Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Statement [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Trading Symbol | wrn |
Entity Registrant Name | Western Copper & Gold Corp |
Entity Central Index Key | 1,364,125 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 96,653,935 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 395,370 | $ 611,690 |
Short-term investments | 3,704,131 | 6,157,263 |
Marketable securities | 285,700 | 454,500 |
Other assets | 173,857 | 137,754 |
CURRENT ASSETS | 4,559,058 | 7,361,207 |
Exploration and evaluation assets | 40,650,547 | 38,722,318 |
ASSETS | 45,209,605 | 46,083,525 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 672,532 | 706,293 |
CURRENT LIABILITIES | 672,532 | 706,293 |
SHAREHOLDERS EQUITY | ||
Share capital | 108,021,796 | 105,963,093 |
Contributed surplus | 32,747,685 | 32,984,958 |
Deficit | (96,232,408) | (93,570,819) |
SHAREHOLDERS EQUITY | 44,537,073 | 45,377,232 |
LIABILITIES AND SHAREHOLDERS EQUITY | $ 45,209,605 | $ 46,083,525 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Filing and regulatory fees | $ 185,345 | $ 230,855 |
Office and administration | 230,451 | 246,134 |
Professional fees | 103,801 | 128,638 |
Rent and utilities | 112,259 | 140,670 |
Share-based payments | 319,103 | 216,636 |
Shareholder communication and travel | 514,565 | 341,801 |
Wages and benefits | 1,067,084 | 1,114,085 |
CORPORATE EXPENSES | 2,532,608 | 2,418,819 |
Foreign exchange loss | 6,909 | 18,288 |
Interest income | (46,728) | (95,207) |
Unrealized loss (gain) on marketable securities | 168,800 | (253,500) |
LOSS AND COMPREHENSIVE LOSS | $ 2,661,589 | $ 2,088,400 |
Basic and diluted loss per share | $ 0.03 | $ 0.02 |
Weighted average number of common shares outstanding | 95,856,191 | 94,403,548 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | ||
Loss and comprehensive loss | $ (2,661,589) | $ (2,088,400) |
ITEMS NOT AFFECTING CASH | ||
Share-based payments | 319,103 | 216,636 |
Unrealized loss (gain) on marketable securities | 168,800 | (253,500) |
Change in non-cash working capital items | (110,544) | (48,113) |
OPERATING ACTIVITIES | (2,284,230) | (2,173,377) |
FINANCING ACTIVITIES | ||
Exercise of stock options | 1,433,333 | 189,399 |
FINANCING ACTIVITIES | 1,433,333 | 189,399 |
INVESTING ACTIVITIES | ||
Redemption (purchase) of short-term investments | 2,413,139 | 3,400,000 |
Mineral property expenditures | (1,778,562) | (1,634,658) |
INVESTING ACTIVITIES | 634,577 | 1,765,342 |
CHANGE IN CASH AND CASH EQUIVALENTS | (216,320) | (218,636) |
Cash and cash equivalents Beginning | 611,690 | 830,326 |
CASH AND CASH EQUIVALENTS - ENDING | $ 395,370 | $ 611,690 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - CAD ($) | Total | Share Capital [Member] | Contributed Surplus [Member] | Deficit [Member] |
Beginning Balance (shares) at Dec. 31, 2015 | 94,194,936 | |||
Beginning Balance at Dec. 31, 2015 | $ 46,430,201 | $ 105,113,340 | $ 32,799,280 | $ (91,482,419) |
Statement [Line Items] | ||||
Shares issued Acquisition of mineral claims (shares) | 500,000 | |||
Shares issued Acquisition of mineral claims | $ 580,000 | 580,000 | ||
Exercise of stock options (shares) | 270,666 | |||
Exercise of stock options | $ 189,399 | 189,399 | ||
Transfer of stock option value | 80,354 | (80,354) | ||
Share-based payments | 266,032 | 266,032 | ||
Loss and comprehensive loss | $ (2,088,400) | (2,088,400) | ||
Ending Balance (shares) at Dec. 31, 2016 | 94,965,602 | |||
Ending Balance at Dec. 31, 2016 | $ 45,377,232 | 105,963,093 | 32,984,958 | (93,570,819) |
Statement [Line Items] | ||||
Exercise of stock options (shares) | 1,688,333 | |||
Exercise of stock options | $ 1,433,333 | 1,433,333 | ||
Transfer of stock option value | 625,370 | (625,370) | ||
Share-based payments | 388,097 | 388,097 | ||
Loss and comprehensive loss | $ (2,661,589) | (2,661,589) | ||
Ending Balance (shares) at Dec. 31, 2017 | 96,653,935 | |||
Ending Balance at Dec. 31, 2017 | $ 44,537,073 | $ 108,021,796 | $ 32,747,685 | $ (96,232,408) |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
NATURE OF OPERATIONS [Text Block] | 1. NATURE OF OPERATIONS Western Copper and Gold Corporation (together with its subsidiaries, “Western” or the “Company”) is an exploration stage company that is directly engaged in exploration and development of the Casino mineral property located in Yukon, Canada (the “Casino Project”). The Company is incorporated in British Columbia, Canada. Its head office is located at 15 th The Company will need to raise additional funds to complete the development of its mineral property. While it has been successful in doing so in the past, there can be no assurance that it will be able to do so in the future. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
BASIS OF PRESENTATION [Text Block] | 2. BASIS OF PRESENTATION a. Statement of compliance These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements are prepared under the historical cost convention. These financial statements were approved for issue by the Company’s board of directors on March 22, 2018. b. Accounting estimates and judgments The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of policies and reported amounts of assets and liabilities and disclosures of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Differences may be material. Judgment is required in assessing whether certain factors would be considered an indicator of impairment. Management considers both internal and external information to determine whether there is an indicator of impairment present and accordingly, whether impairment testing is required. Where an impairment test is required, calculating the estimated recoverable amount of the cash generating units for non-current asset impairment tests requires management to make estimates and assumptions with respect to estimated recoverable reserves or resources, estimated future commodity prices, expected future operating and capital costs, and discount rates. Changes in any of the assumptions or estimates used in determining the recoverable amount could impact the impairment analysis. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
