based on the vesting of stock options granted. Warrants On exercise, each warrant allows the holder to purchase one common share of the Company. The changes in warrants outstanding during the years ended December 31, 2020 and 2019 are as follows: Year ended Year ended Number of Average Number of Average Warrants outstanding, beginning 11,870,001 $ 0.29 23,876,801 $ 0.20 Warrants issued — — Warrants exercised (10,790,835 ) 0.25 (11,970,000 ) 0.10 Warrants expired (839,166 ) 0.70 (36,800 ) 0.70 Warrants outstanding, ending 240,000 $ 0.70 11,870,001 $ 0.29 Details of warrants outstanding as at December 31, 2020 are as follows: Exercise price Weighted average contractual life Number of warrants outstanding $0.70 0.01 years (1) $0.70 0.01 240,000 (1) |
Share-based payment reserve
Share-based payment reserve | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-based payment reserve [Text Block] | 12. Share-based payment reserve The share-based payment reserve records items recognized as stock-based compensation expense and the fair value of agent's warrants until such time that the stock options or warrants are exercised, at which time the corresponding amount will be transferred to share capital. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions [Text Block] | 13. Related party transactions 2020 $ 2019 $ Accounting fees 32,702 31,132 Directors' fees 66,000 71,427 Management fees 228,000 160,500 Stock-based compensation 473,963 355,333 800,665 618,392 There was $1,943 owing to related parties at December 31, 2020 (2019 - $2,284) included in accounts payable. The balances owing are unsecured, non-interest bearing, and have no specific terms of repayment. Key management includes the Chief Executive Officer, the Chief Financial Officer and the directors of the Company. Compensation paid or payable to key management for services during the year ended December 31, 2020 amounted to $272,702 (2019 - $205,059) for short-term benefits and $473,963 (2019 - $355,333) for stock-based compensation. The Company has a month to month office sublease with a company with common directors (Note 8). During the year ended December 31, 2020, the Company recorded office sublease income of $28,147 (2019 - $28,147) relating to the sublease. |
Financial instruments and finan
Financial instruments and financial risk management | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments and financial risk management [Text Block] | 14. Financial instruments and financial risk management The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows: Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is on its cash held in bank accounts. All of the cash is deposited in bank accounts held with one major bank in Canada. Since all of the Company's cash is held by one bank there is a concentration of credit risk. This risk is managed by using major banks that are high credit quality financial institutions as determined by rating agencies. The Company's secondary exposure to risk is on its other receivables. This risk is minimal as receivables consist primarily of refundable government taxes. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company's normal operating requirements on an ongoing basis. The Company ensures that there are sufficient funds to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents as well as the timing of British Columbia mining tax credits. Historically, the Company's sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding. The following is an analysis of the contractual maturities of the Company's liabilities as at December 31, 2020: Within one Between one More than five years Trade payables and accrued liabilities $ 130,699 $ — $ — Lease obligation 88,182 129,212 — Loan — 40,000 — Asset retirement obligations — — 275,000 $ 218,881 $ 169,212 $ 275,000 Foreign exchange risk Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The Company has exposure to foreign exchange risk with respect to its cash balances. As at December 31, 2020, the Company had cash held in US dollars of US$84,918 and Brazilian Reals of R$37,915. 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 does not have any significant interest rate risk. Other Price Risk Other price risk is the risk that the fair value of a financial instrument changes due to market risks other than foreign exchange risk or interest rate risk. The Company has no exposure to this risk. Classification of financial instruments Financial assets included in the statement of financial position are as follows: December 31, 2020 $ December 31, $ Amortized cost: 6,302 2,624 232,000 232,000 Fair value through profit or loss: 3,762,980 1,640,642 4,001,282 1,875,266 Financial liabilities included in the statement of financial position are as follows: December 31, 2020 $ December 31, $ Amortized cost: 130,699 383,785 217,394 293,464 40,000 — 388,093 677,249 Fair value The fair value of the Company's financial assets and liabilities approximates the carrying amount. 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 following is an analysis of the Company's financial assets measured at fair value as at December 31, 2020 and 2019: As at December 31, 2020 Level 1 Level 2 Level 3 $ 3,762,980 $ — $ — Total $ 3,762,980 $ — $ — As at December 31, 2019 Level 1 Level 2 Level 3 $ 1,640,642 $ — $ — Total $ 1,640,642 $ — $ — |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
Capital management [Text Block] | 15. Capital management The Company's policy is to maintain a strong capital base so as to maintain investor and creditor confidence, safeguard the Company's ability to support the exploration and development of its exploration and evaluation assets and to sustain future development of the business. The capital structure of the Company consists of equity and debt obligations, net of cash. There were no changes in the Company's approach to capital management during the year ended December 31, 2020 and no restrictions. |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information [Text Block] | 16. Supplemental cash flow information Investing and financing activities that do not have a direct impact on current cash flows are excluded from the statements of cash flows. During the year ended December 31, 2020, the following transactions were excluded from the statement of cash flows: a) b) nil c) d) During the year ended December 31, 2019, the following transactions were excluded from the statement of cash flows: a) b) c) |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Segmented information [Text Block] | 17. Segmented information Operating segments The Company operates in a single reportable operating segment - the acquisition, exploration and development of mineral properties. Geographic segments The Company's assets are primarily located in Canada. At December 31, 2020, the Company's assets are located in Canada except for $15,540 of assets located in Brazil. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events [Text Block] | 18. Subsequent events Equity financings On April 23, 2021, the Company completed a marketed public offering of 13,667,755 units (the “Units”) of the Company, including 1,067,755 Units issued pursuant to the over-allotment option which was exercised in part, for gross proceeds of $6,466,708. The Units consist of 8,397,455 non-flow through units priced at $0.45 comprised of one common share and one warrant, and 5,270,300 flow through units priced at $0.51 comprised of one flow through common share and one warrant. Each warrant entitles the holder thereof to purchase one non-flow through common share at a price of $0.60 until April 23, 2024. In connection with the offering, the Company paid a cash commission equal to 6.5% of the gross proceeds and a number of compensation warrants equal to 6.5% of the Units sold under the offering. Each compensation warrant shall entitle the holder thereof to purchase one unit (on a non-flow through basis) having the same terms as a Unit at the exercise price of $0.45 until April 23, 2024. On April 27, 2021, the Company completed a private placement of 1,015,823 units of the Company. The units consist of 600,000 non-flow through units priced at $0.45 comprised of one common share and one common share purchase warrant, and 415,823 flow through units priced at $0.51 comprised of one flow through common share and one warrant. Each warrant entitles the holder thereof to purchase one non-flow through common share at a price of $0.60 until April 27, 2024. In connection with the offering, the Company paid a cash commission equal to 6.5% of the gross proceeds. |
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 with International Financial Reporting Standards [Policy Text Block] | Statement of compliance with International Financial Reporting Standards The consolidated financial statements of the Company comply with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). |
