Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 11, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Rare Element Resources Ltd | ' |
Entity Central Index Key | '0001419806 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 47,627,245 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $30,869 | $24,985 |
Short-term investments | 0 | 15,118 |
Interest receivable | 4 | 303 |
Prepaid expenses | 477 | 185 |
Marketable securities | 0 | 32 |
Accounts receivable | 51 | 17 |
Total Current Assets | 31,401 | 40,640 |
Equipment | 563 | 517 |
Land | 980 | 0 |
Mineral properties | 27 | 27 |
Total assets | 32,971 | 41,184 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 3,090 | 3,448 |
Asset retirement obligation | 182 | 151 |
Total Current Liabilities | 3,272 | 3,599 |
Asset retirement obligation | 220 | 238 |
Total liabilities | 3,492 | 3,837 |
Commitments and contingencies | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Common shares, no par value - unlimited shares authorized; shares outstanding September 30, 2013 and December 31, 2012 - 47,627,245 and 44,949,869, respectively. | 100,536 | 93,256 |
Additional paid in capital | 22,645 | 21,329 |
Accumulated other comprehensive loss | 0 | -43 |
Accumulated deficit during exploration stage | -93,702 | -77,195 |
Total shareholders' equity | 29,479 | 37,347 |
Total liabilities and shareholders' equity | $32,971 | $41,184 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common Stock, Par Value | $0 | $0 |
Common Stock, Shares Authorized | ' | ' |
Common Stock, Shares Issued | 47,627,245 | 44,949,869 |
Common Stock, Shares Outstanding | 47,627,245 | 44,949,869 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | 172 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Operating income and (expenses): | ' | ' | ' | ' | ' |
Exploration and evaluation | ($5,565) | ($5,382) | ($10,421) | ($10,757) | ($51,500) |
Corporate administration | -1,501 | -2,393 | -4,916 | -10,149 | -40,502 |
Depreciation | -49 | -46 | -146 | -127 | -408 |
Write-down of mineral property | 0 | 0 | 0 | -943 | -2,924 |
Total operating expenses | -7,115 | -7,821 | -15,483 | -21,975 | -95,334 |
Non-operating income and (expenses): | ' | ' | ' | ' | ' |
Interest income | 32 | 168 | 207 | 494 | 2,183 |
Gain/(loss) on currency translation | 267 | 1,802 | -1,238 | 1,870 | 392 |
Loss on sale of marketable securities | 0 | -7 | -39 | -9 | -57 |
Unrealized gain/(loss) on derivatives | -39 | 0 | 96 | -138 | -856 |
Other income/(expense) | 0 | 0 | -50 | -32 | -30 |
Total non-operating income/(expenses) | 260 | 1,963 | -1,024 | 2,185 | 1,632 |
Net loss | -6,855 | -5,858 | -16,507 | -19,790 | -93,702 |
Other comprehensive income/(loss) | ' | ' | ' | ' | ' |
Realized loss on available-for-sale securities | 0 | 7 | 39 | 9 | 57 |
Unrealized gain/(loss) on available-for-sale securities | 0 | -4 | 4 | -23 | -57 |
Total other comprehensive income/(loss) | 0 | 3 | 43 | -14 | 0 |
COMPREHENSIVE LOSS | ($6,855) | ($5,855) | ($16,464) | ($19,804) | ($93,702) |
LOSS PER SHARE - BASIC AND DILUTED | ($0.15) | ($0.13) | ($0.36) | ($0.45) | ' |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 45,037,175 | 44,391,636 | 45,852,135 | 44,457,530 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 172 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss for the period | ($16,507) | ($19,790) | ($93,702) |
Adjustments to reconcile loss for the period to net cash and cash equivalents used in operations: | ' | ' | ' |
Depreciation | 146 | 127 | 408 |
Asset retirement obligation | 13 | 334 | 402 |
Fair value of warrants received pursuant to the sale of mineral properties | 0 | 0 | -15 |
Unrealized (gain)/loss on derivatives | -96 | 138 | 856 |
Write-down of mineral property | 0 | 943 | 1,891 |
Loss on currency translation | 0 | -38 | -17 |
Loss on disposal of marketable securities | 39 | 10 | 57 |
