Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Registrant Name | WESTERN COPPER AND GOLD CORPORATION |
Document Type | 40-F |
Entity Address, Postal Zip Code | V6E 3Z3 |
City Area Code | 604 |
Local Phone Number | 684-9497 |
Document Annual Report | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Amendment Flag | false |
Entity Interactive Data Current | Yes |
Entity Address, State or Province | BC |
Entity Address, City or Town | Vancouver |
Entity Address, Address Line One | 1200 - 1166 Alberni Street |
Entity Incorporation, State or Country Code | Z4 |
Entity Tax Identification Number | 98-0496216 |
Entity File Number | 1-35075 |
Document Fiscal Period Focus | FY |
Document Registration Statement | false |
Document Fiscal Year Focus | 2022 |
Entity Common Stock, Shares Outstanding | 151,597,489 |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Central Index Key | 0001364125 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | WRN |
Security Exchange Name | NYSEAMER |
Auditor Firm ID | 271 |
Auditor Location | Vancouver, Canada |
Auditor Name | PricewaterhouseCoopers LLP |
ICFR Auditor Attestation Flag | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Postal Zip Code | 98104 |
City Area Code | 206 |
Local Phone Number | 903-5448 |
Contact Personnel Name | DL Services Inc. |
Entity Address, State or Province | WA |
Entity Address, City or Town | Seattle |
Entity Address, Address Line One | 701 Fifth Avenue, Suite 6100 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 1,341,267 | $ 30,688,210 |
Short-term investments | 21,368,455 | 16,073,639 |
Marketable securities | 410,080 | 1,104,400 |
Other assets | 1,441,814 | 860,529 |
CURRENT ASSETS | 24,561,616 | 48,726,778 |
Property, plant and equipment | 279,540 | 0 |
Right-of-use assets | 379,511 | 413,047 |
Exploration and evaluation assets | 89,161,878 | 66,348,061 |
ASSETS | 114,382,545 | 115,487,886 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 4,222,346 | 2,228,673 |
Current portion of lease obligation | 245,673 | 171,167 |
Flow-through premium liability | 0 | 759,525 |
CURRENT LIABILITIES | 4,468,019 | 3,159,365 |
Lease obligations | 172,308 | 262,151 |
LIABILITIES | 4,640,327 | 3,421,516 |
SHAREHOLDERS' EQUITY | ||
Share capital | 183,542,846 | 183,190,992 |
Contributed surplus | 37,790,810 | 35,472,638 |
Deficit | (111,591,438) | (106,597,260) |
SHAREHOLDERS' EQUITY | 109,742,218 | 112,066,370 |
LIABILITIES AND SHAREHOLDERS' EQUITY | $ 114,382,545 | $ 115,487,886 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement | ||
Depreciation | $ 167,894 | $ 103,261 |
Filing and regulatory fees | 305,676 | 271,405 |
Office and administration | 656,264 | 598,300 |
Professional fees | 368,106 | 371,168 |
Share-based payments | 1,547,703 | 1,240,229 |
Shareholder communication and travel | 801,100 | 778,266 |
Wages and benefits | 1,785,624 | 1,807,788 |
CORPORATE EXPENSES | 5,632,367 | 5,170,417 |
Foreign exchange loss | 11,528 | 11,153 |
Interest income | (584,512) | (207,960) |
Flow-through premium recovery | (759,525) | (897,283) |
Unrealized loss (gain) on marketable securities | 694,320 | (367,440) |
LOSS AND COMPREHENSIVE LOSS | $ (4,994,178) | $ (3,708,887) |
Basic loss per share (in dollars per share) | $ 0.03 | $ 0.03 |
Diluted loss per share (in dollars per share) | $ 0.03 | $ 0.03 |
Weighted average number of common shares outstanding | 151,531,445 | 144,266,435 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows provided by (used in) | ||
Loss and comprehensive loss | $ (4,994,178) | $ (3,708,887) |
ITEMS NOT AFFECTING CASH | ||
Depreciation | 167,894 | 103,261 |
Finance costs | 37,696 | 25,620 |
Flow-through premium recovery | (759,525) | (897,283) |
Unrealized loss (gain) on marketable securities | 694,320 | (367,440) |
Share-based payments | 1,547,703 | 1,240,229 |
ITEMS NOT AFFECTING CASH | 1,688,088 | 104,387 |
Change in non-cash working capital items | (38,264) | (264,989) |
OPERATING ACTIVITIES | (3,344,354) | (3,869,489) |
FINANCING ACTIVITIES | ||
Private placement proceeds | 0 | 33,634,423 |
Private placement issuance costs | 0 | (1,560,618) |
Exercise of stock options | 133,165 | 1,348,500 |
Lease payments | (209,062) | (108,610) |
FINANCING ACTIVITIES | (75,897) | 33,313,695 |
INVESTING ACTIVITIES | ||
Purchase of short-term investments | (5,000,000) | (16,000,000) |
Mineral property expenditures | (20,647,152) | (11,403,186) |
Right of use asset | (279,540) | 0 |
INVESTING ACTIVITIES | (25,926,692) | (27,403,186) |
CHANGE IN CASH AND CASH EQUIVALENTS | (29,346,943) | 2,041,020 |
Cash and cash equivalents - Beginning | 30,688,210 | 28,647,190 |
CASH AND CASH EQUIVALENTS - ENDING | $ 1,341,267 | $ 30,688,210 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - CAD ($) | Share Capital [Member] | Contributed Surplus [Member] | Deficit [Member] | Total |
Beginning Balance (shares) at Dec. 31, 2020 | 135,597,635 | |||
Beginning Balance at Dec. 31, 2020 | $ 150,897,421 | $ 34,617,746 | $ (102,888,373) | $ 82,626,794 |
Gross proceeds (Shares) | 11,808,490 | |||
Gross proceeds | 25,624,423 | $ 25,624,423 | ||
Issuance costs | (865,829) | $ (865,829) | ||
Gross proceeds (shares) | 2,670,000 | |||
Gross proceeds | 8,010,000 | $ 8,010,000 | ||
Flow-through premium | (1,655,400) | (1,655,400) | ||
Issuance costs | (694,788) | $ (694,788) | ||
Exercise of stock options (shares) | 1,350,000 | |||
Exercise of stock options | 1,875,165 | (526,665) | $ 1,348,500 | |
Share-based payments | 1,381,557 | 1,381,557 | ||
Loss and comprehensive loss | (3,708,887) | $ (3,708,887) | ||
Ending Balance (shares) at Dec. 31, 2021 | 151,426,125 | |||
Ending Balance at Dec. 31, 2021 | 183,190,992 | 35,472,638 | (106,597,260) | $ 112,066,370 |
Exercise of stock options (shares) | 91,666 | |||
Exercise of stock options | 178,909 | (45,744) | $ 133,165 | |
Exercise of restricted share units (shares) | 79,698 | |||
Exercise of restricted share units | 172,945 | (172,945) | ||
Share-based payments | 2,536,861 | $ 2,536,861 | ||
Loss and comprehensive loss | (4,994,178) | $ (4,994,178) | ||
Ending Balance (shares) at Dec. 31, 2022 | 151,597,489 | |||
Ending Balance at Dec. 31, 2022 | $ 183,542,846 | $ 37,790,810 | $ (111,591,438) | $ 109,742,218 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Nature Of Business [Abstract] | |
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 1200 - 1166 Alberni Street, Vancouver, British Columbia. The Company will need to raise additional funds to complete the development of the Casino Project. While Western has been successful in raising sufficient capital to fund its operations 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, 2022 | |