Basis of preparation [Policy Text Block] | Basis of preparation The consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, modified where applicable. The consolidated financial statements are presented in Canadian dollars unless otherwise noted. |
Consolidation [Policy Text Block] | Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The results of each subsidiary will continue to be included in the consolidated financial statements of the Company until the date that the Company's control over the subsidiary ceases. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated on consolidation. Details of the subsidiaries are as follows: Percentage owned Incorporated in December 31, December 31, Canadian Metals Exploration Ltd. Canada 100% 100% Giga Metals Do Brasil Ltda Brazil 100% 0% Giga Metals Do Brasil Ltda was incorporated on June 30, 2020. |
Significant estimates and assumptions [Policy Text Block] | Significant estimates and assumptions The preparation of financial statements in accordance with IFRS requires the Company to make estimates and assumptions concerning the future. The Company's management reviews these estimates and underlying assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted prospectively in the period in which the estimates are revised. Estimates and assumptions where there is significant risk of material adjustments to assets and liabilities in future accounting periods include the useful lives of equipment, the recoverability of the carrying value of exploration and evaluation assets, fair value measurements for financial instruments and share-based payments, the recoverability and measurement of deferred tax assets, provisions for restoration and environmental obligations and contingent liabilities. |
Significant judgments [Policy Text Block] | Significant judgments The preparation of financial statements in accordance with IFRS requires the Company to make judgments, apart from those involving estimates, in applying accounting policies. The most significant judgments in applying the Company's financial statements include: — — — |
Cash and cash equivalents [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents include cash and highly liquid investments held in the form of money market investments and certificates of deposit with investment terms that allow for penalty free redemption after one month. |
Exploration and evaluation expenditures [Policy Text Block] | Exploration and evaluation expenditures Costs incurred before the Company has obtained the legal rights to explore an area are expensed as incurred. Exploration and evaluation expenditures include the costs of acquiring licenses and costs associated with exploration and evaluation activity. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying option. Property option agreements are exercisable entirely at the option of the optionee. Therefore, option payments (or recoveries) are recorded when payment is made (or received) and are not accrued. Exploration and evaluation expenditures are capitalized. The Company capitalizes costs to specific blocks of claims or areas of geological interest. Government tax credits are recorded as a reduction to the cumulative costs incurred and capitalized on the related property on an accrual basis. Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows: — the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; — substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; — exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and — sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. After technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the Company stops capitalizing expenditures for the applicable block of claims or geological area of interest and tests the asset for impairment. The capitalized balance, net of any impairment recognized, is then reclassified to either tangible or intangible mine development assets according to the nature of the asset. |
Share-based payments [Policy Text Block] | Share-based payments The Company operates an employee stock option plan. Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the share-based payment reserve. The fair value of options is determined using the Black-Scholes option pricing model which incorporates all market vesting conditions. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where a grant of options is cancelled or settled during the vesting period, excluding forfeitures when vesting conditions are not satisfied, the Company accounts for the cancellation as an acceleration of vesting and recognizes the amount that otherwise would have been recognized for services received over the remainder of the vesting period. Any payment made to the employee on the cancellation is accounted for as the repurchase of an equity interest except to the extent the payment exceeds the fair value of the equity instrument granted, measured at the repurchase date. Any such excess is recognized as an expense. |
Earnings (loss) per share [Policy Text Block] | Earnings (loss) per share Basic earnings (loss) per share is calculated by dividing the income (loss) attributable to common shareholders by the weighted average number of common shares outstanding in the period. For all periods presented, the income (loss) attributable to common shareholders equals the reported income (loss) attributable to owners of the Company. Diluted earnings (loss) per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding for the calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercises of options and warrants that would be anti-dilutive. |
Recognition of Financial Instruments [Policy Text Block] | Recognition of Financial Instruments The Company recognizes a financial asset or financial liability on the statement of financial position when it becomes a party to the contractual provisions of the financial instrument. The Company classifies its financial instruments in the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive income (loss) ("FVTOCI") or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. |
Financial assets at FVTOCI [Policy Text Block] | Financial assets at FVTOCI Investments in equity instruments designated at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with both realized and unrealized gains and losses recognized in other comprehensive income (loss) in the period in which they arise. |
Financial assets and liabilities at amortized cost [Policy Text Block] | Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. |
Financial assets and liabilities at FVTPL [Policy Text Block] | Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in profit or loss in the period in which they arise. Where management has opted to recognize a financial liability at FVTPL, any changes associated with the Company's own credit risk will be recognized in other comprehensive income (loss). |
Impairment of financial assets at amortized cost [Policy Text Block] | Impairment of financial assets at amortized cost The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the profit or loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. |
Derecognition of financial assets and liabilities [Policy Text Block] | Derecognition of financial assets and liabilities The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in profit or loss in the period in which they arise. However, gains and losses on derecognition of financial assets designated as FVTOCI are recorded in other comprehensive income (loss) in the period in which they arise. Cumulative gains and losses on derecognized financial assets designated as FVTOCI are reclassified from accumulated other comprehensive income (loss) to deficit. The Company derecognizes financial liabilities only when its obligations under the financial liabilities are discharged, cancelled or expired. Generally, the difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss. |
Impairment of assets [Policy Text Block] | Impairment of assets The carrying amount of the Company's assets (which include equipment and exploration and evaluation assets) is reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in the statement of comprehensive income (loss). The recoverable amount of assets 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. Any reversal of impairment cannot increase the carrying value of the asset to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment. |