Loss on disposal of equipment | 0 | -3 | -3 |
Stock-based compensation | 1,173 | 5,700 | 22,722 |
Changes in non-cash working capital | ' | ' | ' |
Accounts receivable | -34 | -140 | -192 |
Interest receivable | 299 | 254 | -12 |
Prepaid expenses | -292 | 152 | -489 |
Accounts payable and accrued liabilities | -357 | -830 | 2,867 |
Due to related party | 0 | -29 | -28 |
Net cash and cash equivalents used in operating activities | -15,616 | -13,172 | -65,255 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of marketable securities | 0 | 0 | -207 |
Purchases of short-term investments | -9,823 | -15,254 | -24,941 |
Additions to mineral properties, net of cost recoveries | 0 | 0 | -29 |
Additions to restricted cash | 0 | -422 | -422 |
Release of restricted cash | 0 | 422 | 422 |
Purchases of equipment | -192 | -291 | -972 |
Purchases of Land | -980 | 0 | -980 |
Proceeds from sale of marketable securities | 36 | 80 | 186 |
Proceeds from sale of short-term investments | 24,941 | 0 | 24,941 |
Payments received for sale/option of mineral properties | 0 | 0 | 279 |
Net cash and cash equivalents provided by (used in) investing activities | 13,982 | -15,043 | -1,723 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Advance of promissory note | 0 | 0 | 111 |
Repayment of promissory note | 0 | 0 | -129 |
Cash received for common shares, net of share issuance costs | 7,518 | 807 | 102,434 |
Shares subscribed | 0 | 0 | -4,788 |
Net cash and cash equivalents provided by financing activities | 7,518 | 807 | 97,628 |
Cash acquired in capital transaction | 0 | 0 | 219 |
Increase/(decrease) in cash and cash equivalents | 5,884 | -27,408 | 30,869 |
Cash and cash equivalents - beginning of the period | 24,985 | 59,477 | 0 |
Cash and cash equivalents - end of the period | $30,869 | $32,069 | $30,869 |
1_NATURE_OF_OPERATIONS
1. NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NATURE OF OPERATIONS | ' |
Rare Element Resources Ltd. (collectively, “we,” “us,” “our,” “Rare Element” or the “Company”) was incorporated under the laws of the Province of British Columbia on June 3, 1999. | |
We are currently in the process of evaluating and permitting the Bear Lodge Rare Earth Element (“REE”) Project in Wyoming. The mineral assets of the Bear Lodge REE Project are located within our Bear Lodge Property near Sundance, WY, and includes the Sundance Gold Project, which is currently inactive. Additionally, the Company has an option on 840 acres near Upton, WY, that is the proposed site for our hydrometallurgical processing plant. In accordance with U.S. GAAP, we are an exploration stage entity. We have completed a pre-feasibility study on the Bear Lodge REE Project and are in the process of gathering information to support a feasibility study. To date, we have no revenue from operations and have an accumulated operating deficit of $93,702, of which $51,500 is attributable to the exploration of our mineral interests. | |
Our continuing operations and the recoverability of the carrying values of our mineral property interests are dependent upon the development of economic mineral reserves at the Bear Lodge REE Project, on our ability to obtain the necessary permits to mine and process these mineral reserves and on the future profitable production of these mineral reserves. Development and/or start-up of the Bear Lodge REE Project is dependent upon our ability to obtain the necessary financing to complete the exploration, development and/or start-up of the Bear Lodge REE Project. Although we have been successful in raising capital in the past, there can be no assurance that we will be able to do so in the future. | |