Basis Of Presentation [Abstract] | |
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 as issued by the International Accounting Standards Board ("IFRS"). 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 23, 2023. b. Accounting estimates and judgments The preparation of financial statements in conformity with IFRS requires management to exercise judgement in the process of applying its accounting policies and to make estimates that affect the 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 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 for the exploration and evaluation assets. We consider 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 unit 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. Management did not identify any impairment indicators during the year ended December 31, 2022 and 2021. J udgment is required in assessing whether a mineral property is in the exploration and evaluation phase and should be classified as an exploration and evaluation asset or if the exploration and evaluation phase has been completed and the mineral property should be reclassified as property and equipment. We determined that although a feasibility study for the Casino Project has been completed, the Company has not yet received the necessary licenses and permits required to consider the exploration and evaluation stage to have been completed . |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
ACCOUNTING POLICIES [Text Block] | 3. A CCOUNTING POLICIES a. Summary of significant accounting policies The Company's principal accounting policies are outlined below: (i) 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 subsidiaries are consolidated 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., and Ravenwolf Resource Group Ltd. (ii) The Company's presentation currency is the Canadian dollar ("$"). The functional currency of Western and its significant subsidiaries is the Canadian dollar. (iii) 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, foreign currency denominated 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) The Company grants stock options, restricted share units ("RSUs") and deferred share units ("DSUs") 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. The fair value of stock options is calculated using the Black-Scholes option pricing model and the fair value of RSUs and DSUs are determined based on the closing price of the shares on the day of grant. These costs are charged to the statement of loss or, if appropriate, are capitalized to exploration and evaluation assets over the stock option vesting period with an offsetting entry to contributed surplus. The Company's allocation of share-based payments is consistent with its treatment of other types of compensation for each recipient. If the stock options are exercised, the value attributable to the stock options is transferred to share capital. (v) 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) Canadian income tax legislation permits an enterprise to issue securities, referred to as flow-through shares, whereby the investor can claim the tax deductions arising from the renunciation of the related qualifying resource expenditures. The Company accounts for flow-through premium, i.e. the price paid for the flow-through shares in excess of the market value of the shares without flow-through features is credited to other liabilities. Flow-through premium is recognized in other income when qualifying expenditures are incurred. (vii) 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 number of shares outstanding is increased to include additional shares for the assumed exercise of all stock options and warrants, if dilutive. (viii) 1. 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, tax credits, or government assistance programs are recognized as a reduction in the carrying value of the related asset when the proceeds are more likely than not to be received. If proceeds received is in excess of the carrying value of the related asset after impairment 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 we have taken steps to verify title to mineral properties in which we have an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee our title. Property title may be subject to unregistered prior agreements or transfers, and may be affected by undetected defects. 2. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance expense. The finance expense is charged to the statements of operations over the lease period. The right-of-use asset is depreciated over the shorter of the asset's useful life or the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value of lease payments. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Company's incremental borrowing rate. 3. The Company's exploration and evaluation assets are reviewed for indication of impairment at each balance sheet date in accordance with IFRS 6 - Exploration for and evaluation of mineral resources. If any such indication exists, an estimate of the recoverable amount is undertaken. Recoverable amount is 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. The 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. 4. 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. (ix) 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. (x) 1. Financial instruments are recognized when the Company becomes party to a contractual obligation. At initial recognition, the Company classifies its financial instruments as one the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive income ("FVTOCI"), or at amortized cost according to the financial instruments' contractual cash flow characteristics and the business models under which they are held. Financial assets are measured at amortized cost if they are held for the collection of contractual cash flows where those cash flows solely represent payments of principal and interest. The Company's intent is to hold these financial assets in order to collect contractual cash flows and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. The Company determines the classification of financial assets at initial recognition. Marketable securities are instruments held for trading and are classified as fair value through profit and loss ("FVTPL"). Financial assets are measured at FVTOCI if they are held for the collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in OCI. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the statement of loss. Financial assets are measured at FVTPL if they do not qualify as financial assets at amortized cost or FVTOCI. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in the statement of loss. Financial liabilities are measured at amortised cost unless they are required to be measured at FVTPL. The Company classifies its financial instruments as follows: Financial assets/liabilities Classification Cash and cash equivalents Amortized cost Short-term investments Amortized cost Marketable securities FVTPL Other assets Amortized cost Accounts payable and accrued liabilities Amortized cost 2. At each reporting date, the Company assesses the expected credit loss associated with its financial assets carried at amortized cost and FVTOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Allowances are recognized as impairment gains or losses on the statement of loss. 3. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognized when, and only when, the Company's obligations are discharged, cancelled or they expire. (xi) 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. |
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Short Term Investments [Abstract] | |
SHORT-TERM INVESTMENTS [Text Block] | 4. SHORT-TERM INVESTMENTS As at December 31, 2022, the Company had $21,000,000 (December 31, 2021 - $16,000,000) invested in Canadian dollar denominated guaranteed investment certificates plus accrued interest of $368,455 (December 31, 2021 - $73,639). |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2022 | |
Available-for-sale financial assets [abstract] | |
MARKETABLE SECURITIES [Text Block] | 5. MARKETABLE SECURITIES As at December 31, 2022, the Company held marketable securities with an aggregate fair value of $410,080 (December 31, 2021 - $1,104,400), consisting of 2.5 million common shares of Northisle Copper and Gold Inc. with a fair value of $400,000 (December 31, 2021 - $1,075,000) and 168,000 common shares of Granite Creek Copper Ltd. with a fair value of $10,080 (December 31, 2021 - $29,400). The fair value of the marketable securities is determined by reference to published price quotations in an active market (classified as level 1 in the fair value hierarchy). |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Exploration And Evaluation Assets [Abstract] | |
EXPLORATION AND EVALUATION ASSETS [Text Block] | 6. EXPLORATION AND EVALUATION ASSETS a. Casino (100% - Yukon, Canada) The Casino Project is a copper-gold porphyry deposit located in Yukon, Canada. The Casino Property is subject to a 2.75% NSR on the claims comprising the Casino project in favour of Osisko Gold Royalties Ltd. ("Osisko Gold") pursuant to the Royalty Assignment and Assumption Agreement dated July 31, 2017 when 8248567 Canada Limited assigned to Osisko Gold all of its rights, title and interest in the 2.75% NSR. b. Exploration and evaluation expenditures Total $ DECEMBER 31, 2020 53,748,013 Claims maintenance 22,270 Engineering 3,180,020 Exploration and camp support 7,648,920 Permitting 1,326,058 Salary and wages 281,452 Share-based payments 141,328 DECEMBER 31, 2021 66,348,061 Claims maintenance 26,038 Engineering 3,619,508 Exploration and camp support 8,698,630 Permitting 8,176,200 Salary and wages 1,304,283 Share-based payments 989,158 DECEMBER 31, 2022 89,161,878 |
FLOW THROUGH PREMIUM LIABILITY
FLOW THROUGH PREMIUM LIABILITY | 12 Months Ended |
Dec. 31, 2022 | |
Flow Through Premium Liability [Abstract] | |
FLOW THROUGH PREMIUM LIABILITY [Text Block] | 7. FLOW THROUGH PREMIUM LIABILITY In connection with the flow-through share offering the Company completed on July 29, 2021, the Company recorded a flow-through premium liability of $1,655,400 during the year ended December 31, 2021. The flow-through premium is recognized in the statement of loss based on the amount of qualifying flow-through expenditures incurred by the Company. As at December 31, 2022, the Company had incurred $8,010,000 of qualifying flow through expenditures as required by the July 29, 2021 offering and recognized a flow-through premium recovery of $759,525 for the year ended December 31, 2022 (Year ended December 31, 2021 - $897,283). |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reserves within equity [abstract] | |
SHARE CAPITAL [Text Block] | 8. SHARE CAPITAL a. Authorized 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. b. Financing On July 29, 2021, Western completed a brokered private placement of flow-through common shares (the "FT Shares"). The Company issued a total of 2,670,000 FT Shares at a price of $3.00 per FT Share for aggregate gross proceeds of $8,010,000. Issuance costs related to the private placement totaled $694,788. A flow through premium liability of $1,655,400 was recognized. Refer note 7. On May 31, 2021, Rio Tinto Canada Inc. ("Rio Tinto") completed a strategic investment in Western by way of a private placement of the Company's common shares. The Company sold 11,808,490 common shares at a price of $2.17 per common share for gross proceeds of $25,624,423. The Company incurred $865,829 in costs associated with the private placement. |
WARRANTS
WARRANTS | 12 Months Ended |
Dec. 31, 2022 | |
Warrants [Abstract] | |
WARRANTS [Text Block] | 9. WARRANTS A summary of the Company's warrants outstanding, including changes for the periods then ended, is presented below: Number of warrants Weighted average exercise price $ DECEMBER 31, 2020 and DECEMBER 31, 2021 1,500,000 0.85 - - DECEMBER 31, 2022 1,500,000 0.85 Warrants outstanding are as follows: Warrant outstanding, by exercise price Number of warrants Weighted average Average $ years $0.85 1,500,000 0.85 2.16 DECEMBER 31, 2022 1,500,000 0.85 2.16 |
EQUITY INCENTIVE PLANS
EQUITY INCENTIVE PLANS | 12 Months Ended |
Dec. 31, 2022 | |
Equity Incentive Plans [Abstract] | |