Foreign currencies [Policy Text Block] | Foreign currencies The financial statements for the Company and each of its subsidiaries are prepared using their functional currencies. Functional currency is the currency of the primary economic environment in which an entity operates. The presentation currency of the Company is Canadian dollars. The functional currency of Giga Metals Corporation and Canadian Metals Exploration Ltd. is the Canadian dollar and the functional currency of Giga Metals Do Brasil Ltda is Brazilian Reals. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are charged to the statement of (loss) income. The statement of financial position of each subsidiary is translated into Canadian dollars using the exchange rate at the balance sheet date and the income statement is translated into Canadian dollars using the average exchange rate for the period. All gains and losses on translation of a subsidiary from the functional currency to the presentation currency are charged to other comprehensive (loss) income. |
Income taxes [Policy Text Block] | 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 countries where the Company operates and generates taxable income. Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income 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 recognized, using the asset and liability method, on temporary differences at the reporting date arising 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. Flow-through shares: On the issuance of flow-through shares, any premium received in excess of the market price of the Company's common shares is initially recorded as a liability ("flow-through tax liability"). Provided that the Company has renounced the related expenditures, or that there is a reasonable expectation that it will do so, the flow-through tax liability is reduced on a pro-rata basis as the expenditures are incurred. If such expenditures are capitalized, a deferred tax liability is recognized. To the extent that the Company has suitable unrecognized deductible temporary differences, an offsetting recovery of deferred income taxes would be recorded. |
Restoration and environmental obligations [Policy Text Block] | Restoration and environmental obligations The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of long-term assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to the related asset along with a corresponding increase in the restoration provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. 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 the Company's estimates of restoration costs, are charged to the statement of comprehensive 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 the statement of comprehensive loss in the period incurred. The costs of restoration projects that were included in the provision are recorded against the provision as incurred. The costs to prevent and control environmental impacts at specific properties are capitalized in accordance with the Company's accounting policy for exploration and evaluation assets. At December 31, 2020, the Company estimated that the fair value of the restoration obligations were $275,000 (2019 - $200,000). The fair value of the liability was determined to be equal to the estimated remediation costs. Due to the early stages of the project, and that extractive activities have not yet begun, the Company is unable to predict with any precision the timing of the cash flow related to the reclamation activities. |
Equipment and right of use assets [Policy Text Block] | Equipment and right of use assets Equipment and right of use assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. 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 the replaced part is derecognized. All other repairs and maintenance are charged to the statement of comprehensive income (loss) during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the statement of comprehensive income (loss). Amortization is calculated on a declining balance method to write off the cost of the assets to their residual values over their estimated useful lives, except for right of use assets that use the straight line method. The amortization rates applicable to each category of equipment and right of use assets are as follows: Class Amortization rate Motor vehicles 30% declining balance Computer equipment 30% declining balance Exploration and office equipment 20% declining balance Right of use asset - office lease 4 years straight line |
Leases [Policy Text Block] | Leases At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases of right-of-use assets are recognized at the lease commencement date at the present value of the lease payments that are not paid at that date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, and otherwise at the Company's incremental borrowing rate. At the commencement date, a right-of-use asset is 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. Each lease payment is allocated between repayment of the lease principal and interest. Interest on the lease liability in each period during the lease term is allocated to produce a constant periodic rate of interest on the remaining balance of the lease liability. Except where the costs are included in the carrying amount of another asset, the Company recognizes in profit or loss (a) the interest on a lease liability and (b) variable lease payments not included in the measurement of a lease liability in the period in which the event or condition that triggers those payments occurs. The Company subsequently measures a right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses; and adjusted for any remeasurement of the lease liability. Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term, except where the lease contains a bargain purchase option a right-of-use asset is depreciated over the asset's useful life. |
Share capital [Policy Text Block] | Share capital Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity. The Company has adopted a residual method with respect to the measurement of shares and warrants issued as units. The residual method first allocates fair value to the component with the best evidence of fair value and then the residual value, if any, to the less easily measurable component. The fair value of the common shares issued was determined to be the component with the best evidence of fair value. The remaining balance, if any, was allocated to the attached warrants. |
Accounting Standards Issued But Not Yet Effective [Policy Text Block] | Accounting Standards Issued But Not Yet Effective Classification of Liabilities as Current or Non-current (Amendments to IAS 1) The amendments to IAS 1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2023 and will have no impact on the Company. |
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] | |
Disclosure of information about subsidiaries [Table Text Block] | Percentage owned Incorporated in December 31, December 31, Canadian Metals Exploration Ltd. Canada 100% 100% Giga Metals Do Brasil Ltda Brazil 100% 0% |
Disclosure of detailed information about estimated useful life or depreciation rate [Table Text Block] | Class Amortization rate Motor vehicles 30% declining balance Computer equipment 30% declining balance Exploration and office equipment 20% declining balance Right of use asset - office lease 4 years straight line |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Trade And Other Receivables [Abstract] | |
Disclosure of detailed information about trade and other receivables [Table Text Block] | December 31, $ December 31, $ Goods and Service sales tax 23,131 61,021 British Columbia mining exploration tax credits 74,309 1,007,373 Interest receivable and other receivables 6,302 2,624 103,742 1,071,018 |
Marketable securities (Tables)
Marketable securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Marketable Securities [Abstract] | |
Disclosure of detailed information about marketable securities [Table Text Block] | # of shares Value $ Marketable securities at December 31, 2018 813,200 2,683,560 Sale of securities (813,200 ) (6,017,680 ) Fair market value adjustment — 3,334,120 Marketable securities at December 31, 2020 and 2019 — — |
Equipment and right of use as_2
Equipment and right of use assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of equipment and right of use assets [Table Text Block] | Right of use $ Motor Vehicles $ Computer $ Exploration $ Total $ Cost: At December 31, 2018 — 45,652 76,207 62,484 184,343 Additions 347,048 — 2,087 1,507 350,642 At December 31, 2019 347,048 45,652 78,294 63,991 534,985 Additions — — — — — At December 31, 2020 347,048 45,652 78,294 63,991 534,985 Depreciation: At December 31, 2018 — 23,818 33,265 56,816 113,899 Charge for the year 65,073 6,548 7,020 1,282 79,923 At December 31, 2019 65,073 30,366 40,285 58,098 193,822 Charge for the year 86,764 4,585 5,386 1,179 97,914 At December 31, 2020 151,837 34,951 45,671 59,277 291,736 Net book value: At December 31, 2019 281,975 15,286 38,009 5,893 341,163 At December 31, 2020 195,211 10,701 32,623 4,714 243,249 |