A write down in the carrying values of one or more of our mineral properties may be required in the future as a result of events and circumstances, such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of technical evaluation and changes in economic conditions, including the price of rare-earth oxide (“REO”) concentrate and other commodities or raw material prices. We regularly evaluate the carrying value of our mineral properties to determine if impairment is required in view of such factors. |
2_BASIS_OF_PRESENTATION
2. BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation | ' |
BASIS OF PRESENTATION | ' |
In accordance with U.S. GAAP for interim financial statements, these consolidated financial statements do not include certain information and note disclosures that are normally included in annual financial statements prepared in conformity with U.S. GAAP. Accordingly, these unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of December 31, 2012 that were included in our Transition Report on Form 10-K for the six-month period ended December 31, 2012. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which are of a normal, recurring nature) necessary to present fairly in all material respects our financial position as of September 30, 2013 and 2012 and the results of our operations and cash flows for the three-months and nine-months ended September 30, 2013 and 2012 in conformity with U.S. GAAP. Interim results of operations for the nine-months ended September 30, 2013 may not be indicative of results that will be realized for the full year ending December 31, 2013. |
3_FAIR_VALUE_OF_FINANCIAL_INST
3. FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||
Our financial instruments can consist of cash and cash equivalents, marketable securities, accounts receivable, restricted cash, accounts payable and accrued liabilities. Included, at times, within cash and cash equivalents is an enhanced yield deposit account that contains an embedded derivative in the form of a foreign currency option. Due to the short-term nature of the option contract and the low volatility between the U.S. dollar and Canadian dollar, the liability portion of the derivative instrument is de minimis. U.S. GAAP defines “fair value” as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): | ||||||||
· | Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||
· | Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. | |||||||
· | Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable. | |||||||
The Company considers all highly liquid instruments purchased with an original maturity of three-months or less to be cash equivalents. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. Periodically throughout the year, the Company has maintained balances in various U.S. operating accounts in excess of U.S. federally insured limits. | ||||||||
The following table presents information about financial instruments recognized at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, and indicates the fair value hierarchy: | ||||||||
30-Sep-13 | 31-Dec-12 | |||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||
Assets | ||||||||
Cash and cash equivalents | $30,869 | $ - | $30,869 | $24,985 | $ - | $24,985 | ||
Short-term investments | - | - | - | - | 15,118 | 15,118 | ||
Marketable securities | - | - | - | 32 | - | 32 | ||
Total financial assets | $30,869 | $ - | $30,869 | $25,017 | $15,118 | $40,135 | ||
Liabilities | ||||||||
Accounts payable and other accrued liabilities | $ 3,023 | $ - | $ 3,023 | $ 3,415 | $ - | $ 3,415 | ||
Asset retirement obligation | - | 402 | 402 | - | 389 | 389 | ||
Derivative liabilities | - | 67 | 67 | - | 33 | 33 | ||
Total financial assets and liabilities | $33,892 | $ 469 | $34,361 | $28,432 | $15,540 | $43,972 |
4_EQUIPMENT_AND_LAND
4. EQUIPMENT AND LAND | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant, and Equipment, Owned, Net [Abstract] | ' | |||||||
EQUIPMENT AND LAND | ' | |||||||
September 30, 2013 | December 31, 2012 | |||||||