EQUITY INCENTIVE PLANS [Text block] | 10. EQUITY INCENTIVE PLANS The Company has three equity incentive plans consisting of a stock option plan (the "Option Plan"), a restricted share unit plan (the "RSU Plan") and a deferred share unit plan (the "DSU Plan") (collectively the "Equity Incentive Plans"). Pursuant to the Company's annual general meeting held on June 17, 2021, it was approved that the maximum aggregate number of common shares issuable under the Equity Incentive Plans cannot exceed 10% of number of common shares issued and outstanding. a. Stock Options and Share-based payments Stock Options Under the Option Plan, 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, 2022, the Company could issue an additional 2,366,354 stock options under the terms of the stock option plan. A summary of the Company's stock options outstanding and the changes for the periods then ended, is presented below: Number of stock options Weighted average exercise price $ DECEMBER 31, 2020 7,075,000 1.19 Granted 310,000 2.10 Exercised (1,350,000 ) 1.00 DECEMBER 31, 2021 6,035,000 1.28 Granted 2,181,000 2.03 Exercised (91,666 ) 1.45 DECEMBER 31, 2022 8,124,334 1.48 During the year ended December 31, 2022, the Company recognized an expense of $735,909 in the statement of loss and comprehensive loss (year ended December 31, 2021 - $707,417). During the year ended December 31, 2022, $739,042 was capitalized (year ended December 31, 2021 - $141,328) in the exploration and evaluation assets in relation to stock options. Stock options outstanding are as follows: Stock options outstanding, by exercise price Number of Stock options Weighted average Average $ years $0.75 - $0.90 1,900,000 0.87 1.43 $1.11 - $1.20 1,775,000 1.19 0.40 $1.41 - $1.66 1,958,334 1.63 2.60 $1.85 - $1.95 1,100,000 1.94 4.02 $2.10 - $2.22 1,391,000 2.19 4.04 DECEMBER 31, 2022 8,124,334 1.48 2.29 Average share price for options exercised during the year ended December 31, 2022, was $2.66 (year ended December 31, 2021 - $2.02). Of the total stock options outstanding, 5,636,665 were vested and exercisable at December 31, 2022. The weighted average exercise price of vested stock options is $1.25 and the average remaining contractual life is 1.55 years. Share-based payments During the year ended December 31, 2022, the Company granted 2,181,000 (2021 - 310,000) stock options to employees, directors and consultants at an average exercise price of $2.03 per option. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model. The weighted average assumptions and resulting fair values for the grant are as follows: Inputs and assumptions Year Ended Year Ended Exercise price $2.03 $2.10 Market price $2.03 $2.10 Expected option term (years) 3.0 3.0 Expected stock price volatility 58.6% 62.1% Average risk-free interest rate 1.46% 0.59% Expected forfeiture rate - - Expected dividend yield - - FAIR VALUE PER OPTION GRANTED $0.82 $0.84 b. Restricted Share Units The Company granted RSUs in accordance with the RSU plan approved at the June 17, 2021 shareholders meeting. These RSUs vest in three equal tranches: Tranche one - on completion of 12 months from grant date, Tranche two - on completion of eighteen months from the grant date and Tranche three - on completion of twenty-four months from grant date. These RSUs are classified as equity-settled as these awards will be settled by issuing the shares and are valued at the market price of the Company shares on the date of grant. As at December 31, 2022, the Company could issue an additional 1,746,590 RSUs under the RSU Plan. A summary of the Company's RSUs outstanding and the changes for the periods then ended, is presented below: Number of shares DECEMBER 31, 2020 - RSUs Granted 239,100 DECEMBER 31, 2021 239,100 RSUs Granted 359,723 RSUs Converted to common shares (79,698 ) DECEMBER 31, 2022 519,125 In relation to RSUs, the Company recognized an expense of $521,154 during the year ended December 31, 2022, (year ended December 31, 2021 - $170,422) in the statements of loss and comprehensive loss. During the year ended December 31, 2022 $250,116 was capitalized (year ended December 31, 2021 - Nil) in the exploration and evaluation assets. c. Deferred Share Units Only directors of the Company are eligible for DSUs and each DSU vests immediately and is redeemed upon a director ceasing to be a director of the Company. DSUs are classified as equity-settled as these awards will be settled by issuing the shares and are valued at the market price of the Company shares on the date of grant. As at December 31, 2022, the Company could issue an additional 1,640,111 DSUs under the DSU Plan. Number of shares DECEMBER 31, 2020 - DSUs Granted 167,000 DECEMBER 31, 2021 167,000 DSUs Granted 138,400 DECEMBER 31, 2022 305,400 In relation to DSUs, the Company recognized an expense of $290,640 during the year ended December 31, 2022, (year ended December 31, 2021 - $362,390) in the statements of loss and comprehensive loss. |
KEY MANAGEMENT COMPENSATION
KEY MANAGEMENT COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Key Management Compensation [Abstract] | |
KEY MANAGEMENT COMPENSATION [Text Block] | 11. KEY MANAGEMENT COMPENSATION The Company's related parties include its directors and officers, who are the key management of the Company. The remuneration of key management was as follows: For the year ended December 31, 2022 2021 $ $ Salaries and director fees 2,284,846 1,580,676 Share-based payments 2,309,506 1,128,330 KEY MANAGEMENT COMPENSATION 4,594,352 2,709,006 Share-based payments represent the fair value on grant date of stock options, RSUs and DSUs previously granted to directors and officers that was recognized in the statement of loss and comprehensive loss during the years presented above. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
SEGMENTED INFORMATION [Text Block] | 12. SEGMENTED INFORMATION The Company's operations are in one segment: the acquisition, exploration, and future development of mineral resource properties. All interest income is earned in Canada and all assets are held in Canada. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] | 13. S UPPLEMENTAL CASH FLOW INFORMATION Non-cash working capital items For the year ended December 31, 2022 2021 $ $ Change in other assets (69,873 ) 26,203 Change in accrued interest (294,816 ) (73,639 ) Change in accounts payable and accrued liabilities related to operations 326,425 (217,553 ) CHANGE IN NON-CASH WORKING CAPITAL ITEMS (38,264 ) (264,989 ) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income taxes paid (refund) [abstract] | |
INCOME TAXES [Text Block] | 14. 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, 2022 2021 Statutory tax rate 27.00% 27.00% Loss before taxes 4,994,178 3,708,888 Income tax recovery calculated at statutory rate 1,348,428 1,001,400 Non-deductible expenditures (422,495 ) (335,976 ) Flow-through premium 205,072 242,266 Amounts expensed for tax purposes only 218,046 218,046 Unrecognized tax benefit (1,349,051 ) (1,125,736 ) INCOME TAX - - b. Deferred income tax asset and liabilities The significant components of the Company's net deferred income tax asset and liabilities are as follows: As at December 31, 2022 2021 $ $ Deferred tax assets: Operating losses carried forward 8,181,149 7,153,971 Share issuance costs 485,410 703,456 Other items 413,924 403,439 DEFERRED TAX ASSET 9,080,483 8,260,866 Deferred tax liabilities Mineral property interests 3,351,389 1,999,946 Marketable securities 2,913 96,647 DEFERRED TAX LIABILITY 3,354,302 2,096,593 Unrecognized Deferred tax assets 5,726,181 6,170,273 UNRECOGNIZED DEFERRED INCOME TAX ASSET 5,726,181 6,170,273 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 $30.3 million as at December 31, 2022 (2021 - $26.5 million) and will expire between 2031 and 2041. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