Exploration and evaluation as_2
Exploration and evaluation assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of exploration and evaluation assets [abstract] | |
Disclosure of detailed information about deferred exploration costs [Table Text Block] | Balance, Change in year Balance, Change in year Balance, 2018 $ 2019 $ 2019 $ 2020 $ 2020 $ Turnagain Nickel Cobalt Project Mineral property interests 179,500 — 179,500 — 179,500 Assays and testing 2,299,514 40,236 2,339,750 20,122 2,359,872 Claims renewal / staking 471,644 7,555 479,199 — 479,199 Drilling 14,343,279 18,478 14,361,757 — 14,361,757 Environmental studies 1,671,686 143,935 1,815,621 87,097 1,902,718 Exploration data management 955,078 10,142 965,220 12,296 977,516 First Nations 221,024 29,444 250,468 25,476 275,944 Geochemistry 111,066 — 111,066 — 111,066 Geological and engineering services 9,606,491 903,283 10,509,774 749,601 11,259,375 Geophysical services 801,643 — 801,643 52,436 854,079 Metallurgy 4,124,650 437,133 4,561,783 347,011 4,908,794 Petrographic work 43,957 — 43,957 — 43,957 Project management 106,015 — 106,015 — 106,015 Survey, mapping and camp 2,574,205 196,228 2,770,433 122,350 2,892,783 Transportation 2,877,751 107,190 2,984,941 15,504 3,000,445 Advances — 71,645 71,645 (71,645 ) — Cost recovery (56,480 ) — (56,480 ) — (56,480 ) Asset retirement obligations — 200,000 200,000 75,000 275,000 Property impairments (33,058,924 ) — (33,058,924 ) — (33,058,924 ) BC refundable mining exploration tax credits (3,100,268 ) (108,226 ) (3,208,494 ) (19,978 ) (3,228,472 ) Federal non-refundable mining tax credits, net of valuation allowance (61,185 ) — (61,185 ) — (61,185 ) Book value at date of sale of net smelter royalty (1,777,377 ) — (1,777,377 ) — (1,777,377 ) 2,333,269 2,057,043 4,390,312 1,415,270 5,805,582 Brazil Project Claims renewal / staking — — — 3,258 3,258 2,333,269 2,057,043 4,390,312 1,418,528 5,808,840 |
Trade payables and accrued li_2
Trade payables and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Trade Payables And Accrued Liabilities [Abstract] | |
Disclosure of detailed information about trade and other payables [Table Text Block] | December 31, $ December 31, $ Trade payables 81,291 235,421 Accrued liabilities 49,408 148,364 130,699 383,785 |
Lease obligations (Tables)
Lease obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lease Obligations [Abstract] | |
Disclosure of recognized lease obligation [Table Text Block] | 2020 $ 2019 $ Right-of-use asset from office lease repayable in monthly instalments of $9,364 and an interest rate of 12.5% per annum and an end date of March 31, 2023 217,394 293,464 Less: current portion (88,182 ) (76,070 ) Non-current portion 129,212 217,394 |
Disclosure of future minimum lease payments related to office [Table Text Block] | December 31, 2020 $ 2021 109,227 2022 111,609 2023 28,051 2024 — Total minimum lease payments 248,887 Less: imputed interest (31,493 ) Total present value of minimum lease payments 217,394 Less: current portion (88,182 ) Non-current portion 129,212 |
Income taxes and mining tax c_2
Income taxes and mining tax credits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |
Disclosure of detailed information about effective income tax expense (recovery) [Table Text Block] | Year ended $ Year ended $ Loss before income taxes (2,021,798 ) (1,663,674 ) Statutory tax rate 27% 27% Expected income tax recovery at the statutory tax rate (545,885 ) (449,192 ) Items not deductible for tax and other 166,712 52,943 True-up 15,912 (287,716 ) Change in unrecognized tax benefits 363,261 683,965 Income tax recovery — — |
Disclosure of deferred taxes [Table Text Block] | December 31, 2020 $ December 31, $ Federal investment tax credits 654,183 654,183 Exploration and evaluation assets 2,964,165 3,309,945 Reclamation obligation 74,250 54,000 Non-capital loss carryforwards 4,497,449 3,804,719 Other 607,614 611,555 Unrecognized deferred tax assets (8,797,661 ) (8,434,402 ) — — |
Disclosure of detailed information about tax pools available [Table Text Block] | Canadian $ Non-capital losses $ Other $ Canadian federal $ 2025 — — — 24,847 2026 — 1,175 — — 2027 — 1,467,887 — 91,030 2028 — 2,559,941 — 57,677 2029 — 2,621,029 — 234,667 2030 — 2,388,895 — 245,962 2031 — 1,392,745 — — 2032 — 818,329 — — 2033 — 202,411 — — 2034 — 266,149 — — 2035 — 173,814 — — 2036 — 152,243 — — 2037 — 307,139 — — 2038 — — — — 2039 — 2,874,272 — — 2040 — 1,403,172 — — No expiry 16,787,229 — 4,088,060 — 16,787,229 16,629,201 4,088,060 654,183 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Year ended December 31, 2020 Year ended December 31, 2019 Number of Weighted Number of Weighted Options outstanding, beginning 5,535,000 $ 0.34 3,960,000 $ 0.36 Options granted 5,625,000 0.52 2,175,000 0.30 Options exercised (4,060,000 ) 0.35 (375,000 ) 0.10 Options expired/forfeited (100,000 ) 0.30 (225,000 ) 0.64 Options outstanding, ending 7,000,000 $ 0.48 5,535,000 $ 0.34 Options exercisable, ending 2,731,250 $ 0.42 5,253,750 $ 0.34 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [Table Text Block] | Exercise price Weighted average contractual life Number of options outstanding $0.10 0.50 500,000 $0.30 3.57 50,000 $0.35 2.96 years 300,000 $0.40 1.76 years 150,000 $0.52 5.00 5,625,000 $0.55 2.10 years 300,000 $0.60 1.82 75,000 $0.48 4.35 7,000,000 |
Disclosure of detailed information about options, valuation assumptions [Table Text Block] | 2020 2019 Share price $ 0.51 $ 0.25 Exercise price $ 0.52 $ 0.30 Expected life of options 5.0 years 4.9 years Annualized volatility 130% 149% Risk-free interest rate 0.80% 2.10% Dividend rate 0% 0% |
Disclosure of detailed information about warrants, activity [Table Text Block] | Year ended Year ended Number of Average Number of Average Warrants outstanding, beginning 11,870,001 $ 0.29 23,876,801 $ 0.20 Warrants issued — — Warrants exercised (10,790,835 ) 0.25 (11,970,000 ) 0.10 Warrants expired (839,166 ) 0.70 (36,800 ) 0.70 Warrants outstanding, ending 240,000 $ 0.70 11,870,001 $ 0.29 |
Disclosure of detailed information about warrants outstanding [Table Text Block] | Exercise price Weighted average contractual life Number of warrants outstanding $0.70 0.01 years (1) $0.70 0.01 240,000 (1) |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of information about key management personnel [Table Text Block] | 2020 $ 2019 $ Accounting fees 32,702 31,132 Directors' fees 66,000 71,427 Management fees 228,000 160,500 Stock-based compensation 473,963 355,333 800,665 618,392 |
Financial instruments and fin_2
Financial instruments and financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of maturity analysis for derivative financial liabilities [Table Text Block] | Within one Between one More than five years Trade payables and accrued liabilities $ 130,699 $ — $ — Lease obligation 88,182 129,212 — Loan — 40,000 — Asset retirement obligations — — 275,000 $ 218,881 $ 169,212 $ 275,000 |
Disclosure of financial assets [Table Text Block] | December 31, 2020 $ December 31, $ Amortized cost: 6,302 2,624 232,000 232,000 Fair value through profit or loss: 3,762,980 1,640,642 4,001,282 1,875,266 |
Disclosure of financial liabilities [Table Text Block] | December 31, 2020 $ December 31, $ Amortized cost: 130,699 383,785 217,394 293,464 40,000 — 388,093 677,249 |
Disclosure of fair value measurement of assets [Table Text Block] | As at December 31, 2020 Level 1 Level 2 Level 3 $ 3,762,980 $ — $ — Total $ 3,762,980 $ — $ — As at December 31, 2019 Level 1 Level 2 Level 3 $ 1,640,642 $ — $ — Total $ 1,640,642 $ — $ — |
Nature and continuance of ope_2
Nature and continuance of operations (Narrative) (Details) - CAD ($) | 4 Months Ended | ||
Apr. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Nature And Continuance Of Operations [Abstract] | |||
Accumulated deficit | $ 58,014,482 | $ 55,992,684 | |
Working capital | $ 3,735,356 | ||
Proceeds from equity financings | $ 6,948,778 |
Significant accounting polici_4
Significant accounting policies and basis of preparation (Narrative) (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Significant Accounting Policies And Basis Of Preparation [Abstract] | ||
Fair value of restoration obligations | $ 275,000 | $ 200,000 |
Significant accounting polici_5
Significant accounting policies and basis of preparation - Disclosure of information about subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Canadian Metals Exploration Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Giga Metals Do Brasil Ltda [Member] | ||
Disclosure of subsidiaries [line items] | ||
Country of incorporation of subsidiary | Brazil | |