Cost | Accumulated depreciation | Net book value | Cost | Accumulated depreciation | Net book value | |||
Computer equipment | $ 167 | $ 108 | $ 59 | $ 167 | $ 77 | $ 90 | ||
Furniture | 111 | 44 | 67 | 111 | 27 | 84 | ||
Geological equipment | 482 | 190 | 292 | 357 | 125 | 232 | ||
Vehicles | 208 | 63 | 145 | 144 | 33 | 111 | ||
$ 968 | $ 405 | $ 563 | $ 779 | $ 262 | $ 517 | |||
On April 29, 2013, we completed a land acquisition from the State of Wyoming in conjunction with a third-party land exchange resulting in an additional 640 acres owned by the Company subject to a royalty retained by the State of Wyoming. The property is immediately adjacent to our mine site, and the cash consideration paid was $980. |
5_SHAREHOLDERS_EQUITY
5. SHAREHOLDERS' EQUITY | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Notes to Financial Statements | ' | ||||
5. SHAREHOLDERS' EQUITY | ' | ||||
Common Shares | |||||
Number of shares issued | Common shares ($) | ||||
As of December 31, 2012 | 44,949,869 | $ 93,256 | |||
Issued during the nine-months ended September 30, 2013 | 2,677,376 | 7,280 | |||
As of September 30, 2013 | 47,627,245 | $ 100,536 | |||
On September 27, 2013, the Company closed its $8,000 offering of common shares and warrants in a registered direct offering in the United States resulting in net proceeds of $7,423, after expenses. The purchasers in the offering hold oversubscription rights for an additional $4,000 in common shares and warrants for 60 days.. | |||||
The Company sold an aggregate of 2,677,376 common shares at a price of $2.988 per unit. The oversubscription rights are exercisable for up to a maximum of 1,606,426 additional common shares, depending on the market price at the time of exercise of the oversubscription rights. | |||||
Warrants | |||||
The Company issued to investors 1,338,688 warrants, each exercisable for one common share of its common stock, in connection with the September 27, 2013 registered direct offering. The exercise price and exercise period of each warrant is $4.15 and three years, respectively. The warrants are not exercisable until six months after their issuance date. | |||||
The oversubscription rights are exercisable for up to a maximum of 803,213 of additional warrants, depending on the market price at the time of exercise of the oversubscription rights. | |||||
In addition, the Company issued to an agent in connection with the September 27, 2013 financing 133,869 warrants, under the same terms as those issued to investors. The value of these warrants issued to non-employees for services was offset against the proceeds of the financing. The Company used a Black-Scholes model with inputs including a market price of the Company’s stock of $2.61, an exercise price of $4.15, a three-year term, volatility of 80.9%, a risk-free rate of 0.62% and assumed no dividends. The value of the warrants issued for services was estimated at $143. |
6_ADDITIONAL_PAID_IN_CAPITAL
6. ADDITIONAL PAID IN CAPITAL | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Additional Paid in Capital [Abstract] | ' | ||||||||
ADDITIONAL PAID IN CAPITAL | ' | ||||||||
Stock-based compensation | |||||||||
We have options outstanding and exercisable that were issued under two plans, the Fixed Stock Option Plan and the 10% Rolling Stock Option Plan. The Fixed Stock Option Plan was originally approved by shareholders on December 11, 2002 and subsequently approved by shareholders on December 7, 2009 following certain amendments to the Fixed Stock Option Plan. The Fixed Stock Option Plan expired upon the adoption of the 10% Rolling Stock Option Plan, which was approved by shareholders on December 2, 2011, and as such, we may no longer grant options under the Fixed Stock Option Plan. However, the terms of the Fixed Stock Option Plan continue to govern all prior awards granted under such plan until such awards have been cancelled, forfeited or exercised in accordance with the terms thereof. As of September 30, 2013, we had 2,465,000 options outstanding under our Fixed Stock Option Plan, as amended, and 1,803,000 options outstanding under our 10% Rolling Stock Option Plan. | |||||||||