Capital Management [Abstract] | |
CAPITAL MANAGEMENT [Text Block] | 15. CAPITAL MANAGEMENT The Company considers capital to be equity attributable to common shareholders, composed 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 mineral resource properties. The Company monitors its cash position 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 period. Western has no debt and does not pay dividends. The Company is not subject to any externally imposed capital restrictions. |
FINANCIAL INSTRUMENT RISK
FINANCIAL INSTRUMENT RISK | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENT RISK [Text Block] | 16. 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. Cash and cash equivalents and short-term investments are in Canadian chartered banks. The carrying amount of financial assets recorded in the financial statements 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. A 10% fluctuation in value of its publicly traded marketable securities rate would have a minimal impact on the Company's loss and comprehensive loss. As at December 31, 2022, the carrying amounts of cash and cash equivalents, short-term investments, certain other assets, and accounts payable and accrued liabilities are considered to be reasonable approximations of their fair values due to the short-term nature of these instruments. The fair value of the marketable securities is determined by reference to published price quotations in an active market (classified as level 1 in the fair value hierarchy). |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of consolidation [Policy Text Block] | (i) 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 subsidiaries are consolidated 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., and Ravenwolf Resource Group Ltd. |
Presentation currency [Policy Text Block] | (ii) 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) 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, foreign currency denominated 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) The Company grants stock options, restricted share units ("RSUs") and deferred share units ("DSUs") 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. The fair value of stock options is calculated using the Black-Scholes option pricing model and the fair value of RSUs and DSUs are determined based on the closing price of the shares on the day of grant. These costs are charged to the statement of loss or, if appropriate, are capitalized to exploration and evaluation assets over the stock option vesting period with an offsetting entry to contributed surplus. The Company's allocation of share-based payments is consistent with its treatment of other types of compensation for each recipient. 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 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. |
Flow-through shares [Policy Text Block] | (vi) Canadian income tax legislation permits an enterprise to issue securities, referred to as flow-through shares, whereby the investor can claim the tax deductions arising from the renunciation of the related qualifying resource expenditures. The Company accounts for flow-through premium, i.e. the price paid for the flow-through shares in excess of the market value of the shares without flow-through features is credited to other liabilities. Flow-through premium is recognized in other income when qualifying expenditures are incurred. |
Loss per share [Policy Text Block] | (vii) 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 number of shares outstanding is increased to include additional shares for the assumed exercise of all stock options and warrants, if dilutive. |
Long-lived assets [Policy Text Block] | (viii) 1. 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, tax credits, or government assistance programs are recognized as a reduction in the carrying value of the related asset when the proceeds are more likely than not to be received. If proceeds received is in excess of the carrying value of the related asset after impairment 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 we have taken steps to verify title to mineral properties in which we have an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee our title. Property title may be subject to unregistered prior agreements or transfers, and may be affected by undetected defects. 2. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance expense. The finance expense is charged to the statements of operations over the lease period. The right-of-use asset is depreciated over the shorter of the asset's useful life or the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value of lease payments. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Company's incremental borrowing rate. 3. The Company's exploration and evaluation assets are reviewed for indication of impairment at each balance sheet date in accordance with IFRS 6 - Exploration for and evaluation of mineral resources. If any such indication exists, an estimate of the recoverable amount is undertaken. Recoverable amount is 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. The 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. 4. 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] | (ix) 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. |