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
Significant accounting polici_6
Significant accounting policies and basis of preparation - Disclosure of detailed information about estimated useful life or depreciation rate (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Motor vehicles [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 30% declining balance |
Computer equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 30% declining balance |
Exploration and office equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 20% declining balance |
Right of use asset - office lease [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 4 years straight line |
Receivables - Disclosure of det
Receivables - Disclosure of detailed information about receivables (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Trade And Other Receivables [Abstract] | ||
Goods and Service sales tax | $ 23,131 | $ 61,021 |
British Columbia mining exploration tax credits | 74,309 | 1,007,373 |
Interest receivable and other receivables | 6,302 | 2,624 |
Trade and other current receivables | $ 103,742 | $ 1,071,018 |
Marketable securities (Narrativ
Marketable securities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019CAD ($)shares | |
Disclosure Of Marketable Securities [Abstract] | |
Sale of marketable securities shares sold | shares | 813,200 |
Proceeds from the sale of marketable securities, net of costs | $ 3,335,330 |
Realized loss on sale of marketable securities | $ 2,682,350 |
Marketable securities - Disclos
Marketable securities - Disclosure of detailed information about marketable securities (Details) | 12 Months Ended |
Dec. 31, 2019CAD ($)shares | |
Disclosure Of Marketable Securities [Abstract] | |
Number of shares issued for marketable securities, beginning balance | shares | 813,200 |
Marketable securities, beginning balance | $ 2,683,560 |
Sale of securities, shares sold | shares | (813,200) |
Sale of securities | $ (6,017,680) |
Fair market value adjustment | $ 3,334,120 |
Number of shares issued for marketable securities, ending balance | shares | 0 |
Marketable securities, ending balance | $ 0 |
Equipment and right of use as_3
Equipment and right of use assets - Disclosure of equipment and right of use assets (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | $ 341,163 | |
Property, plant and equipment at end of period | 243,249 | $ 341,163 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 534,985 | 184,343 |
Additions | 0 | 350,642 |
Property, plant and equipment at end of period | 534,985 | 534,985 |
Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 193,822 | 113,899 |
Charge for the year | 97,914 | 79,923 |
Property, plant and equipment at end of period | 291,736 | 193,822 |
Right-of-use assets - leases [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 281,975 | |
Property, plant and equipment at end of period | 195,211 | 281,975 |
Right-of-use assets - leases [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 347,048 | 0 |
Additions | 0 | 347,048 |
Property, plant and equipment at end of period | 347,048 | 347,048 |
Right-of-use assets - leases [Member] | Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 65,073 | 0 |
Charge for the year | 86,764 | 65,073 |
Property, plant and equipment at end of period | 151,837 | 65,073 |
Motor Vehicles [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 15,286 | |
Property, plant and equipment at end of period | 10,701 | 15,286 |
Motor Vehicles [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 45,652 | 45,652 |
Additions | 0 | 0 |
Property, plant and equipment at end of period | 45,652 | 45,652 |
Motor Vehicles [Member] | Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 30,366 | 23,818 |
Charge for the year | 4,585 | 6,548 |
Property, plant and equipment at end of period | 34,951 | 30,366 |
Computer equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 38,009 | |
Property, plant and equipment at end of period | 32,623 | 38,009 |
Computer equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 78,294 | 76,207 |
Additions | 0 | 2,087 |
Property, plant and equipment at end of period | 78,294 | 78,294 |
Computer equipment [Member] | Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 40,285 | 33,265 |
Charge for the year | 5,386 | 7,020 |
Property, plant and equipment at end of period | 45,671 | 40,285 |
Exploration and office equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 5,893 | |
Property, plant and equipment at end of period | 4,714 | 5,893 |
Exploration and office equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 63,991 | 62,484 |
Additions | 0 | 1,507 |
Property, plant and equipment at end of period | 63,991 | 63,991 |
Exploration and office equipment [Member] | Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 58,098 | 56,816 |
Charge for the year | 1,179 | 1,282 |
Property, plant and equipment at end of period | $ 59,277 | $ 58,098 |
Exploration and evaluation as_3
Exploration and evaluation assets (Narrative) (Details) - Turnagain Nickel Cobalt Project [Member] $ in Millions | 1 Months Ended | |
Jul. 31, 2018USD ($) | Dec. 31, 2020CAD ($) | |
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Mineral claim, ownership percentage | 100.00% | |
Net smelter return royalty | 4.00% | |
Price per percentage of net smelter return royalty | $ 1,000,000 | |
Percentage of net smelter return royalty | 2.00% | |
Percentage of right to repurchase NSR | 0.50% | |
Right to repurchase NSR | $ 20 | |
Remaining Percentage of NSR | 1.50% |
Exploration and evaluation as_4
Exploration and evaluation assets - Disclosure of detailed information about deferred exploration costs (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | $ 4,390,312 | $ 2,333,269 |
Change in exploration and evaluation assets | 1,418,528 | 2,057,043 |
Exploration and evaluation assets, ending balance | 5,808,840 | 4,390,312 |
Turnagain Nickel Cobalt Project [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 4,390,312 | 2,333,269 |
Change in exploration and evaluation assets | 1,415,270 | 2,057,043 |
Exploration and evaluation assets, ending balance | 5,805,582 | 4,390,312 |
Turnagain Nickel Cobalt Project [Member] | Mineral property interests [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 179,500 | 179,500 |
Change in exploration and evaluation assets | 0 | 0 |
Exploration and evaluation assets, ending balance | 179,500 | 179,500 |
Turnagain Nickel Cobalt Project [Member] | Assays and testing [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 2,339,750 | 2,299,514 |
Change in exploration and evaluation assets | 20,122 | 40,236 |
Exploration and evaluation assets, ending balance | 2,359,872 | 2,339,750 |
Turnagain Nickel Cobalt Project [Member] | Claims renewal / staking [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 479,199 | 471,644 |
Change in exploration and evaluation assets | 0 | 7,555 |
Exploration and evaluation assets, ending balance | 479,199 | 479,199 |
Turnagain Nickel Cobalt Project [Member] | Drilling [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 14,361,757 | 14,343,279 |
Change in exploration and evaluation assets | 0 | 18,478 |
Exploration and evaluation assets, ending balance | 14,361,757 | 14,361,757 |
Turnagain Nickel Cobalt Project [Member] | Environmental studies [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 1,815,621 | 1,671,686 |
Change in exploration and evaluation assets | 87,097 | 143,935 |
Exploration and evaluation assets, ending balance | 1,902,718 | 1,815,621 |
Turnagain Nickel Cobalt Project [Member] | Exploration data management [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 965,220 | 955,078 |
Change in exploration and evaluation assets | 12,296 | 10,142 |
Exploration and evaluation assets, ending balance | 977,516 | 965,220 |
Turnagain Nickel Cobalt Project [Member] | First Nations [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 250,468 | 221,024 |
Change in exploration and evaluation assets | 25,476 | 29,444 |
Exploration and evaluation assets, ending balance | 275,944 | 250,468 |
Turnagain Nickel Cobalt Project [Member] | Geochemistry [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 111,066 | 111,066 |
Change in exploration and evaluation assets | 0 | 0 |
Exploration and evaluation assets, ending balance | 111,066 | 111,066 |
Turnagain Nickel Cobalt Project [Member] | Geological and engineering services [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 10,509,774 | 9,606,491 |
Change in exploration and evaluation assets | 749,601 | 903,283 |
Exploration and evaluation assets, ending balance | 11,259,375 | 10,509,774 |
Turnagain Nickel Cobalt Project [Member] | Geophysical services [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 801,643 | 801,643 |