ACCOUNTING POLICIES [Text Block] | 3. ACCOUNTING POLICIES a. Summary of significant accounting policies The Company’s principal accounting policies are outlined below: (i) Basis of consolidation The Company consolidates an entity when it has power over that entity, is exposed, or has rights, to variable returns from its involvement with that entity and has the ability to affect those returns through its power over that entity. The financial statements of other entities (e.g. subsidiaries) are included in the consolidated financial statements from the date that control commences until the date that control ceases. All significant intercompany transactions and balances are eliminated. The consolidated financial statements of the Company include Western Copper and Gold Corp., Casino Mining Corp., Ravenwolf Resource Group Ltd., and Minera Costa de Plata SA de CV. (ii) Presentation currency The Company’s presentation currency is the Canadian dollar (“$”). The functional currency of Western and its significant subsidiaries is the Canadian dollar. (iii) Foreign currency translation In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency (“foreign currencies”) are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary assets and liabilities are translated using the period end foreign exchange rate. 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 included in the statement of loss. (iv) Share-based payments The Company grants stock options to buy common shares of the Company to directors, officers, employees and consultants. The fair value of stock options granted by the Company is treated as compensation costs in accordance with IFRS 2 - Share-based Payments If the stock options are exercised, the value attributable to the stock options is transferred to share capital. (v) Income taxes Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the statement of loss. Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to the previous year. Deferred taxes are recorded using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (i.e. timing differences). Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of loss in the period that the substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. (vi) Loss per share Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted loss per share is computed in the same way as basic loss per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of all stock options and warrants, if dilutive. (vii) Long-lived assets 1. Exploration and evaluation assets Direct costs related to the acquisition and exploration of mineral properties held or controlled by the Company are capitalized on an individual property basis until the property is put into production, sold, abandoned, or determined to be impaired. Administration costs and general exploration costs are expensed as incurred. When a property is placed into commercial production, deferred costs will be depleted using the units-of-production method. The Company classifies its mineral properties as exploration and evaluation assets until technical feasibility and commercial viability of extracting a mineral resource are demonstrable. At this point, the exploration and evaluation assets are transferred to property and equipment. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as the extent of established mineral reserves, the results of feasibility and technical evaluations, and the status of mining leases or permits. Proceeds received from the sale of royalties, as a result of tax credits, or as part of government assistance programs are recognized as a reduction in the carrying value of the related asset when the money is more likely than not to be received. If the applicable property has been written-off, the amount received is recorded as a credit in the statement of loss in the period in which the payment is more likely than not to be received. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, or title may be affected by undetected defects. 2. Impairment The Company’s assets are reviewed for indication of impairment at each balance sheet date. If any such indication exists, an estimate of the recoverable amount is undertaken, being the higher of an asset’s fair value less costs of disposal and value in use (“VIU”). If the asset’s carrying amount exceeds its recoverable amount then an impairment loss is recognized in the statement of loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value of mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. Impairment is normally assessed at the level of cash-generating units, which are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets. 3. Reversal of impairment An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss had been recognized. (viii) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, deposits in banks and highly liquid investments with an original maturity of three months or less. (ix) Short-term investments Short-term investments are investments with an original maturity date greater than three months, but no more than one year from the date of acquisition. (x) Financial instruments 1. Loans and receivables Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are initially recognized at the transaction value, plus any directly attributable transaction costs, and are subsequently carried at amortized cost less impairment losses using the effective interest rate method. Interest income is recognized by applying the effective interest rate. The Company has classified cash and cash equivalents and short-term investments contained in other assets as “loans and receivables”. 