The fair value of each employee stock option award is estimated at the grant date using the Black-Scholes option pricing model and our common shares price on the date of grant. The significant assumptions used to estimate the fair value of stock options awarded during the nine-months ended September 30, 2013 and 2012 using the Black-Scholes model are as follows: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Risk-free interest rate | 0.35% - 0.59% | 0.12% - 0.39% | |||||||
Expected volatility | 80 – 84% | 80% | |||||||
Expected dividend yield | Nil | Nil | |||||||
Expected term in years | 3 | 3 | |||||||
Estimated forfeiture rate | 3.90% | 0% | |||||||
The compensation expense recognized in our consolidated financial statements for the three and nine-months ended September 30, 2013 for stock option awards was $219 and $1,173, respectively, and $984 and $5,700 for the same periods in 2012. As of September 30, 2013, there was $304 of total unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted-average remaining vesting period of 0.6 years. | |||||||||
The following table summarizes our stock option activity for the nine-month period ended September 30, 2013: | |||||||||
For the Nine-months ended September 30, | |||||||||
2013 | 2012 | ||||||||
Number of Stock Options | Weighted Average Exercise Price | Number of Stock Options | Weighted Average Exercise Price | ||||||
Outstanding, beginning of period | 4,331,000 | $ 6.42 | 4,605,500 | $ 6.29 | |||||
Granted | 185,000 | 2.04 | 277,000 | 5.79 | |||||
Cancelled | -248,000 | 6.63 | -242,500 | 14.94 | |||||
Exercised | - | - | -564,000 | 1.01 | |||||
Outstanding, end of period | 4,268,000 | $ 6.06 | 4,076,000 | $ 6.50 | |||||
Exercisable, end of period | 3,786,000 | $ 6.41 | 3,023,400 | $ 6.77 | |||||
Weighted-average fair value per share of options granted during period | $ 1.07 | $ 3.07 |
7_COMMITMENTS_AND_CONTINGENCIE
7. COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
Our commitments and contingencies include the following items: | |
Potential environmental contingency | |
Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. We conduct our operations so as to protect public health and the environment, and believe our operations are materially in compliance with all applicable laws and regulations. We have made, and expect to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is not able to be estimated at this time due to the incomplete permitting and lack of a final approved plan of operations, among other factors. | |
8_SUPPLEMENTAL_DISCLOSURE_WITH
8. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 9 Months Ended |
Sep. 30, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' |
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | ' |
For the nine-month period ended September 30, 2013, supplemental cash flow items consisted of interest received of $515. For the nine-month period ended September 30, 2012, the only supplemental cash flow item was interest received of $373. |
3_FAIR_VALUE_OF_FINANCIAL_INST1
3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
SCHEDULE OF FAIR VALUE OF INSTRUMENTS | ' | |||||||
30-Sep-13 | 31-Dec-12 | |||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||
Assets | ||||||||
Cash and cash equivalents | $30,869 | $ - | $30,869 | $24,985 | $ - | $24,985 | ||
Short-term investments | - | - | - | - | 15,118 | 15,118 | ||
Marketable securities | - | - | - | 32 | - | 32 | ||
Total financial assets | $30,869 | $ - | $30,869 | $25,017 | $15,118 | $40,135 | ||