Change in exploration and evaluation assets | 52,436 | 0 |
Exploration and evaluation assets, ending balance | 854,079 | 801,643 |
Turnagain Nickel Cobalt Project [Member] | Metallurgy [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 4,561,783 | 4,124,650 |
Change in exploration and evaluation assets | 347,011 | 437,133 |
Exploration and evaluation assets, ending balance | 4,908,794 | 4,561,783 |
Turnagain Nickel Cobalt Project [Member] | Petrographic work [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 43,957 | 43,957 |
Change in exploration and evaluation assets | 0 | 0 |
Exploration and evaluation assets, ending balance | 43,957 | 43,957 |
Turnagain Nickel Cobalt Project [Member] | Project management [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 106,015 | 106,015 |
Change in exploration and evaluation assets | 0 | 0 |
Exploration and evaluation assets, ending balance | 106,015 | 106,015 |
Turnagain Nickel Cobalt Project [Member] | Survey, mapping and camp [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 2,770,433 | 2,574,205 |
Change in exploration and evaluation assets | 122,350 | 196,228 |
Exploration and evaluation assets, ending balance | 2,892,783 | 2,770,433 |
Turnagain Nickel Cobalt Project [Member] | Transportation [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 2,984,941 | 2,877,751 |
Change in exploration and evaluation assets | 15,504 | 107,190 |
Exploration and evaluation assets, ending balance | 3,000,445 | 2,984,941 |
Turnagain Nickel Cobalt Project [Member] | Advances [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 71,645 | 0 |
Change in exploration and evaluation assets | (71,645) | 71,645 |
Exploration and evaluation assets, ending balance | 0 | 71,645 |
Turnagain Nickel Cobalt Project [Member] | Cost recovery [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | (56,480) | (56,480) |
Change in exploration and evaluation assets | 0 | 0 |
Exploration and evaluation assets, ending balance | (56,480) | (56,480) |
Turnagain Nickel Cobalt Project [Member] | Asset retirement obligations [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 200,000 | 0 |
Change in exploration and evaluation assets | 75,000 | 200,000 |
Exploration and evaluation assets, ending balance | 275,000 | 200,000 |
Turnagain Nickel Cobalt Project [Member] | Property impairments [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | (33,058,924) | (33,058,924) |
Change in exploration and evaluation assets | 0 | 0 |
Exploration and evaluation assets, ending balance | (33,058,924) | (33,058,924) |
Turnagain Nickel Cobalt Project [Member] | BC refundable mining tax credits [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | (3,208,494) | (3,100,268) |
Change in exploration and evaluation assets | (19,978) | (108,226) |
Exploration and evaluation assets, ending balance | (3,228,472) | (3,208,494) |
Turnagain Nickel Cobalt Project [Member] | Federal non-refundable mining tax credits, net of valuation allowance [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | (61,185) | (61,185) |
Change in exploration and evaluation assets | 0 | 0 |
Exploration and evaluation assets, ending balance | (61,185) | (61,185) |
Turnagain Nickel Cobalt Project [Member] | Book value at date of sale of net smelter royalty [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | (1,777,377) | (1,777,377) |
Change in exploration and evaluation assets | 0 | 0 |
Exploration and evaluation assets, ending balance | (1,777,377) | (1,777,377) |
Brazil Project [Member] | Claims renewal / staking [Member] | ||
Disclosure of detailed information about exploration and evaluation assets [line items] | ||
Exploration and evaluation assets, beginning balance | 0 | 0 |
Change in exploration and evaluation assets | 3,258 | 0 |
Exploration and evaluation assets, ending balance | $ 3,258 | $ 0 |
Trade payables and accrued li_3
Trade payables and accrued liabilities - Disclosure of detailed information about trade and other payables (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Trade Payables And Accrued Liabilities [Abstract] | ||
Trade payables | $ 81,291 | $ 235,421 |
Accrued liabilities | 49,408 | 148,364 |
Trade payables and accrued liabilities | $ 130,699 | $ 383,785 |
Lease obligations (Narrative) (
Lease obligations (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Obligations [Abstract] | ||
Monthly sublease rate with related party | $ 2,346 | |
Monthly sublease rate for four year period | 1,374 | |
Lease income from subleasing office | $ 44,515 | $ 39,937 |
Lease obligations - Disclosure
Lease obligations - Disclosure of recognized lease obligation (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Obligations [Abstract] | ||
Right-of-use asset from office lease repayable monthly instalments | $ 9,364 | |
Lease interest rate | 12.50% | |
Right-of-use asset from office lease repayable in monthly instalments of $8,755 and an interest rate of 12.5% per annum and an end date of March 31, 2023 | $ 217,394 | $ 293,464 |
Less: current portion | (88,182) | (76,070) |
Non-current portion | $ 129,212 | $ 217,394 |
Lease obligations - Disclosur_2
Lease obligations - Disclosure of future minimum lease payments related to office (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total minimum lease payments | $ 248,887 | |
Less: imputed interest | (31,493) | |
Total present value of minimum lease payments | 217,394 | $ 293,464 |
Less: current portion | (88,182) | (76,070) |
Non-current portion | 129,212 | $ 217,394 |
2021 [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total minimum lease payments | 109,227 | |
2022 [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total minimum lease payments | 111,609 | |
2023 [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total minimum lease payments | 28,051 | |
2024 [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total minimum lease payments | $ 0 |
Loan (Narrative) (Details)
Loan (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020CAD ($) | |
Borrowings [abstract] | |
Amount of unsecured loan | $ 40,000 |
Description of loan forgiveness | The loan is interest free and is eligible for 25% forgiveness if $30,000 is fully repaid by December 31, 2022 |
Maturity description of unpaid loan | If not repaid in full by the maturity date, the loan will be converted into a loan at a fixed interest rate of 5% per annum with a maturity date of December 31, 2025 |
Income taxes and mining tax c_3
Income taxes and mining tax credits (Narrative) (Details) | Dec. 31, 2020CAD ($) |
Brazil [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax losses | $ (28,019) |
Income taxes and mining tax c_4
Income taxes and mining tax credits - Disclosure of detailed information about effective income tax expense (recovery) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | ||
Loss before income taxes | $ (2,021,798) | $ (1,663,674) |
Statutory tax rate | 27.00% | 27.00% |
Expected income tax (recovery) expense at the statutory tax rate | $ (545,885) | $ (449,192) |
Items not deductible for tax and other | 166,712 | 52,943 |
True-up | 15,912 | (287,716) |
Change in unrecognized tax benefits | 363,261 | 683,965 |
Income tax recovery | $ 0 | $ 0 |
Income taxes and mining tax c_5
Income taxes and mining tax credits - Disclosure of deferred taxes (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets and liabilities | $ 0 | $ 0 |
Federal investment tax credits [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets and liabilities | 654,183 | 654,183 |
Exploration and evaluation assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets and liabilities | 2,964,165 | 3,309,945 |
Reclamation obligation [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets and liabilities | 74,250 | 54,000 |
Non-capital loss carryforwards [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets and liabilities | 4,497,449 | 3,804,719 |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets and liabilities | 607,614 | 611,555 |
Unrecognized deferred tax assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets and liabilities | $ (8,797,661) | $ (8,434,402) |
Income taxes and mining tax c_6
Income taxes and mining tax credits - Disclosure of detailed information about tax pools available (Details) | Dec. 31, 2020CAD ($) |
Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | $ 16,787,229 |
Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 16,629,201 |
Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 4,088,060 |
Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 654,183 |
2025 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2025 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 0 |