2. Financial assets at fair value through profit or loss (“FVTPL”) Financial assets are classified as FVTPL where the asset is either held for trading or is specifically designated as FVTPL. Gains and losses arising from changes in fair value of these assets are recognised in the statement of loss for the period. A financial asset is classified as held for trading if it has been acquired principally for the purpose of selling in the near future. The Company has classified marketable securities as “financial assets at FVTPL”. All marketable securities are considered Level 1 in the financial instrument hierarchy as they are quoted in an active public market. 3. Other financial liabilities Trade payables and other financial liabilities are initially measured at fair value, net of transaction costs, and are subsequently measured at amortized cost using the effective interest rate method. The Company has classified accounts payable and accrued liabilities as “other financial liabilities”. (xi) Provisions Provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. b. Recent accounting pronouncements Certain new standards, amendments, and interpretations are effective for annual periods beginning on or after January 1, 2018 and have not been applied in preparing these consolidated financial statements. (i) IFRS 9 - Financial instruments Financial Instruments: Recognition and Measurement IFRS 9 requires financial assets to be classified into one of three measurement categories on initial recognition: those measured at fair value through profit and loss, those measured at fair value through other comprehensive income and those measured at amortized cost. Investments in equity instruments are required to be measured by default at fair value through profit or loss. However, there is an irrevocable option to present fair value changes of equity investments in other comprehensive income. Measurement and classification of financial assets is dependent on the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change relating to an entity’s own credit risk is recorded in other comprehensive income rather than the income statement, unless this creates an accounting mismatch. IFRS 9 is effective for annual periods beginning on or after January 1, 2018. The Company does not expect the adoption of IFRS 9 to have an impact on its financial statement because the Company already records changes to the fair value of its financial assets through profit and loss. (ii) IFRS 16 – Leases IFRS 16 applies to annual reporting periods beginning on or after January 1, 2019. The Company is in the process of determining the impact that these changes will have on its financial statements. |
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
SHORT-TERM INVESTMENTS [Text Block] | 4. SHORT-TERM INVESTMENTS As at December 31, 2017, the Company had $3,704,131 (2016 - $6,157,263) invested in Canadian dollar denominated guaranteed investment certificates, including accrued interest of $17,270 (2016 - $57,263). |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
MARKETABLE SECURITIES [Text Block] | 5. MARKETABLE SECURITIES As at December 31, 2017, the Company held marketable securities with a total market value of $285,700 (2016 - $454,500). The Company’s marketable securities consist of 2.5 million common shares of NorthIsle Copper and Gold Inc. with a market value of $250,000 (December 31, 2016 - $412,500) and 420,000 common shares of Copper North Mining Corp. with a market value of $35,700 (December 31, 2016 - $42,000). |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
EXPLORATION AND EVALUATION ASSETS [Text Block] | 6. EXPLORATION AND EVALUATION ASSETS a. Casino ( 100% - Yukon, Canada) The Company’s only exploration and evaluation asset is the wholly-owned Casino Project. The Casino Project is a large copper-gold porphyry deposit located in Yukon, Canada. All claims comprising the Casino Project are subject to a 2.75% net smelter returns royalty (the “NSR Royalty”) on the future sale of any metals and minerals derived therefrom. As part of a separate agreement, Western is required to make a payment of $1 million upon making a production decision on the Casino Project. b. Exploration and evaluation expenditures $ DECEMBER 31, 2015 36,389,795 Acquisition costs 617,767 Claims maintenance 21,314 Engineering 337,039 Permitting 766,263 Salary and wages 540,744 Share-based payments 49,396 DECEMBER 31, 2016 38,722,318 Claims maintenance 10,605 Engineering 183,165 Permitting 1,317,578 Salary and wages 347,887 Share-based payments 68,994 DECEMBER 31, 2017 40,650,547 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
SHARE CAPITAL [Text Block] | 7. SHARE CAPITAL The Company is authorized to issue an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. On November 9, 2016, the Company completed an agreement with Cariboo Rose Resources Ltd. (“Cariboo Rose”) whereby Cariboo Rose exercised its option to acquire the 55 mineral claims known as the Casino B Claims. As part of the same agreement, Western re-purchased nine of the Casino B Claims in exchange for 500,000 common shares of the Company. The common shares had a market value of $580,000 on the closing date of the transaction. |
STOCK OPTIONS
STOCK OPTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