Liabilities | ||||||||
Accounts payable and other accrued liabilities | $ 3,023 | $ - | $ 3,023 | $ 3,415 | $ - | $ 3,415 | ||
Asset retirement obligation | - | 402 | 402 | - | 389 | 389 | ||
Derivative liabilities | - | 67 | 67 | - | 33 | 33 | ||
Total financial assets and liabilities | $33,892 | $ 469 | $34,361 | $28,432 | $15,540 | $43,972 |
4_EQUIPMENT_AND_LANDTables
4. EQUIPMENT AND LAND(Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
SCHEDULE OF EQUIPMENT AND LAND | ' | |||||||
September 30, 2013 | December 31, 2012 | |||||||
Cost | Accumulated depreciation | Net book value | Cost | Accumulated depreciation | Net book value | |||
Computer equipment | $ 167 | $ 108 | $ 59 | $ 167 | $ 77 | $ 90 | ||
Furniture | 111 | 44 | 67 | 111 | 27 | 84 | ||
Geological equipment | 482 | 190 | 292 | 357 | 125 | 232 | ||
Vehicles | 208 | 63 | 145 | 144 | 33 | 111 | ||
$ 968 | $ 405 | $ 563 | $ 779 | $ 262 | $ 517 |
5_SHAREHOLDERS_EQUITY_Tables
5. SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Shareholders Equity Tables | ' | ||||
SCHEDULE OF STOCK OPTIONS | ' | ||||
Number of shares issued | Common shares ($) | ||||
As of December 31, 2012 | 44,949,869 | $ 93,256 | |||
Issued during the nine-months ended September 30, 2013 | 2,677,376 | 7,280 | |||
As of September 30, 2013 | 47,627,245 | $ 100,536 |
6_ADDITIONAL_PAIDIN_CAPITAL_Ta
6. ADDITIONAL PAID-IN CAPITAL (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Additional Paid in Capital [Abstract] | ' | ||||||||
Fair value assumptions | ' | ||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Risk-free interest rate | 0.35% - 0.59% | 0.12% - 0.39% | |||||||
Expected volatility | 80 – 84% | 80% | |||||||
Expected dividend yield | Nil | Nil | |||||||
Expected term in years | 3 | 3 | |||||||
Estimated forfeiture rate | 3.90% | 0% | |||||||
Stock option activity | ' | ||||||||
For the Nine-months ended September 30, | |||||||||
2013 | 2012 | ||||||||
Number of Stock Options | Weighted Average Exercise Price | Number of Stock Options | Weighted Average Exercise Price | ||||||
Outstanding, beginning of period | 4,331,000 | $ 6.42 | 4,605,500 | $ 6.29 | |||||
Granted | 185,000 | 2.04 | 277,000 | 5.79 | |||||
Cancelled | -248,000 | 6.63 | -242,500 | 14.94 | |||||
Exercised | - | - | -564,000 | 1.01 | |||||
Outstanding, end of period | 4,268,000 | $ 6.06 | 4,076,000 | $ 6.50 | |||||
Exercisable, end of period | 3,786,000 | $ 6.41 | 3,023,400 | $ 6.77 | |||||
Weighted-average fair value per share of options granted during period | $ 1.07 | $ 3.07 |
1_NATURE_OF_OPERATIONS_Details
1. NATURE OF OPERATIONS (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | 172 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Nature Of Operations Details Narrative | ' | ' | ' | ' | ' |
Accumulated Operating Deficit | ($6,855) | ($5,858) | ($16,507) | ($19,790) | ($93,702) |
3_FAIR_VALUE_OF_FINANCIAL_INST2
3. FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $30,869 | $24,985 |
Short-term investments | 0 | 15,118 |
Marketable securities | 0 | 32 |
Total financial assets | 30,869 | 40,135 |
Liabilities | ' | ' |
Accounts payable and other accrued liabilities | 3,023 | 3,415 |
Asset retirement obligation | 402 | 389 |
Derivative liabilities | 67 | 33 |
Total financial assets and liabilities | 34,361 | 43,972 |
Level 1 | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 30,869 | 24,985 |
Short-term investments | 0 | 0 |
Marketable securities | 0 | 32 |
Total financial assets | 30,869 | 25,017 |
Liabilities | ' | ' |
Accounts payable and other accrued liabilities | 3,023 | 3,415 |
Asset retirement obligation | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total financial assets and liabilities | 33,892 | 28,432 |
Level 2 | ' | ' |
Assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Short-term investments | 0 | 15,118 |
Marketable securities | 0 | 0 |