2025 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2025 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 24,847 |
2026 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2026 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 1,175 |
2026 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2026 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 0 |
2027 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2027 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 1,467,887 |
2027 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2027 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 91,030 |
2028 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2028 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 2,559,941 |
2028 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2028 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 57,677 |
2029 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2029 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 2,621,029 |
2029 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2029 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 234,667 |
2030 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2030 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 2,388,895 |
2030 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2030 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 245,962 |
2031 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2031 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 1,392,745 |
2031 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2031 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 0 |
2032 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2032 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 818,329 |
2032 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2032 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 0 |
2033 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2033 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 202,411 |
2033 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2033 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 0 |
2034 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2034 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 266,149 |
2034 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2034 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 0 |
2035 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2035 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 173,814 |
2035 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2035 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 0 |
2036 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2036 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 152,243 |
2036 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2036 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 0 |
2037 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2037 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 307,139 |
2037 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2037 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 0 |
2038 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2038 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 0 |
2038 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2038 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 0 |
2039 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2039 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 2,874,272 |
2039 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2039 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 0 |
2040 [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2040 [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 1,403,172 |
2040 [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 0 |
2040 [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | 0 |
No expiry [Member] | Canadian resource pools [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 16,787,229 |
No expiry [Member] | Non-capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses for which no deferred tax asset recognised | 0 |
No expiry [Member] | Other [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Deductible temporary differences for which no deferred tax asset is recognised | 4,088,060 |
No expiry [Member] | Canadian federal investment tax credit losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits for which no deferred tax asset recognised | $ 0 |
Share capital (Narrative) (Deta
Share capital (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2020CAD ($)Shareshares | Dec. 31, 2019CAD ($)Shareshares | |
Disclosure of classes of share capital [abstract] | ||
Number of shares issued | shares | 70,344,850 | 55,494,015 |
Loss attributable to common shareholders | $ (2,021,798) | $ (1,663,674) |
Stock options with dilutive effect not included in calculation of diluted earnings per share | shares | 7,000,000 | |
Warrants with dilutive effect not included in calculation of diluted earnings per share | shares | 240,000 | |
Description of maximum term of options granted for share-based payment arrangement | The Company has adopted an incentive stock option plan, which provides that the Board of Directors of the Company may from time to time, in its discretion, and in accordance with the Exchange requirements, grant to directors, officers, employees and technical consultants to the Company, non-transferable stock options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the Company's issued and outstanding common shares. Such options will be exercisable for a period of up to 5 years from the date of grant. In connection with the foregoing, the number of common shares reserved for issuance to any one optionee will not exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to all investor relations and technical consultants will not exceed two percent (2%) of the issued and outstanding common shares. Options may be exercised no later than 90 days following cessation of the optionee's position with the Company or 30 days following cessation of an optionee conducting investor relations activities' position. | |
Weighted average share price on date of option exercise | $ 1.45 | $ 0.32 |
Number of share options granted | Share | 5,625,000 | 2,175,000 |
Weighted average grant date fair value of options granted | $ 0.44 | $ 0.22 |
Description of stock option vesting percentage | The stock options vest as to 25% on the grant date and 25% every year thereafter. | |
Stock-based compensation | $ 615,545 | $ 515,620 |
Share capital - Disclosure of n
Share capital - Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | |
Number of options | ||
Options outstanding, beginning | Share | 5,535,000 | 3,960,000 |
Options granted | Share | 5,625,000 | 2,175,000 |
Options exercised | Share | (4,060,000) | (375,000) |
Options expired/forfeited | Share | (100,000) | (225,000) |
Options outstanding, ending | Share | 7,000,000 | 5,535,000 |
Options exercisable, ending | Share | 2,731,250 | 5,253,750 |
Weighted average exercise price | ||
Options outstanding, beginning | $ / shares | $ 0.34 | $ 0.36 |
Options granted | $ / shares | 0.52 | 0.30 |
Options exercised | $ / shares | 0.35 | 0.10 |
Options expired/forfeited | $ / shares | 0.30 | 0.64 |
Options outstanding, ending | $ / shares | 0.48 | 0.34 |
Options exercisable, ending | $ / shares | $ 0.42 | $ 0.34 |
Share capital - Disclosure of_2
Share capital - Disclosure of number and weighted average remaining contractual life of outstanding share options (Details) | 12 Months Ended | ||
Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share | Dec. 31, 2018Share | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | $ / shares | $ 0.48 | ||
Weighted average contractual life | 4 years 4 months 6 days | ||
Number of options outstanding | Share | 7,000,000 | 5,535,000 | 3,960,000 |
$0.10 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | $ / shares | $ 0.10 | ||
Weighted average contractual life | 6 months | ||
Number of options outstanding | Share | 500,000 | ||
$0.30 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | $ / shares | $ 0.30 | ||
Weighted average contractual life | 3 years 6 months 25 days | ||
Number of options outstanding | Share | 50,000 | ||
$0.35 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | $ / shares | $ 0.35 | ||
Weighted average contractual life | 2 years 11 months 15 days | ||
Number of options outstanding | Share | 300,000 | ||
$0.40 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | $ / shares | $ 0.40 | ||
Weighted average contractual life | 1 year 9 months 3 days | ||
Number of options outstanding | Share | 150,000 | ||
$0.52 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | $ / shares | $ 0.52 | ||
Weighted average contractual life | 5 years | ||