STOCK OPTIONS [Text Block] | 8. STOCK OPTIONS Based on the Company’s stock option plan, most recently approved by the Company’s shareholders at the annual general meeting held on June 24, 2015, Western may issue stock options for the purchase of up to 10% of issued capital. The exercise price of the stock options must be greater than, or equal to, the market value of the Company’s common shares on the last trading day immediately preceding the date of grant. Stock options vest over a two year period from the date of grant unless otherwise determined by the directors. The maximum stock option term is 10 years. At December 31, 2017, the Company could issue an additional 5,382,058 stock options under the terms of the plan. A summary of the Company’s stock options outstanding and the changes for the years then ended, is presented below: Number of Weighted average Stock options exercise price $ DECEMBER 31, 2015 6,217,334 1.24 Granted 1,550,000 0.96 Exercised (270,666 ) 0.70 Expired (1,525,000 ) 2.84 DECEMBER 31, 2016 5,971,668 0.79 Exercised (1,688,333 ) 0.85 DECEMBER 31, 2017 4,283,335 0.76 Stock options outstanding are as follows: Stock options outstanding, Number of Weighted average Average by exercise price Stock options exercise price remaining contractual life $ years $0.50 741,667 0.50 2.61 $0.60 – 0.67 1,300,000 0.61 0.65 $0.80 – 0.88 658,334 0.88 1.54 0.96 1,583,334 0.96 3.62 DECEMBER 31, 2017 4,283,335 0.76 2.23 Of the total stock options outstanding, 3,249,992 were vested and exercisable at December 31, 2017. The weighted average exercise price of vested stock options is $0.70 and the average remaining contractual life is 1.76 years. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
SHARE-BASED PAYMENTS [Text Block] | 9. SHARE-BASED PAYMENTS The following is a summary of stock options granted by the Company in 2016 and the fair value assigned to the grant. The Company did not grant stock options in 2017. The fair value was calculated at the time of grant using the Black-Scholes option pricing model and the following inputs and assumptions: Inputs and assumptions September 12, 2016 Stock options granted 1,550,000 Exercise price $ 0.96 Market price $ 0.96 Expected option term (years) 3.0 Expected stock price volatility 59.3% Average risk-free interest rate 0.60% Expected forfeiture rate - Expected dividend yield - FAIR VALUE ASSIGNED 592,000 |
MANAGEMENT COMPENSATION
MANAGEMENT COMPENSATION | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
MANAGEMENT COMPENSATION [Text Block] | 10. KEY MANAGEMENT COMPENSATION The Company’s related parties include its directors and officers, who are the key management of the Company. The remuneration of directors and officers was as follows: For the year ended December 31, 2017 2016 $ $ Salaries and director fees 827,236 884,940 Share-based payments 290,069 140,808 KEY MANAGEMENT COMPENSATION 1,117,305 1,025,748 Share-based payments represent the fair value of stock options previously granted to directors and officers that was recognized during the years presented above. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] | 11. SUPPLEMENTAL CASH FLOW INFORMATION For the year ended December 31, 2017 2016 $ $ Increase in other assets (47,474 ) (35,945 ) Decrease in accrued interest balance 39,993 16,162 Decrease in accounts payable and accrued liabilities related to operations (103,063 ) (28,330 ) CHANGE IN NON-CASH WORKING CAPITAL ITEMS (110,544 ) (48,113 ) |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
SEGMENTED INFORMATION [Text Block] | 12. SEGMENTED INFORMATION The Company’s operations are in one segment: the acquisition, exploration, and future development of resource properties. All interest income is earned in Canada. All assets are held in Canada. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
INCOME TAXES [Text Block] | 13. INCOME TAXES a. Rate reconciliation The income tax expense or recovery reported by the Company differs from the amounts obtained by applying statutory rates to the loss and comprehensive loss. A reconciliation of the income tax provision computed at statutory rates to the reported income tax provision is provided below: For the year ended December 31, 2017 2016 Statutory tax rate 26.00% 26.00% Loss before taxes 2,661,589 2,088,400 Income tax recovery calculated at statutory rate 692,013 542,984 Non-deductible expenditures (88,941 ) (60,784 ) Other 27,136 6,644 Unrecognized tax benefit (630,208 ) (488,844 ) INCOME TAX - - b. Unrecognized deferred income tax asset Future potential tax deductions that are not used to offset deferred income tax liabilities are considered to be unrecognized deferred income tax assets. The significant components of the Company’s unrecognized deferred income tax asset are as follows: As at December 31, 2017 2016 $ $ Mineral property interests 1,173,590 1,125,110 Non-capital losses 4,312,706 3,576,176 Property and equipment 198,165 194,575 Other items 147,184 141,733 UNRECOGNIZED DEFERRED INCOME TAX ASSET 5,831,645 5,037,594 The Company estimates that the realization of income tax benefits related to these deferred income tax assets is uncertain and cannot be considered to be more likely than not. Accordingly, no deferred income tax asset has been recorded. c. Non-capital losses The Company has incurred non-capital losses that may be carried forward and used to reduce taxable income of future years. These losses totaled $16.0 million as at December 31, 2017 (2016 - $13.1 million) and will expire between 2030 and 2037. The Company has approximately $32.9 million in Canadian exploration and development expenditures (2016 – $30.5 million), and has cumulative eligible capital and undepreciated capital cost balances totaling $1.3 million (2016 – $1.3 million). These amounts are available to reduce future taxable income and do not expire. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