Total financial assets | 0 | 15,118 |
Liabilities | ' | ' |
Accounts payable and other accrued liabilities | 0 | 0 |
Asset retirement obligation | 402 | 389 |
Derivative liabilities | 67 | 33 |
Total financial assets and liabilities | $469 | $15,540 |
4_EQUIPMENT_AND_LAND_Details
4. EQUIPMENT AND LAND (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cost | $968 | $779 |
Accumulated depreciation | 405 | 262 |
Net book value | 563 | 517 |
Computer equipment | ' | ' |
Cost | 167 | 167 |
Accumulated depreciation | 108 | 77 |
Net book value | 59 | 90 |
Furniture | ' | ' |
Cost | 111 | 111 |
Accumulated depreciation | 44 | 27 |
Net book value | 67 | 84 |
Geological equipment | ' | ' |
Cost | 482 | 357 |
Accumulated depreciation | 190 | 125 |
Net book value | 292 | 232 |
Vehicles | ' | ' |
Cost | 208 | 144 |
Accumulated depreciation | 63 | 33 |
Net book value | $145 | $111 |
4_EQUIPMENT_AND_LAND_Details_N
4. EQUIPMENT AND LAND (Details Narrative) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equipment And Land Details Narrative | ' | ' |
Land | $980 | $0 |
5_SHAREHOLDERS_EQUITY_Details
5. SHAREHOLDERS' EQUITY (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | Number of shares issued | Common Shares | ||
Number of shares issued, beginning | ' | ' | 44,949,869 | ' |
Shares issued amount, beginning | $100,536 | $93,256 | ' | $93,256 |
Shares issued, shares | ' | ' | 2,677,376 | ' |
Shares issued, amount | ' | ' | ' | 7,280 |
Number of shares issued, ending | ' | ' | 47,627,245 | ' |
Shares issued amount, ending | $100,536 | $93,256 | ' | $100,536 |
6_ADDITIONAL_PAIDIN_CAPITAL_De
6. ADDITIONAL PAID-IN CAPITAL (Details) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Additional Paid-In Capital Details | ' | ' |
Risk free interest rate, minimum | 0.35% | 0.12% |
Risk free interest rate, maximum | 0.59% | 0.39% |
Expected volatiility, minimum | 80.00% | 80.00% |
Expected volatiility, maximum | 84.00% | 80.00% |
Expected dividend yield | 0.00% | 0.00% |
Expected term in years | '3 years | '3 years |
Estimated forfeiture rate | 3.90% | 0.00% |
6_ADDITIONAL_PAIDIN_CAPITAL_De1
6. ADDITIONAL PAID-IN CAPITAL (Details 1) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Number of Options | ' | ' |
Number of Options Outstanding, Beginning | 4,331,000 | 4,605,500 |
Number of Options Granted | 185,000 | 277,000 |
Number of Options Cancelled | -248,000 | -242,500 |
Number of Options Exercised | 0 | -564,000 |
Number of Options Outstanding, Ending | 4,268,000 | 4,076,000 |
Number of Options Exercisable | 3,786,000 | 3,023,400 |
Weighted Average Exercise Price | ' | ' |
Weighted Average Exercise Price Outstanding, Beginning | $6.42 | $6.29 |
Weighted Average Exercise Price Granted | $2.04 | $5.79 |
Weighted Average Exercise Price Cancelled | $6.63 | $14.94 |
Weighted Average Exercise Price Exercised | ' | $1.01 |
Weighted Average Exercise Price Outstanding, Ending | $6.06 | $6.50 |
Weighted Average Exercise Price Exercisable | $6.41 | $6.77 |
Weighted-average fair value per share of options granted during the period | $1.07 | $3.07 |
6_ADDITIONAL_PAID_IN_CAPITAL_D
6. ADDITIONAL PAID IN CAPITAL (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | 172 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Additional Paid In Capital Details Narrative | ' | ' | ' | ' | ' |
Compensation Expense | $219 | $984 | $1,173 | $5,700 | $22,722 |
Unrecognized compensation cost related to unvested stock options | $304 | ' | $304 | ' | $304 |
Unrecognized compensation cost, Period for Recognition | ' | ' | '7 months 6 days | ' | ' |
8_SUPPLEMENTAL_DISCLOSURE_WITH1
8. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Details Narrative) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Disclosure With Respect To Cash Flows Details Narrative | ' | ' |
Interest received | $515 | $373 |