Financial instruments [Policy Text Block] | (x) 1. Financial instruments are recognized when the Company becomes party to a contractual obligation. At initial recognition, the Company classifies its financial instruments as one the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive income ("FVTOCI"), or at amortized cost according to the financial instruments' contractual cash flow characteristics and the business models under which they are held. Financial assets are measured at amortized cost if they are held for the collection of contractual cash flows where those cash flows solely represent payments of principal and interest. The Company's intent is to hold these financial assets in order to collect contractual cash flows and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. The Company determines the classification of financial assets at initial recognition. Marketable securities are instruments held for trading and are classified as fair value through profit and loss ("FVTPL"). Financial assets are measured at FVTOCI if they are held for the collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in OCI. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the statement of loss. Financial assets are measured at FVTPL if they do not qualify as financial assets at amortized cost or FVTOCI. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in the statement of loss. Financial liabilities are measured at amortised cost unless they are required to be measured at FVTPL. The Company classifies its financial instruments as follows: Financial assets/liabilities Classification Cash and cash equivalents Amortized cost Short-term investments Amortized cost Marketable securities FVTPL Other assets Amortized cost Accounts payable and accrued liabilities Amortized cost 2. At each reporting date, the Company assesses the expected credit loss associated with its financial assets carried at amortized cost and FVTOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Allowances are recognized as impairment gains or losses on the statement of loss. 3. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognized when, and only when, the Company's obligations are discharged, cancelled or they expire. |
Provisions [Policy Text Block] | (xi) 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 AS_2
EXPLORATION AND EVALUATION ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Exploration And Evaluation Assets [Abstract] | |
Disclosure of detailed information about exploration and evaluation expenditures [Table Text Block] | b. Exploration and evaluation expenditures Total $ DECEMBER 31, 2020 53,748,013 Claims maintenance 22,270 Engineering 3,180,020 Exploration and camp support 7,648,920 Permitting 1,326,058 Salary and wages 281,452 Share-based payments 141,328 DECEMBER 31, 2021 66,348,061 Claims maintenance 26,038 Engineering 3,619,508 Exploration and camp support 8,698,630 Permitting 8,176,200 Salary and wages 1,304,283 Share-based payments 989,158 DECEMBER 31, 2022 89,161,878 |
WARRANTS (Tables)
WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Warrants And Stock Options [Abstract] | |
Disclosure of detailed information about warrants, activity [Table Text Block] | Number of warrants Weighted average exercise price $ DECEMBER 31, 2020 and DECEMBER 31, 2021 1,500,000 0.85 - - DECEMBER 31, 2022 1,500,000 0.85 |
Disclosure of detailed information about warrants outstanding [Table Text Block] | Warrant outstanding, by exercise price Number of warrants Weighted average Average $ years $0.85 1,500,000 0.85 2.16 DECEMBER 31, 2022 1,500,000 0.85 2.16 |
EQUITY INCENTIVE PLANS (Tables)
EQUITY INCENTIVE PLANS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Incentive Plans [Abstract] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Number of stock options Weighted average exercise price $ DECEMBER 31, 2020 7,075,000 1.19 Granted 310,000 2.10 Exercised (1,350,000 ) 1.00 DECEMBER 31, 2021 6,035,000 1.28 Granted 2,181,000 2.03 Exercised (91,666 ) 1.45 DECEMBER 31, 2022 8,124,334 1.48 |
Disclosure of stock options outstanding by exercise price [Table Text Block] | Stock options outstanding are as follows: Stock options outstanding, by exercise price Number of Stock options Weighted average Average $ years $0.75 - $0.90 1,900,000 0.87 1.43 $1.11 - $1.20 1,775,000 1.19 0.40 $1.41 - $1.66 1,958,334 1.63 2.60 $1.85 - $1.95 1,100,000 1.94 4.02 $2.10 - $2.22 1,391,000 2.19 4.04 DECEMBER 31, 2022 8,124,334 1.48 2.29 |
Disclosure of detailed information about share options valuation assumptions [Table Text Block] | Inputs and assumptions Year Ended Year Ended Exercise price $2.03 $2.10 Market price $2.03 $2.10 Expected option term (years) 3.0 3.0 Expected stock price volatility 58.6% 62.1% Average risk-free interest rate 1.46% 0.59% Expected forfeiture rate - - Expected dividend yield - - FAIR VALUE PER OPTION GRANTED $0.82 $0.84 |
Disclosure of detailed information about number of restricted share units outstanding and changes [Table Text Block] | Number of shares DECEMBER 31, 2020 - RSUs Granted 239,100 DECEMBER 31, 2021 239,100 RSUs Granted 359,723 RSUs Converted to common shares (79,698 ) DECEMBER 31, 2022 519,125 |
Disclosure detailed information of number of deferred share units [Table Text Block] | Number of shares DECEMBER 31, 2020 - DSUs Granted 167,000 DECEMBER 31, 2021 167,000 DSUs Granted 138,400 DECEMBER 31, 2022 305,400 |
KEY MANAGEMENT COMPENSATION (Ta
KEY MANAGEMENT COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Key Management Compensation [Abstract] | |
Disclosure of detailed information about management compensation [Table Text Block] | For the year ended December 31, 2022 2021 $ $ Salaries and director fees 2,284,846 1,580,676 Share-based payments 2,309,506 1,128,330 KEY MANAGEMENT COMPENSATION 4,594,352 2,709,006 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Information [Abstract] | |
Disclosure of detailed information about non-cash working capital items [Table Text Block] | For the year ended December 31, 2022 2021 $ $ Change in other assets (69,873 ) 26,203 Change in accrued interest (294,816 ) (73,639 ) Change in accounts payable and accrued liabilities related to operations 326,425 (217,553 ) CHANGE IN NON-CASH WORKING CAPITAL ITEMS (38,264 ) (264,989 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income taxes paid (refund) [abstract] | |
Disclosure of detailed information about effective income tax recovery [Table Text Block] | For the year ended December 31, 2022 2021 Statutory tax rate 27.00% 27.00% Loss before taxes 4,994,178 3,708,888 Income tax recovery calculated at statutory rate 1,348,428 1,001,400 Non-deductible expenditures (422,495 ) (335,976 ) Flow-through premium 205,072 242,266 Amounts expensed for tax purposes only 218,046 218,046 Unrecognized tax benefit (1,349,051 ) (1,125,736 ) INCOME TAX - - |
Disclosure of temporary difference, unused tax losses and unused tax credits [Table Text Block] | As at December 31, 2022 2021 $ $ Deferred tax assets: Operating losses carried forward 8,181,149 7,153,971 Share issuance costs 485,410 703,456 Other items 413,924 403,439 DEFERRED TAX ASSET 9,080,483 8,260,866 Deferred tax liabilities Mineral property interests 3,351,389 1,999,946 Marketable securities 2,913 96,647 DEFERRED TAX LIABILITY 3,354,302 2,096,593 Unrecognized Deferred tax assets 5,726,181 6,170,273 UNRECOGNIZED DEFERRED INCOME TAX ASSET 5,726,181 6,170,273 |