CAPITAL MANAGEMENT [Text Block] | 14. CAPITAL MANAGEMENT The Company considers capital to be equity attributable to common shareholders, comprised of share capital, contributed surplus, and deficit. It is the Company’s objective to safeguard its ability to continue as a going concern so that it can continue to explore and develop its projects. The Company monitors its cash position and its short-term investments on a regular basis to determine whether sufficient funds are available to meet its short-term and long-term corporate objectives, and makes adjustments to its plans for changes in economic conditions, capital markets and the risk characteristics of the underlying assets. To maintain its objectives, the Company may attempt to issue new shares, seek debt financing, acquire or dispose of assets or change the timing of its planned exploration and development projects. There is no assurance that these initiatives will be successful. There was no change in the Company’s approach to capital management during the year. Western has no debt and does not pay dividends. The Company is not subject to any externally imposed capital requirement. |
FINANCIAL INSTRUMENT RISK
FINANCIAL INSTRUMENT RISK | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
FINANCIAL INSTRUMENT RISK [Text Block] | 15. FINANCIAL INSTRUMENT RISK The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company has exposure to liquidity, credit, and market risk from the use of financial instruments. Financial instruments consist of cash and cash equivalents, short-term investments, marketable securities, certain other assets, and accounts payable and accrued liabilities. a. Liquidity risk Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they come due. The Company uses cash forecasts to ensure that there is sufficient cash on hand to meet short- term business requirements. Cash is invested in highly liquid investments which are available to discharge obligations when they come due. The Company does not maintain a line of credit. b. Credit risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents and short-term investments. These financial instruments are at risk to the extent that the institutions issuing or holding them cannot redeem amounts when they are due or requested. To limit its credit risk, the Company uses a restrictive investment policy. It deposits cash and cash equivalents in Canadian chartered banks and purchases short-term investments that are guaranteed by Canadian governments or by Canadian chartered banks. The carrying amount of financial assets recorded in the financial statements, net of any allowance for losses, represents Western’s maximum exposure to credit risk. c. Market risk The Company is exposed to market risk because of the fluctuating values of its publicly traded marketable securities. The Company has no control over these fluctuations and does not hedge its investments. Marketable securities are adjusted to fair value at each balance sheet date. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
SUBSEQUENT EVENT [Text Block] | 16. SUBSEQUENT EVENT On February 8, 2018, Western issued 2,905,066 units at a price of $1.15 per unit for gross proceeds of $3.34 million. Each unit consisted of one common share of the Company and half of one non-transferable warrant. Each whole warrant entitles the holder to purchase one common share of the Company at a price of $1.75 until February 8, 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Basis of consolidation [Policy Text Block] | (i) Basis of consolidation The Company consolidates an entity when it has power over that entity, is exposed, or has rights, to variable returns from its involvement with that entity and has the ability to affect those returns through its power over that entity. The financial statements of other entities (e.g. subsidiaries) are included in the consolidated financial statements from the date that control commences until the date that control ceases. All significant intercompany transactions and balances are eliminated. The consolidated financial statements of the Company include Western Copper and Gold Corp., Casino Mining Corp., Ravenwolf Resource Group Ltd., and Minera Costa de Plata SA de CV. |
Presentation currency [Policy Text Block] | (ii) Presentation currency The Company’s presentation currency is the Canadian dollar (“$”). The functional currency of Western and its significant subsidiaries is the Canadian dollar. |
Foreign currency translation [Policy Text Block] | (iii) Foreign currency translation In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency (“foreign currencies”) are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary assets and liabilities are translated using the period end foreign exchange rate. 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 included in the statement of loss. |
Share-based payments [Policy Text Block] | (iv) Share-based payments The Company grants stock options to buy common shares of the Company to directors, officers, employees and consultants. The fair value of stock options granted by the Company is treated as compensation costs in accordance with IFRS 2 - Share-based Payments If the stock options are exercised, the value attributable to the stock options is transferred to share capital. |
Income taxes [Policy Text Block] | (v) Income taxes Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the statement of loss. Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to the previous year. Deferred taxes are recorded using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (i.e. timing differences). Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of loss in the period that the substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. |
Loss per share [Policy Text Block] | (vi) Loss per share Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted loss per share is computed in the same way as basic loss per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of all stock options and warrants, if dilutive. |