Number of options outstanding | Share | 5,625,000 | ||
$0.55 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | $ / shares | $ 0.55 | ||
Weighted average contractual life | 2 years 1 month 6 days | ||
Number of options outstanding | Share | 300,000 | ||
$0.60 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | $ / shares | $ 0.60 | ||
Weighted average contractual life | 1 year 9 months 25 days | ||
Number of options outstanding | Share | 75,000 |
Share capital - Disclosure of d
Share capital - Disclosure of detailed information about options, valuation assumptions (Details) | 12 Months Ended | |
Dec. 31, 2020Years$ / shares | Dec. 31, 2019Years$ / shares | |
Disclosure of classes of share capital [abstract] | ||
Share price | $ 0.51 | $ 0.25 |
Exercise price | $ 0.52 | $ 0.30 |
Expected life of options | Years | 5 | 4.9 |
Annualized volatility | 130.00% | 149.00% |
Risk-free interest rate | 0.80% | 2.10% |
Dividend rate | 0.00% | 0.00% |
Share capital - Disclosure of_3
Share capital - Disclosure of detailed information about warrants, activity (Details) | 12 Months Ended | |
Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | |
Number of warrants | ||
Warrants outstanding, beginning | 11,870,001 | 23,876,801 |
Warrants issued | 0 | 0 |
Warrants exercised | (10,790,835) | (11,970,000) |
Warrants expired | (839,166) | (36,800) |
Warrants outstanding, ending | 240,000 | 11,870,001 |
Average exercise price | ||
Warrants outstanding, beginning | $ / shares | $ 0.29 | $ 0.20 |
Warrants exercised | $ / shares | 0.25 | 0.10 |
Warrants expired | $ / shares | 0.70 | 0.70 |
Warrants outstanding, ending | $ / shares | $ 0.70 | $ 0.29 |
Share capital - Disclosure of_4
Share capital - Disclosure of detailed information about warrants outstanding (Details) | Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | Dec. 31, 2018Share$ / shares |
Disclosure Of Number And Weighted Average Remaining Contractual Life Of Outstanding Warrant [Line Items] | |||
Exercise price | $ / shares | $ 0.70 | $ 0.29 | $ 0.20 |
Weighted average contractual life (years) | 3 days | ||
Number of warrants outstanding | Share | 240,000 | 11,870,001 | 23,876,801 |
$0.70 | |||
Disclosure Of Number And Weighted Average Remaining Contractual Life Of Outstanding Warrant [Line Items] | |||
Exercise price | $ / shares | $ 0.70 | ||
Weighted average contractual life (years) | 3 days | ||
Number of warrants outstanding | Share | 240,000 |
Related party transactions (Nar
Related party transactions (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | ||
Amounts payable, related party transactions | $ 1,943 | $ 2,284 |
Key management personnel compensation, short-term employee benefits | 272,702 | 205,059 |
Key management personnel compensation, stock-based compensation | 473,963 | 355,333 |
Office sublease income | $ 28,147 | $ 28,147 |
Related party transactions - Di
Related party transactions - Disclosure of information about key management personnel (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | ||
Accounting fees | $ 32,702 | $ 31,132 |
Directors' fees | 66,000 | 71,427 |
Management fees | 228,000 | 160,500 |
Stock-based compensation | 473,963 | 355,333 |
Key management personnel compensation | $ 800,665 | $ 618,392 |
Financial instruments and fin_3
Financial instruments and financial risk management (Narrative) (Details) | Dec. 31, 2020CAD ($) | Dec. 31, 2020BRL (R$) | Dec. 31, 2020USD ($) | Dec. 31, 2019CAD ($) |
Disclosure of detailed information about financial instruments [line items] | ||||
Cash | $ 734,230 | $ 297,977 | ||
Cash held in US Dollars [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash | $ 84,918 | |||
Cash held in Brazilian Reals [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash | R$ | R$ 37915 |
Financial instruments and fin_4
Financial instruments and financial risk management - Disclosure of maturity analysis for derivative financial liabilities (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Trade payables and accrued liabilities | $ 130,699 | $ 383,785 |
Current Lease obligation | 88,182 | 76,070 |
Lease obligation | 129,212 | 217,394 |
Asset retirement obligations | 275,000 | 200,000 |
Current liabilities | 218,881 | 459,855 |
Non-current liabilities | 444,212 | $ 417,394 |
Within one year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade payables and accrued liabilities | 130,699 | |
Current Lease obligation | 88,182 | |
Loan | 0 | |
Asset retirement obligations | 0 | |
Current liabilities | 218,881 | |
Between one and five years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade payables and accrued liabilities | 0 | |
Lease obligation | 129,212 | |
Loan | 40,000 | |
Asset retirement obligations | 0 | |
Non-current liabilities | 169,212 | |
More than five years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trade payables and accrued liabilities | 0 | |
Lease obligation | 0 | |
Loan | 0 | |
Asset retirement obligations | 275,000 | |
Non-current liabilities | $ 275,000 |
Financial instruments and fin_5
Financial instruments and financial risk management - Disclosure of detailed information about financial assets (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized cost: | |||
Interest receivable and other receivables | $ 6,302 | $ 2,624 | |
Reclamation deposits | 232,000 | 232,000 | |
Fair value through profit or loss: | |||
Cash and cash equivalents | 3,762,980 | 1,640,642 | $ 405,849 |
Financial assets | $ 4,001,282 | $ 1,875,266 |
Financial instruments and fin_6
Financial instruments and financial risk management - Disclosure of detailed information about financial liabilities (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized cost: | ||
Trade payables and accrued liabilities | $ 130,699 | $ 383,785 |
Lease obligation | 217,394 | 293,464 |
Loan | 40,000 | 0 |
Financial liabilities | $ 388,093 | $ 677,249 |
Financial instruments and fin_7
Financial instruments and financial risk management - Disclosure of detailed information about fair value measurement of assets (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value measurement of assets [line items] | |||
Cash and cash equivalents | $ 3,762,980 | $ 1,640,642 | $ 405,849 |
Level 1 [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Cash and cash equivalents | 3,762,980 | 1,640,642 | |
Total | 3,762,980 | 1,640,642 | |
Level 2 [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Cash and cash equivalents | 0 | 0 | |
Total | 0 | 0 | |
Level 3 [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Cash and cash equivalents | 0 | 0 | |
Total | $ 0 | $ 0 |
Supplemental cash flow inform_2
Supplemental cash flow information (Narrative) (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Supplemental Cash Flow Information [Abstract] | |||
Exploration and evaluation asset expenditures included in accounts payable and accrued liabilities | $ 31,552 | $ 315,597 | $ 216,360 |
Expenditures included in accounts payable net of exclusion | 284,045 | (99,237) | |
Recovery of exploration and evaluation asset included in receivables | 1,007,373 | ||
Expenditures included in receivables net of exclusion | 1,007,373 | ||
Share based payment reserve transfer to share capital | 961,603 | ||
Asset retirement obligations included in exploration and evaluation assets | $ 75,000 | $ 200,000 |
Segmented information (Narrativ
Segmented information (Narrative) (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | ||
Assets | $ 10,238,326 | $ 7,739,500 |
Brazil [Member] | ||
Disclosure of operating segments [line items] | ||
Assets | $ 15,540 |
Subsequent events (Narrative) (
Subsequent events (Narrative) (Details) - CAD ($) | 1 Months Ended | |
Apr. 27, 2021 | Apr. 23, 2021 | |
Marketed public offering [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Number of units issued | 13,667,755 | |
Number of units issued pursuant to over-allotment option | 1,067,755 | |
Gross proceeds from issuing units | $ 6,466,708 | |
Number of non-flow through share units issued | 8,397,455 | |
Non-flow through share units issued, price per unit | $ 0.45 | |
Number of flow-through share units issued | 5,270,300 | |
Flow-through share units issued, price per unit | $ 0.51 | |
Exercise price of warrants for units issued | $ 0.60 | |
Offering commission | 6.50% | |
Exercise price of compensation warrants issued | $ 0.45 | |
Private placement [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Number of units issued | 1,015,823 | |
Number of non-flow through share units issued | 600,000 | |
Non-flow through share units issued, price per unit | $ 0.45 | |
Number of flow-through share units issued | 415,823 | |
Flow-through share units issued, price per unit | $ 0.51 | |
Exercise price of warrants for units issued | $ 0.60 | |
Offering commission | 6.50% |