SHORT-TERM INVESTMENTS (Narrati
SHORT-TERM INVESTMENTS (Narrative) (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Short Term Investments [Abstract] | ||
Short-term investments | $ 21,000,000 | $ 16,000,000 |
Accrued interest | $ 368,455 | $ 73,639 |
MARKETABLE SECURITIES (Narrativ
MARKETABLE SECURITIES (Narrative) (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of transactions between related parties [line items] | ||
Financial assets, at fair value | $ 410,080 | $ 1,104,400 |
NorthIsle Copper and Gold Inc. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of equity instruments held | 2,500,000 | |
Financial assets, at fair value | $ 400,000 | 1,075,000 |
Granite Creek Copper Ltd [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of equity instruments held | 168,000 | |
Financial assets, at fair value | $ 10,080 | $ 29,400 |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS (Narrative) (Details) - Casino Project [Member] | Dec. 31, 2022 |
Disclosure of detailed information about property, plant and equipment [line items] | |
Exploration and evaluation asset, ownership percentage | 100% |
Net smelter returns royalty | 2.75% |
EXPLORATION AND EVALUATION AS_4
EXPLORATION AND EVALUATION ASSETS - Disclosure of detailed information about exploration and evaluation expenditures (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation assets, beginning of period | $ 66,348,061 | $ 53,748,013 |
Claims maintenance | 26,038 | 22,270 |
Engineering | 3,619,508 | 3,180,020 |
Exploration and camp support | 8,698,630 | 7,648,920 |
Permitting | 8,176,200 | 1,326,058 |
Salary and wages | 1,304,283 | 281,452 |
Share-based payments | 989,158 | 141,328 |
Exploration and evaluation assets, end of period | $ 89,161,878 | $ 66,348,061 |
FLOW THROUGH PREMIUM LIABILITY
FLOW THROUGH PREMIUM LIABILITY (Narrative) (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jul. 29, 2021 | |
Flow Through Premium Liability [Abstract] | |||
Flow-through premium liability | $ 0 | $ 759,525 | $ 1,655,400 |
Exploration expenses under flow through share financing | 8,010,000 | ||
Flow-through premium recovery | $ 759,525 | $ 897,283 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) - CAD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 29, 2021 | May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reserves within equity [line items] | ||||
Number of FT shares issued | 2,670,000 | |||
Proceeds from issuing other equity instruments | $ 0 | $ 33,634,423 | ||
Flow-through premium | $ 1,655,400 | |||
Private Placement [Member] | ||||
Disclosure of reserves within equity [line items] | ||||
Number of common shares sold | 11,808,490 | |||
Equity issuance, price per share | $ 2.17 | |||
Proceeds from issuing shares | $ 25,624,423 | |||
Equity offering costs | $ 865,829 | |||
Non Brokered Private Placement [Member] | ||||
Disclosure of reserves within equity [line items] | ||||
Number of FT shares issued | 2,670,000 | |||
Equity issuance, price per share | $ 3 | |||
Proceeds from issuing shares | $ 8,010,000 | |||
Equity offering costs | 694,788 | |||
Flow-through premium | $ 1,655,400 |
WARRANTS - Disclosure of detail
WARRANTS - Disclosure of detailed information about warrants, activity (Details) - Share | Dec. 31, 2022 | Dec. 31, 2021 |
Warrants And Stock Options [Abstract] | ||
Number of warrants outstanding at beginning of period | 1,500,000 | 1,500,000 |
Number of warrants outstanding at end of period | 1,500,000 | 1,500,000 |
WARRANTS - Disclosure of deta_2
WARRANTS - Disclosure of detailed information about warrants outstanding (Details) | Dec. 31, 2022 CAD ($) Share year | Dec. 31, 2021 CAD ($) Share | Dec. 31, 2020 CAD ($) Share |
Warrants And Stock Options [Line Items] | |||
Number of warrants | Share | 1,500,000 | 1,500,000 | 1,500,000 |
Weighted average exercise price | $ 0.85 | $ 0.85 | $ 0.85 |
Average remaining contractual life | year | 2.16 | ||
$0.85 [Member] | |||
Warrants And Stock Options [Line Items] | |||
Warrant outstanding, by exercise price | $ 0.85 | ||
Number of warrants | Share | 1,500,000 | ||
Weighted average exercise price | $ 0.85 | ||
Average remaining contractual life | year | 2.16 |
EQUITY INCENTIVE PLANS (Narrati
EQUITY INCENTIVE PLANS (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 CAD ($) Share year $ / shares | Dec. 31, 2021 CAD ($) Share $ / shares | |
Equity Incentive Plans [Abstract] | ||
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 | Share | 2,366,354 | |
Stock options recognized in statement of loss and comprehensive loss | $ | $ 735,909 | $ 707,417 |
Stock options exploration and evaluation assets | $ | 739,042 | 141,328 |
Stock options capitalized in exploration and evaluation assets | $ | $ 250,116 | $ 0 |
Average fair value of share price | $ / shares | $ 2.66 | $ 2.02 |
Number of share options exercisable in share-based payment arrangement | Share | 5,636,665 | |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 1.25 | |
Weighted average remaining contractual life of exercisable share options (years) | year | 1.55 | |
Number of share options granted in share-based payment arrangement | Share | 2,181,000 | 310,000 |
Maximum restricted share units authorized | Share | 1,746,590 | |
Expenses recognized for Restricted Stock Units | $ | $ 521,154 | $ 170,422 |
Maximum deferred share units authorised | Share | 1,640,111 | |
Expenses recognized for Deferred Share Units | $ | $ 290,640 | $ 362,390 |
Exercise price, share options granted | $ / shares | $ 2.03 | $ 2.1 |
EQUITY INCENTIVE PLANS - Disclo
EQUITY INCENTIVE PLANS - Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2022 Share $ / shares | Dec. 31, 2021 Share $ / shares | |
Equity Incentive Plans [Abstract] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | Share | 6,035,000 | 7,075,000 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 1.28 | $ 1.19 |
Number of share options granted in share-based payment arrangement | Share | 2,181,000 | 310,000 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 2.03 | $ 2.1 |
Number of share options exercised in share-based payment arrangement | Share | (91,666) | (1,350,000) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 1.45 | $ 1 |
Number of share options outstanding in share-based payment arrangement at end of period | Share | 8,124,334 | 6,035,000 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares | $ 1.48 | $ 1.28 |