Long-lived assets [Policy Text Block] | (vii) Long-lived assets 1. Exploration and evaluation assets Direct costs related to the acquisition and exploration of mineral properties held or controlled by the Company are capitalized on an individual property basis until the property is put into production, sold, abandoned, or determined to be impaired. Administration costs and general exploration costs are expensed as incurred. When a property is placed into commercial production, deferred costs will be depleted using the units-of-production method. The Company classifies its mineral properties as exploration and evaluation assets until technical feasibility and commercial viability of extracting a mineral resource are demonstrable. At this point, the exploration and evaluation assets are transferred to property and equipment. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as the extent of established mineral reserves, the results of feasibility and technical evaluations, and the status of mining leases or permits. Proceeds received from the sale of royalties, as a result of tax credits, or as part of government assistance programs are recognized as a reduction in the carrying value of the related asset when the money is more likely than not to be received. If the applicable property has been written-off, the amount received is recorded as a credit in the statement of loss in the period in which the payment is more likely than not to be received. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, or title may be affected by undetected defects. 2. Impairment The Company’s assets are reviewed for indication of impairment at each balance sheet date. If any such indication exists, an estimate of the recoverable amount is undertaken, being the higher of an asset’s fair value less costs of disposal and value in use (“VIU”). If the asset’s carrying amount exceeds its recoverable amount then an impairment loss is recognized in the statement of loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value of mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. Impairment is normally assessed at the level of cash-generating units, which are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets. 3. Reversal of impairment An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss had been recognized. |
Cash and cash equivalents [Policy Text Block] | (viii) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, deposits in banks and highly liquid investments with an original maturity of three months or less. |
Short-term investments [Policy Text Block] | (ix) Short-term investments Short-term investments are investments with an original maturity date greater than three months, but no more than one year from the date of acquisition. |
Financial instruments [Policy Text Block] | (x) Financial instruments 1. Loans and receivables Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are initially recognized at the transaction value, plus any directly attributable transaction costs, and are subsequently carried at amortized cost less impairment losses using the effective interest rate method. Interest income is recognized by applying the effective interest rate. The Company has classified cash and cash equivalents and short-term investments contained in other assets as “loans and receivables”. 2. Financial assets at fair value through profit or loss (“FVTPL”) Financial assets are classified as FVTPL where the asset is either held for trading or is specifically designated as FVTPL. Gains and losses arising from changes in fair value of these assets are recognised in the statement of loss for the period. A financial asset is classified as held for trading if it has been acquired principally for the purpose of selling in the near future. The Company has classified marketable securities as “financial assets at FVTPL”. All marketable securities are considered Level 1 in the financial instrument hierarchy as they are quoted in an active public market. 3. Other financial liabilities Trade payables and other financial liabilities are initially measured at fair value, net of transaction costs, and are subsequently measured at amortized cost using the effective interest rate method. The Company has classified accounts payable and accrued liabilities as “other financial liabilities”. |
Provisions [Policy Text Block] | (xi) Provisions Provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. |
EXPLORATION AND EVALUATION AS23
EXPLORATION AND EVALUATION ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about exploration and evaluation expenditures [Table Text Block] | $ DECEMBER 31, 2015 36,389,795 Acquisition costs 617,767 Claims maintenance 21,314 Engineering 337,039 Permitting 766,263 Salary and wages 540,744 Share-based payments 49,396 DECEMBER 31, 2016 38,722,318 Claims maintenance 10,605 Engineering 183,165 Permitting 1,317,578 Salary and wages 347,887 Share-based payments 68,994 DECEMBER 31, 2017 40,650,547 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Number of Weighted average Stock options exercise price $ DECEMBER 31, 2015 6,217,334 1.24 Granted 1,550,000 0.96 Exercised (270,666 ) 0.70 Expired (1,525,000 ) 2.84 DECEMBER 31, 2016 5,971,668 0.79 Exercised (1,688,333 ) 0.85 DECEMBER 31, 2017 4,283,335 0.76 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [Table Text Block] | Stock options outstanding, Number of Weighted average Average by exercise price Stock options exercise price remaining contractual life $ years $0.50 741,667 0.50 2.61 $0.60 – 0.67 1,300,000 0.61 0.65 $0.80 – 0.88 658,334 0.88 1.54 0.96 1,583,334 0.96 3.62 DECEMBER 31, 2017 4,283,335 0.76 2.23 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about share options valuation assumptions [Table Text Block] | Inputs and assumptions September 12, 2016 Stock options granted 1,550,000 Exercise price $ 0.96 Market price $ 0.96 Expected option term (years) 3.0 Expected stock price volatility 59.3% Average risk-free interest rate 0.60% Expected forfeiture rate - Expected dividend yield - FAIR VALUE ASSIGNED 592,000 |
MANAGEMENT COMPENSATION (Tables
MANAGEMENT COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about management compensation [Table Text Block] | For the year ended December 31, 2017 2016 $ $ Salaries and director fees 827,236 884,940 Share-based payments 290,069 140,808 KEY MANAGEMENT COMPENSATION 1,117,305 1,025,748 |
SUPPLEMENTAL CASH FLOW INFORM27
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about non-cash working capital items [Table Text Block] | For the year ended December 31, 2017 2016 $ $ Increase in other assets (47,474 ) (35,945 ) Decrease in accrued interest balance 39,993 16,162 Decrease in accounts payable and accrued liabilities related to operations (103,063 ) (28,330 ) CHANGE IN NON-CASH WORKING CAPITAL ITEMS (110,544 ) (48,113 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about effective income tax recovery [Table Text Block] | For the year ended December 31, 2017 2016 Statutory tax rate 26.00% 26.00% Loss before taxes 2,661,589 2,088,400 Income tax recovery calculated at statutory rate 692,013 542,984 Non-deductible expenditures (88,941 ) (60,784 ) Other 27,136 6,644 Unrecognized tax benefit (630,208 ) (488,844 ) INCOME TAX - - |
Disclosure of temporary difference, unused tax losses and unused tax credits [Table Text Block] | As at December 31, 2017 2016 $ $ Mineral property interests 1,173,590 1,125,110 Non-capital losses 4,312,706 3,576,176 Property and equipment 198,165 194,575 Other items 147,184 141,733 UNRECOGNIZED DEFERRED INCOME TAX ASSET 5,831,645 5,037,594 |
SHORT-TERM INVESTMENTS (Narrati
SHORT-TERM INVESTMENTS (Narrative) (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Statement [Line Items] | ||
Short-term investments | $ 3,704,131 | $ 6,157,263 |
Interest receivable | $ 17,270 | $ 57,263 |
MARKETABLE SECURITIES (Narrativ
MARKETABLE SECURITIES (Narrative) (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Statement [Line Items] | ||
Financial assets, at fair value | $ 285,700 | $ 454,500 |
NorthIsle Copper and Gold Inc. [Member] | ||
Statement [Line Items] | ||
Number of equity instruments held | 2,500,000 | |
Financial assets, at fair value | $ 250,000 | 412,500 |
Copper North Mining Corp. [Member] | ||
Statement [Line Items] | ||
Number of equity instruments held | 420,000 | |
Financial assets, at fair value | $ 35,700 | $ 42,000 |
EXPLORATION AND EVALUATION AS31
EXPLORATION AND EVALUATION ASSETS (Narrative) (Details) - Casino Project [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Exploration and evaluation asset, ownership percentage | 100.00% |
Net smelter returns royalty | 2.75% |
Description of nature of obligation, contingent liabilities | As part of a separate agreement, Western is required to make a payment of $1 million upon making a production decision on the Casino Project. |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) - CAD ($) | Nov. 09, 2016 | Dec. 31, 2016 |
Statement [Line Items] | ||
Description of mineral claims sold and repurchased | On November 9, 2016, the Company completed an agreement with Cariboo Rose Resources Ltd. (“Cariboo Rose”) whereby Cariboo Rose exercised its option to acquire the 55 mineral claims known as the Casino B Claims. As part of the same agreement, Western re-purchased nine of the Casino B Claims in exchange for 500,000 common shares of the Company. | |
Shares issued Acquisition of mineral claims (shares) | 500,000 | 500,000 |
Shares issued Acquisition of mineral claims | $ 580,000 | $ 580,000 |
STOCK OPTIONS (Narrative) (Deta
STOCK OPTIONS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017CAD ($)yr | |
Statement [Line Items] | |
Description of limits for stock options | Based on the Company’s stock option plan, most recently approved by the Company’s shareholders at the annual general meeting held on June 24, 2015, Western may issue stock options for the purchase of up to 10% of issued capital. |
Description of vesting requirements for share-based payment arrangement | Stock options vest over a two year period from the date of grant unless otherwise determined by the directors. |
Description of maximum term of options granted for share-based payment arrangement | The maximum stock option term is 10 years |
Maximum stock options authorized | 5,382,058 |
Number of share options exercisable in share-based payment arrangement | 3,249,992 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ | $ 0.70 |
Weighted average remaining contractual life of exercisable share options (years) | yr | 1.76 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - CAD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Unused tax losses [Member] | ||
Statement [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 16 | $ 13.1 |
Canadian exploration and development expenditures [Member] | ||
Statement [Line Items] | ||
Deferred tax assets | 32.9 | 30.5 |
Cumulative eligible capital and undepreciated capital cost [Member] | ||
Statement [Line Items] | ||
Deferred tax assets | $ 1.3 | $ 1.3 |
SUBSEQUENT EVENT (Narrative) (D
SUBSEQUENT EVENT (Narrative) (Details) - Subsequent Event [Member] | Feb. 08, 2018CAD ($) |
Statement [Line Items] | |
Units issued in period | 2,905,066 |
Units issued in period, price per unit | $ 1.15 |
Proceeds from units issued | 3,340,000 |
Weighted average exercise price of warrants issued | $ 1.75 |
Disclosure of detailed informat