EQUITY INCENTIVE PLANS - Disc_2
EQUITY INCENTIVE PLANS - Disclosure of number and weighted average remaining contractual life of outstanding share options (Details) | 12 Months Ended | ||
Dec. 31, 2022 Share $ / shares | Dec. 31, 2021 Share $ / shares | Dec. 31, 2020 Share $ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of stock options | Share | 8,124,334 | 6,035,000 | 7,075,000 |
Weighted average exercise price | $ 1.48 | $ 1.28 | $ 1.19 |
Average remaining contractual life (years) | 2 years 3 months 14 days | ||
Range 1 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of stock options | Share | 1,900,000 | ||
Weighted average exercise price | $ 0.87 | ||
Average remaining contractual life (years) | 1 year 5 months 4 days | ||
Range 1 [Member] | Bottom of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 0.75 | ||
Range 1 [Member] | Top of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 0.9 | ||
Range 2 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of stock options | Share | 1,775,000 | ||
Weighted average exercise price | $ 1.19 | ||
Average remaining contractual life (years) | 4 months 24 days | ||
Range 2 [Member] | Bottom of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 1.11 | ||
Range 2 [Member] | Top of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 1.2 | ||
Range 3 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of stock options | Share | 1,958,334 | ||
Weighted average exercise price | $ 1.63 | ||
Average remaining contractual life (years) | 2 years 7 months 6 days | ||
Range 3 [Member] | Bottom of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 1.41 | ||
Range 3 [Member] | Top of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 1.66 | ||
Range 4 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of stock options | Share | 1,100,000 | ||
Weighted average exercise price | $ 1.94 | ||
Average remaining contractual life (years) | 4 years 7 days | ||
Range 4 [Member] | Bottom of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 1.85 | ||
Range 4 [Member] | Top of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 1.95 | ||
Range 5 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of stock options | Share | 1,391,000 | ||
Weighted average exercise price | $ 2.19 | ||
Average remaining contractual life (years) | 4 years 14 days | ||
Range 5 [Member] | Bottom of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Weighted average exercise price | $ 2.1 | ||
Range 5 [Member] | Top of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 2.22 |
EQUITY INCENTIVE PLANS - Disc_3
EQUITY INCENTIVE PLANS - Disclosure of detailed information about share options valuation assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 CAD ($) year $ / shares | Dec. 31, 2021 CAD ($) year $ / shares | |
Equity Incentive Plans [Abstract] | ||
Exercise price | $ 2.03 | $ 2.1 |
Market price | $ | $ 2.03 | $ 2.1 |
Expected option term (years) | year | 3 | 3 |
Expected stock price volatility | 58.60% | 62.10% |
Average risk-free interest rate | 1.46% | 0.59% |
Expected forfeiture rate | 0% | 0% |
Expected dividend yield | 0% | 0% |
FAIR VALUE PER OPTION GRANTED | $ 0.82 | $ 0.84 |
EQUITY INCENTIVE PLANS - Disc_4
EQUITY INCENTIVE PLANS - Disclosure of Outstanding and changes of Restricted Share Units (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Incentive Plans [Abstract] | ||
Number of shares issued or issuable on vesting, DECEMBER 31, 2019 and 2020 | 239,100 | 0 |
RSUs Granted | 359,723 | 239,100 |
RSUs Converted to common shares | (79,698) | |
Number of shares issued or issuable on vesting, DECEMBER 31, 2021 | 519,125 | 239,100 |
EQUITY INCENTIVE PLANS - Disc_5
EQUITY INCENTIVE PLANS - Disclosure of Outstanding and changes of Deferred Share Units (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Incentive Plans [Abstract] | ||
Number of shares issuable, DECEMBER 31, 2019 and 2020 | 167,000 | 0 |
DSUs Granted | 138,400 | 167,000 |
Number of shares issuable,DECEMBER 31, 2021 | 305,400 | 167,000 |
KEY MANAGEMENT COMPENSATION - D
KEY MANAGEMENT COMPENSATION - Disclosure of detailed information about management compensation (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Key Management Compensation [Abstract] | ||
Salaries and director fees | $ 2,284,846 | $ 1,580,676 |
Share-based payments | 2,309,506 | 1,128,330 |
KEY MANAGEMENT COMPENSATION | $ 4,594,352 | $ 2,709,006 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Disclosure of detailed information about non-cash working capital items (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flow Information [Abstract] | ||
Change in other assets | $ (69,873) | $ 26,203 |
Change in accrued interest | (294,816) | (73,639) |
Change in accounts payable and accrued liabilities related to operations | 326,425 | (217,553) |
CHANGE IN NON-CASH WORKING CAPITAL ITEMS | $ (38,264) | $ (264,989) |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 9,080,483 | $ 8,260,866 |
Unused tax 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 | $ 30,300,000 | $ 26,500,000 |
INCOME TAXES - Disclosure of de
INCOME TAXES - Disclosure of detailed information about effective income tax recovery (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes paid (refund) [abstract] | ||
Statutory tax rate | 27% | 27% |
Loss before taxes | $ 4,994,178 | $ 3,708,888 |
Income tax recovery calculated at statutory rate | 1,348,428 | 1,001,400 |
Non-deductible expenditures | (422,495) | (335,976) |
Flow-through premium | 205,072 | 242,266 |
Amounts expensed for tax purposes only | 218,046 | 218,046 |
Unrecognized tax benefit | (1,349,051) | (1,125,736) |
INCOME TAX | $ 0 | $ 0 |
INCOME TAXES - Disclosure of te
INCOME TAXES - Disclosure of temporary difference, unused tax losses and unused tax credits (Details) - CAD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax assets | $ 9,080,483 | $ 8,260,866 |
Deferred tax liabilities | 3,354,302 | 2,096,593 |
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 5,726,181 | 6,170,273 |
Operating Losses Carried Forward [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax assets | 8,181,149 | 7,153,971 |
Share issuance costs [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax assets | 485,410 | 703,456 |
Other items [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax assets | 413,924 | 403,439 |
Mineral property interests [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax liabilities | 3,351,389 | 1,999,946 |
Marketable securities [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax liabilities | $ 2,913 | $ 96,647 |