Disclosure of detailed information about exploration and evaluation expenditures (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Exploration and evaluation assets, beginning of period | $ 38,722,318 | $ 36,389,795 |
Acquisition costs | 617,767 | |
Claims maintenance | 10,605 | 21,314 |
Engineering | 183,165 | 337,039 |
Permitting | 1,317,578 | 766,263 |
Salary and wages | 347,887 | 540,744 |
Share-based payments | 68,994 | 49,396 |
Exploration and evaluation assets, end of period | $ 40,650,547 | $ 38,722,318 |
Disclosure of number and weight
Disclosure of number and weighted average exercise prices of share options (Details) | Sep. 12, 2016 | Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($) |
Statement [Line Items] | |||
Number of share options outstanding in share-based payment arrangement at beginning of period | 5,971,668 | 6,217,334 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ 0.79 | $ 1.24 | |
Number of share options granted in share-based payment arrangement | 1,550,000 | 1,550,000 | |
Weighted average exercise price of share options granted in share-based payment arrangement | $ 0.96 | ||
Number of share options exercised in share-based payment arrangement | (1,688,333) | (270,666) | |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 0.85 | $ 0.70 | |
Number of share options expired in share-based payment arrangement | (1,525,000) | ||
Weighted average exercise price of share options expired in share-based payment arrangement | $ 2.84 | ||
Number of share options outstanding in share-based payment arrangement at end of period | 4,283,335 | 5,971,668 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ 0.76 | $ 0.79 |
Disclosure of number and weig38
Disclosure of number and weighted average remaining contractual life of outstanding share options (Details) | Dec. 31, 2017CAD ($)yr | Dec. 31, 2016CAD ($) | Dec. 31, 2015CAD ($) |
Statement [Line Items] | |||
Number of stock options | 4,283,335 | 5,971,668 | 6,217,334 |
Weighted average exercise price | $ 0.76 | $ 0.79 | $ 1.24 |
Average remaining contractual life (years) | yr | 2.23 | ||
Range 1 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | $ 0.50 | ||
Number of stock options | 741,667 | ||
Weighted average exercise price | $ 0.50 | ||
Average remaining contractual life (years) | yr | 2.61 | ||
Range 2 [Member] | |||
Statement [Line Items] | |||
Number of stock options | 1,300,000 | ||
Weighted average exercise price | $ 0.61 | ||
Average remaining contractual life (years) | yr | 0.65 | ||
Range 2 [Member] | Bottom of range [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | $ 0.60 | ||
Range 2 [Member] | Top of range [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | $ 0.67 | ||
Range 3 [Member] | |||
Statement [Line Items] | |||
Number of stock options | 658,334 | ||
Weighted average exercise price | $ 0.88 | ||
Average remaining contractual life (years) | yr | 1.54 | ||
Range 3 [Member] | Bottom of range [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | $ 0.80 | ||
Range 3 [Member] | Top of range [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | 0.88 | ||
Range 4 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | $ 0.96 | ||
Number of stock options | 1,583,334 | ||
Weighted average exercise price | $ 0.96 | ||
Average remaining contractual life (years) | yr | 3.62 |
Disclosure of detailed inform39
Disclosure of detailed information about share options valuation assumptions (Details) | Sep. 12, 2016CAD ($)yr | Dec. 31, 2016 |
Statement [Line Items] | ||
Stock options granted | 1,550,000 | 1,550,000 |
Exercise price | $ 0.96 | |
Market price | $ 0.96 | |
Expected option term (years) | yr | 3 | |
Expected stock price volatility | 59.30% | |
Average risk-free interest rate | 0.60% | |
Expected forfeiture rate | 0.00% | |
Expected dividend yield | 0.00% | |
FAIR VALUE ASSIGNED | $ 592,000 |
Disclosure of detailed inform40
Disclosure of detailed information about management compensation (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Salaries and director fees | $ 827,236 | $ 884,940 |
Share-based payments | 290,069 | 140,808 |
MANAGEMENT COMPENSATION | $ 1,117,305 | $ 1,025,748 |
Disclosure of detailed inform41
Disclosure of detailed information about non-cash working capital items (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Decrease in other assets | $ (47,474) | $ (35,945) |
Decrease in accrued interest balance | 39,993 | 16,162 |
Decrease (increase) in accounts payable and accrued liabilities related to operations | (103,063) | (28,330) |
CHANGE IN NON-CASH WORKING CAPITAL ITEMS | $ (110,544) | $ (48,113) |
Disclosure of detailed inform42
Disclosure of detailed information about effective income tax recovery (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Statutory tax rate | 26.00% | 26.00% |
Loss before taxes | $ 2,661,589 | $ 2,088,400 |
Income tax recovery calculated at statutory rate | 692,013 | 542,984 |
Non-deductible expenditures | (88,941) | (60,784) |
Other | 27,136 | 6,644 |
Unrecognized tax benefit | (630,208) | (488,844) |
INCOME TAX | $ 0 | $ 0 |
Disclosure of temporary differe
Disclosure of temporary difference, unused tax losses and unused tax credits (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Statement [Line Items] | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | $ 5,831,645 | $ 5,037,594 |
Mineral property interests [Member] | ||
Statement [Line Items] | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 1,173,590 | 1,125,110 |
Non-capital losses [Member] | ||
Statement [Line Items] | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 4,312,706 | 3,576,176 |
Property and equipment [Member] | ||
Statement [Line Items] | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 198,165 | 194,575 |
Other items [Member] | ||
Statement [Line Items] | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | $ 147,184 | $ 141,733 |